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Europe
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CME Vows Not to Sway Membership Prices After MF Global Sales
By Reuters
05/23/2013 3:20:57 PM ET
CHICAGO (Reuters)—CME Group Inc. will never influence the price of its memberships, Executive Chairman Terry Duffy said on Wednesday [May 22] after seats formerly owned by bankrupt broker MF Global Holdings Ltd.
Goldman Unveils Checks on Conflicts in Bid to Fix Image
By Reuters
05/23/2013 2:53:24 PM ET
SALT LAKE CITY (Reuters)—After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc. CEO Lloyd Blankfein claimed success in putting his bank and his legacy back on track.
U.S. CFTC Watchdog Faults Gensler For MF Global Probe Recusal
By Reuters
05/21/2013 5:46:10 PM ET
WASHINGTON (Reuters)—The chairman of the U.S. derivatives regulator made a questionable call when he chose to distance himself from probing the demise of futures broker MF Global, the agency's internal watchdog said in a report released on Tuesday [May 21].
Oaktree Founders Could Reap Up to $80 Million Each in Stock Sale
By Reuters
05/21/2013 5:03:47 PM ET
NEW YORK (Reuters)—Oaktree Capital LLC, the world's largest distressed debt investor, said its two founders could each receive as much as $79.9 million in a secondary offering of its shares if the firm clears net proceeds of $367.
E.U. Oil Probe Seeks Market Abuse Evidence Since 2010
By Reuters
05/21/2013 3:48:57 PM ET
EDITOR'S NOTE: This story has been updated with the European Commission's list of requests for information.
LONDON (Reuters)—The European Commission is asking oil traders across the continent to provide evidence of market abuse to determine whether companies sought to manipulate prices reported to leading price-setting agency Platts.
MF Global Trustee Liquidates Its CME Group Memberships
By Reuters
05/21/2013 12:23:55 PM ET
CHICAGO (Reuters)—The trustee liquidating MF Global has sold a collection of the bankrupt broker's CME Group memberships for amounts below recent selling prices, according to a list of transactions published by the exchange on Monday [May 20].
Eighteen months after MF Global collapsed, Trustee James Giddens last week sold a variety of memberships owned by the firm that bestow different trading rights on the holders.
Under Pressure, JPMorgan Gives Up Vote Information
By Reuters
05/21/2013 12:03:56 PM ET
NEW YORK (Reuters)—JPMorgan Chase & Co., under pressure from New York officials, gave shareholders information about an upcoming vote that would increase oversight of Chairman and Chief Executive Jamie Dimon.
Credit Suisse Replaces Morgan Stanley as No. 2 Asia Prime Broker
By Reuters
05/21/2013 10:53:00 AM ET
HONG KONG (Reuters)—The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region's $148 billion hedge funds industry, a survey showed.
The annual survey by industry tracker AsiaHedge, released this week, found that Goldman Sachs remains Asia's top prime broker with 179 clients and total assets under management of $24.
Biggest Traders Helping E.U. Oil Probe, Not In It
By Reuters
05/20/2013 2:59:35 PM ET
LONDON (Reuters)—European investigators have asked top trading houses Glencore, Vitol and Gunvor to help with a probe into oil price manipulation, while not suggesting they are under investigation, industry sources said on Monday [May 20].
Last week, European Commission authorities raided the London bureau of pricing agency Platts and the offices of oil majors Statoil, Royal Dutch Shell and BP in the biggest cross-border action since the probe into rigging of LIBOR benchmark interest rates.
Oil Price Probe Widens, U.S. Senator Wants Justice Dept. Help
By Reuters
05/17/2013 5:15:29 PM ET
EDITOR'S NOTE: This story has been updated throughout.
LONDON/WASHINGTON (Reuters)—A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands and a key U.
Nanes Balkany: Petrogrand Should Exit Russia
By Reuters
05/17/2013 4:54:45 PM ET
NEW YORK (Reuters)—An activist hedge fund has urged Swedish oil and gas company Petrogrand AB to drop exploration activities in Russia, explore strategic alternatives and replace its chief executive, according to a letter from the fund to the company's board of directors.
