Wednesday, 27 August 2014
Last updated 4 hours ago
Aug 8 2011 | 11:24am ET
Amidst one of the wilders days for the market in recent memory, Goldman Sachs' prime brokerage had a rather unwelcome message for some of its clients.
Traders on Friday were greeted by an error message on Friday telling them, "due to unexpected trade processing delays, we are experiencing custody reporting delays." Goldman Sachs told Business Insider that the problem was not within its prime brokerage but with client execution data.
The bank said that larger hedge funds were not affected, and that it was primarily smaller market-makers who took the hit.
Still, the cryptic message sent some clients scrambling for other brokers, while others complained that the issue was making it impossible for them to trade—and that Goldman was doing little to assuage them.
"We're not even 100% sure what are positions are, so we don't know what to buy or sell," one told BI. Another complained, "they are telling us nothing. No ETA for when we can know where we stand."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…