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CFTC Chairman Timothy Massad (pictured) comments on the supplemental proposal on position limits for derivatives… The CFTC has taken a significant step toward finalising its rules on position limits this year. The supplemental rule we have unanimously proposed today would ensure that commercial end-users can continue to engage in bona fide hedging efficiently for risk management and price discovery. It would permit the exchanges to recognise certain positions as bona fide hedges, subject to CFTC oversight. For years, exchanges have worked with the CFTC’s general definition of a “bona fide hedging position” to grant these exemptions to exchange-set limits. Under this supplemental
A new white paper by Nasdaq Global Information Services reveals that US companies that engage in stock buybacks generally outperform the market on an annualised basis and also experience lower volatility; the Holy Grail of investing.  “This is helped by the fact that buybacks act as a bit of a floor during periods of heightened volatility, and act as additional price support for companies even when their share price might be falling,” says Cameron Lilja (pictured), Director of Product Development, Nasdaq Global Information Services and author of the Stock Buybacks white paper, which published last month. Stock buybacks are nothing
The US CFTC has approved a supplement to its December 2013 position limits proposal that will modify the procedures for persons seeking exemptions from speculative position limits for non-enumerated bona fide hedging.   The proposal would also define procedures for recognition of certain anticipatory bona fide hedge positions. The  supplement would provide a new  process for exchanges to recognise certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from federal position limits certain spread positions, in each case subject to CFTC review.  The proposal also includes corresponding
OppenheimerFunds has formed a strategic partnership with Macquarie Investment Management, a division of Macquarie Group Limited (MQG), to launch the Oppenheimer Macquarie Global Infrastructure Fund. The Oppenheimer Macquarie Global Infrastructure Fund seeks total return. The mutual fund seeks to offer portfolio diversification, a potential hedge against inflation, strong risk-adjusted returns relative to the broader equity market, and liquid exposure to an asset class that has traditionally only been available in private or illiquid structures. The fund employs rigorous, fundamental bottom-up research to identify hidden alpha opportunities as well as robust portfolio construction and risk management. The portfolio managers invest in
Irving H Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), has filed a motion in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of recoveries to the BLMIS Customer Fund and an authorisation for a seventh pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.  A hearing has been scheduled for Wednesday, 15 June, 2016, at 10:00 am EDT. Plans for a seventh interim pro rata distribution may now be made, as a result of the
STOXX Ltd, operator of Deutsche Boerse Group’s index business, and a global provider of tradable index concepts, has extended the STOXX Select and STOXX Diversification Select index families that were introduced in October 2015.  The newly launched indices combine investment themes such as Low Carbon and ESG with low volatility, high dividend and low correlation screens, thus creating hybrid index concepts. The STOXX Select and STOXX Diversification Select index families are specifically designed as liquid underlyings for financial products such as structured products and exchange traded-funds. The combination of the screens in the index methodology sets an attractive pricing framework
Bloomberg has launched the Entity Exchange platform, a web-based, centralised and secure solution that enables buy-side firms to provide entity data and documentation to their trading counterparties. Entity Exchange eases the process of opening new trade accounts for the buy-side, while also helping brokers satisfy Know-Your-Customer (KYC) compliance requirements. David Sharpe, Director of Operations at Fortress Investment Group, says: "An investment firm of our size with a diverse portfolio needs to establish relationships with new trading partners quickly and securely so that we can effectively manage our operations." Sharpe further explains, "The exchange of official information and documentation with our
Colin W McLean, FSIP, has been elected the new Vice Chair of the Board of Governors of CFA Institute, the global association of investment management professionals.  Effective 1 September, McLean succeeds Frederic P Lebel, CFA, who becomes the newly elected Chair of the Board. The new board line-up was elected by the membership at the 69th CFA Institute Annual Conference, held in Montreal earlier this month. McLean is the first non-Charterholder to hold this role.   McLean is CEO of SVM Asset Management Ltd, an independent fund management group based in Edinburgh, UK, which he founded in 1990. SVM specialises
Neptune, the open standards network utility for pre-trade indications in bond markets, has completed connectivity to Fidessa's buy-side OMS platform to distribute high quality pre-trade data to assist the buy-side with liquidity and price discovery utilising their existing workflows. With 17 dealers committed to the platform and over USD60 billion of gross notional and twelve thousand line items, referencing over eight thousand ISIN’s across IG/HY/EM and Covered bonds and 20 CCY’s, Neptune is fast expanding from its initial focus of purely European IG/HY corporate bonds, to a portfolio which also reflects the global nature and reach of its user base.
American Century Investments has expanded its liquid alternatives offering with the launch of the AC Alternatives Long Short Fund, the second multi-manager fund to be launched under the firm's AC Alternatives brand. The new fund uses an open architecture subadvisor approach to access experienced, specialised managers who employ differentiated approaches to long/short equity investing. Long/short equity strategies seek to take long positions (buys) in undervalued equities and short overvalued positions in equities issued by companies across all market cap and geographies. "The addition of AC Alternatives Long Short to our suite of liquid alternatives solutions reflects our commitment to meeting

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