LiquidPoint

LiquidPoint, based in Chicago and a member of BNY ConvergEx Group, is an agency-based registered broker-dealer that specializes in derivatives execution management technology and brokerage services for listed options and equities. LiquidPoint provides a total solution for today's dynamic and diverse trading requirements, combining sophisticated trading tools with its commitment to superior order execution services and focused customer support.

Radar Logic Signs With Barclays Capital

Radar Logic Incorporated (www.radarlogic.com) announced today that it has signed a license agreement with Barclays Capital, its seventh licensing agreement with Wall Street firms. These agreements enable the initiation of trading in derivative instruments and financial products based on Radar Logic's Residential Property Index™, or RPX™. The RPX enables users to trade residential property prices in 25 MSAs nationwide in addition to a composite index based on those 25 cities.

"We are very pleased to have Barclays Capital join our existing dealer group as interest and activity in RPX as an asset class continues to grow globally," said Michael Feder, CEO of Radar Logic. "Barclays Capital is an outstanding institution and we welcome them to this exciting product."

Radar Logic uses innovative, proprietary modeling techniques to create Daily Prices derived from the actual prices paid for U.S. residential real estate. Investment and derivative opportunities based on these prices, in the RPX, are expected to surpass $2 billion in volume traded by the end of the year.

NumeriX and NxR2 Try Valuing Credit Instruments

NumeriX and R2 Financial Technologies, today announced the availability of NxR2, the first solution of its kind designed to enable easier and more accurate pricing and valuation of the complete spectrum of cash and synthetic credit instruments. The application provides consistent valuation and risk analytics for credit products, which incorporate detailed information at the collateral level for credit derivatives and structured finance transactions.

In 2008, NumeriX and R2 made a conscious decision to combine their expertise in pricing analytics and risk management to develop the tools necessary to find transparency in an opaque market. As the credit markets continue to be mired in uncertainty, it is only through technological innovation that can connect best-of-breed data sources with advanced analytics that market participants will achieve the level of granularity and transparency needed to make more informed decisions about new investments and existing credit portfolios.

“The credit crisis has highlighted the need for transparency on the contents and structure of these complex securities, as well as for effective valuation and risk methodologies”, said Dr. Dan Rosen, CEO at R2. “Our vision is to provide packaged advanced analytics with detailed credit data, scenario capabilities, productivity and reporting tools, in order to perform reliable valuations, and understand the key underlying risks and concentrations in structured credit portfolios and strategies. This will allow business users to make better investment decisions and discriminate between securities, as well as manage their risk, and satisfy regulatory requirements.”

NxR2 is a Windows-based application allowing investors to gain a greater understanding of their portfolios. NxR2 provides full connectivity to the world-class data providers specializing in the credit markets: Bloomberg, Markit and Intex. By integrating Bloomberg and Markit’s pricing data alongside Intex’s deal libraries and cash-flow generation functionality, NumeriX has developed the most comprehensive and transparent valuation and risk analytic solution. In addition, its open interface and design allow the effective integration of other generic cash-flow libraries and credit data.

Capabilities and features of NxR2 include:

• Advanced pricing and risk analytics, including the detailed, integrated valuation of Cash and Synthetic CDOs and scenario generation, with the ability to set assumptions at the desired level of granularity.

• Immediate access to trade-ready information with complete instrument coverage including ABSs/RMBS/CMBS, cash CDOs (CLO, CBO, ABS CDO), synthetic CDOs and CDS Indices, bespoke CDOs, as well as single-name credit products, including CDSs, loans and bonds.

• Real-time pricing, cash-flow and exposure reports, as well as sensitivity analytics, enabling transparent and informed investment decisions.

• An effective work-flow and productivity tool to price and profile investment strategies, giving the buy-side comprehensive data management.

• Advanced pricing analytics powered by NumeriX 7.

“We recognized the lack of readily-available tools for traders to accurately price structured credit products,” said Steven R. O’Hanlon, President and Chief Operating Officer at NumeriX. “NxR2 brings greater understanding of the market for credit derivative products and structured finance by providing the tools to credit investors and dealers to more effectively manage the risk exposure of these products.”

CME Group and Citadel Claim First Central Counterparty Clearing Facility

CME Group and Citadel Investment Group, L.L.C., a leading alternative investment and technology firm, today announced they have executed a non-binding term sheet to launch a joint venture company within 30 days, which will be the first electronic trading platform that is fully integrated with a central counterparty clearing facility for Credit Default Swaps (CDS). CME Clearing, the world's largest derivatives clearing house, will be the central counterparty for this solution.

