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Oscar Hernandez of Miami, Florida and his companies, Midway Trading Company and Conquest Investment Group, are to pay a USD1.4m civil monetary penalty to settle CFTC charges that they operated a multi-million dollar commodity pool Ponzi scheme and misappropriated customer funds for personal use.
The consent order of permanent injunction was entered on 27 September 2012 by Judge Robin S Rosenbaum of the US District Court for the Southern District of Florida.
The order also imposes permanent trading and registration bans against the defendants and permanently prohibits the defendants from further violations of the Commodity Exchange Act, as charged.
Specifically,
PrimeOne Solutions, a division of CoreOne Technologies, is rolling out its new equity swap platform, Syn Prime, a synergistic addition to its set of hosted prime finance technology solutions.
Syn Prime was developed by a team of industry experts to provide investment banks, and hedge funds with all aspects of managing and valuing synthetic trading activities including robust financing capabilities, P&L, dividend workflows, resets and commissions.
“Most financial firms have traditionally built swap systems internally,” says EJ Liotta, global head of PrimeOne Solutions. “The market environment has permanently changed this strategy for firms and now is the time for them
Trend Capital, a Greenwich Connecticut based global macro hedge fund, has deployed Navatar Hedge Fund Cloud to manage its fundraising and investor relations.
Navatar Hedge Fund Cloud helps manage operational functions, including investor subscriptions and redemptions, fund offering and returns, security holdings and trades, fund exposure and risk.
It runs entirely in salesforce.com’s cloud and can be fully operational for a low monthly fee.
"We are very excited that Trend Capital chose to run their hedge fund business on the Navatar cloud service," says Ketan Khandkar, principal, Navatar Group. "Financial firms around the world are choosing Navatar cloud service so
EXANTE has launched the EXANTE Hedge Fund Index, which tracks the best performing hedge funds that are listed on the company’s Automated Trading Platform (ATP).
Currently composed of 20 top performing management companies, the performance of the index originates from a broad spectrum of strategies: these range from multi-arbitrage, high frequency trading, long/short equity and real estate, through to currencies, commodities, fixed income and volatility strategies.
Not only is the EXANTE Hedge Fund Index well diversified in terms of fund strategies, but also in respect to geographical location. Although most are domiciled in offshore jurisdictions, their main offices are based in
UMB Fund Services has further expanded its servicing capabilities with the launch of the Alternative Investment Communication Engine (ACE), a proprietary business process and content management solution.
ACE will be used in providing transfer agency services for the growing number of alternative investment asset managers with registered hedge funds that are serviced from UMBFS’ Milwaukee headquarters.
UMBFS worked closely with SunGard to develop ACE. The solution leverages business process management to automate processing and achieve seamless integration between the UMBFS registered hedge funds business system and SunGard’s Asset Arena Transfer Agency platform. The result is a proprietary solution tailored
Franklin Square Capital Partners, a sponsor of alternative investment products, has hired John Towle as chief marketing officer.
Towle will assume his role effective immediately.
Towle comes to Franklin Square with 25 years of financial services industry experience. Most recently, he served as chief marketing officer for Resource Real Estate, a subsidiary of Resource America, and before that the chief marketing officer at Cole Real Estate Investments.
Towle also worked as director of marketing for ING Mutual Funds and held a number of marketing and sales positions at Fidelity Investments.
“We are pleased to welcome John to the Franklin Square
By Tom Zdon (pictured), Vice President of Business Development and Solutions consulting, Advent Software Inc – With the worldwide market volatility of recent years, new regulation and increased investor due diligence, fund and global asset managers are under pressure to better manage risk, data and reporting.
From a regulatory perspective, FATCA (the Foreign Account Tax Compliance Act), Solvency II, the Dodd-Frank Act and EMIR (the European Market Infrastructure Regulation) have particularly stood out in recent months for their impact on how funds are managed and on reporting requirements.
From a company workflow standpoint, FATCA has or will impact most procedures
The international derivatives markets of Eurex Group recorded an average daily volume of 10.2 million contracts in September 2012, down from 12.4 million contracts in September 2011.
Of those, 7.5 million were Eurex Exchange contracts (September 2011: 9.1 million), and 2.7 million contracts (September 2011: 3.3 million) were traded at the US-based International Securities Exchange (ISE).
At Eurex Exchange, the equity index derivatives segment totalled 68.9 million contracts (September 2011: 112.6 million). The single largest contract was the future on the Euro Stoxx 50 Index with 30.6 million contracts. The option on this blue chip index totalled 23.5 million contracts.
The CBOE Futures Exchange (CFE) says September 2012 was the most active trading month ever for futures on the CBOE Volatility Index (VIX).
The record trading activity in VIX futures drove total volume at CFE to a new all-time high.
During the month, several new trading records – for both VIX futures and CFE – were set.
In September, average daily volume (ADV) in VIX futures reached a new all-time high of 126,345 contracts, which surpassed the previous record ADV of 102,587 contracts during June 2012. September’s ADV increased by 170 per cent from the 46,784 contracts ADV in September
BlackRock has appointed James Wilkinson as European chief investment officer for the firm’s recently launched global real estate securities platform.
With over 15 years of experience in investing in real estate, Wilkinson (pictured) will be responsible for building and leading an investment team for BlackRock’s real estate securities group in Europe.
Wilkinson will join the team in January 2013 and will report to Mark Howard-Johnson, global head of the real estate securities group.
BlackRock launched the new platform in June with the appointment of Howard-Johnson and Sherry Rexroad, who joined as US chief investment officer.
The platform seeks
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