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Nodal Clear, the clearing house subsidiary of Nodal Exchange, has been recognised by the European Securities and Markets Authority (ESMA) as a third-country central counterparty (CCP) under the European Markets Infrastructure Regulation (EMIR).
Under European law, third-country CCPs must receive recognition from ESMA to be deemed a Qualifying Central Counterparty (QCCP).
European bank affiliated clearing members may receive favourable capital treatment for their exposures arising from derivatives cleared though a CCP that is considered a QCCP such as Nodal Clear.
“Recognition by ESMA will permit Nodal Clear to continue to provide capital efficient risk management solutions to our
- 04/04/2017
Public Pension Capital (PPC) and FiveW Capital, together with existing management, have acquired Viteos Fund Services, a provider of middle‐ and back‐office technology and services for the investment management industry.
The transaction brings together a group of financial and strategic investors experienced in building and growing technology and service providers.
The Viteos management team will continue to lead the company.
Viteos, founded in 2003, provides customised straight‐through‐processing and integrates post‐trade operations for the investment management industry in the US, Europe and Asia. It provides shadow‐accounting services and offers a full range of middle‐ and back‐office outsourcing through its
- 04/04/2017
Alternative IQ has launched a careers service specifically designed to serve Canada's hedge fund community.
The AIQ Careers Service offers two options to connect companies in Canada's hedge fund industry with the right people: a basic job posting facility where firms post positions and candidates respond directly to the company, and a full service recruitment package which is custom tailored to each company's particular needs.
"Either way, the advantage of recruiting through Alternative IQ is that companies and positions are presented only to those candidates who are uniquely qualified and keenly interested in a career in Canada's hedge fund
- 04/04/2017
Imagineer Technology Group has appointed Bob Ceremsak as a senior advisor to the company.
Ceremsak (pictured) will advise Imagineer as it grows its three product lines, Clienteer, FundInsight and Webvision.
“We are excited about having the opportunity to work with Bob,” says Mark Daniel, principal and head of business development for Imagineer. “Bob has not only been a very engaged client, having used our products previously, but brings a unique breadth of experience and industry connections to our firm as we look to expand our footprint in the industry and tell our success story.”
Ceremsak retired as a
- 04/04/2017
Cowen Group is to acquire Convergex Group from private equity firm GTCR, Bank of New York Mellon and other shareholders for a total consideration, less certain closing adjustments, of USD116 million in cash and Cowen common stock.
With combined pro forma brokerage execution revenues of over USD400 million in 2016, the transaction expands Cowen’s reach to 108 countries around the globe, including China.
Cowen expects the acquisition to be accretive to economic income per share and return on tangible common equity in 2018.
Convergex is an agency-focused global brokerage and trading related services provider with a client base
- 04/04/2017
PEGAS, the pan-European gas trading platform operated by Powernext, registered a total volume of 166.6 TWh in March 2017, confirming the increasing trend on the futures segment and another strong month for the time spread instruments.
It represents a of 25 per cent increase compared to last year (133.1 TWh).
PEGAS CEGH VTP market area registered an all-time monthly volume high with 6.6 TWh in March (previous record: 6.2 TWh in February 2017), substantiating members’ interest in a larger product offering on the PEGAS platform.
Spot trading volumes in March reached 69.2 TWh, an increase of 22 per
- 04/04/2017
Fintech company Koger has deployed its flagship NTAS platform for fund administration and compliance in the cloud.
NTAS is a share registry system that manages fund tracking, reporting and fee calculation.
More than 8,000 funds with USD2 trillion in assets are administered through NTAS, which is used by many of the largest funds, fund administrators and financial institutions.
The NTAS platform and its complementary product suite support all types of investment funds, including hedge funds, private equity, mutual funds, money market funds and pension funds.
“The migration of NTAS to the cloud is part of our ongoing
- 04/04/2017
- 04/04/2017
ITI Group has acquired a 100 per cent stake in Uralsib Securities.
Based in the UK, Uralsib Securities, now renamed ITI Capital, holds a Financial Conduct Authority license for broker-dealer operations and asset management.
ITI Capital offers direct market access to emerging markets for global clients, and to global markets for its Russian clients. The new London based team will also offer prime brokerage services and a trading platform for algorithmic funds, as well as structured products and technology-focused asset management.
Pavel Naumenko, CEO of ITI Group, says: “The acquisition of a fully licensed UK broker is a huge
- 04/04/2017
- 04/04/2017
The Depository Trust & Clearing Corporation (DTCC) has appointed Michael McClain as a managing director and general manager of equity clearing.
McClain will be responsible for leading day-to-day equity clearing business operations and strategic initiatives.
He will report to Murray Pozmanter, managing director and head of clearing agency services.
McClain joins DTCC from the Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organisation, where he served as chief operating officer and was part of the office of the executive chairman. In this capacity, McClain oversaw OCC's technology and operations. Prior to that, McClain held senior roles
- 04/04/2017
The European Energy Exchange (EEX) reached a volume of 311.2 TWh on its power derivatives markets in March, representing a year-on-year increase of 22 per cent (March 2016: 255.8 TWh).
In particular, power products for the German-Austrian market contributed to this result. At 250.5 TWh, volumes in this market increased by 42 per cent (March 2016: 176.6 TWh). This includes 225.9 TWh from Phelix Futures and 24.6 TWh from Phelix Options.
The March volumes comprised also 158.7 TWh registered at EEX for clearing. Clearing and settlement of all transactions was executed by European Commodity Clearing (ECC).
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- 04/04/2017
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