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The value of non-Treasury debt listed on The Warsaw Stock Exchamnge’s Catalyst debt market reached PLN81.8 billion at the end of Q4 2016, the markets highest ever value, according to a new Grant Thornton report.  In addition, the report reveals that during the whole of 2016, the value of instruments listed on Catalyst did not fall quarter on quarter for the first time in three years.   Grant Thornton’s fifth analysis of Catalyst, which opened in September 2009, suggests that it is more than a trading venue for Treasury debt, and that the growing segment of corporate bonds still represents
SteelEye, the compliance technology and data analytics firm, has appointed Matt Smith (pictured), a highly-experienced regulatory tech specialist, as its new Chief Executive Officer. Smith’s appointment is aimed at helping drive the firm’s growth as it markets its secure and scalable data storage platform which incorporates best-in-class analytics. The SteelEye product has been designed to help financial firms meet their obligations under MiFID II, whilst also acquiring valuable insights into their businesses.   Smith brings over 18 years of technology and management expertise to SteelEye. He joins from Bloomberg where he was a senior product manager working on a range
Tages Capital (Tages) in partnership with Chicago & Bellevue based Rotella Capital Management (Rotella), has launched the Tages International Funds SICAV – Tages Rotella UCITS Fund. This will be the fourth sub-fund of Tages International Funds SICAV, a UCITS-compliant umbrella fund structure domiciled in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF).   Rotella, established by Robert Rotella in 1995, has been a pioneer in the development of specialist systematic managed futures programmes. The Rotella Polaris Program has been managed since 1991, with the objective of producing consistent absolute returns, minimising monthly drawdowns, and maintaining relatively
MSCI has launched two new ESG indexes, the MSCI Japan Empowering Women Index (WIN) and the MSCI Japan ESG Select Leaders Index.  The Government Pension Investment Fund for Japan (GPIF), one of the world’s largest pension funds, has selected these innovative MSCI indexes as benchmarks for their ESG investment strategy. This reflects the growing use of MSCI ESG indexes globally as part of institutional investors’ investment processes.   Recent research has suggested that greater participation of women in the workforce may have benefits for the Japanese economy. As a result, the Japanese government has set out explicit goals to encourage women’s
Barclays has launched the Barclays Merger Arbitrage US Index Family, a new addition to the Barclays range of Quantitative Investment Strategies. Barclays launched its first Merger Arbitrage indices in 2010. The addition of the new index family will allow investors to access potential returns from the successful completion of announced merger deals in the US.   The index aims to invest in a wide array of deals in the US and capture the deal spread between the price of the merger target shares and the terms of the deal. It takes a long position in the target company of the merger
The US CFTC has entered into non-prosecution agreements with the former Citigroup Global Markets traders – Jeremy Lao of New York, New York, Daniel Liao (of Minato-Ku, Japan, and Shlomo Salant of New York, New York. In their non-prosecution agreements, Lao, Liao, and Salant each admits that he engaged in the unlawful disruptive trade practice of “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution) in US Treasury futures markets while trading for Citigroup Global Markets Inc. (Citigroup) in 2011 and 2012. The non-prosecution agreements emphasize Lao’s, Liao’s, and Salant’s timely and substantial cooperation,
The Libero Development Fund has beaten its objective of a return of 12 per cent net per annum for investors, returning 12.6 per cent. Founded by asset management professionals Mary Murphy (pictured), and Iain Cahill, the fund is now in its third year of trading. It actively creates and trades, through private placement, European Medium Term Notes (EMTNs), bonds and structured notes. All of the securities are issued by investment grade institutions.   “It is very rewarding to be able to deliver on our objective for our clients,” says Murphy, Managing Director of the Libero Development Fund. “As we continue
Returns from Quaero Capital’s Infrastructure Securities strategy have taken off after the manager backed Europe’s outperforming airports. The Airports sector was up by over 10 per cent in the last month. Spanish operator Aena was up 11 per cent, and is up 30 per cent year to date (YTD). There may be further upside due to the excellent prospects for capacity growth which is expected to continue at a 9 per cent annual rate for the rest of the year.   Additionally, growth from the acquisition of further concessions should provide further upside. Aena can raise long term debt at
Shinhan Investment Corp. and Cathay Futures Corp have become Trading Members on Singapore Exchange’s (SGX) derivatives market. Shinhan Investment is SGX’s first derivatives Trading Member from South Korea. Originally established in 1973, the Seoul-based securities brokerage and investment bank is a subsidiary of Shinhan Financial Group Co. Ltd.   Cathay Futures, a subsidiary of Cathay Financial Holding Co. Ltd., started its offshore derivatives business in 2015. SGX is the first exchange that the Taipei-based company has applied to for remote membership.   Michael Syn, Head of Derivatives at SGX, says: “We are pleased to welcome Shinhan Investment and Cathay Futures
IHS Markit has launched RPA Manager, a comprehensive service helping asset managers acquire investment research in compliance with MiFID II. To reduce the potential for conflicts of interest, MiFID II requires asset managers to separate payments for research from trading commissions due to brokers that provide research.  If an asset manager intends to use its clients’ assets to fund research payments, the manager must disclose research fees, allocate those fairly among client accounts, and receive client approval for research expenses.  Payments must be made from segregated research payment accounts (RPAs) created by the asset manager.      The new RPA

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