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Managed Futures Related News
in chronological order
See also:
Managed Futures Related Books,
Managed
Futures Related Scholarly Papers,
or
Managed
Futures Home Page.
Table of Contents:
- March
2007
- February
2007
- January
2007
- December
2007
- November
2007
- October
2007
- September
2007
- August
2007
- July
2007
- June
2007
- May
2007
- April 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
-
July 2006
-
June 2006
-
May 2006
-
March 2006
-
February 2006
- January 2006
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Top Traders of 2007
March 2, 2006
From Black Enterprise:
Coming off of three
tough years for managed futures in general and trend followers
in particular, the CTA community had its best year since 2003
and many traders say this could the beginning of a long run.
While the universe of commodity trading advisors had its best
performance in recent years in 2007, many of the stalwart long-
term trend followers continued to struggle. Campbell & Co., John
Henry and Dunn all experienced double-digit losses on some
programs, but the larger CTA universe experienced strong returns
as the Barclay CTA index returned 7.57%, its best year since
2003.
The year started out poorly for most CTAs as bonds chopped
around, but soon many long-term trends emerged. Crude oil
bottomed out at about $50 in January and moved basically
straight up to $100 by year-end. Grain markets, particularly
soybeans, had a sustained rally for much of the year; most
currencies appreciated against the dollar and bond markets,
after chopping around for the first two quarters, experienced a
smooth trend for the second half of die year.
Source
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Rydex sees
commodities, currencies in favor
February 29, 2006
From Reuters UK:
Investors are shying
away from equities and showing a preference for products that
offer exposure to alternatives such as managed futures and
currencies, the director of portfolio strategies at Rydex
Investments said on Friday.
Rydex, which oversees about $18 billion in assets, is known for
products such as inverse funds that move in the opposite
direction from a market, or that magnify the direction of a
move.
Source
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A lighter shade
of high-risk trading
February 13, 2006
From The Globe and Mail:
Trading futures
contracts holds the promise of big gains, but the risks are
probably too high for the average do-it-yourself investor to
stomach.
However, one way to get a taste of the futures market while
mitigating the danger is through managed futures.
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Assets that zig when
stocks zag
February 8, 2006
From The Seattle Times:
In
recent months, stocks around the world have been heading in the
same direction: down. That has investors searching for
alternative assets that zig when stocks zag. Two assets that
have little correlation with stocks ...
Managed futures
In managed futures funds, commodity-trading advisers buy futures
contracts for currencies and commodities, such as oil or silver,
betting that the underlying assets will rise or fall in value
within a certain time frame. One provider, Rydex Investments,
has funds based on the S&P diversified trends indicator index.
Rydex says the index has a -0.08 correlation with the S&P 500. A
correlation of 1.0 means two items move in lock step; a
correlation of -1.0 means the two move in opposite directions. A
reading of 0 means they have no direct relationship. The index
likewise has a low 0.04 correlation with bonds, as measured by
the Lehman aggregate bond index. Rydex Managed Futures Strategy
Fund (RYMTX) has a 4.75 percent maximum front-end sales charge
and expenses of 1.81 percent.
Source
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Justice Dept seeks change on futures exchanges: report
February 6, 2006
From Reuters:
The U.S. Justice Department has called for change in financial
futures exchanges, saying they should not own the trade clearing
business as it inhibits competition, The Wall Street Journal
reported on Wednesday.
The report said the Justice Department's recommendation could
affect the potential merger of CME Group Inc (CME.N: Quote,
Profile, Research), parent of the Chicago Mercantile Exchange,
and Nymex Holdings Inc (NMX.N: Quote, Profile, Research), parent
of the New York Mercantile Exchange.
Source
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Managed-Futures Giant Hurt By Currencies in ‘07
February 4, 2006
From FINalternatives:
Managed-futures behemoth Campbell & Co. was hurt last year by
trades in the currency market, as well as in fixed-income and
equities. The firm’s $11 billion Financials, Metals & Energy
Large Portfolio was down 13.38% and its 22-year-old $1.5 billion
Global Diversified Large Portfolio lost 11.21%—its first losing
year since 1986.
“Losses for the portfolio from currency trading continued into
year-end as market participants sold high yielding currencies,
particularly the British pound,” wrote Teri Becks, president, in
an investor letter. “Fears that the U.K. housing market and
general economic growth would slow caused the Pound to finish
off 4% on the month. Smaller losses were experienced in
fixed-income trading and trading in equity indices as U.S. and
European stock markets were extremely volatile in December,
while Asian stocks continued to move lower.”
Source
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Gold
futures close up 2% after hitting record
January 28, 2006
From MarketWatch:
Gold futures closed with gains after surging to a record $929.80
an ounce Monday, as a weaker dollar and expectations of another
Federal Reserve rate cut boosted demand for the precious metal.
Gold for February delivery hit the high of $929.80 an ounce on
the New York Mercantile Exchange, surpassing the record of
$924.30 set on Friday.
Source
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Make
It Eight Years In A Row For Managed Futures
January 23, 2006
From FINalternatives:
Managed futures gained 7.54% in 2007, making it eight straight
years of positive performance for the strategy, according to
year-end data compiled by BarclayHedge. In fact, over the past
28 years, the Barclay CTA Index has had only three losing
years–in 1992, 1999 and 1999, with minor losses of 0.91%, 0.65%,
and 1.19%, respectively.
“The managed-futures industry has provided comfortable, stable
growth for investors for many years,” said Sol Waksman, founder
and president of BarclayHedge. “Since the year 2000, managed
futures have provided an compound annual return of 5.67%.”
Source
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Out of the Pit:
Futures Go Online
January 14, 2006
From Barron's Online:
ONE OF
THE LAST BASTIONS OF OPEN-outcry trading, the futures pits, will
be almost entirely automated by the end of 2008. That should
allow many more retail customers into a marketplace that's
traditionally been dominated by professionals.
Capitalizing on its experience making options trading more
accessible, Chicago's optionsXpress (www.optionsxpress.com) has
improved upon the futures-trading platform that's now integrated
with its other offerings and promises to help would-be traders.
From the trading tab on the optionsXpress menu, a customer can
click on "Futures" and get set to go.
Source
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Canadian Futures Shop Launches Two New Programs
January 3, 2006
From FINalternatives:
Toronto-based Integrated Managed Futures Corp. today unveiled
two new trading programs. The IMFC Multi Strategy Program will
invest the bulk of its assets in the firm’s existing IMFC Global
Investment Program, and 10% in its new IMFC FxVol Program.
IMFC’s diversified trend following Global Investment Program,
which started trading last February, gained some 17% in 2007.
