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Singapore Exchange is consulting the public on its proposal to extend its central counterparty clearing services for over-the-counter traded financial derivative contracts to participation from non-bank financial institutions.
On 21 April 2010, SGX made a proposal to allow bank clearing members to participate in the clearing of OTCF contracts through SGX-DC.
SGX is now proposing to admit non-bank financial institutions as general clearing members to clear their proprietary positions in similar contracts once admission and other relevant requirements are satisfied.
The admission of general clearing members to clear OTCF contracts is subject to the following additional requirements:
• A holding company
NYSE Euronext’s global derivatives average daily volume increased 17.5 per cent to 7.1 million contracts traded per day in July 2010.
The strong increase in derivatives ADV versus prior year levels was driven by an 11.1 per cent increase in European derivatives ADV and a 26.8 per cent increase in US equity options ADV in July 2010.
Cash equities ADV in July 2010 was mixed, with European cash trading volumes increasing 19.5 per cent, but US cash trading volumes decreasing 7.2 per cent compared to prior year levels.
NYSE Euronext global derivatives ADV in July 2010 of 7.1 million contracts
The Luxembourg government this week approved the draft bill on UCITS IV, ahead of its proposed introduction in July 2011.
The Committee of European Securities Regulators (Cesr) has released a series of guidelines on how to calculate risk under Ucits IV, reports Hedgefund Review.
US-based Apex Fund Services, a global fund administration firm, has opened an office in Luxembourg to help service its gr
With only a paltry USD50.7 billion in bonds issued across the Eurozone in May, conditions were far from ideal for Nomura
HSBC announced this week the launch of a new Ucits-compliant fund – the HSBC GIF Global Inflation Linked Bond fund – through a Lux-domiciled SICAV.
After a slight loss in June the Ucits HFS Index returned a positive result in July 2010.
Although up by only 0.35 per cent, it is a noteworthy result as during the first three weeks of the month the broad index was negative.
After the first week of trading with nearly every strategy in the red the Ucits HFS Index was down by 0.46 per cent. The second week added a positive 0.41 per cent to the overall performance just to lose another 0.19 per cent in the third week of trading.
The last few days of July turned things
A regeneration of the capital markets enabled a relatively successful 2009 for the hedge fund industry, research by KPMG shows.
However, in an industry where transparency is becoming a critical component of client management, the years ahead will see the industry face new and extensive regulation that will pose questions as to what the future might hold.
KPMG’s Hedge Funds 2010 survey looks at the taxation and regulation issues affecting hedge fund management in 26 countries. Country by country, the survey gives information to help hedge funds manage and market effectively.
KPMG’s second report, Funds and Fund Management 2010,
Societe Generale recorded group net income of EUR1.08bn in quarter two 2010 and EUR2.15bn in the first half of 2010.
Group revenues rose by 12.9 per cent in quarter two compared with the same quarter the previous year, and by 22 per cent in the first half compared with the first half of 2009.
Earnings per share in the first half of 2010 were EUR2.75.
For the private banking division, net inflows totalled EUR0.9bn in Q2 2010, or EUR2.3bn in the first half. This corresponds to an annualised inflow rate of 4.8 per cent. Assets under management amounted to EUR82.3bn.
