Wednesday, 26 November 2014
Last updated 38 min ago
Jun 11 2010 | 11:28am ET
Just three months into his new job at the head of the Man Group’s former futures brokerage, former New Jersey Gov. Jon Corzine told a group of hedge fund managers that he opposes part of the controversial Volcker rule, which would bar banks from the alternative investments industry.
“The idea of prohibiting prop. trading or to spin off derivative books is not attacking the problem, because it is virtually impossible to separate prop capital from client capital,” the MF Global CEO told a Chicago meeting of the Managed Funds Association, a hedge fund lobbying group. “The troubling part is, if we get too aggressive,” some financial firms might move offshore.
Still, Corzine, a Democrat, said he is “more in favor of financial reform than if we did nothing or a lot less," Investment News reports.
The Volcker rule, one the key battlegrounds in the ongoing House of Representatives-Senate conference over the financial regulation reform bill, would ban bank holding companies from proprietary trading. It could also bar them from owning, investing in or sponsoring a hedge fund or private equity fund.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...