The program currently manages some C$4 million in assets under
management.
Source
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Futures
stay put as Fed rate decision looms
December 11, 2006
From Yahoo! News:
Stocks
index futures were little changed on Tuesday as investors turned
cautious before the Federal Reserve's meeting later on Tuesday,
which is expected to bring an interest-rate cut.
Washington Mutual (WM.N), one of the largest U.S. home mortgage
lenders, fell before the opening bell after it said late on
Monday that it would cut its dividend by nearly three-quarters,
eliminate more than 3,000 jobs and raise $2.5 billion in new
capital.
Source
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Despite returns, advisers bullish on managed futures
December 10, 2006
From InvestmentNews:
The
performance of managed futures is languishing, but that hasn't
diminished their appeal among financial advisers.
Assets in managed futures totaled $184.8 billion Sept. 30, up
from $170 billion at the end of 2006 and $130 billion at the end
of 2005, according to Barclay Hedge Ltd. of Fairfield, Iowa.
Source
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Futures add to
gains on ADP jobs data
December 5, 2006
From Yahoo! News:
Stock index futures extended gains on Wednesday after a report
showed much larger private-sector employment growth in November
than economists were expecting.
S&P 500 futures were up 9.7 points, above fair value, a
mathematical formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract.
Source
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US
dominance of managed futures funds under threat
November 29, 2006
From Financial Times:
US dominance of a fast-growing part of the computer-driven, or
quantitative, hedge fund industry is under threat from the
rising influence of managed futures funds based in London and
continental Europe.
North American managed futures programmes - hedge funds which
attempt to profit from computerised trading in futures markets -
have seen their share of the $185bn market drop from 74 per cent
in 2001 to 54 per cent at the end of the third quarter,
according to calculations by data provider Barclay Hedge.
Source
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New
Website Explains Benefits of Managed Futures
October 24, 2006
From SBWire:
Managed Futures are an asset class that people have been
flocking to for the last decade. As the stock market continues
to oscillate and daily price moves of hundreds of points become
more common, the wealthy are flocking to non-correlated assets.
The commodity markets are in one of the biggest bull markets
we’ve seen in decades so it makes sense that people are looking
to diversify into these areas and a professionally managed
futures account is a perfect solution for many people.
Commodity Trading Advisors are registered with the National
Futures Association to handle assets for the public. They are
required to have audited returns and to file a copy of their
disclosure document with the NFA. Periodic reviews and audits
insure that the investor can get a true feel for the way a
manager trades and what kind of risks they take to make those
returns. When reviewing the results of a managed futures account
an investor must make sure the program is registered with the
NFA and has an audited record.
Source
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Managed
Futures Bounce Back In September
October 19, 2006
From FINalternatives:
What a difference a
month makes: August heat gave way to a cooler September breeze
as managed futures gained 3.76% last month, according to flash
estimates from the Barclay CTA Index. The Index dropped 1.63% in
August.
All eight of Barclay’s CTA indices were profitable in September.
Diversified traders jumped 5.24%, systematic traders gained
4.14%, and the financial and metal traders index was up 2.31%.
Seven of the eight of Barclay managed futures indices show
modest gains for the year. The only exception is the
agricultural traders index, which is down 2.26% for the first
nine months of 2007.
Source
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Exchange chief hints at futures trades for water
October 18, 2006
From Times Online:
The
prospect that water may eventually join crude oil, pork bellies,
orange futures and other commodities traded on global markets
was raised in Tokyo today by Craig Donohue, the chief executive
of the Chicago Mercantile Exchange.
Mr Donohue, who runs the world's largest commodities trading
exchange, declined to confirm directly that water would become a
tradeable commodity, but told The Times: "We are working on a
lot of products".
Source
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Stock futures
steady ahead of earnings
October 18, 2006
From BusinessWeek:
Wall Street moved toward a slightly higher open Thursday ahead
of another batch of third-quarter earnings reports and data that
will likely show regional manufacturing is slowing.
Investors will examine earnings reports from Bank of America
Corp., Bank of New York Mellon Corp., Google Inc., and Pfizer
Inc. About 60 members of the Standard & Poor's 500 index have
reported quarterly results so far this week.
Source
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A
Look At The Next Generation of Commodity Indexes
October 11, 2006
From SeekingAlpha:
Investors seem to have a love-hate relationship with
commodities. Not me - long time readers know that I am a big fan
of both commodities and managed futures. Three months ago I
wrote an article on managed futures and how Renaissance was
planning on launching a $25 billion fund. Recently, Morningstar
(MORN) announced some new commodity indexes, and I thought I
would take a look under the hood.
[This is also a great example of a former alpha source becoming
commoditized and repackaged as alternative beta at a much lower
cost. If I ran a CTA/CPO, or was considering becoming a long
term trend-following CTA, I would focus on a system that has
zero or negative correlation to the long term trend-followers
(which the vast majority of CTAs are). Take note highly
compensated "alpha" managers everywhere, your jobs are in
danger!]
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Managed Futures: Pitfalls in Performance Evaluation
October 10, 2006
From The Market Oracle:
While the futures industry's regulatory rules provide clear
guidance as to the presentation of managed account composite
performance reporting, there are pitfalls in making investment
decisions based on a track record's outward appearance without
considering the potential for internal distortions.
In the first article of this three-part series about managed
futures we alluded to concerns about the intricacies of adept
CTA performance evaluation. This article further explores that
topic.
Source
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MF Global
acquires Australian futures broker
September 28, 2006
From Reuters:
MF
Global Ltd (MF.N: Quote, Profile, Research) said it acquired
BrokerOne Pty Ltd, a Sydney-based futures broker, strengthening
its position in the Australian futures and options market.
Further details of the deal were not disclosed. It expects the
deal to add to its earnings over the next 12 months, the futures
and options broker said in a statement.
Source
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FUTURES s.r.o. has launched a new information portal about
managed futures
September 27, 2006
From PR-inside.com:
A consulting company
FUTURES s.r.o., a specialist in managed futures and hedge funds,
has launched a new information portal containing an overview of
available industry-related sources, the latest news concerning
managed futures, interviews with managers, as well as audio and
video files about this issue. The portal centre is the database
of managed futures programs (currently containing about 200
programs), where each of which is subject to a thorough
statistical analysis.
Source
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Futures-based hedge funds buck trend with 6% gain
August 16, 2006
From FinancialNews-US.com:
Hedge funds
following the oldest computer-based strategy, managed futures,
have bucked the trend of quantitative firms’ losses by recording
gains of up to 6% this month, according to bankers.
French group Systeia Capital Management said its managed futures
fund had risen 5.97% from the beginning of August to the end of
trading on Friday. US quantitative asset manager First
Quadrant’s global macro fund is up 2% this month, say investors.
