Tuesday, 29 July 2014
Last updated 20 hours ago
Apr 22 2010 | 11:56am ET
A Deutsche Bank bond salesman on trial for insider-trading testified that he did not know VNU Group credit-default swaps were restricted when he sold them to a portfolio manager at hedge fund Millennium Partners.
According to Deutsche Bank’s July 2006 restricted list, employees were limited to making markets in VNU swaps or taking unsolicited offers. Jon-Paul Rorech is accused of passing on non-public information about a VNU bond offering to Millennium’s Renato Negrin, who is also his co-defendant in the case.
“I’m surprised to hear we’re restricted to non-soliciting because no one ever told us that in New York,” Rorech testified.
Rorech also said that a key part of the prosecution’s case—when he and Negrin switched to cell phones—was Negrin’s idea.
“I wish it never happened,” he said. “I certainly had nothing to hide there.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…