Saturday 23rd May 2015
NEWS TICKER: FRIDAY, MAY 22ND: The California Public Employees' Retirement System (CalPERS) has named Beliz Chappuie as CalPERS' Chief Auditor, effective July 31, 2015 - Saudi Arabia's oil minister has said the country will switch its energy focus to solar power as the nation envisages an end to fossil fuels, possibly around 2040-2050, Reuters reports. "In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels, I don't know when, in 2040, 2050... we have embarked on a program to develop solar energy," Ali Al-Naimi told a business and climate conference in Paris, the news service reports. "Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that sound good?" The minster is also reported to say he still expects the world's energy mix to be dominated by fossil fuels in the near future - Barclays has appointed Steve Rickards as head of offshore funds. He will lead the creation and implementation of the bank’s offshore funds strategy and report directly to Paul Savery, managing director of personal and corporate banking in the Channel Islands. For the last four years Mr Rickards has been heading up the Guernsey Funds team providing debt solutions for private equity and working with locally based fund administrators. Savery says: “Barclays’ funds segment has seen some terrific cross functional success over the past year or so. Specifically, the offshore business has worked hand in hand with the funds team in London to bring the very best of Barclays to our clients, and Steve has been a real catalyst to driving this relationship from a Guernsey perspective.” - Moody's has downgraded Uzbekistan based Qishloq Qurilish Bank's (QQB’s) local-currency deposit rating to B2, and downgraded BCA to b3 and assigned a Counterparty Risk Assessment of B1(cr)/Not prime(cr) to the bank. The agency says the impact on QQB of the publication of Moody's revised bank methodology and QQB's weak asset quality and moderate loss-absorption capacity are the reasons for the downgrades. Concurrently, Moody's has confirmed QQB's long-term B2 foreign-currency deposit rating and assigned stable outlooks to all of the affected long-term ratings. The short-term deposit ratings of Not-prime were unaffected - Delinquencies of the Dutch residential mortgage-backed securities (RMBS) market fell during the three-month period ended March 2015, according to Moody's. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.85% in March 2015 from 0.92% in December 2014. The 90+ day delinquencies also decreased to 0.66% in March 2015 from 0.71% in December 2014.Nevertheless, cumulative defaults increased to 0.65% of the original balance, plus additions (in the case of master issuers) and replenishments, in March 2015 from 0.56% in December 2014. Cumulative losses increased slightly to 0.13% in March 2015 from 0.11% in December 2014 – Asset manager Jupiter has recruited fund manager Jason Pidcock to build Asian Income strategy at the firm. Pidcock J has built a strong reputation at Newton Investment Management for the management of income-orientated assets in Asian markets and, in particular the £4.4bn Newton Asian Income Fund, which he has managed since its launch in 2005. The fund has delivered a return of 64.0% over the past five years compared with 35.9% for the IA Asia Pacific Ex Japan sector average, placing it 4th in the sector. Since launch it has returned 191.4 against 154.1% for the sector average. Before joining Newton in 2004, Jason was responsible for stock selection and asset allocation in the Asia ex-Japan region for the BP Pension Fund.

Reciprocity widens access to liquidity

Wednesday, 18 April 2012
Reciprocity widens access to liquidity Usage of non-displayed trading venues continues to accelerate in Asia and tools for dark liquidity aggregation are increasingly in demand.“Dark pool trading has been growing rapidly in the region; our Asia-Pacific pools alone each grew between 100% and almost 600% last year,” explains Joel Hurewitcz, Instinet’s head of product strategy, Asia. “In that kind of environment, the firms that offer access to the widest range of liquidity destinations are going to be able to best reduce costs for fund managers and, ultimately, the end investors.” http://www.ftseglobalmarkets.com/

Usage of non-displayed trading venues continues to accelerate in Asia and tools for dark liquidity aggregation are increasingly in demand.“Dark pool trading has been growing rapidly in the region; our Asia-Pacific pools alone each grew between 100% and almost 600% last year,” explains Joel Hurewitcz, Instinet’s head of product strategy, Asia. “In that kind of environment, the firms that offer access to the widest range of liquidity destinations are going to be able to best reduce costs for fund managers and, ultimately, the end investors.”

With that context in mind, Instinet has now agreed a reciprocal liquidity agreement between its Asia-Pacific broker-dealer units and JP Morgan, broadening the Asian liquidity access opportunities available to each firms’ institutional clients. According to Hurewitz says the agreement is the latest step in the firm’s effort to connect to all meaningful pools of liquidity in the region.“Since 2010, we’ve been proactive in pursuing innovative new ways for our clients to efficiently trade the rapidly fragmenting Asia-Pacific equity markets,” says Hurewitz. “Deals such as this offer the buy side access to additional sources and types of liquidity, and ultimately provide the luxury of choice in how they implement their trading strategies.”

Instinet clients may use the firm’s Nighthawk® liquidity aggregation algorithm to access JPM-X in Hong Kong, Japan and Australia, while JP Morgan clients will be afforded access to Instinet BLX Australia, CBX™ Hong Kong and CBX™ Japan.

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