Sunday, 28 December 2014
Last updated 7 hours ago
Apr 20 2011 | 1:35pm ET
U.S. authorities are investigating whether a group of major banks conspired to manipulate a key interest rate, but one hedge fund isn’t waiting for the results to sue.
FTC Capital on Friday filed suit in New York, accusing the dozen banks that set the U.S. dollar London interbank offered rate of damaging its trades through alleged manipulation of the benchmark. The Vienna-based hedge fund claims that their actions affected Eurodollar futures, which FTC trades.
FTC didn’t specify how its trading had been affected by the banks’ alleged misdeed; it also did not specify how much it is seeking in damages.
“If Libor had been fairly priced, my clients would not have been harmed trading the Eurodollar market,” FTC’s lawyer, David Kovel, told The Wall Street Journal.
FTC sued 12 banks that set Libor. They include Barclays, Citigroup, Credit Suisse Group, Bank of America, Deutsche Bank, HSBC Holdings, JPMorgan Chase, Lloyds Banking Group, the Royal Bank of Scotland Group and UBS.
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.