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After a challenging beginning in August, on the back of higher risk aversion, markets started their rebound and progressively recouped their losses, according to Philippe Ferreira, head of research at Lyxor’s Managed Account Platform.
The easing of geopolitical tension in Iraq and Ukraine has fuelled renewed investor appetite for risk.
The amplitude of the rebound was, however, capped by a weaker global macro momentum: a flat and disappointing dynamic in EU, a probable peak in US and the fragilities of the Japan recovery, keeping risk assets under pressure.
In this context, hedge funds, which are overall still long
The SEC has adopted revisions to rules governing the disclosure, reporting, and offering process for asset-backed securities (ABS) to enhance transparency, better protect investors and facilitate capital formation.
The new rules require loan-level disclosure for certain assets, such as residential and commercial mortgages and automobile loans.
The rules also provide more time for investors to review and consider a securitisation offering, revise the eligibility criteria for using an expedited offering process known as “shelf offerings” and make important revisions to reporting requirements.
“These are strong reforms to protect America’s investors by enhancing the disclosure requirements for asset-backed securities
The Irish Funds Industry Association has welcomed the Central Bank of Ireland’s proposals to establish a regulated loan fund framework in Ireland.
This will be the first dedicated regulatory regime in the EU for loan funds and will operate under the EU’s Alternative Investment Fund Manager’s Directive (AIFMD).
Managers should be able to avail of the AIFMD’s Europe-wide marketing passport for professional investors when selling the Irish loan fund structure in Europe.
The new fund product will be of particular benefit to large SMEs and intermediate sized companies which are too small to access the corporate bond market.
The Securities and Exchange Commission (SEC) has adopted new requirements for credit rating agencies to enhance governance, protect against conflicts of interest and increase transparency.
The new rules and amendments, which implement 14 rulemaking requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, apply to credit rating agencies registered with the commission as nationally recognised statistical rating organisations (NRSROs).
“This expansive package of reforms will strengthen the overall quality of credit ratings, enhance the transparency of credit rating agencies and increase their accountability,” says SEC chair Mary Jo White. “Today’s reforms will help protect investors and markets
PrimeOne Solutions, a division of CoreOne Technologies, has appointed Thomas Benevento as global head of synthetic equities, reporting to EJ Liotta, head of PrimeOne Solutions.
Benevento will play a key role in identifying growth opportunities within the prime business, as the company embarks on its next phase of expansion within the ever-changing prime finance industry.
Liotta says: "Thomas is a fantastic addition to our team, given his experience and longevity in the prime finance sector, he is the perfect match for PrimeOne. Thomas brings a unique blend of experience spanning the entire breprime finance, and a very client specific
The US Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges against Merrill Lynch for supervision failures relating to futures exchange and clearing fees.
The order says Merrill Lynch failed to diligently supervise its officers, employees and agents’ processing of charges to its customers from at least 1 January 2010 to April 2013.
Merrill Lynch is a CFTC-registered futures commission merchant and approved swap firm located in New York.
The CFTC order finds that Merrill Lynch’s fee reconciliation process for identifying and correcting discrepancies between the invoices from the exchange clearinghouses and the amounts charged
bfinance, an independently owned investment consultancy, has added to its service and advisory capabilities in the Middle East with the hire of a senior consultant.
Navneet Maheshwari joins from Nasdaq Dubai and will be responsible for local market client relations for bfinance across the Middle East as well as the development of new business opportunities in the region.
At Nasdaq Dubai, Maheshwari was responsible for building the exchange’s equity capital markets business in the MENA and CIS region.
Previously, Maheshwari worked for five year with Partners Group, a leading global private markets investment manager in their Switzerland and
JTC Group has been granted a licence to provide the firm’s full suite of private client, corporate, fund and real estate services in the Cayman Islands.
Since 2013 JTC Group has had a presence in the Cayman Islands through an alliance office but is now licenced to deliver its full range of services.
The Cayman office will continue to build on its existing platform of services for private and international clients. This will include company incorporation and administration services and the provision of directors to companies and regulated funds.
The office will focus on establishing and servicing Cayman
GAM has launched the GAM Star MBS Total Return Fund – a UCITS-compliant version of an institutional investment strategy.
The fund invests in the US asset-backed securities market, mainly in residential MBS, issued both by US government agencies and by non-agency entities.
In the current environment, the fund aims to deliver returns of the three-month Libor rate +4 to +6 per cent per annum.
The GAM Star MBS Total Return Fund invests in MBS of all maturities: interest rate risk is actively managed in line with the team’s macroeconomic outlook.
The fund is managed by Gary
Key figures from the UK’s financial industry have welcomed the launch of the Social Media Charter, which aims to ensure compliant use of social media.
The Financial Conduct Authority (FCA) announced a couple of weeks ago the launch of a consultation on social media, following months of dialogue with the Social Media Charter and industry – primarily on where the regulation should sit to help improve trust in the industry with customers and clients.
Charles Parry is an approved counsel on the Attorney-General’s list, and a barrister specialising in regulatory compliance. As counsel at the Social Media Charter he
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