Monday, 20 October 2014
Last updated 5 hours ago
Oct 30 2013 | 1:58pm ET
The nearly $300 million in collateral Barclays must return to hedge fund Black Diamond Capital Management isn’t even the half of it—literally.
Last week's court ruling, which found that the bank had breached a derivatives contract with the hedge fund, leaves Barclays liable to pay another $300 million to $400 million in interest and legal costs, the Financial Times reports. Black Diamond plans to seek 15.6%, the default interest rate, on the collateral, which it called in 2008.
A court will determine Barclays' total payout.
A New York appeals court found last week that Barclays violated its agreement with Black Diamond when it failed to meet the $40 million collateral call. When it didn't, Black Diamond declared it in default and demanded the return of the entire collateral. Barclays said it may appeal the ruling.
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…
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 ...