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Singapore Exchange (SGX) and the Shanghai Futures Exchange are cooperating in the development of the commodity derivatives markets in both China and Singapore.
The two exchanges signed a memorandum of understanding on the cooperation in Shanghai, China, on 19 October 2013. They will jointly explore areas of cooperation including the development of derivatives for energy, metals, chemicals and commodity indexes. The MOU also covers exchange of ideas and information sharing.
“This cooperation with Singapore Exchange will help the internationalisation of China’s futures market and Shanghai Futures Exchange. It will increase market efficiency, and promote the development of the derivatives
Global growth should remain firm driven by economic strength in developed markets and the backdrop is supportive for higher equity prices, according to a Lyxor research view.
The US economic recovery remains on track despite a drag from reduced government spending and uncertainty about budget resolution. Economic trends in Europe and Japan are also positive and should benefit corporate earnings. The major central banks are erring on the dovish side, flooding markets with liquidity while equity risk premiums remain attractive.
“In this context, we prefer directional equity strategies that benefit from both alpha and beta. Our favourite hedge fund
Craig Botham, Emerging Markets Economist, Schroders on China’s return to GDP growth…
China’s third quarter GDP growth rebounded to 7.8% year-on-year, having decelerated to 7.5% year-on-year in the last quarter. The figure was in line with consensus expectations and reflects the mini-stimulus and fine-tuning measures enacted by Beijing in response to the second quarter slowdown. Equity investors should be cheered that nominal growth recovered more strongly, climbing from 8% year-on-year to 10.4% in the third quarter. This is indicative of growing (but not concerning) inflationary pressure, and is a positive for earnings.
Looking at a breakdown of the figures reveals
BlueBay Asset Management, a manager of fixed income and alternative investments, has appointed Lisa Stuart as director – sales UK & Ireland with immediate effect.
Stuart joins BlueBay from BlueCrest where she worked in a number of roles culminating in consultant relations manager. Prior to BlueCrest, she worked for many publications within the Incisive Media group.
Stuart will focus on driving direct business development efforts in the UK & Irish Institutional channels. She will work alongside Anthony Pickering, director – sales UK & Ireland, in the UK team of five.
Mattias Højmark-Jensen, partner – head of sales, says:
The Securities and Exchange Commission has brought charges against a New Jersey-based investment advisory firm and its owner for misleading investors in a collateralised debt obligation (CDO).
The SEC’s enforcement division alleges that Harding Advisory LLC and Wing F. Chau compromised their independent judgment as collateral manager to a CDO named Octans I CDO Ltd. in order to accommodate trades requested by a third-party hedge fund firm whose interests were not necessarily aligned with the debt investors.
Harding agreed to give the hedge fund firm rights in the process of selecting and acquiring a portfolio of subprime mortgage-backed assets
Guernsey Finance has welcomed an announcement from the Channel Islands Stock Exchange (CISX) that it is once again open to considering new listing applications.
A statement published on the CISX website says that it is “gradually able to apply more capacity at this stage of proceedings to consider new listing applications with no apparent suitability issues.”
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance – the promotional agency for the island’s finance industry internationally, says: “We welcome the announcement from the CISX that it is now once again open to considering new listing applications. This not only demonstrates determination
INDOS Financial, the independent Alternative Investment Fund Management Directive (AIFMD) depositary business, has made two senior advisory and management appointments.
Des Quigley, former Managing Partner of Ernst & Young Ireland, has been appointed non-executive director.
Paul Whelan, Head of Depositary Services, will join on 1 November 2013 from BNY Mellon Trust Company (Ireland) Limited.
Bill Prew, Founder and CEO of INDOS Financial, says: “We are very excited that Des has joined our board as non-executive director and that Paul will join our management team. Together they bring considerable financial services, hedge fund and trustee expertise to the business. These appointments
Long/short equity emerging market specialist Finisterre Capital this week announced the launch of a standalone UCITS-compliant fund in response to client demand stemming from Solvency II requirements.
The UCITS-compliant Finisterre Emerging Market Debt Fund launched with USD55m of seed capital and deploys a similar long/short approach to that operated across Finisterre’s existing strategies. The fund has an unconstrained mandate, and will invest in a blend of global emerging market sovereign and corporate credits, local fixed income instruments, local and hard currencies and other debt securities. The fund seeks to generate high single digit returns over the cycle and offers bi-weekly
ACOLIN has teamed up with Renovaré Global, an independent consultancy, specialising in risk and operational due Diligence for off-shore funds, to provide representation for EU-AIFs and non-EU AIFs for distribution to qualified investors.
The revised Collective Investment Schemes Act (CISA), which came into effect on 1/3/2013, requests foreign funds that want to distribute exclusively to qualified investors, to designate a Swiss legal representative and a paying agent until 28/2/2015 at the latest. In its Distribution Circular 2013/09, the Swiss Financial Market Supervisory Authority (FINMA) has solidified the requirements of market participants.
ACOLIN Fund Services will now offer the firm’s comprehensive
Bermuda’s asset management sector has launched a high-level targeted business development roadshow in New York designed to attract asset management and fund business to Bermuda.
Emphasis is being placed on the recent moderniszation of Bermuda’s fund legislation which facilitates fast-track fund registrations.
In collaboration, the Bermuda Ministry of Economic Development, the Bermuda Business Development Agency (BDA) and its Asset Management Focus Group and Innovation Committee, along with a group of leading Bermuda business executives, lawyers, fund administrators and accountants, provided the necessary resources to support this business development initiative.
The initiative was launched with an exclusive reception at
