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Hedge funds with significant exposure to US Treasury (UST) trades are seeking an exemption from the US Securities and Exchange Commission (SEC) that would enable them to clear repo trades through their own affiliated clearing entities, according to a report by Rick.net.

The move comes as firms prepare for the SEC’s upcoming Treasuries clearing mandate, which is expected to reshape the landscape of UST trading.

The proposed exemption would allow hedge funds to execute trades through one entity and subsequently transfer them internally to another entity for central counterparty (CCP) clearing. This inter-affiliate exemption could help alleviate concerns over limited clearing capacity and provide funds with greater flexibility in meeting the new regulatory requirements.

The SEC’s Treasuries clearing mandate is aimed at bringing increased transparency and risk management to the UST market, but industry participants have raised concerns about the potential strain on existing clearing infrastructure. By leveraging their own clearing entities, hedge funds aim to mitigate operational bottlenecks while maintaining compliance with the new regulatory framework.

Hedge funds with significant exposure to US Treasury (UST) trades are seeking an exemption from the US Securities and Exchange Commission (SEC) that would enable them to clear repo trades through their own affiliated clearing entities, according to a report by Rick.net.

The move comes as firms prepare for the SEC’s upcoming Treasuries clearing mandate, which is expected to reshape the landscape of UST trading.

The proposed exemption would allow hedge funds to execute trades through one entity and subsequently transfer them internally to another entity for central counterparty (CCP) clearing. This inter-affiliate exemption could help alleviate concerns over limited clearing capacity and provide funds with greater flexibility in meeting the new regulatory requirements.

The SEC’s Treasuries clearing mandate is aimed at bringing increased transparency and risk management to the UST market, but industry participants have raised concerns about the potential strain on existing clearing infrastructure. By leveraging their own clearing entities, hedge funds aim to mitigate operational bottlenecks while maintaining compliance with the new regulatory framework.

Hedge funds and money managers sharply reduced their bullish positions on natural gas last week, marking the steepest decline in a year, as unseasonably warm forecasts threaten to erode demand for the heating fuel, according top a report by Bloomberg.

The report cites data from the Commodity Futures Trading Commission (CFTC) as showing that long-only positions across seven natural gas contracts fell by 65,372 contracts to 626,232 in the week ending 18 March. This reduction pushed net-long positions to their lowest level in over a month, reflecting a bearish shift in market sentiment.

The move comes on the heels of a rise in short positions last week, coinciding with the start of the so-called “shoulder season” – a period between peak winter and summer demand when natural gas consumption typically declines.

Further weighing on sentiment, updated weather forecasts on Friday indicated warmer-than-normal temperatures across much of the US through the end of March, particularly from the Midwest to the East Coast, according to commercial forecaster Maxar Technologies Inc.

Hedge funds and money managers sharply reduced their bullish positions on natural gas last week, marking the steepest decline in a year, as unseasonably warm forecasts threaten to erode demand for the heating fuel, according top a report by Bloomberg.

The report cites data from the Commodity Futures Trading Commission (CFTC) as showing that long-only positions across seven natural gas contracts fell by 65,372 contracts to 626,232 in the week ending 18 March. This reduction pushed net-long positions to their lowest level in over a month, reflecting a bearish shift in market sentiment.

The move comes on the heels of a rise in short positions last week, coinciding with the start of the so-called “shoulder season” – a period between peak winter and summer demand when natural gas consumption typically declines.

Further weighing on sentiment, updated weather forecasts on Friday indicated warmer-than-normal temperatures across much of the US through the end of March, particularly from the Midwest to the East Coast, according to commercial forecaster Maxar Technologies Inc.

Balyasny Asset Management has recruited Johnny Kang, a former Managing Director at Citadel, as a portfolio manager in its Greenwich, Connecticut office, marking another high-profile talent move between the two multi-strategy hedge funds, according top a report by eFinancial Careers.

Kang, who previously served as head of research for Citadel’s convertible arbitrage team, spent four years at the firm’s New York office. Before that, he was a Managing Director in systematic fixed income at BlackRock and spent over seven years as a portfolio manager at AQR Capital Management before taking a break to pursue a PhD at Harvard.

