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Millennium Management, the hedge fund founded by Izzy Englander, has changed its investor terms so that clients will now always be charged a minimum management fee, even if the fund loses money, according to a report by Bloomberg.
Goldman Sachs’ latest prime services weekly report shows that the gross exposure of hedge funds – the combined sum of their long and short positions – hit its highest level in a year last week, indicating that they are increasingly using leverage in their stock market wagers, according to a report by Reuters.
Gross exposure reached 241% of assets for the week ending 2 March, an increase of 2.5 percentage points. Net exposure though, the value of long bets minus short bets, is currently close to a year-long low of 66%, according to the report, showing that managers have little
A global slowdown in mergers and acquisitions has prompted activist hedge funds to adopt a new tactic as they look to profit from their investments – agitating for changes in company leadership, according to a report by Reuters.
The report cites data from research firm Insightia as revealing that activist investors called for the removal of top executives at 60 US companies last year, an increase of 46% over 2021, and the highest level seen since 2017.
The increase comes amid an overall decline in M&A activity due to higher interest rates. According to Dealogic data, the total value of
Trading Technologies International, a global capital markets technology platform provider, has acquired London-based AxeTrading, a global provider of fixed income trading solutions. Terms of the transaction have not been disclosed.
Quantile, a provider of portfolio optimisation services, has developed what it says is the market’s first optimised backloading service which, once FX Smart Clearing has been launched by LCH ForexClear, will allow participants to reduce margin and capital requirements by moving FX Forwards and FX Swaps into LCH ForexClear.
FX Smart Clearing is being developed in response to the standardised approach to measuring counterparty credit risk (SA‑CCR), which has significantly increased capital requirements for banks trading FX derivatives. Due to the higher counterparty risk weighting, uncleared FX has a large capital requirement of 20-100%. By moving FX Forwards and FX
The European Power Spot Market, operated by EPEX SPOT, saw a 7% increase in trading volume year-on-year in February, reaching a total of 53.2 TWh. Day-Ahead trading registered a 3% growth, while Intraday Markets trading increased by 19%.
The overall EEX Power Derivatives Market trading volume reached 295.3 TWh in February, a 28% decrease year-on-year. Nonetheless, several individual European markets reported significant annual growth, including Greek Power Futures (+102%), Dutch Power Futures (+58%) as well as GB Power Futures (+53%).
Trading in Japanese Power Futures showed a considerable 701% growth year-on-year, having achieved a growing level of trading volume at
OSTTRA, a global post-trade solutions company and a member of the FIA’s Derivatives Market Institute for Standards, confirmed it is working with DMIST members to identify a data standard for post-trade processing of exchange traded derivatives.Â
A new report by data provider Preqin has revealed that the percentage of women holding senior positions at hedge funds has fallen around the world, with Europe leading the way with a 50% drop since 2021, according to a report by Reuters.
Millennium Management, the $57 billion hedge fund founded by Israel Englander, has taken the first significant step in boosting its presence in Australia with the appointment of portfolio manager Alex Wallis, according to a report by Financial review.Â
Global hedge funds saw a 0.5% decline in February according to the performance of the HFRI Fund Weighted Composite Index, on the back of weak equities performance, ongoing generational inflation, higher interest rates and the possibility of a recession in 2023.
