Banks and Banking

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NYT: The Wolf Hunters of Wall Street

Author: Michael Lewis

"Katsuyama and his team did measure how much more cheaply they bought stock when they removed the ability of some other unknown trader to front-run them. For instance, they bought 10 million shares of Citigroup, then trading at roughly $4 per share, and saved $29,000 — or less than 0.1 percent of the total price… It sounded small until you realized that the average daily volume in the U.S. stock market was $225 billion. The same tax rate applied to that sum came to nearly $160 million a day."

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FT: The Scandal at the Vatican Bank

Author: Rachel Sanderson

"After a decade of paedophilia scandals, the allegations of financial impropriety seemed set to unleash another storm of criticism and had to be addressed. Outside auditors as well as financial risk consultants were already coming into the Vatican but the arrest of Scarano made the case for reform unavoidable. "We cannot have any more scandal. It is so shameful," a senior member of the Vatican's financial administration said."

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Financial Times: Money Mirage Exposes Emerging Markets

Author: Gillian Tett

"As money has rushed into emerging markets in recent years, this has created an image of abundant liquidity. But this image may be dangerously illusory, some policy makers fear, as one of the little-noticed ironies of the 2013 financial system is that there may now be fewer–not more–shock absorbers in the markets than there were before 2008. This factor may explain why this summer's gyrations in emerging market assets were so dramatic."

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