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The Securities and Exchange Commission (SEC) has charged a Citigroup business unit operating an alternative trading system (ATS) with failing to protect the confidential trading data of its subscribers.
New York-based LavaFlow Inc. has agreed to pay USD5 million to settle the SEC’s charges, including a USD2.85 million penalty that is the agency’s largest to date against an ATS.
An ATS is a venue that executes stock trades on behalf of broker-dealers and other traders. LavaFlow operates a type of ATS known as an electronic communications network (ECN), which unlike a dark pool displays some information about pending orders
- 28/07/2014
Fiona Le Poidevin has resigned as chief executive of Guernsey Finance, the promotional agency for the island’s finance industry internationally, to head up the Channel Islands Securities Exchange (CISE).
She will leave in early 2015 to become chief executive at the CISE, which is responsible for the day to day administration and marking operations of the new exchange.
CISE is the parent company of the Channel Islands Securities Exchange Authority (CISEA), which is responsible for operating and regulating the exchange.
Jon Moulton, chairman of the CISE says: “I am delighted that Fiona has decided to join us as
- 28/07/2014
- 28/07/2014
New York-based macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service.
Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customised daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds.
Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures, Atreaus Capital required customised daily risk reporting and monitoring of a broad range of risk measures and limits, on a daily basis, including VaR, sensitivity and exposure limits.
SunGard’s Hedge360 Risk
- 28/07/2014
Barclays has firmly rebutted the claims made against it by Eric T Schneiderman (pictured), the New York Attorney General, over the operation of its dark pool with a robust defence of its practices.
In a 49-page statement document filed with the Supreme Court of New York, the bank stated: “This case is about purported “false advertising” by Barclays regarding Barclays LX, an Alternative Trading System (“ATS”) used by highly sophisticated investors. Relying primarily on snippets of marketing brochures and brief quotes in news articles, the New York Attorney General (“NYAG”) alleges that Barclays misled LX customers about the extent of
- 28/07/2014
Schroders has appointed two commodity experts, James Luke and Dravasp Jhabvala, to further strengthen its commodities team.
Luke joins the London-based team, headed by Geoff Blanning, as commodity fund manager/ metals analyst and Jhabvala as commodity quantitative analyst.
Luke was previously co-head of metals research at JP Morgan. He has nine years’ of experience within commodities in London and Hong Kong.
Jhabvala joins Schroders from Palaedino Group in Geneva where he specialised in developing investment strategies for commodities. Dravasp will work on enhancing Schroders’ quantitative models for commodities.
Blanning says: “I am delighted to announce James’ and
- 28/07/2014
- 28/07/2014
Morgan Stanley this week announced the launch of the MS Nezu Cyclicals Japan UCITS Fund on its FundLogic Alternatives plc platform.
The Fund provides exposure to Nezu Asia’s equity capabilities and invests across Asia in a long/ short format with a clear focus on Japan. This latest fund addition brings total assets under management on the FundLogic platform to more than USD2.8bn and further expands its suite of Asian equity strategies.
Nezu Asia Capital Management is a Hong Kong-based Pan Asia equity focused hedge fund
manager, that runs various strategies with diverse geographical, sectoral and style biases. It has
- 27/07/2014
Alternative investment provider Altegris has named Robert J Murphy as deputy chief investment officer.
Murphy will report to and work closely with Jack Rivkin, chief investment officer of Altegris.
He will join Altegris' investment committee and will be assuming specific portfolio and risk management responsibilities. Murphy joins Altegris after serving as the chief investment officer, co-portfolio manager and director of risk for Hatteras Alternative Mutual Funds, a subsidiary of Hatteras Funds, for the past five years.
"I am very pleased Bob has joined our team," says Rivkin. "He brings over 30 years of experience in asset management and
- 25/07/2014
A 9.3 per cent return in the first six months of 2014 has earned Saemor Capital’s Europe Alpha Fund a top ranking in the equity market neutral and quantitative peer group categories.
A pro-risk approach at the start of the year and subsequently a more cautious portfolio stance have worked out well, according to Saemor Capital’s founder and CEO Sven Bouman.
“The long as well as the short book of the fund performed well. Almost every sector made a positive contribution,” he says. “On a stock level, long positions Actelion, Pandora, Enel, Statoil and Yara were instrumental. Several short
- 25/07/2014
Mirabaud has seen strong growth in Spain in 2013, including a 400 per cent rise in the volume of SICAV and fund assets under management compared with 2012.
The number of SICAVs managed by Mirabaud rose from 10 in December 2012 to 36 in June 2014. This is a 260 per cent rise and makes the group one the most active players in the Spanish SICAV market.
Meanwhile, the Mirabaud Equities Spain fund, managed from Barcelona by Antonio Hormigos and Gemma Hurtado, is rated as one of Spain's top five equities funds. In the past year it multiplied AUM
- 25/07/2014
The number of funds notifying the Jersey Financial Services Commission (JFSC) of their intention to privately place into Europe under AIFMD rules has broken through the 150 mark.
Figures collated by the JFSC show that, as at 22 July, a total of 164 funds had opted to make use of Jersey’s private placement route into Europe.
In addition, 57 alternative investment fund managers have confirmed their authorisation under Jersey’s AIFMD private placement regime, and there are three depositaries in Jersey offering AIF Depositary services as well as others in the pipeline.
Figures from the JFSC also show that
- 25/07/2014
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