Tuesday, 2 September 2014
Last updated 19 min ago
Aug 6 2012 | 11:38am ET
Prosecutors are eyeing a hedge fund trader in the growing probe over manipulation of the London Interbank Offered Rate.
Ryan Reich's activities during his three-and-a-half years at Barclays have drawn scrutiny, Reuters reports. Reich allegedly sent e-mails seeking information about how the benchmark Libor was to be priced.
Barclays fired Reich for the e-mails; the bank has since paid more than US$400 million to settle allegations that its employees colluded with people at other banks to manipulate Libor. Reich, who now works at WCG Management, filed an employment arbitration case against the bank after his firing; terms of its disposition are not public.
A person familiar with Reich's dismissal told Reuters that traders at Barclays had been gathering information like Reich for since the 1990s and that Reich was directed to send the e-mails in question by his superiors. "This was systemic at Barclays," the source said.
Reich worked on a Barclays desk trading interest-rate swaps on U.S. Treasuries and the U.S. and Canadian dollars. The information he allegedly sought could have been used to take profitable positions, another source told Reuters.
Prosecutors in Washington, D.C., have focused on Reich's former desk, where he worked from 2006 through 2010. The desk's head, Ritankar Pal, recently left Barclays. Prosecutors are still talking to people about plea deals and cooperation agreements, and are expected to decide whether to charge people by the end of this month or early next month.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...