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The US Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad has signed a Memorandum of Understanding (MOU) with Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Ashley Alder regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Hong Kong. Through the MOU, the CFTC and the SFC express their willingness to cooperate in the interest of fulfilling their respective regulatory mandates. The scope of the MOU includes markets and organised trading platforms, central counterparties, and intermediaries, dealers, and other market
The Grand Court of the Cayman Islands has ordered that redemption payments made to an investor of the failed Weavering Macro Fixed Income Fund prior to the commencement of its liquidation are to be repaid. The Court ruled that the redemption payments constituted preferences and were therefore invalid. In doing so, the court has ordered that the redemption payments, which totalled over USD8.2m, be repaid to the fund.    The decision, handed down earlier today, represents the first successful attempt by liquidators of a Cayman Islands investment fund to recover redemption payments on the basis of preference, meaning that the
The Global Fund Media newsletter team is taking its customary year-end break, and will resume business as usual on Monday 4 January. We will continue to update our websites with the most important industry news during the holiday period.  We wish all our readers the very best for the festive season, and we look forward to working with all of you in 2016.
Ernst & Young’s Global Information Security Survey 2015, entitled ‘Creating Trust in the Digital World’ provides a comprehensive insight into how organisations view their cyber defences. The data presented reveals a number of inconsistencies that illustrate a lack of real awareness or understanding as businesses adapt to a new paradigm of increased cyber threats.  The survey canvassed the opinions of 1,755 respondents in 25 industry sectors spanning 67 different countries. Some 31 per cent of respondents were Chief Information Security Officers, 19 per cent were Information Security Officers, and 17 per cent were Chief Information Officers. As the survey states,
The fixed income business is in a state of transition with existing electronic venues and a plethora of new platforms trying to get a foothold. But moving a traditionally relationship-driven and voice-executed market to a new forum is no easy task. Issuance is soaring but liquidity is withering as banks withdraw due to Basel III’s stringent capital adequacy ratios. New platforms not only have to offer the right functionality to suit different products but also ensure robust pre and post trade systems are in place to meet impending regulations such as MiFID II, explains a new paper from Pershing Ltd.
Royce & Associates is reopening the Royce Premier and Special Equity Funds  to new investors as of Monday, 4 January. Chuck Royce and Charlie Dreifus, the funds' respective portfolio managers, say they are comfortable accepting additional asset flows at each fund's current asset base.     Royce and Dreifus, both large shareholders in these portfolios, believe reopening at this time is in the best interests of each portfolio's shareholders. Dreifus says: "I would like the fund to be available to those investors who want to participate in its opportunistic purchases considering both current valuations for equities and the uncertain global economy.
Neptune, the open standards network utility for pre-trade indications in bond markets, is continuing to expand its business to the wider community. The network launched in August initially, with a limited set of buy-side and sell-side sponsors. Neptune has already seen strong growth in the amount of quality data flowing through the network enhancing pre-trade transparency for those market participants already signed up.   Neptune is now extending the fixed income pre-trade information network to the global financial community. With over USD16 billion of gross notional and nearly six thousand line items, referencing over four thousand ISIN’s across IG/HY/EM bonds, the
The failure to provide the CFTC even a modest increase in the fiscal year 2016 budget agreement sends a clear message that meaningful oversight of the derivatives markets, and the very types of products that exacerbated the global financial crisis, is not a priority, says CFTC chairman Timothy Massad… The CFTC’s appropriation simply doesn’t match our vast responsibilities, especially as the markets we oversee have grown enormously in size, importance and technological complexity. They are critical to commercial businesses, and profoundly affect the prices all Americans pay for many goods and services in our daily lives. The CFTC’s hardworking staff
The SS&C GlobeOp Forward Redemption Indicator for December 2015 measured 4.98 per cent, up from 4.90 per cent in November. “SS&C GlobeOp’s Forward Redemption Indicator increased slightly to 4.98 per cent for December 2015 from 4.90 per cent in November,” says Bill Stone (pictured), Chairman and Chief Executive Officer, SS&C Technologies. “December is typically the heaviest month of the year for redemptions and while this was certainly the case in 2015, it is noteworthy that the 4.98 per cent reported was down sharply from the 5.87 per cent reported a year ago in December of 2014. In fact, this December’s
For the first time in almost a decade, the Fed has finally hiked rates as the FOMC decided that the US growth/ inflation mix was robust enough to absorb monetary tightening. Over the next twelve months, three to four additional rate hikes of 25 bps are on the cards.

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