The joint venture will operate as an independent organization with its own board of directors and management team. CME Group and Citadel have invited major CDS market participants to join as Founding Members by allocating up to 30 percent of the equity in the venture, and by offering certain market maker privileges to such Founding Members. The equity and market maker incentives are designed to encourage participants to both migrate existing positions and to trade new CDS contracts on the platform.

As a fully integrated trading and clearing solution, the joint venture will provide the following benefits to market participants:

-- Enhanced liquidity through standardized contracts with fixed coupons for all the leading CDS indices and their underlying single-name components, with OTC market conventions, including credit event procedures;

-- CME Group's well-established clearing, settlement and risk management capabilities with Citadel's state-of-the-art technology for price discovery, matching engine, and risk management analytics;

-- Facilities to convert existing bilateral trades to standardized contracts and straight through processing into CME Clearing, reducing bilateral credit risks, outstanding notional balances and capital requirements while providing more flexibility for trading in and out of existing positions; and,

-- The joint venture has entered into preliminary licensing discussions with Markit, a leading financial information services company that owns the most widely traded CDS indices and Markit RED, the industry-standard CDS identifiers.
In today's environment, effective risk management is more important than ever as investors seek transparent, secure and liquid market alternatives, particularly for credit default swaps," said CME Group Executive Chairman Terry Duffy. "Combining Citadel's leading CDS technology with the renowned safety and soundness of CME Clearing, this joint venture is a best-of-both-worlds solution that will reduce much of the systematic risk inherent in the current CDS market structure."

"It is imperative to bring stability and transparency to the CDS market," said Ken Griffin, Founder and CEO of Citadel Investment Group. "This venture is a comprehensive, state-of-the-art solution that addresses today's immediate concerns and provides tremendous opportunity for market users into the future."

"Recent market events highlight the urgent need to reduce counterparty credit risks in the CDS market as well as the other over-the-counter markets. Our innovative new partnership with Citadel, and our invitation to leading market participants to join this first-ever integrated solution, is a key turning point in improving the functioning of these important markets," said Craig Donohue, Chief Executive Officer of CME Group. "This platform provides an important opportunity for market participants to demonstrate to customers and regulators alike how these markets can be better organized to meet legitimate hedging and trading needs while reducing operational and credit risks that have grown unchecked in the OTC market."

The Clearing Corporation

The Clearing Corporation provides clearing services for global exchange and over-the-counter (OTC) traded derivatives. As an independent derivatives clearinghouse, The Clearing Corporation is in a unique position to provide innovative and customer-focused OTC and exchange-traded derivatives clearing services. The Clearing Corporation is a stockholder-owned, Delaware corporation, now in its 83rd year of business and serves numerous clients in a variety of markets. Additional information on The Clearing Corporation is available at www.clearingcorp.com.

Societe Generale Structured Products Website

Societe Generale Corporate & Investment Banking has launched a new Structured Investment Products website dedicated to U.S. markets.

The website's address is: www.sg-structuredproducts.com

With a focus on education, this website has been created to serve as a reference center providing illustrative information about structured investment products and as a source of information for both distributors, institutional and qualified individual investors who wish to remain informed of new developments in this rapidly evolving area of investing.
Site highlights include dynamic payoff illustrations, secondary market metrics, and dedicated New Issue pages to highlight current products and underlying innovations.

IDX Comment on Derivative Reform

IDX Capital, an interdealer broker of credit default swaps, issued the following statement on the current debate to institute certain reforms to the credit default swap (CDS) market.

Jamie Cawley, CEO of IDX Capital, stated, "IDX stands ready to fully embrace any market led effort that would result in greater liquidity, enhanced stability and increased trading transparency in the credit derivative marketplace. To achieve this goal, IDX supports live screens, centralized clearing and thoroughly crafted regulatory policies.

Live screens and real-time pricing would bring immediate benefits to the New York CDS marketplace. They deliver unparalleled transparency as prices and trades can be disseminated instantly and equally to all market participants. In addition, they ensure client confidentiality, fair dealing and optimal execution as 'one size fits all.'

By eradicating trade 'double entry,' live screens also streamline and automate the settlement of trades, an issue that has until recently plagued our market and hampered its evolution."

