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Legal & Regulation

Ponzi scheme

Convicted Ponzi scheme operator Jeffrey L Mowen to pay over USD18m in SEC action

Wed, 29/08/2012 - 06:22

The US District Court for the District of Utah has entered a final judgment against Jeffrey L Mowen, ordering him to disgorge USD8,041,779 in ill-gotten gains and USD1,964,203.67 in prejudgment interest. »

Barred

CFTC seeks to revoke registration of Growth Capital Management

Tue, 28/08/2012 - 06:00

The US Commodity Futures Trading Commission (CFTC) has filed a notice of intent to revoke the registration of Growth Capital Management LLC (GCM) of Rockwall, Texas. »

Barred sign

FSA to ban the promotion of UCIS and similar products to ordinary retail investors

Thu, 23/08/2012 - 06:44

The Financial Services Authority (FSA) has published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to the vast majority of retail investors in the UK. »

Approved stamp

NFA approves rule to enhance customer segregated funds protection regime

Mon, 20/08/2012 - 06:28

The board of directors of the National Futures Association (NFA) has approved amendments to NFA financial requirements that will require each futures commission merchant to provide its Designated Self-Regulatory Organization (DSRO) with view-only access via the internet to account information for each of the FCM's customer segregated funds account(s) maintained and held at a bank or trust company. »

Peter J. Kalis, K&L Gates chairman and global managing partner

K&L Gates and Australia’s Middletons eye combination

Fri, 17/08/2012 - 16:11

Global law firm K&L Gates and Australian national law firm Middletons are in discussions regarding a possible combination. »

James Tinworth, partner, hedge funds practice, Stephenson Harwood

Spot the [ball] AIFM

Mon, 13/08/2012 - 15:56

By James Tinworth (pictured), partner in the hedge funds practice at Stephenson Harwood – As the name suggests, the EU’s directive on alternative investment fund managers (AIFMD) applies to “AIFMs”, namely “legal persons” whose regular business is “managing” one or more “AIFs” (essentially, funds that are not UCITS). »

Gavel and scales

Cayman Islands court decides on effectiveness of side letters

Tue, 07/08/2012 - 10:02

The Cayman Islands court has delivered judgment in a high-value dispute concerning the effectiveness of investor side letters and whether restructuring agreements limited an investor’s redemption rights under the fund’s articles. »

Stephanie Miller, global head of alternative investment services for JP Morgan WSS

JP Morgan adds Form PF capabilities to alternatives product suite

Tue, 07/08/2012 - 09:50

JP Morgan Worldwide Securities Services has added reporting capabilities for Form PF, the Securities and Exchange Commission’s new regulatory filing for registered investment advisers, to its suite of services. »

Survey

Fund managers believe AIFMD will lead to less competitive market

Tue, 31/07/2012 - 10:15

Fund managers believe the European Commission’s Alternative Investment Fund Managers Directive will lead to fewer non-EU fund managers operating in Europe resulting in a less competitive market, according to research from Deloitte. »

Steven Maijoor, ESMA chair

ESMA publishes review of accounting treatment of Greek sovereign debt

Fri, 27/07/2012 - 12:14

The European Securities and Markets Authority has published a review of Greek government bonds accounting practices in the IFRS financial statements for the year ended 31 December 2011. »

Chris Church, chief executive and global head of securities at Swift

DTCC and Swift to provide CTFC Interim Compliant Identifier

Wed, 25/07/2012 - 12:10

The Depository Trust & Clearing Corporation and Swift have been named by the Commodity Futures Trading Commission to provide the CFTC Interim Compliant Identifier (CICI) for legal entities involved in OTC derivatives trading. »

Singapore Stock Exchange

SGX enhances default management framework of derivatives market

Tue, 24/07/2012 - 06:21

Singapore Exchange is enhancing the rules to strengthen its default management framework to protect its derivatives market against systemically destabilising events, which include the possibility of multiple member defaults.  »

Carol Goodwin, director, Investec Bank (Channel Islands) Limited

Best behaviour – corporate governance in a new world

Fri, 20/07/2012 - 09:10

Guernsey’s much discussed corporate governance code came into effect at the beginning of the year. Carol Goodwin (pictured) highlights its key principles, asserting that good corporate governance is about board behaviour and not always about the rules. »

Gavel

Firm to pay USD127.5m to settle charges

Fri, 20/07/2012 - 06:01

The Securities and Exchange Commission has charged the US investment banking subsidiary of Japan-based Mizuho Financial Group and three former employees with misleading investors in a collateralised debt obligation by using “dummy assets” to inflate the deal’s credit ratings. »

Short selling

Short selling brothers agree to pay USD14.5m to settle SEC charges

Thu, 19/07/2012 - 12:07

Two options traders who the Securities and Exchange Commission charged earlier this year with short selling violations have agreed to pay more than USD14.5m to settle the case against them. »

Locked money

Futures industry SRO committee proposals to strengthen safeguards for segregated funds

Wed, 18/07/2012 - 14:11

A special committee composed of representatives from the futures industry's self-regulatory organisations (SRO) has proposed additional requirements to SRO rules and regulatory practices designed to strengthen safeguards for customer segregated and secured funds held at the firm. »

