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Fed, BoE probe banks’ exposure to trading firms
WASHINGTON: The US and UK central banks have asked global banks about their exposures to large trading firms after turmoil at a hedge fund caused large losses at proprietary trading firm Jane Street in July, the Financial Times reported on Monday. The AI-focused Situational Awareness fund, run by former OpenAI researcher Leopold Aschenbrenner, was forced to sell most of its public equities portfolio to Citadel Securities after a sharp selloff in AI and chip stocks in July. Jane Street lost roughly $15 billion that month, particularly through its investment in the hedge fund and other technolog...
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