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Allianz Global Investors (AllianzGI) is to add Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, to its private debt platform. AllianzGI will acquire Sound Harbor’s assets for an undisclosed sum and the Sound Harbor team will join AllianzGI.   The Sound Harbor team will become part of the AllianzGI global investment platform, maintaining the integrity of its investment strategy, process and team while accessing insights and knowledge-sharing among colleagues across the platform.   Andreas Utermann (pictured), chief executive and global chief investment officer of AllianzGI, says: “Over the last five years, AllianzGI has
Chesapeake Capital has added its diversified strategy to Kettera Strategies’ Hydra marketplace, a global market providing investors with access, notional funding, daily transparency and twice monthly liquidity to established and emerging alternative asset managers. Chesapeake was founded in 1988 by Jerry Parker and seeks uncorrelated returns through consistency in approach across a broad range of global markets and variable market conditions.   Its diversified strategy uses a fully systematic, long-term trend following approach across more than 100 futures and FX markets.   “Big brand managers like Chesapeake, as well as emerging and international managers, are moving onto Hydra to provide
The European Energy Exchange (EEX) reached a new monthly record on its power derivatives markets in November with a total of 423.2 TWh were traded, exceeding the previous record of 416.3 TWh in April 2016. Compared with the previous year, the total volume rose by 50 per cent (November 2015: 281.8 TWh).   The volume increase in Phelix Futures (market area Germany/Austria) contributed to the overall volume. In this market, the monthly volume exceeded the trading volume of 300 TWh for the first time, representing an increase of 74 per cent against the previous year. Furthermore, the volumes traded in
Powernext and the Austrian Central European Gas Hub (CEGH) have migrated the CEGH Gas Exchange spot and futures contracts to the pan-European PEGAS platform operated under the Powernext rulebook. This represents the conclusion of the implementation phase of their cooperation, initially announced on 20 June 2016.   In the framework of the cooperation, all CEGH spot and futures products for the Austrian gas market, including the products used for the Austrian balancing market are now tradable on PEGAS. Spread products with TTF, NCG, GASPOOL and PSV are also available, as well as trade registration services for PEGAS CEGH futures products.
The future of the Dodd-Frank Act (DFA), once an unavoidable and burdensome new reality for US fixed income markets, is now completely uncertain under the coming Trump Administration. In TABB Group’s latest Market Note, “Dismantling Dodd-Frank? Regulatory Overhaul Redux,” report author Colby Jenkins examines what we know so far about the incoming Trump administration’s plan to ‘dismantle’ the DFA and to what extent their proposals might come to fruition.   Though it is still early days, Jenkins points out that the Trump financial services team has made public on their website that they aim to “dismantle the Dodd-Frank Act and
Managed futures traders lost 1.24 per cent in October, according to the Barclay CTA Index compiled by BarclayHedge. The index is down 1.30 per cent year to date.   Six of Barclay’s eight CTA indices had negative returns in October. The Diversified Traders Index was down 1.96 per cent, Systematic Traders lost 1.79 per cent, Financial/Metals Traders were down 1.00 per cent, and Agricultural Traders gave up 0.71 per cent.   “A strengthening case for a December Fed rate hike, US election uncertainties, and OPEC’s failure to agree on production quotas helped put two-thirds of CTAs into the loss column
Institutional investors worldwide are expecting to make more asset allocation changes in the next one to two years than in 2012 and 2014, according to the Fidelity Global Institutional Investor Survey. Now in its 14th year, the Fidelity Global Institutional Investor Survey examines the top-of-mind themes of institutional investors. Survey respondents included 933 institutions in 25 countries with USD21 trillion in investable assets.   The anticipated shifts are most remarkable with alternative investments, domestic fixed income, and cash. Globally, 72 per cent of institutional investors say they will increase their allocation of illiquid alternatives in 2017 and 2018, with significant
The US CFTC has obtained a USD21.8 million default court judgement and permanent injunction against Alvin Guy Wilkinson and his companies Chicago Index Partners and Wilkinson Financial Opportunity Fund in connection with a commodity pool fraud.  The order finds that Wilkinson misappropriated pool funds, fraudulently solicited pool participants, issued false statements to customers and provided false financial information to the National Futures Association (NFA). The order also finds that the defendants were not registered with the CFTC, as required.   Wilkinson is a former member of the Chicago Board Options Exchange (CBOE), who served in leadership capacities on CBOE committees
The European Energy Exchange (EEX) has welcomed the Winter Package, published by the European Commission, which introduces proposals for legislation on the EU energy market and the development of renewable energy going forward. “EEX believes that the European Commission is on the right track to provide a clear framework for achieving the completion of the EU Internal Energy Market. We see the package as a fundamental decision to instil trust in competitive and market based principles,” says Dr Tobias Paulun (pictured), chief strategy officer of EEX.   The legislation recognises that the creation of a well-functioning integrated electricity market relies
The US Commodity Futures Trading Commission (CFTC) has issued an order granting CME Clearing Europe (CMECE) registration as a derivatives clearing organisation (DCO) under the Commodity Exchange Act (CEA). Under the order, CMECE will be authorised to provide clearing services for US clearing members as well as their customers under Section 5b of the CEA.   The order permits CMECE to provide these clearing services for swaps as well as for futures and options on futures traded on or subject to the rules of a designated contract market.   With CMECE’s registration, 16 DCOs are registered with the CFTC, including

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