Latest News
The European Securities and Markets Authority (ESMA) has launched a Discussion Paper to prepare the regulatory technical standards (RTS) which will implement provisions of the European Markets Infrastructure Regulation (EMIR) regarding the obligation to centrally clear OTC derivatives.
The consultation is aimed at assisting ESMA in developing its approach to determining which classes of OTC derivatives need to be centrally cleared and the phase-in periods for the counterparties concerned.
EMIR introduced provisions to improve transparency, establish common rules for central counterparties (CCPs) and for trade repositories (TRs) and to reduce the risks associated with the OTC derivatives market.
Walker Crips, the wealth and investment manager, has set the launch date of 1 August for the TB Walker Crips Income from Short Term Lending Fund for its newly created alternative investments division.
This is the first regulated bridging finance investment fund to be launched in the UK.
The fund is designed to create a target annual income of 8.4 per cent by providing credit to short term lending companies that offer residential property bridging finance loans. It will be managed by James Allen (pictured), who joined Walker Crips specifically to establish and manage this fund.
Marex Spectron Group, a commodities and financial markets brokerage, has facilitated the first brokered NBP Calendar Spread Option (CSO).
The CSO, a Sep/Oct -3.0 put option, giving the owner the right to sell Sep/Oct NBP at 3.0 p, traded at a premium of 0.9 p/th.
The two counterparties to the trade were EDF Trading and RWE Supply & Trading.
“We are delighted to have been involved in such a landmark trade and hope we can continue to contribute to the development of interest and liquidity in this exciting new type of option,” says Chris Dougan, head of
Kinetic Partners, an adviser to the financial services industry, has appointed Gary Ashford as a member within the firm’s global tax team.
This new appointment further enhances Kinetic Partners’ capabilities across the alternative investment tax spectrum, while also creating a new area of expertise within the practice.
As an expert in offshore tax risk and investigation matters, Ashford (pictured) will assist clients, financial institutions and fiduciary companies in relation to the various FATCA intergovernmental agreements, global transparency and voluntary tax disclosure facility industry, the Liechtenstein Disclosure Facility, the Swiss/UK tax agreement and general asset preservation.
Ashford joins
The Swiss banking group Syz & Co is celebrating the 10th anniversary of Oyster European Corporate Bonds, the sub-fund of its Luxembourg UCITS Sicav Oyster, investing in European corporate bonds.
The fund, which has been advised by Andrea Garbelotto since it was launched, ranks in the ninth percentile over ten years. These good performances are also confirmed over three years and the current year, with a ranking in the first quartile.
The results are attributable to active and opportunistic management that makes the difference by having several sources of performance such as macro-economic forecasts, bond picking and duration
Addepar, a provider of smart technology platforms for wealth and investment management, has appointed Eric Poirier as chief executive officer and Karen White as president and chief operating officer.
Addepar co-founder Joe Lonsdale continues to serve in his current role as executive chairman of the board, and co-founder Jason Mirra continues as chief technical officer. Mike Paulus, who was among Addepar’s first employees and served as president, is now the company’s chief strategy officer.
Poirier (pictured) and White have both been appointed to the company’s board of directors.
“Addepar’s success over the last few years has positioned
Alter Domus is launching two new initiates in Luxembourg following the ratification of the Alternative Investment Fund Managers Directive (AIFMD) in the Grand Duchy.
As previously announced, the firm is launching new depositary services and has already submitted its application to the CSSF.
It is also bringing international knowledge to the Luxembourg marketplace with the launch of a dedicated team of experts for Sociétés en Commandite Spéciale, the new limited partnership comparable to US/UK style limited partnerships.
Those two initiatives have been prepared in the view of the Bill of Law N°6471 which was adopted by the
European Commissioner Michel Barnier (pictured) and United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler have announced a ‘path forward’ regarding their joint understandings on a package of measures for how to approach cross-border derivatives.
Commissioner Barnier said that: “our discussions have been long and sometimes difficult, but they have always been close, continuous and collaborative talks between partners and friends.”
Chairman Gensler said: “With these joint understandings, together, we’ve taken another significant step in our mutual journey to bring transparency and lower risk to the swaps market worldwide. I want to thank Commissioner Barnier and all his colleagues
LGT’s insurance-linked strategies team has won three large mandates in the first half of 2013 worth USD400m from large European pension funds.
The mandates are structured as separate, regulated funds on LGT’s dedicated ILS platform in Luxembourg, and they focus on private insurance-linked investments, also known as collateralised reinsurance.
The three institutions awarding the mandates include one of the largest Dutch pension fund managers (whose mandate covers non-US risk only), the AXA Winterthur pension fund and the pension plan of a Swiss municipality (both covering worldwide risks).
All of the mandates have a primary allocation to collateralised reinsurance
Launched in May 2013, the International Financial Litigation Network (IFLN) was founded by more than 20 law firms, including Tannenbaum Helpern. The mission of the network, which presently spans 16 countries, is to improve cross-border solutions for financial institutions, funds and individuals involved in financial disputes by promoting collaboration among lawyers and court systems and by facilitating cost-effective resolutions.
One goal is to avoid duplicative court proceedings and inconsistent judgments. The network is also designed to help attorneys better serve their clients in financial matters by identifying sophisticated and experienced counsel in other jurisdictions to ensure quality advocacy.
“The borderless