However, the UK’s Winton Capital said its fund was down 1% last
week.
Source
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Listen to the music
August 12, 2006
From ArabianBusiness.com:
I was recently
interviewed by a reporter in Europe whose focus on investing
reflected the ideas of most people I meet. He wanted to know
what the next hot investment was going to be and how he should
get into it before everyone else does. But instead of phrasing
the question in that way he queried: "So where is the music
going to play next?"
My answer was the same one I've given for the past 11 years.
Those of us in managed futures are not clairvoyants, and we
don't have to be, because with managed futures funds, the music
plays everywhere.
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Campbell Reopens Futures Portfolios To Investors
August 6, 2006
From FINalternatives:
Managed-futures
giant Campbell & Co. is reopening a pair of futures portfolios
to investors. The Financial, Metals & Energy Portfolio, which
has over $9 billion of Campbell’s $11 billion in assets under
management, and its $800 million Global Diversified Portfolio,
which is only offered in the U.S., will reopen on Sept. 1.
Campbell’s FME portfolio, which has been trading for almost 25
years, closed at the end of 2004 to offshore investors and in
the first quarter last year to onshore investors. “The investing
world has changed substantially over the last three years,
allowing Campbell to again accommodate demand for its pure
managed futures programs,” said Terri Becks, the firm’s
president and CEO.
Source
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A Primer For
Profits In Energy Futures
August 6, 2006
From Forbes:
Prices for crude
oil, crude oil products and natural gas futures constantly
change in response to new information and reflect the
adjustments being made to previous and prospective expectations.
The relative size and duration of those adjustments often depend
on the nature of the new information and the way it is received.
Unanticipated new information quite often induces extreme price
volatility, creating a price shock. For example, the 1973 oil
embargo by OPEC members caused oil prices to spike to historical
highs.
Source
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Bursa to launch
US dollar CPO futures
July 31, 2006
From TheStar:
Bursa Malaysia Bhd
plans to launch US dollar-denominated crude palm oil futures
contracts in September, chief executive officer Datuk Yusli
Mohamed Yusoff said.
“We hope to launch the contracts later this year, hopefully in
the next two or three months,” he said at the sidelines of the
Securities Industry Development Corp’s incorporation and the
unveiling of the Industry Transformation Initiative programme
yesterday.
Source
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US STOCKS-Futures turn negative, point to weaker open
July 30, 2006
From Reuters:
U.S stock index
futures erased gains and turned negative on Monday, echoing the
nervousness about the global credit environment that sent Wall
Street to its biggest drop in five years last week.
S&P 500 futures <SPc1> were down 2.3 points, below fair value, a
mathematical formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract.
Source
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Emerging Markets, Managed Futures Pace 2nd Quarter
July 17, 2006
From FINalternatives:
Emerging markets and
managed futures strategies had the strongest second quarter
among hedge funds, according to Morningstar, as the average
hedge fund returned 5.25% over the past three months.
Emerging markets added 9.7% in the second quarter. “China funds
fueled strong performance, recovering from the market setback in
late February,” Morningstar said. “Solid energy markets in
Russia and Brazil bolstered returns for many of the emerging
markets funds.”
Source
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Vision Capital
Sets Sights On $100M
July 17, 2006
From FINalternatives:
Utah-based Vision
Capital Management has lofty goals for its 17-month old Global
Futures fund. The firm recently hired third-party marketing firm
R Capital Advisors to shop its $1 million fund to institutional
investors, and raise some $100 million by July 2008.
Principal Dario Michalek said RCA initiated the talks with
Vision to represent the firm and thinks institutional investors
are finally getting their arms around managed-futures products.
“Pension fund managers have become more comfortable with managed
futures as a whole and view it as a good diversifier in their
portfolios,” he said.
Source
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Renaissance's New $25B Managed Futures Fund: Perfect Timing?
July 11, 2006
From SeekingAlpha:
When the best hedge
fund on the planet decides to launch a new fund, it bears
watching. Even more interesting is the area Rentech has decided
to pursue.
Below are my comments as there seems to be a great deal of
misunderstanding in the commodities and managed futures space.
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Managed
Futures: A Model for Incubating Talent
June 30, 2006
From The Market Oracle:
The idea of traders
staking other traders for a slice of profits is probably as old
as trading itself. Fast forward to the late 1970s and one
unearths Commodity Corp. which is remembered for launching the
renown careers of Michael Marcus and Bruce Kovner. And in 1983
Richard Dennis is legendary for having made a bet with William
Eckhardt which led to his recruiting and training the “turtles.”
One of Richard Dennis' earliest if not first client was Bradley
N. Rotter, [1] who established a successful track record by
investing early with traders like Joe and Bob Hickey,
Willis-Jenkins , Mississippi River, EMC Capital and Hawksbill
Capital. In 1990 Rotter founded a company called The Echelon
Group with the idea of forming joint ventures with talented
traders and then helping them grow into niche money management
firms.
Source
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New rules on
futures target big investors
June 28, 2006
From Shanghai Daily:
CHINA'S new rules on
trading stock-index futures will limit the derivatives to
institutions at the initial stage, and turnover won't be heavy
enough to significantly affect the stock market, industry
analysts said yesterday.
Market observers also noted that blue chips may be spotlighted
in the debut of the index futures, which will be based on a
gauge tracking the top 300 Chinese mainland public firms.
Source
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S&P
futures slip after core PCE revised
June 28, 2006
From Reuters UK:
Standard & Poor's
500 stock index futures lost some ground on Thursday after
government data showed first-quarter core personal consumption
spending, an inflation gauge favored by the Federal Reserve, was
revised higher.
S&P 500 futures were down 2.2 points, just above fair value, a
mathematical formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract.
Source
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Futures
extend gains on sales, slip in yields
June 13, 2006
From Reuters:
Stock futures
extended gains on Wednesday as data pointing to strength in
consumer spending boosted optimism about corporate profits and
as bond yields backed off from five-year highs.
S&P 500 futures were up 7.50 points, above fair value, a formula
that evaluates pricing by taking into account interest rates,
dividends and time to expiration on the contract.
Source
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Asset
Alliance Offers Barclay-Based CTA FoF
June 11, 2006
From FINalternatives:
New York-based Asset
Alliance Corp. has launched a managed futures fund of funds
featuring managers included in the Barclay CTA Index, it
announced at the Managed Funds Association Conference in
Chicago.
The BTOP50 Managed Futures Fund will include 23 CTA programs;
those expected to be in the fund include industry heavyweights
such as Kaiser, Winton Capital Management, Armajaro and FX
Concepts. The fund of funds is registered with the Securities
and Exchange Commission, and features a simplified tax
structure, making it available to established asset allocation
models.
