Saturday, 1 November 2014
Last updated 15 hours 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.
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…
Traders form habits quickly. Understanding these and their effects can better equip us to decipher actual market moves.