Jane Street likely to argue retail demand drove its India trades, Bloomberg News reports
In an interim order on July 3, the Securities and Exchange Board of India barred the company from trading securities in the Indian market, citing that some of its trading strategies were manipulative and led to losses for retail investors.
The Indian market regulator alleged that Jane Street and its related entities manipulated the Bank Nifty index by purchasing large quantities of constituent stocks in the cash and futures markets to artificially support the index in morning trade, while simultaneously building short positions in index options.
However, SEBI lifted the trading restrictions on Jane Street last week after the firm deposited $567 million in escrow. Jane Street said on Monday that it has sought an extension to respond to the interim order.
Jane Street is expected to argue it was eager to facilitate options bets from the country's retail investors, knowing it would be largely unhedged, Bloomberg News reported.
The firm is likely to argue that it hedged less aggressively in India compared with other markets and deliberately spread its hedging activity over several hours on January 17, 2024 - its most profitable day during the roughly two-year period under regulatory scrutiny - to reduce market impact, the report said.
Reuters could not immediately verify the report, while Jane Street did not immediately respond to Reuters' request for comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
2 hours ago
- Daily Mail
The Hamptons' 'poor neighbor' becomes a real estate hotbed of multimillion-dollar bidding wars
The Hamptons are out and East Coasters are moving to its cooler, quieter, slightly 'poorer neighbor' - the North Fork. What was once slow paced farm towns has become the new go-to for those who wish to make a home for themselves on Long Island, even if just for the summer. Realtor Donald Brennan has been a homeowner and resident on the North Fork for 22 years and recently his real estate firm opened up an office there. He told Daily Mail he's seen major changes in the area and that's in part due to how crowded the Hamptons on the South Fork has gotten. Families, friends, and retirees from New York City have been traveling down to the Hamptons - just two to three hours away - for generations. Naturally, as it became more and more popular over time, he said the traffic between New York City and the coastal getaway has become non-stop and the once quiet enclave is now polluted with traffic, parties, and back to back beach houses, leaving little room for new development. He said the North Fork, which mainly used to be farmland, has been Long Island's best kept secret for years. He'd always thought of it as an arm of Brooklyn. 'There's a really strong connection to Brooklyn as a feeder market.' he told the Daily Mail. Long Island splits into a 'fork' at the end, creating the appropriately named North and South Forks with the Hamptons located on the South Fork New Yorkers are now making the move to North Fork in favor of cheaper prices and a quieter life. This 4 bed 2 bath home is listed with Engel & Volkers for $1.075 million The land in the North Fork allows for more spacious builds and beachfront properties. This 6 bed 7 bath home is listed with Engel & Volkers for $3.6 million As a long-time Brooklyn resident himself, he noticed that many people preferred the quiet spaciousness of North Fork to the bustling community of the Hamptons on the South Fork. 'Its current environment maybe is not as relaxing as it was 10, 20, 30 years ago,' Brennan said. In many ways the North Fork offers the nostalgic feel of the Hamptons from decades prior. 'Certainly the North Fork is going to be an experience that you would maybe have enjoyed 20 or 30 years ago on the South Fork,' said Brennan. 'Much quieter, much less traffic on the road,' he added. Even people who have summered in Montauk or the Hamptons for years are packing up and trading it for Mattituck in favor of lower prices and sprawling landscapes, he said. 'Now we see more of those, either as new buyers or people exiting the South Fork looking for homes on the North Fork,' he said. Brennan said there's more land, more space for beachfront properties, and more affordable options for families, residents, and retirees. Donald Brennan (pictured) has resided on the North Fork for over 20 years and now operates his real estate firm there According to Brennan cottage and bungalow-style homes are most common on the North Fork, but new builds are bringing diverse architecture. This 4 bed 2 bath home is listed with Engel & Volkers for $1.3 million And the numbers don't lie. According to Engel & Volkers, sales are up significantly on the North Fork, even in just the last year. Single-family home sales are up 17 percent in comparison to 2024. On top of that, the average sales price has skyrocketed to $1.168 million, an 8 percent increase since 2024. And according to recent reports, those homes aren't staying on the market for long. Todd Bourgard, the CEO of Douglas Elliman's Long Island, the Hamptons, and North Fork locations, said that his agents are quickly adapting to these quick sales and bidding wars. 'North Fork is now, and always has been, a beautiful place to live,' Bourgard told The New York Post. 'People are discovering it more and more every single day. We're certainly seeing the prices going up, because, like everywhere else, it lacks inventory.' Brennan said there really is no average homebuyer on the North Fork. People seem to be coming in masses regardless of age. Most are looking for single family homes with four or more bedrooms, swimming pools, and close proximity to the bay. According to Brennan the biggest issue with the rush of new residents is their desire to change the cohesive landscape of North Fork towns like Mattituck or Southold with populations of 4,200 and 6,600 respectively. Because there are so many land-buying opportunities and less-expensive homes that have been around for decades, affluent families are using their means to construct new, modern buildings. The popularity of the South Fork has caused new builds to be difficult and beach front space to be limited. This home on the North Fork is listed with Engel & Volkers for $1.4 million Brennan said good restaurants and shops have opened in the area over the last decade close to the beautiful beaches. Stairs lead to a beautiful beach on the North Fork of Long Island Orient Point Lighthouse is seen above. Orient is the eastern-most town on Long Island's picturesque North Fork He noted in some instances you can tell who's new to the area just by their architecture style. 'It's a little bit easier to see affluence,' he said. 'Those who've been there for a long time, and live in these more humble homes that are, you know, bungalows, or cottages are now maybe sitting side by side with 7,000 square foot modern glass boxes.' 'I think it's jarring for some people,' he said. But he certainly sees the appeal. 'There's really almost no traffic to speak of through the summer months. Some very good restaurants that have appeared over the last decade or so,' he said. 'So it's a little more relaxed, quieter existence than what most people may be experiencing today on the South Fork.'