Source
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Natural-gas futures climb on demand, supply risks
May 30, 2006
From MarketWatch:
Natural-gas prices
climbed Wednesday to trade closer to their highest level in a
week, as the market got a fresh start with July as the
front-month futures contract and traders looked toward
summer-heating demand, two days before the official start of the
Atlantic hurricane season.
Crude-oil futures also climbed, after suffering a loss of more
than 3% in the previous session, as most traders bet that a U.S.
report will show increases in crude and gasoline supplies, but
kept a wary eye on any developments in Nigeria.
Source
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NDF may lose out
to Dubai's Re futures
May 30, 2006
From Business Standard:
Rupee
futures, to be soon launched by the Dubai Gold and Commodities
Exchange, is likely to be a preferred hedging and investment
mechanism against currency fluctuations over the existing
non-deliverable dollar/rupee forward market in south-east Asia,
corporate treasurers said.
The Dubai exchange will launch rupee futures on June 7, after
holding a mock trading session for its members June 2. “There
was a need for a more transparent market than NDF markets
currently operating on over-the-counter basis,” said Colin
Griffith, chairman, DGCX.
Source
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China`s futures investors to have security fund
May 20, 2006
From Zee News:
China
will set up a fund worth up to $103.9 million to compensate
futures investors in case their brokers fail to pay back their
margin, the securities watchdog said.
According to the provisional regulations on futures investors
security fund management jointly issued by the China Securities
Regulatory Commission (CSRC) and the Ministry of Finance, the
fund worth up to 800 million yuan (USD 103.9 million) will start
operation on August 1.
Source
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ICE sees
first Dubai crude oil futures trade
May 20, 2006
From Reuters:
ICE Futures (ICE.N:
Quote, Profile, Research new Dubai sour crude oil futures
contract saw its first trade early on Monday in the opening
salvo of ICE's battle with the New York Mercantile Exchange for
the dominant Middle East contract.
Atlanta-based IntercontinentalExchange, which already hosts
Europe's benchmark Brent crude contract, stole an 11-day march
on its top rival by announcing its own Middle East contract just
as the Dubai Mercantile Exchange (DME), a joint-venture between
Dubai, Oman and the NYMEX (NMX.N: Quote, Profile, Research,
delayed its offering to June 1.
Source
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Oil sinks as traders weigh prospect for supply rise
May 1, 2006
From MarketWatch:
Crude-oil futures
closed at their lowest level in over a week Tuesday, with
pressure from expectations for a second-weekly rise in U.S crude
supplies outweighing support from news that Venezuela's
government took over the country's last privately-run oil
fields.
Crude for June delivery finished with a loss of 2%, down $1.31,
at $64.40 a barrel on the New York Mercantile Exchange. That's
the contract's lowest closing level since April 20, and the
decline marked a full retreat from the day's high of $66.15.
Source
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UPDATE 1-Chicago futures marts hit by steady Fed ideas
May 1, 2006
From Reuters UK:
Chicago's two big
futures exchanges posted rare declines in trading volume in
April, hurt by lower volatility in key interest rate markets.
At the Chicago Mercantile Exchange (CME.N: Quote, Profile ,
Research) average daily volume fell by 8 percent from April 2006
to 4.9 million contracts, the first time the largest U.S.
futures mart posted a year-on-year monthly decline since
November 2003.
Source
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Former JWH Marketer
Heads West
April 18, 2006
From FINalternatives:
Ted Parkhill, a
former marketer for John W. Henry & Co., has become the latest
departure from the fast-shrinking firm. Parkhill has found a new
home within Dekker Capital Management, an Incline Village,
Nev.-based managed futures shop.
“He left with a group pf people around the same time that Mark
Rzepczynski left,” founder Jason Dekker said, referring to the
former JWH president and chief investment officer. “John [Henry]
let about five people go at about the same time and Ted was one
of those. I met him initially at the MFA conference in Miami,
and he came to our office for a few days; once by himself and a
few weeks later he came back with his wife. He really liked out
programs and performance and thought it was a perfect fit for
him.”
Source
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Reliance
Money gets into global futures mkt
April 18, 2006
From The Economic Times:
Reliance Money,
promoted by Reliance Capital of the R-ADAG group, has tied up in
an exclusive partnership with the Chicago-based Alaron Trading
Corporation to break into the fast-growing global commodity
futures trading scene in India. The partnership will enable
traders in India to execute trades via the leading international
commodity futures exchanges, including the CME, CBOT, NYMEX and
NYBOT.
"Expanding our global presence, especially with a company like
Reliance Money, allows Alaron to seamlessly embrace the rapid
expansion in the futures market," said Scott Slutsky, Managing
Director of Alaron Trading. "Global alliances, such as this one,
are critical to the vitality of the futures market."
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CBOT to Host
Ethanol Futures Seminars
April 13, 2006
From Farm Futures:
A series of
educational seminars for managing price risk using ethanol
futures contracts, hosted by the Chicago Board of Trade, will be
held in six Midwestern cities in April and May. The seminars are
free and open to the public.
The seminars will be held from 10:30 a.m. until 4:00 p.m.
Seminar topics will include an overview of CBOT Ethanol futures
and OTC products, advanced strategies for managing ethanol price
risk and a market outlook.
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It's All About the
S&P Futures
April 13, 2006
From TheStreet.com:
As usual, the story
of the week has been the S&P futures. Yes, there's been the
usual noise about crude oil prices, earnings, worries about
earnings and same-store sales, and today it has been about the
producer price index and consumer sentiment. Oh, and this week's
news has also been about Don Imus. But how can you trade off any
of that?
In fact, when it's all said and done, the market has gone
nowhere for the past five sessions. But certainly, there has
been plenty of movement and lots of opportunities for those who
know what to look for and what to tune out.
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Managed Futures Lead CS/Tremont Index Through January
February 16, 2006
From Black Enterprise:
The Credit
Suisse/Tremont Hedge Fund Index began the year with a 1.33% gain
in January, maintaining its streak of positive monthly
performance as managed futures funds turned in the month's
biggest gain.
With U.S. equities on the march, consumer confidence nearing a
five-year high, the labor market expanding and wages and
consumer spending up, hedge funds in the CS/Tremont found a
relatively benign climate in which to do business, according to
the report. The Federal Reserve was seen as unlikely to hike
interest rates and fuel costs are down, and the overall view is
that the economy will not slow anytime soon.
