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Collateral Exchange platform ColleX has executed its first T+0 triparty collateral loan, bringing improved efficiency to securities finance trading.
The trade was conducted between Bank of America Merrill Lynch and ING Bank NV, with JP Morgan as collateral custodian; it was executed using one of ColleX’s 10 standardised baskets, which have been implemented across the major triparty agents. The transaction enabled the ‘ColleX Trader’ to borrow a triparty basket of collateral and achieve 100 per cent re-use establishing the first true loan of triparty collateral. This transaction type reduces collateral cost and settlement risk as the trade executed and settled
Revista Systems; a new firm created to support the specialised communications needs of the financial services community, has launched in the UK.
Revista CCM is unique communications convergence management solution which links and tags all relevant voice, intercom, hoot, mobile, chat and other electronic media via a simple, user interface. The business is led by Umesh Patel (pictured), who mostly recently established and ran ICAP’s RESET bond business. Revista System is a subsidiary of CSF Capital, a Melbourne based family office, led by serial entrepreneur Andrew Robinson.
Revista CCM, available as a private cloud or a SaaS solution, integrates
London-based INTL FCStone Ltd’s Precious Metals Division is now a Direct Participant in the London Bullion Market Association (LBMA) Silver Auction, after having become a Direct Participant in the LBMA Gold Auction in April 2017.
ICE Benchmark Administration (IBA) has taken over the administration of the Daily LBMA Silver Price benchmark auction. This auction, the successor to the former London Silver Fix auction, takes the form of trading unallocated silver positions on an electronic platform. IBA introduced central clearing to the daily London Silver Price benchmark auction, removing the need for firms to have significant bilateral credit lines in place with
Visible Alpha has launched two enhancements to its ONEaccess platform to aid clients in preparing for the compliance obligations associated with MiFID II regulations.
Firstly, in collaboration with technology provider SPi Global, the firm now offers an email classification solution to help minimise the risk from inducements that come through one’s email inbox. Secondly, the company has released a budgeting application for managing both fixed and variable research costs in a more impactful and granular fashion.
The addition of these two offerings to the ONEaccess suite of products expands the company’s holistic MiFID II Solution for both research valuation
Following steady gains in July and August, CTAs faced difficult conditions in September as all the indices moved into negative territory, according to data released by Societe Generale Prime Services.
September proved to be a particularly challenging month for trend-followers as the SG Trend Index underperformed others, down -3.06 per cent, compared to the Short-Term Traders Index (STTI) which was flat for the month -0.14 per cent.
The performance of non-trend and short term strategies was marginally better: 4 out of the 7 non-trend constituent programmes of the CTA index contributed positive performance in September. Also, four of the
European derivatives exchange Eurex has seen its members readily embrace the six new iSTOXX Europe factor index futures which launched in May 2017.
These are systematic rules-based indices, designed to isolate the return of key risk factors and earn a risk premium over time.
With robust liquidity provider support, new customers have been drawn to Eurex’s new product suite. In the five months since launch, volumes traded amount to 93,245 contracts, representing EUR582m notional. The most active futures have been the Value and Momentum factors followed by: Size, Quality, Low Risk and Carry respectively.
In the current macro
BNP Paribas Securities Services is introducing a tri-party collateral management service that connects collateral takers and collateral givers and helps unlock liquidity pools.
The move comes as new regulations and practices require market participants to collateralise their financing and OTC derivative trades to manage counterparty risk. This is prompting market participants to look for sophisticated collateral management solutions, which enable them to mobilise their assets quickly and use a wider range of securities to back up their trades.
Patrick Colle (pictured), General Manager of BNP Paribas Securities Services, says: “BNP Paribas Securities Services has a strong and diversified client
Eurex Clearing has developed a partnership program designed to further accelerate the development of a liquid, EU based alternative for the clearing of interest rate swaps.
Eurex Clearing has designed the program in close consultation with major participants in the interest rate swap market including dealers, end-clients and execution venues. The performance based program aims to build a balanced ecosystem where responsibilities and benefits are fully aligned between all participants in terms of economics and governance.
Eric Müller, CEO Eurex Clearing, says: “This market-led initiative will benefit clients and the broader market place through greater choice and competition, improved
Fund Partners (FP), a UK-based independent ACD (Authorised Corporate Director) has hired Chris Spencer as the new Managing Director for its London office.
FP was recently acquired by FundRock, one of the largest independent UCITS and AIFM investment management companies in Europe.
Over the course of his 30 year career, Spencer has gained extensive experience in the UK investment funds industry covering all aspects of retail and fund administration as well as developing brokerage capability alongside asset management. Before joining FP, Spencer was Managing Director at International Financial Data Services (IFDS), which has been renamed DST, where, over his 13
Hedge funds posted gains in September extending a record streak of HFRI positive performance to 11 consecutive months. The HFRI Fund Weighted Composite Index (FWC) advanced 0.5 per cent for the month, led by gains in Equity Hedge and Event-Driven strategies.
Risk Parity strategies posted mixed performance in September, with the HFR Risk Parity Vol 10 Index gaining 0.11 percent, the HFR Risk Parity Vol 12 Index adding 0.42 per cent, and the HFR Risk Parity Vol 15 Index falling 0.26 per cent. The September gain for the Vol 10 Index brings YTD performance to +8.5 per cent, approaching the
