TOKYO (Reuters) - A top executive of Bear Stearns Companies Inc., which has been hit by the collapse of two of its hedge funds and forced to halt redemptions at a third, has shrugged off fears of a global credit crunch and said the recent market decline was healthy. The bank has not lost clients even after its widely publicized losses and is now focused on catching up with bigger rivals such as Goldman Sachs Group Inc. in markets outside of the United States, said Michel Peretie, chief executive of Bear Stearns International Ltd.
LONDON (HedgeWorld.com) - The United Kingdom's Financial Services Authority has fined Bear Stearns International Ltd., the European operation of the global broker-dealer Bear Stearns, 40,000 pounds (US$71,000) for failure to report its transactions in a controversial financial vehicle, the contract for difference (CFD). In a CFD, first introduced in 2001, the holder of a contract benefits from a rise (long) or a fall (short) in the price of the referenced asset without acquiring legal title and such attendant rights as a vote in proxy contests. Use of the contract became controversial in the United Kingdom in the summer of 2004 when retail entrepreneur Philip Green sought to acquire the venerable clothing chain Marks & Spencer.
NEW YORK (HedgeWorld.com) - The International Swaps and Derivatives Association and the Bond Market Association have submitted a joint amicus. brief to the U.S. Bankruptcy Court for the Southern District of New York, expressing their view that a recent decision by that court in the matter of Enron's reorganization might have disruptive effects upon financial markets. On April 27, that court denied a motion by Bear Stearns International Ltd. and Bear Stearns Securities Corp. In that motion, the Bear Stearns entities had asked that the court dismiss an action filed by the bankrupt debtor corporation in 2003. Enron was and is seeking to avoid and recover payments made in connection with over- the-counter equity derivatives transactions.
LONDON (HedgeWorld.com) - Bear Stearns International Ltd. appointed James Shekerdemian to the newly created role of head of sales for prime brokerage in Europe, marking the bank's third key hire in the business here in recent weeks. Mr. Shekerdemian, who joins next week from Lehman Brothers Holdings Inc. where he headed the quantitative hedge fund sales arm, will be responsible for the build-out of the company's European equity sales franchise for prime brokerage clients. In his new role at Bear Stearns he will report to Paul Brannan, who joined May 1 as head of prime brokerage in Europe, and to Vicki Aston-Duff and Leonardo Giangreco, co-heads of equity sales.
... BEAR STEARNS MORTGAGE CAPITAL CORPORATION;. ... BEAR STEARNS INTERNATIONAL LIMITED;. STRATEGIC MORTGAGE OPPORTUNITIES REIT...
LONDON (HedgeWorld.com) - Bear, Stearns International Ltd. hired two salesmen to its commodity listed products division to help sell commodities trading capabilities to hedge funds. Steve Bingley and Robert Rees have joined Bear Stearns to spearhead the European sales effort specifically. As managing directors they will be selling to hedge funds and other industry clients the Bear's sales and trade execution advisory services on the London Metal Exchange in addition to other global commodity listed products.
... New York (the "Bankruptcy Court") ruled that Bear, Stearns International Ltd. ("Bear Stearns") was n...
... New York (the "Bankruptcy Court") ruled that Bear, Stearns International Ltd. ("Bear Stearns") was n...
... by a new repurchase agreement facility with Bear Stearns International, Ltd ("Bear Stearns") that p...
... CRAT, petitioner caused the partnership and Bear Stearns International Ltd. (Bear Stearns) to enter...
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