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Schulte Roth & Zabel (SRZ) has expanded its London office with the addition of partners Peter JM Declercq and Sonya Van de Graaff to the business reorganisation practice.
Declercq and Van de Graaff (pictured) are joining the firm from Brown Rudnick.
Adam Harris, head of the SRZ business reorganisation practice, says: “Two years ago, we began a distressed debt & claims trading practice in London as it became clear to us that our clients were increasingly dedicating personnel and other resources to UK and European restructuring opportunities. That practice has blossomed, and the addition of Peter and Sonya
Chi-X Australia, a wholly owned subsidiary of alternative trading venue operator Chi-X Global, has appointed John Fildes as chief executive officer effective 1 May 2013.
To ensure a smooth transition, Peter Fowler will continue in his role as CEO until 1 May 2013 and Fildes (pictured) will join the team in early April.
Fildes’ experience includes senior capital markets roles at MSCI, Morgan Stanley, Instinet and Getco. He oversaw the entry into the Australian market of both Instinet and Getco. He is a former board member of the Stockbrokers Association of Australia and remains significantly involved with that
The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a time-limited no-action letter for commodity pool operators of securitisation vehicles.
The letter states that DSIO will not recommend that the Commission take enforcement action against those operators that are required to register by 31 March 2013 for failure to comply with certain enumerated sections in Part 4 of the Commission’s regulations, prior to 30 June 2013 – provided that the operators comply with the guidance set forth in the letter with respect to those sections.
In March 2013, the international derivatives exchanges of Eurex Group recorded an average daily volume of 9.7 million contracts, down from 10.1 million contracts in March 2012.
Of those, 7.3 million were Eurex Exchange contracts (March 2012: 7.4 million), and 2.4 million contracts (March 2012: 2.7 million) were traded at the US-based International Securities Exchange (ISE).
In its largest segment – equity index derivatives – Eurex Exchange achieved 65.9 million contracts (March 2012: 79.7 million). Futures on the Euro Stoxx 50 Index stood at 30.6 million contracts and 20.5 million on the index options. Futures on the DAX
Irving H Picard, SIPA trustee for the liquidation of Bernard L Madoff Investment Securities, is currently distributing approximately USD506.2m on a pro rata basis to BLMIS account holders with allowed claims.
This third interim distribution brings the amount distributed to eligible claimants to USD5.44bn, which includes approximately USD807.2m in committed advances from the Securities Investor Protection Corporation (SIPC).
When combined with the funds previously returned to BLMIS customers, the distribution fully satisfies more than 50 per cent of the total current accounts with allowed claims.
In the third distribution, allowed claim holders will receive approximately 4.721 per
ACAS CLO 2013-1, an affiliate of American Capital, has closed on the sale of USD414m of collateralised loan obligation bonds. The transaction was arranged by Deutsche Bank Securities.
The CLO is externally managed by American Capital Leveraged Finance Management, a subsidiary of American Capital Asset Management, a wholly-owned portfolio company of American Capital, for an annual management fee of 50 basis points of total assets.
The CLO has primarily invested the proceeds of the bonds in broadly syndicated senior secured loans purchased in the primary and secondary markets.
"We are pleased that we materially improved pricing on the financing
March 2013 was the third consecutive month in which total volume in futures on the CBOE Volatility Index (VIX) and total exchange-wide trading reached new all-time highs.
A record 3,220,977 VIX futures contracts traded during March, exceeding the 3,062,344 contracts traded in February, the previous record, by five per cent.
February and March are the first two months in CFE history to register more than three million VIX futures contracts traded. When compared to the 1,963,893 contracts traded a year ago, March’s volume rose by 64 per cent.
Monthly average daily volume (ADV) in VIX futures during
The Securities and Exchange Commission has charged Michael Steinberg, a portfolio manager at New York-based hedge fund advisory firm Sigma Capital Management, with trading on inside information ahead of quarterly earnings announcements by Dell and Nvidia Corporation.
The SEC alleges that Steinberg’s illegal conduct enabled hedge funds managed by Sigma Capital and its affiliate SAC Capital Advisors to generate more than USD6m in profits and avoided losses.
Steinberg received illegal tips from Jon Horvath, an analyst who reported to him at Sigma Capital. Horvath was charged last year among several hedge fund managers and analysts as part of
The Commodity Futures Trading Commission (CFTC) has approved final regulations governing dual and multiple associations of associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other Commission registrants.
The regulations make clear that each SD, MSP and other CFTC registrant with whom an AP is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other Commission registrant.
The CFTC voted five to nil via seriatim to approve the final regulations, which will
Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector, and Genstar Capital, a middle market private equity firm based in San Francisco, are to acquire Genworth Wealth Management from Genworth Financial for USD412.5m.
The sale by Genworth includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and consulting platform, and Altegris, a provider of premier alternative investments.
GFWM primarily provides a growing universe of independent financial advisors with comprehensive support across every phase of their practice, helping them to meet clients’ wealth management and investment needs.
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