Thursday, 23 October 2014
Last updated 49 min ago
Jan 13 2012 | 1:07am ET
Former Moore Capital Management trader Kashya Hildebrand has apologized for the currency trades that led to her husband's downfall as head of Switzerland's central bank.
Philipp Hildebrand resigned on Monday amidst an uproar over his wife's purchase of dollars just weeks before Hildebrand's Swiss National Bank took decisive action to weaken the Swiss franc. Word of Kashya Hildebrand's trade was leaked by a now-former Bank Sarasin employee to her husband's political enemies.
"This was obviously a mistake," Kashya Hildebrand said during a televised interview of her August currency trade. "The far-right was making headlines, there was pressure on my husband to lose his job, the last thing that man was thinking about was his private portfolio."
"What breaks my heart is that his credibility is now being stained," Hildebrand said of her husband. "There was an error of judgment. He should have never let me do that transaction, and upon reflection that transaction should have been reversed."
"Had I known what maelstrom I caused for this country, I really—from the bottom of my heart—I apologize to the Swiss people, to the politicians who have been distracted from what's important and more importantly to my husband, because he's a great man, he's done a great job," she continued.
Hildebrand now runs an art gallery in Zürich, and denied that she would have bought dollars if she knew the SNB's plan to cap the franc's value against the euro.
"Why not trade the targeted currency?" she asked. "It's euro-Swiss."
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…
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 ...