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Maxim Group, a full service investment banking and brokerage firm providing services to hedge funds, investment advisors, family offices and high net worth individuals, has selected SunGard’s VPM.
Now live, the solution helps Maxim Group better service its clients by providing advanced portfolio accounting and reporting capabilities, which helps promote smarter operations within its investment management and operations functions.
Maxim Group’s integration of VPM and its clearing firms’ data provides a scalable solution with minimal reconciliation overhead. VPM physically stores all of Maxim Group’s investment activity to help enable the firm to have more accurate information, transparency into data
BI-SAM, a provider of performance measurement and attribution, risk analytics, composites management and client reporting solutions for the global asset management industry, has appointed Andrew Frongello as director of learning and development.
In this role, Frongello will be responsible for coordinating BI-SAM's client training programmes.
Frongello is a performance analysis and risk management expert, with 15 years' experience in investment management performance. Creator of the "Frongello Method" for linking single period arithmetic attribution results, he has published many papers in the Journal of Performance Measurement, and was a contributing author of the CFA Institute's CIPM performance designation exams.
Frongello
Eze Castle Integration, a provider of IT solutions and private cloud services to hedge funds and alternative investment firms, has released the next generation of its Eze Disaster Recovery (Eze DR) service.
The new version of Eze DR features advanced technology to deliver more aggressive Recover Time Objectives (RTO) and Recovery Point Objectives (RPO) and enhanced testing to ensure clients can resume operations after a disaster.
Eze DR is a fully managed disaster recovery solution used by hedge funds around the world. The newest version incorporates hypervisor-based replication technology to replicate, in near real-time, a client’s virtual production environment
The Channel Islands Stock Exchange (CISX) is planning to restructure.
Jon Moulton (pictured), chairman of the CISX, says the exchange is seeking to introduce a new and improved operating model in around a month's time.
Fiona Le Poidevin, chief executive of Guernsey Finance, says: “Clients should have confidence that the team at the CISX will not only evolve the exchange in such a way that serves the investment community very well going forward but also that service standards remain of the highest quality in the intervening period. It is positive that the CISX is ensuring business continuity and we will
Opus Fund Services is offering clients a solution for compliance with the Foreign Account Tax Compliance Act (FATCA).
The solution will be delivered by the FATCA Service Bureau, a joint service from Markit and Compliance Technologies International (CTI).
FATCA requires non-US foreign financial institutions (FFIs) and non-US non-financial entities to identify and disclose their US account holders and members. To avoid penalties from the US Internal Revenue Service, funds must identify their investors more thoroughly, even if they hold only non-US bank and securities accounts. It is estimated that the law will impact over 300,000 financial institutions and their
Chicago Board Options Exchange is to list a Mini-SPX Index option (XSP) contract with a new PM-settlement feature beginning on 5 November.
CBOE's Mini-SPX Index options are one-tenth the value of the S&P 500 Index options (SPX), which are based on the premier benchmark of the broader US market.
The PM-settlement is preferred by many investors, including institutions that have end-of-day reporting requirements. PM-settlement, also used for single-stock and ETF options, allows investors to trade in and out of positions easily on settlement day.
Unlike Standard & Poor's Depositary Receipt (SPY) options and other ETF options, Mini-SPX Index
The first trading transaction in Italian power futures has been registered on the European Energy Exchange (EEX) for clearing via the European Commodity Clearing (ECC).
The trade with a volume of 7,200 megawatt hours and a price of EUR62.25 per MWh for delivery in November 2013 was concluded between Gunvor International and A2A Trading via the broker Spectron Energy Services.
EEX launched the registration of financially fulfilled Italian month, quarter and year futures on 1 October.
“As a result of the registration of trades on EEX, our customers benefit from tried and tested standard processes and security in
Virtus Investment Partners and Cliffwater have established Cliffwater Investments, an investment adviser that will sub-advise a series of multi-strategy, multi-manager alternative mutual funds for retail investors.
The new venture will leverage Cliffwater's expertise in portfolio construction and its research of more than 4,000 alternatives managers. Its open-architecture approach to selecting managers is used by some of the largest institutions, pension funds and endowments. Cliffwater has approximately USD70bn of assets under advisement, including approximately USD52bn in alternative strategies.
The first set of funds that will be sub-advised by Cliffwater Investments will be Virtus Alternative Total Solution Fund, Virtus Alternative Income
Options is expanding its partnership with Redline Trading Solutions, a provider of low-latency market data and order execution solutions, to offer a fully managed ticker plant for options and equities.
The Options-Redline collaboration enables trading firms to access a complete and fully resilient set of exchange-traded equities, options, futures and FX market data, in addition to a full suite of broker connections, and to submit and track orders to the exchanges.
Additionally, the service is being delivered via market leading low latency infrastructure and alongside a fully redundant hosted environment with storage in NY4 and Weehawken.
The delivery
TriOptima has worked with industry participants to implement a triReduce compression methodology for Index Tranche trades with non-standard coupons, known as “legacy” trades as well as the more recent Index Tranche trades with standard coupons.
triReduce compression cycles eliminated 25 per cent or EUR35.9bn of the European-based ITraxx and 56 per cent or USD189.6bn of US CDX Index Tranche legacy notionals.
Total notionals eliminated in the triReduce index tranche cycles were EUR80.4bn and USD281.3bn including trades with standardized and non-standardized coupons.
Since 2009, coupons on index tranche trades have been standardised; however many outstanding trades with non-standard coupons
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