The European Securities and Markets Authority (ESMA) has issued today a follow-up peer review into the compliance of national competent authorities (NCAs) with guidelines regarding money market funds.
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New SimCorp Dimension Release Enables Better Investment Decision Making
SimCorp, a leading provider of investment management solutions and services for the global financial services industry, has released version 5.9 of SimCorp Dimension, the first of two annual releases. Along with numerous other modules, new features, and further integration across the entire value chain, the release introduces new advanced additions to SimCorp’s Asset Manager.
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Obligation To Issue A Prospectus For Bond Offerings - No Obstacles For Retail Investors: By Dr Christoph Boschan von dem Bussche, Member Of The Management Board Of Boerse Stuttgart.
For the past three-and-a-half years new prospectus laws have been in force in Germany, as in the whole of the European Union. Prior to this time, since 2003, it was possible to issue bonds with a minimum denomination per unit of EUR 50,000 without a prospectus, but in 2012 this threshold was increased to EUR 100,000. The legislature provided for the exemption from the requirement to publish a prospectus on the basis that retail investors do not generally subscribe for or trade bonds in such large denominations; it is usually only institutional investors who do so. The latter do not rely to the same extent on the particularly high level of transparency offered by a prospectus and the liability imposed on issuers for misstatements in prospectuses.
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CME Group Inc. Names Slate Of Director Nominees
CME Group Inc. today announced its slate of candidates for its board of directors for election at the company's annual meeting to be held Wednesday, May 18, 2016.
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Moscow Exchange: Risk Parameters For New Securities
New bond (SU26218RMFS6) will be accepted to margin trading starting from February, 17 2016. From this date on, the following risk parameters will be applied:
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Eternal 5D data storage could record the history of humankind
Scientists develop recording and retrieval processes of 5D digital data by femtosecond laser writing https://t.co/zwewypEPcz â moneyscience (@moneyscience)â¦
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Musings on Markets: Race to the top: The Duel between Alphabet and Apple!
via @AswathDamodaran Race to the top: The Duel between Alphabet and Apple! https://t.co/ckef6KkE8y â moneyscience (@moneyscience) February 15, 2016
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Sci-Hub: Russian neuroscientist running 'Pirate Bay for scientists' with 48 million free academic papers
Russian neuroscientist running a 'pirate bay' for academic research. https://t.co/Rx4SoKJVPt â moneyscience (@moneyscience) February 16, 2016
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Why Wall Street Is Embracing the BlockchainâIts Biggest Threat
Why Wall Street Is Embracing the BlockchainâIts Biggest Threat https://t.co/lIrWtQbDOj â moneyscience (@moneyscience) February 16, 2016
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MGEX Reports Top Open Interest, Pair Of Daily Volume Records
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports three separate daily records from Friday, including its highest open interest total of all-time, ending the day at 87,186 and surpassing the previous record from a day earlier by more than 2,300.
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UBS MTF Trading Notice N1 2016 Rules Of Engagement Update - Tag 1
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SEC: Tech Company Bribed Chinese Officials
The Securities and Exchange Commission today announced that a Massachusetts-based technology company and its Chinese subsidiaries agreed to pay more than $28 million to settle parallel civil and criminal actions involving violations of the Foreign Corrupt Practices Act (FCPA).
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ESMA Updates EMIR Q&A
The European Securities and Markets Authority (ESMA) has today issued an update of its Question and Answers (Q&As) regarding the implementation of the European Market Infrastructure Regulation (EMIR).
