Wednesday, 1 October 2014
Last updated 8 hours ago
Jan 22 2009 | 12:24am ET
A British politician set to grill hedge fund managers next week is calling for the restoration of a ban on short-selling financial stocks that expired just last week.
John McFall, who leads a Parliamentary committee that oversees British Treasury policy and who is seen as a close ally of Prime Minister Gordon Brown, asked the Financial Services Committee to reconsider its decision allowing the ban to lapse. Since short-selling of financial stocks became permissible again on Friday, several British banks, including the Royal Bank of Scotland Group and Barclays Bank, have seen their share prices plummet.
“I have heard disturbing anecdotal evidence that some hedge funds have been shorting stocks in U.K. banks,” McFall wrote in a letter to Britain’s financial regulator. “Please confirm that you will not hesitate to re-introduce the ban if it is found that short-selling has contributed to the undermining of stability in the banking sector.”
He asked that the FSA reply by Jan. 27, when several top British hedge fund managers are to testify before McFall’s committee on hedge funds’ role in the financial crisis.
McFall’s call for a restoration of the ban, imposed at the height of the banking crisis in September, comes the same week that Australia’s financial regulator bucked the international trend and extended its shorting ban until March.
The Australian Securities and Investments Commission said it needed more time to examine the situation, citing the increased volatility of financial stocks around the world.
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...