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Crude, natural-gas futures recover from two-week lows
February 15, 2006
From MarketWatch:
Crude and
natural-gas futures managed to recover from their lowest levels
in two weeks Thursday as traders continued to digest the latest
weekly data on U.S. supplies for petroleum and natural gas.
March crude closed at $57.99 a barrel Thursday, ending the
session with a loss of one penny after dropping to a low of
$56.65 earlier. March natural-gas also recovered from a low of
$7.05 to close at $7.292 million British thermal units, up 5.1
cents.
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Greenrush Launches Global Diversified Futures Program
January 19, 2006
From FINalternatives:
Sherman Oaks,
Calif.-based Greenrush Capital Management this month launched
the Cycle Fund-A program, a discretionary, globally-diversified
futures program with a systematic overlay.
Andrew Klein, principal, said he uses a seasonal and
counter-seasonal approach combined with specific pattern
recognition to enter into trades. His trading decisions are
determined by historical databases, technical analyses and
volatility expectations. Typically, Kline’s positions are taken
in intra-market and inter-market futures spreads in electronic
exchanges.
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Natural-gas futures rally on weather forecasts
January 19, 2006
From MarketWatch:
Natural-gas futures
rallied Friday to close at their highest level in a month and
ended the week with a gain of more than 4% as weather forecasts
called for below-normal temperatures for much of the U.S.
The natural-gas move helped crude-oil prices climb 3% for the
session and close near $52 a barrel.
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Crude
futures top $64 a barrel, then pare gains
December 20, 2006
From MarketWatch:
Crude-oil futures
climbed past $64 a barrel Wednesday after the Energy Department
reported a fourth-weekly decline in U.S. crude supplies, but
prices for the commodity pared gains as traders factored in the
first distillate inventory climb in 11 weeks.
At the same time, natural-gas futures dropped to a fresh,
two-year low under $7 per million British thermal units on the
eve of a government supply update.
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Stocks Rise Amid Mixed
Earnings
December 20, 2006
From The Washington Post:
Stocks rose
Wednesday as investors sifted through mixed corporate profit
news to gauge the strength of the economy.
With little of the type of economic news that has helped drive
markets in recent months, some investors looked to profit
reports from FedEx Corp. and CarMax Inc. as proxies for the
economy's health.
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Gold futures end lower for the day, up for the week
December 1, 2006
From MarketWatch:
February gold closed
at $650.60 an ounce Friday, down $2.30 for the day, but up
$16.20, or 2.5%, for the week on rising concerns over a slowdown
in U.S. economic growth. March silver added 7.5 cents to close
at $14.19 an ounce, up 7.2% for the week. March copper closed at
$3.172 a pound, down 2.35 cents for the session, but up 1% from
last Friday's closing level.ac
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U.S. Stocks Fall on Economy Concern; Caterpillar, Intel Decline
December 1, 2006
From Bloomberg:
U.S. stocks slipped
after a report showed manufacturing unexpectedly contracted for
the first time in more than three years and a measure of
inflation jumped.
``We may be faced with stagflation: rising inflation and a
falling economy, which is probably the worst of all worlds,''
said Edgar Peters, who manages $21 billion as chief investment
officer at PanAgora Asset Management in Boston. ``It's probably
time to get defensive, if you're not already.''
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Japan Bond Futures Erase Decline as Report May Signal Slowdown
November 22, 2006
From Bloomberg:
Japanese bond
futures erased declines on speculation the government will
downgrade its view of the economy for the first time in two
years, weakening the central bank's case for a second
interest-rate increase this year.
Today's Cabinet Office report will describe the economy as
``recovering although weakness is detected in consumption,''
according to a Nihon Keizai article yesterday. The report
compiled in October said the economy was ``recovering,'' using
the same expression for the ninth straight month, the newspaper
said.
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Stock
futures edge up; trading thin, Dell eyed
November 22, 2006
From Reuters:
U.S. stocks looked
set to rise slightly on Wednesday, with stock index futures
pointing higher after Dell Inc. (DELL.O: Quote, Profile,
Research) reported better-than-expected earnings, setting the
stage for gains by technology shares a day before the
Thanksgiving holiday.
Trading volume is likely to be light as many market players
leave work early before Thursday's holiday. The U.S. Treasury
bond market is expected to close at 2 p.m. (1900 GMT) on
Wednesday.
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Gold
futures retreat from a high above $630
November 14, 2006
From MarketWatch:
December gold fell
$3.50 to $622.30 an ounce, reversing from earlier gains and
retreating from a high of $630.40 as the U.S. dollar gained some
ground against the euro. But Peter Grandich, editor of the
Grandich Letter blamed the downturn in gold on "further erosion
in copper and other base metals. December copper was down 0.75
cents at $3.0675 a pound. December silver lost 5.5 cents to
stand at $12.83 an ounce.
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Stock
futures point flat; retailers in focus
November 14, 2006
From Reuters:
U.S. stock futures
signaled a flat Wall Street opening on Tuesday after mixed early
results from retailers including Home Depot Inc. (HD.N: Quote,
Profile, Research), and with investors on edge before inflation
data.
Home Depot, the world's largest home improvement retailer,
reported a flat quarterly profit that missed analysts'
estimates. For details, see <ID:nWEN9739>. Its shares were down
1.1 percent in European trading.
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UPDATE 1-Futures slash chances of Fed rate cuts on payrolls
November 3, 2006
From Reuters:
Futures dealers
slashed the implied chances of Federal Reserve rate cuts on
Friday after the October payrolls report showed a surprising
drop in the jobless rate.
A slump in futures prices on the data removed the implied
chances of a Fed rate cut by January <FFG7> and briefly showed a
slight chance that the central bank could actually increase
interest rates in December <FFF7>.
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U.S.
stock futures rise before October jobs data
November 3, 2006
From Reuters:
U.S. stock index
futures rose on Friday, but the course of trading will hinge on
payrolls data due before the opening bell that may dispel
concerns about excessive slowing of the economy.
Shares of heavy equipment maker Caterpillar Inc. (CAT.N: Quote,
Profile, Research) and wireless technology supplier Qualcomm
Inc. (QCOM.O: Quote, Profile, Research) could be active after
both companies warned of trouble ahead in 2007.
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Crude, natural-gas futures fall as traders focus on supply
October 27, 2006
From MarketWatch:
December crude fell
by 16 cents to $60.20 a barrel in trading on the New York
Mercantile Exchange, but were trading above last week's closing
level of $59.33 after the surprise decline in U.S. crude
supplies. November natural gas was down 3.7 cents at $7.46 per
million British thermal units on its final trading day as a
front-month futures contract. The December contract was down 1.7
cents at $8.05.
