The Securities and Exchange Commission charged two Spanish traders with insider trading on Tuesday, said the regulator in a statement
A former high-ranking official at Madrid-based Banco Santandar S.A. Banco Santandar S.A. and a former judge in Spain are accused of trading on confidential information about one of the world's largest mining companies BHP Billiton's interest in acquiring Potash Corp. of Saskatchewan , one of the world's largest producers of fertilizer minerals
Cañas Maillard, an executive advisor to Banco Santander's CEO, learned that the investment bank was advising the mining firm and purchased complex securities for Potash and also advised close personal friend Julio Marín Ugedo to buy stock in the company
The pair made nearly $1 million from the trades, according to the SEC
The SEC's enforcement action against Cañas and Marín arises from its continuing investigation into suspicious Potash trading ahead of the Aug. 17, 2010, public announcement of BHP's acquisition bid
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Nomura rebaja el precio objetivo de Santander de 5,1 a 4,7 euros
Nomura mantiene en infraponderar
By Sarah Krouse
Many of Europe's top banks have more than tripled their provisions for litigation and regulatory expenses over the past year as they attempt to cope with legacy issues from the financial crisis and potential claims from global watchdogs.
Second-quarter reports from six of Europe's largest banks - UBS, Credit Suisse, Deutsche Bank, Societe Generale, Barclays and BNP Paribas - show a marked jump in legal and regulatory-related expenses and provisions for future litigation-related issues.
Some of the banks cited ongoing legal and regulatory matters ranging from allegations of benchmark manipulation to a European antitrust investigation into credit default swaps and probes related to U.S. mortgage activities and asset-backed securities.
Although each bank reports litigation provisions differently and the figures regularly change, most reported large rises.
At UBS, provisions for losses from legal, regulatory and compliance risks totalled CHF2.2 billion ($2.3 billion) at the end of June compared with CHF584 million a year earlier. UBS said it expected charges associated with litigation and regulatory issues to remain high this year as a result of the "regulatory and political climate affecting financial institutions" and claims linked to the financial crisis.
Credit Suisse reported net litigation provisions of CHF155 million in the second quarter of the year, up from CHF29 million during the same period last year. The upper limit of its estimate of "reasonably possible losses" not included in that total fell slightly year-on-year to CHF2.3 billion.
Deutsche Bank's general and administrative expenses included litigation-related costs of EUR630 million during the second quarter of 2013 compared with EUR256 million in the second quarter of 2012.
Societe Generale, which did not report a litigation provision during the second quarter of 2012, reported a EUR100 million provision in the second quarter of this year.
At Barclays, provisions for litigation and redress as of June 30 rose to GBP3.2 billion, of which GBP185 million was for litigation, GBP1.65 billion was for payment protection insurance redress and GBP1.35 billion related to interest rate hedging product redress. At the end of June last year, that figure stood at GBP1 billion.
BNP Paribas reported a broader figure for "provisions for contingencies and charges" as part of its liabilities that includes restructuring, litigation, fines and tax risk provisions. That figure rose to EUR11.5 billion at the end of June from EUR10.8 billion a year earlier.
The banks declined to comment beyond their published statements.
Neil Griggs, a partner at audit and accounting firm BDO, said: "As they have continued to investigate [regulatory issues] internally, discuss the outcome of that with audit firms and set their own loss estimates on that, their initial estimates seem to be proved to be, with hindsight, somewhat light."
Web site: http://www.efinancialnews.com/story/2013-08-05/legal-costs-mount-for-europes-banks
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