In an era of rolling news, everyone is expected to have an instant opinion – so when Ian Gordon, a banking analyst at Evolution, read Sir John Vickers' proposals for reform of his sector, he was happy to respond to requests for analysis. "Unwelcome and unhelpful," he described the reforms. Since then, Gordon has had a chance to think more carefully about his views of the package – and has come to a slightly more considered view. The Vickers report is "a puerile and value-destructive ... politically inspired piece of financial vandalism", he says. No doubt Vickers and friends wish he'd stuck to his snap reaction.
Amateur traders bid for big time
The very best of luck to the 20 novices who began trading in London yesterday for Mike Baghdady, who picked them from 10,000 applicants. Baghdady wants to prove that with the right training, even rank amateurs can be turned into successful investors. His trainees, who include a former taxi driver and a housewife, have £100,000 to invest on Baghdady's behalf as they battle for the chance to become professional traders.
LSE is now trulya hive of activity
The bees have arrived at theLondon Stock Exchange. As reported earlier in the year, the exchange has agreed to host a hive on its roof, as part of its engagement efforts with local communities. The bees will be cared for by the LSE's staff – the exchange doesn't say whether its chiefexecutive Xavier Rolet, a keen beekeeper in his spare time, will be mucking in, but we'd certainly like to think so. Insert your own gag about the buzz on the trading floor here.
Watch the pennies and the pounds, er
News reaches us that not every part of UBS is as lax aboutmonitoring the bank's liabilities as the Delta One trading desk. We know a client of the bank who made the mistake of asking for a cup of tea at a meeting at UBS's head office recently, only to be told hot drinks are not available in its offices. Our spy at the bank went for refreshment at the water cooler instead, only to be asked whether he had brought his own cup. UBS's client left parched but impressed with the cost-conscious climate at the bank.Reuse content