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US stock
futures extend fall after GDP data
October 27, 2006
From Reuters:
U.S. stock futures
briefly extended a fall on Friday after a key economic report
showed the U.S. economy grew at a weaker-than-expected pace in
the third quarter, raising doubts about a moderate economic
slowdown.
The gross domestic product report was the weakest in more than
three-years.
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Chicago futures
exchanges to merge
October 18, 2006
From The Sydney Morning Herald:
THE United States'
two largest futures exchanges have announced plans to join
forces in a $US8 billion ($10.6 billion) deal that reflects the
growing role of trading in complex financial instruments tied to
interest rates, foreign currencies and even the weather.
The parent company of the Chicago Mercantile Exchange will buy
the holding company that runs its long-time rival, the Chicago
Board of Trade, part of a wave of consolidation in financial
markets, as exchanges seek to cut costs, expand product
offerings and fortify themselves against global competition.
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U.S. Stock-Index Futures Extend Gain on Consumer Prices Report
October 18, 2006
From Bloomberg:
U.S. stock-index
futures extended their gain after consumer prices fell more than
forecast, signaling inflation is under control.
The consumer price index dropped 0.5 percent in September
following 0.2 percent increase in August, the Labor Department
said. Excluding food and energy, so-called core prices rose 0.2
percent for a third month.
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COMEX copper futures end lower in sleepy business
October 10, 2006
From Reuters:
Copper futures in
New York ended lower on Tuesday, in line with weaker oil and
precious metal markets, as the market found little reason to
break out of its wide trading range, sources said.
"There was nothing to it today. I guess we saw some selling
pressure from the weakness in oil and gold, but other than that
it was really quiet...and I expect that to continue this week
with the LME week going on," said one COMEX floor dealer.
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U.S. stock
futures up on Google deal
October 10, 2006
From Reuters Canada:
U.S. stock futures
pointed to a slightly stronger open on Wall Street on Tuesday,
with Internet stocks seen gaining after Google Inc. (GOOG.O:
Quote) agreed to acquire video entertainment site YouTube Inc.
for $1.65 billion in stock.
Google shares had climbed to their highest in more than 5 months
at $431.95 on speculation about the deal on Monday and surged
again when the acquisition was announced after the closing bell.
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Crude futures
drop under $60 a barrel
October 3, 2006
From MarketWatch:
Crude-oil futures
dropped under $60 a barrel Tuesday to push the benchmark
contract to a 10-month low, pressured by swelling U.S.
inventories as traders questioned whether leading oil producers,
notably Saudi Arabia, would lower production to stop the decline
in prices. November crude was last trading down $1.33 to $59.70
a barrel on the New York Mercantile Exchange, after reaching a
low of $59.55 -- a level the contract hasn't seen since last
November 2005. November natural gas fell by 13.8 cents to $5.505
per million British thermal units.
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U.S. Stock-Index Futures Retreat; Marvell, GM Shares Slide
October 3, 2006
From Bloomberg:
U.S. stock-index
futures fell on concern earnings growth may falter as the
economy slows.
Marvell Technology Group Ltd. dropped after the mobile- phone
chipmaker forecast revenue that trailed analysts' estimates.
General Motors Corp. slipped on expectations the world's largest
carmaker will report a September sales decline.
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JGB
futures pull back from 6-1/2-month highs
September 25, 2006
From Reuters:
Japanese government
bond futures slipped back after striking 6-1/2-month highs on
Monday as domestic investors shied away from chasing the market
higher despite a robust rally in U.S. Treasuries.
JGBs had gained along with Treasuries since the Philadelphia
Federal Reserve's survey last week showed regional factory
activity contracting for the first time in more than three
years, stirring expectations the Fed's next move may be to cut
rates.
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U.S. stock futures get lift as oil drops below $60
September 25, 2006
From MarketWatch:
U.S. stock market
futures advanced Monday as crude-oil futures retreated below $60
a barrel, with news of a shake-up at Hewlett-Packard also
providing support.
S&P 500 futures rose 3.90 points at 1,329.80 and Nasdaq 100
futures rose 8 points at 1,649.00. Dow industrial futures were
up 35 points at 11,628.
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CBOE to Launch New
Futures, Options
September 8, 2006
From MSN Money:
The Chicago Board
Options Exchange said Friday it plans to launch options on the
CBOE Exchange Index and futures on the CBOE S&P 500 BuyWrite
Index.
The Chicago-based U.S.-options exchange said it will launch the
options on the Exchange Index, or "EXQ," which is based on the
stock prices of publicly traded U.S. exchanges, on Sept. 19.
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US
stock futures rise as oil slips to 5-month low
September 8, 2006
From Reuters:
U.S. stock futures
pointed to a rebound on Friday after two consecutive days of
losses, with steadily declining oil prices seen offsetting
inflation fears roused earlier in the week.
Oil fell to a new five-month low under $67 on Friday after U.S.
fuel supplies rose sharply and BP (BP.L: Quote, Profile,
Research) said it might be able to restore its Alaskan oil field
sooner than expected.
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U.S. Stock-Index Futures Rise as Oil, Natural Gas Prices Drop
August 29, 2006
From Bloomberg:
U.S. stock-index
futures gained as oil and natural-gas prices dropped for a
second day, easing economic concern before a report on consumer
confidence.
Wal-Mart Stores Inc., the world's largest retailer, advanced on
the prospect spending will keep the economy growing. Boeing Co.,
the No. 2 commercial-aircraft maker, rose on a plan to
repurchase as much as $3 billion of its shares.
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Managed futures grew
11% in Q2
August 17, 2006
From InvestmentNews.com:
Money under
management in managed futures grew nearly 11% in the second
quarter, according to the Barclay Commodity Trading Advisor
Index, which is published by The Barclay Group.
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Crude oil futures fall
August 16, 2006
From The Sydney Morning Herald:
US crude oil futures
ended lower on Tuesday as a truce between Israel and Lebanese
Hizbollah guerrillas held for a second day.
In late trading, traders squared books ahead of Wednesday's
government inventory data forecast to show drawdowns in crude
and gasoline supplies and a seasonal build in distillates.
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Stock futures rise
after CPI report
August 16, 2006
From Reuters:
U.S. stock futures
jumped on Wednesday as a tame increase in core consumer prices
may support the view the Federal Reserve has room to keep
interest rates unchanged in the short term.
Prices excluding food and energy rose less than expected in July
and followed a weaker reading on producer prices on Tuesday that
sparked a rally in stocks.
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Nymex energy futures
in retreat
August 8, 2006
From Monsters and Critics:
Traders at the New York Mercantile Exchange sold off their
energy positions Tuesday, lowering the price of high-quality
crude oil to $76.45 per barrel.
