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The seemingly intuitive application of long-standing securities anti-fraud and anti-manipulation rules to the complex world of over-the-counter derivatives, particularly where derivative products intersect with the loan market, will affect trading practices and compliance rules at all institutions trading these instruments, according to Richards Kibbe & Orbe partners Julia Lu and Eva Marie Carney…
Before The Dodd-Frank Wall Street Reform and Consumer Protection Act, loan credit default swaps (LCDS) and loan total return swaps (LTRS) were outside the ambit of each of the Commodity Exchange Act (CEA), the Securities Act of 1933, and the Securities Exchange Act of 1934 and the
- 04/07/2011
The European Union’s Directive on Alternative Investment Fund Managers will come into force on 21 July following its publication in the Official Journal of the European Union last Friday.
Perhaps not coincidentally, the publication of the directive – the last step before it become part of EU law – took place on the same day that the Ucits IV directive on cross-border retail fund distribution was due to be implemented by member states.
The directive received formal approval by the EU Council at a meeting of transport, telecommunications and energy ministers on 27 May, and it was formally signed in
- 04/07/2011
- 04/07/2011
Combining its macroeconomic expertise and global stock selection capabilities into a single solution for investors, Scout Investments (Scout) has introduced the Scout Global Equity Fund (SCGLX), an all-cap global core equity portfolio of high conviction investment ideas.
The no-load Scout Global Equity Fund showcases Scout’s experience in identifying growth-producing companies in the US and abroad. Lead portfolio manager and chief investment officer Bill Greiner (pictured) incorporates his comprehensive top-down outlook of the global markets to determine the fund’s domestic and international mix and how it is allocated across market capitalisations.
The portfolio is composed of focused "sleeves" of select companies
- 04/07/2011
- 03/07/2011
The US Commodity Futures Trading Commission (CFTC)has filed charges against two air traffic controllers, Louis J Giddens, Jr of Fayetteville, Ga, and Anthony W Dutton of Peachtree City, Ga, as well as commodity trader Michael Gomez of Valrico, Fla, for operating a fraudulent off-exchange foreign currency (forex) scheme in which they solicited and accepted approximately USD1.4 million from the general public.
The complaint was filed under seal on June 23, 2011, and on June 24, 2011, Judge William S Duffey, Jr, of the US District Court of the Northern District of Georgia, entered a restraining order freezing Gomez’s assets and
- 03/07/2011
The Honorable Jed S Rakoff of the United States District Court for the Southern District of New York has entered a judgment against David Plate in SEC v Galleon Management, LP, et al., 09-CV-8811, an insider trading case the SEC filed on October 16, 2009.
The SEC charged Plate, who was a registered representative and a proprietary trader at the broker-dealer Schottenfeld Group, LLC, during the relevant time period, with using inside information to trade ahead of an impending acquisition announcement.
In its action, the SEC alleged that, in March 2007, Plate was tipped inside information that Kronos Inc. would
- 03/07/2011
David Miller, Partner at Cheviot Asset Management, believes that whilst austerity measures have been passed, this will not do much to soothe the nerves of investors, who will still be worried about how Greek voters will cooperate with the plans…
Rational investors quite rightly believe that Germany will use its financial strength to restore stability to the Eurozone and that when Greece defaults it will be in a controlled manner. Very similar to when JP Morgan bought Bear Stearns in March 2008. Avoidance of contagion was then, and is now with Greece, the main priority. Unfortunately investors are rather more
- 01/07/2011
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