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BNY Mellon Clearing will become a clearing member of the International Derivatives Clearinghouse, a derivatives clearing organisation regulated by the US Commodity Futures Trading Commission.
With this membership, BNY Mellon Clearing will be able to offer its clients central counterparty clearing of interest rate derivatives, which are an important financial risk management tool for corporations, investors, and municipalities.
BNY Mellon clients and their market makers will be able to continue to execute interest rate derivatives in the well-established OTC market.
With this new membership, clients will also be able to benefit from counterparty credit risk mitigation, special bankruptcy provisions related
The AlphaShares Chinese Volatility Index slipped 9.07 per cent in June to finish the second quarter at 27.61, after starting the year at 24.22.
By comparison, the CBOE S&P 500 Volatility Index climbed an additional 7.70 per cent to 34.54, while implied volatility as represented by the Euro Stoxx 50 Index closed the quarter at 34.32 – levels 20 per cent higher than in China, the largest divergence in these indices since April 2005.
The CHIX/VIX spread ended the month at -20.07 per cent, with the CHIX trading lower than the VIX every day except 2 June. The last time
Woodsford Capital Management, a Singapore-based investment manager, has selected LaCrosse Global Fund Services as its full-service administrator.
Founded in Singapore in 2010, Woodsford manages the assets of the Woodsford Relative Macro Fund, which invests in equity, fixed income, currency and commodity markets across the world based on macroeconomic analysis.
Zhijian Wu, chief executive officer of Woodsford, founded the firm after working at ED&F Man, the commodity trading company, where he spent two years in London on the global trading desk developing and implementing trading strategies in futures and options. He returned to Singapore in 2007 to manage the Asian trading
G2 Investment Group, the asset management firm started by J. Todd Morley, has entered into a partnership with Asset Oversight Services, an advisory and asset management firm focused on illiquid, private credit assets.
The venture will be named G2 Asset Advisors.
G2 Asset Advisors combines the strength, distribution and real estate capabilities of G2 Investment Group with the focus Asset Oversight Services possesses in private non-real estate credit assets.
Their combined capabilities will provide institutional investors, insurance companies, banks, hedge funds, funds of hedge funds, and other financial institutions with the following:
• Portfolio advisory and strategic alternatives for challenged, private
Salus Alpha’s latest product, Salus Alpha RN Special Situations, is registered for public distribution in Germany.
Since the launch on 22 March the fund raised USD25m from new investors.
The fund was up 3.14 per cent after its first month and has a year-to-date performance of 2.85 per cent.
The fund exploits opportunities in special situations, such as merger and acquisitions opportunities, changes in capital structure, management changes, share buy backs, director’s dealings, IPOs or capital increases, index changes or profit surprises.
The fund has invested in shares of Eco Business on the expectation that the price will be improved
Law firm Dechert has hired James Waddington in London as a partner.
Prior to joining Dechert, Waddington was a partner at Orrick, Herrington & Sutcliffe.
Waddington advises commercial and investment banks and private equity and hedge fund clients in connection with finance and derivative transactions, credit default swaps, lending and borrowing arrangements, debt and equity offerings, insolvency and restructuring matters as well as fund formation and fund investments.
He has practiced law in Paris, London and New York since 1985 and has previously worked as an investment banker at Bankers Trust Company (now Deutsche Bank). He is fluent
A survey of senior managers at hedge fund firms suggests the industry continues to recover from the global market crisis, as more than 82 per cent of respondents predict that there will be more fund launches this year than in 2009.
The survey of 381 managers by professional services firm Rothstein Kass also found that fewer than 20 per cent of survey participants believe that more funds will close this year than in 2009.
"While nearly 70 per cent of hedge fund professionals we polled still expect 2010 to be a difficult year, there are signs that conditions continue to
Last week the SEC officially changed its position, voting to adopt new rules concerning public pension funds’ pay-to-play practices. Donald A. Steinbrugge, CFA, Managing Member,
 Agecroft Partners, LLC, examines the impact of the new rules.
The new rules permit managers to pay third party marketers that are registered as investment advisers or broker-dealers. In addition, the new rule “prohibits an investment adviser from providing advisory services for compensation — either directly or through a pooled investment vehicle — for two years, if the adviser, or certain of its executives or employees, make a political contribution to an elected official in
International Assets Holding has acquired the Chicago-based Hanley Group of companies, a trading firm and market maker of exchange-traded agricultural options.
As a result of the all-cash transaction which is expected to close on 7 July, the companies of Hanley Group Capital will be combined with FCStone’s existing OTC trade desk to provide an integrated solution for the INTL/FCStone commercial customer base.
This combination brings together the relationships of INTL/FCStone global brokerage and sales network with the trading and risk management expertise of Hanley Group Capital.
Sean O’Connor, chief executive of International Assets Holding, says: "Hanley Group Capital’s unique expertise
LCH.Clearnet is set to launch clearing for the over-the-counter wholesale London gold market in a joint initiative with the London Metal Exchange.
This post-trade service, to be introduced in November 2010, will allow bilateral OTC trades to continue to be negotiated and executed as per current market practices.
Contracts to be cleared will be captured via LME’s trade capture system, LMEsmart, with matched bilateral trades submitted to LCH.Clearnet for clearing.
Market participants will be able to benefit from margin offsets with other metal contracts listed on the LME, improved collateral management, increased liquidity and lower operational costs.
Introducing clearing