The 53-cent decline was accompanied by a 6-cent fall in natural
gas to $6.848 per million Btu.
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Stock
futures gain before Fed rate decision
August 8, 2006
From
Reuters Canada:
U.S.
stock futures climbed on Tuesday as investors were betting the
Federal Reserve would pause in its two-year monetary tightening
cycle at a meeting later on Tuesday.
A spurt of deals also made investors more optimistic.
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U.S. Stock-Index Futures Rise on Earnings; Apple Shares Gain
July 20, 2006
From
Bloomberg:
U.S. stock-index futures advanced after earnings from Apple
Computer Inc. and Motorola Inc. boosted speculation that profit
growth will be sustained.
``Earnings growth remains very solid,'' said Johan Van Der Biest,
who manages $1 billion in U.S. equities at Dexia Asset
Management in Brussels. ``Negative guidance has been priced into
stocks. We expect earnings growth of between 10 and 15 percent
this year.''
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Stock futures
rise, thin trade expected
July 3, 2006
From
MSN Money:
U.S. stock futures gained on Monday, indicating an opening rise
on Wall Street, but volumes are set to be low with trading
ending early before Tuesday's U.S. Independence Day holiday.
Inflation is still the main focus as the market starts the third
quarter, with the earnings season yet to kick into gear. The
ISM's June manufacturing report will be released at 1400 GMT
while the key June non-farm payrolls report is due on Friday.
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S&P's
hedge fund indexing foray goes awry
June 29, 2006
From
MarketWatch:
Standard & Poor's, which runs some of the world's most widely
followed equity indexes, hasn't fared as well in its efforts to
track the performance of hedge funds.
S&P said earlier this week that it will stop publishing its
investable S&P Hedge Fund Index because a decline in the number
of managers tracked by the benchmark no longer makes it
representative of the broad range of strategies in the industry.
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Swiss shares higher midafternoon on US futures, led by insurers
June 28, 2006
From
Forbes:
Share prices were higher in thin midafternoon trade, tracking
other European equity markets and positive US futures and led by
insurance stocks, traders said.
At 3.01 pm, the Swiss Market Index was up 33.05 points at
7,439.88, and the Swiss Performance Index up 13.38 points at
5,790.61.
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U.S. Stock-Index Futures Gain Before Fed Meeting; Biomet Rises
June 28, 2006
From
Bloomberg:
U.S. stock-index futures advanced on speculation economic and
earnings growth is strong enough to overcome more interest-rate
increases from the Federal Reserve.
Well Fargo & Co. and Biomet Inc., a medical-device company, rose
after they both raised dividends. Warner Music Group may be
active after EMI Group Plc raised its offer for the U.S. company
to $4.6 billion as it rejected a counterbid.
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He wants to
take you back to the futures
May 30, 2006
From
The Age:
BRIAN Price knows a lot about greed and revenge.
He thrived amid the "gangland warfare and manic chaos" of the
trading floor of the Sydney Futures Exchange in the 1980s.
He wrote about it in the original story for Robert Connolly's
2001 film, The Bank, the tale of a young market trader who seeks
revenge for the repossession of his father's farm.
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Futures exchanges' role under US regulatory review
May 29, 2006
From
MSNBC:
US
regulators are reviewing their oversight of futures contracts
offered by foreign-based exchange operators in a move which
could affect planned transatlantic tie-ups such as the NYSE's
takeover bid for Euronext.
The Commodity Futures Trading Commission, which regulates the US
industry, has taken the unusual step of arranging a public
hearing to assess what constitutes a "foreign exchange".
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New
Milestone in Hedge Fund Transparency Achieved
May 16, 2006
From
Yahoo! Finance:
Hedge fund transparency has taken a giant leap forward as
HedgeFund.net (HFN) has achieved the participation of 6,000
current hedge fund, fund of fund and Commodity Trading Advisor
(CTA) products in its proprietary alternative investment
database. This new milestone has been achieved amidst a
favorable climate for hedge fund transparency created by growing
institutional interest in hedge funds and the demand by these
investors for a consolidated source of information. As many of
the world's leading institutional investors access the HFN
database for information, more alternative investment firms are
finding that feeding information on their funds to HFN is an
important part of communicating with investors.
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Managed futures hedge funds come top in April -FTSE
May 9, 2006
From
Reuters:
Managed futures hedge funds, which trade stock, bond, commodity
and currency markets using buy and sell signals from computer
models, were top performers in April, FTSE Research said on
Tuesday.
Managed futures funds, also known as commodity trading advisers,
returned an indicative 2.9 percent in April, matching the March
number. For the first four months of this year, they are up 5.2
percent.
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Fed fund futures pricing in lower chance of June rate hike
May 5, 2006
From
MarketWatch:
The fed funds futures market is now pricing in a lower chance
that the Federal Reserve will raise interest rates in June,
following a weaker-than-anticipated jobs growth in April. The
market continues to price in a 100% chance of a quarter
percentage point interest rate hike following the Fed's monetary
policy setting meeting on May 10, but is now pricing in a 32%
chance of another quarter-point hike after the late-June meeting
vs. a 44% chance on Thursday...
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Oil
futures gain, but are poised for weekly loss
May 5, 2006
From
MarketWatch:
Crude-oil futures climbed above $70 per barrel Friday, but were
poised to tally a loss of more than 2% for the week as anxiety
over Iran and other trouble spots fueled concerns about global
production, but a U.S. government report eased worries about
domestic petroleum supplies.
Crude for June delivery was last up 11 cents at $70.05 a barrel
on the New York Mercantile Exchange. It traded between a high of
$70.55 and a low of $69.70.
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U.S.
stock futures jump after April jobs number
May 5, 2006
From
Reuters:
U.S. stock index futures jumped on Friday after a
weaker-than-expected payrolls report calmed worries that the
Federal Reserve would have to raise interest rates further than
previously expected.
The Labor Department said the U.S. economy added 138,000 jobs in
April, compared with a forecast of 200,000.
Source
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ABN Amro Futures to collaborate with Trading Technologies
May 4, 2006
From
Computer Business Review Online:
The
advisory and brokerage services company ABN Amro Futures has
signed a global licensing contract with trading software
developers, Trading Technologies. Terms were not disclosed.
Headquartered in Chicago, TT claims to provide futures trading
systems that net as much as half of all electronic volume at the
four main daily future exchanges. They have signed several
licensing deals with various providers over recent years.
Source
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Funds of hedge
funds eyeing stocks
March 14, 2006
From
The Daily Times:
Funds of hedge funds
expect to make solid profits over the next two quarters, with
Japanese and US stocks seen as particularly good investments, a
Reuters poll shows.