In a Greenwich Associates study conducted in August, over 75% of institutional respondents agreed that the counterparty risk issue in the credit default swap market is the single largest threat to the stability of global financial markets. Recent events and the current financial crisis would certainly support this belief.

In response, IDX Capital stands ready to embrace and work with any inclusive and properly capitalized CDS central clearing initiative that mitigates counterparty risk and better facilitates market liquidity.

Mr. Cawley concluded, "Our market must accept regulation. Well thought out and mitered regulation can only further legitimize our market, ensure fair dealing and help us to deliver greater transparency. IDX Capital stands ready to proactively work with regulatory entities in this country and others, trade associations, and market participants to ensure that any such regulatory proposal both properly balances the market need with the public good."

IDX Capital

IDX Capital, LLC is an inter dealer broker of credit default swaps matching wholesale market buyers and seller for a fee. IDX Capital has been a long time market pioneer of electronic trading initiatives in credit default swap space.

GL Trade Launches Web Deriviatives Trading TOOL

GL TRADE, has launched GL Tr@der, a web-based derivatives trading workstation.

GL Tr@der is intended for trading desks at brokerage houses and their clients. Because the workstation is a 'thin client' and requires no software installation at the user’s PC, IT implementation and support costs can be kept very low, especially for distributed populations such as the clients of an international broker. GL TRADE can host web servers and gateways to further simplify management of the technology.

GL Tr@der is based on the architecture and features of the existing thin-client option of OBMS (GL TRADE’s specialist order management system for derivatives trading). The new product is thus built on a proven technology base, with several years of field experience and over 1,500 installed stations. It runs in a web browser, using Java applets downloaded at login.

The main client benefits of this product consist in providing a full-function professional workstation that is also very easy to set up and use, and which enables access to over 50 global derivatives markets via GL TRADE’s unrivalled range of exchange gateways.

With this new product, GL TRADE aims in particular to facilitate for brokers the roll-out of trading solutions to their clients. A broker can get new clients trading with him within minutes at a GL Tr@der screen. This should help to expand further the use of electronic client-to-broker trading: the benefits of this mode of working relative to telephone trading are clear, in terms of speed, efficiency and avoidance of errors in transcription.

Michael Hughes, Front Office Derivatives Product Manager at GL TRADE, said: “This solution delivers real cost-effectiveness for large-scale deployments: it is easy to distribute, operate and support. The workstation will be especially valuable for current GL TRADE clients, as it can use the same gateways to exchanges and other central infrastructure that they have installed already.”

Babson Capital Management

Babson Capital Management LLC and its subsidiaries manage more than $110 billion as of June 30, 2008 for sophisticated investors in the U.S. and abroad. The firm offers a wide range of absolute return, co-investing, financing and customized mandates utilizing equity, fixed-income and derivative instruments. Based in Boston and Springfield, Mass., and Charlotte, N.C., the firm has six additional offices in the U.S. with subsidiaries in London and Tokyo. Babson Capital is a member of the MassMutual Financial Group and is on the web at www.BabsonCapital.com.

US Banks Failing on Identity Fraud Prevention

While highly sophisticated algorithmic trading has taken off in the rest of Asia, Singapore’s banks and financial institutions have been slow to adopt the technology when compared to their counterparts in Japan and Hong Kong.

Progress Software Corporation (NASDAQ: PRGS), a provider of application infrastructure software to develop, deploy, integrate and manage business applications, made this observation today at a world congress on derivatives, attended by more than a thousand arbitrage traders, brokers and proprietary houses.

Speaking at the Derivatives World Asia Congress, Mr Richard Bentley, Progress Software’s Vice President of Field Technical Services for the Apama division, said “A recent move by the Stock Exchange of Singapore to put a platform for high-speed trading in place will provide the catalyst for the adoption of algorithmic trading in Singapore. In addition, as more and more international players adopt the technology, the benefits will be very apparent.”

“We therefore expect regional and local financial institutions to jump on the bandwagon quickly in order to continue competing effectively,” he added referring to the company’s unique Apama application.

Algorithmic trading relies on computers to analyze and come to conclusions about market-based data, or news, and react by executing trades in milliseconds, before humans have even scanned the headlines.

One of the biggest barriers to uptake in Asia is the lack of localized algorithms, due mainly to the absence of local resources to undertake the complex development modelling, including assessment of the sentiment of news reports, price, volume and liquidity and the likely affects on those local markets.

