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HedgeCo.net (West Palm Beach) – Press Release – Hedge fund, funds of funds and managed futures funds group, the Managed Funds Association (MFA) has commended the working group paper, “Report to the Supervisors of the Major OTC Derivatives Dealers on the Proposals of Centralized CDS Clearing Solutions for the Segregation and Portability of Customer CDS Positions and Related Margin,” which was submitted to industry regulators on June 30, 2009.
"The efforts of the special working group and the Report are both comprehensive and timely." Richard H. Baker, MFA President and CEO, said, "MFA has been a strong proponent in advocating collateral segregation, portability of trades and direct and indirect buy-side access to centralized clearing. We remain committed to working with industry regulators, industry working groups such as the Operations Management Group, and other trade associations on the next steps toward providing such access."
The report was written by a special working group of eight dealers, four MFA members and four other buy-side market participants, addresses key concerns raised by supervisors and legislators globally, to analyze the various U.S. and European CDS clearing solutions with respect to the issues of customer margin segregation and portability of cleared customer CDS positions.
MFA fully endorses the collaborative efforts with industry regulators to support commercially viable centralized clearing platforms and to promote sound business practices.
MFA members include the vast majority of the largest hedge fund groups in the world who manage a substantial portion of the approximately $1.5 trillion invested in absolute return strategies. MFA is headquartered in Washington, with an office in New York. For more information, please visit: www.managedfunds.org
West Palm Beach (HedgeCo.net) – Global alternative investment industry voice, The Managed Funds Association (MFA) announced that it is joining the major derivatives dealers (the Major Dealers) in presenting a letter to global industry regulators. The letter establishes new commitments addressing key concerns raised by global legislators such as the G20, European Commission and the U.S. Department of Treasury.
MFA members are professionals in hedge funds, funds of funds and managed futures funds, as well as industry service providers. The association first joined the Major Dealers in presenting a letter to global regulators detailing operational targets and other industry commitments in March 2008.
The letter outlines a firm commitment towards strengthening the over-the-counter (OTC) derivatives infrastructure under the auspices of the OMG and its constituents and partners, including the newly formed Board Oversight Committee (IBOC) of the International Swaps and Derivatives Association (ISDA). MFA is dedicated to continuing its collaboration with global regulators, the Major Dealers, buy-side institutions and service providers to reduce risk and improve market infrastructure and practices across OTC derivatives and other financial products.
Richard H. Baker, MFA President and CEO, said, “ MFA , on behalf of the alternative investment industry, is committed to proactively developing and advancing these critical commitments for reducing counterparty and systemic risks and improving operational efficiency in OTC derivatives processing. MFA fully endorses the collaborative efforts with global regulators to support commercially viable centralized clearing platforms, to universally report all OTC derivatives trades and to promote sound business practices. MFA considers today’s letter to be an important step forward for OTC derivatives markets and looks forward to continuing our participation in the design of future steps.”
MFA and its co-signatories are committed to implementing changes to risk management, processing and disclosure that will significantly transform the risk profile of these important financial markets. The OTC derivatives markets provide important flexibility in terms of products and execution and will benefit from a strengthened infrastructure.
Commitments to reduce systemic risk in the OTC derivatives markets include:
Implementing data repositories for non-cleared transactions in the OTC derivatives markets to ensure appropriate transparency and disclosure, and to assist global supervisors with oversight and surveillance activities.
Clearing for OTC standardized derivative products.
Enabling customer access to clearing through either direct access as a clearing member or via indirect access, including the benefits of initial margin segregation and position portability.
Delivering robust collateral and margining process, including portfolio reconciliations, metrics on position and market value breaks, and appropriate dispute resolution mechanics.
Updating industry governance to be more inclusive of buy-side participants through collaborative partnerships among the Major Dealers, MFA and other trade associations. Continuing to drive improvement in industry infrastructure, as well as engage and partner with supervisors, globally, to expand upon the substantial improvements that have developed since 2005.
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West Palm Beach (HedgeCo.net) – Financial News is hosting the the Investors India Summit 2009 on the 19th and 20th May in London with Indian hedge fund provider Axience as its media partner.
The summit is aimed at delivering insight into the domestic as well as global development of India while identifying the potential hurdles and risks of doing business in the country. In this process, it intends to examine the possible impact of a global economic downturn on India as well as provide a unique meeting point and networking platform for all those doing or wishing to do business with or in India.
The conference will cover keynote discussions on varied subjects like ‘The global challenges of the 21st century’, ‘Global Indian Investments’, ‘Development of Financial Markets in India’, ‘India – Fertile ground for Private Equity’, etc. It will also discuss case studies on diverse topics like Capital markets, Infrastructure, Technology, Media, Telecommunication, Real Estate, etc.
Approximately 500 delegates including senior executives representing reputed firms from across the globe are expected to attend this summit.
Financial News has appointed Axience, an India-based business services firm, as its Media Partner for the conference. Its key clients include global investment banks, asset management, hedge fund and private equity firms, leading consultancies and governmental agencies.
"We are glad to partner with Financial News for this key industry event which promises to bring industry, regulators, agencies and financial services firms together. Though doing business in and with India has been a topic of interest since quite sometime now, yet we still lack platforms which bring various parts of industry together. Financial News Summit 2009 fills in that gap," said Hemant Jain, CEO of Axience.
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