Monday, 29 December 2014
Last updated 1 min ago
Nov 26 2013 | 12:39pm ET
Former hedge fund manager Daniel Shak has been barred from oil-trading as part of a settlement with the Commodity Futures Trading Commission.
The SHK Asset Management founder, who is now better known as a professional poker player and for his divorce battle, was fined $400,000 for "banging the close" on oil futures in 2008. The CFTC said the move, over two days, was an effort to manipulate the markets and also violated New York Mercantile Exchange position limits.
In addition to the fine, Shak has been barred for life from trading in regulated crude-oil markets and received a two-year ban on trading "naked futures."
Shak shut SHK nearly three years ago, in a move that roiled gold markets.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.