Finance Watch -- WSJ
November 03 2016 - 3:02AM
Dow Jones News
EXCHANGES
CME, ICE Ease Rules On Futures Blocks
CME Group Inc. and Intercontinental Exchange Inc. are loosening
their rules on trades that involve large blocks of futures executed
off exchanges.
Block trades are big futures transactions negotiated between two
companies. They are crucial to U.S. energy markets, where a
significant portion of trading in recent years has shifted away
from over-the-counter swaps into block trades. Both are private
deals often agreed to over the phone, but in block trades, the two
companies doing the deal allow a futures exchange to step in as a
middleman.
The rule changes being adopted by ICE and CME will allow a
company that is considering doing a block deal to buy or sell
futures in anticipation of the trade, a practice called
prehedging.
Alexander Osipovich
BLACKROCK
Ex-Manager Pleads Guilty in Insider Case
Mark Lyttleton, a former BlackRock Inc. fund manager, pleaded
guilty to two counts of insider trading, admitting using
information from his job to make personal trades.
Mr. Lyttleton, an equities fund manager at BlackRock for more
than a decade, was charged for trades involving two stocks, EnCore
Oil PLC and Cairn Energy PLC, in 2011. EnCore Oil was being
acquired by another oil company at the time, while Cairn Energy was
selling a stake in its Indian unit. The case was prosecuted by the
Financial Conduct Authority, the U.K. regulator.
The FCA said the trades were made through an overseas asset
manager trading on behalf of a company registered in Panama. It
previously said that Swiss authorities carried out searches in
Switzerland in relation to the case.
A lawyer for Mr. Lyttleton didn't return calls for comment.
BlackRock isn't part of the investigation and its clients weren't
involved, the asset-management company said previously.
Margot Patrick
BANCO SANTANDER
Talks Under Way To Repurchase Stake
Banco Santander SA is in talks to buy back the 50% stake in its
asset-management unit that it sold to two private-equity firms in
2013, according to people familiar with the situation.
Santander sold half of Santander Asset Management to Warburg
Pincus LLC and General Atlantic LLC 3 1/2 years ago in a
transaction that valued the unit at EUR2 billion ($2.21 billion).
The deal generated a net capital gain of EUR700 million for
Santander, the Spanish bank said at the time.
The asset-management unit had EUR173.6 billion of assets under
management as of June 30 and more than 700 staff, mostly in Europe
and South America.
--Simon Clark and Jeannette Neumann
(END) Dow Jones Newswires
November 03, 2016 02:47 ET (06:47 GMT)
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