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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.
Japanese hedge fund challenges regulators in insider trade case
By Reuters
07/28/2014 2:06:30 PM ET

TOKYO (Reuters)—A small Japanese hedge fund has made a rare challenge against financial regulators over a 2010 insider trading case, disputing a finding that one of its fund managers acted on an insider tip of a share offering by energy firm Inpex Corp. The Securities and Exchange Surveillance Commission (SESC) previously found a fund manager at Stats Investment Management sold Inpex shares on insider information from a Nomura Securities salesman, based on the salesman's admission of providing information to Stats as well as to Nissay Asset Management and Finno Wave Investments.
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.
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.
OCBC stands firm on Wing Hang offer despite hedge fund buying
By Reuters
07/15/2014 4:57:32 PM ET

SINGAPORE (Reuters)—OCBC, Singapore's second-biggest bank, said on Tuesday [July 15] it would not increase its offer for Wing Hang Ltd., even as U.S. hedge fund manager Elliott Management Corp.
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].
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.
ANZ considers expanding physical commodity trading
By Reuters
06/30/2014 12:30:35 PM ET

SYDNEY/SINGAPORE (Reuters)—Australia and New Zealand Banking Group is considering expanding its physical commodity trading business as it aims to step into the gap left by the retreat of big Wall Street and European banks, a bank source with direct knowledge of the matter said. Australia's No.
Regulators shine light on shark-infested 'dark pools'
By Reuters
06/27/2014 1:25:24 PM ET

LONDON (Reuters)—Regulators are moving to shine a light on "dark pools", opaque and quasi-anonymous trading venues. New York's attorney general has filed a lawsuit against British bank Barclays relating to its dark pool, accusing it of giving an unfair edge to high-frequency traders while claiming to be protecting other clients from them.
More investors plan to overweight commodities: Credit Suisse
By Reuters
06/27/2014 12:35:08 PM ET

NEW YORK (Reuters)—More investors plan to ramp up on commodities over the next 12 months after years of pessimism toward the sector, betting that the Iraq conflict will push oil prices higher while other commodities prices advance in volatile trade, a Credit Suisse poll showed on Thursday [June 26]. The Swiss bank said it found a favorable view developing toward commodities at a conference in New York this week, when it surveyed 350 investors, including institutions, hedge funds, family offices, mutual funds and corporate firms.
New York attorney general accuses Barclays of 'dark pool' fraud
By Reuters
06/26/2014 8:49:46 AM ET

NEW YORK (Reuters)—The New York State's attorney general has filed a securities fraud lawsuit against Barclays , accusing the British bank of giving an unfair edge in the United States to high-frequency trading clients even as it claimed to be protecting other customers from such traders. The lawsuit, which relates to Barclays' LX Liquidity Cross 'dark pool' alternative trading system, alleges that the bank promised to get the best possible prices for customers looking to buy or sell shares but instead took steps that maximized the bank's profits and executed nearly all of its customers' stock orders on LX instead of on exchanges or other venues that might have offered better prices.
China's small commodity traders at risk if banks tighten financing
By Reuters
06/25/2014 2:14:43 PM ET

SHANGHAI/HONG KONG/SYDNEY (Reuters)—A warehouse fraud at China's third-largest port has forced banks and trading houses to consider new controls in the country's massive commodity financing business, which traders say could lead to drying up of credit for all but large firms and state-owned companies. China's commodities trading is dominated by the large and state-owned companies but there are thousands of small firms in the market.
After port fraud, China's vast warehouse sector under scrutiny
By Reuters
06/23/2014 2:36:03 PM ET

SYDNEY/SHANGHAI (Reuters) – Shaken by a fraud investigation into metal financing in the world's seventh-busiest port, banks and trading houses have been made painfully aware of the risks they face storing commodities in China's sprawling warehouse sector. The probe at Qingdao port centers around a private metals trading firm suspected of duplicating warehouse certificates in order to use a metal cargo multiple times to raise financing.
Global hedge fund exit requests rise again in June
By Reuters
06/19/2014 6:31:22 PM ET

BOSTON (Reuters)—Investors increased requests to pull money out of hedge funds in June as they adjust positions before the end of the quarter, according to data released on Thursday [June 19]. The SS&C GlobeOp Forward Redemption Indicator, a monthly snapshot of global hedge fund clients giving notice to withdraw their cash expressed as a percentage of assets under administration, rose to 4.
FX chatrooms show traders shared order, price details
By Reuters
06/19/2014 6:21:13 PM ET

LONDON (Reuters)—British investigators are examining millions of electronic messages which include fresh evidence of possible collusion by a small group of top currency traders, sources say. The investigators have been handed chatroom transcripts showing senior dealers at the big banks that dominate the largely unregulated foreign exchange market routinely sharing intelligence on orders they were about to place for clients.
Argentina flirts with debt swap as fear of default rises
By Reuters
06/18/2014 12:01:06 PM ET

BUENOS AIRES (Reuters)—Argentina is taking steps to place its restructured debt under local law so it can continue making payments despite a string of adverse U.S.
Indian regulator has it all to prove in insider probe
By Reuters
06/17/2014 11:51:39 AM ET

MUMBAI (Reuters)—India's stock market watchdog, long lambasted as toothless, has more resources than ever before to spot rogue trades. Even though it has singled out a hedge fund as the target of its first major trading probe, detractors remain unconvinced.
Hedge fund flows hit 4-month high in June
By Reuters
06/11/2014 4:45:10 PM ET

LONDON (Reuters)—The flow of money into global hedge funds hit a four-month high in June, data from SS&C showed on Wednesday [June 11]. The SS&C GlobeOp Capital Movement Index, which captures flows into and out of hedge funds, rose 1.
Chinese port probe may spread to iron ore, soybeans: RCMA's King
By Reuters
06/11/2014 1:15:35 PM ET

LONDON (Reuters)—The Chinese probe into financing of copper and aluminum may spread to other commodities such as iron ore and soybeans, an executive of a commodity hedge fund said on Wednesday [June 11]. Banks and trading houses have been making urgent checks on the security of metal holdings in China, sparked by a suspected fraud at Qingdao Port, the world's seventh biggest.

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