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International
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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.
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.
Report for Banks Finds They Pose More Risk than Commodity Traders
By Reuters
05/14/2013 2:33:49 PM ET
GENEVA (Reuters)—A study commissioned by a global banking lobby group has found that banks pose a greater systemic risk than their commodity trading house competitors do and the report has not been made public, its author said.
Craig Pirrong, a University of Houston academic confirmed he was the author of the study commissioned by the Global Financial Markets Association (GFMA).
Top Bloomberg Editor: Client Data Policy is 'Inexcusable'
By Reuters
05/13/2013 2:57:08 PM ET
EDITOR'S NOTE: This story has been updated throughout.
NEW YORK (Reuters)—Matthew Winkler, editor-in-chief of Bloomberg News, apologized on Monday [May 13] for allowing journalists "limited" access to sensitive data about how clients used Bloomberg terminals, saying it was "inexcusable", but that important customer data had always been protected.
LIBOR Likely to be Replaced By a Dual-Track System
By Reuters
05/13/2013 10:54:50 AM ET
LONDON (Reuters)—A dual-track system, including survey-based lending rates along with transaction-linked indices, is likely to replace scandal-hit London interbank lending rate LIBOR as soon as next year, the Financial Times reported on its website on Sunday [May 12].
The new system would provide continuity for holders of $350 trillion in existing contracts that reference LIBOR while also paving the way for a new benchmark tied more closely to objective data, Martin Wheatley, chief executive of Britain's Financial Conduct Authority who is leading efforts to reform the benchmark, told the FT.
Loeb Details Bullish Bet on Japan
By Reuters
05/10/2013 11:29:25 AM ET
LAS VEGAS (Reuters)—Billionaire investor Daniel Loeb will go anywhere for a good trade and he is particularly focused on Japan right now, he told a hedge fund industry conference on Thursday [May 9], according to people who heard him speak.
Mr.
Goldman Halves Investment Fund Pledges Since Dodd-Frank
By Reuters
05/09/2013 2:37:31 PM ET
NEW YORK (Reuters)—Goldman Sachs Group Inc. has slashed its capital pledges to investment funds by nearly half since the "Volcker rule" was signed into law in 2010, as it prepares its principal investment business for restrictions on investing its own money, according to regulatory filings.
Carlyle Generates Less Cash From Asset Sales
By Reuters
05/09/2013 2:21:06 PM ET
WASHINGTON (Reuters)—Private equity firm Carlyle Group LP on Thursday [May 9] reported flat first-quarter profit and a decline in cash generated from managing and selling assets, despite strong capital markets that helped boost earnings for its peers.
A stock market rally and record-low interest rates have buoyed the value of private equity fund assets and prompted buyout firms to exit investments and return capital to their investors.
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