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The US Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (DMO) has issued Guidance to Swap Execution Facilities (SEF) regarding the calculation of projected operating costs for purposes of complying with the financial resource requirements under SEF Core Principle 13 and Commission Regulation 13.1303.
This guidance follows two no-action letters providing relief in connection with erroneous swap trades and swap trade confirmations DMO issued yesterday (April 22, 2015).
The Guidance notes that one cost incurred by voice-based SEFs – the variable commissions such SEFs might pay their employee-brokers, calculated as a percentage of transaction revenue generated by the voice-based
China Everbright Limited (CEL) and Sinowel Enterprise Group (Sinowel) have signed a strategic partnership agreement to start their co-operation towards the secondary market of trust beneficiary rights.
CEL and Sinowel plan to maximise their value, as well as leveraging their respective experience and advantages in the asset management sector to build a marketing platform for the trust industry.
CEL, a member of China Everbright Group, is a diversified financial services enterprise operating in Hong Kong and mainland China. It leverages a "Macro Asset Management" strategy with specific focuses being placed on fund management and investment businesses, namely Primary Market Investment,
Alan Howard, co-founder of Brevan Howard, and Michael Platt, of BlueCrest Capital, jointly head the list of Britain’s wealthiest hedge fund managers, each with GBP1.5bn fortunes, in The 2015 Sunday Times Rich List, to be published Sunday, 26 April.
The 128-page special edition of The Sunday Times Magazine reveals the wealth of the 1,000 richest people in Britain.
There are seven billionaire hedge fund managers in The 2015 Sunday Times Rich List, compared with just four in 2014. Crispin Odey and Nichola Pease, now sharing at GBP1.1bn fortune, have seen their joint wealth rise by GBP580m in the past 12 months,
Latest research from Preqin finds that liquid alternative products, such as UCITS and alternative mutual funds, have out-performed hedge funds. The average alternative mutual fund returned 4.36 per cent in 2014, while the average hedge fund saw a return of 3.78 per cent. The average UCITS fund returned just 1.45 per cent.
Liquid alternatives have opened up the possibility of hedge fund investment for more than just the largest investors. The report states: “These regulated products, with lower investment minimums and fees, have proved attractive to retail clients, and institutional investors and funds of hedge funds have shown an increasing
Deutsche Bank is to pay USD800 million to settle US Commodity Futures Trading Commission (CFTC) charges that it routinely engaged in acts of false reporting and attempted manipulation.
The CFTC order also states that, at times, Deutsche Bank succeeded in manipulating the London Interbank Offered Rate (LIBOR) for US Dollar, Yen, Sterling, and Swiss Franc, and the Euro Interbank Offered Rate (Euribor), interest rate benchmarks critical to the US and global financial markets.
Deutsche Bank is also charged with aiding and abetting, at times, the attempts of traders at other banks to manipulate Yen LIBOR and Euribor. The CFTC
Hedge funds have consolidated their upswing in March and continue to do so early April.
GMEX Technologies (GMEX TECH), part of the Global Markets Exchange Group International, and Avenir Technology Limited (Avenir), the UK based post-trade software firm, have partnered with the Agricultural Commodity Exchange for Africa (ACE).
This partnership will deliver a new system to issue, manage, trade, clear and settle warehouse receipts for soft commodities. The new system will integrate all the functionality of the current ACE systems and processes into a high performance, agile, scalable technology platform, while also paving the way for expansion into derivatives trading, central counterparty clearing and other instruments in the near future.
Whereas existing warehouse receipt systems
This extract from the Preqin Quarterly Update: Infrastructure, Q1 2015 reflects on the first quarter’s infrastructure fundraising activity.
Fundraising for unlisted infrastructure funds declined in Q1 2015, with just four funds closing, raising an aggregate USD5.3 billion in institutional capital (Fig 1). This represents the lowest amount of capital raised in a single quarter since Q3 2013, when USD4.8 billion was raised. However, those fund managers that are closing funds are often raising large amounts of capital; the average fund size has increased from USD503 million for funds closed in 2011 to USD984 million in 2014.
This trend is reinforced
Altana Wealth, the asset management group, has teamed up with Godot Huard, a behavioural computer scientist, who has developed a unique system based on the theory that ‘directors know best’.
There is much academic evidence to support the theory that the purchase of shares by a firm’s own directors can give a great insight to those investors who are ‘outsiders’ of the company in question.
However, there are several critical factors which need to be considered before the theory can become a viable investment proposition:
• the ability to analyse the large amounts of data generated by directors filings
Macro Risk Advisors (MRA) has expanded its Risk Strategy team with the addition of Ling Zhou as an Equity Derivatives Strategist.
The addition of Zhou demonstrates MRA’s continued effort to offer exceptional and timely analysis of global market risk to its institutional investor client base.
“Ling brings a strong base of equity derivatives knowledge and an exceptional ability to develop quantitative tools," says Pravit Chintawongvanich, Head of Risk Strategy at MRA. "Our institutional client base continues to seek our help in valuing products with embedded optionality. Ling’s product knowledge furthers our mission in this area.”
As the firm expands its