Following Kang’s departure, Citadel reallocated his responsibilities internally and will not seek a direct replacement.

Balyasny Asset Management has recruited Johnny Kang, a former Managing Director at Citadel, as a portfolio manager in its Greenwich, Connecticut office, marking another high-profile talent move between the two multi-strategy hedge funds, according top a report by eFinancial Careers.

Kang, who previously served as head of research for Citadel’s convertible arbitrage team, spent four years at the firm’s New York office. Before that, he was a Managing Director in systematic fixed income at BlackRock and spent over seven years as a portfolio manager at AQR Capital Management before taking a break to pursue a PhD at Harvard.

Following Kang’s departure, Citadel reallocated his responsibilities internally and will not seek a direct replacement.

Hedge funds are ramping up their bearish bets on European stocks, with a particular focus on financials, materials, energy, and industrial companies, according to a report by Bloomberg citing data from the prime brokerage unit at Goldman Sachs.

The bankreported that hedge funds were net sellers of European equities for the second consecutive week ending 21 March, extending a broader trend that has seen more short positions than long ones in four of the past five weeks.

The selling pressure has been concentrated in individual stocks rather than broader indices, with hedge funds taking aim at companies in Germany, Italy, the Netherlands, Denmark, and the UK. Among the most heavily shorted sectors were building and construction materials, along with financials – areas that have been particularly vulnerable to macroeconomic headwinds.

In February, asset manager Schroders and home improvement retailer Kingfisher ranked among the most crowded European short positions, according to data from Hazeltree, which tracks hedge fund holdings across 700 asset management firms. Regulatory filings show that hedge funds have since increased their bets against these companies.

Several prominent hedge funds have disclosed new or expanded short positions in March. AKO Capital, Man Group, Kintbury Capital, and Marshall Wace have all placed short bets against Kingfisher, while Kintbury Capital has also opened a short position in Schroders.

Meanwhile, energy services firm Petrofac has emerged as the UK-listed company with the highest proportion of its outstanding shares held in short positions, according to the UK Financial Conduct Authority (FCA). Investment firms Helikon Investments and TFG Asset Management currently hold sizable bets against the company.

Kingfisher, Petrofac, and Schroders all reportedly declined to comment on the short positions, while representatives for Man Group and Marshall Wace also declined to provide statements. AKO Capital, Helikon Investments, TFG Asset Management, and Kintbury Capital did not immediately respond to Bloomberg’s requests for comment.

Hedge funds are ramping up their bearish bets on European stocks, with a particular focus on financials, materials, energy, and industrial companies, according to a report by Bloomberg citing data from the prime brokerage unit at Goldman Sachs.

The bankreported that hedge funds were net sellers of European equities for the second consecutive week ending 21 March, extending a broader trend that has seen more short positions than long ones in four of the past five weeks.

The selling pressure has been concentrated in individual stocks rather than broader indices, with hedge funds taking aim at companies in Germany, Italy, the Netherlands, Denmark, and the UK. Among the most heavily shorted sectors were building and construction materials, along with financials – areas that have been particularly vulnerable to macroeconomic headwinds.

In February, asset manager Schroders and home improvement retailer Kingfisher ranked among the most crowded European short positions, according to data from Hazeltree, which tracks hedge fund holdings across 700 asset management firms. Regulatory filings show that hedge funds have since increased their bets against these companies.

Several prominent hedge funds have disclosed new or expanded short positions in March. AKO Capital, Man Group, Kintbury Capital, and Marshall Wace have all placed short bets against Kingfisher, while Kintbury Capital has also opened a short position in Schroders.

Meanwhile, energy services firm Petrofac has emerged as the UK-listed company with the highest proportion of its outstanding shares held in short positions, according to the UK Financial Conduct Authority (FCA). Investment firms Helikon Investments and TFG Asset Management currently hold sizable bets against the company.

Kingfisher, Petrofac, and Schroders all reportedly declined to comment on the short positions, while representatives for Man Group and Marshall Wace also declined to provide statements. AKO Capital, Helikon Investments, TFG Asset Management, and Kintbury Capital did not immediately respond to Bloomberg’s requests for comment.

