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Euroclear UK and Ireland has announced that it will remove the gross charge for the netting of trades on a major UK bourse.
The European markets opened quietly this week following the publication of a report by US senators that was critical of a pharmaceutical firm.
The London Metal Exchange has submitted a formal proposal to bring trading of forward freight agreements on-exchange in a joint venture with The Baltic Exchange.
The LME proposal is to create a new, fully regulated exchange to bring transparency, efficiency and a robust technology platform to the dry-bulk FFA market, in collaboration and co-operation with all freight market participants.
The Baltic and its members are being invited to consider a substantial equity participation – between 25 and 50 per cent – in a new exchange, which the LME proposes would have regulated investment exchange status.
In addition, the LME’s support
Jennifer Deacon of Cayman Islands law firm Harneys outlines the significance of a recent US court decision concerning the liquidation of a Cayman investment vehicle.
The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”, an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.[1]
Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United
Fixnetix, a provider of ultra-low latency market data and trading infrastructure connectivity services, now offers a direct market data feed and trading access to Burgundy, the regional multilateral trading facility for Nordic securities.
Traders can use Fixnetix’s 10 GB+ point-to-point high-speed fibre backbone network to connect with the new trading platform, which is looking to reach a market share of 25 per cent in Sweden this year.
Fixnetix also offers a direct market data feed from Burgundy, taking advantage of its high bandwidth provision to provide traders with realtime level 1 and/or level 2 market data exactly as it leaves
In the wake of a financial crisis hedge fund managers are enacting a series of operational changes to reduce risk and enhance their ability to attract investors, a study has found.
To manage the complexities associated with critical operational enhancements, many hedge fund managers are starting to automate key processes such as reconciliation, cash management, collateral management and pricing.
The study, commissioned by Omgeo and conducted by Greenwich Associates, examined the operational practices of over 50 hedge funds each with assets over USD1bn in North America, Europe and Asia.
Approximately 70 per cent of the hedge fund managers participating in
The US Commodity Futures Trading Commission has issued an order imposing a USD1m penalty against Craig A. Riley of Ladera Ranch, California and his firm Pressio Capital Management for fraudulently operating a commodity pool and misappropriating pool participant funds.
The CFTC administrative order also permanently bars the respondents from engaging in any commodity-related trading activities, including soliciting funds, registering with the CFTC and trading on behalf of themselves or others.
The order finds that, beginning in the autumn of 2006 and continuing through February 2008, respondents fraudulently operated a commodity pool, known as Pressio, which traded a variety of
Hedgebay Trading has launched a monthly index that aims to give the hedge fund industry detailed insight into the average discount or premium to NAV that investors are paying for assets that have no contractual redemption rights to investors.
The Hedgebay Global Illiquid Asset Index is the first time that a breakdown of liquidity data has been made available to investors.
Illiquidity is the primary concern of hedge fund investors, with difficulties in providing accurate valuations of illiquid assets emerging as a key factor behind the collapse of several hedge funds over the last two years.
The IAI will be
Bats Exchange’s Multicast Pitch service, a real-time depth-of-book data feed, is now available via Atrium Network’s Exchange Ring, which offers dark fibre connectivity to exchanges, multilateral trading facilities and electronic communications networks.
Multicast Pitch allows Bats Exchange market data recipients to more easily redistribute the data within their own networks with up to a 50 per cent reduction in latency and 20 per cent fewer events than Bats’ TCP Pitch feed, a point-to-point depth-of-book market data feed.
Atrium Network offers connectivity to Bats Exchange for ultra low latency trading and data delivery. Customers can receive and redistribute real-time market
International Standard Asset Management has formed an alliance with Hite Capital Management.
As part of this alliance, Larry Hite, Alex Greyserman, and Gilbert Lee will join ISAM as shareholders and directors.
The development marks an important step in ISAM’s plan to build out a multi-strategy platform of liquid hedge fund strategies and provides a springboard for the launch of ISAM Systematic in April.
This will be followed by the launch of ISAM Fusion Fund, a fund of managed accounts.
ISAM chief executive officer Stanley Fink (pictured) says: “Good business is about good product, good distribution and good infrastructure.
