Emil van Essen launches multi-strategy program
Chicago-based investment manager Emil van Essen, LLC (EvE) has launched a new program called the EvE Multi-Strategy Program (EvE MS). EvE MS is a 50-50 combination of the firm’s flagship EvE Spread Trading Program (EvE STP) and the EvE Long-Short Commodity Program (EvE LSCP).
“We are very proud of EvE STP and EvE LSCP and are excited to offer these programs in combination.” said Emil van Essen, CEO. “We believe the MS will provide risk-adjusted returns that are superior to the individual programs while maintaining their non-correlation and diversification benefits from other CTA programs.”
- Traiana launches enhanced version of CreditLink for buy-side firms trading on swap execution facilities
Traiana, the leading provider of pre-trade risk and post-trade processing solutions, has launched an enhanced version of CreditLink with new functionality designed for buy-side market participants trading on swap execution facilities (SEFs). The enhanced version includes services to streamline post-trade processing of SEF trades, manage the allocations process for bunched orders, and the ability to monitor limits across the entire trade lifecycle.
Buy-side clients complying with mandatory SEF trading are wrestling with new processes for executing, clearing and allocating swaps, with significant added complexity for traders, middle office and risk managers. The updated release of CreditLink, currently in production, extends Traiana’s market-leading capabilities for pre-trade credit checking with key new capabilities:
- Real-time notifications of SEF orders and executions
- What-if checking for new trades and allocations to ensure planned trading activities are within clearing limits
- Bunched-order allocations with integration to leading clearinghouses across Interest Rate Swaps and Credit Default Swaps
- Automated notifications, alerts and reports to help firms manage their margin requirements and limits with their futures commissions merchants (FCMs)
- Japan OTC Exchange Receives Regulatory Permission to Open Market
The Tokyo Commodity Exchange Inc, announced today that the Japan OTC Exchange Inc. (JOE), the joint venture with Ginga Energy Japan Pte. Ltd was granted permission by the Minister of Economy, Trade and Industry for establishment of Facilities Similar to Specified Commodity Market.
Joe will provide a platform for OTC markets for petroleum commodities and related products such as freight derivatives. The market will start with swaps on gasoline, kerosene, gas oil and crude oil for fiscal 2014 (starting in April 2014 and closing at the end of March 2015).
Based on this permission, JOE advances the final preparations to establish the following:
1. The Type 1 Facility Similar to Specified Commodity Market
- RIM Swap (Bunker A fuel oil, LSA fuel oil)get c
2. The Type 2 Facility Similar to Specified Commodity Market
- TOCOM Swap (Crude oil, Gasoline, Kerosene, Gas oil, Chukyo-gasoline, Chukyo-kerosene)
- RIM Swap (Gasoline, Kerosene, Gas oil)
- Metamako announces its eagerly-anticipated 48-port switch
Australian-based Metamako, supplier of ultra-low latency devices to exchanges and the trading community, has now released MetaConnect 48, the 48-port version of its switch. Metamako’s switches are unique in combining ultra-low-latency performance with high levels of functionality, usually only available on much slower devices. In benchmark tests they demonstrated excellent deterministic latency.
The design of the newly-available switch is an evolution of MetaConnect 16, the 16-port version of the device, launched in December 2013, and offers an outstanding performance with a latency of 4-6 nanoseconds. With a much higher port density the switch is ideally suited for larger installations, where there is a requirement to plug in a large number of devices.
More on Brokers
- Coquest Inc. buys out Mega Capital LLC
Coquest Inc., a Texas-based commodity broker that specializes in the energy markets, announced today that it has finalized the buyout of Mega Capital, LLC, an introducing broker specializing in managed futures. This purchase allows Coquest, one of the largest independent U.S. introducing brokers, specializing in energy markets, to diversify its operations and leverage its expertise throughout its brokerage and managed funds businesses.
In announcing the buyout, Coquest co-founder, John Vassallo, said, "Since 1990, Coquest has provided access and direction to global clients on how to hedge their oil and gas production needs. Using that expertise, we have been able to structure more sophisticated managed futures portfolios. The purchase of Mega Capital allows us to leverage our experience in portfolio construction that can enhance performance for Mega Capital investors."
- RTS Realtime Systems offers immediate access to CME Europe Ltd.
RTS Realtime Systems Group (RTS), a leading global trading solutions provider, today announced that the firm will offer immediate access to CME Europe Ltd. upon the exchange’s launch this Sunday. CME Europe is a wholly owned subsidiary of CME Group, which last month received UK regulatory approval to launch the new London-based derivatives exchange.
