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Demand for commodities is still outpaced by supply, says Esty Dwek (pictured), Investment Strategist at HSBC Private Bank…
We believe that the improvements in global growth are not yet leading to a meaningful increase in demand for commodities, at a time when supply remains ample. As a result, we expect prices to remain capped for now, although the Chinese recovery should gradually support demand for industrial metals. We believe that increasing supply thanks to shale discoveries will weigh on oil prices in the long term, while gold prices still lack an upside catalyst.
Commodity prices have remained under pressure even as
Deutsche Börse Market Data + Services has acquired Impendium Systems, a London-based firm that deploys cloud-based software solutions to help customers’ achieve regulatory compliance in Europe, North America and Asia-Pacific.
The acquisition was completed on 10 January 2014 for an amount in the single digit million euro range.
The deal represents an important step in Deutsche Börse’s growth strategy of integrating technology and data offerings to better serve client needs.
“The integration of market data and technology services has enabled us to further enrich our global data sets as well as utilize existing capacity to tap into specialized
International law firm Simmons & Simmons has appointed Dale Gabbert to its funds practice in London.
Gabbert will join from Reed Smith, where he currently heads the investment funds group for Europe and the Middle East. He has over 16 years’ experience of advising funds, managers and investors.
Gabbert advises fund managers and financial institutions on the establishment and on-going operations of all classes of alternative investment funds, including hedge funds, private equity funds, real estate funds, credit funds and bespoke products. He also advises on joint ventures, seeding deals, the acquisition and disposal of fund managers and related
Traiana has launched a service to reconcile client reference data ahead of the introduction of mandatory electronic trading of swaps on swap execution facilities (SEFs).
The new service, using technology provided by Duco, reconciles reference data from disparate sources provided by CCPs, SEFs, futures commission merchants (FCMs), buy-side firms and swap data repositories.
The service will allow Traiana to help its customers to reconcile significant volumes of data and ensures that clients are not prevented from trading by clerical errors or mismatches in static data regarding accounts, limits or SEF trading identifiers before the regulations come into force in
Gibraltar has become a full signatory to the Multinational Memorandum of Understanding (MMoU) of the International Organization of Securities Commissions (IOSC).
Nicola Smith, managing director of hedge fund administrator Helvetic, says: “This is a significant move as it bolsters Gibraltar as a location for international hedge funds looking for a geographic foothold within the AIFMD zone."
The passport system established under the Alternative Investment Fund Managers Directive allows funds to operate throughout the EU once they have received regulatory approval in one member country. The result has been an increased level of interest from international fund managers seeking territories
As the relentless bull market march in equities continues, alarm bells are ringing in many bear camps around the world, says Peter Garnry (pictured), head of equity strategy, Saxo Bank.
The talk is that equities are overvalued and many different indicators such as P/E Shiller and market capitalisation to GDP are presented as evidence. Our view is that equity valuations have finally reached normality and the multiple-expansion party is probably over for now. Thus rising stock prices are now solely dependent on revenue and earnings growth.
Let us look at the cold facts. Measured on six valuation metrics, global equities
BNP Paribas and Morgan Stanley have joined EurexOTC Clear for Interest Rate Swaps (IRS), Eurex Clearing’s central counterparty service for OTC derivatives, increasing the total number of clearing members to 32.
“Joining EurexOTC Clear is a major element of our approach to offer a full scope of OTC CCP services to our clients all over Europe. Eurex Clearing's CCP offering together with our expertise will enable our clients to have a choice of CCP provider and prepare for OTC clearing prior to the start of the EMIR mandatory clearing date,” says Gavin Dixon, global co-head of FI clearing at BNP
The European Energy Exchange (EEX) has become the new majority shareholder in Cleartrade Exchange (CLTX), a Singaporean Futures Exchange founded in 2010.
EEX has taken a 52 per cent holding in CLTX. The transaction has been financed from EEX book cash.
The acquisition was agreed in Q4 2013 with all regulatory approval completed in December.
Peter Reitz (pictured), chief executive officer of EEX, says: “CLTX has succeeded in becoming an important execution exchange for commodity derivatives in a remarkably short space of time. Its core asset classes are a good fit with our existing markets. Combined with the
Brooks Macdonald Funds Ltd (BMF) this week announced the imminent launch of the IFSL North Row Liquid Property Fund, believed to be the UK’s first actively managed UCITS core property fund. The fund is expected to launch in February and will be managed by Steven Grahame. He will be supported by Dr. Niall O’Connor as deputy fund manager.
The IFSL North Row Liquid Property Fund will offer investors liquid exposure to the global real estate markets by investing mainly in property derivatives, as well as property equity and debt, to gain exposure to direct property markets. The open-ended fund will
Jennifer Grady and Craig A Newman have been named as managing partners of Richards Kibbe & Orbe (RK&O).
The pair succeed Kenneth Werner who has served as managing partner for the past four years.
Grady joined RK&O in 2004 and is a partner in the firm’s corporate group. She has substantial experience representing banks, broker-dealers, funds and other financial institutions in connection with transactions in the derivatives, distressed debt and claims trading markets. She has also advised trade organisations and financial institutions in connection with the evolving regulatory treatment of loan-based derivative transactions. Grady is a member of the firm’s executive committee.
