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DAILY NEWS

Ex-hedge fund chief Micalizzi loses appeal against UK ban, fine
By Reuters
07/30/2014 4:09:20 PM ET

LONDON (Reuters)—The Italian former head of defunct UK hedge fund Dynamic Decisions on Wednesday [July 30] lost his appeal against a multi-million pound fine and a ban from holding any role in Britain's financial sector. A court in London said former chief executive and university lecturer Alberto Micalizzi had "deliberately misrepresented" to investors the position of the DD Growth Premium Master Fund, worth $437 million in 2008 before collapsing the same year.
U.S. regulators looking into UBS, Deutsche Bank speed trading operations
By Reuters
07/29/2014 1:41:54 PM ET

FRANKFURT/ZURICH (Reuters)—Germany's Deutsche Bank and Switzerland's UBS said they were caught up in an inquiry by U.S. regulators, who are looking into whether broker-run stock exchanges gave an unfair advantage to high-frequency traders.
Lloyds not off hook yet after $370 million LIBOR fines
By Reuters
07/28/2014 3:54:56 PM ET

LONDON (Reuters)—Lloyds Banking Group could face further punishment after agreeing to pay fines totaling $370 million for its part in a global interest rate rigging scandal and for attempting to manipulate fees for a government lending scheme to help banks. The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London Interbank Offered Rate, or LIBOR, and other similar benchmarks used to price around $450 trillion of financial products worldwide.
Investors dump higher oil bets as prices fall: ICE
By Reuters
07/28/2014 1:30:15 PM ET

LONDON (Reuters)—Hedge funds and other large speculators cut their bets on higher Brent crude oil and gasoil sharply in the week to July 22, IntercontinentalExchange Inc. said on Monday [July 28], following a big fall in prices.
Ireland to give green light for hedge funds to lend
By Reuters
07/28/2014 11:00:41 AM ET

DUBLIN (Reuters)—Ireland, one of the biggest hubs for funds in Europe, will allow hedge funds based in the country to lend to companies under new rules drawn up by the central bank, the bank said. With banks in Europe still reducing their lending to households and corporations in the wake of the financial crisis, firms that are too small to issue bonds are increasingly seeking to borrow from other sources such as insurers, private equity firms and hedge funds.
Credit Suisse to move prime brokerage exec to London
By Reuters
07/25/2014 3:50:44 PM ET

LONDON (Reuters)—The prime brokerage unit of Credit Suisse will move one of its senior executives, Paul Caseiras, from New York to London, two sources with knowledge of the matter said. The Swiss bank will relocate Caseiras in September to be part of the unit which provides services such as clearing trades and lending money to hedge funds.
U.S. SEC official defends Royal Bank of Scotland waiver to Congress
By Reuters
07/25/2014 11:27:06 AM ET

WASHINGTON (Reuters)—A top U.S. Securities and Exchange Commission official on Thursday [July 24] defended his agency's decision to grant the Royal Bank of Scotland a regulatory waiver, saying the bank had already been punished in connection with LIBOR manipulation.
Renaissance funds perform well, firm closes London office
By Reuters
07/24/2014 12:32:53 PM ET

BOSTON (Reuters)—Two funds at Renaissance Technologies, one of the world's biggest hedge funds, are performing better than the average hedge fund, but the company has stopped selling them in Europe because local marketing rules have been tightened. The Renaissance Institutional Equities and Institutional Futures funds, known as RIEF and RIFF, returned 2.
G20 watchdog orders LIBOR alternatives by 2016 in benchmark reform
By Reuters
07/22/2014 2:37:18 PM ET

LONDON (Reuters)—Global regulators will implement a twin-track approach to ensuring interest rate benchmarks are less prone to manipulation, recommending safeguards to the current system as well as developing alternatives. Ten banks and brokerages including Barclays and UBS have paid a total of around $6 billion to date to settle U.
Hedge fund exit requests drop to six-month low in July
By Reuters
07/21/2014 5:47:05 PM ET

LONDON (Reuters)—Investor demand to pull money out from hedge funds dropped to a six-month low in July, following portfolio adjustments during the previous month, data released on Monday [July 21] showed. The SS&C GlobeOp Forward Redemption Indicator, a monthly snapshot of hedge fund clients giving notice to withdraw their cash expressed as a percentage of assets under administration, fell to 3.
Trading firms raised early concerns about Barclays' dark pool: report
By Reuters
07/21/2014 3:38:01 PM ET

