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Nasdaq OMX Nordic and European Multilateral Clearing Facility have launched a full central counterparty clearing service on the Nasdaq OMX exchanges in Copenhagen, Helsinki and Stockholm.
Beginning today, Nasdaq OMX has introduced mandatory CCP on nine Nordic securities: three Finnish, Swedish and Danish stocks respectively.
The introduction of central counterparty clearing in the Nordic equity markets is part of Nasdaq OMX’s strategy to increase market liquidity by building an open, competitive CCP model in the Nordics.
Nasdaq OMX Nordic and its three CCP partners – EMCF, SIX X-clear and Euro CCP – have further agreed to achieve competitive clearing by
The Hennessee Hedge Fund Index advanced 3.18 per cent in September and is up 20.89 per cent year-to-date, according to Hennessee Group.
The S&P 500 increased 3.57 per cent in September (17.03 per cent YTD), while the Dow Jones Industrial Average increased 2.27 per cent (10.66 per cent YTD) and the Nasdaq Composite Index advanced 5.64 per cent (34.59 per cent YTD). The Barclays Aggregate Bond Index advanced 1.05 per cent (5.72 per cent YTD).
“Hedge fund managers we talk to are concerned that the markets are rallying while the real economy is shrinking,” says Charles Gradante, co-founder of Hennessee
Early estimates indicate the Credit Suisse/Tremont Hedge Fund Index will finish up 2.67 per cent in September, driven by a boost in market sentiment.
Long/short equity (+3.35 per cent) and emerging markets (+4.48 per cent) managers experienced another positive month driven by equity market gains in September.
At the end of the best quarter since 1998 for the Dow Jones Index, which had a gain of nearly 15 per cent, market sentiment was bolstered by several positive macro indicators, such as an increase in the Global Purchasing Managers’ Index that signaled expanding manufacturing output and pointed to a continuing stabilization
Jersey’s private equity industry still faces anxious times ahead as the European Union deliberates over the content of its proposed Alternative Investment Fund Managers Directive.
Convergex, a provider of investment and execution technologies to institutional clients, has signed a definitive agreement to acquire the assets of Cogent Consulting.
Cogent is a software development firm specialising in advanced commission management solutions for institutional money managers and broker-dealers.
The deal is expected to close on or before 2 November 2009. Terms of the transaction were not disclosed.
The addition of Cogent’s technologies adds to Convergex’s suite of commission management services and gives clients a neutral, anonymous and transparent solution to manage their trading and research commissions.
“This acquisition fulfills an integral part of our strategic
Quintillion fund administration has been appointed by Absolute Return Partners to provide administration services to its NEAS Power Fund which launched on 1 October 2009.
The fund will trade futures, forwards and options on electricity, carbon emission certificates and the commodities which are the components of the power complex (coal, gas and oil) and will be applying a relative value approach.
More than 95 per cent of the securities traded will be listed on either Nordpool or the EEX, the two main European power exchanges.
The fund has been incorporated as an umbrella company registered under the laws of Malta.
Tremblant Capital Group, an alternative asset manager with approximately USD2bn in assets under management, has appointed Andrew Bilzin as its director of marketing.
Bilzin will report to Thomas Dempsey, executive managing director.
“We are happy to have Andrew aboard as a key member of our client services team,” says Brett Barakett, founder and chief executive of Tremblant. “His knowledge and experience make him a tremendous asset to our franchise and a resource for our investors as they think about the equity portion of their portfolio.”
Prior to joining Tremblant, Bilzin was the director of marketing and investor relations at Alson
The Alternative Investment Management Association has signalled a new phase of engagement with European policymakers on the European Commission’s draft Directive on Alternative Investment Fund Managers.
Andrew Baker (pictured), chief executive of Aima, says: “There is now a broad consensus among European policymakers that the directive does need a lot of work and that there will be significant revisions. The question of course, is what will replace what is currently in the draft directive. As the global hedge fund industry association, representing not only managers but investors and service providers, we believe we can provide useful technical assistance in this
UBP Asset Management, a fund-of-funds management company of Union Bancaire Privée, has appointed Daniel Kelly in New York as chief risk officer of alternative investment, a newly created position.
Kelly is an 18-year veteran of asset management, 17 of which he spent at Harvard Management where he was chief risk officer of the Harvard University endowment since 2005.
His appointment marks UBP’s fourth major hire this year.
"Apart from his broad knowledge in alternative and traditional asset classes, Daniel has the unique experience of having conducted both in-house risk management and external manager-risk evaluation throughout his career. UBP will
Shoreline Trading Group, a provider of prime brokerage and agency execution services, has hired Fredrik Schilling to focus on prime brokerage sales operations.
Schilling has been named managing director and he brings decades of experience to the position.
Prior to joining Shoreline, Schilling served as global head of prime brokerage services for Barclays Capital, and spent significant time helping to build Bear Stearns’ prime brokerage offering as senior managing director of capital introduction, product development and marketing. In these positions he focused on global business and product development, sales and marketing.
Kurtis Kupiec, a senior partner at Shoreline, says: “Today’s
