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The Securities and Exchange Commission has adopted amendments to the rules that govern money market mutual funds (MMFs), making structural and operational reforms to address investor risk while preserving the benefits of the funds.
The rules build upon the reforms adopted by the commission in March 2010 that were designed to reduce the interest rate, credit and liquidity risks of money market fund portfolios.
When the commission adopted the 2010 amendments, it recognised that the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted.
The new rules require a floating
- 24/07/2014
- 24/07/2014
The Prytania Group has appointed Jim Irvine, formerly head of fixed income at Henderson Global Investors, as chief executive officer with effect from 1 September 2014.
Irvine will be responsible for Prytania Investment Advisors’ asset management and investment advisory activities and Prytania Solutions’ valuations, modelling and analytical services.
Joe Cook, retiring chief executive who will remain on the board of Prytania as a director, says: "We are delighted to have Jim join us as chief executive. Jim’s wealth of experience and in-depth knowledge of structured finance and the wider credit markets will be of great service to Prytania and
- 24/07/2014
The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule (OCR Final Rule).
The OCR Final Rule, which was published in the Federal Register on 18 November 2013, requires the electronic submission of trader identification and market participant data on new and updated reporting forms.
These reporting forms collect new information to better identity participants in futures and swaps markets.
The OCR Final Rule requires reporting parties to begin submitting the forms electronically by 15 August
- 24/07/2014
FIX Trading Community, the non-profit financial trading standards body, has extended the Trading Enablement Standard Initiative (TESI) to include foreign exchange (FX) client enablement.
TESI uses FIX protocols to achieve more efficient and standardised communication for trading enablements.
Last year TESI designed and implemented the FIX standard to manage the complex process of enabling clients on fixed income trading platforms. As a result of close collaboration with the FX community, TESI is now available to clients using FX execution platforms for FX spot, forwards, swaps, FX options, NDFs and precious metals trading.
TESI helps reduce errors and improve
- 24/07/2014
Natixis Global Asset Management (NGAM) has launched a core global tactical asset allocation fund that invests in stocks, bonds and volatility as an asset class.
The Seeyond Multi-Asset Allocation Fund offers the potential benefit of greater diversification by integrating equity volatility as an asset class along with traditional asset classes.
In the fund, equity volatility can be used to manage risk or to seek returns in different types of environments. This ability can be especially valuable to investors during market downturns.
“The Seeyond Multi-Asset Allocation Fund can provide investors with a range of benefits. The fund can be
- 24/07/2014
Abbey Capital has been authorised as an Alternative Investment Fund Manager (AIFM) under the Alternative Investment Fund Management Directive (AIFMD) by the Central Bank of Ireland.
The AIFMD is a regulatory framework initiated by the European Commission to supervise AIFMs.
The purpose of the AIFMD is to better regulate investment practices, increase transparency in operations and reporting in order to protect investors.
Tony Gannon, Abbey Capital’s CEO, says: “Abbey Capital is pleased that our consistency of investment approach and risk management has ensured the stringent criteria for authorisation set out by the AIFMD were met by Abbey Capital.
- 24/07/2014
- 24/07/2014
Luxembourg financial services regulator CSSF has received a total number of 773 AIFM-related applications – 215 requests for authorisation and 558 requests for registration.
Following the processing of the 215 requests for authorisation, 151 entities have been approved as AIFM by the CSSF as at 22 July 2014.
Among these 151 approved entities, 74 entities are on the official list of authorised AIFMs.
The CSSF says a certain number of those applications for authorisation, where the approval process is still ongoing, are linked to entities which were not active in the field of alternative investment funds before the
- 24/07/2014
Markit has appointed Matthew Kolby as head of investor relations.
He reports to Jeff Gooch, chief financial officer, and is based in New York.
Kolby has more than 17 years of corporate and advisory investor relations experience. He joins Markit from Deutsche Bank where he was director of investor relations, responsible for all aspects of investor communications in North America.
Prior to joining Deutsche Bank in 2011, he was the global head of investor relations advisory in JP Morgan's Depositary Receipts division where he established and led a global team of investor relations specialists who advised non US
- 24/07/2014
- 24/07/2014
A team at University College London (UCL) has evaluated the overnight process that maintains the constant maturity aspect of the GMEX Interest Rate Swap Index Average (IRSIA) Constant Maturity Future (CMF) product as an alternative to interest rate swaps (IRS).
The study, led by visiting professor Donald Lawrence, focused on analysing the cost of the end of day novation to the next day’s forward rate roll, analogous to the carry cost.
It concluded that an average year’s worth of novation cost would not be significant for any tenor during the period analysed.
It further concluded that the total lifetime
- 23/07/2014
Omgeo has partnered with London Stock Exchange Group’s (LSEG) UnaVista to support tri-party matching of synthetic equity swaps between executing brokers, prime brokers and investment managers.
The offering links UnaVista, a global hosted platform for all matching, validation and reconciliation needs, with Omgeo Central Trade Manager (Omgeo CTM), Omgeo’s strategic platform for the central matching of cross-border and domestic equity, fixed income, repos, exchange traded derivative and equity swaps transactions.
The Omgeo CTM/UnaVista solution combines the respective workflows of the two platforms, automatically connecting investment managers on Omgeo CTM with their prime broker counterparties on UnaVista to match the
- 23/07/2014
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