NEWS
will stretch from the sales process, through contractual agreements, delivery and beyond. Robson also said she also plans to make the vendor’s experts more visible by positioning them as thought leaders. “I want that inspiration getting out into the public domain,” she said. “There will probably be white papers coming out and research reports, and key employees sitting in on panel discussions.” She said the company will also look to expand its relationship with local universities beyond just internship programs. Robson’s appointment comes as the company looks to expand its reach. She said the growth plan will include focus on specific product and service functions, as well as honed targets on market segments, but said further details will be forthcoming.
08
REGULATION
SAC case highlights regulatory focus on large trades
The SEC’s move to file criminal proceedings against SAC Capital Advisors and charge the firm’s founder, Steve Cohen, with “failure to supervise” has reinforced for market participants that regulators on both sides of the Atlantic are looking more closely at large positions, according to WSL sister publication Hedge Compliance. Connecticut-based SAC – a manager renowned for trading larger
STEVE COHEN founder of SAC Capital Advisors
volumes of stock – was indicted on insider trading charges last week, less than a week after a civil case was filed against Cohen. “From the SEC’s perspective we have seen a big focus on back-testing,” said a chief compliance officer at a New York-based firm, adding that anyone who has been examined or reads about SEC priorities will have implemented measures already. “People should be aware the SEC does sweeps around those who hold large positions, so any time a large position goes north or south, there should be a review by the firm,” said a chief operating officer at a now closed firm. A compliance director at a prime broker told Hedge Compliance the UK’s Financial Conduct Authority has been upgrading its system consistently and “really looking” at large positions. “There is more appetite now,” he said, noting the FCA had completed its changeover from the UK Financial Services Authority, which occurred on April 1, and was now almost operating at full capacity. The FCA announced on March 29 the new ZEN system for surveillance and monitoring, which provides the regulator with enhanced regulatory capabilities, including a market abuse monitoring, alerting and reporting function, according to a release. “There hasn’t been the culpability historically for the FCA to be able to identify portfolio abuse trades and techniques,” said the CCO at a multibillion-dollar London-based hedge fund firm, noting there had always been more pressure on firms to implement their own systems to monitor for market abuse. He noted that as the FCA beefed up its own systems, larger managers were starting to see more questioning from the regulator on specific trades. A representative at the FCA would not comment on the examination of large positions. The compliance director also noted
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