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The Commodity Futures Trading Commission (CFTC) has approved Australian Securities Exchange Limited’s (ASX 24) application to permit direct access for US customers to trade on its platform.
ASX 24, a foreign board of trade (FBOT) is now registered with the CFTC and allowed to permit members and other participants in the US to trade by direct access on the exchange without having to trade through an intermediary. In order to be registered with the CFTC, an FBOT must be legally organised under its home country regulatory regime and must be subject to relevant regulations and appropriate supervision.
The ASX 24
Capitolis, a technology provider for the capital markets, has launched a novation service in foreign exchange (FX). Citi, HSBC, BlueCrest and Brevan Howard, among many other market participants, have collaborated with Capitolis on this service, which is the first of its kind in FX.
Capitolis Novation automates the currently manual workflow in both FX prime broking and bilateral trading, thus providing capital efficiencies for the FX market. The service helps mitigate against costs and inefficiencies linked to the manual process of novation that banks currently employ to meet their regulatory capital requirements as well as managing client credit capacity.
Carey Olsen has advised Techemy Capital Limited on the launch of HODL 1 – a closed-ended fund vehicle targeting investments into private-sale stage initial coin offerings (ICOs).
The fund, which has been authorised under the Jersey Private Fund regime, has appointed Techemy Capital Limited as investment adviser and will invest in cryptographic token deal flow.
The Techemy Group, based in New Zealand, owns and operates a range of businesses which assist in institutionalising this new asset class.
Partner James Mulholland led the Carey Olsen team advising Techemy Capital and was assisted by senior associate Lauren Fletcher.
Mulholland
Guernsey’s stability and security means it is well-placed to help fund managers overcome Brexit uncertainty over the next couple of years, according to an expert panel at the annual Guernsey Funds Forum in London.
The island’s long-standing stability and experience in operating as a ‘third country’ outside of the European Union were highlighted in a wide-ranging panel discussion which also covered Donald Trump’s policies, quantitative easing, and fund delegation rules. It was agreed that uncertainty was a huge challenge for fund managers.
Alex Barr, Global Head of Private Markets and Real Estate Investment Oversight at Aberdeen Standard, said that
INDOS Financial Limited (INDOS), the independent UK depositary, has been appointed as depositary to four alternative investment funds (AIFs) managed by Gresham House.
The AIFs are Gresham House Strategic plc, an AIM quoted investment company, Gresham House Strategic Public Equity LP and Gresham House British Strategic Investment Fund LP, both Guernsey Limited Partnerships, and Gresham House Forestry Fund LP, a Scottish Limited Partnership.
Bill Prew (pictured), CEO of INDOS, says: “We are delighted to have been appointed as depositary to the Gresham House funds. The appointment leverages our expertise as an independent depositary across a number of disciplines, including
The Maltese Government has issued three cryptocurrency bills – the Virtual Financial Assets Act, the Malta Digital Innovation Authority Act and the Innovative Technology Arrangements and Services Act.
To avoid possible negative connotations associated with the use of the word “cryptocurrencies” the laws are centred around the concept of virtual financial assets (VFA): ICOs are named initial VFA offerings, crypto-exchange becomes VFA exchange and crypto-services are defined as VFA services.
The newly introduced concept of VFA stands for “any form of digital medium recordation that is used as a digital medium of exchange, unit of account, or store of
Societe Generale in Luxembourg (SGBT) has deployed the Charles River Investment Management Solution (Charles River IMS) as the enterprise trading platform for its private banking network and for the firm’s outsourced buy side order execution service, I-DEAL.
SGBT is now live on Charles River’s multi-asset order and execution management system (OEMS) with integrated data, trade analytics, compliance monitoring, post-trade processing and FIX connectivity.
“Charles River IMS allows our European network of private banks and I-DEAL outsourcing service to trade all asset classes on the same platform,” says Societe Generale in Luxembourg. “With this centralised trading solution, our clients benefit from
Martin Currie has appointed Zehrid Osmani, to lead its Global Long-Term Unconstrained (GLTU) team. Osmani’s appointment builds on Martin Currie’s equity capability, as it looks to further extend its presence in the institutional and wholesale markets.
Based in Edinburgh, Osmani (pictured), who joined the business on 14 May, reports into John Pickard, Head of Investment.
Osmani has taken over from industry veteran, Tom Walker, who has stepped down as team head as part of a considered succession plan. Walker and Osmani will work together during a transitional period, which will involve the gradual handover of Tom’s key responsibilities.
FundRock Management Company is to acquire SEB’s wholly owned subsidiary, SEB Fund Services in Luxembourg. The completion of the transaction will be subject to the CSSF’s approval for the change of control.
SEB Fund Services is offering third party management company services to Nordic asset managers with Luxembourg-based investment funds. The business in its entirety, including some 20 employees, will be transferred to FundRock, subject to regulatory approval and final due diligence. The two parties intend for the agreement to be signed and sealed within the next two to three months.
“This move is part of our five
Ocorian, a provider of corporate and fiduciary services, has launched its new Corporate Trust offering with the appointment of three experienced professionals from the banking sector – Sally Gilding, Chris Wilson and Sinead McIntosh.
Their arrival follows the appointment of Alan Booth as Managing Director of Ocorian’s UK business in February, having previously held the role of Global Head of Product Management within Deutsche Bank’s Corporate Services Division.
Gilding, who has over 30 years’ experience in the legal and banking sector, joins as Senior Consultant and Non-Executive Director tasked with driving the strategic direction and roll-out of the new
