The U.S. Securities and Exchange Commission is investigating whether certain banks may have broken the rules by tipping off hedge funds ahead of large sales of shares, or 'block trades,' a source familiar with the situation told Reuters on Tuesday.
U.S. Securities and Exchange Commission Chair Gary Gensler testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on Capitol Hill in Washington, U.S., September 14, 2021. REUTERS/Evelyn Hockstein/PoolFeb 16 - The U.S.
If a seller such as an individual shareholder, a company or a private equity firm were to put a large block onto a public exchange, the order, depending on its size and the liquidity of the underlying stock, could cause the price of the shares to move away from them, driving up costs. Instead, blocks are usually sent to a wholesale broker, such as an investment bank, that breaks the block into smaller "child orders" and executes them over time with the aim of minimizing the price impact, or shops the order to parties, like hedge funds, it thinks might be interested in taking the other side.According to media reports, the U.S.
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