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Conflicts of Interest – politicalbetting.com
Conflicts of Interest – politicalbetting.com
WATCH: Labour leader Keir Starmer accuses Boris Johnson of using the "shoplifters' defence" over the lobbying scandal. #PMQs pic.twitter.com/OcdgiGnOnF
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Barclays Plc shares briefly dropped almost 10% in the opening minutes of Wednesday’s session, the most intraday in more than a year, in what traders said was likely due to an error known as a “fat finger.”
The stock entered a volatility auction at about 8:06 a.m. in London after two trades totaling about 48,000 shares at a price of 168.40 pence, according to Bloomberg data. The shares quickly recovered after the five-minute pause and were down 0.3% to 186.32 pence at midday.
Wednesday’s apparent error briefly trimmed about 3.2 billion pounds ($4.4 billion) from the bank’s market capitalization.
About two years ago, a fat finger was cited for an 83% drop in shares of investment firm Jardine Matheson Holdings Ltd. in Singapore, while in 2018, BNP Paribas Securities was blamed for erroneous orders that knocked almost 10% off the value of Taiwan-listed Formosa Petrochemical Corp.
While erroneous trades are sometimes canceled, there were no cancelations for Barclays as of midday, Bloomberg data show. The day’s low, according to the data, matched that shown on the London Stock Exchange website.
https://www.bloomberg.com/news/articles/2021-04-14/barclays-declines-9-9-most-in-a-year
*Spare a thought for the poor compliance and legal teams that have to investigate this.
I did like this observation in The Times
“It looks like a fatty,” said one City trader. “Someone was obviously in the pub last night,” they added, tongue in cheek.
(Update: Ish)
Thanks, @Cyclefree .
https://www.bloomberg.com/news/articles/2019-03-31/what-are-fat-fingers-and-why-don-t-they-go-away-quicktake
It’s just difficult to think of what they could do that would be worse than what they’ve done. That’s the only example I could come up with.
Traders are nearly as arrogant and full of legendary modesty as lawyers, for them to make a mistake is unpossible for them.
Odd.
Particularly as the risk from a second shot of AZN, if you didn't experience the very rare side effect form the first shot, is much lower still.
But not, AIUI, in this case.
The investigation alone will ensure that.
But still, the link was close enough to amuse me.
The question of lobbying however, is a very complex one and it is not entirely malign, much as simplistic journos and lefties would like us to all believe. Lobbying is, in fact, if it is regulated properly, a perfectly proper part of politics and its relationship with business. The reality is most civil servants have not the first clue how the private sector works. If there were no lobbying (if it were essentially outlawed) there would certainly be very bad laws enacted that seemed very laudable to the man/woman in the street but none the less might result in very bad unintended consequences for industry, possibly resulting in loss of international competitiveness and loss of jobs. People who are trained in what may be referred to as "government affairs" in many corporates are invaluable to the companies and by extension to UK plc. generally. These matters are often more complex than they first appear.
And I came up with, from a tweet by an antivaxxer months ago, the idea of injecting large quantities of neat virus into people to build immunity that way.
Now, of course, it would have the desired effect after a fashion, but at far higher risk of something going disastrously wrong than using a vaccine where usually the virus is either dead, or weakened.
Of course, ironically, by cocking up their vaccine rollout that is de facto if not de jure the strategy they have adopted...
Anyway, glad you were amused, which was the secondary point of it.
The real cost of the error is the traded shares (48,000) multiplied by the error (18p) = £8,640 isn't it?
An 8k error is still uncomfortable for whoever has to "please explain" but its not like billions were really 'wiped out'.
Or is it just a grisly coincidence?
https://twitter.com/ElectionMapsUK/status/1382314564738506759?s=19
From yesterday.
Barclays Share Price At a Key Level Ahead of Wall Street earnings
https://www.investingcube.com/barclays-share-price-at-a-key-level-ahead-of-wall-street-earnings-shares/
It would be a disorderly market. And the FCA and regulators in general really, really hate disorderly markets.
The firm would have to show it had controls in place to prevent it. I haven't seen the details but if it was one guy pressing the wrong button that sounds strange. If he was buying way below the market so what he sits in the order book. If he was selling he should have been filled at the bid down to his size.
