Wed, Aug 27, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Japanese market regulator seeks record fine against Singapore hedge fund

Thursday, August 01, 2013

Komfie Manalo, Opalesque Asia:

Japan’s financial market watchdog, the Securities and Exchange Surveillance Commission (SESC), on July 31 recommended a fine be given to Juggernaut Capital Management Pte. Ltd. for market manipulation of the shares of RISE.

Juggernaut, a Singapore-based hedge fund firm, is accused of raising the share price of RISE from around 8.33 on March 21, 2012 to around 15.08 on April 25, 2012, for 26 days, in order to increase the selling of the share from other market participants.

According to the SESC release, the hedge fund "raised the market price of the share by placing massive purchase orders at prices equal to or below the best bid and by placing orders by a minimum order unit at a price higher than the current market price, and placed massive market-on-close orders at the closing sessions to participate in creating the closing prices, and, thus, in total, on the account of the Feeder Fund, it purchased 13,492,000 shares and sold 10,188,400 shares while they placed purchase orders of 246,134,300 shares in RISE." Juggernaut made illegal profits of nearly Yen200 million ($2.04m) from the trade after it sold the stocks immediately..

The SESC is asking the Financial Instruments and Exchange Act to approve a penalty of Yen431.18 million ($4.4m).

According to the ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling[more]

    Komfie Manalo, Opalesque Asia: Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor. The report also added

  3. Hedge fund assets decline in July - eVestment[more]

    Bailey McCann, Opalesque New York: Total assets in hedge funds declined in July and dropped 0.49%, marking the industry's second monthly asset decline in 2014, according to the latest asset flows data from eVestment. Despite the asset decline, total industry AUM remained above the $3 trillion

  4. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  5. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest