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Forex Capital Markets (FXCM), its parent company FXCM Holdings and FXCM’s founding partners, Dror Niv and William Ahdout, are to pay a USD7 million penalty to settle CFTC charges that they defrauded retail forex customers.
In addition, FXCM, Niv, and Ahdout are prohibited from registering with the CFTC, acting in exempt capacities or acting as principals, agents, officers or employees of registrants.
The CFTC finds that, between 4 September 2009 though at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s retail foreign exchange (forex) customers by concealing its relationship with its most important market maker and
- 07/02/2017
GAIN Capital, a provider of online trading services, has signed a non-binding letter of intent to acquire the client base of FXCM's US operations.
Under the letter of intent, customers of FXCM's US regulated business will be transferred to GAIN's retail brand FOREX.com.
The transaction is subject to GAIN and FXCM reaching a definitive agreement and to final regulatory approval. Upon reaching an agreement, the account transfer is expected to occur prior to the end of February.
GAIN Capital is one of the largest providers of retail FX & CFD trading services globally. The company is currently regulated
- 07/02/2017
Jersey funds and regulatory specialist Emily Haithwaite has joined Ogier as a partner.
Haithwaite’s (pictured) wide-ranging investment funds and financial services law experience has brought her recognition from clients and industry.
Head of Ogier's Jersey funds team, Niamh Lalor, says: "She has an outstanding reputation in her field, named as a Leader by Chambers, Legal 500, IFLR and Citywealth."
Haithwaite ihas almost two decades' experience acting for banks and asset managers in the formation, listing and winding-up of funds, as well as for sovereign wealth funds, funds of funds and investors investing into Jersey funds.
Her expertise
- 07/02/2017
- 07/02/2017
Event driven was the top-performing hedge fund strategy in 2016, with the HFRX Event Driven index up 11.1 per cent in USD terms, according to the latest monthly hedge fund update from GAM portfolio manager Kier Boley.
The HFRX Event Driven index has also started 2017 brightly with returns of 1.1 per cent in January.
The event driven space also saw significant dispersion: distressed and special situations-based managers performed particularly well, given recoveries in beaten up deep value stocks and credits, while merger arbitrage had a more modest run, with the HFRX Event Driven Merger Arbitrage index returning 4.3
- 06/02/2017
B Trading has launched a systematic order insurance service exclusive to the financial services sector in London.
Created by Oleg Bagrii (pictured) in 2008, after his first-hand experience as a trader on the forex market and tested over a nine-year period, B Trading’s product is aimed at providing accurate and emotionless prediction of the financial results of a trade while remaining sufficiently flexible to operate within the individual parameters of each client.
Bagrii says: “Even a well-designed trading strategy can fail, which is why I decided to think outside of the box to find out how best to minimise
- 06/02/2017
By Ras Sipko, KOGER – For the past four years, alternative fund managers with US investors have been coming to terms with the far-reaching effects of the Foreign Account Tax Compliance Act or FATCA. Some 60-plus countries have signed up to cooperate with the IRS in order to enforce FATCA and this year the compliance burden is set to grow yet again. On 31st May 2017, fund managers will have to submit their first filing under the OECD Common Reporting Standards initiative, which can best be thought of as global FATCA or 'GATCA'.
Creating an internal programme to comply with FATCA/GATCA
- 06/02/2017
- 06/02/2017
There are a number of encouraging developments in Ireland that would, on the surface, appear to place it on a strong footing to further enhance its reputation as Europe's leading onshore alternative funds jurisdiction.
If one looks at fund growth, through October 2016 (the most recent figures at the time of writing) the aggregate AUM of Irish QIAIFs increased by 7 per cent with net sales reaching EUR10 billion. At the end of 2015, total assets in Irish ICAV fund structures stood at EUR6.2 billion. By the end of October 2016, that figure had risen to EUR26.5 billion.
"The ICAV
- 06/02/2017
ML Capital, one of Ireland's leading management company groups, has grown to exceed EUR3 billion of AUM over the last 12 months. The growth trajectory over recent years has enabled ML Capital to evolve from being a leading UCITS platform operator to being more of a fund solutions provider to managers and investors alike.
"They come to us, tell us what they need and we give them the best fund structure and solution; whether this is going on to one of our platforms and launching a sub-fund and using us as the third party ManCo to perform all the operational
- 06/02/2017
- 06/02/2017
The Irish Government is keen to embrace the FinTech revolution as is evidenced by its IFS2020 strategy for International Financial Services, which aims to create 10,000 new jobs in the IFS sector by 2020.
One particular area of innovation underway in Ireland is the emergence of regulatory technology or ‘RegTech’ with a plethora of start-ups now operating out of Dublin. Part of the reason for this is that sell-side institutions and fund management groups, burdened by the weight of regulation, regard outsourcing as an attractive option because regulatory operations are effectively a non-competitive differentiator.
This thriving technology ecosystem is benefiting
- 06/02/2017
- 06/02/2017
Alternative fund managers have had a myriad of regulatory change to contend with over recent years. In the early stages, many chose to take on the reporting burden themselves. This was very much a learning curve.
However, as the complexity of regulatory compliance has increased, fund managers have looked to consider how much they want to handle internally versus how much they want to outsource.
"We now see a significant amount of fund managers choosing to outsource their regulatory requirements," says Linda Gorman (pictured), CEO of Quintillion Limited, a European-based affiliate of US Bancorp Fund Services. "Essentially everyone has come
- 06/02/2017
- 06/02/2017
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