Thursday, 2 October 2014
Last updated 1 hour ago
Jul 25 2008 | 12:04pm ET
The U.S. Commodity Futures Trading Commission has sued a Dutch hedge fund over alleged energy market manipulation.
The regulator has accused Amsterdam-based Optiver Holding, two of its units and three employees with both market manipulation and attempted market manipulation, the first civil case to result from its investigation into energy prices. The CFTC says that dozens of probes are ongoing.
According to the CFTC, the defendants attempted to manipulate the crude oil, gasoline and heating oil markets on 19 occasions last March, succeeding at least five times and turning $1 million in allegedly ill-gotten profits. Optiver engaged in “banging the close,” the CFTC said in the enforcement action, filed in Manhattan federal court, similar to the charges it has levied against former Amaranth Advisors traders Brian Hunter and Matthew Donohoe.
The CFTC quotes Christopher Dowson, head trader for Optiver US, saying he and another trader decided to “just whack the oil.” Bastiaan van Kempen, CEO of Optiver, is quoted as saying, “You should milk it for right now as much as you can, because you never know how long this thing is going to last.”
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...