The Financial Industry Regulatory Authority and some exchanges have filed charges against Lek Securities and its CEO, Samuel Lek, saying they helped a client with an alleged market manipulation involving high-frequency trades. The client is said to have engaged in layering, in which multiple orders were placed in various venues, then canceled, to distort and inflate the true value of the trade.
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Hedge funds are said to be developing and testing trade-capable computers with neural networks that operate on principles similar to those of the human brain, although they are not overclaiming ability. Numerous ventures in this field have proved unsuccessful, but deep learning, which is used by companies such as Google, Tesla and Amazon, is attracting interest and experimentation.
The US Supreme Court has agreed to hear an appeal brought by a group of pension funds that sued a company accused of not disclosing an overbilling scheme and kickbacks involving former employees. The appeal was filed by Leidos, previously known as SAIC, which said appeals courts have made conflicting rulings on the law that applies to the case.
Growing skepticism that the Trump administration can bring about promised economic growth has sparked a rally in the relatively safe haven of US government bonds. After the administration's health care bill failed, yield on the benchmark 10-year Treasury note dropped to 2.373% Monday, which denotes a rise in bond prices.
Major banks intent on lowering operational costs are discussing a joint venture to share trade technology and processes, sources say. Early talks reportedly have happened among banks including Bank of America, Goldman Sachs and Morgan Stanley.
The famous Fearless Girl statue, placed in New York City's financial district to mark International Women's Day, was set to be removed next week, but Mayor Bill de Blasio has announced the statue will remain until March 8, the next International Women's Day.
New York lawmakers remain far apart on several issues as the deadline approaches for budget adoption. Gov. Andrew Cuomo says the Legislature might need to pass an extender of the existing budget, rather than enact a new one.
PIMCO co-founder Bill Gross has accepted an $81 million settlement after a dispute with the firm from which he was ousted in 2014. His lawsuit against PIMCO, which had assets under management of $1.5 trillion at the end of 2016, appears to have ended amicably, and the firm has promised to open a Founders Room at its office to honor Gross and other founders.
ProShares has brought to NYSE Arca exchange-traded funds giving investors triple-leveraged exposure to crude oil futures and the inverse of those futures. The UltraPro 3X Crude Oil EFT is designed to deliver 300% of the performance of the Bloomberg WTI Crude Oil Subindex, while the UltraPro 3X Short Crude Oil ETF seeks to deliver 300% of the inverse of that subindex.
Join us Thursday, March 30, at 6 p.m. in the NYSSA Conference Center for our event, where we will explore the importance of operational due diligence to expose potential risks before they can cause harm. This program will serve to enhance a manager's perspective of due diligence and how it can help attract institutional assets. Topics covered will include the key components that comprise the operational due diligence process, best practices for managing a fund's operational risk and the specific issues that institutional investors consider "knock-out factors" for investment. Learn more about this event.