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NYSE Technologies, the commercial technology unit of NYSE Euronext, has launched Order Routing Direct, a fully-managed point-to-point order routing service.
Order Routing Direct uses patent-pending network technology that allows customers to connect directly via FIX protocol with their trading counterparties and does not require routing back to a centralised hub.
“Order Routing Direct provides our customers with fully-managed connectivity, broad FIX compatibility and revolutionary network technology to directly connect to any of the more than 650 broker dealers and 600 buy-side firms in the NYSE Technologies Marketplace community,” says Scott Fitzpatrick, vice president, NYSE Technologies Marketplace. “We recognise that some
SS&C Technologies, a provider of financial services software and software-enabled services, has launched Risk Analytics, an independent investment risk analysis solution for hedge funds, fund of funds, private equity funds and managed accounts.
The new risk management tools, fully integrated with SS&C’s proprietary accounting and derivatives platform, provide SS&C’s clients daily and monthly risk reporting as part of SS&C’s middle and back office fund administration services.
Risk Analytics is also available as an in-house solution.
"Fund managers and administrators continue to be challenged to manage risk, reduce costs and grow with transparency and control," says Bill Stone, chairman and chief
Investors continued to allocate new capital to hedge funds in the second quarter of 2010 with the industry experiencing a net inflow of USD9.5bn, according to figures released by Hedge Fund Research.
Volatility returned to global capital markets in 2Q10 with the HFRI Fund Weighted Composite Index posting a decline of 2.5 percent, offsetting 1Q10 gains.
Total hedge fund industry capital ended the most recent quarter at USD1.65trn, down from USD1.67trn the prior quarter.
Following strong performance in 2009, hedge funds declined by 0.21 percent in the first half of 2010, as gains in credit sensitive strategies such as arbitrage
Xenfin Capital, the systematic trading firm, has hired Luca Rubinelli to head its new fixed income trading arm as well as managing a global macro strategy.
Rubinelli brings experience in a broad range of fixed income products to Xenfin Capital.
He joins from a family office, where he was a multi-asset portfolio manager on the proprietary trading desk investing and trading in fixed income credit, equities and derivatives.
Prior to that role, he was a director with Société Générale in the derivatives solutions group and has also held senior roles in the fixed income division of Morgan Stanley
GLG Partners has reported estimated net assets under management of approximately USD23bn as of 30 June 2010.
The company had net inflows of approximately USD1.5bn for the second quarter of 2010 and USD2.5bn for the first half of 2010.
It had first half dollar-weighted average returns of approximately 3.8 per cent for the alternative strategies, 2.1 per cent for the 130/30 strategies and -4.4 per cent for the long only strategies.
This compares to the MSCI World Index return of -7.1 per cent and S&P 500 Index return of -6.9 per cent for the same period
"We saw robust net
The first trade in EUA futures for the third European trading period was concluded on the market on 16 July for emission rights operated by European Energy Exchange and Eurex.
The volume traded comprised 25,000 EUA for delivery in the year 2013 and the trades were concluded between RWE and CEZ.
Since 30 June, it has been possible for the EEX and Eurex trading participants to trade EUA futures for delivery in the years 2013 and 2014 in addition to the existing contracts.
In June, the volume on the EEX derivatives market for CO2 emission allowances increased considerably as against
Although not a new structure, the increased use of investor-level gates to revise liquidity terms and improve liquidity profiles is a positive credit development that improves overall hedge fund asset-liability management, says Moody’s Investors Service.
Embraced over the last few weeks by several large and well-established hedge funds, gate provisions limit the amount of withdrawals from a fund by a specific redemption date.
The intent is to prevent a run that could cause the fund to self-destruct as substantial withdrawals would force the investment manager to sell assets rapidly, possibly in a fire sale, says the Moody’s report.
"They also
BNY Mellon has appointed Patrick Tadie to the newly created role of global business head for the company’s Derivatives360 initiative, an integrated investment servicing solution that helps clients execute and manage derivatives transactions.
Tadie, who is an executive vice president, will oversee the coordination and development of derivatives services across multiple business lines in the company.
He reports to Art Certosimo, senior executive vice president and head of alternative and broker-dealer services at BNY Mellon.
Tadie, who joined the company in 2003 and is a member of the company’s operating committee, was most recently executive vice president in charge of
Gottex Fund Management, an alternative asset management group, had total fee-earning assets of USD7.26bn at 30 June 2010, down 8.3 per cent from 31 March 2010.
This total consisted of USD6.8bn in assets under management and GSS assets of USD0.45bn.
The decrease was largely driven by a USD410m negative impact from foreign exchange movements and technical factors (USD120m), performance (USD140mn) and returning cash to investors in run-off share classes (USD150m).
Total subscriptions for the quarter amounted to USD60m, whilst client redemptions accounted for USD310m.
Gottex won USD560m of new business in Q2 2010, most of which is expected to fund
Barclays Capital has launched a web-based real-time equities trading analytics application, Portfolio WebBench Live.
Building on Portfolio WebBench, Barclays Capital’s execution analytics toolkit for global equity portfolios, Portfolio WebBench Live has been remodelled to provide real-time execution monitoring, more dynamic and customisable content, and session sharing capabilities.
"We believe that Portfolio WebBench Live is a truly unique product, offering clients a web-based tool for real-time execution analysis of their trading" says Brian Pomraning, head of equity analytics applications. "In dynamic markets, execution performance and cost are increasingly important considerations; Portfolio WebBench Live can enhance trading transparency for clients, giving them
