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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
Northern Rivers Capital Management has entered into a binding agreement, subject to regulatory approval, to be acquired by BluMont Capital, a wholly owned subsidiary of Integrated Asset Management.
The transaction is expected to close in February 2010.
Established in 2001, Northern Rivers Capital Management is a private investment company located in Toronto, Ontario. Northern Rivers manages a family of six funds for high net worth and retail investors, including equity funds, alternative funds, and one private equity fund.
Founded in 1998, IAM is a Toronto based public company majority owned by management. IAM develops, distributes and manages alternative investments, including
The US Commodity Futures Trading Commission has obtained more than USD6.75m in civil monetary penalties and equitable relief in a court order against American Derivatives, Brokerage Management, Layne D. Gerstel and Devereaux D. Booth, all of Atlanta, Georgia, and David N. Mittler of Aventura, Florida.
The consent order of permanent injunction, entered on 15 December 2009 in the US District Court for the Northern District of Georgia, resolves a CFTC enforcement action that charged defendants with fraudulently soliciting more than 274 customers to trade commodity options and failing to supervise employees committing such fraud.
Specifically, the order requires the defendants
The Lyxor Hedge Fund Index was up 1.05 per cent in November, bringing year-to-date performance to 5.49 per cent.
The top performing strategies over the month were CTAs long term (+3.55 per cent), special situations (+2.62 per cent) and L/S credit arbitrage (+2.07 per cent).
Strategies posting negative performances for the month included L/S equity short bias (-7.43 per cent), L/S equity statistical arbitrage (-0.56 per cent) and convertible bonds & volatility arbitrage (-0.33 per cent).
The Lyxor Hedge Indices are investable, asset-weighted hedge fund indices.
Spectrum Global Fund Administration, a provider of middle and back office solutions to hedge funds and managed accounts, obtained its third consecutive unqualified SAS 70 Type II Independent Service Auditor’s report in 2009.
David Young, Spectrum’s president, says: “This report is verification of independent review and rigorous testing of Spectrum’s internal control environment covering both its fund administration services and its proprietary technology platform, Virtual Back Office.”
Spectrum’s VBO platform has received industry-wide recognition for providing transparency to investors and streamlining reporting capabilities for fund managers.
“There is an increased demand, as there should be, for a SAS 70 Type
Total volume in equity derivatives futures and options registered through NYSE Liffe’s Bclear OTC wholesale service has just passed 250 million, setting a new record for the fourth consecutive year.
Bclear provides a cost-effective way to register and process wholesale derivatives trades through NYSE Liffe to clearing at NYSE Liffe Clearing.
This reduces the counterparty, credit, legal and operational risks often associated with OTC trades.
Volumes processed through Bclear in the year-to-date are 40 per cent higher than in the same period of 2008.
Having initially launched in October 2005 as an equity derivatives platform covering 300 underlyings from 16
Holland Park Risk Management, a risk management adviser to pension fund managers in the US and Canada, has signed a three-year contract for Algo Risk Service, Algorithmics’ outsourced risk management and portfolio construction service.
HPRM offers consulting services to improve its clients’ risk practices, as well as ongoing risk monitoring and reporting services.
HPRM will use Algo Risk Service as its third-party provider of risk analytics for its clients’ portfolios and will overlay its advisory services on top of the risk analytics and results generated by Algorithmics.
Valter Viola, president of Holland Park Risk Management, says: “Algorithmics’ Algo Risk
