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The US Commodity Futures Trading Commission (CFTC) today announced it filed separate but related civil injunctive complaints in the US District Court for the Southern District of New York in connection with the operation of two forex pooled investment vehicles operated by International Commodity Advisors (ICA) of Marietta, Ga., and ProfitStars Int’l Corp. (PSI) of Dallas, Texas. The CFTC filed a third injunctive action against Paragon FX Enterprises, LLC (Paragon FX) of New York, N.Y.
The CFTC’s complaints against ICA and PSI, filed on 31 October, 2011, charge them with engaging in an act or practice which operated as a
The Commodity Futures Trading Commission has supported the Trustee’s application for an expedited claims process in the MF Global, Inc. (MFGI) liquidation, and authorised the transfer of funds for customers with “cash-only” accounts outside of the claims process.
In a statement filed with the US Bankruptcy Court for the Southern District of New York, the Commission expressed support for putting in place mechanisms for the prompt initiation of claims for all MFGI customers and the transfer of 60% of customer funds that have been frozen in “cash-only” accounts.
The Trustee’s request, if approved by the Bankruptcy Court, will facilitate the
BVI has received endorsements form two international bodies regarding its efforts to meet international standards on the regulation of its financial services sector.
The Financial Stability Board has announced that BVI is a jurisdiction that demonstrates "sufficiently strong adherence" to new global regulatory and supervisory standards on international cooperation and information exchange. BVI is one of 41 such jurisdictions recognised by the FSB.
The FSB announcement came shortly after the BVI was recognised by another leading international body, the Organisation of Economic Cooperation and Development (OECD), as being ready to move to the next phase in its Peer Review programme.
ESMA has published its final advice (ESMA/2011/379) on the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD). The rules proposed by ESMA will establish a comprehensive framework for alternative investment funds, their managers and depositaries.
They are also designed to help achieve the AIFMD’s objective of increased transparency and tackling systemic risk, ultimately contributing to a more sound protection of investors. ESMA’s advice follows a 2010 request by the Com-mission, originally sent to ESMA’s predecessor, CESR, asking ESMA to deliver its final advice by 16 November 2011.
Steven Maijoor (pictured), Chair of ESMA, says: “The AIFMD was a
UK-based Wessex Asset Management, founded by Peter Chesterfield (pictured) and Tim Weir in 1999, is reportedly closing three hedge funds
Hedge funds running less than USD100million in Asia are turning to family offices and HNW investors reported Bloomberg this week.
TORA, Asia’s leading provider of advanced trading technology announce
Dymon Asia Capital, whose assets Hedgeweek reported doubled between March and the summer this year, climbing to
At a hedge fund conference in Zurich this week, a panel of three investment managers: Julian Jacobsen, Managing Director FPP Asset Management; Max von Bismarck (pictured), Managing Partner and CEO for SkyBridge Capital’s international operations; and Adriano Agosti, Chairman and Managing Partner, Golden Peaks Capital, were asked to what degree today’s global political and economic volatility allowed managers to create value through market inefficiencies.
The three managers were participating in a panel discussion chaired by Alexandre Col, Head of Investment Funds at Banque Privée Edmond de Rothschild, at the Hedge Funds World Zurich conference on Tuesday 15 November
Short-termism has
Emerging markets hedge funds posted strong performance gains in October, reversing sharp losses from September as emerging market (EM) economies and assets continue to experience volatility relating to the European sovereign debt crisis.
The HFRX Total Emerging Markets Index gained 4.1 per cent in October following a decline of 5.0 per cent in September; while intra-month volatility was even more pronounced in specific regions, including Latin America and Russia. In response to this volatility, investors hesitated on making new allocations to EM hedge funds, which saw a modest net outflow of USD197 million (0.17 per cent of assets under management