Regulation books

Investment management industry facing regulatory avalanche of disparate rules, says KPMG

Wed, 18/07/2012 - 14:06

In its fourth annual analysis of global financial regulations, KPMG says investment managers continue to face daunting challenges brought on by a changing global regulatory environment, which is fraught with unanswered questions and an array of differing rules in each region. »

Report and magnifying glass

NFA to review FCM audit practices relating to customer segregated funds

Tue, 17/07/2012 - 14:22

Following last week’s emergency enforcement action against Peregrine Financial Group, National Futures Association has requested an internal review of its audit practices and procedures. »

Ponzi scheme

California court fines Gordon Driver and Axcess USD41m for commodity pool Ponzi scheme

Tue, 17/07/2012 - 12:20

The US District Court for the Central District of California has entered a final judgment and permanent injunction order against defendants Gordon A. Driver of Las Vegas, Axcess Automation and Axcess Fund Management, both Nevada companies owned and controlled by Driver, in connection with a commodity pool Ponzi scheme in which the defendants defrauded over 100 participants in the US and Canada of over USD14m.  »

Regulation

ASIC makes new rules on suspicious activity reporting and short sale tagging

Tue, 17/07/2012 - 06:08

The Australian Securities and Investments Commission has made new market integrity rules for suspicious activity reporting and short sale tagging requirements which will apply for the Australian Securities Exchange (ASX) and Chi-X markets. »

Report and magnifying glass

Edhec-Risk Institute proposes new method for assessing hedge fund performance

Mon, 16/07/2012 - 06:11

In a report produced as part of the Newedge research chair on Advanced Modelling for Alternative Investments, Edhec-Risk Institute has evaluated the performance of hedge funds through a non-linear risk adjustment of returns. »

AIMA chief executive Andrew Baker

AIMA supports removal of ban on general solicitation and advertising by US hedge fund managers

Fri, 13/07/2012 - 16:11

The Alternative Investment Management Association has expressed support for the elimination of the ban on general solicitation and advertising by hedge fund managers in the US, but has said that only accredited investors should continue to be allowed to invest in hedge funds. »

Question marks

OTC derivative market reforms raise challenging questions for sovereign institutions

Thu, 12/07/2012 - 12:14

Fundamental reforms of over-the-counter (OTC) derivatives markets around the world are having a profound impact on how derivatives are used, raising particularly challenging questions for sovereign institutions, according to a BNY Mellon report. »

Gil Mandelzis, chief executive of EBS

EBS publishes new dealing rules

Wed, 11/07/2012 - 16:14

EBS, ICAP’s market leading electronic FX platform, has published new dealing rules for its customers and is relaunching the EBS brand. »

Russell Wasendorf Sr

CFTC files complaint against Peregrine Financial Group

Wed, 11/07/2012 - 09:38

The US Commodity Futures Trading Commission (CFTC) has filed a complaint against Peregrine Financial Group Inc (PFG), a registered futures commission merchant, and its owner, Russell R Wasendorf, Sr (pictured).  »

Christopher Anderson, corporate partner, Carey Olsen

KPMG and Carey Olsen act on insurance-linked LSE main market listing

Wed, 11/07/2012 - 06:37

KPMG and Carey Olsen have advised Dexion Capital (Guernsey) on the launch of DCG IRIS, a new Guernsey-domiciled, closed-ended investment fund. »

Approved stamp

SEC approves rules and interpretations on key terms for regulating derivatives

Wed, 11/07/2012 - 06:20

The Securities and Exchange Commission has taken another step toward regulating the over-the-counter derivatives market by unanimously approving rules and interpretations for key definitions of certain derivative products. »

Fraud

Mihailovich, Sr. and Growth Capital Management to pay USD9.3m in anti-fraud action

Tue, 10/07/2012 - 16:06

The US Commodity Futures Trading Commission has obtained an order of permanent injunction against defendants Robert Mihailovich, Sr. of Rockwall, Texas, and Growth Capital Management requiring them to pay over USD9.3m for fraudulently soliciting over USD30m from customers to trade commodity futures contracts and foreign currency.  »

Andrew Baker, AIMA chief executive

AIMA publishes paper on social and economic value of hedge fund industry

Tue, 10/07/2012 - 12:12

The Alternative Investment Management Association has published a German-language educational paper about the social and economic value provided by the hedge fund industry. »

Steven Maijoor, ESMA chair

ESMA publishes MiFID guidelines to enhance investor protection

Fri, 06/07/2012 - 16:04

The European Securities and Markets Authority has published two final sets of guidelines aimed at enhancing the protection of investors in the EU.  »

MediaWatch WA awards 2015

See interviews and presentation at the Wealth Adviser 2015 awards ceremony, held at Sketch, Mayfair on the 15th May .... »

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Cybersecurity issues have existed as long as the internet. What seems to have changed in the last 18 months is not only that the nature of the breaches has become more sophisticated, but also the fact that hedge funds have become a much bigger target.  ... »

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