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New York Attorney General Eric T Schneiderman has announced a USD220 million, 45-state settlement with Deutsche Bank for fraudulent conduct involving the manipulation of US Dollar (USD) LIBOR (the London Interbank Offered Rate) and other benchmark interest rates.
Benchmark interest rates affect financial instruments worth trillions of dollars and have a widespread impact on global markets and consumers because LIBOR may determine how much they will be paid on their investments. New York and California led the working group of State Attorneys General investigating Deutsche Bank.
“We will not tolerate fraudulent, manipulative or collusive conduct that interferes with or undermines
By George Ralph, RFA – Risk is part of everyday life for firms in the private equity sector and goes way beyond volatile markets and unpredictable cash flows. Firms must deal with the risks associated with the use of technology, in both the private equity firm and its portfolio companies.
If the infrastructure or systems fail to meet expectations, if they cost more to operate, are unreliable and do not work well, they bring uncertainties and pose significant technology risk. There is also risk associated with the use of third party suppliers, as many firms routinely engage third parties to
QuantHouse, the independent global leader of end-to-end high performance market data and trading API based technologies, today announced that Horizon Software, a provider of electronic trading solutions and algorithmic technology, has joined the qh API Ecosystem.
This collaboration will enable buy-side and sell-side firms to benefit from high-capacity and ultra-low latency trading systems to complement or replace existing legacy trading infrastructures. Horizon provides tools for creating, testing and implementing automated algorithmic strategies, while the proprietary fibre optic network from QuantHouse offers a proximity hosting infrastructure and end-to-end, ultra-low latency market data feed via QuantFEED.
Users can benefit from the
Intercontinental Exchange (ICE) has acquired a 4.7 per cent stake in Euroclear, a provider of post-trade services, including settlement, central securities depositories and related services for cross-border transactions across asset classes, for EUR 275 million.
ICE anticipates having one representative join the Board of Euroclear.
“We are thrilled to become a shareholder of Euroclear,” says ICE Chairman and CEO Jeffrey C Sprecher (pictured). “Euroclear’s infrastructure plays an increasingly important role as technology, collateral, risk management and regulation continue to drive an emphasis on post-trade services. This transaction demonstrates our continued focus on expanding our investments in mission critical clearing
Forty-five per cent of European fixed income heads are still struggling with MiFID II compliance, despite the 3 January implementation deadline looming large, according to a new report: “On the precipice: Are you ready for MiFID II?”, by the Fixed Income Leaders’ Summit.
The findings of the report have been published ahead of the summit in Amsterdam on 8 and 9 November, where Rt Hon Nicky Morgan MP will deliver a Brexit keynote to over 700 attendees and over 350 buy-side heads of fixed income.
Twenty eight per cent of respondents are concerned with compliance with post-trade transparency requirements
Neudata Limited has appointed Julia Asri Meigh (pictured), as a data analyst based in London. Her areas of focus and analysis include Environmental, Social and Governance (ESG) issues.
Neudata consults with investment managers to identify alternative datasets that are emerging and are often unavailable on traditional data platforms.
“With my background in sustainable development, ESG research, and economic analysis, I am pleased to be able to utilise my expertise in harnessing niche research and data sources for clients,” Meigh says. “Neudata is responding to the growing interest from clients for more ESG datasets to identify correlations between ethical business
Guernsey continues to see a growth in inward migration of companies after the best quarter of growth this year, according to the latest figures.
The Guernsey Registry, which is responsible for tracking migrations both in and out of the island, reports that 23 companies migrated to Guernsey during the third quarter of 2017. With just four companies migrating out, it represents a net inward migration of 19 companies moving their domicile to Guernsey in one quarter alone.
That means the net migration of companies to Guernsey in 2017 stands at 36, as at the end of Q3. The latest
PwC has appointed Fiona Carpenter as a partner in its UK financial services tax practice.
Carpenter specialises in alternative asset management and has 20 years’ experience helping alternative managers and funds with tax structuring and compliance. She will lead PwC’s alternative asset management practice throughout EMEA.
Fiona, who joins from EY, was chief financial officer for TT International, a boutique asset manager, between 2010 to 2013. This provided her with an appreciation of the wider regulatory, legal and commercial issues impacting alternative asset managers. She has also served as an elected member of the AIMA Council.
Stuart Higgins,
The US Securities and Exchange Commission (SEC) has appointed Brett Redfearn as Director of the agency’s Division of Trading and Markets.
The SEC’s Division of Trading and Markets establishes and maintains standards for fair, orderly, and efficient markets. The division oversees the major securities market participants and infrastructure including, among others, broker-dealers, self-regulatory organisations (including stock exchanges, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, and clearing agencies), alternative trading systems, and transfer agents.
“Brett’s extensive markets experience and his longstanding, active engagement with investors, financial services firms, exchanges, and the SEC make him exceptionally well positioned
GAM is to use Red Deer’s MiFID II research valuation solution to consume and value research so that it can be paid for independently from trade execution, in compliance with the MiFID II regulations that come into effect on 3 January 2018.
“The solution that Red Deer offers for managing research consumption, research valuation and preventing inducement under the new MiFID II rules will allow us to ensure compliance across all investment teams in all locations. GAM has strong internal research capabilities, and Red Deer’s solution will help us leverage this across our investment business, in addition to managing access