Sounds algo-ish.
@TSE what actually happened?
The senior detective who led an ill-fated fraud investigation into the takeover of Rangers FC has denied chanting songs associated with the club in front of a witness.
Detective Chief Inspector Jim Robertson, 53, said that he may have “referenced” a song called The Billy Boys but did not sing the controversial anthem while in the company of Philip Duffy, an employee with Duff and Phelps, the financial services firm that managed the Rangers administration.
Robertson said he may have mentioned the meaning of a codename for the Rangers administration case used by David Grier, a business consultant. The codename was Project William, which Robertson said was a reference to William of Orange. He said he had learnt about the name when taking a statement from Paul Clark, a former Rangers administrator who was arrested during the investigation and later cleared of criminal wrongdoing.
He added: “I took a statement from Paul Clark in 2012 and I was aware of different project names being given to the files that were being given — so the Murray Group had Project Blue which related to Rangers Football Club then it changed to Project Charlotte; the scenario being Sir David Murray’s offices being in Charlotte Square in Edinburgh.” Murray is a former chairman of Rangers.
Robertson added: “Then when the club was going into administration and they were going to administrators, they decided to change it from Project Charlotte and David Grier came up with a name and his name was Project William. When Paul Clark mentioned it to me, he laughed when he was giving his statement. During his time as an administrator coming from the south of England he had learned the connotations of the name William in relation to William of Orange, King Billy etc and the song The Billy Boys — that was discussed and it was David Grier who named that.
“Now he would have had knowledge in my opinion because David Grier told us he was a Rangers fan and that he grew up in Barrhead outside Glasgow. He would have known that and to us was his private joke.
“During this inquiry, I was asking certain individuals of the connotations of the Project William name.
“I may have mentioned that to Phil Duffy about the William name and the connotations of the name and I may have referenced the Rangers song The Billy Boys in relation to that.
“But I did not stand up and chant The Billy Boys.”
https://www.thetimes.co.uk/article/officer-denies-singing-billy-boys-anthem
I don't know why but it reminded me of Trainspotting 2.
Starmer should definitely go after this scandal - as LOTO it's his duty, and, let's face it, he hasn't made much of an impact elsewhere. But I don't think it will necessarily be in his long- or even medium-term interests to do so.
2021-04-14T08:06:09.490 GBX 186.44 287 535.0828 AT XLON P ALGO
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2021-04-14T08:06:34.827 GBX 186.36 205 382.038 AT XLON P ALGO
2021-04-14T08:06:34.827 GBX 186.36 2475 4612.41 AT XLON P ALGO
2021-04-14T08:06:34.827 GBX 186.36 904 1684.6944 AT XLON P ALGO
2021-04-14T08:06:34.827 GBX 186.36 205 382.038 AT XLON P ALGO
2021-04-14T08:06:37.263 GBX 186.339 3 5.59017 Off-Book XLON P
2021-04-14T08:06:45.010 GBX 186.3 3220 5998.86 AT XLON P ALGO
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2021-04-14T08:06:52.007 GBX 186.3 1017 1894.671 AT XLON P ALGO
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2021-04-14T08:06:52.043 GBX 186.26 1916 3568.7416 AT XLON P ALGO
I almost would prefer a few Alba SMPs to create an internal struggle within the pro-referendum parties.
And as you say price doesn't seem bonkers - must be A TON more!!
However in the clip which accompanied the piece Starmer quoted the "Shoplifters Defence" a phrase which would, for a variety of reasons, be understood by most of a wider audience.
It's a good sign.
From what I've read and heard, it is a transposition error that hasn't been reversed/cancelled.
I think given the way the share price of Barclays has gone in the last year, a fall today may have triggered some other moves elsewhere, FOMO might be behind it.
No, it hasn't gone away, but Alba & Salmond's exclusion from the debates (which is their latest cry of IT'S NO BLOODY FAIR!) has prevented it being addressed, and I'm fairly sure he'd have carried on with the found innocent of every charge line in any case. Salmond's personal ratings in polling implies that the damage is pretty fixed in folks' minds.
