Sun, Sep 25, 2016
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. North America - Acela fight splits hedge fund Connecticut and old money enclaves[more]

    From Bloomberg.com: Connecticut’s residential coastline is two worlds, the one of newcomer millionaires and one whose wealth and New England roots span generations. Now, their differences over a rail route threaten to gum up plans for the U.S. Northeast’s fastest-ever trains. About 30 miles from Man

  2. Activist News - Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership, Activist investors double chance of CEO exits[more]

    Caesars offers creditors another $1.6bn, would spell end of hedge fund ownership From Calvinayre.com: Casino operator Caesars Entertainment has improved its offer to junior creditors to over $5b, but the offer is only good until Friday. On Wednesday, Caesars added an extra $1.6b to the $

  3. Opalesque Exclusive: Modern investor tools (2): A platform that does the job for you[more]

    Benedicte Gravrand, Opalesque Geneva: A new series on technology providers that assist asset allocators. There is disruption in the investor part of the world of hedge funds, coming from platforms that can replace traditionally-run search and analysis. Here is one of them. L

  4. Hedge funds saw four consecutive months of outflows in August, but assets still up by $17.6bn YTD[more]

    Komfie Manalo, Opalesque Asia: Hedge funds witnessed four consecutive months of outflows with investor redemptions totaling $23.8bn as of end of August, data provider Eurekahedge said in its monthly report. But total hedge fund assets grew by

  5. Trend reversals lead to losses as managed futures drops 1.52% in August[more]

    Komfie Manalo, Opalesque Asia: Trend reversals in August have led managed futures traders to lose 1.52% last month according to the Barclay CTA Index compiled by BarclayHedge. The Index is up 0.62% year to dat