Digital Assets Report

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Mediatrix Capital Fund has launched as a Bloomberg-listed closed-end hedge fund administered by Sterling Fund Services, audited by KPMG, and domiciled in the Bahamas.  Parent company Mediatrix Capital will raise USD1 billion in investments into the new Mediatrix Capital Fund.   The primary focus of the fund is to trade the FX spot and complex OTC FX options strategies, through the Forex markets and trading mostly G-7 currencies, including the US, Japan, European Union, UK and Canada. Currently, the fund trades primarily in the off exchange OTC FX spot/options for currencies spot gold, silver, platinum and palladium.   Mediatrix Capital,
E*TRADE Securities and E*TRADE Clearing are to jointly pay a USD280,000 civil monetary penalty to settle CFTC charges over non-compliance with applicable record-keeping rules and failure implement diligent supervision.  Both entities have their headquarters in Chicago, Illinois.   The CFTC order finds that between October 2009 and January 25, 2014, E*TRADE Securities did not preserve and maintain certain audit trail logs for their customers. Similarly, E*TRADE Clearing did not preserve and maintain customer audit trail logs after becoming registered as a Futures Commission Merchant in February 2013.    The order finds that by not preserving and maintaining these records, E*TRADE
Quintillion, the European-based affiliate of US Bancorp Fund Services, has expanded its middle office services to include a specialised DTCC reconciliation offering for the OTC derivative and credit spaces. Quintillion clients using DTCC (The Depository Trust & Clearing Corporation) for electronic confirmation services can now take advantage of a specialised reconciliation service provided by Quintillion.   Daily data from DTCC is now combined with enriched Quintillion portfolio information maintained within Advent Geneva, allowing the fund manager to outsource this function.   Many reconciliations use an extended range of match criteria necessary for fully identifying any OTC derivative or credit instrument
US Commodity Futures Trading Commission (CFTC) general counsel Jonathan L Marcus is to leave the agency.  Marcus joined the CFTC in 2011 as deputy general counsel for litigation, and was promoted to general counsel in 2013.   Robert A Schwartz, currently the deputy general counsel for litigation and adjudication, will become acting general counsel.   CFTC acting chairman J Christopher Giancarlo says: “Jonathan is an accomplished lawyer, and I thank him for his expert legal advice during the time I have been a commissioner. I wish Jonathan and his family the very best. While I am sorry to see Jonathan
Linedata, a solutions provider to the investment management and credit industries, is to acquire Gravitas Technology Services, a provider of middle office and technology services to the hedge fund industry. Gravitas is based mainly in New York and Mumbai.    Gravitas provides its services using a technology platform that integrates proprietary and third-party tools. Through outsourcing, its customers access services based on a variable, shared cost model.   With over 80 staff in the US and 180 in India, Gravitas supports over 80 asset managers of all sizes in North America.   In 2016, the company achieved revenues of USD26.5 million.
Hatteras Funds, a provider of alternative investment solutions for financial advisers and their clients, is marking the third anniversary of the Hatteras Disciplined Opportunity Fund (Class I: HDOIX). The fund is designed to offer investors equity market exposure, while reducing volatility and limiting potential portfolio losses.   "We are excited that The Hatteras Disciplined Opportunity Fund has outperformed many of its peers since inception three years ago," says Mike Hutten (pictured), president of distribution for Hatteras Funds. "The Fund’s investors have benefited from the ability to maintain an equity allocation while mitigating their volatility. We believe it is a better
Cowen Group has added Eric M Rose to the firm’s options and event driven strategies sales and trading team. Rose is a managing director and senior derivatives trader with a focus on risk arbitrage and event driven situations.   He will report to Kyle Solomon, Cowen’s head of options and event driven strategies.   “Eric has a proven ability to conceptualise and deploy complex, alpha generating derivative trading opportunities for active portfolio managers,” says Solomon. “Our organisation is committed to providing clients with value-added capabilities that leverage talent across the entire platform. As such, Eric will collaborate with our world-class
Investment management platform provider TORA has appointed David Tattan as head of European business development, based in the company’s new regional headquarters in Jersey. Tattan will work with Chris Jenkins, who is overseeing the company’s European expansion.   From its new office in Jersey, TORA will offer a range of software solutions to its client base of asset managers, hedge funds and brokerage houses, including an order and execution management system and a portfolio and risk management system.   Robert Dykes (pictured), CEO of TORA, says: “Europe has a mature asset management industry and we feel that with the forthcoming
At the ICE Endex gas storage auction on 25 January, on behalf of GasTerra, all 4,549,450 Standard Bundled Units (SBUs) for the contract period 2017/2018 offered to the market were allocated after two auction rounds. The outcome of the auction is an average weighted price per SBU of EUR1.71.   ICE Endex has operated auctions for virtual gas storage services in the Netherlands since 2011, with auctions taking place twice a year.   Gas storage services are sold in the form of SBUs, which allow market participants to inject or withdraw gas from a virtual storage facility. A SBU has
By J D David, Meyler Capital – “If the alternatives industry were to build freeway signs, they would put a paragraph on them rather than one word and an arrow.” – Kyle Dunn, Meyler CEO Kyle has been making this argument since founding the firm five years ago. The obvious point: the industry is way too verbose and it lacks imagination.   The alternative investment space has become incredibly mature and competitive in a relatively short period of time. While investment strategies have evolved, the marketing of these strategies has not. What was appropriate 10,000 funds ago is no longer appropriate today.

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