BNP Paribus Boosts Hedge Fund Service Team

BNP Paribas has created a multi-asset, hedge fund client service team. The team will be a single point of entry for Hedge Funds for all inquiry, will leverage the bank's capabilities and will focus on operational efficiencies.

The team will be headed globally by John Polivko, based in New York and reporting locally to Jean-Patrick Kaiser, Deputy Chief Operating Officer, and globally to Bernard Gavgani, Equity and Commodity derivatives COO and François Freyeisen, Fixed Income COO.

John recently joined the firm from Merrill Lynch where he was in charge of the client service organization for Prime Brokerage and more recently worked in financing sales. Prior to Merrill Lynch, John spent 7 years as a Managing Director at Bears Stearns in Prime Brokerage.

In addition, we are pleased to announce the appointments of regional managers who will report directly to John Polivko.
Victoria Baker has been named regional head of the Americas and will also be based in New York. Victoria has been with BNP Paribas for ten years and was most recently responsible for Fixed Income client services.

Neil Spice has been appointed regional head of EMEA, based in London. Neil formerly managed the Fixed Income client service team at BNP Paribas in London. Prior to joining BNP Paribas, Neil spent 3 years at BONY and his previous experience includes: Deutsche Bank, Merita Bank and Prudential Bache Forex.

Jacqueline Man becomes regional head of hedge fund client service based in Hong Kong. Jackie was formerly responsible for client services in Asia for SCOPE (Secondary Client Offering Post-Trade, EQD) for BNP Paribas. Jacqueline joined the firm 4 years ago. Prior to BNP Paribas, she spent 7 years at Merrill Lynch in Asia.

PerTrac Financial Solutions today announced the addition of John Ferguson, Chief Operating Officer of fund of hedge funds manager K2 Advisors, to the PerTrac advisory board. Mr. Ferguson will serve for two years on the board, advising PerTrac on product development and overall strategic direction. PerTrac offers a suite of software solutions for investment professionals, including the PerTrac Analytical Platform, the world’s leading desktop application for investment analysis

Tradar to Thomson Reuters Connectivity

Tradar, a software provider to the hedge fund industry, today announced it has created an interface to link its portfolio management and accounting platform to Thomson Reuters’ reference and historical pricing systems. This move follows increased demand for Thomson Reuters’ data from Tradar’s hedge fund customer base. Using the newly created interface, Tradar customers will be able to utilise Reuters Datascope Realtime pricing data via Tradar Insight’s live P&L Monitoring.

LatentZero

LatentZero from Fidessa is used asset management firms through to smaller specialist managers and hedge funds, and provides comprehensive portfolio analysis, real-time P&L, what-if analysis, investment compliance, order and execution management, and post trade processing tools, across all asset classes, to all tiers of the buy-side.

Carne Global Launches Alternative Investments

Carne Global Financial Services Group (“Carne Global”) – the leading independent advisor to the European hedge fund and traditional fund management industries – today announces the opening of its Alternative Investment and Wealth Management Technology and Operational Consultancy divisions in London and the recruitment of senior industry figures Sunil Chadda and Phil Kitto to lead them respectively.

These divisions add technology capabilities to Carne Global’s existing operational services. The divisions will capitalise on Carne Global’s long established presence within the fund management industry, and build on its strong track record in providing tailored solutions, services and products for alternative asset managers and service providers.

Sunil Chadda joins Carne Global as Head of Alternative Investments where his focus will primarily be on developing and driving the firm’s alternative investment technology and operational offerings to alternatives players such as hedge funds, fund of hedge funds, fund administrators, prime brokers, and private equity managers.

Sunil joins from Citisoft, a London-based financial systems consultancy, where he held the position of Head of the Hedge Funds and Derivatives Practice for the last three years. Prior to Citisoft, Mr Chadda had a 15 year career with Schroder Investment Management, where he led the Fixed Income Fund Management Desk IT team. Mr Chadda has in-depth knowledge of financial markets, the software landscape, systems evaluation and implementation and operational procedures and controls, having worked in UK financial services for nearly 22 years.

Phil Kitto joins Carne Global from Citisoft, a London-based financial systems consultancy, to lead the new Global Wealth Management and Private Client division. His focus will primarily be on the development of the firm’s capabilities with regard to technology and operational offerings of wealth managers and private banks, outsource providers and software vendors.

