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Rather than increase transparency, the latest proposals to restrict dark trading at four and eight per cent have the potential to create greater opacity as well as seriously impact institutional investors’ ability to execute order flow.
Drawing on new research from TABB Group Europe, 86 per cent of investors say they have serious concerns regarding the introduction of volume cap proposals with the vast majority anticipate being forced to return to more traditional forms of execution.
According to TABB’s senior research analyst Rebecca Healey in London, who wrote “European Dark Trading: A Question of Clarity,” the recent decline in
By Jose Santos, Partner, and Karen Gilbert, Senior Associate, Forbes Hare – BVI companies are listed on most of the major public exchanges of the world, including NYSE, AIM, LSE, TSX, NASDAQ, HKSE, and are attractive as listing vehicles in a variety of geographical markets and business sectors such as mining, pharmaceuticals, real estate, oil and gas.
In particular, over the last decade, BVI companies have been frequently incorporated as special purpose acquisition companies (SPACs) focused on acquiring targets in emerging markets, the use of which is now on the rise again following an extended period of limited activity.
What
Chicago Board Options Exchange has created a new benchmark volatility index – the CBOE Mid-Term Volatility Index (VXMT).
The index is a measure of the expected volatility of the S&P 500 Index over a six-month time horizon.
The index is calculated using the CBOE Volatility Index (VIX Index) methodology, applied to S&P 500 Index (SPX) options that expire six to nine months in the future.
As investors become more sophisticated in their understanding of volatility and their use of volatility products, the VXMT index offers a "macro" view of market risk, a view driven more by the perceived
Traiana, a provider of pre-trade risk and post-trade processing solutions, has launched a Unique Trade Identifier (UTI) management solution using the Harmony network.
As each jurisdiction introduces its own specific trade reporting requirements and UTI methodology, the management and sharing of trade identifiers with counterparts is becoming more complex.
The Traiana UTI management service facilitates the exchange of UTIs between counterparts, thereby allowing both parties to a trade to report using a common trade identifier, to the same or different trade repositories.
Reporting using the same trade identifier is the responsibility of both sides of the trade and
Aquis Exchange, the pan-European equities trading exchange, has completed its first day of live operations, executing trades in all three of the markets available at launch.
Aquis Exchange, which has introduced subscription pricing to European equities trading, saw several members participate on launch day and trades were executed in a range of blue chip stocks from the UK, France and the Netherlands.
Aquis Exchange chief executive Alasdair Haynes (pictured) says: “It has taken us 13 months from announcing the concept of Aquis Exchange to going live. We are very pleased to have built a highly performant platform, gained regulatory
Chicago Board Options Exchange (CBOE) is to list options on the CBOE Russell 2000 Volatility Index (RVX) beginning 3 December.
The CBOE Russell 2000 Volatility Index (RVX Index) is an up-to-the-minute market estimate of the expected 30-day volatility of the Russell 2000 Index (RUT), calculated using real-time bid/ask quotes of RUT options that are listed on CBOE.
The calculation of the RVX Index is based on the CBOE Volatility Index (VIX Index) methodology applied to RUT options, the third most actively traded index option at CBOE in the first half of 2013.
RUT is a performance of small-capitalisation
Evidence shows that Guernsey continues to meet the demands of both private equity managers and their investor base, writes Guernsey Finance chief executive Fiona Le Poidevin (pictured)…
Guernsey’s pedigree as a leading funds domicile relies on its ability to continually meet the demands of fund managers and their investor base. Figures to the end of June 2013 show that the value of funds under management and administration in Guernsey reached GBP286 billion (USD457 million; EUR338 million) – an increase of 5.6 per cent on a year previous – with private equity comprising more than GBP87 billion. Indeed, global private equity
The Carlyle Group is to acquire Diversified Global Asset Management (DGAM), a manager of hedge funds with more than USD6.7bn in managed and advised assets.
Equity for the transaction will come from Carlyle’s balance sheet. The transaction is expected to close in February 2014.
DGAM will become Carlyle’s fund of hedge funds platform, and George Main and Warren Wright will continue in their roles as CEO and CIO, respectively, managing investments and the day-to-day operations of DGAM.
David M Rubenstein (pictured), co-founder and co-chief executive officer of Carlyle, says: “We are focused on providing fund investors with a broad
The National Securities Clearing Corporation (NSCC) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to provide its members with a new tool designed to serve as an early warning system that alerts those firms to trading activity that is nearing defined trading limits.
Subject to regulatory approval of the filing, the tool will enable firms to effectively manage potential risk exposure for both their own accounts and their clients’ accounts for the trading in equities, corporate and municipal bonds, and unit investment trust instruments.
“DTCC continues to work in collaboration with the industry to
Ignis Asset Management has launched the USD100m Ignis Absolute Return Emerging Market Debt Fund, which is based on a strategy that has been run for an institutional client since January 2012.
The fund, which is a sub fund of Ignis Funds SICAV, an investment company organised under the laws of the Grand Duchy of Luxembourg as a self-managed SICAV, is lead managed by Dan Beharall, head of emerging markets fixed income.
Beharall is supported by Sailesh Lad, deputy portfolio manager, and Mikhail Volodchenko, market analyst.
The fund aims to deliver a positive total return in excess of cash
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