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EEX Group is planning to extend its Power Derivatives offering in the first half of 2020 by launching Trade Registration services for Japanese Power Derivatives.
Following meetings in Tokyo this week, the Ministry of Economy, Trade and Industry (METI) in Japan have confirmed EEX Group’s plans to launch clearing services for financially-settled Japanese power derivatives is allowed under the Japanese Commodities Derivatives Act. The new product offering, which is subject to standard European regulatory approval, will be the first Asian market area on the EEX Power Derivatives platform, which currently comprises 20 market areas in Europe. The EEX Group Japan
PEGAS, a pan-European gas trading platform of EEX Group operated by Powernext, has reported a doubling of the volume of futures contracts traded on the platform in June 2019 compared to June 2018.
In total, 111.3 TWh of futures products were traded (June 2018: 55.5 TWh), mostly on the TTF hub which registered 92.2 TWh on its own (June 2018: 42.7 TWh).
With a 44 per cent increase, the spot segment also experienced a very strong growth and reported 108.1 TWh in June 2019 (June 2018: 74.9 TWh) thanks to the good performance of most of the hubs.
This month
Sucden Financial’s Michael Overlander is to move from his current role as CEO to become Non-Executive Chairman, and will be succeeded by Deputy CEO Marc Bailey, withh efect from 1 January 2020.
Serge Varsano will remain on the board as Non-Executive Director, stepping down from his current role of Chairman of Sucden Financial.
As Non-Executive Chairman, Overlander will hold responsibility for the effective performance of the board. In addition, he will continue to manage some key client and exchange relationships, most notably involving the London Metal Exchange.
As Chief Executive Officer, Bailey will be responsible to the chair and the
The Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges against Elephas Investment Management Ltd (Elephas), a Hong Kong based hedge fund, for violating wheat futures speculative position limits. The Order requires Elephas to pay a USD160,000 civil monetary penalty.
The Order finds that on 29 November, 2017, Elephas held a net long position in the Chicago Board of Trade’s December 2017 soft red winter wheat futures contract of more than 1,000 contracts in excess of the spot month speculative position limit established by the CFTC.
The CFTC’s investigation was conducted in conjunction with a related
Energy commodity merchant Castleton Commodities International (CCI) has closed two credit facilities totalling USD2.775 billion. The facilities include a committed borrowing base facility and a committed unsecured revolving credit facility.
The borrowing base facility is comprised of a USD750 million three-year tranche, a USD1.15 billion two-year tranche and a USD500 million 364-day tranche. The unsecured revolving credit facility is comprised of a single USD375 million 364-day tranche.
The proceeds will refinance CCI’s maturing borrowing base and revolving credit facilities signed in July 2018, fund general corporate purposes and provide letters of credit for the Company’s merchanting activities in multiple countries. The borrowing
Lyxor Asset Management has partnered with Academy Investment Management, a New York based asset management firm, to launch the Lyxor/Academy Quantitative Global UCITS Fund, a systematic market neutral strategy focused on global equity markets.
The Fund utilises a proprietary statistical arbitrage strategy, trading both momentum and mean-reversion signals, to exploit short-term pricing anomalies in global equity markets through a universe of approximately 3,600 liquid large-cap and mid-cap stocks in 23 equity markets across Europe, North America, Latin America and Asia. The Fund seeks to take advantage of market inefficiencies through both traditional data such as price and volume and non-technical
Tradeweb Markets has introduced a series of new features aimed at optimising offshore investors’ access to the Chinese Interbank Bond Market (CIBM).
The launch of dealer streaming prices and iDeal – a messaging tool developed by the China Foreign Exchange Trade System (CFETS) – on Tradeweb was announced during the Bond Connect Anniversary Summit in Hong Kong this week.
Hedge funds enticed by higher yields in the Far East
“In addition to pre-trade allocation, clients trading Chinese bonds on Tradeweb benefit from improved price discovery, access to a deep pool of liquidity, and operational efficiency thanks to end-to-end electronic workflows,”
Tokenise’s digital asset platform Daxnet has been granted a Self-Regulatory Organisation (SRO) license by the Financial Services Commission (FSC), Barbados. Daxnet, powered by Tokenise, will now launch a multi-jurisdictional platform with a single, unified global order book.
Tokenise will enable issuers to tokenise traditional and new asset classes utilising blockchain technology, providing streamlined processes and market access for issuers and investors. These foundations create a full end-to-end solution for capital raising, enabling the primary issuance, secondary trading, clearing, settlement and registration of tokenised securities.
Through this structure Tokenise aims to create a market and trading infrastructure that will provide wider access,
By Joe McGrath – Returns from the low end of investment grade debt are doing nothing to excite investors, so hedge funds are looking to higher yields … in China.
Investors seeking a higher yielding income source are flocking to China and the country’s high yield bond market is booming.
High yield is characterised by loans with a non-investment grade credit rating, which is typically BBB or below from Standard & Poors, or below BAA from Moody’s. According to a Bloomberg report citing AJ Securities data, China had some GBP130 billion (RMB1.1 trillion) of local company bonds with a coupon
Global credit specialist CIFC, which launched a European office in London last year, has completed the first phase of its UK research team recruitment with the appointment of its fourth analyst.
Senior Analyst Rinse Terpstra has joined from Chenavari Investment Managers where he worked as a senior investment analyst focusing on CLOs. He has more than 12 years of leveraged loan and high yield credit experience in Western and Central Eastern Europe as well as Turkey.
Analyst Zoltan Paller has joined from UBS where he focused on leveraged finance and direct lending opportunities in the EMEA region. Prior to
