When multibillion dollar hedge fund Pequot Capital Management announced in 2009 it would close its doors at the end of that year, some senior members of the IT department were faced with decisions on the next step in their careers.
Back in 2010, a piece of malware that investigators characterized as a digital weapon was discovered in Nasdaq. The malware was detected by both Nasdaq and the FBI before it detonated, but a new detailed investigative article by Bloomberg Businessweek sheds light on the multiagency investigation into the sophisticated hack and the motives behind it.
As cloud-based hosting grows in popularity for hedge funds, the role of hedge fund chief technology officer may be shifting, with CTOs of medium to larger funds taking on strategic planning roles and newer or smaller funds outsourcing the CTO function altogether.
Featured story:Credit Suisse to launch financial technology marketplaceBy Renee Caruthers
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Last week, the Commodity Futures Trading Commission's soon departing commissioner Scott O'Malia gave a frank assessment of the obstacles to robust liquidity that the newly electronic swaps market faces. Speaking to an audience of financial lawyers, he warned about fracturing of liquidity between US and non-US markets, and the lowered liquidity in some commodities markets that is making hedging costly.
For years now, the purchase of large quantities of stock right before an event that makes the stock price rise--or the reverse, the sale or shorting of a stock right before a plunge--has triggered alarms among regulators and firms alike. While situations like those focus on a specific event, in the current regulatory environment, firms are increasingly casting a wider net.
An investor has filed suit against the three firms that set the price of silver, accusing them of manipulation. The lawsuit, filed in the US District Court in the Southern District of New York, is noteworthy because similar accusations have been levied in the gold market and the process by which commodities prices are set has increasingly come under scrutiny.
Credit Suisse announced it will move more of its foreign exchange and rates trading to its electronic platform as a way of trimming expenses. The firm also announced its plans to exit commodities as it posted a large quarterly loss, which was attributed mainly to its payment of the U.S. tax evasion settlement.
BATS Global Markets, the second largest exchange operator in the US, has announced that its president, William O'Brien, has left the company. CEO Joseph Ratterman will now take on the president's duties, returning to the dual role of president and CEO that he held before the BATS merger with Direct Edge earlier this year.
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Low interest rates discourage companies from efforts to improve working capital management.
In the U.S., $3.78 trillion of corporate debt is due to mature in the next five years, S&P reports. Higher-yield companies may want to guard against surprises by refinancing while the getting is good, the rating agency suggests.