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The failure to provide the CFTC even a modest increase in the fiscal year 2016 budget agreement sends a clear message that meaningful oversight of the derivatives markets, and the very types of products that exacerbated the global financial crisis, is not a priority, says CFTC chairman Timothy Massad…
The CFTC’s appropriation simply doesn’t match our vast responsibilities, especially as the markets we oversee have grown enormously in size, importance and technological complexity. They are critical to commercial businesses, and profoundly affect the prices all Americans pay for many goods and services in our daily lives.
The CFTC’s hardworking staff
The SS&C GlobeOp Forward Redemption Indicator for December 2015 measured 4.98 per cent, up from 4.90 per cent in November.
“SS&C GlobeOp’s Forward Redemption Indicator increased slightly to 4.98 per cent for December 2015 from 4.90 per cent in November,” says Bill Stone (pictured), Chairman and Chief Executive Officer, SS&C Technologies. “December is typically the heaviest month of the year for redemptions and while this was certainly the case in 2015, it is noteworthy that the 4.98 per cent reported was down sharply from the 5.87 per cent reported a year ago in December of 2014. In fact, this December’s
For the first time in almost a decade, the Fed has finally hiked rates as the FOMC decided that the US growth/ inflation mix was robust enough to absorb monetary tightening. Over the next twelve months, three to four additional rate hikes of 25 bps are on the cards.
JPMorgan Chase Bank (JPMCB) is to pay USD100 million to settle US Commodity Futures Trading Commission (CFTC) charges that it failed to disclose certain conflicts of interest to clients of its US-based wealth management business, JP Morgan Private Bank.
Specifically, JPMCB failed to fully disclose its preference for investing its client funds in certain commodity pools or exempt pools, namely hedge funds and mutual funds managed and operated by an affiliate and subsidiary of JP Morgan Chase & Co. (Proprietary Funds). JPMCB also failed to disclose its preference for investing its clients’ funds in third-party-managed hedge funds, each a commodity
Cadwalader, Wickersham & Taft has appointed attorneys Andrew Alin, Dorothy D Mehta, Joseph V Moreno, Bonnie A Neuman and Amy W Ray to the Firm's partnership, effective 1 January, 2016.
"I am proud and excited to introduce Cadwalader's new class of partners for 2016," says Pat Quinn (pictured), Managing Partner. "We have promoted 21 new partners in just four years, contributing to our organic growth. That growth is supported by our Sponsorship Program for high-performing diverse attorneys, from which three of our new partners graduated. At the same time, we continue to cultivate the premier clients and engaging work that
The Boards of the Neuberger Berman funds, including the closed-end funds, have appointed Admiral James G Stavridis and Deborah C McLean as board members.
Admiral Stavridis is the Dean of the Fletcher School of Law and Diplomacy of Tufts University. He is a retired Admiral of the United States Navy and the former Supreme Allied Commander of NATO.
Ms McLean is associated with a private wealth management group and an angel investing group and is an adjunct professor in finance at Columbia University's School of International and Public Affairs. She previously was a Managing Director at Morgan Stanley, and
The trend towards greater adoption of swing pricing continues, according to the third edition of ALFI’s Swing Pricing Survey which shows both a greater number of participants responding to the survey and a greater number of asset managers that have implemented the mechanism.
Swing pricing, which has been applied in Luxembourg for the past 15 to 20 years, has proven to be an efficient mechanism to protect existing shareholders from dilution associated with shareholder purchases and redemptions as well as an additional tool to help funds manage liquidity risks. This technique is therefore perfectly in line with ALFI’s main objectives to protect
Total hedge fund assets rose USD11.2 billion in November 2015, an increase of 0.36 per cent. Investors flows were very slightly positive during the month with an estimated USD3.2 billion added in November, according to eVestments latest hedge fund flows report.
Performance accounted for an additional USD8.0 billion increase. The combination of asset gains and net investor inflows lifted total industry assets to USD3.094 trillion. For the year, investors have added an estimated USD69.5 billion into the industry.
Overall industry flows were positive approaching year-end despite recent losses in the macro and credit segment having an increasing impact within
Following Financial Conduct Authority (FCA) approval, Lord Livingston of Parkhead has been appointed as a non-executive director of Man Group, effective 1 January 2016.
Lord Livingston will, subject to his reappointment as a director at the Company’s 2016 Annual General Meeting (AGM) in May 2016, succeed Jon Aisbitt as Chairman following the AGM.
Lord Livingston joins Man Group with almost two decades of board level FTSE 100 experience. He has been a serving member of the UK House of Lords since 2013 and was previously Minister of State for Trade and Investment for the UK Government from December 2013
MarketAxess is ending the year on something of a high after reporting a new daily volume record in high-yield (HY) trading of approximately USD1 billion on Friday, 11 December, 2015.
Recent market volatility has also driven an increase in estimated market share for MarketAxess, with over 10 per cent share of TRACE HY volumes on 11 December, compared to an estimated 5.9 per cent share during the third quarter.
“Recent volatility in high-yield markets has prompted investors and dealers to use electronic trading more than ever. Our all-to-all Open Trading technology allows participants on MarketAxess to seamlessly trade with all
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