NEW YORK (Reuters)—Trading firms and employees raised concerns about high-speed traders at Barclays Plc's "dark pool" months before the United States accused the bank of favoring its high-frequency trading clients, The Wall Street Journal reported, citing people familiar with the firms. New York Attorney General Eric Schneiderman filed a lawsuit last month, accusing the Barclays dark pool of giving high-frequency traders an unfair advantage, even though the bank had promised investors they would be protected from "predatory" and "toxic" traders.
Pension adviser seeks SEC probe on Walgreen's offshore move meetings: report
By Reuters
07/18/2014 2:53:24 PM ET

WASHINGTON (Reuters)—U.S. pension adviser CTW Investment Group has asked the Securities and Exchange Commission to investigate private meetings that executives of Walgreen Co.
Bank of England says some investment funds less liquid than they look
By Reuters
07/17/2014 5:45:47 PM ET

LONDON (Reuters)—Investment funds focused on emerging economies or high-yield debt may be unable to return investors' money promptly if turmoil hits markets, the Bank of England's financial stability chief warned on Thursday [July 17]. Many investment funds promise to redeem investors' shares within a day or two.
ECB survey points to steady derivative-market funding costs
By Reuters
07/10/2014 11:17:58 AM ET

FRANKFURT (Reuters)—Credit costs for securities financing and derivatives transactions were little changed in the three months to the end of May, a European Central Bank survey released on Thursday [July 10] showed. The ECB's June survey of credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets showed that:
  • Price terms remained almost unchanged for most counter-party types except hedge funds.
    Hedge funds attract $72.2 billion in first five months of year
    By Reuters
    07/09/2014 12:30:20 PM ET

    NEW YORK (Reuters)—Investors poured $72.2 billion into hedge funds worldwide in the first five months of 2014, marking their strongest five-month start to a year since 2007 partly on fears of a downturn in stock and bond prices, data from a survey showed on Tuesday [July 8].
    Argentina to meet again with debt mediator, markets rise
    By Reuters
    07/08/2014 2:10:51 PM ET

    BUENOS AIRES (Reuters)—Argentina said on Tuesday [July 7] it would meet with a mediator in the country's dispute with holdout investors for a second time this week, lifting market hopes for a deal needed to avoid another painful debt default. With the economy already in recession, President Cristina Fernandez's cash-strapped government has until July 30 to reach an agreement with hedge funds who refused to participate in the country's earlier debt restructuring and have been suing for full repayment of sovereign bonds which Argentina defaulted on in 2002.
    American Apparel lender intensifies demand for repayment
    By Reuters
    07/08/2014 1:29:29 PM ET

    NEW YORK (Reuters)—Lion Capital has ordered American Apparel to immediately repay a $10 million loan, after the retailer failed to do so by a July 4 deadline, a source close to the matter said on Monday [July 7]. The ousting of American Apparel Chief Executive Officer Dov Charney more than two weeks ago prompted Lion Capital to demand repayment of a loan that was originally due in 2018.
    Struggling Gowex a short-selling target months ahead of bankruptcy
    By Reuters
    07/07/2014 3:52:05 PM ET

    LONDON (Reuters)—Hedge funds and other investors began to bet big on a share price fall for Spain's Gowex some three months before the struggling wireless network provider declared bankruptcy. That came on Sunday [July 6], following a report last week by Gotham City Research questioning the firm's financial reporting, which sparked a 60 percent slide in Gowex's share price in two days and the resignation of its chief executive.
    BNY Mellon to U.S. judge: What should we do with Argentina's money?
    By Reuters
    07/03/2014 3:18:25 PM ET

    NEW YORK (Reuters)—Bank of New York Mellon, fearful of being sued by Argentine bondholders and unwilling to defy a court order blocking their coupon payments, will seek guidance from U.S.
    Goldman Sachs fined over trade rule violations in dark pool
    By Reuters
    07/01/2014 3:29:40 PM ET

    WASHINGTON (Reuters)—Wall Street's self-funded regulator fined a unit of Goldman Sachs on Tuesday [July 1] over pricing rule violations stemming from its "dark pool," marking the latest in a string of recent enforcement actions targeting anonymous trading platforms. Goldman Sachs Execution & Clearing L.






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