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Michael Coleman (pictured), managing director of Singapore-based Aisling Analytics, is suspending a 30-year trading career to focus on risk reported Bloomberg this week, after
Pursuant to the Market Abuse (Directive 2003/6/EC) Regulations 2005 (the “Market Abuse Regulations”), since 1 July 2005 the Central Bank of Ireland has delegated market monitoring and investigation tasks to the ISE. These delegation arrangements ended on 31 January 2012 and the Central Bank is now carrying out all monitoring and investigation functions formerly carried out by the ISE, in addition to its own monitoring and investigation functions under the Market Abuse Regulations.
From 1 February 2012, the Central Bank is conducting all market abuse inquiries with respect to investment funds listed on the MSM. The Central Bank will also
The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action against Christopher B Cornett of Buda, Texas, charging him with solicitation fraud, issuing false account statements, misappropriating pool participants’ funds, and failing to register in connection with an off-exchange foreign currency (forex) fraud.
According to the CFTC complaint, filed on 2 February, 2012, in the US District Court for the Western District of Texas, from at least June 2008 through at least October 2011, Cornett solicited prospective pool participants to provide funds for a pooled investment in forex. Cornett acted as the manager and operator of the pool,
Lazard Asset Management (LAM) has launched the Lazard Alternative Strategies 1099 Fund, a fund of hedge funds that offers investors the ability to participate in the hedge fund asset class with a minimum investment of USD25,000. In lieu of K-1s, IRS Form 1099s will be issued to investors for simplified tax reporting.
“The Lazard Alternative Strategies 1099 Fund invests in multiple hedge funds across a range of investment strategies and seeks returns with less market exposure than traditional stock and bond portfolios,” says Charles Carroll (pictured), a Deputy Chairman and Head of Global Marketing, LAM. “Our highly experienced portfolio management
The Hennessee Hedge Fund Index advanced 2.51% in January, while the S&P 500 advanced 4.36%, the Dow Jones Industrial Average increased 3.40%, and the NASDAQ Composite Index climbed 8.01%. Bonds also advanced, as the Barclays Aggregate Bond Index increased 0.88% and the Barclays High Yield Credit Bond Index advanced 3.04%.
“After several months of treading water, managers posted profits as stocks rallied on fundamentals, being driven less by macroeconomic and political news and more by underlying company specific fundamentals,” commented Charles Gradante (pictured), Co-Founder of Hennessee Group. “The top performing managers were positioned for a January rally and were long stocks that underperformed in 2011.”
“January was
The most likely path for unwinding global imbalances over the medium term is through appreciation of EM currencies versus G10 currencies, says Jerome Booth, Head of Research, and Jan Dehn, Strategist at Ashmore Investment Management…
The world in 2012 will continue to be divided into deleveraging G10 economies and EM economies without excessive debt. The US and Europe will continue to experience sub-trend growth, with the main risk still a return to recession or even depression. Most of the EM economies will grow close to trend, with the main risks being country specific, most commonly inflation. G10 and EM economies
GreySpark Partners, the capital markets consultancy, has opened a new office in Hong Kong, to support its APAC clients.
Founded in 2009, GreySpark has been built into a leading consultancy with global clients. The firm now has over 50 consultants delivering projects in seven countries, with Hong Kong being the newest hub they open after London. This move gives GreySpark a firm footing in the region, as Asian markets continue to perform impressively.
GreySpark’s Hong Kong office will provide on-site and local delivery for client projects that are currently being managed from the UK. Driven by client demands, it
A new paper published by ICMA’s European Repo Council (ERC) is calling for more detailed understanding of the precise impact of collateral haircuts in the repo market. The paper: ‘Haircuts and initial margins in the repo market’, written by Richard Comotto of the ICMA Centre, questions the popular view of the role played by collateral haircuts in the recent crisis.
A haircut is a percentage discount deducted from the market value of a security that is being offered as collateral in a repo in order to calculate its purchase price. The adjustment is intended to take account of the
Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry – explains why the jurisdiction continues to prove attractive to MENA managers…
As the promotional agency for the Island’s finance industry, we exhibited at SuperReturn Middle East in Dubai during last October. Making a visit to the region in the final quarter of the year has become a staple part of our promotion and marketing activity in recent years. Once again, we were joined by practitioners from the Guernsey investment funds community, including administrators Legis, Praxis and Kleinwort Benson and law firms Ogier and
NYSE Euronext (NYX) has reported Global derivatives average daily volume (ADV) of 7.5 million contracts in January 2012 – a decrease of 17.3% versus the prior year, with European Derivatives declining 31.3% and US equity options decreasing 4.1%.
European cash trading ADV meanwhile, decreased 14.6% and US cash trading ADV decreased 23.5% from January 2011 levels.
Excluding Bclear, NYSE Liffe’s trade administration and clearing service for OTC products, European derivatives products ADV decreased 28.3% compared to January 2011, but increased 21.6% from December 2011.
NYSE Euronext US equity options ADV of 4.2 million contracts in January 2012 decreased 4.1% compared
