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North America

Two fingers

SEC charges two JP Morgan traders with fraudulently overvaluing investments to conceal losses

Fri, 16/08/2013 - 06:26

The Securities and Exchange Commission (SEC) has charged two former traders at JPMorgan Chase & Co with overvaluing investments in order to hide massive losses. »

Stop sign

SEC halts fraud by Ohio-based hedge fund manager

Thu, 15/08/2013 - 12:00

The Securities and Exchange Commission has filed an emergency action charging Anthony J Davian and his Richfield, Ohio-based asset management firm with defrauding investors in hedge funds they manage. »

Announcement

CFTC adopts harmonisation rules for registered investment companies

Wed, 14/08/2013 - 10:04

The Commodity Futures Trading Commission (CFTC) has issued a final rule with respect to certain compliance obligations for commodity pool operators (CPOs) of investment companies registered under the Investment Company Act of 1940 that are required to register due to the recent changes to Commission Regulation 4.5. »

Announcement

Monitor composition of indices when offering futures products, says SEC

Tue, 13/08/2013 - 16:03

The Securities and Exchange Commission has cautioned exchanges and investment professionals to monitor the composition of indices used in offering financial instruments to determine if they are security futures products and ensure they are complying with the federal securities laws.  »

Regulation

CFTC issues final rules for enhanced risk management standards for SIDCOs

Tue, 13/08/2013 - 14:00

The Commodity Futures Trading Commission (CFTC) has approved final rules to implement enhanced risk management standards for systemically important derivatives clearing organisations (SIDCO). »

Law books and gavel

UBS to pay USD50m to settle SEC charges of misleading CDO investors

Thu, 08/08/2013 - 16:33

UBS has agreed to pay nearly USD50m to settle SEC charges that it violated securities laws while structuring and marketing a collateralised debt obligation (CDO) by failing to disclose that it retained millions of dollars in upfront cash it received in the course of acquiring collateral for the CDO.  »

Magnifying glass

DTCC identifies greater systemic risk complexities to financial markets

Thu, 08/08/2013 - 12:16

The Depository Trust & Clearing Corporation (DTCC) has identified a number of emerging trends that could potentially impact the industry’s ability to protect against new and unidentified threats to the financial system. »

US Army helmet

SEC halts ex-Marine’s hedge fund fraud targeting fellow military

Thu, 08/08/2013 - 11:09

The Securities and Exchange Commission has obtained an emergency court order to halt a hedge fund investment scheme by a former Marine living in the Chicago area who has been masquerading as a successful trader to defraud fellow veterans, current military, and other investors. »

Electronic trading floor

CFTC issues amendment regarding large notional off-facility swaps

Wed, 07/08/2013 - 10:04

The Commodity Futures Trading Commission’s (CFTC) division of market oversight has issued an amendment to CFTC No-Action Letter No 13-48, which grants relief from the aggregation prohibition for certain commodity trading advisors (CTAs) and investment advisors (IAs) with respect to large notional off-facility swaps.  »

Mary Jo White, chair of the SEC

SEC rules to increase protections for investors’ assets held by broker-dealers

Mon, 05/08/2013 - 14:33

The Securities and Exchange Commission has adopted rules designed to substantially increase protections for investors who turn their money and securities over to broker-dealers registered with the SEC.  »

Traders

CFTC releases rule enforcement review of Chicago Mercantile Exchange and Chicago Board of Trade

Mon, 05/08/2013 - 10:06

The Commodity Futures Trading Commission has notified the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) of the results of a rule enforcement review completed by the Commission’s division of market oversight. »

Trader at screen

Mandatory clearing of iTraxx CDS indices for Category 2 entities has begun, says CFTC

Fri, 26/07/2013 - 10:01

The second phase of required clearing for certain iTraxx credit default swap (CDS) indices for Category 2 entities has begun, according to a statement issued by the division of clearing and risk of the Commodity Futures Trading Commission.   »

Gavel

Hedge funds ordered to pay private equity firm TPG more than USD500,000

Thu, 25/07/2013 - 12:00

TPG, one of the world’s largest private equity firms, has been awarded over USD500,000 in sanctions against three hedge funds who had been pursuing unsuccessful involuntary bankruptcy petitions against two former TPG related companies. »

Gavel

FERC orders USD453m penalties for power market manipulation

Fri, 19/07/2013 - 06:04

The Federal Energy Regulatory Commission (FERC) has ordered Barclays Bank PLC and four of its traders to pay USD453m in civil penalties for manipulating electric energy prices in California and other western markets between November 2006 and December 2008. »

Gavel and scales

SEC obtains USD13.9m penalty against Rajat Gupta

Thu, 18/07/2013 - 14:44

The Securities and Exchange Commission has obtained a USD13.9m penalty against former Goldman Sachs board member Rajat K. Gupta for illegally tipping corporate secrets to former hedge fund manager Raj Rajaratnam. »

Rick McVey, chief executive of MarketAxess

MarketAxess files swap execution facility application with CFTC

Tue, 16/07/2013 - 10:15

MarketAxess Holdings has filed an application on to become a swap execution facility (SEF) under the Commodity Futures Trading Commission’s (CFTC) Dodd-Frank Act.  »

Regulation

HFA applauds SEC for lifting ban on hedge fund advertising

Fri, 12/07/2013 - 14:31

The Securities and Exchange Commission (SEC) has now adopted final rules in connection with the Jumpstart Our Business Startups (JOBS) Act, lifting an 80 year old ban on general solicitation and allowing hedge fund managers to advertise. »

Marketing

JOBS ACT should prompt hedge funds to review marketing strategy, says Agecroft

Wed, 10/07/2013 - 10:03

The hedge fund industry is the most competitive industry in the world, where portfolio managers are constantly struggling to identify inefficiencies in the capital markets and quickly take advantage of them before their competitors. »