Joseph Oughourlian, the founder of activist hedge fund Amber Capital, is fighting to maintain control of Spain’s most influential media group, Promotora de Informaciones SA (Prisa), as a coalition of pro-government Spanish investors seeks to push him out, according to a report by Bloomberg.

For over a decade, Oughourlian has been the driving force behind Prisa, the owner of Spain’s leading newspaper El País, leveraging his nearly 30% stake – the maximum allowed before he must make a takeover offer – to steer its strategic direction. However, tensions with Spain’s ruling Socialist party have escalated, particularly after he blocked plans for a new pro-government television station.

Now, a shareholder group led by television producer and former Prisa executive José Miguel Contreras — holding nearly 19% of the company — is working to remove him.

The battle has transformed into one of Spain’s most high-profile corporate disputes, drawing parallels with last year’s high-stakes short-selling attack on pharmaceutical giant Grifols SA. This fight though, has broader implications, pitting a foreign hedge fund investor — backed by French billionaire Vincent Bolloré — against Spain’s political establishment in a test of foreign ownership in national media.

The outcome of this power struggle may hinge on the support of Bolloré’s Vivendi SE, Prisa’s second-largest shareholder. Oughourlian is actively working to maintain Vivendi’s backing, while his opponents are reportedly exploring ways to influence the French tycoon’s stance, including leveraging the state-backed telecom giant Telefónica SA’s business ties with Bolloré’s advertising firm Havas.

Reports indicate that Spanish Digital Affairs Minister Óscar López and Telefónica Chairman Marc Murtra recently met with Vivendi’s CEO in Paris to discuss the situation. While López has denied any link between the meeting and Prisa, the gathering has fueled speculation over potential government intervention.

Prisa’s financial situation adds another layer of complexity to the fight. The company is burdened with €800m in debt, and Oughourlian is negotiating with creditors—including Pimco—to refinance upcoming maturities. As part of this effort, he is reportedly pushing for a “key-man” clause that would trigger changes in debt terms if he is removed, effectively creating a poison pill to deter his ouster.

A potential capital increase is also under discussion, which could further shift the power dynamics among major shareholders, including Mexican billionaire Carlos Slim and Banco Santander—both of whom have yet to take sides in the dispute.

With a critical shareholder meeting scheduled for June, both factions are intensifying efforts to rally investor support. Oughourlian has taken an increasingly combative stance, assuming the role of El País chairman on 16 March. The next day, he published an op-ed comparing attempts to wrest control of the newspaper to tactics used during Spain’s Franco era – an incendiary reference as the country approaches the 50th anniversary of the dictator’s death.

Adding another layer of intrigue, Prisa’s 2023 issuance of convertible bonds could come into play. The pro-government camp fears that Oughourlian or an ally may hold a significant unconverted stake, potentially tilting the balance in his favour when voting rights are exercised.

Joseph Oughourlian, the founder of activist hedge fund Amber Capital, is fighting to maintain control of Spain’s most influential media group, Promotora de Informaciones SA (Prisa), as a coalition of pro-government Spanish investors seeks to push him out, according to a report by Bloomberg.

For over a decade, Oughourlian has been the driving force behind Prisa, the owner of Spain’s leading newspaper El País, leveraging his nearly 30% stake – the maximum allowed before he must make a takeover offer – to steer its strategic direction. However, tensions with Spain’s ruling Socialist party have escalated, particularly after he blocked plans for a new pro-government television station.

Now, a shareholder group led by television producer and former Prisa executive José Miguel Contreras — holding nearly 19% of the company — is working to remove him.

The battle has transformed into one of Spain’s most high-profile corporate disputes, drawing parallels with last year’s high-stakes short-selling attack on pharmaceutical giant Grifols SA. This fight though, has broader implications, pitting a foreign hedge fund investor — backed by French billionaire Vincent Bolloré — against Spain’s political establishment in a test of foreign ownership in national media.

The outcome of this power struggle may hinge on the support of Bolloré’s Vivendi SE, Prisa’s second-largest shareholder. Oughourlian is actively working to maintain Vivendi’s backing, while his opponents are reportedly exploring ways to influence the French tycoon’s stance, including leveraging the state-backed telecom giant Telefónica SA’s business ties with Bolloré’s advertising firm Havas.