Reuters
4 hours ago
- Reuters
India's renewable projects without supply deals double in nine months, documents show
SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed. The South Asian nation aims to more than double its non-fossil fuel power capacity to 500 gigawatts by 2030, but the acceleration has left projects without firm agreements to supply power. Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts, India's Sustainable Projects Developers Association said in a letter to the Ministry of New and Renewable Energy on June 27. That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters. Tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC ( opens new tab, ( opens new tab, Adani Green ( opens new tab, ACME Solar ( opens new tab, Renew (RNW.O), opens new tab and Sembcorp ( opens new tab are stranded, two industry officials familiar with the matter said. "Energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in its June 27 letter to the renewable energy ministry. The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about a quarter the size of India's current installed renewable capacity of 184.6 GW. The companies did not respond to Reuters requests seeking comment. A spokesperson for India's power ministry told Reuters on Saturday renewable projects of about 44 GW had been awarded generation licences by federal agencies - which account for most tenders - but did not have supply agreements. He did not elaborate on the scale of the increase in stranded projects, the duration of delay or companies affected. Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, the SPDA said in the June letter. Interstate transmission lines connecting renewable energy projects to the grid are being fast-tracked, and compensation for landowners allowing power cables on their property has been increased to facilitate construction, the ministry spokesperson said. India plans to connect 230 GW of renewable energy projects to the grid through interstate transmission lines, of which 20% have been completed, 70% are under construction and the remainder is being bid out, he said, without specifying a timeline for completion. Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, SPDA said, adding that several developers have paused operations over unresolved court cases.
The Guardian
4 hours ago
- The Guardian
Columbia Sportswear sues Columbia University for trademark infringement
Outerwear retailer Columbia Sportswear has sued Columbia University over alleged trademark infringement and a breach of contract, saying that the university's merchandise looks too similar to its own offerings and can confuse shoppers. In a lawsuit filed on 23 July in federal court in Oregon, Columbia Sportswear, whose roots date back to 1938, alleges that the Ivy League university in New York City intentionally violated an agreement the parties signed on 13 June 2023. That agreement dictated how the university could use the word 'Columbia' on its own apparel and accessories. As part of the pact, the university could feature 'Columbia' on its merchandise provided that the name included a recognizable school insignia or its mascot, the word 'university', the name of the academic department, or the founding year of the university – 1754 – or a combination. Columbia Sportswear clothing is sold at more than 800 retail locations including more than 150 of its branded stores, as well as its website and third-party marketplaces. But Columbia Sportswear alleges the university breached the agreement a little more than a year later, with the company based in Portland, Oregon, noticing several garments without any of the school logos being sold at the Columbia University online store. Many of the garments feature a bright blue color that is 'confusingly similar' to the blue color that has long been associated with Columbia Sportswear, the suit alleged. The lawsuit offered photos of some of the Columbia University items that say only 'Columbia'. 'The likelihood of deception, confusion, and mistake engendered by the university's misappropriation and misuse of the Columbia name is causing irreparable harm to the brand and goodwill symbolized by Columbia Sportswear's registered mark Columbia and the reputation for quality it embodies,' the lawsuit alleged. The lawsuit comes at a time when Columbia University has been threatened with the potential loss of billions of dollars in government support. Columbia University recently reached a deal with the Trump administration to pay more than $220m to the federal government to restore federal research money that was canceled in the name of combating antisemitism on campus. Under the agreement, the Ivy League school will pay a $200m over three years, the university said. Columbia Sportswear aims to stop all sales of clothing that violate the agreement, recall any products already sold and donate any remaining merchandise to charity. Columbia Sportswear is also seeking three times the amount of actual damages determined by a jury. Neither Columbia Sportswear nor Columbia University could be immediately reached for comment.
