Monday, 22 December 2014
Last updated 53 min ago
Apr 26 2010 | 3:49pm ET
For Tiger Asia Management, it’s apparently two strikes and you’re out—of trading in Hong Kong.
The Hong Kong Securities and Futures Commission has applied to bar the New York-based hedge fund from trading on the city’s securities and derivatives exchanges after accusing it of insider-trading for the second time in less than a year.
According to the SFC, Tiger Asia made a pair of illegal trades after learning confidential information about two placements of Bank of China shares in late 2008 and early 2009. The firm is accused of shorting Bank of China stocks before a Dec. 31, 2008, placement managed by UBS, earning HK$8.6 million, and of selling off some 256 million of the bank’s shares prior to a Jan. 13 placement organized by the Royal Bank of Scotland. The latter trade is said to have resulted in a HK$10 million loss.
The SFC is seeking to have Tiger Asia banned from the markets it regulates, as well as asking the court to freeze HK$8.6 million.
In August, the regulator made a similar application after accusing Tiger Asia of illegally trading shares of China Construction Bank Corp. The SFC sought HK$29.9 million in assets freezes, as well as bans of three Tiger Asia employees, including founder Bill Hwang.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.