Mr Kitto has in-depth understanding of financial markets, the software landscape, systems evaluation, platform implementation and operational procedures and controls accumulated with UBS, Baring Asset Management and MAM over a career in financial services of nearly 22 years.

Mr Chadda and Mr Kitto join Aymeric Lechartier, who was appointed by Carne Global earlier this year as Head of Business Development in London, formerly of Merrill Lynch.

The creation of the Alternative Investment and Wealth Management Technology and Operational Consultancy divisions marks another major milestone in the rapid growth of Carne Global, which now advises over 100 clients with assets under supervision of over US$200 billion, and has a staff of over 40 based in Dublin, London and Luxembourg.

Carne Global offers expertise in fund establishment, directorship programmes and comprehensive services to support managers in the operations and compliance of their products, which will be in greater demand as changes in regulation and national tax laws take effect.

John Donohoe, CEO of Carne Global, commented: “The entire fund management industry - both traditional and alternative - is experiencing high demand for expertise in risk management and technology, particularly with the convergence of those industries with wealth management. We are fortunate to be able to meet this demand with the addition of such highly respected industry figures as Phil Kitto and Sunil Chadda.”

Trading Glossary

ABCDS
A credit default swap based on an Asset-Backed Security itself based on relatively risky home equity loans (U.S.) In effect a type of insurance against default on the underlying ABS.

ABCP
Taiwan: Asset-Backed Commercial Paper

AICPA
American Institute of Certified Public Accountants

Alpha
Hedge Funds: the incremental return above the market that a manager generates.

American-Style Option
Option contract which can be excercised at any time between the purchase date and the expiration date. Most commonly exchange-traded option in the U.S.

Arbitrage
Simultaneous sale and purchase of identical or equivalent financial instruments or commodity futures to benefit from a discrepancy in their prices.

Assignment
Receipt of an exercise notice by an option writer (seller) that obligates him to sell (in the case of a call) or purchase (in the case of a put) the underlying security at the specified strike price.

At-the-money
Occurs if the strike price of the option is equal to the market price of underlying security.

Back-months
Futures or options on futures months being traded that are furthest from expiration.

BaFin
Germany: financial regulator

Bank Of England
UK Central Bank

Bear
Person who believes prices will move lower

Bear Market
Market in which prices are moving lower.

Beta
Hedge Funds: market exposure

Bid
Price that market participants are willing to pay.

Bull
Person who believes prices will move higher

Bull Market
Market in which prices are moving higher.

Buy on Close
Buy at the end of a trading session at a price within the closing range.

Buy on Opening
Buy at the beginning of a trading session at a price within the opening range.

Call
An option contract giving the holder the right to buy the underlying security at a specified price for a certain, fixed period of time.

Capped-Style Option
Option with an established profit cap. The cap price is equal to the option's strike price plus a cap interval for a call option or the strike price minus a cap interval for a put option. Exercised automatically when the underlying security closes above or below the cap price, depending on whether it is a call or a put.

CEO
Chief Executive Officer

CFO
Chief Financial Officer

CII
Council of Institutional Investors

CIO
Chief Investment Officer

Close
End of trading session period. Also called the Closing Range. The official close is designated as the high and low prices or bids and offers recorded during the period.

Closing Purchase
Transaction entered into to reduce or eliminate a short position in a given series of options.

Commission
One off fee brokerage fee to a customer when a futures or options on futures position is liquidated either by offset or delivery.

Contract
1) Unit of trading for a financial or commodity future.

2) Bilateral agreement between buyer and seller (parties) of a futures or options on futures transaction. Defined by the exchange.

Contract Month
The month in which futures contracts may be satisfied by making or accepting delivery.

Covered Call Option Writing
Trading strategy involving simultaneously selling call options and owning an equivalent position in the underlying security. The reverse is to sells a put option and shorting the underlying security.

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.

Dow Joines Industrial Average
US Index made up of 30 picked stocks. Weighted by share price

EAI
Enhanced Analytics Initiative

ECB
European Central Bank

EPS
Earnings Per Share

Equity Options
Options on shares of an individual common stock.

ERFRAG
European Financial Reporting Advisory Group

ERM
Enterprise Risk Management

ETF
Exchange-Traded Fund

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

FASB
Financial Accounting Standards Board

Financial Accounting Standards Advisory Council
Overseer of the Financial Accounting Standards Board.

Financial Reporting
Defined by the COSO Framework as:-

The preparation of reliable published financial statements, including interim and condensed financial statements and selected financial data derived from such statements, such as earnings releases, reported publicly.

