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The European Commission’s objectives for MiFID II/MiFIR were released in October this year. At the heart of this new regulation is an attempt to bring greater transparency to the OTC markets, with proposed requirements for pre-trade pricing to be shown on a continuous basis and extended reporting of executed trade prices. This is intended to bring a transparent, level playing field to EU financial markets.
Separately, the EMIR (European Market Infrastructure Regulation) legislation is aimed at implementing the 2009 G20 commitment that: “all standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared
- 13/12/2011
The London Metal Exchange (LME) will introduce financially settled swaps for all non-ferrous contracts on 23 January 2012. The average-price contracts are the first of their type to be traded on-exchange in the world and are designed specifically for participants of the physical industry who need to hedge the monthly average price.
“LME swaps will bring transparency to pre- and post-trade prices,” says Chris Evans, Head of Business Development at the LME. “For the first time swaps users will benefit from a regulated market with the same counter-party default risk protection offered by regular futures contracts”.
Tradable on LMEselect
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Red Kite, a metals-focused fund groups, has selected Butterfield Fulcrum as the firm’s fund administrator.
After a detailed analysis of Red Kite’s specific needs, Butterfield Fulcrum designed a customised solution to answer the client’s requirements. Teams from both Red Kite and Butterfield Fulcrum worked together to develop a unique bespoke administration process.
Glenn Henderson, CEO of Butterfield Fulcrum, says: “We are extremely pleased to welcome Red Kite as a client. This appointment confirms our commitment to providing customised administration services to asset managers with some of the most complex commodity trading strategies, asset classes and complex fund structures in the
- 13/12/2011
Hedge fund flows as measured by the GlobeOp Capital Movement Index advanced 1.55% in December.
"December closes the year on a positive note with net inflows of 1.55 percent, driven primarily by healthy subscriptions," said Hans Hufschmid (pictured), chief executive officer, GlobeOp Financial Services (LSE:GO.).


The GlobeOp Capital Movement Index represents the monthly net of hedge fund subscriptions and redemptions administered by GlobeOp. This monthly net is divided by the total assets under administration (AuA) for GlobeOp’s fund administration clients.


Cumulatively, the GlobeOp Capital Movement Index for December 2011 stands at 141.01 points, an increase of 1.55 points over November
- 13/12/2011
Hedge fund redemptions in October totalled USD9 billion, more than triple September’s USD2.59 billion outflow, according to figures released by BarclayHedge and TrimTabs Investment Research. Industry assets decreased to USD1.66 trillion in October from USD1.73 trillion in September, the third straight monthly decline.
“Investors seem to have lost patience with lacklustre hedge fund returns,” says Sol Waksman (pictured), founder and President of BarclayHedge. The Barclay Hedge Fund Index did rise 3.5% in October, bouncing back from five straight monthly declines. Assets are at their lowest since January 2010.
For October, the biggest assets losses in terms of per centage were
- 13/12/2011
Virtu Financial has acquired the Designated Market Maker (DMM) business for the New York Stock Exchange (NYSE) and NYSE Amex. Terms of the deal have not been disclosed.
“This acquisition is consistent with Virtu’s primary business objective of providing highly efficient, fully obligated, customised liquidity to investors across all markets,” says Vincent Viola, Chairman and CEO of Virtu Financial, LLC. “We are excited about playing an important part of the NYSE and NYSE Amex marketplace. We look forward to working with our listed company partners and providing our unique liquidity to their valued investors.”
As a result of the close
- 13/12/2011
Lombard Odier Investment Managers (LOIM) has appointed Jan Straatman (pictured) as Chief Investment Officer, a newly-created position, effective 1 March 2012. He joins from ING Investment Management where for the last two years he was Global CIO, overseeing EUR330 billion of client assets.
Straatman will be based in London, reporting to Hubert Keller, who is a Managing Partner of Lombard Odier and co-responsible for LOIM along with Thierry Lombard.
With 28 years of investment experience, Straatman joined ING’s European asset management unit as CIO in 2008 before becoming global CIO for that business. While there, he oversaw 800 investment professionals
- 13/12/2011
The London Stock Exchange Group has signed a definitive agreement to acquire the 50 per cent stake in FTSE International Limited, from Pearson, that it does not already own. Following the transaction which is expected to close in Q1 2012 subject to customary closing conditions, FTSE International Limited will be wholly owned by the London Stock Exchange Group.
FTSE currently calculates and manages over 200,000 indices worldwide which are linked to over USD3 trillion in global Assets under Management. These include the widely used global benchmark, the FTSE All-World Index, as well as a range of flagship indices around the world, such
- 13/12/2011
- 13/12/2011
Walkers have completed the first redomiciliation of a Jersey investment fund into Ireland. The fund, BlueAlpha Global Equity Fund plc (BlueAlpha), successfully migrated and has been authorised in Ireland as a UCITS fund. Apex Fund Services (Ireland) Limited is BlueAlpha’s new administrator, with BNP Paribas Securities Services Dublin Branch acting as custodian.
Sean Peche, Director of BlueAlpha says: “Walkers’ presence in both Jersey and Ireland meant they were uniquely positioned to assist us in the continuation. The process was extremely well managed and we couldn’t have achieved the end result without Walkers’ high level of competence and professional service.”
The
- 13/12/2011
Interview with Mike Rosen, senior managing director, Concept Capital Markets – The outsourcing of middle- and back-office services as well as increased demand for better technology in areas such as portfolio analytics, performance measurement and risk management are key trends that Concept Capital Markets is continuing to focus on.
As the firm’s senior managing director, Mike Rosen, explains: “These are the things we’ve been focusing on as a company in an effort to help our clientele meet the needs of the investing community, in particular institutional allocators.”
Post-trade analytics is one area the firm has been enhancing throughout 2011. The
- 12/12/2011
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