Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.
Friday, 2 December 2016
Last updated 16 hours ago
Jul 12 2013 | 3:06am ET
Having won the right to sue the defunct Tiger Asia Management for insider-trading, Hong Kong's Securities and Futures Commission is exercising it.
The SFC brought fraud charges against the New York-based firm, founder Bill Hwang and executives Raymond Park and William Tomita. The defendants are charged with trading on confidential information about two Chinese banks in 2008 and 2009, allegations that parallel those Tiger Asia pleaded guilty to in the U.S. in December.
Tiger Asia closed last August.
The SFC's case has been a long time in coming: The regulator first brought charges in 2009, but the hedge fund successfully argued that the SFC could not sue it or seek to have its principals barred without a tribunal or criminal court filing. Since Tiger Asia was based in New York and had no physical presence in Hong Kong, a criminal case was all-but-impossible to bring.
But Hong Kong's highest court ruled in May that the SFC was permitted to file the charges even without a tribunal or criminal-court finding. The city's Market Misconduct Tribunal will now determine whether Tiger Asia and its executives will be barred from trading, as well as potential monetary penalties.