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The US Commodity Futures Trading Commission (CFTC) has issued an extension to no-action letter 13-86 which provided time-limited relief relating to certain CDS clearing-related swaps.
This no-action letter provides the following relief (in each case subject to certain specified conditions):
• The Division will not recommend that the Commission take enforcement action against a DCO for failure to register as a swaps execution facility (SEF) pursuant to CFTC Regulation 37.3;
• The Division will not recommend that the Commission commence an enforcement action against any DCO clearing member for entering into a swap through the DCO’s CDS Settlement
Hedge funds are beginning to take advantage of new communications channels one year after the enactment of the JOBS Act, according to a Peppercomm study.
"The JOBS Act is working by removing grey areas surrounding hedge fund communications and enabling more active engagement," says Thomas Walek, president of WalekPeppercomm, a communications firm serving the hedge fund sector. "This new regulatory environment is one piece of a larger trend as hedge funds explore new communications strategies and tools in response to intense competitive pressures, new products like liquid alternatives, and client demands for relationships built on more than performance numbers."
GBST has worked with Omgeo to develop and certify its Syn~ application with Omgeo’s Central Trade Manager (CTM).
The next generation GBST Syn~ application, an adaptable, workflow driven and easily integrated, rules-based solution, now provides clients with Omgeo CTM connectivity, providing an automated solution for the central matching of cross-border and domestic transactions.
Market participants are increasingly under pressure to lower costs and increase operational efficiency in today’s challenging economic environment. By pairing Omgeo CTM with GBST Syn~’s powerful workflow capabilities, clients can increase same-day affirmation rates, reduce costly manual intervention, and minimise exceptions and user intervention, even for
Jade Fu, Investment Manager at Heartwood Investment Management, on current opportunities for commodities investors…
Commodities have underperformed both equity and fixed income markets in the year- to-date, with this trend accelerating in the third quarter. A glut of supply and muted demand against a backdrop of decelerating growth in China and a more self-sufficient US have contributed to price weakness across the commodity complex. Even heightened geopolitical unrest in various parts of the world this year has failed to trigger a sustained rally in commodity prices. However, can investors become too bearish in the short term?
Looking at current
The Depository Trust & Clearing Corporation (DTCC) and Euroclear have created a joint venture that will leverage both companies’ expertise, technology and franchises, focusing on collateral processing.
The newly-created company, DTCC-Euroclear Global Collateral Ltd, will be domiciled in the UK and its operations are subject to regulatory approvals.
Ownership and governance of the joint venture company will be shared equally between DTCC and Euroclear with its board and senior executives drawn from the two firms’ management.
Michael Shipton, Euroclear managing director and head of corporate technology, will assume the role of chief executive officer of DTCC-Euroclear Global Collateral Ltd,
International law firm Withers has hired Andrea Luciano as a partner and head of financial services and investment funds in its Milan office.
Luciano joins the firm from King & Wood Mallesons SJ Berwin, where he headed the Italian financial markets group.
Luciano has extensive experience in capital markets/debt matters, securitisation transactions and private equity, venture capital and hedge fund formation. He also has extensive experience of financial market regulation, compliance and AML procedures.
“We are delighted to welcome Andrea to our rapidly growing Italian team," says Withers’ Italian practice managing partner Roberta Crivellaro. "Andrea's expertise in financial
The London Metal Exchange (LME) is introducing a new fee schedule, which provides an all-in transaction fee with trading and clearing components, all now charged in USD.
The new simplified tariff, which comes into effect on 1 January, 2015, aligns exchange fees with the currency of the contracts traded.
The average LME transaction fee (including trading and clearing) will increase by 34 per cent.
“Our new tariff is integral to our evolution into a truly commercial global exchange and underpins our continued investment and our next phase of expansion following the successful launch of LME Clear last week,” says Garry Jones,
F Mark Fucci and Anne-Marie Godfrey are to join law firm Akin Gump’s Hong Kong office.
Fucci joins as a partner in the financial restructuring practice, while Godfrey is as a partner in the investment management practice.
Both Fucci and Godfrey are joining Akin Gump from Bingham McCuthcheon bringing the total number of partners switching between the two firms to 28.
The firm announced the forthcoming arrival of 22 partners in London, Hong Kong and Frankfurt on 17 September and four additional partners in London and Hong Kong on 22 September.
All 28 partners are expected to
Euronext is reducing client trading fees for transactions in Dutch individual equity and index options.
Fees for all retail investor transactions will be reduced from EUR0.40 cents to EUR0.31 cents as of 1 October, a reduction of almost 25 per cent.
From 1 November, the fee for market orders (orders at the best available price) will be further reduced to EUR0.20 cents, a 50 per cent reduction compared to the current fee.
“By lowering fees for our individual equity and index options, our aim is to respond to retail clients’ needs and promote trading on the central market.
Michael John Lytle (pictured), Chief Development Officer at ETF provider Source, comments on Neil Woodford's view that too many fund managers are over-charging clients…
It is important for investors to choose the right solution for the right problem.
Active management can add value, but most investors only want to invest in the top quartile funds, leaving three quarters of the fund management industry as increasingly unattractive.
In most circumstances it is because the active fund manager has failed to consistently out perform their benchmark. Active managers charge for that alpha, so when you cannot find an active manager who can outperform,
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