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The US Commodity Futures Trading Commission has filed and settled charges against MF Global, a registered futures commission merchant, and its predecessor corporation Man Financial, relating to risk supervision failures in four separate instances between 2003 and 2008.
The CFTC order imposes a USD10m civil monetary penalty on MF Global.
The order also requires MF Global to comply with several undertakings, including enacting policies and procedures to enhance risk monitoring procedures, training, compliance procedures and compliance audit procedures.
MF Global will also undertake an independent review and assessment, which will be conducted by Eugene Ludwig of Promontory Financial Group. The
The international derivatives exchange Eurex is launching an enhanced Eurex Trader Development Program in January 2010.
The new scheme offers training, further education measures and lucrative trading conditions for new traders who start trading on Eurex next year.
Michael Peters, member of the Eurex executive board, says: “On 1 January 2010, Eurex will introduce the next generation of its Trader Development Program which will support traders new to Eurex markets by providing them with broad educational support and reduced trading and clearing fees. In particular, our programme aims to support Eurex members who plan to extend their trading activities through
NorthPoint Solutions, a business solutions provider focused on the alternative investments sector, has appointed Paul Jessup as head of business development and strategic relations for its US operations.
Jessup will be joining NorthPoint from Bank of America Merrill Lynch’s global fund services division where he held the role of vice president of business development.
Prior to this he worked in ABN Amro’s private banking group focused on structured and alternative investment products in London.
Jessup will be responsible for building and enhancing relationships with investment managers, prime brokers, fund administrators and other partners in New York, Boston and other
Managed futures gained 2.15 per cent in November, according to the Barclay CTA Index compiled by BarclayHedge.
“Fears of a default by Dubai World coupled with growing confidence that central bankers would keep interest rates low provided excellent profits for properly positioned interest rate trades,” says Sol Waksman, founder and president of BarclayHedge.
Seven of Barclay’s eight managed futures indices gained ground in November. The Diversified Traders Index was up 3.70 per cent, systematic traders gained 2.56 per cent, financial and metals traders rose 1.62 per cent, and discretionary traders were up 1.30 per cent.
“Traders bet heavily against the
The Association of Investment Companies has appointed Ian Sayers as director general of the association effective from 1 January 2010.
Sayers has been acting director general of the AIC since Daniel Godfrey left the association at the end of July 2009.
Carol Ferguson, chairman of the AIC, says: “On behalf of the board, I am delighted that Ian has accepted this position as he has done an outstanding job for the AIC. Ian’s intellectual rigour and specialist knowledge have already been an enormous benefit to the AIC. He has been instrumental in many of the association’s victories, particularly the VAT
Prupim has executed a series of UK property derivatives totalling GBP100m with the Royal Bank of Scotland.
The property derivatives were total return swaps, based on multiple UK IPD sub–sectors.
It worked closely with Icap Property Derivatives as broker.
“Prupim has completed the largest series of sub sector property derivative transactions ever as part of a portfolio rebalancing. Icap’s focus on developing property end-user participation in this market has been particularly valuable in this process. We take the view that this kind of activity can be a valuable device in managing risk in an institutional commercial property portfolio," says
Clearstream, the international central securities depository within Deutsche Boerse Group, is launching Global Emissions Market Access, a settlement and custody service for carbon trading rights.
GEMA is aimed at financial institutions interested in carbon trading rights without the burden and risk of manual settlement of trade.
As of February 2010, it will leverage Clearstream’s existing connectivity and applications by making carbon rights – European Union Allowances and Certified Emission Reductions – eligible in Clearstream Banking (Luxembourg).
GEMA provides customers with access to a new market without requiring any system developments or new back office processes.
Identification codes for carbon rights
LCH.Clearnet, the largest clearer of over-the-counter products globally, has launched an interest rate swaps clearing service for the buy-side.
For the first time, institutional investors are able to access central clearing for OTC interest rate swaps via SwapClear, the only global clearing service for OTC interest rate swaps.
Developed in close collaboration with significant buy-side market participants and dealers, the SwapClear Client Clearing Service has been designed to offer a unique level of security to buy-side clients in the case of a bank default through margin segregation and portability of contracts.
Subject to regulatory approval, the list of dealers committed
Offshore law firm Mourant du Feu & Jeune has appointed four Jersey-based partners.
James Hill became an equity partner of Mourant du Feu & Jeune earlier this year, and Felicia de Laat (pictured), Joel Hernandez and Michael Williams have been invited to become partners of Mourant LP.
The appointments are planned to take effect from 1 February 2010.
The promotions bolster the firm’s funds and finance and corporate practices in Jersey.
Managing partner Jonathan Rigby says: “We are delighted to welcome Felicia, Joel, James and Michael to the partnership. Each has made a strong contribution to the success of the
David Morrissey (pictured), New Business Development, Europe and the Middle East, SEI’s investment manager services division, looks back on 2009, ‘the era of the investor’, and what’s next for 2010.
Managers are being driven by their investors to have a transparent, independent, and process-driven operational environment. In this ‘Era of the Investor,’ managers need to have an operational environment that incorporates audit controls, data governance, and effective risk reporting.
Not surprisingly, these are also of extreme importance to regulators and, when done right, help to demonstrate that a firm is well run and has adequate risk controls and a robust
