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The Depository Trust & Clearing Corporation has launched its Equity Derivatives Reporting Repository and has received Financial Services Authority approval for the DTCC Derivatives Repository subsidiary.
The building of the EDRR repository follows a competitive request for proposal process led by the International Swaps and Derivatives Association last year, and represents the industry’s efforts to strengthen its operational infrastructure and improve transparency across all major OTC derivatives asset classes.
All of the 14 global market dealers are now live on EDRR.
EDRR’s central registry will hold key position data, including product types, notional value, open trade positions, maturity and currency
New York Portfolio Clearing has appointed Joseph Benning as chief risk officer and Laura Klimpel as chief compliance officer and counsel.
NYPC, a joint venture of The Depository Trust & Clearing Corporation and NYSE Euronext, is a US futures clearing organisation.
NYPC is currently undergoing regulatory review, with an anticipated launch later this year.
“The addition of Joseph and Laura to NYPC further strengthens our senior management team, and complements the important operational appointments we’ve made in recent months,” says Walter Lukken, chief executive officer of NYPC. “Given the continued emphasis among public policymakers, regulators and market participants on systemic
Ramius Value and Opportunity Advisors has delivered a letter to the board of directors of Extreme Networks expressing its concern regarding recent interaction with the company and calling for changes to the structure and composition of the board.
Ramius also questioned the timing of the recently announced amendment to the company’s rights plan purportedly designed to preserve net operating losses for future use.
Ramius Value and Opportunity Advisors own approximately 5.9 per cent of the outstanding shares of Extreme, making it one of the largest shareholders of the company.
The letter says that although the company has made some
Fortress Investment Group has appointed Stuart Bohart as president of liquid markets and senior managing director – strategy.
Bohart will become a member of Fortress’s operating and management committees, and will have responsibility for all non-investment activities of the firm’s liquid markets business.
"Stu brings a unique depth of experience to our organisation, having built and managed one of the industry’s largest alternatives platforms, and his addition to our leadership team will allow us to achieve two important objectives," says Fortress chief executive officer Daniel Mudd. "First, as president of liquid markets, Stu will immediately take on management responsibility for
BTIG, a broker dealer specialising in institutional trading and related brokerage services, has expanded its prime brokerage platform with the addition of key hires in sales and relationship management.
Mike McCuin and Adrianne Schulte have joined BTIG to broaden its prime brokerage offering.
They join BTIG’s Boston office that already includes 12 professionals focused on equity and fixed income trading.
“We view Boston as an important strategic market. Having a local presence is vital to our success and demonstrates BTIG’s commitment to the Boston investment community,” says Justin Press, co-head of prime brokerage at BTIG.
McCuin joins BTIG’s Boston office
Okapi Partners, the proxy solicitation firm, has hired Geoff Sorbello as a managing director.
Sorbello joins Okapi Partners from ISS, a division of RiskMetrics Group which is now a subsidiary of MSCI.
While at ISS, Sorbello was responsible for providing governance services and advice, including M&A research, to the firm’s hedge fund clients. Sorbello worked closely with the firm’s proxy advisory services group, actively participating in dialogue regarding contentious mergers and acquisitions and proxy fights. Additionally, Sorbello managed relationships with many of the firm’s institutional investor clients.
Bruce H. Goldfarb (pictured), president and chief executive of Okapi Partners, says: "Geoff
Investment management firm M.D. Sass has appointed Jason Rapp as vice president and senior analyst on its equity team, which manages the firm’s flagship relative value equity strategy and Maximus long/short equity hedge fund.
Rapp’s background is as a senior analyst for value-oriented long equities and long/short equity funds.
He also has experience in mergers and acquisitions, financial restructurings and private equity.
"At M.D. Sass, our equity team is tasked with identifying mispriced equities where market perceptions lag reality and attractive opportunities that others fail to discern. We strive for investments with hidden strengths and take advantage of market inefficiencies,"
Merlin Securities, a prime brokerage services and technology provider for hedge funds, managed account platforms and family offices, has launched a new reporting functionality which helps funds to more precisely articulate their performance for institutional investors.
Merlin’s clients can drill down and calculate additional required performance measures and ratios across multiple custodians for specific components of their portfolio: sector, market cap, industry, strategy, geography and a range of customisable user-defined components.
Merlin’s new functionality allows hedge funds to calculate and analyse their performance net of fees and expenses.
“In today’s competitive marketing environment, hedge fund investors require greater transparency and
Gulf International Bank (UK) has launched an Emerging Markets Opportunities Fund with assets of more than USD100m.
The fund is a multi-strategy, absolute return product, investing across emerging markets.
The strategy focuses on fixed income credit while also providing equity and currency enhancement.
The fund takes both long and short positions and aims to generate consistent returns regardless of underlying market conditions. Returns are generated through identifying undervalued opportunities in emerging markets.
The fund will be denominated in US dollars but may take positions in emerging market currencies.
The fund will provide monthly liquidity with no initial lock up period.
