Hedge funds’ use of barrier options comes under spotlight

Former traders say Glen Point CEO’s arrest highlights compliance gulf between funds and dealers

Barrier option

A criminal case brought against a hedge fund for allegedly manipulating the US dollar/South African rand spot rate to trigger barrier options has shone a light on the different compliance standards that can exist between fast money market participants and dealers.

Glen Point’s founder and chief executive, Glenn Phillips, was arrested in September last year after being accused of manipulating the USD/ZAR spot rate in 2017.

According to US court documents, Phillips had bought a “one touch”

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