SAC Capital: When The Feds Came Knocking
Early on Friday March 29, federal agents arrested the portfolio manager of SAC, the largest hedge fund in the country. Will SAC Capital founder Steve Cohen, who just enjoyed a week of retail therapy which saw him snap up mansions and Picassos, be next to see the Feds come knocking? Here’s a timeline of events that have put SAC Capital at the center of an insider trading scandal.
Cyprus Says Threat Contained, No Plan to Leave Euro
The president of Cyprus said
on Friday the risk of bankruptcy had been contained and the
country had no intention of leaving the euro, in a speech laden
with criticism of Europe's currency union for "experimenting"
with the island's fate.
More Trouble for Cohen's SAC Capital as Steinberg Indicted in NY
U.S. prosecutors on Friday charged
Michael Steinberg, a veteran portfolio manager with Steven A.
Cohen's $15 billion hedge fund, with engaging in insider trading
in two technology stocks, the most senior SAC Capital Advisors
employee to be charged in the government's long-running probe.
Limit Up-Limit Down: Where’s the Limit?
It seems like the Limit Up-Limit Down rule is a blanket oversight that fails to tackle the real issue around extraordinary market volatility, the rise of high frequency trading and rogue algorithms.
Investors Head Back to Safety of Bonds — Poll
Global investors grew more cautious this month, reacting to the crisis in Cyprus by adding to safe-haven bond positions, though cash buffers fell to a two-year low, Reuters monthly poll of asset managers showed on Thursday.
Wall Street Retreats on Euro-Zone Concerns
U.S. stocks dipped on Wednesday as soft demand at an Italian debt auction kept concerns about the financial stability of the euro zone at the center of investor focus.
Dark Pools Open Up About Surveillance Methods
Brokers operating dark pools have come out with more sophisticated methods for preventing trades at bad prices and profiling client behavior — both in response to buy side concerns and regulatory scrutiny.
Goldman Sachs, Berkshire Amend Crisis-Era Warrant Deal
Goldman Sachs Group Inc will
give Berkshire Hathaway Inc millions of shares in the
bank in place of warrants that date to the financial crisis, a
deal that saves Berkshire money upfront and reduces dilution
risk for Goldman.
Canada's Top Six Banks to Get Capital Surcharge as of 2016
Canada's banking watchdog said
on Tuesday it sees the country's six largest banks as being of
systemic importance to the domestic economy and that it will
make them keep 1 percent more capital on hand starting January
2016 to protect them from financial disruption.
JP Morgan and Heuristics – Lessons from the Whale
JP Morgan's decisions in handling the London Whale incident can be traced to a series of cognitive biases and limitations, writes Andrew Waxman, who analyzes bank executives' responses based on the work of psychologist Daniel Kahneman.
The End of Indian IT Staffing As We Know It
India's IT outsourcers are promoting "mini CEOs" capable of running businesses on their own, while trimming down on the hordes of entry-level computer coders they normally hire as they try to squeeze more profits out of their staff.
Ten Things Compliance Officers Need To Do In 2013
Last year financial firms put an almost unprecedented focus on risk, control and compliance. That trend looks set to continue as organizations deal with the fall-out of regulatory change, major fines, and more.
Columbia University Professor Analyzes HFT
Based on what it calls 'the first meta-analysis of HFT,' Columbia Business School Professor Charles Jones finds that high frequency trading benefits liquidity and lowers trading costs, echoing other academic studies.
Raj Rajaratnam Brother Charged with Insider Trading
Raj Rajaratnam's younger
brother was indicted on charges of conspiring in the
insider-trading scheme for which the founder of the Galleon
Group hedge fund was convicted nearly two years ago, U.S.
prosecutors announced on Thursday.
New Columbia Business School HFT Paper Is Disappointing
The study by Charles Jones cite the usual benefits of HFT: enhanced liquidity and more efficient markets. But what about the conflicts of interest and order types designed specifically for the benefit of high frequency players?