As you suggest even a modest admission of naughty behaviour would probably have worked for him. No one is expecting him to spend the rest of his earthly existence working in a leper colony but 'admitting fallibility isn't a sign of weakness' is a lesson Salmond is never going to learn.
Getting the Telegraph, Spectator, Brillo and David fucking Davis out to bat for you was also a major error. If an aversion to populist politics reeking of rancid testosterone, Tories and Brexit are a driving force in Scottish politics, distancing yourself from that fester fest would have been a smart move.
2021-04-14T07:06:19.403 GBX 168.4 42100 70896.4 AT XLON P ALGO
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We are basically in agreement with EMA's assessment regarding the AstraZeneca vaccine. That is why it is important to emphasise that it is still an approved vaccine. And I understand if other countries in a different situation than us choose to continue using the vaccine. If Denmark were in a completely different situation and in the midst of a violent third outbreak, for example, and a healthcare system under pressure – and if we had not reached such an advanced point in our rollout of the vaccines – then I would not hesitate to use the vaccine, even if there were rare but severe complications associated with using it," says Søren Brostrøm.
Full release:
https://www.sst.dk/en/english/news/2021/denmark-continues-its-vaccine-rollout-without-the-covid-19-vaccine-from-astrazeneca
Do you have the before and after?
Which probably is something the Head of Regulatory Affairs SHOULD NOT admit to.
2 systems
1 patient
3 jabs
2 systems dont talk to each other tried to cancel via 119 and Swiftqueue and GP
Apparently it is not possible.and a completely insurmountable task.
@Philip_Thompson said
I don't think that's right. The national case rate now is back to what it was in August last year.
Please can you say when and where it became illegal to enter other people's homes with a local case rate around half what they are today.
I replied:
So, to take my own example, on July 30th last year it became illegal in Kirklees to meet in private homes or gardens. The rolling case rate in the borough at that time - and testing has significantly ramped up at that point - was around 24 per 100000 residents. Nationally, we are now at 28 per 100000 residents now (locally in Kirklees 72 per 100k) and it is now permitted to meet in gardens.
You can probably kick around various factors at the edges of those stats if you like, but lockdown regulations were being actively introduced at current case levels.
I am off to find a homeless person to donate it to!!
As Shaun Bailey says, the homeless can afford to save and buy a house.
First, money is cheap, is likely to remain cheap and a number of asset classes (cash, bonds and now property) are out of bounds because returns will be non-existent. So money has to go somewhere.
Second, the stock market reflects the value of companies, not necessarily the wider economy. In the past, it might have been the domestic economy was crap but a firm sold a lot overseas so it wasn't exposed, or that its product wasn't necessarily cyclical. But increasingly the story is about more share of wealth going to companies over (certainly) workers and, to a degree, Governments (because, in many cases, they are paying lower taxes). That doesn't look to be changing.
Third, the share price reflects predicted future profits. So you can get tech companies at crazy valuations but, if you think we are on the cusp of a revolution and these companies will benefit, they don't look so crazy on future earnings (look at the PEG ratio). Which is why all these efficiency software tools have rocketed - the market believes the way in which we work is being transformed and we are the start of that process, with a lot more to go. The winners will make out like bandits
PS on the third point, it's why I am negative on the future for many people economically - a lot of tasks will be replaced.
I mean where's the fucking value in buying a £20 phone (current price in CEX) for £3 million because some third rate celebrity once sent out a tweet on that phone?
Where people might get fed up is if there is a sense that opinion forming and resulting action is markedly different if you are a billionaire, or if you know the minister's mobile number.
"Now we all know that expenses has dominated politics for the last year. But if anyone thinks that cleaning up politics means dealing with this alone and then forgetting about it, they are wrong. Because there is another big issue that we can no longer ignore.
"It is the next big scandal waiting to happen. It’s an issue that crosses party lines and has tainted our politics for too long, an issue that exposes the far-too-cosy relationship between politics, government, business and money.
"I’m talking about lobbying – and we all know how it works. The lunches, the hospitality, the quiet word in your ear, the ex-ministers and ex-advisors for hire, helping big business find the right way to get its way. In this party, we believe in competition, not cronyism. We believe in market economics, not crony capitalism. So we must be the party that sorts all this out.
