Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

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Wall Street

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Boiler Room

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Arbitrage

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Too Big to Fail

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May 26, 2005

Expenses Scandal Rocks Boston

By Gregory Bresiger

Many pros in Boston's clubby trading community are playing it safe with travel and entertainment expenses. "You can't even give away tickets to a Red Sox game anymore," one Beantown pro told Traders Magazine. He said Boston based buyside and sellside firms are on alert since the SEC began investigating golf outings arranged by one Wall Street dealer for Fidelity trader Scott DeSano. Indeed, the regulators have been penalizing extravagant gift giving. For decades, the NASD has imposed a cap. The limit is now $100. "Unfortunately," says the same pro, "if a buyside client is lavishly wined and dined by a sellside pro, the expectation is that he routes his orders to the sellsider's desk."