However, banks and institutions in Japan and Hong Kong have already begun to develop their own localised algorithms, often bringing in foreign talent to enable them to trade in sub-millisecond timeframes and deploy new trading scenarios to better meet the increasingly sophisticated demands of their clients. Korea has also begun to invest in development.

“Algorithmic trading is in its infancy here, with the maturity of the concept varying among financial institutions,” said Mr Bentley.

“Local domestic players are less advanced than regional and international players. However this is set to change with the changing competitive landscape and the introduction of incentives by the SGX designed to attract algorithmic traders to Singapore,” he added.

As the SGX strengthens its position as an Asian gateway, the local trading exchange landscape is changing. On 7 July 2008, the exchange moved its securities market to a new, enhanced trading system to attract algorithmic and high-velocity traders.

Currently, according to SGX data, algorithms account for about 12 per cent of value traded in equities on SGX and 18 per cent in derivatives. Mr Bentley expects these values to rise significantly in the near term.

RTS Realtime System Connectivity to FEX

RTS Realtime Systems Group, has committed to provide connectivity to the Financial & Energy Exchange (FEX).

The Financial & Energy Exchange (FEX) is building a world class exchange platform, focused on developing a suite of services for the Asian derivative markets. The benchmark FEX products will include traditional Asian energy products such as crude oil and thermal coal.

The offering will also extend to emerging energy and environmental products to help service existing and new liquidity pools. The FEX exchange traded futures market will utilise OMX technology, the premium matching engine technology supplier to world exchanges. The Clearing Corporation of Chicago, the world's largest independent clearing house, will provide clearing services.

Henk Huitema, Managing Director, Asia Pacific for RTS, said: "RTS is pleased to provide access to a new trading venue. Our ongoing connectivity enhancements offer our customers the ability to continually tap into new trading opportunities throughout the world as they develop.”

Tom Price, Executive Director, FEX, said: “Our decision to partner with RTS was an logical one given RTS’s global connectivity. RTS meets FEX’s stringent infrastructure support requirements in a professional and responsive manner. We look forward to a valuable partnership.”

RTS offers access through its Realtime Trading Desktop (RTD) portfolio, including its RTD-API’s, the RTD front-end trading system, and RTD Tango, its high performance automated algorithmic trading solution.

Additionally, RTS will be providing direct market access to the new marketplace in its data centre and hosting facilities across the world.

ICE Announces Results Date

IntercontinentalExchange (NYSE: ICE) , an operator of regulated global derivatives exchanges and over-the-counter (OTC) markets, will announce third quarter 2008 financial results on Thursday, October 30, 2008. An earnings press release will be issued prior to the earnings conference call, which will begin at 8:30 a.m. ET.

A live audio webcast of the earnings call will be available on the company's website at www.theice.com under About ICE/Investors & Media. Participants may also listen via telephone by dialing (877) 795-3646 if calling from the United States, or (719) 325-4774 if dialing from outside of the United States. For participants on the telephone, please place your call ten minutes prior to the start of the call.

The webcast will be archived on the company's website for replay. A telephone replay of the earnings call will also be available at (888) 203-1112 for callers within the United States and at (719) 457-0820 for callers outside of the United States. The passcode for the replay is 5433981.

Radar Logic Sees RPX Property Derivatives Surge

Radar Logic announced today that volumes in RPX property derivatives had surged in response to the Treasury Department's announcement of its plans for the two GSEs. As a result, Radar Logic now predicts that volume in its first year of trading could exceed $2 billion, which the company believes makes RPX the fastest growing property derivative market segment.
Radar Logic President and CEO Michael Feder said, "Volume this morning surged in immediate response to the Government's policy announcement regarding Fannie Mae and Freddie Mac. Clearly investors have begun trading RPX as a way to effect strategies regarding the housing market in light of economic and policy actions. We believe RPX has begun to trade as an independent asset class with strong two-way flow and increasing liquidity."

The Company does not release specific trading information, but did indicate that the interest was from a broad range of end-users and seemed to be well balanced between optimists and pessimists. "This is a new market and it has taken some time for investors to become comfortable with liquidity and response," said Feder. "Clearly as of now we are seeing that comfort level translate into activity. Further, the forward curve that has developed as a result of the forward market has begun to tighten, suggesting some market expectation about improvement in housing."

