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Commodity Portfolio Management Research & Reports

An Undue Influence on Energy Markets

London, July 2012

Justin Bozzino: Too often, when high prices or market inefficiencies emerge in crude oil markets, “speculative influences” are blamed. My colleagues have written many times on why these arguments are fallacies – most recently here and here. Rather than heaping blame on “speculators” for market dislocations, lawmakers might want to consider the unintended consequences of policymaking.

Read more: An Undue Influence on Energy Markets

Evolving Investment Management Regulation

London, 17 July 2012

In its fourth annual analysis of global financial regulations, KPMG, the audit, tax and advisory firm, says investment managers continue to face daunting challenges brought on by a changing global regulatory environment, which is fraught with unanswered questions and an array of differing rules in each region.

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New methods for assessing hedge fund performance

 

London, 13 July 2012

In a newly-released research publication produced as part of the Newedge research chair on “Advanced Modelling for Alternative Investments,” EDHEC-Risk Institute has evaluated the performance of hedge funds through a non-linear risk adjustment of returns. This methodology is applied to various hedge fund indices as well as to individual hedge funds, considering a set of risk factors including equities, bonds, credit, currencies and commodities.

Read more: New methods for assessing hedge fund performance

Margin requirements for non-centrally-cleared derivatives

London, July 2012

Consultative document: The G20 Leaders agreed in 2011 to add margin requirements on non-centrally-cleared derivatives to the reform programme for OTC derivatives markets. Margin requirements can further mitigate systemic risk in the derivatives markets. In addition, they can encourage standardisation and promote central clearing of derivatives by reflecting the generally higher risk of non-centrally-cleared derivatives. The consultative paper published today lays out a set of high-level principles on margining practices and treatment of collateral, and proposes margin requirements for non-centrally-cleared derivatives.

Read more: Margin requirements for non-centrally-cleared derivatives

Who Sank the Boat?

London, 22 June 2012

EDHEC-Risk Institute Warns against "Speculative" Regulatory Proposals for Commodities Markets in Europe: In a new position paper, EDHEC-Risk Institute responds to a recent report* by Finance Watch on regulatory proposals for commodity derivatives markets in Europe. The paper describes an alternative narrative for what caused the recent commodity price rises and then notes what implications this narrative has for addressing Finance Watch's regulatory proposals.

Read more: Who Sank the Boat?

DTCC and EFETnet launch global commodity derivatives trade repository

New York, 19 April 2012

EFETnet B.V. and The Depository Trust & Clearing Corporation (DTCC) have announced that, following their successful pilot program launched in January as the first global repository for OTC commodity swaps, they have begun accepting trade submissions from commodity market participants into the new Global Trade Repository for Commodities (GTRfC). DTCC and EFETnet's industry governed low-cost model provides users the ability to submit trades to a single repository in order to fulfill reporting obligations to regulators globally.

Read more: DTCC and EFETnet launch global commodity derivatives trade repository

Global commodity ETP assets reach record levels

London, 18 April 2012

Commodity Exchange Traded Products (ETPs) around the world got off to a strong start in 2012, according to the latest edition of the Global Commodity ETP Quarterly by leading independent provider ETF Securities (UK) Limited. A combination of higher commodity prices and increased demand for ETPs pushed assets in worldwide commodity ETPs up US$19bn to US$189bn by the end of the first quarter of 2012 - the highest quarter-end level on record.

Read more: Global commodity ETP assets reach record levels

Taking security over hedging accounts: the Tripartite Agreement

London, 8 March 2012

Reed Smith: Lenders in commodity finance will often require borrowers to hedge exposure to commodity price movements. Hedging can shield the borrower from the downside of a change in the price of a commodity and help ensure the borrower can repay the loan. It is common for the borrower to hedge its exposure using exchange-traded derivatives entered into with a clearing broker. Hedges cleared with UK or European-based brokers will usually be principal-to-principal trades between the broker and its client the borrower. The trades will be held in a futures brokerage account maintained with the broker.

 

Read more: Taking security over hedging accounts: the Tripartite Agreement

The Emotions of Fear and Apathy Create Good Buying Opportunities

London, 25 February 2012

U.S. Global Investors: One of the most debilitating forms of human emotion isn’t anger, fear or sadness, it is apathy. Apathy can be defined by an “I don’t care” attitude, an indifference to events and the world around them. Helen Keller once said: “We may have found a cure for most evils; but we have found no remedy for the worst of them all, the apathy of human beings.”

Read more: The Emotions of Fear and Apathy Create Good Buying Opportunities

EDHEC-Risk Institute research provides insights into optimal hedge fund allocation

London, 15 February 2012

In a research paper published in the Winter 2012 issue of the Journal of Alternative Investments, entitled “Optimal Hedge Fund Allocation with Improved Estimates for Coskewness and Cokurtosis Parameters,” EDHEC-Risk Institute has provided insights into optimal portfolio decisions involving hedge funds.

Read more: EDHEC-Risk Institute research provides insights into optimal hedge fund allocation

Upcoming Events – We recommend ...

Invest Mongolia 2014

Ulaanbaatar, 02 September 2014 - 03 September 2014

 

China Gold Congress and Expo 2014

Beijing, 10 September 2014 - 12 September 2014

 

Global Commodity Trade Finance Conference

Lugano, 16 September 2014 - 16 September 2014

 

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