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Barclays has been charged with fraud over the marketing and operation of its dark pool and other aspects of its electronic trading division.
The complaint alleges Barclays has dramatically increased the market share of its dark pool through a series of false statements to clients and investors about how, and for whose benefit, Barclays operates its dark pool.
Contrary to Barclays’ representations that it has implemented special safeguards to protect clients from “aggressive” or predatory high-frequency traders, Barclays is accused of operating its dark pool to favour high-frequency traders.
“The facts alleged in our complaint show that Barclays
The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a further extension of time-limited no-action relief to LCH.Clearnet Limited.
In the extension of CFTC Letter 13-52, DCR states that it will not recommend that the CFTC take enforcement action against (1) LCH for clearing certain swaps executed on, or subject to the rules of, designated contract markets (DCMs) or swap execution facilities (SEFs) or (2) clearing members of LCH for clearing DCM/SEF swaps through LCH.
The extension of no-action relief will expire at the earlier of 31 December 2014 or the date upon
Global hedge funds investors added USD18.6bn in new money to portfolios in April, nearly twice as much as the amount of new cash they sent in March, data from industry groups TrimTabs and BarclayHedge showed.
Multi-strategy hedge funds were the most popular, attracting USD6bn while fixed income funds took USD5bn and event-driven funds saw inflows of USD3.2bn. As hedge fund performance numbers are reported more quickly than flow data, BarclayHedge said the average hedge fund earned 1.99 per cent through May, less than the 4.9 per cent gain that the S&P 500 made.
The Wall Street Journal reports that
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Japanese investors plan to maintain the size of their hedge fund allocations this year, according to a survey by AIMA Japan and Eurekahedge.
The survey of more than 130 investors with over USD3.8 trillion in assets revealed that the average percentage of their alternative investment portfolio going to hedge funds will remain the same for 2014 as for 2013, at 72.5 per cent.
The survey follows strong recent performance by Japanese-investing hedge funds and funds of funds, which were up about 28 per cent on average in 2013.
Many respondents indicated that they intend to raise their
The first electronically-traded and JSCC-cleared yen swap transaction by a Japanese bank has been executed by Tradeweb.
Bank of Tokyo-Mitsubishi UFJ Limited traded with Deutsche Bank and used the Tradeweb “intention to clear” facility to indicate that it would send the trade to the Japan Securities Clearing Corporation (JSCC) for clearing.
Although electronic trading of yen swaps is not expected to be mandated in Japan until September 2015, institutional investors are starting to get ready for the implementation of these rules.
To help its clients meet existing clearing rules and prepare for future e-trading requirements, Tradeweb provides a
BlackRock has launched an absolute return fund for institutional investors in Europe to meet an expected increase in demand for regulated and liquid alternative investments.
The BlackRock Multi-Strategy Absolute Return Fund is the firm’s first UCITS-compliant multi-strategy alternative fund in Europe and adds to BlackRock’s existing range of liquid alternative UCITS funds.
The fund arrives at a time when new European financial regulations such as AIFMD and Solvency II, coupled with historically high prices in equities and fixed income markets, are encouraging pension funds and insurers to seek ‘onshore’ alternative sources of investments returns.
Ingo Heinen, head of
Portfolio analytics and intelligence platform Novus has partnered with Thalia, a provider of hedge fund investment solutions based in Switzerland with USD1.8 billion in assets under management and advisory.
Transparency within hedge funds has significantly increased since the financial crisis, with approximately 70 per cent of hedge funds reporting exposures and attribution along several key categories and many more aggregating portfolio statistics on a monthly basis. In addition, 20 per cent of funds go as far as reporting position-level information to their investors on a monthly basis.
Unlike traditional performance management systems, Novus gives investors the ability to analyse
Phoenix American Financial Services (PAFS) is offering fund administration services to new investment fund companies operating under SEC rule 506(c).
Because the new funds engage in general solicitation for new investors, Phoenix American provides a range of front office services in addition to the company's back office outsourcing offering which includes shareholder record keeping, transfer agent services, tax and accounting services, printing and fulfilment.
As a result of the Jumpstart Our Business Startups (JOBS) Act, new fund companies operating under SEC rule 506(c) are permitted to engage in general solicitation for new investors. Phoenix American Financial Services now offers
Equinox Funds has gained exposure to a programme run by hedge fund manager BlueCrest Capital Management with the launch of the Equinox BlueCrest Systematic Macro Fund (EBCIX).
A mutual fund offered through Equinox Funds, the Equinox BlueCrest Systematic Macro Fund provides access to a trading strategy developed by BlueCrest.
Seeking to provide returns that have relatively low correlations with traditional asset classes, the strategy trades more than 150 markets around the globe, including commodities, currencies, fixed income and equities indices.
The fund accesses a BlueCrest programme that employs core macro trading signals across global asset classes.
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