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Crypto exchange Bybit is making a play for institutional clients with the launch of a new promotion that allows professional options traders to use their trading history from other platforms to access new VIP tiers and benefit from maker and taker fees as low as 0.01%.
Professional traders will be able to switch to Bybit Options immediately, and access VIP and Pro tiers using trading volume from other exchanges, without the need to build up their trading volume from scratch. As part of the promotion, Bybit will also award newcomers with VIP/Pro levels two rungs higher than their current status.
Uncertainty, both political and economic, was a key theme in May, as elections in Greece and Turkey, an unusual period of calm in Italian politics, and a subdued ‘rebound’ in China’s economy, coupled with brinksmanship over the US debt ceiling, and question marks over the direction of central banks’ interest rate policies, all contributed to another month of market instability.
London-based investment manager Lansdowne Partners LLP, one of the UK’s oldest hedge fund firms, is continuing its push into long-only investing by agreeing to acquire $1.1 billion UK equities manager CRUX asset Management, according to a report by Reuters.
While the hype surrounding the launch in November last year of ChatGPT has sparked a surge in hedge fund stock market bets on the AI sector, money managers are also backing the tech to free up staff from a host of previously mundane tasks, according to a report by Bloomberg.
The vision is that so-called generative AI will allow humans to engage in more rewarding work, and already hedge funds are reportedly deploying the tech to automate and speed up reviewing market research, writing basic code and summarising fund performance.
Quants at systematic hedge fund Campbell & Co have spent months
Hedge fund industry redemptions continued in March with $18.31 billion in net outflows, representing 0.37% of industry assets, according to the Barclay Fund Flow Indicator published by Backstop BarclayHedge.
Pershing Square Capital Management founder Bill Ackman believes that Jamie Dimon should run for US president calling him an “exemplary leader” after the JPMorgan CEO expressed an interest in pursuing public office, according to a report by Bloomberg.
Ackman also praised Dimon for having ‘superbly managed’ the company through every crisis.
His comments came after Dimon speaking in an interview with Bloomberg TV said: “Maybe one day I’ll serve my country in one capacity or another.”
Back in 2018 Dimon, who once famously said: “My heart is Democratic, but my brain is kind of Republican”, quipped about running for office
BlueCrest Capital Management has added a new trader to its team with the appointment of Samuel Horwood from Goldman Sachs in London, where he spent eight years working on the bank’s emerging markets sales and trading desk, according to a report by eFinancial Careers.
BMLL, an independent provider of historical Level 3 data and analytics across global equity and futures markets, has made Cboe Europe Indices available within the its suite of products, complementing the existing availability of Cboe historical data for Europe, US and Japan.
Should hedge funds adapt their business to cater to their prime broker? Are prime brokers doing enough to adapt to the fund industry’s evolving needs? Like anything else, there is a balance and healthy middle ground. Some primes are contributing to the pain for funds, while others are entering the market with a fresh approach.
Hong Kong based long-short equity hedge fund firm Rockhampton Management, which also has an office in Tokyo, is going back to its Japan-focused routes after deciding to shutter its pan-Asia hedge fund, according to a report by Bloomberg.
