Sunday, 29 March 2015
Last updated 2 days ago
Apr 28 2010 | 7:56am ET
The futures-trading loophole that allowed hedge fund Amaranth Advisors to gorge itself on the natural gas contracts that killed it is no more.
The Commodity Futures Trading Commission has imposed new trading limits on seven contracts traded on the electronic Intercontinental Exchange.
In September of 2006, Amaranth, facing limits on trading at the New York Mercantile Exchange, turned to the ICE to buy lookalike natural gas futures. The hedge fund then proceeded to lose more than $6 billion on those contracts—making it one of the largest trading losses in history.
Exemptions from some electronically-traded contracts were adopted in 2000, pushed for by Enron Corp., the failed energy company for which the provision is known.
The ICE-trading contract used by Amaranth was the first to see limits imposed in February under new authority granted the regulator two years ago. Six other ICE-traded natural gas contracts have also had holding limits put into place.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…