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The cryptocurrency market is predicted to reach USD1 trillion according to Smartereum as the market capitalisation continues to grow. Currently, the estimated size of the crypto market is approximately USD417 billion, a very modest number and one that remains dwarfed by other traditional and alternative asset classes. To put things into context, global private equity alone raised more than USD453 billion in 2017.
So despite all the hype and hyperbole surrounding cryptocurrencies, the fact remains that this is still a nascent asset class. That is not to say, however, that the wider ‘digital asset’ marketplace is not set for significant
Q&A with Joanne Huckle, Ogier
As someone who advises both hedge funds and private equity managers, are there common themes affecting both sets of clients?
The once-rigid boundaries between the hedge funds industry and the private equity industry are becoming blurred – we’re seeing traditional hedge fund managers increasing investments in private equity opportunities such as real estate and illiquid private debt, a marked growth in the number of new hybrid fund launches, and institutional investors and family offices alike are reallocating capital to private equity funds in search of higher returns. In the background of course, new legal and
Q&A with Jude Scott, Cayman Finance
What is the most important aspect of maintaining Cayman’s reputation as the world’s leading offshore IFC?
The key element that ties together all of our efforts to operate a premier global financial hub for alternative investment funds and a culture of compliance with our laws, regulations and global standards is the world class, legal public accounting, administration fiduciary and asset management professionals that make up the Cayman Islands financial services industry. Our approach as an industry – what we call The Cayman Model — puts extraordinary value on our business culture and the women
The Caribbean Financial Action Task Force’s mutual evaluation of the Cayman Islands at the end of 2017 led to a revision of the jurisdiction’s anti-money laundering (AML) regulations and was the catalyst for the new Cayman AML guidance. The CFATF report recommended enhancing international co-operation, broadening asset freezing powers and offences and expanding the scope of AML regulation.
“These changes to the Cayman AML regime together with the implementation of the Cayman tax information exchange regulations and economic substance legislation are each directed at ensuring that Cayman remains at the forefront of international compliance initiatives,” says Matt Mulry, Partner
Q&A with Gary Smith, Partner, Loeb Smith Attorneys
Could you briefly explain the concept of the Segregated Portfolio Company?
Once registered under the Cayman Islands Companies Law, a segregated portfolio company (“SPC”) can operate segregated portfolios (“SPs”) with the benefit of statutory segregation of assets and liabilities between portfolios.
Under Cayman Companies Law, an SPC is an exempted company which has been registered as a segregated portfolio company. It has full capacity to undertake any object or purpose subject to any restrictions imposed on the SPC in its Memorandum of Association (“Memorandum”). The SPC is able to create one or more
Tax transparency and cooperation with international regulators and governments to guard against tax evasion is something that the Cayman Islands takes seriously. It has, after all, Tax Information Exchange Agreements with all major developed countries and shares information with over 100 countries under the OECD’s Common Reporting Standard framework.
Specifically, Cayman has had a TIEA in place with The Netherlands since 2009. That The Netherlands has just decided to blacklist the Cayman Islands (along with 20 other jurisdictions) has understandably surprised people and one wonders what the problem is, given the island’s commitment to adhering to the OECD’s BEPS Inclusive
The European Energy Exchange (EEX) and Global Dairy Trade (GDT) have successfully concluded the initial consultation period regarding the establishment of a joint venture to operate a European-based auction mechanism for European dairy products.
The initiative between EEX and GDT received a high level of interest in the market during the evaluation process. To date, EEX and GDT have met with more than 50 key participants of the dairy value chain. Sellers and buyers across France, Germany, Ireland, the Netherlands, Scandinavia, Switzerland, the United Kingdom, as well as buyers from Asia.
Following the completion of the market consultation and
The Mizuho-Eurekahedge Index (USD), an asset-weighted index representing the global hedge fund industry performance was down 0.39 per cent in December, bringing its year-to-date loss to 4.09 per cent amidst the global equity market sell-off.
Despite ending the year in the red, hedge fund managers recorded their best outperformance over the global equity markets since 2011, as they returned 7.70 per cent more than the MSCI ACWI IMI (USD) throughout 2018.
Historically, the Mizuho-Eurekahedge Index (USD) has outperformed underlying equity markets during periods of market distress, such as the years 2008 and 2011, during which the index outperformed global
GPP, a prime broking, investor services and wealth solutions firm, has hired James Parker for the position of Chief Risk Officer (CRO).
Parker will take on the newly-created role after over five years at Société Générale as European Head of Risk Management. His appointment is part of GPP’s strategic expansion of its senior leadership team and follows the recent hire of Todd Johnson as Chief Operating Officer (COO).
Parker brings a wealth of experience to GPP from roles including Head of Clearing at JP Morgan and Executive Director of Valuations and Model Control Oversight at Lehman Brothers.
The
IHS Markit’s MarkitSERV and Cobalt are collaborating to accelerate the delivery of new post-trade processing services for foreign exchange (FX) markets.
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As part of its alliance with Cobalt, IHS Markit also made a strategic investment in the firm and will partner with Cobalt to sell and deliver the solution.
In working together, MarkitSERV and Cobalt will offer a shared post-trade infrastructure designed to replace legacy technology and manual processes, bringing increased efficiency and reduced operational risk to the FX market.
The alliance unites MarkitSERV’s global network of over 800 FX counterparties and venues with Cobalt’s advanced
