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The Derivatives Service Bureau, founded by the Association of Numbering Agencies (ANNA) to facilitate the allocation and maintenance of International Securities Identification Numbers (ISINs) for OTC Derivatives, is looking for broader industry representation within the DSB’s Product Committee, and is now inviting applications to participate.
From 8 January 2019, representation will include two new categories, custodians and data vendors, to expand on the existing buy-side, sell-side and trading venues, thereby increasing voting members from nine to 15. Participation is also open to trade associations as non-voting members, as well as ensuring a balanced representation of asset class knowledge and geographical
ICAP Capital Markets, now known as Intercapital Capital Markets, is to pay a USD50 million penalty to settle US CFTC charges that, through certain of its brokers, it aided and abetted numerous attempts by several of its bank clients to manipulate the ISDAFIX benchmark, a leading global benchmark referenced in a range of interest rate products.
A CFTC Order finds that over more than five years, beginning in at least January 2007 and continuing through December 2012 (the Relevant Period), ICAP’s swaps brokers were regularly enlisted by traders at bank clients to assist in attempting to manipulate the US Dollar
Outflows from the hedge fund industry slowed substantially in July amid mixed signals on trade and the global economy, according to the Barclay Fund Flow Indicator. Hedge fund industry assets rose to an all-time high of USD3.1 trillion in July.
Data drawn from more than 5,000 hedge funds in the BarclayHedge database estimated that the hedge fund industry (excluding CTAs) gave up USD1.0 billion (-0.03 per cent of assets) in July, slowing nearly nine-fold from redemptions of USD8.9 billion (-0.3 per cent of assets) the month before. The back-to-back outflows underscore uncertainties about trade, corporate earnings and global commodities prices,
Outsourced trading solutions firm Tourmaline Partners has added an “execution dashboard” to its client website to provide its buy-side clients with greater transparency into their total broker research spend.
Now, in addition to providing comprehensive trade detail and aggregated CSA (commission sharing arrangement) administration, Tourmaline tracks and reports each client’s total broker spend, combining all broker CSA payments and attributed trading. (‘Attributed trading’, or ‘attribution’, arises when clients ask Tourmaline to trade with specific brokers as payment for research services. This is most common with clients outside the MiFID II regime.)
“Investment Managers continue to reduce broker lists
TORA, a provider of a cloud-based order and execution management system (OEMS), has expanded its support for MiFID II transaction and trade reporting by integrating its trading system with NEX Regulatory Reporting.
In a bid to improve transparency, MiFID II requires asset managers to submit transaction reports, including order size, timestamps, asset type and venue to an Approved Reporting Mechanism (ARM) on T+1 for onward reporting to local regulators. MIFID II firms are also required to send trade reports including prices, volumes and instrument identifies to an Approved Publication Arrangement (APA).
By integrating the TORA OEMS with NEX Regulatory
Close to 60 per cent of Alternative UCITS funds posted losses in August, pushing broad-based indices lower. The LuxHedge Global Alternative UCITS Index lost -0.41 per cent, bringing 2018 YTD to -1.43 per cent.
Only one quarter of all funds are currently able to post year-to-date positive figures.
Equity Hedge strategies focussing on the US stock market are a notable exception with the LuxHedge Equity Long/Short US Index advancing 1.13 per cent in August (+2.44 per cent YTD). This is not only due to a long market bias, but also Equity Market Neutral US funds are able to create
Hedge funds are up 0.45 per cent for the year, their weakest performance on record since 2011 when they declined 0.40 per cent in the eight months through to August, according to the September 2018 Eurekahedge Report.
Almost 46 per cent of the managers are in the green for the year with roughly 12 per cent of these managers posting double digit gains as tracked in the Eurekahedge Global Hedge Funds Database.
Total assets under management have increased by USD7.4 billion as of August 2018 year-to-date, down from USD147.4 billion over the same period last year as performance driven
Paraic Cosgrave has joined Abbey Capital, a Dublin based multi-manager managed futures specialist, as Global Head of Sales.
Cosgrave brings with him twenty five years of experience in international capital markets. Most recently, he was Global Head of Sales & Relationship Management at BNP Paribas Securities Services. Previously, he held leadership and sales positions at SS&C and Integral Development Corporation, both providers of sophisticated software and services to financial intermediaries and asset managers.
Mick Swift, Deputy CEO at Abbey Capital, says: “I am delighted to welcome Paraic to the team. His deep client knowledge, sales experience and industry expertise
The Exchange Council of the European Energy Exchange (EEX) says it is particularly encouraged by the continuous trend of hedging long-term positions such as PPAs via EEX and its clearing house ECC.
EEX’s concept of long-term hedging with standard futures products has been well received by the market, resulting in additional trading volumes and open interest. Long-term hedges are used to mitigate price and counterparty risks arising from PPAs or other long-term power positions. In the period May to September 2018, strips of yearly futures contracts up to calendar year 2024 have been registered in Spain and Germany, achieving a
CMC Markets Institutional – a provider of liquidity and white label trading solutions – has launched a new Prime Derivatives trading platform providing professional individual and institutional clients with access to trade global single stock CFDs.
Accessing Prime Brokerage services across all asset classes has become harder in recent years as changes to regulation and approaches to risk management have evolved. Many counterparties including smaller brokers, asset managers and hedge funds have therefore found it increasingly difficult to obtain efficient routes to market access, and this now serves as a catalyst for innovation across the industry.
CMC Markets Prime
