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Financial market participants across Asia can now seek dark pools of liquidity throughout the region, following an agreement between Chi-East, the first Asian exchange backed non-display venue, and global connectivity provider Transaction Network Services.
Chi-East, a joint venture between Chi-X Global and the Singapore Exchange, supports the non-displayed trading of securities in Hong Kong, Singapore and Japan.
Using TNS’ Secure Trading Extranet, Chi-East will be able to provide its clients with a single trading connection, giving them access to multiple liquidity sources, enhancing intra Asia connectivity between financial institutions.
TNS’ Secure Trading Extranet offers mission-critical low latency connectivity, bringing
The Depository Trust & Clearing Corporation has launched an automated over-the-counter equity derivatives cash flow matching and netting service with all of the 14 major dealers live on the platform.
"In an environment where risk mitigation is paramount, the OTC derivatives community has placed great priority in promoting improved certainty in the market,” says Lawrence Waller, managing director, J.P. Morgan. “The new automated cash flow matching and netting process for OTC equity derivatives facilitates seamless and timely settlement. J.P. Morgan is pleased to be working with the DTCC and our peers to bring such global solutions to market.”
The creation
Butterfield Fulcrum, a fund administration company for the alternative investment industry, has appointed Edwin Parker as director of business development for the EMEA region.
Parker will start in February 2011 and be based in the London office, which has recently relocated to Mayfair.
He will be responsible for identifying and developing strategic partnerships to strengthen and expand Butterfield Fulcrum’s client base throughout Europe and its surrounding emerging markets.
Parker will work closely with Mark Boyes who joined Butterfield Fulcrum earlier this year as Director, EMEA business development.
Parker joins Butterfield Fulcrum from SS&C where he served as a business development
The US Commodity Futures Trading Commission has filed an enforcement action charging Kent R.E. Whitney, a registered floor broker, with making false and misleading statements to Chicago Mercantile Exchange representatives, futures commission merchants and others in connection with a scheme to trade options without posting the required margin.
The CFTC’s civil complaint, filed on 10 December in the US District Court for the Southern District of New York, alleges that from May 2008 through April 2010, Whitney perpetrated a margin avoidance scheme in connection with out-of-the-money options by knowingly or recklessly making false and misleading statements to a representative of
Irving H. Picard, the trustee for the liquidation for Bernard L. Madoff Investment Securities LLC (BLMIS) has filed a complaint seeking USD 19.6bn in damages against members of the “Medici Enterprise,” allegedly masterminded by Sonja Kohn, principal shareholder of the now defunct Bank Medici, using multiple trusts and nominee companies in New York, Austria, Italy, Gibraltar and elsewhere.
The detailed claim, a copy of which has been obtained by Hedgeweek, has been made “against Sonja Kohn a/k/a Sonja Blau Kohn a/k/a Sonja Blau a/k/a Sinja Kohn a/k/a Sinja Blau a/k/a Sinja Turk, Erwin Kohn, Netty Blau, Robert Alan Kohn, Rina
The historical trend of hedge funds acquiring talent from financial institutions could be reversed going into 2011, as new regulations for alternatives come into play.
Banks are now seen by many as a more stable option, according to headhunting firm Carrington Fox.
“Compensation issues will be replaced by bigger salaries for candidates hoping to work in banks,” says Nicholas Wells, one of the firm’s directors.
Wells says investment banks and hedge funds have been battling for the same talent as of late, which in 2008 and 2009 would simply not have happened.
“In the past, hedge funds have acquired talent
Following approval of the Alternative Investment Fund Manager Directive by the European Parliament, the Isle of Man says it welcomes the final Directive and that work is under way to ensure it will meet key regulatory criteria.
The AIFM Directive was first introduced in response to calls for greater regulation of alternative investment fund managers.
Much uncertainty has surrounded the Directive as it has evolved over the past 18 months, but now that consensus has been reached the investment fund management community can prepare for its implementation in 2013.
The Directive has been welcomed by the Isle of Man’s
Law firm A&L Goodbody has completed the first investment fund company migration to Ireland from Bermuda, under new legislation which facilitates the effective redomiciliation of investment fund companies from six separate jurisdictions to Ireland.
The new legislation facilitating the redomiciliation came into effect in September and introduces a streamlined procedure for the relocation of fund companies located in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and the Isle of Man.
Investment fund companies established and registered in these jurisdictions may file applications with and seek authorisation from the Companies Registrations Office and the Central Bank of Ireland
Czarnikow, the UK’s second oldest sugar trader, has advised Rio Vermelho, a Brazilian ethanol producer, on Glencore’s acquisition of a 76 per cent equity participation.
The deal value was greater than USD80m.
Czarnikow, through its corporate finance division, was the sole adviser to Rio Vermelho, which is located in the São Paulo region.
The investment is Glencore’s first in to the sugar/ethanol sector. The funds will be used to expand the mill’s crushing capacity to reach its full potential by building a new sugar plant.
The deal will also allow the Garieri family, the former controlling shareholder, to
Citi’s prime finance division has launched a business advisory practice, combining hedge fund industry research and thought leadership with consulting services.
The business advisory practice is designed to support hedge fund clients by partnering with them through all phases of their growth and maturity, from start-ups to institutional size funds.
“Through our work with a wide range of hedge funds, extensive industry research and Citi’s worldwide presence, Citi Prime Finance has generated significant intellectual capital, with deep operational and technological expertise,” says Alan Pace, head of Americas prime finance for Citi. “The business advisory practice, by partnering with hedge funds
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