Monday 31st August 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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Mercer launches FX transaction cost monitoring service

Wednesday, 25 January 2012
Mercer launches FX transaction cost monitoring service Mercer has launched a new and enhanced foreign exchange (FX) transaction cost monitoring service to ensure institutional investors are aware of how much transacting in foreign exchange is costing them. http://www.ftseglobalmarkets.com/

Mercer has launched a new and enhanced foreign exchange (FX) transaction cost monitoring service to ensure institutional investors are aware of how much transacting in foreign exchange is costing them.

Historically, FX costs have been opaque and very hard to manage and the new service is designed to help bring greater clarity and control of FX costs. The launch of this service reflects the growing interest that investors are paying to foreign exchange execution costs following recent lawsuits against a number of institutions alleged to have applied uncompetitive foreign exchange rates.  

Due to the opaque nature of FX markets there has been a lack of investor oversight on FX transactions often leading investors to pay more for trades than they should, which can erode the value of their assets considerably. Through Mercer’s new service, pension funds and other institutional investors can request reviews of all spot and forward FX transactions undertaken at multiple trading locations to determine the competitiveness of transactions undertaken on their behalf. It is Mercer’s experience that FX costs can be substantially reduced by undertaking an FX monitoring programme.



Ben Gunnee, European director at Mercer Sentinel, says: “Many investors focus their attention on the overall portfolio performance rather than drivers of cost. This often means that perfectly avoidable costs are incurred. Our enhanced FX service provides clear analysis and recommendations on how to address current excessive costs and prevent recurrence.”

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