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DAILY NEWS

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.
    Oceanwood Capital wins $50 million from Ohio pension fund
    By Reuters
    07/01/2014 2:56:23 PM ET

    LONDON (Reuters)—Europe-focused hedge fund Oceanwood Capital Management has won a $50 million investment from School Employees Retirement System of Ohio (SERS), a nearly 3 percent boost to its $1.85 billion assets under management.
    Algebris among top investors in Italy's Fineco bank
    By Reuters
    07/01/2014 12:53:39 PM ET

    MILAN (Reuters)—Hedge fund Algebris Investments will emerge as one of the top shareholders in Fineco bank, controlled by Italy's No.1 lender UniCredit, following the online broker's initial public offering, Algebris CEO Davide Serra said on Monday [June 30].
    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.
    ICAP to cull around 100 brokers in cost-saving quest
    By Reuters
    06/23/2014 3:29:23 PM ET

    LONDON (IFR)—British interdealer broker ICAP Plc has begun staff cuts which could involve the departure of 100 brokers in its Global Broking business, market sources said on Monday [June 23]. In its full-year results announced in May, the company said the performance of Global Broking was being hit by structural and cyclical factors, highlighting a decline in investment banks' fixed income, currencies and commodities (FICC) divisions.
    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.






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