Bloomberg – Billionaire investor George Soros’s Soros Fund Management LLC was fined 489 million forint ($2.2 million) for attempting to manipulate the share price of OTP Bank Nyrt., Hungary’s largest bank, the country’s financial regulator said.

The Soros fund attempted on Oct. 9 to “send out false or misleading signals about a security’s supply and demand or its share price” and short sold OTP shares, the regulator, known as PSZAF, said in a statement late yesterday. The short selling caused the shares to drop 14 percent in the final 30 minutes of trade, the regulator said.

Short-sellers sell borrowed securities, hoping to profit by repurchasing them later at a lower price and then returning them to the owner. Budapest-based OTP is Hungary’s largest lender.

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Tags: 30 minutes, billionaire, financial-regulator, george soros, hungary, investor, otp bank, share price, short-sellers, signals, soros-fund-management, soros-fund-management-llc, supply and demand

Todays Zaman- Licensed just a few months ago, Turkey’s first hedge funds will likely embark on operations by mid-September, Corporate Governance Association of Turkey (TKYD) President Gür Çağdaş has said.

Speaking to Reuters yesterday, Çağdaş said with the funds, an important and attractive financial instrument would be available to domestic and foreign investors.

The government opened the door in March 2008 for the establishment of hedge funds in Turkey and since then, Garanti Bankası, İş Yatırım and Oyak Securities have acquired the necessary licenses for creating and running such funds. Yapı Kredi also applied for permission to run a hedge fund but is still awaiting approval of its application.

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Tags: edhec, hungary, investment-arm, maged