Reports indicate that Spanish Digital Affairs Minister Óscar López and Telefónica Chairman Marc Murtra recently met with Vivendi’s CEO in Paris to discuss the situation. While López has denied any link between the meeting and Prisa, the gathering has fueled speculation over potential government intervention.

Prisa’s financial situation adds another layer of complexity to the fight. The company is burdened with €800m in debt, and Oughourlian is negotiating with creditors—including Pimco—to refinance upcoming maturities. As part of this effort, he is reportedly pushing for a “key-man” clause that would trigger changes in debt terms if he is removed, effectively creating a poison pill to deter his ouster.

A potential capital increase is also under discussion, which could further shift the power dynamics among major shareholders, including Mexican billionaire Carlos Slim and Banco Santander—both of whom have yet to take sides in the dispute.

With a critical shareholder meeting scheduled for June, both factions are intensifying efforts to rally investor support. Oughourlian has taken an increasingly combative stance, assuming the role of El País chairman on 16 March. The next day, he published an op-ed comparing attempts to wrest control of the newspaper to tactics used during Spain’s Franco era – an incendiary reference as the country approaches the 50th anniversary of the dictator’s death.

Adding another layer of intrigue, Prisa’s 2023 issuance of convertible bonds could come into play. The pro-government camp fears that Oughourlian or an ally may hold a significant unconverted stake, potentially tilting the balance in his favour when voting rights are exercised.

Data has fundamentally altered the way the hedge fund industry trades and operates. There is an ever-growing use of quantitative strategies and two-thirds of hedge funds currently use data in their investment decision-making to manage portfolios and analyze portfolio risk. This Hedgeweek rapid read report, published in partnership with MSCI, explores how hedge funds use data.

Data has fundamentally altered the way the hedge fund industry trades and operates. There is an ever-growing use of quantitative strategies and two-thirds of hedge funds currently use data in their investment decision-making to manage portfolios and analyze portfolio risk. This Hedgeweek rapid read report, published in partnership with MSCI, explores how hedge funds use data.

Cybersecurity firm Rapid7 is close to reaching a settlement with activist hedge fund firm Jana Partners, following discussions on strategies to enhance shareholder value, including operational improvements and a potential sale, according to a report by Reuters.

The report cites unnamed sources familiar with the matter as revealing that under the proposed agreement, three new directors would be added to the company’s eight-member board, signalling a significant governance shift. The deal could be announced as early as this week, though discussions remain fluid, the sources noted.

Jana Partners, which disclosed a 5.8% stake in Rapid7 in March, has been pushing for changes as the company grapples with declining share performance. Over the past year, Rapid7’s stock has dropped 41%, with a 28% decline year-to-date, bringing its market capitalisation down to approximately $1.8bn.

The Boston-based firm, which specialises in vulnerability management and cybersecurity solutions, has faced increasing competitive pressures as corporate clients scale back security spending amid macroeconomic uncertainty.

Reuters previously reported that Rapid7 had engaged investment bankers to explore strategic alternatives after attracting acquisition interest from private equity firms, including Advent, Bain Capital, and EQT.

Cybersecurity firm Rapid7 is close to reaching a settlement with activist hedge fund firm Jana Partners, following discussions on strategies to enhance shareholder value, including operational improvements and a potential sale, according to a report by Reuters.

The report cites unnamed sources familiar with the matter as revealing that under the proposed agreement, three new directors would be added to the company’s eight-member board, signalling a significant governance shift. The deal could be announced as early as this week, though discussions remain fluid, the sources noted.

Jana Partners, which disclosed a 5.8% stake in Rapid7 in March, has been pushing for changes as the company grapples with declining share performance. Over the past year, Rapid7’s stock has dropped 41%, with a 28% decline year-to-date, bringing its market capitalisation down to approximately $1.8bn.

The Boston-based firm, which specialises in vulnerability management and cybersecurity solutions, has faced increasing competitive pressures as corporate clients scale back security spending amid macroeconomic uncertainty.