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.

3

GAAP
Generally Accepted Accounting Principles.

Hedge
Strategy to limit investment loss by effecting a transaction which offsets an existing position.

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.

Initial Performance Bond
Also known as "Initial Margin". Funds required when a futures position is opened.

Integrity and Ethics
Reside under the Control Environment. The senior management need to set the tone for the company. Whilst they might be considered "soft" and "intangible" concepts, they affect the design, administration and monitoring of other internal controls. According to COSO, the actions of management is more important than having them written down.

Negative examples of integrity and ethics are the infamous Enron and WorldCom scandals.

A positive example is BP which sets a high bar for ethical behaviour by employees. To back this policy up they make mention of it and its effectiveness in financial reports.

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

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.

MD&A
Management's Disclosure and Analysis

Mezzanine
When applied to finance refers to moderate risk or mid level.

Minimum Price Fluctuation
Smallest increment of price movement possible in trading a given contract. It is also referred to as "lead month".

NASPP
National Association of Stock Plan Professionals

Nearby
Nearest active trading month of a futures or options on futures contract.

NYSE
New York Stock Exchange

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.

Open Interest
Total number of futures or options on futures contracts that have not yet been offset or fulfilled by delivery. An indicator of the depth or liquidity of a market (the ability to buy or sell at or near a given price) and of the use of a market for risk and/or asset management.

Private Equity Intelligence
Research group specialising in the private equity arena.

Public Company Accounting Oversight Board
Organization set up under Sarbanes-Oxley Act 2002 to regulate auditing of public companies and auditors.

Regulation FD
Regulation Fair Disclosure

Rule enforced by the SEC requiring U.S. to make available to the public that they make to securities analysts. If the disclosure is intentional the release has to be simultaneous. Unintentional disclosure has to be made available to the public within 24 hours.

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.

Rule 13a-15 (e)
SEC rule which defines Disclosure Controls and Procedures.

Rule 13a-15 (f)
SEC rule which defines Internal Control over Financial Reporting

SCSE
Society of Corporate Compliance and Ethics

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.

TOCOM
Tokyo Commodity Exchange

TS2
System proprosed by the ECB for a single securities settlements across the Eurozone.

TSE
Tokyo Stock Exchange

Bank Of New York Mellon Awards

The Bank of New York Mellon has received first-place rankings in all major categories in Global Investor magazine's 2008 Foreign Exchange Survey, including Best FX Service Overall. Survey respondents represent a broad sampling of global asset managers and hedge funds. Results of this year's survey appear in the March issue of Global Investor.


The Bank of New York Mellon received an unprecedented 24 first-place rankings in this year's survey across all principal areas of FX service, including best FX service overall for real money and hedge fund investors; best research and trading in developed, Asia-Pacific and emerging markets; best FX strategy solutions; best sales coverage; best risk management; and best portfolio management technology.

"When we introduced ourselves as a new company last year, we asked the question, 'Who's helping you?'," said Jorge Rodriguez, managing director and head of global foreign exchange sales for The Bank of New York Mellon. "As this year's survey results indicate, we're redefining the notion of helping our clients. By successfully executing our integration plan, we're moving our business to entirely new levels of capability and performance."

Examples of FX product and service innovations introduced since the debut of The Bank of New York Mellon's Global Markets division last year include the daily distribution of currency research focused on new geographies, the development of a proprietary on-line hedging platform, and a significant expansion of trading activities involving frontier market currencies.

The Global Markets division encompasses The Bank of New York Mellon's foreign exchange, interest-rate and equity risk management businesses. Maintaining nine sales and trading desk locations around the world and active in more than 100 currency markets, Global Markets is a major presence in world financial centers and provides a full array of trading, research and e- commerce products to institutional fund managers, corporations and government entities throughout the world. Additional information is available at www.bnymellon.com/globalmarkets.

Halcyon Asset Management

Founded in 1981, Halcyon is a leading global multi-strategy investment firm, managing over $11 billion in assets for a diverse group of investors including leading public and private pension funds, endowments, foundations, financial institutions, insurance companies, funds of hedge funds and high net worth individuals. Halcyon is headquartered in New York, with offices in London and Los Angeles. Halcyon is registered with the SEC and the U.K. Financial Services Authority and has clients in the United States, Canada, Latin America, the United Kingdom, Continental Europe, the Middle East, Asia ex-Japan, Japan and Australia. For more information on Halcyon see www.halcyonllc.com.