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Chicago Board Options Exchange will launch trading in a new type of S&P 500 Index options contract, known as CBOE S&P 500 Range options (SRO), beginning on 28 August.
CBOE Range options were designed to provide individual investors with a lower-risk, lower-cost way to trade S&P 500 Index options.
SROs pay an exercise settlement amount if the settlement value of the underlying index at expiration selected by the investor falls within a specified "range length." The range length for SROs will be set at 70 S&P 500 Index points.
SRO payouts work as follows: if the S&P 500 Index settlement
MarkitSERV, an electronic trade processing service for OTC derivatives, has agreed heads of terms with four FX interdealer brokers (IDBs) to provide voice trade affirmation, regulatory reporting and clearing services for FX transactions.
With a single connection into the MarkitSERV FX trade processing platform, BGC Partners, GFI Group, Tradition and Tullett Prebon would be the first four interdealer brokerage firms to benefit from fully-integrated voice affirmation, clearing and regulatory reporting workflows.
This market-leading initiative is designed to assist IDBs to transition effectively to a regulated FX trading environment, including requirements to execute trades using swap execution facilities (SEFs). By providing
Fixed income trading volume generated by US hedge funds increased more than 30 per cent from Q2 2011 to Q2 2012, according to the results of Greenwich Associates 2012 North American Fixed Income Study.
That growth far surpassed the 20 per cent increase in trading volumes among all institutions and a 14 per cent pick-up in trading volumes among other types of funds and advisers. As a result, hedge funds increased their clout as a source of US fixed income activity.
In 2011 hedge funds generated 18 per cent of overall fixed income trading volume in the United States.
The Scotiabank Canadian Hedge Fund Index ended July 2012 up 0.96 per cent on an asset weighted basis and up 0.77 per cent on an equal weighted basis.
The aim of the Scotiabank Canadian Hedge Fund Index is to provide a comprehensive overview of the Canadian hedge fund universe.
To achieve this, index returns are calculated using both an equal weighting and an asset-based weighting of the funds.
The index includes both open and closed funds with a minimum AUM of CAD15m and at least a 12 month track record of returns, managed by Canadian-domiciled hedge fund managers.
The Depository Trust & Clearing Corporation and Swift have launched a web portal at www.ciciutility.org to begin assigning CFTC Interim Compliant Identifiers (CICIs) after being designated by the US Commodity Futures Trading Commission to do so.
The CFTC announced plans earlier this year to designate a CICI utility that would be able to issue identifiers to firms involved in OTC derivatives trading, and would ultimately comply with the global framework for a Legal Entity Identifier (LEI) from the Financial Stability Board (FSB) and the G20.
The CICI was awarded through a competitive proposal process and is designed to be fully
CF Partners, the trading and investments firm, has expanded its main trading entity to include investments in commodities across the energy complex.
To reflect this expansion CF Partners is changing the name of the fund from CF Carbon Fund II to CFP Energy Limited.
CFP Energy will leverage CF Partners’ experience in the carbon and wider energy markets to transact in commodities including oil, gas, coal and power.
The fund’s diversification is part of CF Partners wider strategy of building on its core expertise in carbon to roll out new products that meet the growing demand from clients for
UBS has launched a new business area called UBS Quant HQ, focused specifically on the unique requirements of the systematic, or quantitative, trader.
Organised as a global joint venture between the firm’s prime services and direct execution businesses, Quant HQ provides tailored access to the wide range of UBS global investment services.
“We’ve consistently invested in creating a fast, innovative, highly scalable platform,” says Mike Stewart (pictured), global head of equities, UBS. “Making that available in combination with our global market access, industry-leading capital position and deep expertise in enterprise formation, the goal of Quant HQ is to deliver a
Elementum Advisors is making two additions to its team which will strengthen the depth of its legal, compliance and operational infrastructure.
Bobbi Anderson (pictured) will join Elementum Advisors as principal and general counsel on 10 September 2012, and will transition into the additional role of chief compliance officer on 1 January 2013. Anderson is currently a partner in the insurance group at Sidley Austin in Chicago where she has been instrumental in shaping the direction of the insurance linked securities asset class through the development of new risk transfer structures and her work with (re)insurance companies on catastrophe bond, collateralized
Permal Group has hired Katie Jupp as institutional business manager. She joined on 16 August and reports to Paul Jeffries, head of UK institutional business.
Jupp’s focus is the UK market and includes investor relations, marketing and developing new, as well as maintaining existing client relationships, with UK based institutional investors and their advisers. This is a new role within Permal.
Jupp, who was previously at Sussex Partners, specialises in alternative strategies. At Sussex Partners she was associate director focusing on fund of hedge funds, and beforehand was a product specialist at AXA Investment Managers, where she was involved in
BrokerTec, ICAP’s electronic fixed income trading platform, and MTS, a fixed income trading venue in Europe which is majority owned by London Stock Exchange Group, are launching a daily repo index series for the sovereign bond markets of the main eurozone countries.
The series will include an index for each of the sovereign bond markets of Germany, France, Italy, Spain, Austria, Netherlands, Belgium and Finland and will be launched in quarter four 2012.
The index calculation and design has been established following significant market interest and demand and is supported by a group of repo dealers representing several major
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