Managers
Trading activity at CBOE Holdings reached new all-time highs in total volume and average daily volume (ADV) in 2014.
CBOE Holdings consolidated trading volume for options contracts on Chicago Board Options Exchange (CBOE) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures Exchange (CFE) totalled 1.3 billion contracts, an increase of 12 per cent over the 1.2 billion contracts in 2013. Average daily volume was 5.3 million contracts, an increase of 12 per cent from the 4.7 million contracts per day in 2013.
New records for annual total volume and average daily volume were also set at
Singapore Exchange (SGX) derivatives trading hit records in December and the whole of 2014, while securities activities grew in December but declined overall during the last year.
Total securities trading value was USD22 billion, up 8.2% from a year earlier; average daily trading value was USD983 million, up 3.4%. December 2014 had one more trading day than December 2013.
New companies listed totalled seven, raising USD583 million compared with 1 raising USD6.1 billion a year earlier. Bond listings totalled 28 raising USD8 billion. This was 36% up from the amount raised a year earlier.
Derivatives volume was a record
During the last two weeks of December, hedge funds erased the bulk of the losses recorded earlier in December, when risk aversion was elevated, according to Lyxor.
CTAs were again the best performers, in a remake of the patterns observed throughout the year (+4.7%from 16 December to 30 December). The good news came from Event Driven managers, up +3.1% during the same period. Yet, December was overall a mixed month, the Lyxor Hedge Fund Index being down 0.2% on the back of the underperformance of Fixed Income strategies (-3.1%). Their poor showing was related to the sharp high yield spread
With As the first AIFMD reporting deadline for many managers of Alternative Investment Funds (AIFs) looming large on 30 January 2015, firms may turn to outsourcing to meet their obligations.
A survey conducted by the Financial Services team of Moore Stephens highlighted that only half of AIFMs are fully aware of the Annex IV reporting requirements applicable to them and the timetable for submission, with a further 42% being somewhat aware but unsure of the information required. Almost 35% of AIFMs surveyed stated that they were not prepared for the actual reporting process.
Moore Stephens believes that the lack
Just one of IndexIQ’s proprietary family of hedge fund replication and alternative beta indexes recorded positive performance in December.
The IQ Hedge Global Macro Beta Index returned 0.79% for the month while the other six indexes all saw negative returns.
The IQ Hedge Event-Driven Beta Index was the worst performer with a return of -1.52%, followed by the IQ Hedge Emerging Markets Beta Index (-1.06%), the IQ Hedge Long/Short Beta Index (-0.94%), the IQ Hedge Composite Beta Index (-0.62%), the IQ Hedge Fixed Income Arbitrage Beta Index (-0.53%) and the IQ Hedge Fixed Income Arbitrage Beta Index (-0.47%).
Designed as
The amount of catastrophe bonds and insurance-linked securities (ILS) issued reached a record level in 2014, according to Artemis.bm.
Artemis.bm recorded USD8.8 billion of new catastrophe bond and insurance-linked securities issuance in 2014 in its Deal Directory, the highest level recorded in a single year since the cat bond and ILS market emerged in the mid-1990's. Artemis has published a new market report providing details on this issuance.
As well as achieving a new annual record for issuance of new catastrophe bond and ILS risk capital, the outstanding market of in-force cat bond and ILS transactions reached another new record,
DW Partners has assumed the role of manager for two hedge funds previously managed by Brevan Howard, totalling more than USD5 billion in assets, effective 1 January, 2015.
DW served as the investment manager for the vehicles with responsibility for all investment decisions for the Funds since their inception.
DW, a credit-focused multi-strategy asset manager, oversees in excess of USD6 billion in hedge fund assets, focusing predominately on corporate, structured and asset-backed investments. The firm has a team of 50 investment and operational professionals, and is headquartered in New York City.
The assumption of management by DW was overwhelmingly
During the last two weeks of December, hedge funds erased the bulk of the losses recorded earlier in December, when risk aversion was elevated. CTAs were again the best performers, in a remake of the patterns observed throughout the year (+4.7%from 16 December to 30 December). The good news came from Event Driven managers, up +3.1% during the same period. Yet, December was overall a mixed month, the Lyxor Hedge Fund Index being down 0.2% on the back of the underperformance of Fixed Income strategies (-3.1%). Their poor showing was related to the sharp high yield spread widening recorded earlier in the month, when liquidity issues emerged
One of the inherent risks to investing in hedge funds is the inherent volatility of performance. A top fund today might be the worst tomorrow. In Preqin’s latest November Hedge Fund Spotlight report, which looks at this year’s top 100 performing hedge funds, only three funds feature on the list from 2013.
To qualify, only those funds with USD100m or more in AuM were considered. The sample period was October 2013 through September 2014.
What is clear from the list is that the top performing funds over the past 12 months are more volatile. Whereas year-on-year only three funds made
Turnover at the cash markets of Deutsche Börse stood at EUR1.28 trillion (2013: EUR1.16 trillion), in 2014.
Order book turnover on Xetra, Börse Frankfurt and Tradegate stood at EUR108.9 billion in December (December 2013: EUR85.4 billion). Of the EUR108.9 billion, EUR100.7 billion were attributable to Xetra (December 2013: EUR77.2 billion). EUR4.0 billion were attributable to Börse Frankfurt (December 2013: EUR4.2 billion). Order book turnover on Tradegate Exchange totalled approximately EUR4.3 billion in December (December 2013: EUR4.0 billion).
In equities, turnover reached about EUR91.4 billion on Deutsche Börse’s cash markets (Xetra: EUR85.6 billion, Börse Frankfurt: EUR1.9 billion, Tradegate Exchange: EUR3.9 billion).