GFI Group

GFI Group Inc. (http://www.gfigroup.com/) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments.

IntercontinentalExchange (ICE)

IntercontinentalExchange(R) (NYSE:ICE) operates regulated global futures exchanges and over-the-counter (OTC) markets for agricultural, energy, equity index and currency contracts, as well as credit derivatives. ICE(R) offers these markets to participants around the world through its technology infrastructure and trading platform, together with clearing, market data and risk management services. ICE Futures Europe(TM) is ICE's regulated energy futures exchange. ICE's regulated North American exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), offer markets for agricultural and financial contracts. Creditex, a market leader in trade execution and processing for credit derivatives, is also a wholly-owned subsidiary of ICE. A member of the Russell 1000(R) and S&P 500 indices, ICE is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. www.theice.com

CME Association Relations Director LaRosa

CME Group, the world's largest and most diverse derivatives exchange, today announced that is has hired Chris LaRosa as Director, Association Relations. LaRosa will be responsible for the implementation of CME Group's global association strategy and ensuring that the company's relationships with professional and industry associations are aligned with its corporate initiatives in order to deliver customer value. He will report to Chris Mead, Director, Product Marketing. Prior to joining CME Group, LaRosa, 33, gained more than 10 years of stakeholder relations and public sector experience in consulting and other roles. He most recently served as Principal and Practice Leader with SRA International in Arlington, Virginia, where he led business development initiatives and provided consulting services in the areas of energy and environmental policy, including emerging carbon regulatory programs and markets. He also has worked for the Virginia Department of Housing and Community Development and the Office of Economic Development at James Madison University.

DTCC Enhances Canadian Link

The Depository Trust & Clearing Corporation (DTCC) has enhanced its settlement link with CDS Clearing and Depository Services Inc.(CDS) to offer new corporate action benefits including dividend, redemption and reorganization services.

The Canadian-Link Services, which went into operation in 2005, supports the processing and settlement of transactions in Canadian dollars at The Depository Trust Company (DTC), a DTCC subsidiary. This helps eliminate problems associated with maintaining split inventories in Canadian and U.S. securities and enables customers to concentrate all U.S. and Canadian security positions in their DTC accounts.

“The new services significantly expand the Canadian-Link Services program by offering our customers new processing capabilities for income, redemption and corporate action payments, and it gives them the option of settling in either U.S. or Canadian dollars,” said Patrick Kirby, DTCC managing director for Asset Services. The services were launched in July 2008.

“Many of the banks and broker/dealers participating in Canadian-Link Services requested that we expand our custodial duties to bring further efficiencies to their work processes,” Kirby added. Under the original program, DTC customers could clear and settle Canadian dollars at DTC, but they had to turn to CDS or other custodians for corporate actions.

The expansion enables DTC customers to receive and make payments on all corporate actions events for eligible Canadian issues – approximately 1,000 are now eligible – including tender offers and rights issues in Canadian dollars or a mix of U.S. and Canadian dollars.

For interest and dividend payments, DTC customers also can take advantage of DTC’s Elective Dividend Service (EDS). With EDS, DTC customers will be able to obtain “at-source” tax relief for Canadian issues. At-source relief allows DTC customers to pay the lower tax rate at the time of a dividend payment, rather than a higher or maximum rate, which would require a tax reclaim to recover the over-withheld amount. This allows investors to eliminate the expensive and time-consuming processing associated with cross-border hard-copy tax reclamation.

“In addition to the tax advantages the new settlement system offers, the expanded settlement process that DTC has initiated will make for one-stop shopping for many participants,” said Kirby. “It limits the interfaces and the repositioning they will have to do, streamlining cross-border trading and making clearance and settlement and corporate actions processing more efficient.”

