Tuesday, 21 October 2014
Last updated 54 min ago
Aug 23 2010 | 12:39pm ET
Almost four months after Moore Capital Management paid $25 million to settle attempted market manipulation charges, the previously unidentified portfolio manager at the heart of the case is unidentified no more.
According to The Wall Street Journal, the Moore man accused of trying to force the price of platinum and palladium futures contracts up in 2007 and 2008 is Christopher Pia, the hedge fund’s former head trader.
With the Moore case resolved, the Commodity Futures Trading Commission is now focusing on Pia, trying to determine if he did, in fact, try to “bang the close” on the metals futures on the New York Mercantile Exchange. The CFTC believes Pia was motivated to do so to boost both Moore’s returns and his own pay, the Journal reports.
Moore founder Louis Bacon forced Pia out in late 2008, after the CFTC probe began and the regulator questioned Pia. The New York-based hedge fund giant also settled charges that it failed to properly supervise its trading operations, but notes that no one other than the previously unidentified trader has been accused of any wrongdoing.
Pia has since gone on to found his own hedge fund, Pia Capital Management. The Greenwich, Conn.-based firm has about $500 million in assets under management.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...