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Alternative Market Briefing

Mario Draghi denies ECB giving privileged information to hedge fund managers

Friday, June 12, 2015

Komfie Manalo, Opalesque Asia:

European Central Bank (ECB) president Mario Draghi has denied accusations that one of ECB’s board members gave market-sensitive information hours before they were made public to select hedge fund managers and bankers, The Journal and Reuters reported.

Draghi made the comment in response to a challenge by the European Ombudsman alleging that executive board member Benoît Coeuré privately disclosed to a group of hedge funds the ECB’s sensitive plans for money printing that give them a head start over investors who found out only the following day.

In his letter to the European Ombudsman, Draghi said Coeuré speech about the ECB’s quantitative-easing program at a private event in London on May 18 was already available in the markets. Coeuré is criticized for allegedly telling his private audience that the ECB plans to "moderately frontloading its purchase activity in May and June."

The Brevan Howard Centre for Financial Analysis, a research center funded by Brevan Howard, one of the largest hedge funds in Europe with a $31.1m gift, was one of the organizers in the London e......................

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