Derivatives D - I

Day Order
Order placed for execution within one trading session. Automatically cancelled if it can not be executed within the day.
Day Trading
Within one day establishing and liquidating the same position or positions. No positions should be established at the days end.
Deferred
Back Months
Delivery
Tender and receipt of an actual commodity or financial instrument, or cash in settlement of a futures contract.
Derivative Security
Financial security whose value is determined in part from an another security's (the underlying security) value and characteristic.
Direct Edge
US-based multilateral trading faciltiy or trading platform.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
ETF
Exchange-Traded Fund
European Multilateral Clearing Facility
Clearing unit set up by Fortis for European alternative trading systems.
European-style Options
Option contracts that can only be exercised during a specified period of time just prior to their expiration.
Exercise Settlement Amount
Difference between the exercise price of the option and the exercise settlement value of the index on the day an exercise notice is tendered , multiplied by the index multiplier.
Expiration Cycle
The dates on which options on an underlying security expire. A given option is assigned to one of three cycles, January, February or March.
Expiration Date
Date on which an option and the right to exercise it, cease to exist.
FASAC
Financial Accounting Standards Advisory Council
FinAnalytica
Vendor of portfolio construction and risk management analytics
Financial Supervisory Commission
Taiwan: financial regulator
Floor Broker
Licensed member of an Exchange, who is paid a fee for executing orders for Clearing Members or their customers.
Floor Trader
Also known as a "local". Exchange member who only trades for his own account.
Futures
All contracts covering purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
Futures Commission Agent
Engages in soliciting or accepting handling orders for the purchase or sale of futures contracts , subject to the rules of a futures exchange and, who, in connection with solicitation or acceptance or orders, accepts any money or securities to margin any resulting trades or contracts. Can be a firm or person.
Grant Date
Stock Options:- "The date at which an employer and an employee reach a mutual understanding of the key terms and conditions of a share-based payment award." Defined in SFAS No 123 (Revised 2004) (123R)
Holder
Purchaser of an option
IFRS
International Financial Reporting Standards
IFRS 3
Accounting standard for "business combinations" or Merger and Acquisitions transactions. First standard written jointly by International Accounting Standards Board and the U.S. Financial Accounting Standards Board.
In-the-money
Occurs if the strike price of a call option is less than the market price of the underlying security. For put options the strike price has to be higher than the market price of the underlying security for it to be in-the money.
Intrinsic Value
Amount by which an option is in-the-money.
ISDA
International Swaps and Derivatives Association
iTraxx Crossover Index
Tracks the cost of insuring the debt of mostly junk-rated European companies.

Derivatives J - S

KKR
Kohlberg Kravis Roberts
LEAPS
Long-Term Equity Anticipation Securities
Limit Order
Order from a customer to a broker specifying a price; only if the if the market reaches or betters the price can the order be executed.
Liquidation
Transaction offsetting or closing out a long or short futures or options position.
Long Hedge
Purchase of a futures contract in anticipation of an actual purchase in the cash market.
Long Position
An investor holds more contracts than he has sold.
LTCM
Long Term Capital Management
Margin Requirement for Options
Amount an uncovered (naked) option writer is required to deposit and maintain to cover a position. Calculated
Market Order
Order for immediate execution given to a broker to buy or sell at the best obtainable price.
Mark-To-Market
Daily adjustment of margin accounts to reflect profit and loss.
Minimum Price Fluctuation
Smallest increment of price movement possible in trading a given contract. It is also referred to as "lead month".
MTF
Multilateral Trading Facility
Nasdaq OMX Europe
Pan Euopean Multilateral Trading Facility (MTF) backed by Nasdaq OMX
Nearby
Nearest active trading month of a futures or options on futures contract.
Offer
Price at which an investor is willing to sell a futures or options contract. Offset buying if one has sold, or selling if one has bought, a futures or options on futures contract.
PEX
Small multilateral trading platform for the Portugese market.
Prime Broker
Institution, usually an investment bank that offering a variety of services to hedge funds or other institutions.
Prime Brokerage
Bundle of services offered by an investment bank to large institutional clients or hedge funds. It is possible for a firm to have more than one prime broker. The firm is not obligated to put all of its business through the prime broker. The variety of services include, but is not limited to execution of trades, settlement, financing and custody.
Private Equity Intelligence
Research group specialising in the private equity arena.
Quantifi
provider of analytics and risk management solutions for the global credit markets.
REITS
Real-Estate Investment Trusts
Repo
The practice of loaning out shares in return for cash.
Risk Assessment
One of five components of internal control according to the COSO Internal Control Framework
Risks faced by the company have to be recognized. Objectives have to be set, integrated into the value-chain. To achieve the objectives, risks have to be identified, analyzed and develop methods to manage them.
SEC
Securities and Exchange Commission.
SOX
Shorthand for Sarbanes-Oxley.
Structured Notes
Derivatives-linked bonds designed to deliver high returns over a fixed period.
Synthetic Collateralised Debt Obligations
Repackaged portfolios of credit derivatives.