Monday, 20 October 2014
Last updated 3 days ago
Mar 11 2008 | 11:21am ET
London activist hedge fund Laxey Partners finds itself in Alpine legal jeopardy for allegedly misusing derivatives to build a stake in Switzerland's biggest building services company.
Switzerland’s Federal Banking Commission has found that Laxey broke disclosure rules by secretly building a 22% stake using contracts for difference. The regulator has recommended criminal charges be brought against the hedge fund, and said it would file a criminal complaint with the Federal Department of Finance.
“Laxey de facto placed Implenia shares with counterparties (parking), thus making sure to be able to redeem the shares at any time through contracts for differences,” the EBK said in its ruling. “This strategy corresponds to indirect share acquisition according to stock exchange legislation, and is therefore subject to disclosure obligations.”
The Finance Dept. will decide whether or not to prosecute Laxey. The EBK cannot pursue the complaint itself, as Laxey is not regulated in Switzerland.
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 ...