At a time when U.S. exchanges seem to have lost the capacity to competently manage an initial public offering, one might expect Hong Kong’s securities honchos to sense an opening. They have apparently gotten a different message. Read more »
Hong Kong
On February 11th Goldman issued four warrants tied to Japan’s Nikkei index which were described in three separate filings amounting to several hundred pages. Buried in the instructions to determine the settlement price was a formula that read “(Closing Level – Strike Level) x Index Currency Amount x Exchange Rate”. It is Goldman’s contention that rather than multiplying the currency amount by the exchange rate, it should have divided by the exchange rate. Oops. [Economist via BI]
Financial Services Employee Attempts To Paint Picture Of Coke Consumption In Hong Kong
By Bess LevinAttempt 1: “The financial community here is buried in white powder.” Read more »
Merrill Lynch Banker And Colleagues May Serve Time For Playing Texas Hold ‘Em In Hong Kong
By Bess LevinApparently that is wrong in HK, and they should not have done that. What they should have done was either a) take the ferry to Macau, “the Vegas of Asia,” or b) done some horse betting, which is cool with the authorities. Read more »
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