Latest News
The US CFTC has issued an order against Lloyds Banking Group and Lloyds Bank, bringing and settling charges for acts of false reporting and attempted manipulation of the London Interbank Offered Rate (LIBOR) for Sterling, US Dollar and Yen.
The order finds that, in a few instances, Lloyds TSB was successful in its manipulation of Sterling LIBOR and Yen LIBOR. The CFTC also brought and settled charges that Lloyds TSB, at times, aided and abetted the attempts of derivatives traders at Rabobank to manipulate Yen LIBOR.
The order requires Lloyds Banking Group and Lloyds Bank to pay a USD105 million civil monetary
- 29/07/2014
- 29/07/2014
The former chief operating officer (COO) at Harbinger Capital Partners is to settle SEC charges that he assisted a scheme by the firm and its owner Philip A Falcone to misappropriate millions of dollars from a hedge fund they managed.
The money was used to pay Falcone’s personal taxes.
Peter A Jenson, who was charged along with Falcone and Harbinger in a 2012 enforcement action by the SEC, has agreed to admit wrongdoing and pay a $200,000 penalty. He also agreed to be prohibited from working in the securities industry for at least two years, and agreed to be suspended
- 29/07/2014
- 29/07/2014
Nasdaq OMX Clearing has appointed BNY Mellon to provide EMIR-compliant clearing and custody services for US Treasuries within the Nasdaq OMX Group’s new European clearing business.
The new mandate extends BNY Mellon’s existing relationship with Nasdaq OMX – it was appointed by the exchange as a cash settlement bank in 2013.
Both EMIR and the Dodd-Frank legislation in the US mandate the migration of over-the-counter (OTC) derivatives from bilateral clearance to CCPs.
Johan Rudén, head of global post-trade at Nasdaq OMX, says: "BNY Mellon demonstrated to us that it has the market position and experience in the US
- 29/07/2014
The European Securities and Markets Authority (ESMA) has launched a consultation on the calculation of counterparty risk by UCITS which enter into OTC derivative transactions that need to be centrally cleared under the European Markets Infrastructure Regulation (EMIR).
The UCITS Directive allows UCITS to invest in both exchange-traded derivatives (ETDs) and OTC derivatives. However, only investments in OTC derivatives are subject to counterparty risk exposure limits.
The discussion paper is seeking stakeholders’ views on how the limits on counterparty risk in OTC derivative transactions that are centrally cleared should be calculated by UCITS, and whether the same rules should
- 28/07/2014
The Securities and Exchange Commission (SEC) has charged a Citigroup business unit operating an alternative trading system (ATS) with failing to protect the confidential trading data of its subscribers.
New York-based LavaFlow Inc. has agreed to pay USD5 million to settle the SEC’s charges, including a USD2.85 million penalty that is the agency’s largest to date against an ATS.
An ATS is a venue that executes stock trades on behalf of broker-dealers and other traders. LavaFlow operates a type of ATS known as an electronic communications network (ECN), which unlike a dark pool displays some information about pending orders
- 28/07/2014
Fiona Le Poidevin has resigned as chief executive of Guernsey Finance, the promotional agency for the island’s finance industry internationally, to head up the Channel Islands Securities Exchange (CISE).
She will leave in early 2015 to become chief executive at the CISE, which is responsible for the day to day administration and marking operations of the new exchange.
CISE is the parent company of the Channel Islands Securities Exchange Authority (CISEA), which is responsible for operating and regulating the exchange.
Jon Moulton, chairman of the CISE says: “I am delighted that Fiona has decided to join us as
- 28/07/2014
- 28/07/2014
New York-based macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service.
Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customised daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds.
Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures, Atreaus Capital required customised daily risk reporting and monitoring of a broad range of risk measures and limits, on a daily basis, including VaR, sensitivity and exposure limits.
SunGard’s Hedge360 Risk
- 28/07/2014
Barclays has firmly rebutted the claims made against it by Eric T Schneiderman (pictured), the New York Attorney General, over the operation of its dark pool with a robust defence of its practices.
In a 49-page statement document filed with the Supreme Court of New York, the bank stated: “This case is about purported “false advertising” by Barclays regarding Barclays LX, an Alternative Trading System (“ATS”) used by highly sophisticated investors. Relying primarily on snippets of marketing brochures and brief quotes in news articles, the New York Attorney General (“NYAG”) alleges that Barclays misled LX customers about the extent of
- 28/07/2014
Schroders has appointed two commodity experts, James Luke and Dravasp Jhabvala, to further strengthen its commodities team.
Luke joins the London-based team, headed by Geoff Blanning, as commodity fund manager/ metals analyst and Jhabvala as commodity quantitative analyst.
Luke was previously co-head of metals research at JP Morgan. He has nine years’ of experience within commodities in London and Hong Kong.
Jhabvala joins Schroders from Palaedino Group in Geneva where he specialised in developing investment strategies for commodities. Dravasp will work on enhancing Schroders’ quantitative models for commodities.
Blanning says: “I am delighted to announce James’ and
- 28/07/2014
- 28/07/2014
Morgan Stanley this week announced the launch of the MS Nezu Cyclicals Japan UCITS Fund on its FundLogic Alternatives plc platform.
The Fund provides exposure to Nezu Asia’s equity capabilities and invests across Asia in a long/ short format with a clear focus on Japan. This latest fund addition brings total assets under management on the FundLogic platform to more than USD2.8bn and further expands its suite of Asian equity strategies.
Nezu Asia Capital Management is a Hong Kong-based Pan Asia equity focused hedge fund
manager, that runs various strategies with diverse geographical, sectoral and style biases. It has
- 27/07/2014
Special Reports
FeatureD
- Intel
- April 26, 2024
- Intel
- April 25, 2024
- Intel
- April 24, 2024
- Intel
- April 23, 2024
- Intel
- April 22, 2024
- Intel
- April 19, 2024
- Intel
- April 18, 2024
- Intel
- April 17, 2024
