Hedge funds
Unregulated Israel hedge funds face battle for AIFMD compliance
Israel hosts a fledgling hedge funds industry that is starting to take off, according to law firm Howard Kennedy
Investors unwise to rely on side-letter transacted with manager
Side-letters continue to confound managers, following a recent Cayman decision, write Tony Heaver-Wren and Paul Kennedy of law firm Appleby
Trade repository data quality to impact Mifir and Emir review
Regulators bemoan poor data quality from trade repositories impacts policy implementation
Hedge fund managers still human, research finds
Hedge fund managers fall victim to IPO hype and other behavioural biases affecting market participants
Mifid II will strangle package trades, industry warns
The principle is clear: liquid trades will be subject to new European transparency rules from 2017, but illiquid ones will not. What’s not clear is the treatment of packages that combine liquid and illiquid elements – and the market is fearing the worst
Liquidity-at-risk sees 'intriguing' similarity in stock profiles
Apple and WD-40 Company liquidity profiles are remarkably similar over 10 years but further study with a larger sample will focus on times of crisis, write Damian Handzy of Investor Analytics and Ken Akoundi of ASPN Solutions
Esma said to be mulling softer Mifid transparency rules
Meetings held within Esma on June 4 and 5, as regulator weighs options
Tarullo: few signs of illiquidity in OTC markets
Fed governor says markets are in transition
AHL spies futures in China rebar, iron ore and polymers
Man AHL seeks to expand into more commodity futures markets, particularly in China, where it thinks foreign hedge funds have yet to seize the potential
Prime of primes reduce reliance on prime brokers
PoPs have sensed an opportunity to cut costs by boosting capital and trading directly with banks
FCA survey finds high levels of leverage in hedge fund sector
Gross notional exposure to interest rate and foreign exchange derivatives on the rise
CFTC steps up enforcement of data reporting violations
The CFTC has recently been flexing its muscles to ensure firms comply with data reporting rules, handing out fines to companies such as Ice, JP Morgan and Marubeni. The moves are raising fears that energy companies and other end-users may be targeted next
Esma's proposed AIF segregation will destroy liquidity
Prime brokers and custodians currently holding assets in omnibus accounts will be hardest hit by proposed segregation guidelines impacting third-party delegates of alternative investment funds
Investor interest in credit strategies at three-year low
Securitised credit has outperformed most strategies, the underlying market is more liquid than corporates/municipals and, compared to long-only substitutes, shorting will prove valuable if the market corrects around upcoming macro events
European Repo Council chief fears ‘meltdown of G20 dream’
Restraints on bank balance sheets said to be driving clearing members to turn away bank clients
Finma distribution rules confuse hedge funds
Hedge funds are confused over what Finma classes as 'marketing' and which pension funds they can approach
Mifid II to result in massive transaction reports increase
New European proposed transaction reporting obligations will raise significant challenges for asset managers, forcing them to enhance their technology systems in a relatively short amount of time, experts warn
Passive investment will hurt economic growth, Brandes says
Asset management veteran defends value investing as tried-and-tested strategy
Hedge Funds Review European Single Manager Awards 2015: The winners
Winners of the 15th edition of Hedge Funds Review European Single Manager Awards, which recognise the best of Europe's hedge fund managers, were announced at a gala dinner on May 21
Euroclear and Clearstream granted time to agree joint road map
Both ICSDs intend to start a feasibility assessment for real-time settlement after the completion of Target2-Securities migration in June 2017
AIFMD encouraging ‘regulatory avoidance’
Figures from the Financial Conduct Authority show 552 alternative managers outside the EU have registered with the UK’s national private placement regime since July 2014
Dealers fear reporting clash under SFT regulation
Total return swaps and other securities financing trades could be subject to double reporting requirements and collateral haircuts under proposed EU regulation
CME-LCH basis affecting choice of venue, say buy-siders
Price difference is now "material", warns Pimco's De Leon
Esma likely to extend AIFMD passport to third countries
Industry experts expect Esma to advise the European Commission to extend the AIFMD passport to third countries, but decision will depend on data available