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This year saw the London Metal Exchange develop its proximity hosting service in a bid to increase trade volumes and revenues. What this allows is for LME members and clients to put their systems in a data centre close to the exchange’s matching engine, i.e. in proximity.
“A lot of our members and independent software vendors (ISVs) already have connections in these proximity data centres. Importantly, proximity hosting is a shared facility. Clients may access multiple exchanges from the proximity hosting sites; now they can add the LME to that list,” says Glen Chalkley (pictured), deputy head of business development
Interview with Peter Reitz, CEO, EEX – How do you evaluate the energy exchange’s growth opportunities in the gas sector?
EEX is traditionally strong in the power trading but also on the gas side we are seeing growing interest from market participants. Within five years, EEX has become the gas exchange with the highest number of trading participants in Europe. Gas companies are facing major challenges both on account of the energy turnaround and the evolution of the gas market into a free trading market. We offer participants the opportunity to operate on this market on a non-discriminatory and transparent
The leading international derivatives marketplace Eurex Exchange and the European Energy Exchange (EEX) have been successfully cooperating in trading of energy and related products since December 2007. Thanks to this cooperation, Eurex trading participants have access to products of the primary and secondary market that are listed at EEX.
The “plug & play” approach allows Eurex members to trade EEX products via their existing infrastructure and connectivity. The only prerequisite to access the EEX order book is the admission as an EEX trading participant through a lean admission process.
More than 27 Eurex trading participants have been admitted since the
BNY Mellon has been appointed trustee, collateral administrator, paying agent and calculation agent by Marathon Asset Management for its USD356m collateralised loan obligation.
In its role, BNY Mellon Corporate Trust will provide a variety of services for Marathon Asset Management, including processing principal and interest payments and maintaining bondholder records.
"We remain committed to servicing the CLO marketplace, which has shown strong signs of life following the financial crisis," says Jocelyn Lynch, managing director at BNY Mellon Corporate Trust. "We are well equipped to support Marathon as they execute and manage this offering."
"Marathon is pleased to issue its latest
By James Williams – Looking at the smaller picture, Brent Crude had a lot of macro risk priced in coming into 2012. Expectations of Middle East unrest – in particular Iran – and a liquidity event coming out of the US saw prices reach USD123/bbl in March. By May, however, some USD30 of gains had been pared back to USD89.61/bbl on 21 June.
The bigger picture, barring the odd geopolitical shock which would support short-term positive price momentum, is markedly different: the long-term structural bull market is over. Period.
Over the last decade it was pretty easy to stay bullish
Litigation funding firm Burford Group has hired Melissa Sobel as corporate counsel in New York.
Sobel (pictured) was most recently associate general counsel at Time Inc, where over the last eight-and-a-half years she advised multiple divisions of the media giant. She worked on licensing and digital content distributions, television and book deals, strategic alliances and joint ventures.
Previously, Sobel was a senior corporate attorney at Debevoise & Plimpton in New York, regularly working on US and international mergers and acquisitions, as well as securities offerings, financing transactions and restructurings, corporate spin-offs, private investments and other matters.
Sobel will primarily focus
Interview with Kirk Howell – One of the toughest challenges for hedge fund traders in today’s market environment is the high degree of correlation across asset classes. And it’s no different in commodities.
Kirk Howell, chief operating officer for Kiodex at SunGard (its commodity risk management unit), has looked closely at the correlation effect in commodities this year. Initially, when he saw prices fluctuating Howell’s instinct was to suggest that there was de-coupling. “However, as I started to run correlation analyses I found the correlations to be really high, which leads me to believe that the macro overlay is still
The US Commodity Futures Trading Commission has obtained a federal court order requiring defendant Michael Justin Hoopes of Rexburg, Idaho, to pay more than USD10.4m in restitution and a civil monetary penalty of over USD1.4m for operating a Ponzi scheme that defrauded Idaho residents and others.
The order also imposes permanent trading and registration bans against Hoopes and permanently prohibits him from further violations of the Commodity Exchange Act and CFTC regulations, as charged.
The consent order of permanent injunction, entered on 26 July by Judge Edward J. Lodge of the US District Court for the District of Idaho, stems
January through June 2012 has seen 79.5 billion depository receipts valued at USD1.49trn traded on the world’s markets and exchanges, the creation of 46 new sponsored programmes, and USD1.25bn raised through 11 DR initial public offerings and follow-on transactions, according to BNY Mellon’s Depositary Receipts Midyear Market Review.
For the same period last year, 80.5 billion DRs valued at USD1.91trn were traded. DR capital raisings and sponsored programme establishment also were down year-over-year.
In spite of a volatile first six months of 2012, the major DR market metrics were essentially flat or only slightly lower. Overall DR trading volume
AlphaMetrix, a secure online marketplace for private investments, has added 18 full-time employees in its Columbus, Ohio office.
The new employees all have information technology experience and will supplement the technology team based in AlphaMetrix’ Chicago headquarters.
This initiative, the objective of which is to recruit IT talent in the Columbus market where AlphaMetrix has its operations office, is to develop primarily early-career information technology professionals to support its proprietary technology.
The 18 new employees are currently undergoing an extensive 12-week training programme. Upon completion the employees will be transitioned into programming, support or quality assurance roles.
Aleks Kins (pictured),
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