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CME Group is to acquire NEX Group in a deal valued at USD5.4 billion. CME Group will pay GBP10 per share – a premium of around 3 per cent to the stock’s closing price on 28 March – consisting of 500 pence in cash and 0.0444 CME Group shares.
The proposed transaction has been approved unanimously by the board of directors of both companies and is expected to close, pending approvals by regulators and NEX shareholders, in the second half of 2018.
This deal brings together two trading-industry heavyweights to create a global markets company offering futures, cash and
Fixed income house, FIIG Securities Limited, has opened its first offshore subsidiary in Europe following substantial growth and demand for international fixed income and high yield investments in Australia.
The new European hub, FIIG International Limited, is based in Malta (EU) and allows the FIIG Group to seamlessly operate business across Europe. The opening of this office is a major milestone, giving European investors more direct access to the Australian corporate bond market.
Managing Director of FIIG Securities, Jim Stening (pictured), says: “The European subsidiary will allow us to more effectively reach our counterparties based in Europe.
“This
The Financial Conduct Authority (FCA) has welcomed the agreement reached on the terms of an implementation – or transitional – period that will apply following the UK’s withdrawal from the European Union.
Under the terms of the agreement, the implementation period will operate from 29 March 2019 until the end of December 2020, during which time European Union law will remain applicable in the United Kingdom. Firms and funds will continue to benefit from passporting between the UK and EEA during the implementation period. Obligations derived from EU law will continue to apply and firms must continue with implementation plans
The European Commodity Clearing (ECC) has been given Recognised Clearing House (RCH) status by the Monetary Authority of Singapore (MAS). This will be ECC’s first regulatory license outside of Europe, representing a key milestone for ECC and CLTX, as part of EEX Group, in their shared global growth ambitions.
The RCH status will allow ECC to directly admit clearing members from Singapore to access all derivative products with immediate effect. Furthermore, CLTX will be able to transfer contracts for clearing directly to ECC which in turn gives all companies trading on CLTX the ability to access ECC from a Singaporean
Alternative investments specialist Aquila Capita has launched a CTA UCITS compliant-fund that will be managed by its Systematic Trading Group. The AC-Adaptive Trends Fund (the ‘Fund’) combines various investment strategies such as momentum and carry with an innovative risk-balancing portfolio construction method allowing it to implement long and short positions.
This combination enables the strategy to benefit from market momentum and volatility whilst profiting in less-trending markets, which differentiates the strategy from most other CTAs.
The Fund aims to generate positive performance in most market conditions by investing in global futures contracts across equities, bonds, commodities and currencies, enabling
Institutional investors now have more than USD2.00 trillion invested in hedge funds, and more than 5,250 institutions – 45 per cent of the total institutional investor universe – actively invest in the asset class, according to Preqin.
A small proportion of these investors, though, account for the greatest allocations, with just three investor types representing more than half of all institutional capital in hedge funds. Public pension funds and private sector pension funds represent 9 per cent and 15 per cent of hedge fund investors respectively, but they account for 22 per cent and 19 per cent of institutional capital
Dallas, Texas-headquartered Esposito Securities is a US-registered broker dealer offering a wide range of services for the ETF industry as well as global equity trading and advanced options strategies.
The firm is known for its ETF seeding program which lay behind the end of February launch of the NYSE Pickens Oil Response ETF, a fund that traded 215,000 shares on its first day. Since going live, the fund has continued to see volume, averaging more than 50,000 shares traded per day. This week saw the launch of another ETF seeded by Esposito, KNG or the CBOE Vest S&P 500 Dividend
Investcorp, a provider and manager of alternative investments, has appointed Jan Erik Back as Group Chief Financial Officer. Back will join Investcorp in the summer.
Back, who has more than 30 years of industry experience, the majority of which was in senior finance roles of financial services firms including SEB (Skandinaviska Enskilda Banken AB), Skandia and Handelsbanken, most recently served as Executive Vice President and Chief Financial Officer of SEB, a leading Nordic financial services group providing retail and merchant banking, wealth management, and life insurance services to its corporate and institutional clients across international markets.
Prior to that,
Marlborough International has appointed Linda McLaren to the newly created role of Head of Business Development.
McLaren, who has 20 years’ experience managing relationships with international financial advisers, joins from Brooks Macdonald, where she was Business Development Director for the offshore market.
In her new role she will work at a strategic level, helping to develop and implement Marlborough International’s growth plan.
A spokesman for Marlborough International says: “Linda has an in-depth knowledge of the international market and her expertise will be invaluable in developing our strategy as we continue to build strong long-term relationships with advisers around
GoldenSource has integrated Approved Reporting Mechanism (ARM) and Approved Publication Arrangement (APA) services from Trax, the post-trade services and European market data division of MarketAxess, to help banks and asset managers with their MiFID II reporting obligations.
The integration was developed in Q3 and Q4 of 2017, ahead of MiFID II go-live in January 2018. It means that firms who manage MiFID II reporting data through GoldenSource now have the option for the data to be automatically submitted to the Trax ARM or APA, helping ensure efficiency and reporting accuracy. In addition to helping manage the increased MiFID II reporting
