Saturday, 20 September 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.