Wednesday, 1 October 2014
Last updated 2 hours ago
Feb 23 2012 | 5:06am ET
New York hedge fund Tiger Asia Management will have to continue its fight with Hong Kong regulators after its court victory last year was overturned on appeal.
The city's Court of Appeal ruled that the Hong Kong Securities and Futures Commission can sue to have Tiger Asia and its principals barred from trading, and to have the hedge fund's assets frozen. The three-judge panel's decision overturns a July ruling that the regulator can't have Tiger banned without a tribunal or criminal court finding.
Judge Robert Tang said the decision "provides much-needed ammunition to the commission to protect investors."
Tiger Asia has pledged to appeal the case to Hong Kong's highest court, the Final Court of Appeal.
The SFC has accused Tiger Asia of insider-trading twice in less than a year. It had asked a lower court judge to freeze some HK$38.5 million (US$5 million) in assets and to bar the firm and the three executives from trading in the special administrative region.
According to the SFC, Tiger Asia, on founder Bill Hwang’s orders, made a pair of illegal trades after learning confidential information about two placements of Bank of China shares in late 2008 and early 2009. Those allegations followed 2009 charges that Tiger Asia had illegally traded shares of the China Construction Bank Corp.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...