Archive for June, 2004

‘Plumber’ tribunal steps down

June 29, 2004guidfarr No Comments »

Tweet The three remaining members of the tribunal panel hearing an appeal brought by private investor Paul “The Plumber” Davidson have stepped down after conceding that questions raised about impartiality had left their positions untenable. Before any legal argument could be aired, tribunal chairman Stephen Oliver QC read a statement, saying: “We think that in […]

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FSA wants ‘Plumber’ tribunal to quit

June 28, 2004guidfarr No Comments »

Tweet The Financial Services Authority will today call on the the tribunal panel hearing an appeal by private investor Paul “The Plumber” Davidson over a record £750,000 fine for market abuse to step down after concerns about bias. One member of the four-strong panel, Terence Mowschenson QC, resigned last week after the Guardian reported that […]

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‘Plumber’ tightens the screws on tribunal

June 27, 2004guidfarr No Comments »

Tweet Paul “The Plumber” Davidson, the businessman at the centre of one of the country’s biggest market abuse cases, will tomorrow ask the three remaining members of the Financial Services and Markets Tribunal to step down from hearing his case. Lawyers acting for Mr Davidson will claim that the tribunal is compromised and a new […]

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IFX thinks small

June 24, 2004guidfarr No Comments »

Tweet The march of new-style financial services firms on to the territory once dominated by the traditional stockbroker continues apace. Financial spread betting and, more recently, contracts for difference (CFDs) have supplanted the buying and selling of shares for a lot of sophisticated or regular share traders. CFDs allow punters to bet on falls as […]

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Meeting casts doubt over impartiality of FSA tribunal

June 18, 2004guidfarr No Comments »

Tweet The government’s scheme for dealing with a series of newly defined market abuse offences was in crisis last night after details emerged of a midnight meeting which appeared to raise doubts over the impartiality and independence of a tribunal set up to hear appeals against penalties handed down by the City regulator. Sitting yesterday […]

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I was kangarooed, says Plumber in tribunal spat with Spaniard

June 17, 2004guidfarr No Comments »

Tweet Remember the case involving the ‘Spaniard and the Plumber’? – Well, things continue to unfold… Paul Davidson, the businessman fighting a £750,000 fine from the Financial Services Authority over a £6m spread bet, considered entering into other such deals, his former stockbroker and one-time friend told a City tribunal yesterday. Nigel Howe, known in […]

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Spencer joins Footsie rich list

June 16, 2004guidfarr No Comments »

Tweet MICHAEL Spencer, the City’s richest self-made man, was also the second best-paid of quoted company bosses last year. He collected £4.9m in pay, bonus and benefits from his booming moneybroking house ICAP. Spencer, whose red braces and swashbuckling manner recall the Square Mile’s 1980s swagger, trails hedge fund king Stanley Fink at Man Group […]

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Amateur pundits gamble on England

June 12, 2004guidfarr No Comments »

Tweet A SURGE in support for England has left spread-betting companies facing record losses of more than a million pounds if the national team goes all the way in Euro 2004. Spread betting — a derivatives-based form of gambling, which enables punters to “buy” or “sell” the result of a sporting event — has historically […]

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IFX on recovery trail after dollar blow

June 8, 2004guidfarr No Comments »

Tweet IT WAS a Thursday the new chief executive of IFX will never forget. On 19 February, a 4% upswing in the value of the dollar wiped £1.5m off the spread betting and trading company’s position in just a few hours. Edmond Warner, who had already been struggling to turn the flagging business around, realised […]

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£110K NET FRAUD TRIAL IS HALTED

June 8, 2004guidfarr No Comments »

Tweet A BLIND man accused of a £110,000 betting scam got his trial halted yesterday when he asked to see court papers. Clifford Gardiner, 44, is alleged to have duped 12 men out of large sums of money to fund the internet spread-betting scheme. A Dunoon man is said to have handed over nearly £50,000. […]

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IFX adopts tighter trading stance after being caught out by dollar

June 8, 2004guidfarr No Comments »

Tweet IFX Group, the financial trading and spread-betting company, has refined its approach and tightened controls after being caught out in February by a sudden surge in the dollar. Edmond Warner, chief executive, said: “We have adapted a more risk-averse trading stance.” This included less proprietary trading as well as application of a “finer-meshed filter” […]

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Danger in the derivatives boom

June 7, 2004guidfarr No Comments »

Tweet ONE of the less widely noticed statistics to emerge recently from the Inland Revenue is that the tax raised from stamp duty on securities is running at something like half the level anticipated by the Treasury. There is just one reason for this – professional City investors are cutting back on their dealing in […]

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CANTOR goes online and personal

June 7, 2004guidfarr No Comments »

Tweet Bookmaker Cantor Index has quietly launched an online spread betting exchange in the gambling industry’s latest move towards person-to-person betting. The website, Spreadfair.com, currently only offers a small selection of markets to compete with industry leader Betfair.com. It differentiates itself by concentrating on spread betting, rather than the more popular fixed odds. Betting exchanges […]

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Secret winners in the oil crisis

June 6, 2004guidfarr No Comments »

Tweet As Opec is running at full tilt for the first time and some traders say the $80 barrel is not far off, speculators are making a killing. The soaring oil price may be bad news for consumers, from big companies to motorists, but it has made millionaires out of many who saw the rise […]

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Gamblers raise bets on rate rises

June 2, 2004guidfarr No Comments »

Tweet FINANCIAL gamblers are raising their bets on unwelcome news about interest rates for homeowners on both sides of the Atlantic next month. With surging oil prices threatening to rekindle inflation, financial bookmakers are pricing in a near-certain rate increase in the US and are almost equally divided on the prospects of the second quarter-point […]

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