Professional Documents
Culture Documents
September 2014
Volume V Issue I
BY VINCENT CRISCUOLO
BY GRAHAM JORDAN
BY CHARLES BAGLEY
BY WILLIAM HELMOLD
The WUFC
Exchang e
SEPTEMBER 2014
Vol: V Issue: I
www.whartonfinanceclub.com
After writing off many billions of dollars of debt, the Argentinian government reached an agreement with roughly
93% of these investors in which they
settled for a 30% haircut on the debt call.
The remaining 7% of creditors have
held out for over a decade in a legal battle that, for jurisdictional reasons, has
been adjudicated by the US federal
courts. The holdouts demand that Argentina buy the debt back at cost and
pay interest on the unsettled value of the
bonds that has accrued since the lawsuit
began.
The most vocal member of the holdouts, Elliott Management has been in
Conclusion
There are currently 11 public exchanges and 40 dark pools. Moving
forward, the public will have to take
an ethical stance on dark pools in
terms of the price-seeking function
of markets and the importance of
recorded trades. Many outcomes are
possible: continuation of the status
quo, the demise of the traditional
dark pool and the rise of upstarts like
IEX, or perhaps even the total abandonment of dark pools.
karan Parekh
Vice President of Financial Analysis
Jenny Qian
Managing Editor