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Commodity Portfolio Management Research & Reports

Issues Arising in Commodity Inventory Finance

London, May 2013

Reed Smith: The knock-on effects of the global economic crisis have influenced the financing of the commodities trading industry. Changes in the regulatory landscape in Europe and the United States have likewise influenced the manner in which finance is being provided to the sector. One manifestation has been an increase in lending conducted through ownership and intermediation structures that interpose the financier as owner of the commodities. Such structures have the advantage that they may, depending on the accounting practices of the bank, be treated as purchases/sales for regulatory capital purposes, meaning the financing that they provide requires less capital than traditional secured loans.

Read more: Issues Arising in Commodity Inventory Finance

Singapore: The world’s fastest growing wealth centre

London, 9 April 2013

The strong performance of HNWIs in the Asia-Pacific region will see Singapore’s overtake Switzerland as the largest global offshore private banking market by 2020. With Assets under Management (AuM) of US$550 billion at the end of 2011, new research reveals that Singapore is the fastest growing wealth centre in the world, and will be the largest offshore private banking market by 2020. This reflects the significant disparity in the performance of the HNWI sectors in the Asia-Pacific region and the rest of the world, and suggests a bright future for HNWIs in the region.

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EDHEC European ETF Survey 2012

London, 28 March 2013

EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2012, which represents a comprehensive survey of 212 European ETF investors. The survey was conducted as part of the Amundi ETF research chair at EDHEC-Risk Institute on “Core-Satellite and ETF Investment.”

Read more: EDHEC European ETF Survey 2012

Alternative Investment Survey Identifies Investor Expectations for 2013

London, 26 February 2013

Deutsche Bank announced the results of its eleventh annual Alternative Investor Survey, the largest and longest standing hedge fund investor survey with over 300 investor entities worldwide managing more than $1.2 trillion in hedge fund assets participating. This represents more than half the entire market by assets under management (AuM).

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Gold mitigates foreign-exchange risk when investing in emerging markets

London, 31 January 2013

Investors in emerging market assets can use gold to reduce the risks associated with exchange-rate volatility and benefit from significant cost efficiencies, according to a new report from the World Gold Council. Exchange-rate risk is a serious and increasingly relevant issue as investors in the US and other developed economies look beyond their domestic markets to diversify their portfolios and pursue opportunities for greater returns.

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The Dow Jones-UBS Commodity Index ended the year down 1.14%

London, January 2013

The Dow Jones-UBS Commodity Index ended the year down 1.14%. The three most significant downside performing single commodity indices in 2012 were coffee, natural gas and orange juice, which ended the year down 41.64%, 30.70%, and 26.07%, respectively. Coffee prices lost ground on expectations of a stronger crop. The International Coffee Organization (ICO) forecast an 8.4% increase in the world coffee harvest in 2012-13 to 146m tonnes.

Read more: The Dow Jones-UBS Commodity Index ended the year down 1.14%

Bridging the Gap in Asset Risk Management

London, 11 October 2012

Most energy trading and risk management (ETRM) systems have applied concepts and models that were originally developed on Wall Street. These useful tools manage risks associated with financial products or even physical commodities prior to actual delivery/generation, and are capable of providing a forward-looking view into, and helping to manage, out-months portfolio risks in terms of standard financial instruments.

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FIA EPTA welcomes Foresight working paper

Brussles, 31 August 2012

FIA European Principal Traders Association welcomes the conclusions of a UK government-commissioned study that EU proposals aimed at curbing automated trading could have a negative impact on the European economy. The Foresight project’s working paper on the review of the Markets in Financial Instruments Directive shares many of  FIA EPTA’s concerns about the proposed legislation, particularly regarding market-making obligations, order-to-trade ratios and minimum order resting times.

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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.

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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.

Read more: Evolving Investment Management Regulation