Wednesday, 1 October 2014
Last updated 56 min ago
Apr 12 2010 | 1:31pm ET
A former Millennium Partners hedge fund manager denied any wrongdoing, taking the stand in his own defense at the first-ever insider-trading trial involving credit-default swaps.
Renato Negrin, who the Securities and Exchange Commission alleges made $1.2 million four years ago trading on non-public information about a bond offering from Dutch media company VNU Group, told the judge presiding over the non-jury trial, “I know that I would not have traded on inside-information.”
Negrin was tipped off by Deutsche Bank Securities CDS salesman Jon-Paul Rorech, his co-defendant, according to the regulator. Rorech is on administrative leave from the German bank.
“Salesmen are on the other side of the Chinese Wall, and whatever information they have is assumed to be public,” Negrim testified. But he admitted he could not explain why he and Rorech moved the conversation to cell phones, admitting that such a practice was “unusual.”
Neither Millennium nor Deutsche Bank is accused of wrongdoing in the case.
Regardless of the content of the SEC case against them, both Negrin and Rorech have argued that the SEC has no jurisdiction over CDS; the defense says the contracts are not securities.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...