Latest News
Calastone, the global fund transaction network, has opened a new office in Zurich, Switzerland. With over 400 customers and 2,500 active trading links in 17 domiciles Calastone now routes over GBP12bn of fund transactions per month through its global network.
With its global expansion Calastone is an enabler of domestic and cross border funds STP.
The decision to open a new office in Zurich allows Calastone to provide a local presence to the Swiss market, in line with its business model of providing support to domestic as well as cross-border funds.
As part of the business strategy to
Jon Terry (pictured), partner in PwC’s reward team, comments on the European Parliament’s suggested amendments to the UCITS V Directive, which, if passed, will have major implications for all European asset management businesses…
If passed unchanged, these proposals will leave asset management businesses managing UCITS products facing even tougher pay rules than the banking sector.
Although most asset management firms are already caught by the pay rules for the banking sector (CRD III), the application of proportionality means that many haven’t been affected by the more prescriptive rules on deferral and receiving remuneration in shares.
As proposed, the pay rules
Connecticut-based hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than USD600m to settle Securities and Exchange Commission (SEC) charges that it participated in an insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies.
The SEC charged CR Intrinsic with insider trading in November 2012, alleging that one of the firm’s portfolio managers Mathew Martoma illegally obtained confidential details about the clinical trial from Dr Sidney Gilman, who was selected by the pharmaceutical companies — Elan Corporation and Wyeth — to present the final drug trial results
Eze Castle Integration is to host the 2013 Hedge Fund Cloud Summit on Tuesday 19 March from 1:30 to 5:30 pm at London’s Prince Philip House.
The event, which is being held in London for the first time, will focus on the drivers, obstacles and challenges to cloud adoption on the financial, operations, infrastructure and application levels.
This year’s conference will explore the differences and advantages of private, public and hybrid clouds; application hosting for front, middle and back office systems; and cloud security risks and best practices.
“Cloud questions are dominating IT discussions in the
ASIC has released a report and a consultation paper examining the impact of dark liquidity and high-frequency trading on Australia’s financial markets.
The documents are the result of analysis by two internal ASIC taskforces. The dark liquidity taskforce was set up in response to concerns about its impact on market efficiency and quality; the high-frequency trading taskforce addressed concerns about disorderliness and unfairness.
Report 331 Dark liquidity and high-frequency trading (REP 331) and Consultation Paper 202 Dark liquidity and high-frequency trading: Proposals (CP 202) focus on the quality of the market for capital raising and long term investment, and thus
New York-based hedge fund advisory firm Sigma Capital Management has agreed to pay nearly USD14m to settle the Securities and Exchange Commission (SEC) charges that the firm engaged in insider trading based on non-public information obtained through one of its analysts about the quarterly earnings of Dell and Nvidia Corporation.
The SEC’s case, borne out of its ongoing investigation into expert networks and the trading activities of hedge funds, began last year with charges against several hedge fund managers and analysts including Jon Horvath, a former analyst at Sigma Capital. Horvath agreed to a settlement earlier this month in which
The Dow Jones Credit Suisse Hedge Fund Index finished up 0.24 per cent for the month of February with six of the 10 sub-strategies recording positive returns.
Emerging markets (0.49 per cent) and event driven (0.46 per cent) led the way, while the worst performer for the month were equity market neutral (-1.28 per cent) and dedicated short bias (-1.65 per cent).
The following funds were dropped from the Dow Jones Credit Suisse Hedge Fund Index in February: AdvantHedge Master Fund, Copia Market Neutral, CTC Master Fund, GLC Gestalt Europe Fund, Halcyon Structured Opportunities Investors, QFS Global Macro Program, RAB
Altin has received requests from two minority shareholders to place items on the agenda of the next shareholders meeting.
The first minority shareholder, holding ca. 1.5 per cent of Altin’s shares, has requested to place the following items on the agenda:
• Partial dissolution of the legal reserve from capital contribution and withholding tax exempt repayment of legal reserve from capital contribution of CHF8.40 per registered share.
• Share capital reduction from CHF17 to CHF0.05 and repayment of reduction in nominal value. The board of directors shall be mandated to submit a respective proposal to an extraordinary general meeting within
The Cayman Islands Government is to adopt a Model 1 intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act (FATCA).
Minister for Financial Services, the Honourable Rolston Anglin, made the announcement from the floor of the Legislative Assembly. He also said the decision will apply to a similar arrangement for the automatic exchange of certain information with the UK, and that he expects final negotiations on the mechanisms for exchange with the US and the UK to conclude quickly.
He acknowledged that the Model 1 IGA, which is an agreement between governments for the exchange of
The Depository Trust & Clearing Corporation (DTCC) has expressed support for legislation that would resolve issues surrounding the indemnification provisions and confidentiality requirements of the Dodd-Frank Act to ensure regulators continue to have access to a global set of over-the-counter (OTC) derivatives data for systemic risk oversight and mitigation purposes.
During a hearing of the House Committee on Agriculture, entitled “Examining Legislative Improvements to Title VII of the Dodd-Frank Act,” Larry Thompson, DTCC general counsel, told the Committee that the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2013 (H.R. 742) represents the only viable solution to the unintended
Special Reports
FeatureD
- Insight
