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CBOE Holdings has reported third quarter 2013 net income allocated to common stockholders of USD41.0m, or USD0.47 per diluted share, compared with USD45.2m, or USD0.52 per diluted share, in Q3 2012.
On an adjusted basis, net income allocated to common stockholders was USD41.0m, or USD0.47 per diluted share, compared with USD37.7m, or USD0.43 per diluted share, in the same period last year. Operating revenue for the quarter was USD136.7m, up seven per cent compared with USD128.3m in the third quarter of 2012.
Financial results presented on an adjusted basis for the third quarter of 2012 exclude the recognition of
BATS Chi-X Europe, the pan-European recognised investment exchange, is in the process of on-boarding customers to BXTR, a suite of on- and off-exchange trade reporting services.
With all functions fully operational, the BXTR pan-European trade reporting service has captured significant market share since its launch earlier this month.
Mark Hemsley, chief executive of BATS Chi-X Europe, says: "We are encouraged greatly by the initial participation in BXTR, as customers realise the benefit of our comprehensive, pan-European reporting services. We appreciate the support of our initial participants and look forward to working together as an industry to improve and consolidate
TriOptima has launched a UTI (Unique Trade ID) pairing functionality to assist firms preparing for the European trade repository reporting effective February 2014.
The service accommodates paper-confirmed trades and foreign exchange (FX) trades without a common match ID.
EMIR trade reporting rules require that trades outstanding during the specified period before the effective date be reported to a trade repository. In order to achieve this backloading, firms must agree UTIs for those trades. TriOptima’s new service enables firms using triResolve to assign a UTI to paper-confirmed OTC derivative trades and FX trades lacking a common match ID.
This
Luxembourg issued a clear signal of intent this year. Not only was the Grand Duchy one of the first EU Member States to implement the AIFM Directive on 15 July 2013, it also made significant amendments to the 1915 Company Law, within which the limited partnership regime is defined.
There are two key developments – the first is a revamp to the existing SCS (Société en Commandite simple), the well-known corporate limited partnership without shares. The second is the creation of a new Société en Commandite Spéciale (SCSp); a special limited partnership that is very similar to the well-known common
Closely understanding the needs of its private equity clients has led to KPMG Luxembourg’s corporate finance team re-engineering the valuation process to make it as cost efficient as possible.
Valuation is a well-known subject but until now private equity firms have never really entertained the idea of outsourcing the task. After all, they are the ones with intimate knowledge of their portfolio companies and many use bespoke calculations to price their book. “We have engaged in a number of discussions with private equity houses to explore how we could improve their valuation reporting either for internal purposes or for investor/regulator
By James Williams – Now that the AIFM Directive has been codified and formally unveiled across the European Union the next stage is seeing how effective individual Member States will be at embracing it. How will they cope with the demands of regulating alternative investment funds (AIFs)? Will they have the requisite service provider infrastructure in place to cope with the enhanced monitoring, reporting and risk management demands under the Directive?
In this context, Luxembourg certainly appears to be well positioned. As Europe’s leading onshore funds domicile – EUR2.4trillion in assets under management as of 31 August 2013 according to
By Alain Kinsch & Axelle Ferey – Porter formalised it in the 90’s: innovation is key to competitiveness. Luxembourg’s private equity industry, with the support of Luxembourg authorities, explored this path over the past ten years to establish the Grand Duchy as a European hub for private equity, not only from an international private equity transaction structuring perspective but also from the perspective of a fund structuring and domiciliation hub.
The same approach centered on the concept of innovation was adopted to transpose the Alternative Investment Funds Manager Directive (AIFMD) into Luxembourg law this summer
Indeed, the Law of 15
“It’s about providing efficiencies across asset classes. Whether it’s a limited partnership private equity fund, a FoHFs, a hybrid private equity fund, we offer those efficiencies under one hood, on one platform,” comments Eddie Russo (pictured), solutions consultant at Advent Software on Geneva World Investor, the firm’s integrated solution for portfolio management, investor accounting and servicing.
For private equity firms, the need for system consolidation is starting to grow. Not only are investors becoming more demanding in terms of the level of transparency they require but as the regulatory environment evolves so the need for greater operational efficiency to handle
“In my pan-European view this is the most effective change I’ve seen Luxembourg make in the last 10 years to boost its funds offering to the Private Equity industry,” suggests Justin Partington (pictured), Commercial Director at Ipes – one of Europe’s leading private equity fund administrators with more than USD50billion in funds under administration – in response to the amendments made to Luxembourg’s limited partnership regime.
“Speaking candidly, the SICAR hasn’t really attracted the interest of European private equity fund managers. For French and UK private equity managers in particular, this is a big development.”
Dr Martin Brockhausen, private equity
By James Williams – “What the Special Limited Partnership (SCSp) does is provide a legal vehicle that specifically and systematically addresses every area of concern for private equity managers when they look at what are the available options to them across different jurisdictions,” comments Daniel Richards, partner at Ogier (Luxembourg).
This summer, the Grand Duchy made the strategic decision to revamp its limited partnership regime (the societe en commandite simple or SCS) at the same time as transposing the AIFM Directive into national law. By doing so the message it intended to relay was clear: Luxembourg is ready to support
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