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The Commodity Futures Trading Commission’s division of market oversight has issued a letter advising Eurex Deutschland that its Euro Stoxx 50 Ex Financials Index futures contract submitted by Eurex for review on 12 July has been deemed certified.
The contract satisfies the requirements of the Commodity Exchange Act and the Commission’s regulations and may be offered or sold to persons in the US through Eurex’s direct access terminals located in the US.
SEI has completed its first Form PF filing on behalf of a global, multi-billion-dollar hedge fund client.
SEI files the Form electronically as part of its multi-faceted Form PF service, designed to help managers ease the time, infrastructure, and expense burdens related to managing the volumes of information necessary to complete the regulatory filing.
The complexity and in-depth nature of the filing has driven many fund managers to seek outside expertise and support to meet their Form PF obligations.
Form PF, which last October was jointly adopted by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission
The economics of fixed income dealing operations is evolving due to market structure changes, emerging regulations, and disruptive technologies already in the market and on the horizon.
As new regulations continue to put pressure on revenue models, firms are investing in innovation in areas such as trading models, price discovery, and trading technology, according to a new report from Celent called “The future of electronic fixed income trading-cash and derivatives: regulation and dealer economics spur innovation in dealer-to-client markets”.
There are a myriad of regulatory drivers, and they all have teeth. The Basel III regulation (global) and the Volcker rule
The US District Court for the District of Utah has entered a final judgment against Jeffrey L Mowen, ordering him to disgorge USD8,041,779 in ill-gotten gains and USD1,964,203.67 in prejudgment interest.
The Court also ordered Mowen to pay a civil penalty of USD8,041,779, for a total of USD18,047,761.67.
The Court further enjoined Mowen from future violations of Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933.
The SEC Complaint alleged that Mowen operated a Ponzi scheme that was fed through investor funds raised by another defendant, Thomas Fry.
The Securities and Exchange Commission has filed a settled civil action in the US District Court for the Northern District of California against Gary R Marks.
The Commission’s complaint alleged that Marks managed and recommended various fund of funds hedge funds through Sky Bell Asset Management (an investment adviser formerly registered with the Commission), including the Agile Sky Alliance Fund that was co-managed with the Agile Group, PipeLine Investors, Night Watch Partners, and Sky Bell Offshore Partners (collectively Sky Bell Hedge Funds).
The Commission’s complaint alleged that between at least 2005 and September 2007, Marks negligently misrepresented the level of
SS&C Technologies, a provider of financial services software and software-enabled services, has released Total Return 2012, an update to its portfolio and partnership accounting and reporting platform for hedge funds, funds of funds and family offices.
The enhancements will offer greater transparency for investors in line with increasing market requirements.
In response to the growing demands for additional fund disclosure, the latest release of Total Return allows for processing and Microsoft SQL reporting at various levels of detail and frequency. Key features include the integration and automation of Form PF filing, enhanced incentive fee calculations and expansion of the fund
Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, finished July up 1.42 per cent with eight out of 10 strategies in positive territory.
In total, the industry saw estimated outflows of approximately USD8.5bn in July, bringing overall assets under management for the industry to approximately USD1.75trn.
The equity market neutral and fixed income arbitrage sectors experienced the largest asset inflows on a percentage basis for the second consecutive month, with inflows in July of 3.03 per cent and 0.22 per cent from June 2012 levels, respectively.
Managed futures funds posted positive results in July, with
The Commodity Futures Trading Commission has approved final rules to improve the risk management procedures of swap dealers and major swap participants.
The CFTC voted five to nil via seriatim to approve the final rules, which will become effective 60 days after publication in the Federal Register.
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Commission to adopt rules on the timely and accurate confirmation, processing, netting, documentation, and valuation of all swaps, as well as the reconciliation and compression of swap portfolios. These rules fulfil this congressional direction.
Proper documentation of swaps is critical to reducing
Morningstar has called for greater transparency in the securities lending industry after conducting research into the practices of 10 European providers of physical replication exchange traded funds. Morningstar said that improvement was necessary in terms of disclosure of counterparties’ identities which remains “subject to much resistance”. Under the latest guidelines on ETFs and other UCITS-compliant funds provided by the European Securities & Markets Authority (Esma), a fund’s annual report will need to provide a list of borrowers. This should go some way to satisfying calls for greater transparency in this area.
Earlier this month Esma published ETFs and Other UCITS
Thomas Morrow, ex Winton Capital Management senior scientist, plus other leading experts in the field of quantitative trading, have teamed up to expand the successful Aquantum index business to provide systematic managed futures funds and managed accounts.
Morrow left Winton in 2008 to set up Aquantum S.à r.l, the Luxembourg-based provider of systematic investment indices to issuers of structured investment products. This led to a licensing agreement with Royal Bank of Scotland (RBS) and the launch of a series of Aquantum index-based products, which to date have attracted more than USD1 billion of investment notional. The establishment of Aquantum AG
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