Shares of Financial Technologies Ltd. (LSE:FTIA, Financial) detracted in the third quarter. As a creator and operator of financial exchanges and other related services, the company is a beneficiary of the growth in multi-asset exchanges and trading activity in emerging markets. The stock was adversely affected during the quarter by an unexpected regulatory change leading to a crisis of confidence and concerns of potential default at its commodity spot exchange, the NSEL. We sold the position due to the parent company's potential exposure to a default of one of its financial exchanges. (Anuj Aggarwal)
From Ron Baron's Baron Funds third quarter 2013 commentary.
From Ron Baron's Baron Funds third quarter 2013 commentary.
