Tuesday, 23 September 2014
Last updated 1 hour ago
Apr 30 2013 | 1:05pm ET
Tiger Asia Management, which last year closed its doors amidst an insider-trading investigation, has lost its bid to block sanctions imposed by Hong Kong's securities regulator.
Hong Kong's Court of Final Appeal today dismissed Tiger Asia's appeal, which challenged the city's Securities and Futures Commission's power to sue the firm to bar its principals from trading. The ruling upholds a lower court-ruling from last year, which itself overturned a trial-court decision.
Chief Justice Geoffrey Man dismissed Tiger's motion after hearing just two hours of arguments and without even listening to the SFC's response. He did not explain the dismissal, saying his reasoning would be issued in a written ruling later.
The ruling will allow the SFC to bring "wrongdoers face to face with the real consequences of their misconduct," SFC Enforcement chief Mark Steward said last year.
Tiger Asia, which closed in August and which in December pleaded guilty to U.S. insider-trading charges, had argued that the SFC could not sue it or seek to have its principals barred without a tribunal or criminal court finding. Tiger Asia had no physical presence in Hong Kong, making a criminal case difficult.
The SFC allegations mirror those in the U.S., accusing Tiger Asia founder Bill Hwang of ordering trades based on confidential information about two Chinese banks.
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 McKitich, CIO of Petty 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…
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.