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Intercontinental Exchange (NYSE:ICE) has reported record monthly notional value cleared for credit default swaps (CDS) in September, with over USD1.75 trillion in gross notional and a daily record of over USD450 billion cleared on 20 September.
Additionally, ICE Clear Credit, ICE’s US-based CDS clearing house, has launched clearing services for additional single name CDS instruments referencing emerging market and Asia-Pacific corporate and sovereign entities.
This launch expands ICE’s CDS footprint and offers customers more diversified risk management services combined with capital and operational efficiencies.
The European Energy Exchange (EEX) achieved a total volume of 265.8 TWh on its power derivatives markets in September 2017 (September 2016: 373.3 TWh).
The September volume comprised 139.2 TWh traded at EEX via Trade Registration with subsequent clearing. Clearing and settlement of all exchange transactions was executed by European Commodity Clearing (ECC).
In the Phelix-DE Future, the new reference product for European power trading, EEX achieved its highest volume since the launch of these products in April at 35.1 TWh, exceeding the previous record from August by 53% (August 2017: 22.9 TWh). Also on the Dutch power market,
Following the publication of the European Commission’s proposed amendment to the ESA Regulation to give more supervising authority to ESMA, EBA and EIOPA, the Association of the Luxembourg Fund Industry (ALFI) has expressed its surprise and concern about the new role for ESMA in the authorisation procedure of delegation arrangements.
Denise Voss (pictured), Chairman of ALFI, says: “We question this proposed additional layer in the authorisation procedure, required when a fund wants to delegate part of its activities to third countries. This is increased bureaucracy, it lengthens time to market and it increases costs. This will undoubtedly have a negative
Two developments reverberated in hedge funds this week, with asset and sector rotations accelerating as US yields kept on adjusting to the Fed, which gives every sign it will proceed with normalisation, while President Trump also unveiled his tax blueprint.
That’s according to the latest Weekly Brief from Lyxor’s Cross Asset Research Team.
Lyxor writes: “On the losing side this week, CTAs were hit on their equities as well as on their short dollar positions, partially offset by their short on agricultural. CTAs allocations materially changed. They have fully rebuilt very long European and US bond exposures. They also
The Standards Board for Alternative Investments (SBAI), formerly the Hedge Fund Standards Board (HFSB), has created a Standardised Total Expense Ratio (STER) that calculates a single, standardised expense ratio to facilitate better understanding, comparison and monitoring of fees and expenses across alternative investment funds.
STER is the product of an SBAI working group established in 2016 to study fee terms, methodology and definitions. The STER calculation aggregates expenses and management fees charged to, or incurred by, a fund, and includes the costs of research bundled with dealing commissions (often referred to as “soft dollared research costs”).
The result is
Equities liquidity provider XTX Markets intends to opt-in as a Systematic Internaliser (SI) following the implementation of MiFID II.
Alex Gerko, Co-CEO of XTX Markets, says: “XTX has become a leading liquidity provider across lit EU equities markets. Although uncertainties remain about the potential market impact of the SI regime, we intend to opt in as an SI. Market participants will benefit from the high-quality liquidity we provide, as they already do in FX.
“We are committed to maintaining our lit venue presence as ultimately we see lit central limit orderbook as the best market structure for liquidity providers
By Wayne Riches, FIS – New research findings indicate a gap between asset managers’ growth objectives and their readiness to meet them. In a new white paper based on global research and the FIS Readiness Index, FIS explores why asset managers must embrace reinvention to close the growth readiness gap and rise to the future.
Based on a global survey conducted by Longitude Research and FIS, READY FOR REINVENTION suggests that growth-ready asset managers must be open to new ways of thinking – including a focus on consolidating technological systems and a commitment to investing in innovation – across the front,
Guernsey’s Private Investment Fund regime was launched in November last year and has so far proved to be a popular route to launch a private fund. As the regime approaches its first anniversary, Annette Alexander (pictured) of Carey Olsen, on behalf of the Guernsey Investment Fund Association, explains the PIF’s key features and the reasons behind its popularity.
Guernsey’s new Private Investment Fund (PIF) regime, launched in November 2016, has been keenly welcomed by industry participants. Aimed at circumstances where a special relationship exists between managers and investors, the new regime dispenses with any formal requirements for information
The Derivatives Service Bureau has launched its real-time International Securities Identification Number (ISIN) creation service, allowing users to create OTC derivative ISINs and obtain associated reference data to address regulatory reporting obligations and processing requirements.
A year after the initial announcement of the core functionality of the first automated global ISIN-allocation engine, the DSB has met its commitment to be in full production on this date. The first users are being onboarded for creation of ISINs for OTC derivatives, resulting in the beginning of a global OTC ISIN data archive, which will also contain Classification of Financial Instruments (CFIs), Financial
Shareholders of Saxo Bank Group (Saxo), a leading multi-asset trading and financial-technology firm, have received an offer from Sampo Group, a leading Nordic financial services group, to take up a stake of 19.9 per cent of the bank.
In May 2017, it was announced that Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co, Ltd (“Geely Group”), had made an offer to buy 30 per cent of the shares of Saxo. Geely Group has offered to buy more shares and will thus become majority shareholder with a total of 51.5 per cent.
TPG Capital and SinarMas
