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ITG has launched an enhanced version of its smart order router which, in early tests, has returned 35 per cent size improvement over the displayed quantity and USD0.0015 per share price improvement if routed to dark and lit venues. “This enhanced smart order router delivers market-leading size and price improvement, plus customisation and transparency features, giving clients more control,” says Raj Jain, head of US liquidity products at ITG. “It offers multi-broker conditional orders, on an opt-in basis, which can route outsized, trade-now orders to the largest block crossing networks, including POSIT Alert. In addition, real-time monitoring tools and detailed performance
June average daily volume (ADV) for options contracts traded on Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), and futures contracts traded on CBOE Futures Exchange (CFE) totalled 5.2 million contracts, an increase of 22 per cent from May 2016 and 15 per cent from June 2015.  Total options and futures volume was 114.0 million contracts, an increase of 27 per cent from the previous month and 15 per cent from a year ago.    CBOE Volatility Index (VIX Index) futures at CFE set record volume in non-US trading hours on 24 June, with 235,141 contracts. The new
June average daily transaction value (ADV) on the Euronext cash order book stood at EUR8,345 million in June, 9.3 per cent lower than June 2015, which was a record month following the previous one in 2010. The activity on ETFs significantly increased during June 2016 with an average daily transaction value of EUR683 million, up 16.5 per cent compared to June 2015. The exchange’s ETF offer continued expanding with six new listings during the month.   The average daily volume on equity index derivatives was down 14.4 per cent to 244,761 contracts in June 2016, while the average daily volume
Almost a third (30 per cent) of asset managers outside of North America continue to maintain legacy platforms despite the technology’s role in trade delays and errors, according to a TABB Group survey. The research, “The Buy-side Legacy IT Hangover: Finding the Cure for Alpha, Compliance and Growth,” reveals trade delays caused by inadequate technology account for opportunity costs of anywhere up to 50 per cent of revenue.   The risk of not meeting the needs of both clients and regulators means loss of assets, potentially incurring large fines and not sustaining profitability and growth.   In the report, TABB
Global financial market volatility spiked in June as the UK voted to leave the European Union, resulting in steep losses for Sterling and many European equities, while bond yields plunged further into negative territory and gold surged. Hedge funds posted gains for the month as the HFRX Market Directional Index gained 2.16 per cent, the HFRX Equal Weighted Strategies posted a gain of 0.31 per cent and the HFRX Global Hedge Fund Index gained 0.20 per cent for the month. 

   HFRX Event Driven Index posted a gain of 1.37 per cent for June, its fifth consecutive month of positive
GAM is to launch a new merger arbitrage strategy in July, subject to regulatory approval, which will focus on inefficiencies in the market prices of companies that may occur after the announcement of corporate events such as mergers, acquisitions or spin-offs. Arbitrage opportunities may also arise after company-specific news, such as the inclusion of its shares in major market indices. Events like these offer the potential for risk arbitrage, and the strategy aims to exploit a set of low-risk opportunities to generate alpha.   Risk management is embedded in the portfolio construction by keeping a suitable level of diversification across
The long-term impact of the historic decision by the United Kingdom to leave the European Union on 23 June will take investors and analysts time to fully quantify but there is no question that over the short-term, ‘Brexit’ is going to create ripples of volatility.  The sterling, which many anticipated would bounce on the news of a Remain vote, slumped to a 31-year low against the US dollar, falling as low as USD1.3228.  An estimated USD3trillion was wiped off global market indices over the course of two days, leading the FTSE 100 to fall as much as 8.7 per cent
Colt PrizmNet, the financial extranet developed by Colt, has continued to grow its footprint in Asia by connecting to Equinix’s International Business Exchange (IBX) data centres in Hong Kong (HK1) and Singapore (SG1). Colt can now interconnect with key FX centres, both globally and across Asia, including direct connectivity to Equinix’s TY3 data centre in Tokyo, the largest FX trading facility in Asia, as well as Sydney (SY2).     The move doubles the size of Colt PrizmNet’s existing footprint in Hong Kong and Singapore by making it available to financial companies located in proximity to local exchanges, in addition
Registered investment advisory firm SJL Capital has launched its maiden hedge fund, SJL MarketDNA Hedge Fund LP, which began trading in May and has a live track record. It is currently domiciled in California.   SJL Capital’s portfolio manager Matthew Rossi (pictured) says the fund employs an equity long/short strategy that takes advantage of opportunities and events to managing its hedge fund with the objective of providing above average returns with low volatility.   SJL Capital sees its fund as "having an advantage over other hedge funds by applying the proprietary quant algorithm called MarketDNA."   The algorithm has 20
FactSet Research Systems has completed the sale of its market research business, consisting of Market Metrics and Matrix Solutions, to Asset International, a portfolio company of Genstar Capital. Upon completion of the sale on 1 July 2016, FactSet received USD165 million in cash, less certain adjustments including a customary working capital adjustment.   Upon the achievement of certain growth targets over the next two years by the market research business that has been sold, FactSet would be entitled to an additional earn-out of USD10 million.

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