Thursday, 2 October 2014
Last updated 36 min ago
Mar 20 2008 | 2:06am ET
Endeavour Capital is suffering from an extremely severe case of the Mondays. The London hedge fund plummeted 27% on Monday, burned by so-called “box trades” in Japanese government bonds, according to published reports.
The once US$2.9 billion firm wasn’t the only hedge fund loser on the trade—which bets on a simultaneous widening of 20-year spreads and narrowing of seven-year spreads—but it is thought to be the biggest.
Endeavor’s box trade was highly-levered, and the loss forced it to effectively eliminate its leverage, once as high as 18-times.
Endeavor CEO Paul Matthews blamed the turmoil surrounding Bear Stearns and the Bank of Japan for the troubles. He said the firm would remain in business.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...