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New York Attorney General Eric T. Schneiderman Announces Conviction And Sentencing Of Albany Broker For Running Decade-Long, $5 Million Ponzi Scheme - Frederick E. Monroe, Jr., Former Senior Vice President Of Capital Financial Planning, LLC, Sentenced To 5 1/3-16 Years In Prison For Stealing Over $5 Million From Investors - Schneiderman: From The Biggest Financial Institutions To Individual Investment Brokers, My Office Will Continue To Aggressively Investigate And Prosecute Complex Financial Crimes And Securities Fraud
Attorney General Eric T. Schneiderman today announced the conviction and sentencing of Frederick E. Monroe, Jr., 59, of Queensbury, New York, for stealing over $5 million from investors by fraudulently soliciting them to reinvest their retirement monies. In December 2015, Monroe pleaded guilty in Albany County Court to Scheme to Defraud, Grand Larceny, Money Laundering and Securities Fraud for luring clients with whom he had established relationships with over his 20-year career as a financial planner, and then diverting their monies for his own personal use, as well as to pay back earlier investors he had defrauded. Monroe was sentenced today to 5 1/3-16 years in prison.
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SEC Cyber Security Disclosure
In 2010, the U.S. Securities and Exchange Commission (SEC) issued rules requiring the disclosure of directorsâ qualifications and the role played by the board in risk oversight.1 A new bipartisan Senate bill now seeks to take the discussion one step further and require disclosure of the boardâs cybersecurity expertise.
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Treasury International Capital Data For December
The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2015. The next release, which will report on data for January 2016, is scheduled for March 15, 2016.
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Canadian Securities Regulators Seek Comment On Proposed Amendments To Derivatives Trade Reporting Rules
Securities regulators in Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon (the participating jurisdictions) today published for comment proposed amendments to Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting and its companion policy (MI 96-101) for a 60-day comment period. The British Columbia Securities Commission anticipates publishing for comment identical proposed amendments in the coming weeks.
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Dynamic portfolio selection without risk-free assets. (arXiv:1602.04975v1 [q-fin.PM])
We consider the mean--variance portfolio optimization problem under the game theoretic framework and without risk-free assets. The problem is solved semi-explicitly by applying the extended Hamilton--Jacobi--Bellman equation. Although the coefficient of risk aversion in our model is a constant, the optimal amounts of money invested in each stock still depend on the current wealth in general. The optimal solution is obtained by solving a system of ordinary differential equations whose existence and uniqueness are proved and a numerical algorithm as well as its convergence speed are provided. Different from portfolio selection with risk-free assets, our value function is quadratic in the current wealth, and the equilibrium allocation is linearly sensitive to the initial wealth. Numerical results show that this model performs better than both the classical one and the variance model in a bull market.
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Deviations in expected price impact for small transaction volumes under fee restructuring. (arXiv:1602.04950v1 [q-fin.TR])
We report on the occurrence of an anomaly in the price impacts of small transaction volumes following a change in the billing model of an electronic market. We first review evidence for the existence of a master curve for price impact on the Johannesburg Stock Exchange (JSE). On attempting to re-estimate a master curve after fee reductions, it is found that the price impact corresponding to smaller volume trades is greater than expected relative to prior estimates for a sector of stocks.
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A pathwise approach to continuous-time trading. (arXiv:1602.04946v1 [q-fin.MF])
This paper develops a mathematical framework for the analysis of continuous-time trading strategies which, in contrast to the classical setting of continuous-time mathematical finance, does not rely on stochastic integrals or other probabilistic notions. Our purely analytic framework allows for the derivation of a pathwise self-financial condition for continuous-time trading strategies, which is consistent with the classical definition in case a probability model is introduced. Our first proposition provides us with a pathwise definition of the gain process for a large class of continuous-time, path-dependent, self-finacing trading strategies, including the important class of 'delta-hedging' strategies, and is based on the recently developed 'non-anticipative functional calculus'. Two versions of the statement involve respectively continuous and c\`adl\`ag price paths. The second proposition is a pathwise replication result that generalizes the ones obtained in the classical framework of diffusion models. Moreover, it gives an explicit and purely pathwise formula for the hedging error of delta-hedging strategies for path-dependent derivatives across a given set of scenarios. We also provide an economic justification of our main assumption on price paths.
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