Solutions
Apollo Global Management has completed the initial public offering of the Apollo Senior Floating Rate Fund, Inc (the fund). The fund is a closed-end fund investing primarily in a portfolio of senior secured floating rate loans with the objective of current income and preservation of capital. The fund began trading on Thursday on the New York Stock Exchange (NYSE) under the symbol “AFT”.
The fund issued USD300 million in its common stock offering, exclusive of the underwriters’ overallotment. Apollo Credit Management, LLC, an affiliate of Apollo Global Management, LLC, is the fund’s investment adviser. The lead managers of the common
The US Commodity Futures Trading Commission (CFTC) has filed a Notice of Intent to Suspend, Revoke or Restrict the Registrations (Notice) of M25 Investments, In. (M25) and M37 Investments, LLC (M37), registered Commodity Trading Advisors of Waxahachie, Texas.
According to the CFTC’s Notice, filed on February 23, 2011, M25 and M37 are subject to disqualification from registration under the Commodity Exchange Act (CEA) based on a federal court’s entry of a permanent injunction order against them. The Notice specifically states that on October 25, 2010, the U.S. District Court for the Northern District of Texas entered a consent order of
The London Metal Exchange (LME) announces that the first twelve months of trading in cobalt and molybdenum has concluded with good volumes since the launch on February 22nd 2010.
Cobalt trading has performed particularly well, with 7,825 tonnes traded during the year to February 21st. Molybdenum trading was 3,498 tonnes during the same period.
Cobalt traded in a USD35,000 – USD48,000 per tonne range during the year with moly in a USD30,000 – USD40,000 range, indicating a total trading value on the exchange of over USD430 million.
Warehousing in both metals was dominated by Rotterdam while Singapore and
Continuing on from the end of 2010, the stock market started the New Year at a steady pace. In a context of implicit volatility (19.5%) that was slightly on the rise but still below 20%, the S&P 500 index (+2.27%) registered a fifth consecutive month of profits.
The fixed-income market also seemed more reasonably animated, illustrated by a stable Lehman Global Bond Index (-0.03%). With a moderate loss, regular bonds (-0.34%) remained in negative territory for a third consecutive month, whereas convertible bonds (+1.65%) generated a profit that was less spectacular than the previous month’s.
The commodity market (+3.71%) continued
Deutsche Boerse AG and NYSE Euronext have entered into a business combination agreement following approval from both companies’ Boards. Under the agreement, the companies will combine to create the world’s premier global exchange group, creating a world leader in derivatives trading and risk management, and the largest venue for capital raising and equities trading.
The combined group will offer clients global scale, product innovation, operational and capital efficiencies, and an enhanced range of technology and market information solutions.
The transaction will strengthen Frankfurt and New York as key financial centres, while benefiting Paris and London as well as Luxembourg.
The international derivatives exchange Eurex is to launch 11 new equity options on leading German companies on 21 February 2011. The options will be on Allianz, BASF, Bayer, Commerzbank, Daimler, Deutsche Bank, Deutsche Telekom, EON, RWE, SAP and Siemens, and will have European exercise styles, unlike the rest of Eurex’s equity options, which follow American exercise styles.
European-style options may be exercised only on the expiry date while American-style options may be exercised at any time before the expiry date. All other contract specifications are consistent with Eurex’s existing equity options products, including eligibility for Eurex’s Block Trade Facility.
International derivatives exchange Eurex will be launching new dividend futures on 24 February based on the dividends of thirteen UK equities: Anglo American, AstraZeneca, Barclays, BHP Billiton, BP, BT Group, Diageo, GlaxoSmithkline, HSBC Holdings, Rio Tinto, Royal Dutch Shell, Tesco and Vodafone.
These new dividend futures expand the existing Eurex range of exchange-listed dividend derivatives, currently comprising five index dividend futures, 66 futures on single stock dividends and one option on the EURO STOXX 50 dividend future. The entire dividend derivative segment has grown year-on-year by 36 percent in terms of average trading volume.
“There is great demand for
Penson Financial Services (Penson), the London-based clearing unit of Penson Worldwide, is the latest member of SmartPool, the European dark liquidity pool created by NYSE Euronext in partnership with HSBC, JPMorgan and BNP Paribas.
Penson will offer trading firms executing on SmartPool, a solution that should significantly reduce clearing and settlement costs through Penson’s offering of outsourcing and General Clearing Member (GCM) services. Penson’s membership of SmartPool will thus allow a wider range of participants to trade on SmartPool without the need for major infrastructure build.
Lee Hodgkinson (pictured), SmartPool CEO and Head of European Sales & Relationship Management, NYSE Euronext
NYSE Euronext (NYX) has reported net income of USD135 million, or USD0.51 per diluted share for the fourth quarter of 2010, compared to net income of USD172 million, or USD0.66 per diluted share for the fourth quarter of 2009.
Results for the fourth quarter of 2010 and fourth quarter of 2009 include USD18 million and USD43 million, respectively, of pre-tax merger expenses and exit costs as well as the impact of the requisite reversal of discrete tax reserves. Excluding the impact of these items, net income in the fourth quarter of 2010 was USD120 million, or USD0.46 per diluted share, compared
SEI has been selected by absolute return manager 36 South Capital Advisors LLP to provide full-service operational outsourcing for the firm’s recently re-domiciled volatility funds.
SEI’s ability to provide institutional-quality technology and industry-proven solutions to support growth plans were key factors in the selection process for 36 South.
SEI’s comprehensive fund solution encompasses fund administration, accounting, investor servicing, and trust and custody services. At the centre of this solution is SEI’s Manager Dashboard, which provides flexible, transparent, and aggregated views of data across multiple product lines from the fund or portfolio level to investment detail via the web. The