Approved stamp

ICE Trade Vault gets CFTC approval to remove foreign exchange asset class

Wed, 03/07/2013 - 11:12

The US Commodity Futures Trading Commission (CFTC) has approved an order for ICE Trade Vault, a provisionally registered swap data repository, to drop its foreign exchange asset class. »

Form

BNY Mellon launches Form PF reporting solution

Fri, 28/06/2013 - 16:00

BNY Mellon has developed a reporting solution that enables its affected alternative investment clients to prepare and file Form PF, as required by recent rules introduced by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). »

Fraud

Hedge fund manager Shepherd pleads guilty to fraud

Tue, 18/06/2013 - 16:00

North Carolina hedge fund manager James Alexander Shepherd has agreed to plead guilty to charges that he defrauded investors of approximately USD6m.  »

Gavel and scales

SEC charges CBOE for regulatory failures

Wed, 12/06/2013 - 10:05

The Securities and Exchange Commission has charged the Chicago Board Options Exchange (CBOE) and an affiliate for various systemic breakdowns in their regulatory and compliance functions as a self-regulatory organisation, including a failure to enforce or even fully comprehend rules to prevent abusive short selling. »

Stewart Macbeth, president and CEO of DTCC’s Deriv/SERV subsidiary

TriOptima will assist in verifying and reconciling OTC derivatives data submitted to DTCC

Fri, 07/06/2013 - 06:00

TriOptima will support data verification and portfolio reconciliation of DTCC’s trade repository data as requested by triResolve clients’ for their over-the-counter derivatives portfolios. »

Completed stamp

Abacus Group completes SOC1 Type I & II Reports

Thu, 06/06/2013 - 14:15

Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has completed the Service Organization Controls (SOC1) Type II reports for its hedge fund application hosting and managed cloud services. »

Money and calculator

Significant impact on buy-side portfolio returns due to post Dodd-Frank costs of clearing

Wed, 05/06/2013 - 10:06

Research by Sapient Global Markets into how new central clearing mandates will impact investment performance for buy-side firms has revealed a significant drag on portfolio returns in the new regulatory environment. »

Fraud

SEC suspends trading of 61 companies ripe for fraud in OTC market

Tue, 04/06/2013 - 12:01

The Securities and Exchange Commission is carrying out the second-largest trading suspension in agency history as it continues its "Operation Shell Expel" crackdown against the manipulation of microcap shell companies that are ripe for fraud as they lay dormant in the over-the-counter market. »

Tick

Charles Griffin Intelligence launches accredited investor verification service

Wed, 15/05/2013 - 10:04

As hedge funds anticipate the finalisation of a JOBS Act provision that will lift advertising restrictions on hedge funds, they are faced with the new challenge of installing more robust investor due diligence procedures. »

Computer screen

Northern Trust Hedge Fund Services streamlines Form PF filing process

Tue, 14/05/2013 - 09:05

Northern Trust Hedge Fund Services has launched an online regulatory module to streamline the preparation and submission of Form PF filings. »

Don Steinbrugge, Agecroft Partners

JOBS ACT to benefit investors, says Agecroft’s Don Steinbrugge

Thu, 02/05/2013 - 16:01

Mary Jo White, who became chairman of the US Securities and Exchange Commission on 10 April, is pushing to adopt the JOBS ACT without major changes and potentially adding additional investor protections at a later date.  »

Gavel

Level Global to pay more than USD21.5m to settle SEC insider trading charges

Wed, 01/05/2013 - 16:00

Connecticut-based hedge fund advisory firm Level Global Investors has agreed to pay more than USD21.5m to settle Securities and Exchange Commission (SEC) charges that its co-founder, who also served as a portfolio manager, and its analyst engaged in repeated insider trading in the securities of Dell and Nvidia. »

features
Article
EU Flag

Hedge fund manager outlook on the AIFMD

Wed, 22/07/2015 - 19:52

The introduction of the Alternative Investment Fund Managers Directive (AIFMD) into European law in 2013 was part of a series of moves towards greater regulatory oversight of the hedge fund industry in recent years. In our survey, we asked hedge fund managers for their views on the effect of these new regulations on the industry as well as their expectations about the impact of the AIFMD on their firm over the next 12 months, the results of which are analyzed in this extract from the Preqin Special Report: AIFMD in the Hedge Fund Industry – 2015 Update. ... »

Article
Ken MacCuish, Intralinks

A couple of years ago, the title Chief Information Security Officer, or CISO for short, was a foreign concept within the hedge fund community. The winds have changed, however, as hedge funds become increasingly targeted by cyber hackers, causing many to hire a CISO to uphold the network integrity of the firm.  ... »

Article
Sovereign Wealth Funds

Sovereign wealth funds, though small in number and secretive in nature, wield considerable influence as investors as a result of their sizeable assets under management. This extract is taken from Preqin’s latest report which features exclusive content from the 2015 Preqin Sovereign Wealth Fund Review.  ... »

Special report
Hedgeweek Special Report: Hedge Fund Administration

Hedge Fund Administration 2015

Tue, 16/06/2015 - 09:57

Mergers and acquisitions in recent years have changed the face of hedge fund administration. Big custodial banks are likely to dominate the HFA space in years to come, forming one part of a barbell with a number of well-run, well-capitalised independent HFAs on the other end. This report examines the implications for both hedge funds and their administrators... »

Article
North America

Private debt in North America

Fri, 05/06/2015 - 12:06

The North American private debt industry has seen substantial growth in assets over the last decade. This extract from the Preqin Special Report: Private Debt in North America looks at the current state of private debt fundraising and funds currently in market. ... »

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