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BlackRock traded using nonpublic data, New York probe finds

By Joel Rosenblatt and Alexis Leondis, Bloomberg

January 9, 2014 • Reprints

‘Monetary Gain’

SAE rewarded participating analysts with higher ratings in financial industry magazine rankings important for name recognition and career advancement, and as a symbol of achievement, all of which could “lead to monetary gain both for those analysts and their respective brokerage firms,” according to the agreement. The filing doesn’t name any of the analysts or brokerages.

In September, the Treasury Department’s Office of Financial Research said money managers could endanger the financial system when reaching for higher returns, herding into popular asset classes or amplifying price movements with leverage. The Financial Stability Oversight Council, authorized under the Dodd-Frank financial regulatory law to identify companies that could pose a threat to stability, discussed and agreed to review BlackRock and Fidelity Investments, two people with knowledge of the matter said in November. BlackRock has said the study didn’t link the size of a money manager to risks posed by certain products and practices.

Early Access

Schneiderman said at the Bloomberg Markets 50 Summit in New York in September that his office was looking into combating the advantages won by securing early access to market-moving data. Calling the issue “Insider Trading 2.0,” Schneiderman said the combination of high-speed trading and early data access unfairly sets up a small group of investors to reap enormous profits.

Last year, financial information provider Thomson Reuters Corp. reached a deal with Schneiderman’s office in which it agreed to stop providing consumer survey data from the University of Michigan to certain high-frequency traders two seconds before other investors. Thomson Reuters competes with Bloomberg LP, the parent of Bloomberg News.

BlackRock, co-founded by Fink in 1988, was largely a fixed- income manager until the mid-2000s. The firm diversified beyond bonds through acquisitions including that of State Street Research & Management Co. and Merrill Lynch & Co.’s investment unit to add stocks and other assets. Its purchase of Barclays Plc’s investment division made it into the world’s largest asset manager.

www.bloomberg.com

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Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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US Federal Reserve 8527stocks 2123equities 1689New York 841Michigan 789Barclays Plc 573Arizona 473Department of the Treasury 274Regulations 267Managed funds 202BlackRock Inc. 131Bloomberg LP 118the University of Michigan 110Managed money 93State Street 64Thomson Reuters Corp. 41Fidelity Investments 34BlackRock 32Merrill Lynch & Co. 32Eric Schneiderman 23Laurence D. Fink 20frequency traders 16investment 15University of Arizona 5office of Financial Research 5Insider Trading 4century-old law 3U.S. Financial Stability Oversight Council 3Brian Beades 3Management Co. 2financial regulatory law 2Martin Act 2money manager 1Schneiderman 1Scientific Active Equities 1Ken Kroner 1

Free Newsletter Modern Trader Follow

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