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Eurex Clearing, the clearing house of Deutsche Börse Group, has introduced the second release of the new risk system Eurex Clearing Prisma.
Clearing members and clients are now able to benefit from portfolio margining capabilities within an asset class as well as cross-margining between listed fixed income products and the OTC IRS business.
Since the end of May, clearing users can realise margin offsets between listed fixed-income (Schatz, Bobl, Bund, Buxl) and money market derivatives (Eonia, Euribor), i.e. the entire euro-denominated interest rate curve. Simultaneously, they can also use their existing portfolios in these interest-rate derivatives traded at Eurex
Man Group's deal to acquire Pine Grove is part of a selective acquisition strategy that may boost the firm's diversification and scale, according to Fitch Ratings.
Business diversification could mitigate the risk of outflows driven by market volatility and investors' allocation shifts, while economies of scale remain important for tackling margin pressure in a fragmented and competitive market.
Pine Grove, a US-based credit-focused fund of hedge funds manager, will add to Man Group's product offering and US presence, although, with around USD1bn of assets under management (AUM), it is small. The deal is consistent with the group's strategy to
Hedge funds are increasing their short bets on US rates as the flow of economic data improved and inflation figures edged higher, according to Philippe Ferreira, head of research at Lyxor’s managed account platform.
Moderate price pressures materialised recently (PCE deflator at 1.6 per cent yoy in April), though the inflation rate remains below the two per cent target of the Fed. This triggered a rise in 10y Treasury yields last week which caused some losses on CTAs.
In this environment, global macro funds have cut quite aggressively their net short positioning on US rates and credit, from -9
The hedge fund industry took in USD18.7 billion (0.8 per cent of assets) in April, up from USD10.6 billion (0.5 per cent of assets) in March, according to BarclayHedge and Trim Tabs Investment Research.
“Hedge funds took in USD56.4 billion in the first four months of 2014, more than triple the inflow of USD16.9 billion in the same period last year,” says Sol Waksman, president and founder of BarclayHedge.
Industry assets climbed to a five and a half year high of USD2.2 trillion in April, according to estimates based on data from 3,369 funds. Assets rose 18 per cent
Aitan Goelman has been appointed as the US Commodity Futures Trading Commission’s (CFTC) director of the division of enforcement.
Goelman (pictured) is a former federal prosecutor with more than 20 years of experience litigating both criminal and civil matters.
“I’m very pleased that Aitan Goelman has agreed to join the agency as director of enforcement. Aitan brings valuable experience in government and private practice, as well as a strong commitment to public service. He will be a tough, aggressive and fair leader at a critical time in the Commission’s history,” says CFTC chairman Timothy Massad. “I especially want to
Wexford Capital has selected SS&C GlobeOp to provide an expanded suite of services including middle- and back-office, regulatory reporting and investor solutions for the firm’s private equity funds and hedge funds.
Wexford, headquartered in Greenwich, Connecticut, manages over USD4 billion in assets.
SS&C GlobeOp previously delivered various back-office services to support Wexford's hedge funds. The terms of the revised agreement will allow Wexford to leverage many of SS&C's capabilities to act as an outsourced operational, middle- and back-office provider and fund administrator. SS&C will hire a number of Wexford employees to augment the team that will service Wexford.
361 Capital, an asset management firm specialising in liquid alternative investments, has entered into a strategic partnership with private equity firm Lovell Minnick Partners.
Lovell Minnick Partners will assume a minority ownership stake in the Denver-based alternatives firm. Transaction terms have not been disclosed.
“Lovell Minnick is a preeminent private equity firm with a long track record of successful investing in asset management businesses,” says Tom Florence, CEO of 361 Capital. “The firm’s stake in 361 Capital strengthens our investment capabilities and positions us for significant growth.”
361 Capital recently announced a comprehensive growth strategy aimed at adding
Intercontinental Exchange (ICE) has published the prospectus, including an indicative price range, relating to the planned initial public offering (IPO) of the ordinary shares of Euronext NV.
The listing would establish the pan-European exchange group as an independent, publicly traded company.
Euronext’s ordinary shares are intended to be listed on Euronext Paris, Euronext Amsterdam and Euronext Brussels. Euronext intends to list on Euronext Lisbon after the IPO.
The IPO consists of the secondary sale of part or all of Euronext’s ordinary shares held by its shareholder, ICE Europe Parent Ltd, an indirect wholly owned subsidiary of ICE.
The European Energy Exchange (EEX) and Eurex Exchange have jointly decided to concentrate trading in agricultural derivatives within EEX, in which Eurex holds a majority interest of 62.57 per cent.
The move will give customers access to a large and standardised offering of commodity derivatives contracts via one platform.
The agricultural derivatives currently tradable on Eurex Exchange will be offered on EEX from 2015.
Eurex Exchange’s product portfolio comprises futures on potatoes, skimmed milk powder, whey powder, butter, hogs and piglets. All contracts are quoted in Euro and are settled in cash. Market indices which reflect the underlying
The Hedge Fund Association (HFA) has added three females to prominent leadership positions.
FINalternatives publisher Deirdre Brennan has been appointed as UK regional chapter director; C&A Consulting director Amy Poster has been added to the Regulatory & Government Advisory Board and named HFA high-net-worth chair; and The Rudin Group CEO April Rudin has joined the board of directors.
To recognise the female trio's additions the HFA is offering a complimentary six month membership to all female hedge fund professionals worldwide including managers, investors and industry service providers.
Rudin, HFA's high-net-worth chairwoman, was elected to HFA's board of directors
