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GlobeOp Financial Services has completed a Type ll independent examination of its middle, back office and fund administration controls and Transaction Solutions, according to new international standards replacing Statement on Auditing Standards No.70 (SAS 70).
The Big Four auditing firm examination included all ten GlobeOp offices on three continents and evaluated the design and operating effectiveness of specified GlobeOp controls for the full year from 1 October 2009 to 30 September 2010.
The two new standards replacing SAS 70 are the International Standard on Assurance Engagements (ISAE) 3402 “Assurance reports on controls at a service organisation”, and the Statement
Global derivatives average daily trading volume totalled 7.5 million contracts in October 2010, up 6.2 per cent versus the prior year but down 2.9 per cent from September 2010, according to figures from NYSE Euronext.
The increase in global derivatives ADV versus prior year levels was driven by a 23.8 per cent increase in US equity options ADV, partially offset by an 8.4 per cent decrease in European derivatives ADV.
Cash equities ADV in October 2010 were down year-over-year, but both European and US cash trading volumes increased from September 2010 levels by 3.0 per cent and 3.8 per cent,
The US Commodity Futures Trading Commission has filed an action in federal court in Austin, Texas, charging Richard D. Theye and his company Micind Capital Management with fraud in connection with running a multi-million dollar Ponzi scheme.
On 17 June 2010, the CFTC also filed a motion for a statutory restraining order to freeze the defendants’ assets and prohibit the destruction of books and records.
The SRO motion also requests that the court order the defendants to make a full accounting of all funds received by and paid to investors. The court scheduled a hearing on the CFTC’s motion for
Hedge funds posted the second consecutive month of gains in October, as equity markets continued their broad advance on improving prospects for global economic growth.
Credit markets remained strong and short dated fixed income advanced on expectations for continued stimulus from the US FOMC.
The US dollar declined against both the Euro and the Yen, while commodity prices rose, with strong gains in sugar and rice, among other agriculturals.
The HFRI Fund Weighted Composite gained 2.35 per cent for the month, with broad-based gains and positive contributions from all main strategy areas.
Macro strategies had the most positive contribution to
The Hennessee Hedge Fund Index advanced 1.9 per cent in October and is up 6.6 per cent year-to-date.
The S&P 500 advanced 3.7 per cent (+6.1 per cent YTD), the Dow Jones Industrial Average increased 3.1 per cent (+6.6 per cent YTD), and the Nasdaq Composite Index climbed 5.9 per cent (+10.5 per cent YTD).
Bonds also advanced, as the Barclays Aggregate Bond Index increased 0.4 per cent (+8.3 per cent YTD).
“The financial markets continued to rally as the companies reported solid earnings and the Fed announced an additional round of quantitative easing. Hedge funds posted strong positive performance,
The US Commodity Futures Trading Commission has filed an enforcement action charging Highlands Capital Management, based in San Francisco, California, and its principal Glenn Kane Jackson of Tiburon, California, with operating a fraudulent off-exchange foreign currency scheme.
Specifically, the CFTC complaint charges the defendants, in connection with the fraudulent scheme, with misappropriating customer funds, issuing false account statements to customers, misrepresenting Jackson’s success and background as a forex trader and misrepresenting the reasons why defendants could not honour customer withdrawal requests.
On 17 June 2010, the same day the complaint was filed under seal, the Honorable Samuel Conti of the
The Hedge Fund Association is opposing the creation of any hedge fund self-regulatory organisation.
The feasibility and benefits of creating such an organisation are currently under investigation by the Government Accountability Office in accordance with Title IV, Section 414 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“In our discussions with the GAO, the Hedge Fund Association has let it be known that we stand in firm opposition to any potential hedge fund SRO,” says David Friedland, president of the Hedge Fund Association and president of Magnum US Investments. “In light of the new registration requirements imposed by
Braver Stern Securities, an independent broker-dealer, has appointed Peter D. Howard as a managing director and head trader of CDOs, CLOs and esoteric asset-backed securities.
Howard has extensive experience in specialised asset-backed securities products, and will be instrumental in developing these business lines at Braver Stern.
Joseph Valentine, head of fixed income trading, says: “The addition of Peter is another step towards our goal of growing the firm by building out strategic business lines with the addition of talented people. We are extremely pleased to have Peter join us to develop our capabilities in this important market segment. Peter’s experience
October saw UCITS funds deliver consistent gains, according to Swiss-based UCITS Alternative Index.
London-based Coupland Cardiff Asset Management LLP has announced plans to launch a UCITS-III compliant fund, the CC Asian Evolution Fund, in order to help investors gain exposure to A
