Latest News
EBS BrokerTec, ICAP's electronic foreign exchange (FX) and fixed income business, has launched 12 new daily WMR fixes through the eFix Matching solution, with plans to provide electronic execution for all 24 hourly WMR fixes by the end of the first quarter 2016.
The new fixes were launched in response to demand from customers who have increased their focus on electronic execution of fixings to ensure transparent and fair matching in the current regulatory environment. Such a solution was recommended by the Financial Stability Board (FSB) in 2014, following its consultation on FX benchmarks, to ensure a robust fix methodology
- 22/02/2016
Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) is now a recognised member of the International Organisation of Securities Commissions (“IOSCO) as of February 2016.
As an associate member, ADGM-FSRA is committed to comply with the international regulatory standards on financial markets and to contribute to the standard setting activity of the IOSCO and its international work.
This new membership confirms FSRA’s steadfastness to align its regulatory practice with international financial centres as well as to contribute to financial stability and robust financial regulations in the Abu Dhabi and the region.
Richard Teng (pictured), CEO of
- 22/02/2016
Michele J Alexander has joined the New York office of Bracewell as a partner in the firm’s tax practice. Alexander counsels clients in mergers and acquisitions, securities and capital markets, funds and joint ventures, bankruptcy, real estate, and compensation matters.
“Michele’s experience will strengthen our already-fruitful tax practice,” says Bracewell Managing Partner Mark C Evans. “Her expertise in diverse transactional matters will bring new insights to the firm, as well as invaluable advice to our clients.”
“We are excited to have Michele join us in the New York office,” says Elizabeth L McGinley, leader of Bracewell’s tax practice. “Her
- 22/02/2016
Catella is revising its fee structure for the Catella Hedgefond fund, to better respond to changing market demands. Catella Hedgefond has previously applied an annual reset of its high water mark, but has now chosen to instead implement a perpetual high water mark.
Since its inception in 2004, Catella Hedgefond has delivered an average annual return of 5.6 per cent. The average standard deviation during the period was 2.6 per cent. In both 2014 and 2015, the fund was named Hedge Fund of the Year by Fondmarknaden.se.
When Catella Hedgefond was founded in 2004 the fee structure at that
- 22/02/2016
- 22/02/2016
The SS&C GlobeOp Forward Redemption Indicator for February 2016 measured 3.27 per cent, up from 2.31 per cent in January.
“SS&C GlobeOp’s Forward Redemption Indicator for February of 2016 was 3.27 per cent, an increase from 2.31 per cent for January of 2016,” says Bill Stone (pictured), Chairman and Chief Executive Officer, SS&C Technologies. “However, this increase was well within normal seasonal patterns. In fact, February’s 3.27 per cent was the second lowest reading of any month of February since SS&C GlobeOp began tracking forward redemptions in 2008. This February also marked the fifth consecutive month of year-over-year improvements in
- 22/02/2016
The top 10 US hedge funds were hit hard by US stock market performance in Q4, according to the latest quarterly Hedge Fund Tracker from S&P Global Market Intelligence. In total, the top funds managed USD159 billion in Q4, down USD44 billion from Q3.
The funds also decreased the total number of stock positions held from 441 to 427, the fewest stock positions held throughout 2015.
The worst performing sector of 2015 in the S&P 500 was also the most-bought sector by pure play hedge funds in Q4. The 10 largest funds bought USD1.5 billion in energy sector stocks during the
- 19/02/2016
Private equity managers are finding that increased demands for transparency from their LPs are requiring them to change their mindset, especially when it comes to sharing information on how assets are valued.
LPs are doing more due diligence, asking PE managers to explain why they value a target company at, say, 8X EBITDA, and a comparable non-target company at 10X EBITDA. In effect, LPs want to get more involved in the valuation process. This is the new normal that all alternative fund managers are waking up to, and in part, it is being driven by the onset of regulation.
As PE managers become more open with LPs, this is helping
- 19/02/2016
The Board of Directors of National Futures Association (NFA) has elected Michael C Dawley, Managing Director, Goldman Sachs & Co, to serve a one-year term as Chairman. The Board also elected Maureen C. Downs, President, Rosenthal Collins Group LLC, to serve as Vice-Chairman.
In addition, the Board elected the following individuals as public directors:
Andrea M Corcoran, Align International LLC;
Ronald H Filler, New York Law School;
Douglas E Harris, Promontory Financial Group LLC;
Jim Marshall;
Mary M McDonnell; McDonnell & Associates;
Michael H Moskow, The Chicago Council on Global Affairs;
Charles P Nastro;
Ronald S Oppenheimer, Vitol, Inc.;
- 19/02/2016
Hedge funds lost 2.83 per cent in January according to the Barclay Hedge Fund Index compiled by BarclayHedge – the worst start to a new year in eight years since the Index dropped 3.26 per cent in January 2008.
“Slowing fourth quarter growth in the US, heightening concerns about the Chinese economy, and a precipitous decline in energy prices all weighed heavily on investor sentiment," says Sol Waksman (pictured), founder and president of BarclayHedge.
Overall, 15 of Barclay’s 18 hedge fund indices had losses in January. The Healthcare and Biotechnology Index was hit the hardest, dropping 7.10 per cent in one month.
- 19/02/2016
Bedell Cristin has strengthened its corporate and banking team through a senior appointment in Guernsey, with Ann Halliday, an experienced lawyer in the offshore market and a qualified banker, joining the firm as a senior associate.
Halliday was most recently employed at a senior position at a large law firm in Guernsey and specialises in legal advice for the banking, funds and corporate sector. She entered the legal profession in 1995 and has worked both in-house and in general practice, focusing primarily on banking and corporate law. Prior to that, she had a career in financial services including a significant
- 19/02/2016
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