"Now, I want to be clear: it’s not just big business that gets involved in lobbying. Charities and other organisations, including trade unions, do it too. What’s more, when it's open and transparent, when people know who is meeting who, for what reason and with what outcome, lobbying is perfectly reasonable.
"It’s important that businesses, charities and other organisations feel they can make sure their voice is heard. And indeed, lobbying often makes for better, more workable, legislation. But I believe that it is increasingly clear that lobbying in this country is getting out of control.
"Today it is a £2 billion industry that has a huge presence in Parliament. The Hansard Society has estimated that some MPs are approached over one hundred times a week by lobbyists. Much of the time this happens covertly.
"We don’t know who is meeting whom. We don’t know whether any favours are being exchanged. We don’t know which outside interests are wielding unhealthy influence. This isn’t a minor issue with minor consequences. Commercial interests - not to mention government contracts - worth hundreds of billions of pounds are potentially at stake.
"I believe that secret corporate lobbying, like the expenses scandal, goes to the heart of why people are so fed up with politics. It arouses people’s worst fears and suspicions about how our political system works, with money buying power, power fishing for money and a cosy club at the top making decisions in their own interest.
"We can’t go on like this. I believe it’s time we shone the light of transparency on lobbying in our country and forced our politics to come clean about who is buying power and influence."
(part 1)
https://conservative-speeches.sayit.mysociety.org/speech/601536
"Politics should belong to people, not big business or big unions, and we need to sort this out. So if we win the election, we will take a lead on this issue by making sure that ex-ministers are not allowed to use their contacts and knowledge - gained while being paid by the public to serve the public - for their own private gain.
"Today, the guidelines state that former ministers shouldn't lobby government for at least twelve months after leaving office. We will start by doubling that to two years.
"But there's another problem. Those guidelines are simply that: guidance issued to ex-ministers by the Advisory Committee on Business Appointments, explaining what kind of jobs they can take up. Today, ex-Ministers can ignore this advice without sanction.
"So we will rewrite the Ministerial Code to make clear that anyone who ignores the advice of the Committee will be forced to give up some or all of their Ministerial pension. Dealing with the lobbying issue may be painful, but it needs to happen and because we are from a new generation at ease with openness and accountability, because we believe in social responsibility not state control, we will clean things up.
"So that is the choice the country faces. Five more years of Gordon Brown blocking reform, whether it's money from big business or money from big unions. Or reform to clean up lobbying from a new Conservative government committed to transparency and accountability."
https://conservative-speeches.sayit.mysociety.org/speech/601536
But MrEd explains it - people are looking for any place they can put money because there isn't anywhere sane that offers the return they expect for the risk they perceive they are being tasked to take.
Or are you, so long as it isn't "woke"?
I suspect Johnson will be quite content for Cameron to carry the can. Like he did with the Japanese schoolboy all those years ago he will play the man and not the ball.
Doesn't it just mean Citi are now the lender of $500m to Revlon...
The Angel Of Corbridge in Northumberland has apologised and offered free drinks to 78-year-old David Walters, who complained to a newspaper after he was refused service. The widower did not have a smartphone and therefore was unable to register his details with NHS Test and Trace."
https://news.sky.com/story/covid-news-live-latest-updates-as-scientists-very-concerned-about-about-cluster-of-south-african-variant-cases-in-london-12275017
More like a herd, crazed by thirst, encountering a waterhole and a pack of lions ?
When you're dealing with small numbers its easier to overlook the errors but if someone had a model saying 400 deaths and the outturn was 300, with 300 not expected until a full fortnight later, I doubt you'd be so quick to say it was pretty decent.
So the UK is tracking as doing better than his "highly effective" model, yet still based on data not dates it is illegal to go into somebody else's home?
It's not great in the sense it could undermine confidence in countries using AZ. But I see from the Danes' purely selfish perspective why they'd make that call.
Its just a glorified version of collectibles isn't it?
I would like that to be discussed calmly and respectably in the HOC and then put to a free vote
I think it is unlikely to receive HOC approval, but even then I do not fear indyref2 and am confident it can be won by the union
The one thing everyone should agree is this cannot continue indefinitely
2491 new cases and 38 deaths
Surge testing announced in N3