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Stories of Interest
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
- House Passes Bill to Streamline 'Volcker Rule'
- CEO Charged with Penny Stock Fraud - SEC
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NEWSLETTERS & ALERTS
Rogue Traders 'Come Up Aces'
Chalk up another win for Artificial Intelligence (AI). More particularly, let’s hear it for the AI program that ferreted out suspicious trading activity based on individuals' psychological tendencies gleaned from piles of communications.
Called in to help companies that were under investigation for possible trading irregularities, Behavox, a U.K. start-up, detected a link between poker nights – attended by heads of trading from major investment banks – and big spikes in their firms' trading profits.
According to Erkin Adylov, CEO of Behavox:
"The relationship between the people involved is the reason we flagged it. The three people who kept playing poker were very close and seem important - i.e. there seemed like there was a business relation. The fact that these guys spent a ton of time playing poker when they were clearly busy was the first thing we highlighted. When you analyzed P&L and overlaid one data set with another, there was a big spike in P&L after the poker night. When we highlighted, the compliance guys were able to connect the dots and found it was a case of collusion."
[Click below link for the whole story.]