The Reuters survey of 10 funds of hedge funds, which together
manage some $74 billion, forecast average returns in the next
three to six months.
Funds of hedge funds spread their money between hedge fund
strategies to diversify their portfolios and minimise risk.
Funds were slightly more optimistic about expected returns
across a range of strategies compared with the last quarterly
poll in December.
The survey showed funds allocating the biggest part of their
money an average of 36.5 percent in the second quarter of 2006
to the long/short strategy, which buys stocks seen as cheap and
short sells those that are expensive.
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See also:
Managed Futures Related
Books,
Managed Futures Related Scholarly Papers,
or
Managed Futures Home Page. |
|
| HEDGE FUND RISK AND OTHER
DISCLOSURES |
Hedge funds, including fund of funds (“Hedge
Funds”), are unregistered private investment partnerships, funds or
pools that may invest and trade in many different markets,
strategies and instruments (including securities, non-securities and
derivatives) and are NOT subject to the same regulatory requirements
as mutual funds, including mutual fund requirements to provide
certain periodic and standardized pricing and valuation information
to investors. There are substantial risks in investing in Hedge
Funds. Persons interested in investing in Hedge Funds should
carefully note the following:
- Hedge Funds represent speculative investments and involve a
high degree of risk. An investor could lose all or a substantial
portion of his/her investment. Investors must have the financial
ability, sophistication/experience and willingness to bear the
risks of an investment in a Hedge Fund.
- An investment in a Hedge Fund should be discretionary capital
set aside strictly for speculative purposes.
- An investment in a Hedge Fund is not suitable or desirable for
all investors. Only qualified eligible investors may invest in
Hedge Funds.
- Hedge Fund offering documents are not reviewed or approved by
federal or state regulators
- Hedge Funds may be leveraged (including highly leveraged) and
a Hedge Fund’s performance may be volatile
- An investment in a Hedge Fund may be illiquid and there may be
significant restrictions on transferring interests in a Hedge
Fund. There is no secondary market for an investor’s investment in
a Hedge Fund and none is expected to develop.
- A Hedge Fund may have little or no operating history or
performance and may use hypothetical or pro forma performance
which may not reflect actual trading done by the manager or
advisor and should be reviewed carefully. Investors should not
place undue reliance on hypothetical or pro forma performance.
- A Hedge Fund’s manager or advisor has total trading authority
over the Hedge Fund.
- A Hedge Fund may use a single advisor or employ a single
strategy, which could mean a lack of diversification and higher
risk.
- A Hedge Fund (for example, a fund of funds) and its managers
or advisors may rely on the trading expertise and experience of
third-party managers or advisors, the identity of which may not be
disclosed to investors
- A Hedge Fund may involve a complex tax structure, which should
be reviewed carefully.
- A Hedge Fund may involve structures or strategies that may
cause delays in important tax information being sent to investors.
- A Hedge Fund may provide no transparency regarding its
underlying investments (including sub-funds in a fund of funds
structure) to investors. If this is the case, there will be no way
for an investor to monitor the specific investments made by the
Hedge Fund or, in a fund of funds structure, to know whether the
sub-fund investments are consistent with the Hedge Fund’s
investment strategy or risk levels.
- A Hedge Fund may execute a substantial portion of trades on
foreign exchanges or over-the-counter markets, which could mean
higher risk.
- A Hedge Fund’s fees and expenses-which may be substantial
regardless of any positive return- will offset the Hedge Fund’s
trading profits. In a fund of funds or similar structure, fees are
generally charged at the fund as well as the sub-fund levels;
therefore fees charged investors will be higher that those charged
if the investor invested directly in the sub-fund(s).
- Hedge Funds are not required to provide periodic pricing or
valuation information to investors.
- Hedge Funds and their managers/advisors may be subject to
various conflicts of interest.
The above general
summary is not a complete list of the risks and other important
disclosures involved in investing in Hedge Funds and, with respect
to any particular Hedge Fund, is subject to the more complete and
specific disclosures contained in such Hedge Fund’s respective
offering documents. Before making any investment, an investor should
thoroughly review a Hedge Fund’s offering documents with the
investor’s financial, legal and tax advisor to determine whether an
investment in the Hedge Fund is suitable for the investor in light
of the investor’s investment objectives, financial circumstances and
tax situation.
All performance information is believed
to be net of applicable fees unless otherwise specifically noted. No
representation is made that any fund will or is likely to achieve
its objectives or that any investor will or is likely to achieve
results comparable to those shown or will make any profit at all or
will be able to avoid incurring substantial losses. Past performance
is not necessarily indicative, and is no guarantee, of future
results.
The information on the Site is intended for
informational, educational and research purposes only. Nothing on
this Site is intended to be, nor should it be construed or used as,
financial, legal, tax or investment advice, be an opinion of the
appropriateness or suitability of an investment, or intended to be
an offer, or the solicitation of any offer, to buy or sell any
security or an endorsement or inducement to invest with any fund or
fund manager. No such offer or solicitation may be made prior to the
delivery of appropriate offering documents to qualified investors.
Before making any investment, you should thoroughly review the
particular fund’s confidential offering documents with your
financial, legal and tax advisor and conduct such due diligence as
you (and they) deem appropriate. We do not provide investment advice
and no information or material on the Site is to be relied upon for
the purpose of making investment or other decisions. Accordingly, we
assume no responsibility or liability for a ny investment decisions
or advice, treatment, or services rendered by any investor or any
person or entity mentioned, featured on or linked to the Site.
The information on this Site is as of the date(s) indicated,
is not a complete description of any fund, and is subject to the
more complete disclosures and terms and conditions contained in a
particular fund's offering documents, which may be obtained directly
from the fund. Certain of the information, including investment
returns, valuations, fund targets and strategies, has been supplied
by the funds or their agents, and other third parties, and although
believed to be reliable, has not been independently verified and its
completeness and accuracy cannot be guaranteed. No warranty, express
or implied, representation or guarantee is made as to the accuracy,
validity, timeliness, completeness or suitability of this
information.
Any indices and other financial benchmarks
shown are provided for illustrative purposes only, are unmanaged,
reflect reinvestment of income and dividends and do not reflect the
impact of advisory fees. Investors cannot invest directly in an
index. Comparisons to indexes have limitations because indexes have
volatility and other material characteristics that may differ from a
particular hedge fund. For example, a hedge fund may typically hold
substantially fewer securities than are contained in an index.
Indices also may contain securities or types of securities that are
not comparable to those traded by a hedge fund. Therefore, a hedge
fund’s performance may differ substantially from the performance of
an index. Because of these differences, indexes should not be relied
upon as an accurate measure of comparison.
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