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DAILY NEWS

U.S. SEC's information technology at risk of hacking: GAO
By Reuters
04/17/2014 5:41:54 PM ET

WASHINGTON (Reuters)—The U.S. Securities and Exchange Commission has failed to protect its data network against possible breaches, to encrypt highly sensitive information, or to use strong enough passwords, the Government Accountability Office said on Thursday [April 17].
Trafigura steps out of the shadows in academic case study
By Reuters
04/17/2014 4:05:54 PM ET

Editor's note: This version of the story corrects the spelling of Andrew Gowers' first name in the 4th paragraph. NEW YORK (Reuters)—A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry, just big merchants seek to fill a void being left by Wall Street banks.
Illinois investigates Herbalife as federal, state probes grow
By Reuters
04/17/2014 4:14:28 PM ET

BOSTON (Reuters)—Illinois Attorney General Lisa Madigan's office said on Thursday [April 17] it is investigating Herbalife , joining other state and federal probes of allegations that the weight loss and nutrition company is running a pyramid scheme. Herbalife's share price closed down 0.
Ex-Goldman director Gupta to surrender June 17 in insider case
By Reuters
04/17/2014 3:02:54 PM ET

NEW YORK (Reuters)—Former Goldman Sachs Group Inc. director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading. U.
New York prosecutor probes high-speed trading
By Reuters
04/17/2014 11:18:54 AM ET

NEW YORK (Reuters)—The New York attorney general is probing more than half a dozen high-speed trading firms, a person familiar with the matter said on Wednesday [April 16], as part of his wide-ranging probe into alleged unfair technology advantages on Wall Street. Attorney General Eric Schneiderman's office is seeking information on special relationships between exchanges and so-called dark pools, platforms where large trades take place out of sight of the rest of the market.
Lasry, Edens buy Milwaukee Bucks
By Reuters
04/16/2014 6:34:07 PM ET

MILWAUKEE (Reuters)—Hedge fund managers Marc Lasry and Wesley Edens are buying the National Basketball Association's Milwaukee Bucks for $550 million from businessman and former U.S.
U.S. Senate duo urges Fed clampdown on banks and commodities
By Reuters
04/16/2014 6:20:21 PM ET

WASHINGTON (Reuters)—Two U.S. senators on Wednesday [April 16] pushed the Federal Reserve to write tough new rules to limit Wall Street's role in commodity markets, stepping up pressure for a clampdown on some of the country's largest banks.
Proliferation of new products also drives U.S. stock market complexity: SEC
By Reuters
04/16/2014 12:01:42 PM ET

NEW YORK (Reuters)—A desire by investors for more investment products contributes to excessive complexity in the U.S. stock market, the U.S. securities regulator in charge of analyzing the stock market's structure said on Tuesday [April 15].
Elliott Management reaffirms $3.36 billion bid for Riverbed
By Reuters
04/15/2014 2:26:52 PM ET

NEW YORK (Reuters)—Hedge fund Elliott Management reaffirmed its $3.36 billion offer for network gear maker Riverbed Technology Inc. after being rebuffed twice, saying it remained "extremely interested" in acquiring the company.
Amber Capital to force shareholder vote on Nexans CEO
By Reuters
04/15/2014 12:33:07 PM ET

PARIS (Reuters)—Nexans shareholder Amber Capital said it plans to force a vote on a resolution to push Chairman and Chief Executive Frederic Vincent off the board at the cable maker's annual shareholder meeting on May 15. Nexans made a loss in 2013 and skipped its dividend for the year after being forced to raise new share capital in October, blaming a lack of growth in Europe and industry overcapacity.
Herbalife hit with investor lawsuit over 'pyramid' claims
By Reuters
04/15/2014 11:36:13 AM ET

LOS ANGELES (Reuters)—Herbalife Ltd. was hit with a shareholder class action lawsuit Monday [April 14] accusing the multilevel-marketing company of failing to disclose to investors that its operations were based on a pyramid scheme.
Hedge fund manager Loeb says Sotheby's attacks on him are 'false'
By Reuters
04/15/2014 11:01:42 AM ET

BOSTON (Reuters)—Activist investor Daniel Loeb, who is fighting to win control of three board seats at Sotheby's , on Monday [April 14] raised the temperature by saying the current board has failed and that its attacks on him are "false" and "misleading." In a filing with the Securities and Exchange Commission, Loeb responded to Sotheby's presentation of last week when the 270-year-old auction house questioned Loeb's ability to add value to its business.
Hedge funds pose biggest risks in crises: fed study
By Reuters
04/14/2014 4:49:37 PM ET

SAN FRANCISCO (Reuters)—Hedge funds, not banks, may be the most important transmitters of shocks during financial crises, according a study published Monday [April 14] by the Federal Reserve Bank of San Francisco. The finding suggests that hedge funds may be a bigger conduit for systemic risk to financial markets than previously thought, and may have been central in generating risk during the 2007-2009 crisis, Goethe University professor Reint Gropp wrote in the latest edition of the regional bank's Economic Letter.
Traders sue CME over special high-frequency access
By Reuters
04/14/2014 4:16:25 PM ET

CHICAGO (Reuters)—A group of traders has sued CME Group Inc., accusing the operator of the world's largest derivatives exchange of selling market data to high frequency traders, cheating other investors who lacked such access.
Arcadia in settlement talks in CFTC manipulation case
By Reuters
04/14/2014 4:00:59 PM ET

WASHINGTON (Reuters)—Arcadia Petroleum and Parnon Energy have entered talks to settle accusations by the Commodity Futures Trading Commission that they fixed the physical crude oil market, possibly ending one of its most highly-publicized oil manipulation cases. The derivatives regulator in May 2011 sued two well-known traders, James Dyer of Parnon Energy and Nick Wildgoose of Arcadia, and their firms for allegedly making $50 million by squeezing markets in 2008.
Jana, Corvex, Och-Ziff among those pressuring Walgreen's to relocate to Europe
By Reuters
04/14/2014 12:24:09 PM ET

SPRINGFIELD, Ill. (Reuters)—U.S. drugstore chain operator Walgreen Co. is under pressure from a group of shareholders to consider relocating to Europe to gain tax benefits, the Financial Times reported.
U.S. FBI conducting a probe into Herbalife
By Reuters
04/11/2014 8:27:14 PM ET

NEW YORK/BOSTON (Reuters)—The U.S. FBI is probing Herbalife Ltd., the nutrition and weight loss company that hedge fund manager William Ackman has called a pyramid scheme, sources familiar with the investigation said on Friday [April 11].
CME Group trading outage exposes weakened trading floor
By Reuters
04/11/2014 11:19:35 AM ET

CHICAGO (Reuters)—Open-outcry traders sprang into action during an electronic trading halt in CME Group Inc. agricultural markets on Tuesday [April 8], but a better solution to the outage would have been to close the pits down too, traders and investors said a day later.
N.Y. regulator urges stock exchanges to level field against HFT
By Reuters
04/10/2014 5:25:57 PM ET

NEW YORK (Reuters)—The New York official responsible for overseeing state securities laws on Thursday [April 10] urged all U.S. stock exchanges and trading venues to consider changing their computerized order systems to stop high-frequency traders from profiting at the expense of ordinary investors.
Fidelity explores new trading venue amid flash trade concerns
By Reuters
04/10/2014 5:20:28 PM ET

BOSTON (Reuters)—Fidelity Investments said on Thursday [April 10] it is exploring the creation of a new trading venue with other asset managers, as U.S.






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