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At the derivatives markets of Eurex an average daily volume of 8.1 million contracts was traded in July, down from 9.5 million in the same month the previous year.
Thereof, 5.6 million contracts were traded at Eurex (July 2009: 5.4 million) and another 2.5 million contracts were traded at the International Securities Exchange (July 2009: 4.1 million).
In total, 176.4 million contracts were traded on both exchanges compared with 214.6 million contracts in July 2009.
At Eurex, the equity index derivatives segment was the most successful segment, totalling 56.4 million contracts, compared with 65.0 million contracts in July 2009. Futures
In July EUR94.9bn was traded on Xetra and on the floor at Börse Frankfurt – an increase of five per cent year-on-year.
Of this, EUR89.3bn was traded on Xetra, an increase of six per cent year-on-year and EUR5.7bn was traded on the floor, a decrease by 11 per cent.
Turnover in German equities on Deutsche Börse’s cash markets amounted to EUR80bn, while foreign equities turnover stood at EUR12.1bn.
Xetra and the floor at Börse Frankfurt accounted for 96 per cent of the transaction volume in German equities on all stock exchanges in Germany. Eighty nine per cent of foreign equities
Hans Markvoort, head of private equity investment solutions, LGT Capital Partners and lead manager of Castle Private Equity (Castle PE), highlights the growing range
The Hedge Fund Association is sponsoring the AT&T USA Cycling Professional Criterium National Championship at the Glencoe Grand Prix, to be held on 14 August 2010 in the village of Glencoe, Illinois.
The race, a regional staple for 23 years, will support the Glencoe Educational Foundation, a non-profit organisation that seeks to enhance education in the Glencoe School District.
As an event sponsor, the HFA will have its own tent where food and refreshments will be offered all day.
A block party will follow the race.
"This event’s incredible popularity will allow the Hedge Fund Association and the Glencoe Education
The market volatility over the course of 2007 to 2009 has challenged long-held tenets of asset allocation, including investors’ reliance on portfolio construction and risk models centred on average market behaviour and normal return distributions, a report by State Street says.
State Street’s latest report, “Rethinking Asset Allocation”, examines the changing views of traditional practices and identifies new techniques and investment strategies that focus on measures of market turbulence, risk, liquidity and diversification.
“The financial crisis exposed the need to understand the limitations of traditional practices such as Modern Portfolio Theory, and heightened the need for new approaches to
Maryanna Sharrock, partner and Catherine Robinson (pictured far left, with Sharrock), associate in the tax group at law firm Stephenson Harwood, outline the role and implications of the new Tax Tribunal system in real estate transaction disputes in the UK.
Very few taxpayers positively look forward to being party to a case in a tax tribunal. By definition, there is a dispute with HM Revenue & Customs (HMRC) and one which HMRC think that that they have a fair chance of winning. However, stuff happens and there will be times when taxpayers do find themselves in disputes with HMRC.
Law firm Dechert has opened its Dublin office and is expanding its European funds practice.
Declan O’Sullivan, head of Dechert’s Dublin team, advises domestic and international clients on the establishment and authorisation of all types of investment funds, including Ucits, hedge funds, property funds and private equity fund products. He also represents fund service providers, including investment managers, administrators, custodians and prime brokers.
A former chairperson of the Alternative Investments Committee of the Irish Funds Industry Association, O’Sullivan has played a leading role in the industry’s task force on the Alternative Investment Funds Managers Directive.
Michelle Moran joins the Dublin
The Luxembourg government has approved the draft bill implementing Ucits IV into national law.
The final adoption of the draft bill by parliament is expected to take place before the end of this year.
Claude Kremer, chairman of the Association of the Luxembourg Fund industry, says: “The Luxembourg authorities have taken a very proactive approach to the introduction of Ucits IV, including introducing new tax measures to remove uncertainties on the fiscal treatment of new Ucits IV freedoms such as master-feeder structures and the management company passport. The speed of the process and the introduction of these new measures clearly
Although Australia’s hedge fund sector has not entirely escaped the damage, it has outperformed the local index by over ten per cent year-to-date to record a small loss of 0.98 per cent.
The first six months of the year were difficult for equity markets in general with the ASX200 falling 11.69 per cent and the S&P500 down 7.57 per cent.
Australian Fund Monitors recorded a 0.71 per cent loss for all funds in June, with equity based funds down 0.90 per cent and non-equity based funds down 0.40 per cent.
Across the industry, performance has been mixed. The best performing
Ignis Asset Management has launched the Ignis UK Enhanced Income Fund.
The fund, which soft launched on 27 July 2010, employs a covered call strategy to generate additional income from stocks listed in the UK.
Managed by Martin Brown, who also runs the GBP97.6m Ignis Higher Yield Fund, the Enhanced Income Fund sells call options against stocks in the fund to boost the yield generated by the underlying portfolio.
In its first year the fund will target an annual yield of approximately seven per cent, with the target adjusted annually within a range of five per cent to nine per
