Thursday, May 10, 2012

FCA: New logo revealed

fcker © fintag

News comments:
The FSA, as you know, are to be renamed the FCA (oops, the acronym police were asleep at the wheel... FCAr ... you couldn't make this up ...).

Not only can the new logo be revealed, but it transpires the FCA will be the FSA with just a different logo. All the smart people will get to join the PRA and live in its nice offices off Moorgate whilst the rest will sit exactly as they are in Canary Wharf but with a new C. A great way to save tax payers money.

But that is unfair. The FSA is a profit center. The FSA have turned into the SEC. They are fining everyone and everything. Here are some recent additions to the FSA's coffers:

Martin Currie conflict of interest fine (citywire)

Mit Sum fined for being Japanese (pca)

Legal & General snitch on themselves (fa)

FSA ready to close the ETF market down (

JP Morgan's Ian Hannam wishes he hadn't had that extra glass of red at lunchtime fine (telegraph)

Another insider inside gets fined again (citywire)

And it will get worse as the FCA president elect, Martin Wheatley, had a great time imprisioning and fining market abusers in Hong Kong when he ran its equivalent (wiki).

Of course having 2 regulators who don't talk to each other will lead to move financial mess and more entities moving out of London. Paris? Frankfurt? Athens? Nope, Hong Kong.

Today's shorts:
Spain nationalizes itself (reuters)

Today's longs:
Greeks are smarter than you think (bloomberg)

FCA to ban swear words.