Four-letter words are no rarity on trading floors. Few are likely to cause greater alarm nowadays than “edge”, the term for one investor’s nebulous advantage over others. In America authorities seem to have concluded that “edge” is little more than a euphemism for insider trading. On July 25th a slew of American federal agencies backed a criminal case against SAC Capital, a hedge-fund behemoth they have long suspected of profiting from dodgy information. The now-dirty word features 14 times in their indictment.
‘Enforcement 40’ for 2020
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