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The Royal Bank of Scotland (RBS) is to pay a USD85 million civil monetary penalty to settle CFTC charges that over a five-year period from January 2007 through March 2012, through the acts of multiple traders, RBS attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX).
The CFTC charges say that RBS engaged in the unlawful conduct in order to benefit certain derivatives positions it held that were priced or valued off of the USD ISDAFIX benchmark.
RBS will be required to take specified steps to implement and strengthen its internal controls and procedures,
- 06/02/2017
Imation Corp has launched an investment adviser subsidiary, GlassBridge Asset Management.
In conjunction with the launch, Imation has concluded the transition of its principal business activities to become a publicly-traded alternative asset manager.
Imation intends to rebrand as GlassBridge Enterprises in the summer of 2017. The corporate headquarters will remain in Oakdale, Minnesota.
The launch of GlassBridge is the result of the closing of a transaction with Clinton Group, a diversified asset management firm and an investment adviser registered with the US Securities and Exchange Commission, on 2 February 2017. The transaction allows for GlassBridge to place under
- 03/02/2017
Alternative asset manager FS Investments has appointed Chris Condelles as head of capital markets and investor relations (IR).
Condelles will serve as an executive vice president based in the firm’s Philadelphia headquarters.
In his new role, Condelles will help expand the reach of the firm’s growing suite of investment solutions by overseeing relationships with key stakeholders including institutional investors, banks, rating agencies and the analyst community.
“Chris brings substantial experience building profitable credit and financing solutions businesses to our platform at FS Investments,” says Michael C Forman (pictured), chairman and CEO of FS Investments. “At a time when
- 03/02/2017
The Alternative Investment Management Association (AIMA) has published a guide for investment managers to help them understand and implement the requirements of the European Union’s updated Markets in Financial Instruments Directive (MiFID2).
The guide to the directive, which comes into effect from January 2018, has been produced with significant input from law firm Schulte Roth & Zabel.
AIMA’s MiFID2 Guide aims to provide investment managers with a better understanding of which aspects of MiFID2 are relevant to them, what the rules require and what practical steps they can take to ensure compliance with the new framework.
MiFID2
- 03/02/2017
- 03/02/2017
HedgeCoVest is to provide The SMArt Xchange (SMArtX) exclusively to SS&C’s client base of advisers using Axys, APX, or Black Diamond.
This integration is designed to allow for seamless, sleeve-level reporting and portfolio accounting of all SMArtX accounts through adviser-focused SS&C technology solutions.
SMArtX grants SS&C Advent advisers exclusive access to a UMA/SMA offering that provides intra-day liquidity on almost 150 investment strategies. Advisers gain access to long only, long/short, and options strategies, which are allocated into a single brokerage account. The SMArtX service uses proprietary technology to maintain a real-time record of investment managers’ activity and automatically creates
- 03/02/2017
CME Group has reported revenue of USD913 million and operating income of USD540 million for the fourth quarter of 2016.
Net income was USD373 million and diluted earnings per share were USD1.10.
On an adjusted basis, net income was USD387 million and diluted earnings per share were USD1.14. Financial results presented on an adjusted basis for the fourth quarters of 2016 and 2015 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
Total revenue for full-year 2016 was USD3.6 billion and operating income was USD2.2 billion. Net Income was USD1.53 billion and diluted earnings per
- 03/02/2017
- 03/02/2017
Instinet has added two new tools to its Plazma online account management platform – Vendor Search and Credit Tracker.
Vendor Search helps users to efficiently find research providers by searching multiple categories, including sectors and specialities.
Credit Tracker, designed to be MiFID II ready, helps provide customers with functionality to track and manage Commission Sharing Agreements and Research Payment Accounts.
Instinet Europe is authorised by the Financial Conduct Authority (FCA) as a payment institution, and provides cash management services that are consistent with the RPA approach.
Plazma has undergone a refresh making it easier to navigate, which
- 02/02/2017
A market correction could provide some longer-term benefits, says Nathan Flanders, managing director, Fitch Ratings…
Mention the words ‘market correction’ and reactions range from mild worry to outright concern among most market participants. However, a number of different types of investment managers may actually welcome hearing those words, as a market correction could provide some longer-term benefits.
Why is it that a market correction, which we define as a temporary decline in asset values of approximately 10 per cent, could benefit a business model primarily predicated on delivering positive returns to investors? The answer is that despite the short-term performance
- 02/02/2017
PEGAS registered a total volume of 165.7 TWh in January 2017, thanks to a record-breaking month on its spot segment with 86.4 TWh.
The previous record was 75.1 TWh in December 2016.
Spot trading volumes in January reached 86.4 TWh, which represents an increase of 65 per cent compared to the previous year (52.5 TWh).
This record volume was supported by high marks on most PEGAS Spot Hubs.
The Dutch market area TTF registered a record volume with 19.5 TWh (previous record: 19.3 TWh in December 2016).
The German delivery zones recorded a total volume of
- 02/02/2017
Euronext has published its first Biotech Barometer, a quarterly tool that offers an insight into major trends in biotechnology companies, which includes only companies offering diagnostics and therapies listed on Euronext markets.
Designed in partnership with Biotech Bourse, the barometer shows performance indicators, investor interest and market sentiment specifically for this sector.
Biotech is a key sector for Euronext: between 2012 and 2016 the number of biotech companies listed on its markets rose from 12 to 45, with a market capitalisation of nearly EUR12 billion. The Biotech Barometer is designed to showcase this fast-moving sector. In addition to providing
- 02/02/2017
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