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The Depository Trust & Clearing Corporation (DTCC) has appointed Matthew Stauffer as Managing Director and Head of Institutional Trade Processing, effective 30 June, 2017.
Stauffer will be responsible for integrating DTCC’s middle office trade processing solutions, including the Omgeo suite of solutions, Trade Support Services (TSS) and the GMEI Utility, as well as leading new product development. He will report to Timothy Keady (pictured), Managing Director and Head of DTCC Solutions.
Stauffer previously served as CEO of Clarient Global, a partnership DTCC launched in 2014 with six founder banks to provide centralised services for all client data and documents
- 02/06/2017
Cowen has completed its acquisition of Convergex Group for a total consideration of USD100.7 million (including seller transaction expenses) and is comprised of USD53.1 million in cash and USD47.6 million in Cowen common stock.
Effective today, Convergex has been renamed Cowen Execution Services and Convergex Limited, its London-based brokerage, has been renamed Cowen Execution Services Limited.
“The acquisition of Convergex enhances our position as a leader in high quality research and superior global execution capabilities,” says Peter A Cohen (pictured), Chairman and Chief Executive Officer of Cowen. “This transaction is another step forward in Cowen’s overall growth strategy.
- 02/06/2017
- 02/06/2017
PEGAS, the pan-European gas trading platform operated by Powernext, registered a total volume of 140.7 TWh in May 2017, pulled by its spot segment which jumped by 34 per cent, while PEGAS Futures slightly increased year-on-year. Moreover, an overall monthly volume record was reached on the CEGH VTP hub with 7.4 TWh (previous record: 6.6 TWh in March 2017).
Spot trading volumes in May reached 62.9 TWh , which represents an increase of 34 per cent compared to the previous year (46.8 TWh). The Dutch market area TTF registered a significant increase with 18.2 TWh, a growth of 51 per
- 02/06/2017
Cowen, following the closing of its acquisition of Convergex Group (Convergex), has made the strategic decision to discontinue the Millennium ATS midpoint matching offering.
Millennium’s Form ATS has been amended to reflect this change and all subscribers and trading partners have been notified of the pending change. All midpoint matching in the Millennium ATS will end as of 23 June, 2017.
Jeffrey M Solomon (pictured), President of Cowen, says: “Over the past several years, many of our clients have expressed frustration with the amount of fragmentation in US equity markets. Some have also raised concerns regarding conflicts of interest
- 02/06/2017
Agincourt Capital Management has expanded its use of INDATA’s Intelligent Portfolio Management software suite by upgrading to the latest version of the cloud-based software, iPM Epic.
Agincourt Capital Management is an institutional fixed income manager with more than USD6 billion in AUM, based in Richmond, VA.
Agincourt, an INDATA iPM software client since 2012, had been looking for ways to better integrate, view and report on external data sources for use in its portfolio management and trading processes. As an institutional fixed income manager, data requirements are much more intensive than with other asset classes. Agincourt’s transition to Epic was
- 02/06/2017
The Exchange Council of the Frankfurt Stock Exchange has unanimously elected Michael Rüdiger as its new Chairman.
Rüdiger is CEO of DekaBank Deutsche Girozentrale, and has been a member of the Exchange Council as representative of public law credit institutions since the last election on 1 December 2016. He takes over from Lars Hille, representative of the cooperative financial services network (Genossenschaftliche Finanzgruppe, who will leave DZ BANK AG in October 2017 and therefore will terminate his membership in the Exchange Council after ten years. Dr Matthias Zieschang, Executive Board member at Fraport AG, remains Deputy Chairman.
“Lars Hille took
- 02/06/2017
Intercontinental Exchange (ICE) is to acquire Bank of America Merrill Lynch’s Global Research division’s index platform.
The BofAML indices are the second most used fixed income indices by assets under management (AUM) globally, and upon closing, the AUM benchmarked against the combined fixed income index business of ICE will be nearly USD1 trillion. Upon closing, the indices will be re-branded as the ICE BofAML indices. The terms of the agreement were not disclosed, and the transaction is expected to be completed in the second half of 2017. The financial impact of the transaction is expected to be immaterial in 2017.
- 02/06/2017
The European Energy Exchange (EEX) achieved a total volume of 246.9 TWh on its power derivatives markets in May (May 2016: 287.8 TWh).
In the Phelix futures for the German/Austrian market area, a volume of 164.2 TWh was traded in May. The volume for the newly introduced Phelix-DE-Futures amounted to 8.1 TWh. EEX recorded the highest monthly trading volume since the beginning of the year in Italian (36.5 TWh) and Spanish (6.4 TWh) power futures.
The May volume comprises 144.4 TWh traded at EEX via Trade Registration with subsequent clearing. Clearing and settlement of all exchange transactions was executed by
- 02/06/2017
AlphaCat Managers (AlphaCat), a wholly owned subsidiary of Validus Holdings, has appointed Bernard Van der Stichele as Portfolio Manager. He will report to Lixin Zeng, Chief Executive Officer of AlphaCat.
Van der Stichele brings over 15 year of institutional investment management experience to AlphaCat. Previously, he served as Vice President at AQR Capital Management. Prior to that, he was a Senior Investment Analyst at Ontario Teachers’ Pension Plan, where he developed its first direct ILS investment strategy.
Lixin Zeng, Chief Executive Officer of AlphaCat, says: “We are delighted to welcome Bernard to the AlphaCat team. With his impressive track-record and
- 02/06/2017
- 02/06/2017
By A J Alex Gelinas (pictured), Sadis & Goldberg LLP – President Trump has made tax reform a priority and the election of a Republican-controlled Congress has created the possibility for major changes in federal income tax and estate taxes. Despite the current in turmoil in Washington DC, there is a general belief that some sort of major tax reform will be enacted in 2017 or 2018.
On April 26, President Trump unveiled a one-page summary of the “2017 Tax Reform for Economic Growth and American Jobs” (the Trump Proposal). The President’s press release described the Proposal as the “biggest
- 02/06/2017
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