Alexander Kranz, RTS Managing Director, Europe, said: “We’re very pleased to provide connectivity right away to CME’s new derivatives exchange in Europe, offering immediate access to not only commodity contracts such as biodiesel futures, but a full suite of foreign exchange (FX) products. Our clients can leverage our platforms and UK data centre to trade these exchange-listed contracts in concert with non-deliverable forwards and cash FX offerings in our network.”
RTS CEO Steffen Gemuenden said: “We’re committed to supporting CME Group’s new venture in Europe as we have long supported access to its exchanges in the U.S. We believe there is good demand among our global client base for a new derivatives exchange, regulated and cleared in Europe, that offers compelling products, as well as interesting opportunities for spreading and arbitrage.”
- Volant Trading Announces VOLEX With Advanced Options Routing Capabilities Available Through REDIPlus
The execution services division of Volant Trading, now called VOLEX Execution Services, is using specialized knowledge of the options market along with an ultra-low latency infrastructure to offer a high-speed liquidity sweep capability. Designed for option traders, VOLEX Take Out™ aggressively sweeps displayed and hidden liquidity, with sub-millisecond order processing times. VOLEX and VOLEX Take Out™ are now available through the REDIPlus® EMS platform.
"The Options market microstructure is evolving quickly with 12 exchanges introducing different order types and complicated fee tables," explains Vishal K. Gupta, Head of VOLEX Execution Services. "Only firms that specialize in options trading can offer the continuous improvements needed to optimize order routing for a variety of trading strategies," continued Gupta.
"We're excited about this new relationship with VOLEX Execution Services," said Goutam Nadella, Chief Product Officer of REDI Global Technologies. "By offering connectivity to VOLEX through REDIPlus EMS, we'll provide users with cutting edge technology and a robust suite of options trading tools for all strategies," stated Nadella.
- Manning & Napier Inc. Completes Acquisition of 2100 Xenon
Manning & Napier Inc. (NYSE: MN), ("Manning & Napier" or "the Company") announced it has completed the acquisition of the business and operations of 2100 Xenon Group, LLC, an alternative investment manager specializing in managed futures and global macro strategies for institutional and individual clients. The completion of this transaction has enhanced Manning & Napier’s investment management offerings to include alternative capabilities and product diversification, to address current and future market conditions. Financial terms of the transaction were not disclosed.
More on Exchanges
- CME adjusts initial margins for agricultural commodity futures
Chicago Mercantile Exchange adjusted initial margins for agricultural commodity futures, Reuters reported. The changes include a 14.3% reduction in corn futures initial margins for speculators to $2,025 per contract from $2,363; a raise in soybean futures initial margins for speculators by 20% to $4,050 per contract from $3,375, among others.
- Trading Technologies introduces support for derivatives based on TAIEX
Hong Kong Exchanges and Clearing Limited (HKEx) plans to launch its commodities business with four futures contracts that will be traded in its derivatives market in Hong Kong: London Aluminium Mini Futures, London Zinc Mini Futures, London Copper Mini Futures and API 8 Thermal Coal Futures. HKEx aims to introduce the contracts later this year, pending regulatory approval and market readiness.
"The rationale behind our Asia Commodities platform is to meet the needs of the industry here in Asia, and provide currency convenience through contracts in Renminbi (RMB)," said HKEx Chief Executive Charles Li. "The interest in this year’s LME Week Asia shows how important Asia is to the global commodities business."
"This is just the beginning of our Asia Commodities plan," Mr Li added.
ASX customers in the Australian Liquidity Centre (ALC) and on ASX Net in Australia can now connect to the SGX Co-Location Data Centre in Singapore via ASX Net Global, ASX’s international low latency network. The enhanced service allows ASX customers in the ALC or on ASX Net to connect to SGX brokers at the SGX Co-Location Data Centre and receive market data from SGX.
CQG’s primary platform is deployed on the robust financial market network allowing customers to receive services directly on ASX Net. CQG’s collaboration with ASX will deliver benefits to CQG’s customers by providing low-latency access to CQG at the ASX co-location facility, theAustralian Liquidity Centre (ALC), in a cost efficient matter.
“To meet the rigorous demands of our customers, with traders relying on data quality, accuracy, and reliability, CQG has chosen to position its services on a network that ensures the highest-quality experience for our customers. Our network and applications are key enablers of our core business,” explained Leighton Andrew, CQG’s Managing Director, APAC.
General Manager, ASX Trading Services, David Raper, said: “We are delighted that CQG has chosen to reinforce its relationship with ASX. We hugely value the trust they have in ASX and we look forward to work with them to on-board new customers. With over 150+ sites on ASX Net, numerous trading platforms, inclusive of both buy and sell side firms and various financial service providers; ASX Net is the fabric underpinning the Australian Financial Markets.