Digital Assets Report

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The Guernsey office of JTC, a provider of institutional client and private client services, will now be led by Adam Moorshead (pictured). As well as being the Managing Director of the Guernsey office, A Moorshead dam who joined JTC in 2015 following the acquisition of Kleinwort Benson’s fund administration business, will have cross-jurisdictional responsibilities. He will also sit on the global management board of JTC’s Institutional Client Services division. Moorshead has more than 25 years of industry experience and a proven track record in managing multi-disciplinary teams across leading international financial centres. He also has extensive management experience specifically within
Celoxica, a provider of accelerated market data, order entry and pre-trade risk solutions for the electronic trading community, has extended its Celoxica Feed Handler and Gateway portfolio to further support Interest Rate Markets by including the BrokerTec and Nasdaq eSpeed venues, delivering small footprint, high message volume processing at ultra-low latency. This asset class expansion has been introduced in response to the continued electronification of the Fixed Income and Rates markets, traditionally traded via voice or OTC, but with the introduction of new regulations and increased buy-side demand, progressively moving towards electronic trading. Order-driven venues such as BrokerTec and eSpeed
PEGAS, the pan-European gas trading platform operated by Powernext, is to introduce locational spot products on 17 November 2015, supporting the physical balancing of French Transmission System Operators (TSO) and German Market Area Manager (MAM). As a result, GASPOOL and GRTgaz will be able to perform balancing actions directly on the existing PEGAS Trayport ETSSM trading screen which has been adapted accordingly. The new products are listed on the PEGAS spot market, allowing all current PEGAS members to easily join in. Transactions will be cleared through European Commodity Clearing (ECC). PEGAS actively supported national regulatory authorities and grid operators in
BGC Partners, and its majority-owned division, GFI Group – a provider of trading technologies and support services to the global OTC and listed markets – are to sell GFI’s Trayport business to Intercontinental Exchange for USD650 million. Howard W Lutnick (pictured), Chairman and Chief Executive Officer of BGC, says: "The agreement to sell Trayport for USD650 million clearly demonstrates the value that this leading platform provides to the global energy and commodities markets. This is a business that has counted both BGC and GFI as customers for many years, and we expect to continue to use it for the foreseeable
US bank-owned prime brokerages are reasserting their influence and stealing a march on their European competitors as the financial industry adjusts to regulatory demands; in particular Basel 3 regulation, which introduces rules on capital ratios and is scheduled to come into effect in 2019.  Basel 3 will require banks to progressively reach a minimum Tier 1 capital ratio of 7 per cent by 2019. But whilst US banks appear well positioned – Goldman Sachs now has a 9.6 per cent leverage ratio – European banks such as Credit Suisse and Deutsche Bank still only have leverage ratios of 3.7 per
Hedge fund diversification and the particular benefits that hedge funds offer to a variety of investors is highlighted in a new report by the Alternative Investment Management Association (AIMA) and the CAIA Association. The paper, titled ‘Portfolio Transformers: Examining the Role of Hedge Funds as Substitutes and Diversifiers in an Investor Portfolio’, details the specific qualities that different types of hedge funds offer to institutional investors, the main source of capital managed by the hedge fund industry today.   The research is based on a “cluster” analysis of the risk and return characteristics of the main hedge fund investment strategies.
EBS BrokerTec, ICAP's market-leading electronic foreign exchange (FX) and fixed income business, has appointed Tim Cartledge as Chief Strategy Officer. Cartledge will report to Gil Mandelzis, CEO and join both the EBS BrokerTec Executive Management Team and the ICAP Global Executive Management Group. Tim will be based in London.   Cartledge was formerly at Barclays Bank where he was Head of Global Fixed Income Currencies and Commodities (FICC) Electronic Trading from 2014 until May 2015. Between 2004 and 2014, he held various positions as Managing Director at Barclays Capital where he was responsible for building Barclays’ highly successful electronic FX
Osaka-based asset manager, Nippon Capital Asset Management J-LLC is moving onto the  international stage with the opening of a new office in China. Nippon Capital provides customised portfolio management services covering equities, fixed income, hedge funds and private equity.   The news comes just days after China’s securities regulator moved closer to a normalisation of market functions when it announced it was removing the ban on new IPOs it had imposed four months ago at the height of this summer’s stock market collapse.   Nippon Capital provides customised portfolio management services covering equities, fixed income, hedge funds and private equity.
Capital markets consulting firm GreySpark Partners has opened a new office in New York, its first significant presence in the United States. Founded in 2009, GreySpark has rapidly expanded its reach globally and it has now over 85 consultants delivering projects in multiple countries, with New York being the newest hub after Hong Kong, Sydney and Edinburgh. This move gives GreySpark a firm footing in the region, as the US market continues to generate interesting opportunities but is also going through new challenges posed by regulators and the increased competition.    GreySpark Partners works with investment banks, hedge funds and
Sussex Partners, an independent specialist advisory firm focused on single manager hedge funds and founds of funds, has appointed Filippo Montalbano as Managing Director of the firm’s office in Zurich. Montalbano has joined from Credit Suisse Private Bank where he was one of the earliest members of the Bank’s Alternatives Investment group, joining in 2008 and subsequently helping to grow the Bank’s advisory business from three to 50 staff, and from zero to CHF10 billion of assets during his eight years with the bank.   Since 2010, Montalbano’s focus has been advising clients on single manager hedge funds, funds of

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