Reuters previously reported that Rapid7 had engaged investment bankers to explore strategic alternatives after attracting acquisition interest from private equity firms, including Advent, Bain Capital, and EQT.

Hedge funds trading FX may soon find a familiar voice on the other end of the line with Robert Diehl, a seasoned FX trader with nearly three decades of experience across major banks, having taken on a broking role at Caventor Capital according to a report by eFinancial Careers.

Diehl, who previously held senior FX trading positions at RBS, UBS, and Unicredit, has joined Caventor – the agency brokerage arm of Boston Consulting Group (BCG) – following a brief hiatus after Unicredit reportedly shifted its FX trading operations from London to Milan in early 2023.

Unlike his past roles overseeing CEEMEA FX options, emerging markets trading, and global FX derivatives, Diehl is understood to be stepping into a sales position at Caventor, leveraging his expertise to attract hedge fund clients.

Caventor, which has been quietly building its hedge fund client base, appears to be reinforcing its team with industry heavyweights. Alongside Diehl, the firm has recruited Paul Lynn, a former Credit Agricole sales head, and James Ludlam, a former Nomura trader.

Hedge funds trading FX may soon find a familiar voice on the other end of the line with Robert Diehl, a seasoned FX trader with nearly three decades of experience across major banks, having taken on a broking role at Caventor Capital according to a report by eFinancial Careers.

Diehl, who previously held senior FX trading positions at RBS, UBS, and Unicredit, has joined Caventor – the agency brokerage arm of Boston Consulting Group (BCG) – following a brief hiatus after Unicredit reportedly shifted its FX trading operations from London to Milan in early 2023.

Unlike his past roles overseeing CEEMEA FX options, emerging markets trading, and global FX derivatives, Diehl is understood to be stepping into a sales position at Caventor, leveraging his expertise to attract hedge fund clients.

Caventor, which has been quietly building its hedge fund client base, appears to be reinforcing its team with industry heavyweights. Alongside Diehl, the firm has recruited Paul Lynn, a former Credit Agricole sales head, and James Ludlam, a former Nomura trader.

Hedge fund Elliott Associates is exploring additional steps to take against the London Metal Exchange (LME) over the cancellation of nickel trades in March 2022, the firm confirmed on Monday, according to a report by Reuters.

The US-based hedge fund, which has already claimed damages of $456.4m, is challenging the LME’s decision to suspend nickel trading after prices surged to a record high of over $100,000 per tonne on 8 March, 2022. The LME subsequently voided all trades on that day.

This development comes after the UK’s financial regulator, the Financial Conduct Authority (FCA), last week fined the LME £9.2m for its mishandling of the nickel market, marking the first-ever enforcement action against a UK exchange.

In response, Elliott said it is “carefully reviewing the FCA’s Final Notice” and is considering what further action, if any, it may take in relation to the matter.

Hedge fund Elliott Associates is exploring additional steps to take against the London Metal Exchange (LME) over the cancellation of nickel trades in March 2022, the firm confirmed on Monday, according to a report by Reuters.

The US-based hedge fund, which has already claimed damages of $456.4m, is challenging the LME’s decision to suspend nickel trading after prices surged to a record high of over $100,000 per tonne on 8 March, 2022. The LME subsequently voided all trades on that day.

This development comes after the UK’s financial regulator, the Financial Conduct Authority (FCA), last week fined the LME £9.2m for its mishandling of the nickel market, marking the first-ever enforcement action against a UK exchange.

In response, Elliott said it is “carefully reviewing the FCA’s Final Notice” and is considering what further action, if any, it may take in relation to the matter.

Dubai is considering sweeping regulatory changes aimed at strengthening its position as a global hub for hedge funds, with the emirate’s financial watchdog reviewing key policies to reduce barriers for money managers, according to a report by Bloomberg.

The Dubai Financial Services Authority (DFSA) is undertaking a comprehensive review of existing regulations to streamline requirements and eliminate unnecessary regulatory burdens, a spokesperson for the agency confirmed. The DFSA oversees the Dubai International Financial Centre (DIFC), home to a growing number of hedge funds and investment firms.

