Tuesday 1st September 2015
NEWS: Friday, August 28TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

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ISDA chief to step down

Tuesday, 22 April 2014
ISDA chief to step down The International Swaps and Derivatives Association, (ISDA) says that its chief executive officer Robert Pickel will step down from his role later this year.  http://www.ftseglobalmarkets.com/

The International Swaps and Derivatives Association, (ISDA) says that its chief executive officer Robert Pickel will step down from his role later this year. 

Pickel has led the association through a period of unprecedented change, including industry preparation for and adoption of key over-the-counter (OTC) derivatives reforms including the Dodd-Frank Act, the European Market Infrastructure Regulation.

“After nearly 17 years in a variety of roles at ISDA, and with many reforms implemented or largely under way, I believe that now is a good time to explore other opportunities,” says Pickel. “I appreciate the support of the ISDA board throughout my time with ISDA and look forward to working with the board to transition to new leadership. I have been fortunate to work with an incredible staff over the years, and I know that their dedication to this organization will ensure a seamless transition.”



Stephen O’Connor, ISDA chairman says: “Bob has led ISDA through an incredibly important and challenging time for the derivatives industry, and the board and I are very grateful for all his hard work and unflappable leadership. I’ve enjoyed working closely with him as chairman over the past three years, and I, together with the entire board, wish him all the best for the future.”

“Bob has been a tireless advocate for ISDA and our mission to ensure safe, efficient markets,” echoed Eraj Shirvani, former ISDA chairman and managing director, head of Fixed Income EMEA at Credit Suisse. “His wise counsel, thoughtful insights and steady

Pickel has agreed to continue in office during a transition phase, as the board turns to the task of appointing a successor.

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