Nanes Balkany Partners LLC, which in the last three months amassed a stake of just under 5 percent in Petrogrand, has not received an official response after sending the letter to the company last month, according to a person familiar with the matter.
Transocean Chairman Booted For Icahn Nominee
By Reuters
05/17/2013 4:33:12 PM ET
ZUG, Switzerland (Reuters)—Transocean Ltd. shareholders voted out Chairman Michael Talbert at the annual meeting on Friday [May 17] and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor.
Blackstone Planning to Create New Hedge Fund
By Reuters
05/17/2013 11:02:17 AM ET
NEW YORK (Reuters)—Blackstone Group LP is planning to create a hedge fund which will consist of the boldest trades from the third-party hedge funds it invests with, the Financial Times reported.
The new fund will invite managers to sell their interesting trading ideas in exchange for a fee and it will be run by former Duquesne Capital partner, Greg Geiling, the daily said.
IMF: Central Banks' Actions Worked, Now Beware Reactions
By Reuters
05/16/2013 12:17:28 PM ET
WASHINGTON (Reuters)—Central banks got it right when they saved the world economy, but their unprecedented actions risk disruptive cross-border spillovers and potentially heavy losses when the time comes to exit, the IMF said on Thursday [May 16].
In the most detailed survey so far of the dramatic measures undertaken to counter the 2007-09 global financial crisis, International Monetary Fund staff repeated earlier assessments that the steps had worked, but face diminishing returns.
Hungarian Ethanol Firm Says it Tipped E.U. to Platts Pricing
By Reuters
05/16/2013 11:46:23 AM ET
LONDON (Reuters)—A Hungarian ethanol producer said it alerted the European Commission over the role of price agency Platts in setting prices, feeding into an investigation of three major oil companies.
Pannonia Ethanol, a recent entrant to Europe's market, on Wednesday [May 15] became the first company to identify itself as having complained to Brussels, which has now embarked on the biggest cross-border trading probe since the LIBOR scandal sent shock waves through the secretive financial industry.
More Top Hedge Funds Dropped Apple Shares in 1Q
By Reuters
05/15/2013 4:59:25 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—One-time hedge fund darling Apple Inc. was dropped by more well-known fund managers in the first quarter, including John Griffin and Chase Coleman.
Oil Pricing Probe Widens, Britain Pledges Tough Action
By Reuters
05/15/2013 2:33:22 PM ET
LONDON (Reuters)—Oil companies will face the full force of the law if they manipulated prices, Britain's energy minister said on Wednesday [May 15] as a rating agency warned of massive fines if a European Commission's probe into oil pricing found any wrongdoing.
Oil firm Eni said the European Commission had asked it to provide information, although it was not being probed.
E.U. Oil Price Probe Puts Platts in Spotlight
By Reuters
05/15/2013 12:26:18 PM ET
LONDON (Reuters)—A European investigation into alleged price rigging by major oil companies has drawn attention to leading price agency Platts and the way it sets oil price benchmarks.
Authorities on Tuesday [May 14] carried out a surprise inspection at Platts' London bureau as well as the offices of Royal Dutch Shell, BP and Statoil.
Commerzbank Shares Bounce Back After Stake Sale
By Reuters
05/15/2013 12:12:14 PM ET
FRANKFURT, Germany (Reuters)—Commerzbank shares leapt as much as 17.6 percent on Wednesday [May 15] as investors bought back stock sold in anticipation of a share placing by Germany's bank bailout fund, which was completed earlier in the day.
Ex-BlackRock Fund Manager Arrested in U.K. Insider Trading Probe
By Reuters
05/15/2013 11:41:45 AM ET
LONDON (Reuters)—Asset manager BlackRock said on Tuesday [May 14] that one of its former employees was arrested in April by City of London police on suspicion of insider dealing.
BlackRock did not name the individual but a source with knowledge of the matter said it was Mark Lyttleton, one of the firm's longest serving British-based fund managers who left the company in March.
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