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The US futures markets have a target on their backs as newer market stakeholders are taking aim using algorithms, according to a report by Tabb Group.
Electronic market makers, hedge funds and long-only asset managers alike are forging algorithmic trading strategies with futures woven deep into their core.
These strategies include a new trading concept, multi-dimensional arbitrage that symbolises this rising cascade of automation, representative of the “next generation” of trading opportunities.
Accordingly, Tabb forecasts that total future volumes traded on an automated basis will increase to nearly 60 per cent by the end of 2010, up from 43 per
The Commodity Futures Trading Commission has permitted the offer and sale in the US of the Tokyo Stock Exchange’s mini futures contract based on the Topix and futures contracts based on the Topix Core30 Index and TSE Real Estate Investment Trust Index.
The Topix is a broad-based, free-float adjusted market capitalisation weighted index of all the common stocks and Reits included in the First Section of the TSE.
The Topix Core30 is a broad-based, free-float adjusted market capitalisation weighted index composed of 30 of the largest companies included in the Topix.
The TSE REIT is a broad-based, free float adjusted
The Alternative Investment Management Association has welcomed the work of the Swedish Presidency in producing compromise text for the Alternative Investment Fund Managers Directive.
Aima says there have been significant concerns expressed about the original text of the directive by member states, other stakeholders such as pension funds and affected industries, and in a number of independent studies including one commissioned by the European Parliament.
Florence Lombard, executive director of Aima, says: “Aima, as the global hedge fund trade body, has consistently expressed its support for the G20 process in relation to the regulation of hedge fund managers, and
The US Commodity Futures Trading Commission has obtained a consent order against Michael Kourmolis of Brooklyn, New York, permanently prohibiting him from engaging in any activity related to trading any commodity interests, including soliciting funds, registering with the CFTC and trading on behalf of others or himself.
The court’s order, entered on 10 November 2009, in the US District Court for the Eastern District of New York, stems from a CFTC complaint filed on 23 July 2003, against defendants Kourmolis, Thomas Qualls, and International Foreign Currency. The CFTC’s litigation continues against IFC and Qualls.
The CFTC complaint alleged, and the
The Lyxor Global Hedge Fund index, an investable index based on Lyxor’s hedge fund platform, was down one per cent in October, bringing year-to-date performance to +4.4 per cent.
Lyxor says it was a difficult start to the final quarter for alternative strategies. Risk appetite decreased sharply during the last days of the month as macroeconomic data came in softer than expected.
Over most of the period, equity markets rallied and credit spreads tightened while the US dollar DXY index hit a fresh low. These trends reversed dramatically at the end of the month, and this was enough to offset
NYU Stern alumnus John Paulson, founder and chairman of hedge fund Paulson & Co, has given a gift of USD20m to NYU Stern.
Paulson’s gift will endow two faculty chairs – the Alan Greenspan Chair in Economics and the John A. Paulson Professor of Finance and Alternative Investments – as well as provide significant support for the school’s Concourse Project, a major facilities renovation currently underway, and scholarship aid for undergraduate students.
“We are extremely grateful for John’s support,” says Thomas F. Cooley, dean of NYU Stern. “His generous gift will not only further strengthen Stern’s research capability, particularly in
Tranen Capital Alternative Investment Fund has listed class A shares on the Irish Stock Exchange.
The fund, a life markets fund that trades life insurance policies in the secondary market, is catering to investors seeking both asset diversification and non-correlated returns.
The fund, started in July 2008, is a domiciled British Virgin Islands mutual fund regulated by the Financial Services Commission.
The fund has been able to capitalise on the credit crisis by acquiring high quality policies at distress sale prices.
Tranen Capital, the investment manager of the fund, decided to list the fund on the Irish Stock Exchange in
Northern Trust will provide investment operation outsourcing clients with an array of new client communications capabilities through an agreement with Equipos, a supplier of client reporting and marketing communications software, including document management and business process management for investment managers.
"Client communication has never been more important to investment managers, who must navigate volatile financial markets while providing comprehensive data, analysis and advice to ease the uncertainty that investors are feeling," says Dan Houlihan, head of product and strategy for investment operations outsourcing at Northern Trust. "Our agreement with Equipos keeps Northern Trust clients on the forefront of client communications
BNP Paribas Securities Services has won the mandate to provide global custody services in the UK for Brevan Howard Asset Management, Europe’s largest hedge fund manager.
BNP Paribas was chosen for its global and local custody capabilities and its reputation as a European securities services provider.
The bank’s safety and strength was also important due to the size of the deal.
Maria Cantillon, head of sales for alternative funds at BNP Paribas Securities Services, says: “This is a very exciting time for BNP Paribas as our alternatives servicing franchise has had an extremely busy and successful year and has
The global equities business of UBS has launched algorithmic trading for international clients trading equities on the Bovespa stock exchange in Brazil.
UBS is among the first broker-dealers to offer non-Brazilian clients algorithmic trading in this major market.
UBS is launching this offering for international clients who trade Brazilian securities with three algorithms: volume weighted average price; time weighted average price; and volume inline, a strategy that enables an investor to execute an order correlated to available liquidity.
Clients can use these algorithmic trading strategies to quickly and efficiently send their electronic orders directly to the Bovespa, without passing them
