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Newedge has been approved for membership to clear over-the-counter interest rate swaps at the Chicago Mercantile Exchange.
Achieving authorisation means Newedge is the first futures commission merchant and non-traditional OTC IRS swap dealer to offer central counterparty clearing of OTC interest rate derivatives.
“Change inevitably breeds opportunity," says Newedge chief executive Nicolas Breteau (pictured). "The developing regulatory agenda has created the opening for Newedge to bring our world-class listed derivatives and OTC commodity swaps clearing expertise to the OTC IRS space. Membership of the CME is another important step forward towards fully realizing this opportunity. Strengthening our global platform, sharing
The Skyline Ucits Fund has completed a successful first year recording a return of 20.5 per cent, placing the fund at the top of its peer group and in the top one per cent of all alternative Ucits funds.
The emerging markets long/short fund has seen significant inflows, notably in the past quarter, and AuM now stands at USD56m.
Challenging market conditions have led to a contraction in the overall EM L/S Ucits asset class, such that the fund has a 20 per cent+ market share. The team expects further share gains reflecting a shift away from actively managed benchmarked
NYSE Liffe, the European derivatives business of NYSE Euronext, is to list futures contracts on the Russell Europe SMID 300 Index on its wholesale derivatives service, Bclear.
The futures contract will be launched on 1 October 2012.
The Russell Europe SMID 300 Index contains the 300 most rapidly tradable constituents from the small- and mid-cap (SMID cap) opportunity set in developed European markets and was designed with considerable input from the trading community to ensure ease of use in the trading environment. It also represents a low implementation cost alternative to existing indexes.
The index is the first of its
Joint venture Ping An Russell Investments is preparing to launch China’s first multi-manager fund for domestic high-net-worth individuals early in the third quarter of this year.
The firm, formally established in April 2011, will provide access to the same set of selected domestic hedge fund managers as Russell Investment will for US dollar investors through its forthcoming qualified foreign institutional investor (QFII) equivalent fund.
Ping An Russell has been researching domestic fund managers in China and has been preparing a multi-manager product by replicating US partner Russell’s business model.
Their fledgling product will be named MoM and will focus predominantly
EBS, ICAP’s electronic FX platform, is making system and policy changes following consultation with its customers on both the buy and the sell side.
The changes, which follow the publication of EBS’s new dealing rules on 10 July, are designed to strengthen the resilience and improve the trading environment in the FX market.
The key updates are:
• Price granularity: moving to half pips and full pips in a selection of core pairs
• Revised quote and hit fill ratio targets to be set on a pair by pair basis
• New approach for enforcement of fill ratio policies, including cancellation of financial
The international derivatives markets of Eurex Group recorded an average daily volume of 7.2 million contracts in August 2012, down from 13.2 million in August 2011.
Of those, 5.1 million were Eurex Exchange contracts (August 2011: 9.1 million), and 2.1 million contracts (August 2011: 4.1 million) were traded at the US-based International Securities Exchange (ISE).
August 2011 saw very high volumes due to turbulences in the eurozone. In total, 117.2 million contracts were traded at Eurex Exchange and 49.1 million at ISE.
At Eurex Exchange, the equity index derivatives segment totalled 56.8 million contracts (August 2011: 123.5 million). The single
Schroders has launched another internally-managed fund, Schroder GAIA Global Macro Bond, on its Ucits platform, Schroder GAIA (Global Alternative Investor Access), which is designed to gve investors easier access to hedge funds.
The fund aims to deliver an annualised gross excess return of eight per cent per annum over Libor using currency, sovereign and credit strategies, and is scheduled to launch in October 2012.
The fund will be managed by the Schroders fixed income (FI) multi-sector team, led by Bob Jolly, who joined Schroders in September 2011 as head of global macro and has 30 years’ industry experience. The FI
Swiss alternative investment company Altin returned 2.58 per cent year-to-date as at 31 July 2012.
The HFRI FoF Composite Index managed 1.75 per cent over the same period.
Active asset allocation and strong manager selection were key to protecting capital over the period under review and also to generate strong risk-adjusted returns.
Altin’s portfolio, which comprises over 30 funds, is very liquid, enabling the fund manager to follow a dynamic management approach and to take advantage of investment opportunities.
The US Commodity Futures Trading Commission has obtained a federal court order of default judgment and permanent injunction requiring defendant Christopher B Cornett of Buda, Texas, to pay USD10.16m in restitution and a USD6.78m civil monetary penalty in connection with a foreign currency pooled investment fraud.
The order, entered on 24 August 2012, by Judge Lee Yeakel of the US District Court for the Western District of Texas, also imposes permanent trading and registration bans against Cornett and permanently prohibits him from further violations of federal commodities law, as charged.
The court’s order stems from a CFTC complaint filed on
The US Commodity Futures Trading Commission has obtained a consent order imposing a USD700,000 civil monetary penalty against defendants Charles Steven Goodie of San Diego, California, and his California-based business CSG Commodity Service Group.
The consent order imposes a permanent injunction against the defendants finding that they violated the anti-fraud provisions of the Commodity Exchange Act, as charged. In addition to the permanent injunction, the consent order imposes permanent trading and registration bans against the defendants and orders the defendants to pay restitution of USD494,633.
The order stems from a CFTC complaint filed on 23 November 2011, which charged the
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