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The Depository Trust & Clearing Corporation plans to establish a subsidiary called DTCC Derivatives Repository, which will maintain global credit default swap data identical to that maintained in its New York based Trade Information Warehouse.
The move is intended to help ensure that regulators globally have secure and unfettered access to global data on credit default swaps by establishing identical CDS data sets on two different continents.
“DTCC has always envisaged a ‘global solution’ for repository services supporting each OTC asset class,” says Stewart Macbeth, managing director and general manager, Trade Information Warehouse. “It is very common for counterparties to
SkyBridge Capital has completed its acquisition of the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses from Citi Alternative Investments.
The deal positions SkyBridge as an alternative asset manager with a total of USD7.4bn in assets under management and advisory. Terms of the transaction were not disclosed.
With completion of this transaction, SkyBridge now offers investment services across four business lines addressing every type of market participant from individual retail investors to large institutions.
These business lines are: commingled funds of funds products; custom portfolios; hedge fund seeding and hedge fund advisory services.
Raymond Nolte, who
The New York Stock Exchange will implement new circuit-breaker collar trigger levels for third quarter 2010 effective 1 July 2010.
Circuit-breaker points represent the thresholds at which trading is halted marketwide for single-day declines in the Dow Jones Industrial Average.
Circuit-breaker levels are set quarterly as ten, 20 and 30 per cent of the DJIA average closing values of the previous month, rounded to the nearest 50 points.
In third-quarter 2010, the ten, 20 and 30 per cent decline levels, respectively, in the DJIA will be as follows:
Level 1 Halt
A 1,000-point drop in the DJIA before 2 p.m.
The Securities and Exchange Commission has voted unanimously to approve new rules to significantly curtail the influence of "pay to play" practices by investment advisers.
Pay to play is the practice of making campaign contributions and related payments to elected officials in order to influence the awarding of lucrative contracts for the management of public pension plan assets and similar government investment accounts.
The rule adopted by the SEC includes prohibitions intended to capture not only direct political contributions by investment advisers, but also other ways that advisers may engage in pay to play arrangements.
The rule prohibits an investment
The Greenwich Composite Investable Index shed 2.18 per cent during May in an extremely difficult market for hedge funds and investors worldwide.
All Greenwich Investable Indices moved lower on the month, albeit to a lesser extent than the precipitous drop experienced by global equity markets.
The Greenwich Investable Equity Market Neutral Index was the best performer in May, losing a modest 24 basis points.
More directional strategies were not as fortunate, as the Greenwich Investable Futures Index lost 3.27 per cent.
The Long-Short Equity Investable Index also lost 2.61 per cent, its largest loss of the year but a fraction
State Street has been selected to provide a range of hedge fund administration services for approximately USD8bn in assets managed by Anchorage Advisors.
International Fund Services, State Street’s hedge fund administration company, will provide administration services such as accounting and financial reporting services to funds managed by Anchorage.
"Our selection of IFS is based on their expertise in servicing the types of credit strategies that form a key focus of our investment approach," says Natalie Birrell, chief operating officer of Anchorage Advisors. "IFS’s technology leadership and reputation for exceptional client service were also key considerations in our decision."
Based in
Advent Software, a provider of software and services for the investment management industry, has launched the latest version of Geneva, its portfolio management and fund accounting solution.
Version 8.0 introduces middle office functionality, integration to counterparties and data providers, and customisable access to real-time data.
Geneva 8.0 simplifies the process of tracking varied investment classes and portfolio management activities across multiple strategies and portfolios.
By making information instantly accessible, it aims to help firms make more timely decisions to maximise performance while reducing operational risk and building investor confidence.
Enhancements to Geneva 8.0 include: real-time dashboards for monitoring counterparty exposure
Citi’s global transaction services has appointed David Martocci as managing director and global product manager of third-party securities lending and business development within its securities and fund services unit.
Third party lending programmes provide a full-range of securities lending service for clients who have a custody relationship with another institution.
Martocci will be responsible for the development, management and sales for Citi’s third-party securities lending programme, and will serve as a member of Citi’s global securities finance’s management committee.
He will work closely with Richard Ernesti, global head of investor sales, to drive the sales initiatives for the business.
"Dave
RWC Partners has appointed Peter Allwright and Stuart Frost to manage absolute return and currency funds.
Allwright (pictured) and Frost are lead managers on the Threadneedle Absolute Return Bond portfolios which have grown to more than USD3bn since launch over four years ago.
They are co-managers of the Threadneedle Absolute Return Bond Fund, which is AA-rated by Standard and Poor’s and A-rated by OBSR and also co-manage the Morningstar 5 star-rated Threadneedle Target Return Fund.
Allwright and Frost will take over the management of the RWC Strategic Reserve Fund and will be launching funds with a more flexible approach to
Interactive Data, a provider of financial market data and analytics, says its valuations service for OTC derivatives and structured products, offered in conjunction with Prism Valuation, is now being used by more than 25 financial institutions.
A wide range of institutional clients around the globe, including custodians, asset managers, hedge funds and sell-side firms, subscribe to the service, which offers a high level of transparency and broad coverage.
Transparency reports provide a breakdown of the method used to achieve a given valuation for each deal, including a detailed discussion of the models and calibration strategies selected. This level of transparency
