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Consulting and investment company Firm Economics has formed CubeLogic, a firm that combines a major offshore development centre in Brazil with a team of risk specialists.
Firm Economics is owned by industry veteran David Priestley, founder of Raft International, and Terry Boyland, a former J.P Morgan global business manager.
The new company will be chaired by Priestley. He will be joined by chief technology officer Lee Campbell, Riyaz Mulla who will manage the offshore services operations in India and Brazil, and Romil Shah leading business consulting services.
Priestley says: "Lee, Riyaz and Romil were part of the management team at
A federal court in Oklahoma City has entered a restraining order against defendants Kenneth W. Lee, Simon Yang, Prestige Ventures and Federated Management Group freezing assets controlled by the defendants, protecting records and appointing a temporary receiver to locate and marshal assets for return to defrauded customers.
The order stems from a joint enforcement action filed by the US Commodity Futures Trading Commission and the Oklahoma Department of Securities, charging that since at least July 2003, the defendants fraudulently operated a commodity futures pool that had at least USD8.7m in assets and 140 participants.
The CFTC complaint alleges that in
Christophe Bernard (pictured), Chief Investment Officer, summarises the key features of Union Bancaire Privée’s outlook for 2010.
The climate at the end of 2009 is confirming that the economic recovery is under way, albeit at contrasting speeds in the G7 and the emerging economies: Asia should be sizzling while the Western growth model is set to remain distinctly lukewarm.
Overall, financial markets are getting back on their feet and investment opportunities abound. Emerging markets’ equities still seem preferable to bonds but blue chips and defensive names are increasingly appealing. Whilst a depression has been averted, some other extreme risks are
The US Commodity Futures Trading Commission has obtained a default judgment order requiring Robert J. Sucarato to pay USD800,000 in restitution and a USD1.2m civil monetary penalty for fraudulently soliciting commodity pool participants to trade futures and options through his hedge funds and for concealing trading losses.
The default order stems from a CFTC complaint charging Sucarato, doing business as New York Financial Company, with fraud in the solicitation of customers to invest in two commodity pools and with issuing false account statements to conceal trading losses.
The order, entered on 23 November 2009 by the US District Court for
Trafalgar Capital Management, the London based hedge fund manager, has appointed Josh Jacobson as partner and senior portfolio manager.
Jacobson was previously a partner and portfolio manager at Cheyne Capital, where he managed a European long/short equity portfolio for the Cheyne Value Fund.
Prior to that, he worked for JP Morgan as a director of equity sales, where he worked on the hedge fund sales team. Jacobson began his career at Salomon Brothers in 1994, working initially in New York in the emerging market research department and later as director of equity sales in London.
At Trafalgar Capital, Jacobson
The credit default swap market has seen an emphasis on streamlined trading and reduced complexity, making the market easier to participate in and regulate, according to a report from Celent, a Boston-based financial research and consulting firm.
The report, Counterparty Risk in Non-standardized Credit Default Swaps Market, says single-name CDS volume, as a share of notional outstanding volume, has gone up since the second half of 2007 and even exceeded 2006 levels in 2009.
This underlines the important role of non-standardized CDS in the credit derivatives market and highlights the need to deal with counterparty risk for this category.
"The
A court order has frozen assets held by Minnesota residents Trevor G. Cook and Patrick Kiley, and their companies Oxford Global Advisors, Oxford Global Partners, Universal Brokerage FX and Universal Brokerage FX Diversified, all charged with fraud and misappropriation in connection with off-exchange leveraged foreign currency trading.
The court’s order, entered by Chief Judge Michael Davis of the US District Court for the District of Minnesota, also prohibits the destruction of books and records and provides the Commodity Futures Trading Commission access to such documents.
The court’s order stems from a CFTC complaint filed under seal on 23 November 2009
SmartPool, the European dark liquidity pool created by NYSE Euronext in partnership with HSBC, J.P.Morgan and BNP Paribas, has migrated to NYSE Euronext’s Universal Trading Platform.
The Universal Trading Platform is a multi-market, multi-geography and multi-regulation exchange platform.
It has been developed to provide customers with greater speed and capacity, enhanced functionality, and a single point of connectivity via NYSE Euronext’s global network to access all of its cash and derivatives markets, in Europe and the US.
Lee Hodgkinson (pictured), chief executive of SmartPool, says: “SmartPool’s migration to the Universal Trading Platform is a key step in the development of
The US Commodity Futures Trading Commission has obtained a court order freezing the assets of William Charles Guidry of Jacksonville, Florida, Matthew Brian Pizzolato of Tickfaw, Louisiana, and Capital Funding Consultants of Covington, Louisiana.
The court’s order also prohibits the destruction of books and records. The Honorable Judge Mary Ann Vial Lemmon of the US District Court for the Eastern District of Louisiana set a hearing on the CFTC’s motion for a preliminary injunction on 7 December 2009.
The court’s order stems from a CFTC civil anti-fraud complaint filed in the US District Court for the Eastern District of Louisiana
David Cooke (pictured), a partner in the corporate department of Conyers Dill & Pearman in Bermuda, says that limited partners could find themselves exposed to unlimited liability in jurisdictions other than that in which the limited partnership is established – but a recent legal development in Bermuda can resolve the issue.
When is a limited partner’s liability potentially unlimited? One answer may be whenever the limited partnership operates outside its jurisdiction of formation – unless care is taken at the time of its formation.
Limited partnerships are established in many jurisdictions, often for the purpose of investing or carrying on
