Sun, Jul 5, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Opalesque Futures Intelligence

News Briefs: Renaissance Technologies, Carbon permits and more.

Tuesday, May 19, 2009

NEWS BRIEFS

Renaissance Liked Goldman, Annaly

Renaissance Technologies held relatively big positions in certain financial firms in the midst of the financial sector meltdown in the first quarter of the year, according to the most recent holdings report. Financial stocks bounced back strongly in the rally since early March.

Among Renaissance's holdings were Annaly Capital Management Inc. – an asset manager – and Goldman Sachs. The hedge fund also had positions in pharmaceutical companies Abbot Labs and Wyeth and tech companies Apple and Google. Energy giant ConocoPhillips and tobacco biggie Lorillard Inc. were other stand-outs in the portfolio as of March 31st.

Renaissance, with around $20 billion in total assets, is possibly the largest quantitative shop with a short-term trading orientation.

US Carbon Permit Plan Proceeds

A cap-and-trade bill that is the first step in creating national carbon allowance trading and related futures markets is moving through Congress. Last week President Barack Obama praised Representative Henry Waxman, chairman of the Energy and Commerce Committee and sponsor of the bill, for having “brought together stakeholders from all corners of the country – and every sector of our economy – to reach an historic agreement on comprehensive energy legislation.”

Controversy rages, however, as to whether the newly created emission permits should be given away free or auctioned.

Las Vegas Commodity Pool Operator Charged with Fraud

The US Commodity Futures Trading Commission got a court order freezing the assets of Gordon Driver and his Las Vegas-based companies Axcess Automation and Axcess Fund Management. The regulator says Mr. Driver fraudulently solicited commodity pool participants, misappropriated funds, and issued false statements in a $13.5 million fraud involving more than 100 participants in the US and Canada.

MF Global Disagrees with Verdict

Futures brokerage MF Global says it will appeal a UK judge's decision with regard to Parabola Investments, even though insurance will cover most of 20 million in damages the judge ordered the firm to pay a plaintiff. The case involves a broker who joined MF Global through an acquisition in 2001 and that year misrepresented a client's account performance and balance.

The firm says it is a different company under a different management structure now and in the last year alone invested over $200 million to improve employee training, compliance and risk management.

ICE Futures Volume Up

IntercontinentalExchange, an operator of futures exchanges and over-the-counter markets, reported that the April 2009 average daily volume for all ICE futures contracts is up 14% to 983,928 from a year ago.

ICE Futures Europe, a London-based energy futures exchange, had a reduction in total contract volume compared to 2008 but open interest was higher. Volume and open interest records were established for several coal and emissions contracts during April.



 
This article was published in Opalesque Futures Intelligence.
Opalesque Futures Intelligence
Opalesque Futures Intelligence
Opalesque Futures Intelligence
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. New Launches: GP Bullhound raises $141m for its fifth tech fund, LBC Credit Partners V aims to raise $1bn, B Capital shores up $820m in second fund, BayernKapital closes second Bavarian Growth Fund, PGIM Investments launches global corporate ESG bond fund, MSIM launches Paris Agreement-aligned global balanced sustainable fund, Unigestion announces closes for Secondary V and Direct II, Waterton plans $1.25bn fundraise for latest US apartment fund[more]

    GP Bullhound raises $141m for its fifth tech fund From PE News: Technology-focused investment firm GP Bullhound has held the first close of its latest fund with €125m ($141m) of capital commitments. GP Bullhound Fund V is a pan-European venture capital fund targeting primarily l

  2. SWF: UK's Future Fund expansion 'fails to hit the mark', claim business leaders[more]

    From Telegraph: Britain's start-up rescue fund, which has been extended to include UK startups that have moved the headquarters overseas, still "fails to hit the mark" for many early-stage companies, business leaders have warned. The Future Fund, launched in May, provides Government funding of

  3. PE/VC: Disruption from COVID-19 hits ASEAN private equity hard, VCs see much to like in Democrats' $1.5tn Moving Forward Act, US PE firms play the long game as deal-making comes back into focus[more]

    Disruption from COVID-19 hits ASEAN private equity hard Opalesque Industry Update - After a strong 2019, the ASEAN private equity industry has been shaken by the outbreak of the COVID-19 pandemic, reports Preqin. As of September 2019, ASEAN-focused private equity and venture capital asset

  4. Coronavirus crisis: PE industry mulls more realism and longer holding periods[more]

    Laxman Pai, Opalesque Asia: More realism, longer holding periods and an advantage for investors with a long-term focus - these are the main changes that investment managers in the German private equity market expect as a result of the coronavirus crisis. The PE transaction activity is not exp

  5. Multi-strategy hedge funds post double-digit gains, Tiger Global, Coatue score double-digit fund gains in 2020, Lone Pine soars after losses earlier this year, Can Pershing Square's standout year continue?[more]

    Multi-strategy hedge funds post double-digit gains From FT: Large multi-strategy hedge funds have posted double-digit gains for the first half of the year, reversing losses from March, as markets defied the economic downturn brought on by the coronavirus pandemic. Citadel Advisors