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In a recent speech before the Regulatory Compliance Association, Bruce Karpati, chief of the Securities and Exchange Commission’s enforcement division’s asset management unit, suggested where the SEC may be heading regarding hedge fund oversight in the months to come.
Karpati both highlighted the SEC’s past enforcement activity concerning hedge funds (including several cases where the SEC alleged funds fraudulently overvalued their holdings) and signalled that the SEC’s emphasis on such activity will continue.
At the outset of his remarks, Karpati reviewed the enforcement division’s decision to create “specialised units” to provide the expertise and resources that will ideally provide
Ireland’s Central Bank has confirmed that UCITS organized as self-managed investment companies (“SMICs”) will need to complete a UCITS IV enhancement process by 1 July 2013, wrote law firm Maples and Calder this week. For most SMICs this will involve updating business plans and statements of responsibility.
Initially, under the Central Bank’s “UCITS IV SMIC enhancement process”, due for completion by 1 July 2013, it was proposed to apply all the organizational requirements applicable to UCITS management companies to SMICs. This position has been reviewed and recently the Central Bank indicated that certain key elements applicable to UCITS management companies
Scoach achieved a trading volume of EUR42.6bn in Zurich and Frankfurt in 2012.
Since it was founded, Scoach has held its number one position in Europe continually and ranks third in global terms behind the Hong Kong Exchange and the Korean Exchange.
Its total offering of more than 950,000 tradable products is the largest in the world.
Turnover in Frankfurt stood at EUR16.1bn in 2012, 18 per cent less than in 2011. At 1.8 million, the number of transactions was 34 per cent lower than in 2011.
The average order volume increased by 25 per cent to approximately EUR9,000 per
All registered swap dealers active in credit and interest rate trading are now sending information to the Depository Trust & Clearing Corporation’s (DTCC) swap data repository, DTCC Data Repository (DDR).
On 31 December, DDR began accepting data from swap dealers for over-the-counter (OTC) trades as outlined by the Dodd Frank Act and the Commodity Futures Trading Commission’s (CFTC) real-time and regulatory reporting rules.
DDR is now publishing real-time price information. Since the 31 December swap dealer reporting deadline, DDR has disseminated more than 10,000 records, which represent the vast majority of the reportable OTC derivatives market. Reports are available through
Six of the seven of IndexIQ’s hedge fund replication and alternative beta indices were positive in December 2012.
The IQ Hedge Emerging Markets Beta Index was the top performer at 1.80 per cent, followed by IQ Hedge Market Neutral Beta Index (0.97 per cent), IQ Hedge Fixed Income Arbitrage Beta Index (0.81 per cent), IQ Hedge Event-Driven Beta Index (0.68 per cent), IQ Hedge Composite Beta Index (0.43 per cent) and IQ Hedge Long/Short Beta Index (0.32 per cent).
The only index to finish the month in negative territory was the IQ Hedge Global Macro Beta Index with a return
The Credit Suisse Liquid Alternative Beta (LAB) Index was up 1.13 per cent in December, according to Jordan Drachman, head of alternative beta strategies at Credit Suisse.
The index, which aims to reflect the performance of the overall hedge fund industry, had a total performance for 2012 of 3.22 per cent.
The event driven strategy was the strongest performer for the year overall, finishing up 11.22 per cent.
The Hedgeweek Awards 2013 for the best hedge fund performers and service providers will be held in London towards the end of Q1 2013. Please click here to nominate your product/firm.
The IFG Trust and Corporate Group has concluded its acquisition of Moore Group following receipt of regulatory approval from the Jersey Financial Services Commission (JFSC).
The acquisition marks a significant development in the group’s growth strategy within the international fund sector and adds the Far East to its geographic locations.
This is the first acquisition since IFG Trust and Corporate Group’s MBO in July 2012 when it separated from IFG Group plc. The group is currently undergoing a rebrand and is due to unveil its new corporate identity in February 2013.
Declan Kenny, chief executive of IFG Trust and Corporate
Jason Beaird has joined Steel Vine Investment Fund, a hedge fund specialising in commodity and stock options based in Nashville, Tennessee.
Beaird will serve as partner and director of marketing, primarily focusing upon marketing to accredited high net worth and institutional investors.
Beaird’s past experience includes director of client service for Jetstream Capital from 2005 to 2011 and positions at Goldman Sachs and Merrill Lynch in private wealth management from 1999 to 2004. Immediately prior to joining Steel Vine Investment Fund, Beaird worked as a hedge and private equity fund placement agent with Constellation Associates through BTIG.
Spencer Patton, founder
Celoxica, a provider of ultra low latency market data and order entry solutions for high frequency traders, has launched its next generation hardware-accelerated, futures trading platform for firms executing low latency trading strategies on futures exchanges.
Continued volatility and escalating market volumes in the global futures markets has led to trading firms increasingly seeking to capitalise on short-term disparities between pricing on both the US and European futures markets.
Celoxica’s futures trading platform provides a fully optimised, ultra-low latency market data and trade execution platform, with single digit latencies from wire to wire irrespective of market conditions.
Based on FPGA
A strong end to 2012 saw Asia ex-Japan hedge funds deliver some solid results in what is sure to provide a welcome fillip to the region’s alternative funds industry. The Eurekahedge Asia ex-Japan Hedge Fund Index ended 2012 with returns of +10.5 per cent, a seismic shift in fortunes in comparison to 2011 which saw losses of -12.4 per cent.
Strangely, though, money did not seem to follow performance. According to Eurekahedge’s latest report Asia ex-Japan saw a net loss of USD0.3billion compared to net inflows of USD1.3billion in 2011, suggesting that investors shied away from the region because of
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