Among the proposed changes is a reduction in minimum capital requirements for certain asset managers. The DFSA is also evaluating adjustments to liquidity requirements, including lowering the amount of emergency capital firms must hold and potentially removing the need for regulatory approval when hiring key personnel.

If implemented, these reforms would mark the most significant regulatory shift in nearly two decades, bringing Dubai’s financial framework closer in line with the UK and EU standards. The changes are subject to further industry consultation and could take effect in 2026.

Dubai has witnessed a steady influx of hedge funds, solidifying its reputation as a key financial hub. Currently, more than 70 hedge funds operate within the DIFC, including Andurand Capital Management and Point72 Asset Management, with the majority managing over $1 billion in assets.

The DFSA emphasised that the proposed adjustments would maintain alignment with international best practices while creating a more attractive regulatory environment for fund managers.

The DFSA currently operates a four-tier licensing system, with the most notable changes proposed for Category 3 firms, which manage client assets.

Key proposals include lowering the baseline capital requirement to $140,000, from $230,000, following an initial reduction from $500,000 two years ago, and reducing minimum capital thresholds to $40,000 from $70,000 for locally domiciled, small-scale funds.

In addition teh DFSA is considering changes to wind-down capital rules witth Managers who do not hold client funds possible seeing the elimination of mandatory liquidation reserves. For those who do, required capital buffers may be reduced to 25% of annual fixed overhead costs, down from 35%.

Another potential, change would see Category 3 firms being required to hold reserves based on assets under management (AUM), client funds, and trading volume, while certain compliance and finance officers, as well as senior managers, may no longer require DFSA approval, shifting responsibility for vetting hires to firms themselves.

To support the growing hedge fund community, DIFC is developing additional office space, with a newly retrofitted building set to open by the end of April. The expansion reflects Dubai’s broader ambitions to attract startup hedge funds and global investment players.

Dubai is considering sweeping regulatory changes aimed at strengthening its position as a global hub for hedge funds, with the emirate’s financial watchdog reviewing key policies to reduce barriers for money managers, according to a report by Bloomberg.

The Dubai Financial Services Authority (DFSA) is undertaking a comprehensive review of existing regulations to streamline requirements and eliminate unnecessary regulatory burdens, a spokesperson for the agency confirmed. The DFSA oversees the Dubai International Financial Centre (DIFC), home to a growing number of hedge funds and investment firms.

Among the proposed changes is a reduction in minimum capital requirements for certain asset managers. The DFSA is also evaluating adjustments to liquidity requirements, including lowering the amount of emergency capital firms must hold and potentially removing the need for regulatory approval when hiring key personnel.

If implemented, these reforms would mark the most significant regulatory shift in nearly two decades, bringing Dubai’s financial framework closer in line with the UK and EU standards. The changes are subject to further industry consultation and could take effect in 2026.

Dubai has witnessed a steady influx of hedge funds, solidifying its reputation as a key financial hub. Currently, more than 70 hedge funds operate within the DIFC, including Andurand Capital Management and Point72 Asset Management, with the majority managing over $1 billion in assets.

The DFSA emphasised that the proposed adjustments would maintain alignment with international best practices while creating a more attractive regulatory environment for fund managers.

The DFSA currently operates a four-tier licensing system, with the most notable changes proposed for Category 3 firms, which manage client assets.

Key proposals include lowering the baseline capital requirement to $140,000, from $230,000, following an initial reduction from $500,000 two years ago, and reducing minimum capital thresholds to $40,000 from $70,000 for locally domiciled, small-scale funds.

In addition teh DFSA is considering changes to wind-down capital rules witth Managers who do not hold client funds possible seeing the elimination of mandatory liquidation reserves. For those who do, required capital buffers may be reduced to 25% of annual fixed overhead costs, down from 35%.

Another potential, change would see Category 3 firms being required to hold reserves based on assets under management (AUM), client funds, and trading volume, while certain compliance and finance officers, as well as senior managers, may no longer require DFSA approval, shifting responsibility for vetting hires to firms themselves.

To support the growing hedge fund community, DIFC is developing additional office space, with a newly retrofitted building set to open by the end of April. The expansion reflects Dubai’s broader ambitions to attract startup hedge funds and global investment players.