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By Dawn Howe (pictured) and Michael Padarin, Walkers – From the point of view of a Cayman Islands investment funds lawyer it seems as if FATCA dawned on most clients around January 2014, even though it's been gestating for a number of years. The wake up call was usually a GIIN request from the client's prime broker, resulting in a scramble to get up to speed and implement a FATCA compliance program within their fund complex.
This article is intended to share other asset management clients' experience of FATCA over the course of this year, and should hopefully allow you breathe a
- 26/09/2014
- 26/09/2014
A study by Aquila Capital's quant team demonstrates how a ‘Factor Premia’ approach to investment can deliver additional sources of return and improve portfolio diversification when added to a balanced risk parity portfolio.
According to Aquila Capital, the addition of a ‘Factor Premia’ approach could help a risk parity portfolio to better withstand times of market stress, as seen in May and June 2013.
Aquila’s ‘Factor Premia’ approach moves away from the traditional view of asset classes and instead looks at the underlying forces – the factors – that actually drive asset prices. Its new ‘Factor Premia’ study provides
- 26/09/2014
The International Swaps and Derivatives Association (ISDA) and Markit have launched the ISDA Canadian Representation Letter on ISDA Amend, a joint electronic solution that streamlines aspects of compliance with Dodd-Frank, EMIR and other over-the-counter derivatives regulatory requirements.
On 14 November 2013, the Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des Marchés Financiers (AMF) published Rule 91-507 requiring reporting counterparties to report certain derivatives data to designated or recognised trade repositories with respect to transactions involving local counterparties. Trade reporting requirements in Canada begin on 31 October 2014.
Lansing Gatrell, managing director and head of Markit’s
- 25/09/2014
The gap between the best and worst performing hedge funds has narrowed during the first half of 2014, according to BlackRock’s latest analysis of the hedge fund industry.
Hedge fund managers’ performance varied widely in 2013, but 2014 has seen the spread narrow between the top and bottom managers.
Top decile hedge funds returned 11 per cent, compared to losses of five per cent for bottom decile hedge funds, narrowing the range from the previous year.
In 2013, the inter-decile range was between 15.5 per cent to -6.5 per cent.
Alpha, or the component of these returns
- 25/09/2014
Hedge funds may drive initial demand for Shanghai-listed stocks through a linkage of the city’s bourse with that in Hong Kong, according to Goldman Sachs, reports Bloomberg.
The link will tap into pent-up demand from hedge funds to buy Yuan-denominated class-A shares traded in Shanghai, said Shane Bolton, head of Asia prime brokerage at the New York-based bank. Long-only managers may grapple with pre-trade requirements that are different from their usual practice at the beginning, he added.
Foreign investors so far can only buy Yuan shares listed in Asia’s second-largest stock market through the qualified foreign institutional investors, or QFII, and the
- 25/09/2014
Listed hedge funds have outperformed the S&P 500, the HFRI Fund Weighted Composite index and the HFRI Fund of Funds index, according to research from alternatives investment bank Dexion Capital.
The analysis compared the returns from single manager listed hedge funds against the indices peak-to-peak from November 2007, the last market peak, through to August 2014, the current market peak.
Over the period, the S&P 500 has generated total returns of 50.3 per cent (6.1 per cent pa), HFRI’s Fund Weighted Composite has returned 20.6 per cent (2.8 per cent pa) and the Fund of Funds Composite index returned
- 25/09/2014
The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Depository Trust & Clearing Corporation (DTCC) have formed a joint venture to develop and market automation solutions that advance cyber security capabilities and the resilience of critical infrastructure organisations, including financial services firms and others worldwide.
The joint venture, named Soltra, has been established to deliver software automation and services that collect, distil and speed the transfer of threat intelligence from a myriad of sources to help safeguard against cyber attacks.
Soltra leverages FS-ISAC’s 14 years of information-sharing and analysis for critical infrastructure as well as DTCC’s expertise
- 25/09/2014
Newedge and MTS have reported record trading volumes on their Agency Cash Management (ACM) platform for the tri-party repo market.
Trading volumes in tri-party repo topped EUR5 billion over the past month.
The average duration of trades over this period was just under 10 days, with many participants now live on the platform.
ACM is an electronic auction-trading platform that enables institutional cash investors to enter into secured money market investments via the tri-party repo mechanism. Providing an alternative to the traditional suite of unsecured money market products, the platform offers access to cash management investment opportunities. By
- 25/09/2014
BTIG is expanding its futures and commodities desk with the hires of Eric Silverman and Jordan Lichtenstein.
Silverman and Lichtenstein are based in BTIG’s New York office and will report to Robert Gagnon, head of commodity futures.
“These hires complement the expertise of the futures and commodities desk and will broaden our reach into the energy segment of the futures and OTC market,” says Gagnon. “Between Eric’s buy-side experience and Jordan’s sell-side experience, we can offer our clients balanced insight from both the institutional and commercial client base.”
BTIG launched its futures and commodities trading desk in 2010
- 25/09/2014
- 25/09/2014
Ramius, the global investment management business of Cowen Group, has partnered with Quadratic Capital to launch an options-based, fundamental global macro strategy.
Quadratic Capital employs liquid options and swaptions across asset classes and seeks to deliver an absolute return, fundamental global macro strategy with low volatility and defined risk.
Quadratic Capital is led by managing partner and chief investment officer Nancy Davis. Davis spent ten years at Goldman Sachs, including seven as a trader for the proprietary group. She was also a portfolio manager at Highbridge Capital Management, where she managed USD500 million of capital, and was the Director
- 25/09/2014
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