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Eurex Clearing has published a study looking at maximising capital and cost efficiency through an integrated cross-product central counterparty (CCP) clearing service.
The study was supported by and commissioned to Oliver Wyman, a global management consulting firm.
The study reviews how new capital and collateral requirements impact derivatives and securities financing markets. The analysis shows that netting efficiency, default fund structure and collateral efficiency are core drivers for capital efficiency.
Sell- and buy-side participants alike can substantially lower their capital and funding cost by actively pooling clearing business on an integrated cross-product CCP. Besides achieving savings from cross-margining
The Ardsley Partners US Equity UCITS Fund has launched on ML Capital’s Montlake UCITS platform.
Ardsley Partners is a long-short equity manager founded in 1987 and based out of Stamford, Connecticut.
The firm invests globally, with a focus on technology, telecom, life sciences, energy and alternative energy companies.
The company manages around USD900m in assets, and is led by founder and CEO, Philip Hempleman.
Richard Rankin, managing director of investor relations and chief operating officer at Ardsley Partners says: "We are pleased to have joined the MontLake UCITS Platform and excited with the opportunity that it provides
Gar Wood Securities has promoted industry veteran Craig Gantar to senior vice president and sales manager.
Gantar has over 15 years of industry experience, and joined Gar Wood in 2007 as a senior client service associate on the Gar Wood Pro Desk and worked directly with institutional clients and brokers.
In addition to the new sales manager position, Gantar will continue to oversee the client and broker on-boarding process.
"Craig has done a great job in supporting our brokers and clients over the past 6 years, and I am confident that his experience, knowledge and relationships are a
The Eurekahedge Hedge Fund Index was up 1.05 per cent in Q1 of this year even as hedge funds recorded another month of negative returns in March.
Net asset flows for Q1 stood at USD32.6bn, with North American and European fund managers leading the tables with USD17.7bn and USD13.6bn, respectively. Asia hedge funds were down 0.24 per cent, with managers focused on the Greater China region posting strong losses, declining by 3.47 per cent. Japan-focused hedge funds posted their third consecutive month of negative returns. These were down 0.84 per cent in March and 2.09 per cent in Q1.
The Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight (DMO) and Swap Dealer and Intermediary Oversight (DSIO) have issued a no-action letter with respect to swaps trading on multilateral trading facilities overseen by authorities designated by European Union member states.
Subsequent to the issuance of No-Action Letter 14-16, CFTC staff continued to engage in dialogue with the staffs of the European Commission and the Financial Conduct Authority of the UK, as well as with facility operators and market participants, concerning certain terms and conditions in No-Action Letter 14-16.
As a result of these conversations, and seeking to build
Genscape has published a white paper addressing what factors have led to the lack of transparency in German Combined Heat & Power (CHP) production, the key issues that led to the current situation and what can be done to bring about change.
Using qualitative and quantitative analysis, the paper finds that CHP generation does not participate in the power markets the way conventional generation does, since many of the units are of a lesser size or are owned and operated by local municipalities.
Therefore, regular disclosure of any kind of unit-by-unit availability is not requested or expected by regulators.
Jason Allison has joined Walkers’ Cayman Islands office as a partner in the global investment funds group.
Allison, an offshore investment funds practitioners, has close to ten years' experience advising on Cayman Islands law.
After spending over five years at Freshfields in London, he commenced his Cayman Islands career with Maples and Calder in 2004, becoming a partner there in 2007. In 2012, Allison left Maples and Calder to help establish the Cayman Islands office of another international offshore law firm.
Allison advises on Cayman Islands corporate and investment funds law, with particular expertise advising institutional clients on
Age appears to be a greater factor in relative hedge fund performance than size, according to a report by eVestment.
The report, Impact of Size and Age on Hedge Fund Performance: 2003 – 2013, says the hedge fund industry is maturing and composition is evolving as institutional investors have become the dominant investor.
The percentage of large funds older than five years is at a peak and new funds are launching larger and growing more quickly. The representation of mid-sized funds under two years old has increased from between five per cent to six per cent pre-financial crisis, to
TCA Fund Management Group is planning to float the TCA Global Credit Fund through an AIM IPO as a new London listed, closed-end investment company.
The IPO will be structured as a feeder fund and aims to raise USD25m, marketed at both institutional and retail investors.
The fund, which is a short duration, absolute return fund specialising in short term senior secured lending to SMEs, is targeting a six to eight per cent annual dividend payment to shareholders on a quarterly basis (two per cent per quarter).
The Master Fund has a solid four year track record, exceeding
DW Investment Management (DWIM), a USD6bn global multi-strategy credit management firm, has appointed Joel Biran and John Buck, former managing directors at Versa Capital, to the firm's distressed corporate team.
Biran and Buck represent senior additions to DWIM's existing team and bring expertise in rescue finance, middle market lending, turnarounds and other operationally intensive workout and distressed-for-control situations.
The new additions will focus on expanding DWIM's stressed and distressed corporate credit efforts, with an emphasis on investments in distressed and underperforming middle market companies.
"Joel and John have a breadth and depth of experience originating, structuring, and
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