Hong Kong Regulator Seeks Tiger Asia Ban

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.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note