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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
By Jeremy Walton, Partner and Jayson Wood, Counsel, Appleby Global – After being a hot topic in the Cayman Islands for a number of years, the Grand Court has handed down two decisions in quick succession relating to side letters entered into by Cayman Islands corporate hedge funds.
The first was Medley Opportunity Fund Ltd. v. Fintan Master Fund Ltd & Nautical Nominees Ltd (21 June 2012), where Justice Quin decided the point that a side letter must be signed by the investor of record, and not some other party such as the beneficial owner of the shares, in order
Quantitative asset manager, Aquantum AG, which specializes in developing scientific methods to build managed futures strategies and is also a spe
Laxfield Capital, the debt origination, execution and loan management business, has appointed Daniel Smith as head of origination.
Smith joins from Eurohypo, where he was a managing director, originating and structuring a number of high profile transactions and more recently heading up its UK restructuring unit.
Laxfield Capital, founded in 2008, is a property debt origination and loan management business owned by Adam Slater and Emma Huepfl.
Laxfield Capital has origination mandates from a range of different lenders with different lending criteria. These include Metropolitan Life Insurance Company, Münchener Hypothekenbank eG and, most recently, Cornerstone Real Estate Advisors.
The US Commodity Futures Trading Commission has charged Jeffrey Gustaveson of Carlsbad, California with fraud, misappropriation, and issuing false statements in a USD2.5m commodity pool scheme.
According to the CFTC complaint, filed on 29 August 2012, from at least January 2010 through approximately July 2010, Gustaveson accepted at least USD2,495,000 from at least four individuals to invest in a commodity futures pool.
However, rather than trade pool participants’ funds as promised, Gustaveson allegedly only used approximately USD400,000 of the funds to trade commodity futures, which resulted in a net loss.
Gustaveson kept the remaining funds in a checking account from
Newedge has hosted a seminar in Chicago for senior executives from nearly 40 of China’s top futures commission merchants on opportunities in today’s international futures market.
The China Futures Association (CFA) Orientation Program focused on strategic cooperation and featured presentations from top Newedge executives, including: Antoine Babule (pictured), chief executive officer of Newedge USA; Thibault Mudes, Americas chief operating officer and global head of COO office, prime clearing services; Ramir Cimafranca, head of institutions sales, Asia-Pacific; Gary DeWaal, special adviser; and Jim Vinci, Americas chief risk officer.
Topics covered at the seminar included new developments in the US futures
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