Hedge fund liquidating 0871 granny chat

06 Oct

P., collapsed in the late 1990s, leading to an agreement on September 23, 1998, among 16 financial institutions—which included Bankers Trust, Barclays, Bear Stearns, Chase Manhattan Bank, Credit Agricole, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Paribas, Salomon Smith Barney, Societe Generale, and UBS—for a .6 billion recapitalization (bailout) under the supervision of the Federal Reserve. Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers.

Members of LTCM's board of directors included Myron S. Merton, who shared the 1997 Nobel Memorial Prize in Economic Sciences for a "new method to determine the value of derivatives".

The accumulation of a near-record net long position has coincided with a sharp rise in oil prices, with U. crude up from per barrel to more than , and Brent up from to .

The closing out of the previous record short position in U. crude futures and options has been accompanied by a predictable short-covering rally. crude futures and options helped push oil prices to multi-year lows below per barrel in January and February, so the unwinding of those positions has sent prices sharply higher.

Nordlicht's Platinum Management was founded in 2003, and according to the firm itself, it is a "multi-strategy hedge fund seeking to deliver superior risk adjusted returns uncorrelated to any broader market activity." Platinum Management is headquartered in New York, and before starting the firm, Mark Nordlicht worked at the New York Cotton Exchange, and founded Northern Lights Trading and West End Capital.

(Prepared by Hong Kong Investment Funds Association) Note: The glossary only represents general observations.

Combined WTI short positions on the New York Mercantile Exchange and ICE Futures Europe have been cut from 261 million barrels at the start of February to 112 million barrels.

The fund's operation was designed to have extremely low overhead; trades were conducted through a partnership with Bear Stearns and client relations were handled by Merrill Lynch.based in Greenwich, Connecticut that used absolute-return trading strategies combined with high financial leverage.The firm's master hedge fund, Long-Term Capital Portfolio L.Hedge funds have more than doubled their net long position from just 242 million barrels at the end of last year, according to an analysis of data published by regulators and exchanges.The net long position has passed the previous peak of 572 million barrels, set in May 2015, and is closing in on the record of 626 million, set in June 2014, when Islamic State fighters were racing across northern Iraq.