![]() ![]() Red Kite is a charitable community benefit society. Other providers included in the judgement The provider has an adequately funded business plan, sufficient security in place, and is forecast to continue to meet its financial covenants under a wide range of adverse scenarios. Based on evidence gained from a Stability Check, the regulator has assurance that Red Kite’s financial plans are consistent with, and support, its financial strategy. The regulator’s assessment of Red Kite’s compliance with the financial viability elements of the Governance and Financial Viability Standard is unchanged. The board now has appropriate oversight of key risks facing the business. In addition, Red Kite has improved its stress testing and has strengthened its mitigation strategies. Compliance reporting on landlord health and safety obligations and financial covenants has improved and is sufficient to enable the board to exercise effective oversight. Red Kite Community Housing Limited (Red Kite) complies with the governance elements of the Governance and Financial Viability Standard and it has addressed the issues raised in the judgement we published in July 2021.īased on evidence gained from reactive engagement, the regulator now has assurance that Red Kite has strengthened its governance arrangements. This judgement upgrades our assessment of Red Kite Community Housing Limited’s governance from G2 to G1 and confirms its existing V1 grade for viability. Regulatory route: Stability Check and Reactive Engagement.Reason for publication: Governance upgrade.Provider: Red Kite Community Housing Limited.The case is not due to go to trial before June 2019, according to a separate court filing earlier this month. “Accordingly the Red Kite funds were effectively forced by Barclays to close out positions at a time and in a manner profitable to Barclays,” the court filing said.īarclays said in its defense document that positions sometimes needed to be closed to maintain position limits, which was made clear in its terms of business. The filing also said a daily email was circulated in the bank giving details of Red Kite’s short-term positions.īarclays also requested more collateral from Red Kite for what it regarded as risky positions in copper while Barclays held opposite positions, Red Kite’s court filing said. Anyone found in breach of LME rules could be subject to disciplinary proceedings.” Red Kite said in the court filing that staff from the two Barclays’ divisions also shared information when they socialized together. “The LME has strict rules regarding market manipulation and abuse. The LME, owned by Hong Kong Exchanges and Clearing Ltd, declined to comment specifically on the legal case, but referred to its regulations. The bank sought to “manipulate the LME by ‘ramping’ prices in a manner favorable to Barclays” during closing trading, the hedge fund said in the court filing. “Futures Clearing was on a different floor to the Commodities Division, in a segregated area of the floor with specific entry restrictions,” Barclays said in its defense document. were able to and did anticipate the Red Kite Funds’ future market behavior,” the court filing said.īarclays denied that its traders were able to access Red Kite’s confidential information. “Being able to see the Red Kite funds’ orders and open positions, traders with the Commodities Division (of Barclays). Red Kite said in the court filing that Barclays’ proprietary traders were able to see the hedge fund’s confidential trading positions on the London Metal Exchange (LME) that were being executed by another division of Barclays.Īs a result, Barclays traders executed trades based on that inside knowledge which resulted in profits for Barclays but damaged Red Kite’s stance, the hedge fund said. ![]() The Red Kite Group, which has hedge funds, physical trading and mining finance, has about $2 billion of assets under management, according to its website. Excess supply later pushed prices to a low of about $4,300 by early last year. ![]()
0 Comments
Leave a Reply. |