Latest News
The London Metal Exchange (LME) saw encouraging volumes in LMEswaps trading since launching the contracts on 23 January 2012. A total of 2,400 lots traded, of which 2,368 were in aluminium, 30 in copper and two in nickel.
LMEswaps introduce a new kind of contract to the market, which responds to the needs of the physical industry. For the first time, LMEswap users can benefit from a regulated market with the same counterparty default risk protection offered by other LME contracts.
Tradable on LMEselect and the 24-hour telephone market, LMEswaps enable market participants to enter into a fixed
Ashmore Group’s total total net revenue roes 4 per cent in the six months to 31 December 2011 to GBP181.0 million (H1 2010/11: GBP173.7 million), according to the firm’s unaudited results for the period.
Net management fees increased 30% to £151.4 million from £116.1 million, while performance fees decreased to £23.0 million from £60.1 million.
Profit before tax was up 2% to £129.8 million (H1 2010/11: £127.6 million), with an EBITDA margin of 70% (H1 2010/11: 73%). Assets under management meanwhile, totalled US$60.4 billion at 31 December 2011, a decrease of US$5.4 billion (8%) from 30 June 2011 with net
The US Commodity Futures Trading Commission (CFTC) has filed and settled an action against Aaron Klein of Rochester, NY, finding that he acted as an undisclosed controlling person and principal of a Commodity Trading Advisor (CTA) registered with the CFTC.
The CFTC order subjects Klein to a cease and desist order and requires him to pay a USD50,000 civil monetary penalty. Klein also agreed never to seek registration or exemption from registration with the CFTC or act as a principal, agent, officer, or employee of a CFTC registrant or someone exempted from registration.
Specifically, the order finds that Klein was
The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against commodity pool operator D E Shaw & Co of New York, for exceeding speculative position limits in soybean and corn futures contracts in trading on the Chicago Mercantile Exchange.
The order requires DE Shaw to pay a USD140,000 civil monetary penalty and cease and desist from further violations of section 4a(b) of the Commodity Exchange Act and CFTC regulation 150.2.
The CFTC order finds that on 1 April, 2010, DE Shaw held a short position of 9,894 May 2010 soybean futures contracts – a position that
The Board of Directors of National Futures Association (NFA) has elected Christopher K Hehmeyer, Non-Executive Chairman at Penson GHCO, to serve a one-year term as Chairman. The Board also elected Paul J Georgy, President of Allendale, Inc, to serve as Vice Chairman.
In addition, the Board re-elected the following individuals to serve two-year terms as public directors:
Ronald H Filler, Professor of Law and Director, of the Center on Financial Services Law at New York Law School;
Douglas E Harris, Managing Director, Promontory Financial Group LLC;
Michael H Moskow, Vice Chairman and Senior Fellow on the Global Economy, The Chicago
A prominent Miami investor and philanthropist has filed a lawsuit against the adviser and the administrator of one of the world’s largest hedge funds, claiming that they ‘recklessly’ bought a large position in a Chinese timber company that has been exposed as a ‘potential fraud’.
Hugh F Culverhouse brought the lawsuit against Paulson & Co, Inc and Paulson Advisers LLC of New York, claiming that they caused the Paulson Advantage Plus fund to purchase stock in Sino-Forest Corporation.
Culverhouse’s lawyers, Harvey Gurland of Duane Morris LLP and Lawrence Kellogg of Levine Kellogg Lehman Schneider + Grossman LLP – both in
By Shay Lydon (pictured) and Phil Lovegrove – The financial crisis has precipitated a series of corporate governance reforms at both EU and national level. In April 2011, the European Commission published its Green Paper on Corporate Governance, and further corporate governance proposals relating to limits on number of mandates, risk committees, board diversity and remuneration were included in July 2011 proposals to amend the Capital Requirements Directive (2006/48/EC and 2006/49/EC), the so-called CRD IV legislation.
In keeping with these developments, the Central Bank of Ireland indicated that the development of corporate governance codes for the financial services sector was
By Chris DeNigris – Ireland’s role as a hedge fund domicile and service centre continues to strengthen despite the country’s wider economic woes and the problems of its banking sector, as well as the general uncertainty surrounding the solvency of EU countries and the global economic environment.
According to the Irish Funds Industry Association, the assets of Irish-domiciled investment funds set a new record of EUR1,008bn in November 2011, a 4.7 per cent increase over the previous 12 months. This extremely positive sign for the country’s financial industry reflects the sheer competitiveness of its nature, its commitment to innovation, and
The Scotia Capital Canadian Hedge Fund Performance Index was up 0.65% on an asset weighted basis and up 1.24% on an equal weighted basis in January. The Index underperformed broader equities and global hedge fund peers on both asset and equal weighted bases.
Broader equity markets rallied in January, starting 2012 on a strong note as volatility subsided. Key themes driving performance included a continued improvement in US economic indicators, better than expected indicators from China, and the ECB’s long-term re-financing operation that was designed to bring some stability to the ongoing European sovereign debt issues.
The rally in US
By Don McClean and Gavin Byrnes – Service providers in Ireland have consistently provided the asset management industry with the sophisticated solutions required to support the continued development of the business. As the industry has developed and matured over the past 20 years, Ireland has evolved from a small jurisdiction specialising in servicing niche strategies to the market-leading jurisdiction for offshore and domestic alternative funds.
Ireland has also established itself as a leading domicile for the establishment of Ucits funds thanks to a favourable corporation tax regime attracting global service providers, strong government commitment to the fund industry, a progressive
