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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).
The Complaint alleges that PFG and Wasendorf committed fraud by misappropriating customer funds, violated customer fund segregation laws, and made false statements in financial statements filed with the Commission.
The National Futures Association (NFA) is PFG’s Designated Self-Regulatory Organization and is responsible for monitoring and auditing PFG for compliance with the minimum financial and related reporting requirements. According to the Complaint, in July 2012 during an NFA audit, PFG falsely
KPMG and Carey Olsen have advised Dexion Capital (Guernsey) on the launch of DCG IRIS, a new Guernsey-domiciled, closed-ended investment fund.
It has raised in excess of GBP40m by way of an initial public offering on the main market of the London Stock Exchange.
Carey Olsen provided Guernsey legal advice and KPMG in Guernsey have been appointed as auditors and provided reporting accountant services in relation to the establishment of the fund. Dexion Capital and Dickson Minto acted as joint-sponsors.
DCG IRIS is a feeder fund and will principally invest its assets in CS IRIS Low Volatility Plus Fund (Limited
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.
The SEC rules and interpretations further define the terms “swap” and “security-based swap” and whether a particular instrument is a “swap” regulated by the Commodity Futures Trading Commission or a “security-based swap” regulated by the SEC.
The SEC action also addresses “mixed swaps,” which are regulated by both agencies, and “security-based swap agreements,” which are regulated by the CFTC but over which the SEC has antifraud and other authority.
The rules and
Hedge funds posted a narrow gain last month to conclude the first half of the year up 1.7 per cent.
The HFRI Fund Weighted Composite Index posted a gain of 0.05 per cent for June, according to data released by HFR.
Hedge funds overcame conservative positioning in the final days of the month, as June ended on a note of optimism with regard to the European sovereign debt crisis. Macro losses partially offset gains in equity hedge, event driven and relative value strategies. June marks the conclusion of a positive, but muted, first half of the year for the hedge
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.
The order also imposes permanent trading and registration bans against the defendants.
The court’s order, entered on 26 June 2012, arises out of a CFTC complaint filed on 27 July 2010, against Mihailovich, Sr., GCM, and Robert Mihailovich, Jr., Mihailovich, Sr.’s son.
As alleged in the complaint, Mihailovich, Sr. was convicted and incarcerated
Equinix, a provider of global data centre services, will offer its customers connectivity to BATS Global Markets’ secondary data centre facility in Chicago.
BATS will accept connections to all three of its US secondary market centres ― its two equities exchanges, the BZX Exchange and BYX Exchange, and its equity options platform, BATS Options ― inside the Equinix Chicago data centre, located at 350 E. Cermak, the location of BATS’ new secondary data facility.
The primary matching engines and associated trading infrastructure for these markets are hosted in BATS’ primary data centre in Weehawken, New Jersey.
In addition to providing
Assets managed by the top 100 alternative investment managers globally now exceed USD3trn, according to research produced by professional services company Towers Watson in conjunction with the Financial Times.
The Global Alternatives Survey, which for the first time includes individual private equity and hedge funds, shows that of the top 100 alternative investment managers, real estate managers have the largest share of assets (35 per cent, at USD1.1trn) followed by private equity managers (22 per cent, at USD696bn), hedge funds (21 per cent, at USD643bn), private equity fund of funds (nine per cent, at USD288bn), fund of hedge funds (six
The decision made by the rating agency Moody’s to downgrade the credit ratings of a string of global banks was greeted inevitably when markets opened on the following day by a sell-off helped by weaker US data and Wall Street down 2%. The strange thing about the rating downgrade is that it came too late, says James M M Edwards (pictured), chief investment officer, Eurofin Capital…
Most banks stock prices are down over 70% from their highs, and multiple “zombie banks” were created in Europe, that only survive through the funding from the ECB. They have been put in what
The Alternative Investment Management Association has published a German-language educational paper about the social and economic value provided by the hedge fund industry.
The paper stresses the financial stability benefits that hedge funds provide to financial markets and highlights the fact that hedge funds increasingly are performing an important social role by managing investments for pension funds, university endowments, charitable foundations and other socially-important institutional investors.
It includes AIMA’s estimate that there are 50,000 people employed directly or indirectly by the hedge fund industry in Europe – the first such statistic of its kind produced – and 300,000 worldwide.
The IQ Hedge Global Macro Beta Index rose by 0.87 per cent in June 2012, according to the latest data from IndexIQ.
The Long/Short Beta Index rose by 3.03 per cent, the Event-Driven Beta Index by 1.88 per cent and the Market Neutral Beta Index by 1.06 per cent.
IQ Hedge Emerging Markets Beta Index was up 1.97 per cent in June, while the Fixed Income Arbitrage Beta Index increased by 0.58 per cent and the Composite Beta Index by 1.56 per cent.
Designed as investable benchmarks that replicate the performance characteristics of sophisticated hedge fund strategies, the IQ Hedge
