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By Olivier Sciales, Chevalier & Sciales – Luxembourg’s Financial Sector Supervisory Authority According has published Circular 14/591 on July 22, addressed to all open-ended UCITS funds governed by the grand duchy’s legislation of December 17, 2010, regarding the protection of investors in the event of a material change to an open-ended undertaking for collective investment.
The CSSF says that according to well-established supervisory practice, in the event of such a material change to investors’ interests in an open-ended fund under the 2010 law, the regulator requires that they be given sufficient time to take an informed decision, and that if
Despite a benign start to the month and low market volumes, risk assets sold off notably in the final days of July as investors reduced risk in equities, credit and bonds, according to GAM.
Those reversals resulted in broadly negative performance for July with the MSCI World index down 1.6 per cent, US high yield credit down 1.6 per cent (as measured by the IBOXX HY index) and the Barclays US Aggregate Bond index down 0.3 per cent, all in US dollar terms.
Hedge funds as a group were negative performers for the month with global macro being the positive
The current state of the US economy is ‘just right’, according to Alan Higgins, Chief Investment Officer, UK, at Coutts…
Recent data shows the US economy is still in the Goldilocks zone – not so hot that the Federal Reserve (Fed) will have to put rates up sooner than expected, and not cold either, but just right. We see US interest-rate rises as still being some way off, and only gradual when they do come, so not a big worry for equity markets for now.
Recent comments from the Fed have suggested that Chairman Janet Yellen and her colleagues don’t
Eurex Group has introduced connectivity of Trade Capture Platforms (TCPs) via the enhanced Multilateral Trade Registration (MTR) Service.
The first TCPs are BrokerHub and Vectalis; ITG RFQ-hub intends to connect on 11 August.
The service expansion will increase the efficiency of block trade execution and processing for Eurex listed derivatives via an automated straight-through process (STP). Furthermore, it will enhance the transparency and audit trail throughout the trade lifecycle, from the preliminary negotiation to the final confirmation by the counterparties and acceptance by Eurex Clearing.
“We are pleased to welcome BrokerHub, ITG RFQ-hub and Vectalis as the first
Aviate Global, the institutional equity brokerage, has returned to Asia with offices in Hong Kong and Sydney now serving the region.
Douglas Morton, James Santo, Lachlin Miller and Gerard Walsh join the brokerage firm, following the recent hires of Asia managing partners Robert Buckley (Hong Kong) and Robert Arnott (Sydney).
“Asia is not new to many followers of Aviate Global,” says Guy Gibson, co-founding partner of Aviate Global. “In June 2008, we joint-ventured with Central Joint Enterprises to build an Asia business, trading under Aviate Global branding. Initially, this operated from a London base, followed quickly by the establishment
All seven of IndexIQ’s proprietary family of hedge fund replication and alternative beta indices were negative in July.
The IQ Hedge Long/Short Beta Index was the worst performer with a return of -1.51 per cent followed by the IQ Hedge Emerging Markets Beta Index (-1.42 per cent), the IQ Hedge Market Neutral Beta Index (-1.23 per cent) and the IQ Hedge Global Macro Beta Index (-1.22 per cent).
The IQ Hedge Event-Driven Beta Index and the IQ Hedge Composite Beta Index both returned -1.18 per cent while the IQ Hedge Fixed Income Arbitrage Beta Index had the smallest loss
The US CFTC has obtained a USD13 million civil monetary penalty against defendants Parnon Energy, Arcadia Petroleum, Arcadia Energy and crude oil traders James T Dyer and Nicholas J Wildgoose.
The CFTC’s complaint charged the defendants with manipulation and attempted manipulation of New York Mercantile Exchange (NYMEX) Light Sweet Crude Oil futures contract spreads from January 2008 to April 2008.
The consent order, entered on 4 August by Judge William H Pauley III of the US District Court for the Southern District of New York, requires the defendants to pay a USD13 million civil monetary penalty, provides limitations on
The first half of 2014 marked the busiest period to date for the secondary market for private equity, real estate, infrastructure and hedge funds, according to the Setter Capital Volume Report – H1 2014.
The report reveals that volume was up 47 per cent from the same period last year, driven by new and incumbent buyers who optimistically and aggressively put money to work, and the large number of sophisticated LPs who executed on opportunistic sales they had been contemplating for years.
In addition to higher dollar volumes in almost all areas, the first half saw an even greater
UMB Fund Services (UMBFS) has appointed a president and chief operating officer following the recent retirement of chief executive officer John Zader.
Tony Fischer has been promoted to president and Maureen Quill has been promoted to chief operating officer.
Fischer was previously executive vice president of business development at UMBFS. He has been with the company since 2008 and in the fund industry since 1983. His responsibilities include overall organisational leadership, strategic development, fiscal management and business development. He will report to Peter deSilva, chairman of UMB Fund Services.
Quill was most recently executive vice president of fund
The London Metal Exchange (LME) has published its first Commitments of Traders Report (COTR) in response to general market demand for broader transparency.
The COTR is designed to reflect the nature of the predominant business activity that LME members and their clients are involved in.
“We are committed to providing the broadest possible market transparency for the metals industry,” says Nick Ong-Seng, managing director of regulation and compliance at the LME.
“As such we have endeavoured to produce a report in line with the industry standard, which reflects as accurately as possible the breakdown of open interest in
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