ASIFMA calls for bond market reform as China endures turbulence

Nasdaq Dubai initiates Islamic bonds trading platform

Nasdaq Dubai initiates Islamic bonds trading platform

Published on   May 28, 2013


NASDAQ Dubai, the Middle East’s international financial exchange, is preparing to open a platform on which investors can trade Sukuk (Islamic bonds) and conventional bonds.

Trades will be automatically and exclusively routed for settlement at Euroclear Bank. The tradable securities will initially comprise at least 12 Sukuk and bonds that are listed on the exchange, with a nominal value of 10.9 billion dollars.

The platform will be available to institutional and high-net worth investors and will be opened and gradually developed in coming weeks.

Essa Kazim, Chairman of Borse Dubai, the holding company for Dubai’s stock exchanges, said: “The new platform is a natural extension of Dubai’s existing role as a centre for Sukuk and bond issuance and listing. NASDAQ Dubai will offer an efficient trading venue to participants from the region and around the world, providing fresh impetus to the growth of the capital markets in the UAE and the region.”

Tim Howell, Chief Executive Officer of Euroclear, commented: “Euroclear Bank’s proven post-trade infrastructure will complement NASDAQ Dubai’s new platform, helping issuers gain access to the largest and most diverse community of global trading counterparties. Our commitment to Dubai and the Middle East region will be strengthened further by this new relationship with NASDAQ Dubai.”

Hamed Ali, Acting Chief Executive of NASDAQ Dubai, said: “The opening of the platform will be an important step in Dubai’s growth as a global leader in innovation in the Sukuk and bond sectors. We look forward to creating further depth in the fixed income market and will collaborate with investors and other participants to steadily develop and enhance the platform.”

The platform will open with links to leading UAE and international financial services institutions, creating a first class trading and settlement infrastructure.

For the first time, prices of NASDAQ Dubai-listed Sukuk and bonds will be visible to all investors simultaneously on the same screen-based system, through the exchange. This will increase transparency and efficiency in the secondary market as well as promoting liquidity.

Curreently the Sukuk and bonds are tradable through banks offering investors different trading structures and different prices (known as ‘over the counter’ trading).

The NASDAQ Dubai platform will expand investor choice and aims to bring new participants into the market. A number of NASDAQ Dubai Members have already signed up to the new platform in order to offer Sukuk and bond trading to their clients and other Members are preparing to do so.

Northeast Investors Trust selects Linedata back office to boost flexibility and reduce risk

Northeast Investors Trust selects Linedata back office to boost flexibility and reduce risk

Published on   Apr 16, 2013

Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, today announced Northeast Investors Trust as a new client using Linedata Mfact fund accounting software. Northeast Investors Trust will use Linedata Mfact to streamline portfolio and general ledger accounting, reducing operational risk and augmenting the flexibility of its reporting capabilities.

Northeast Investors Trust, established in 1950 and managing a high yield bond mutual fund valued at $665m, made the decision to upgrade their fund accounting software to Linedata’s industry benchmark fund accounting solution, Linedata Mfact, which was selected after a comprehensive review of available systems. The move to Linedata Mfact from a proprietary system will enable the fund to increase automation of its processes, enhancing efficiency and improving service levels while keeping overhead stable. Factors which led to the selection of Linedata’s Back Office solution included the flexibility of Linedata Mfact, which means that it can fit into Northeast Investors Trust’s non-standard workflow; the integrated portfolio and general ledger functionality; and the reporting facility which will greatly assist in the preparation of the Trust’s financial statements. Risk reduction and compliance were also considerations.

“In moving to a market standard solution, we are reducing operational risk – firstly through comprehensive automation and the reduction of human error risk and secondly by selecting Linedata, a solutions and services provider which has a good reputation and solid client base. It’s also important that Linedata Mfact has a built-in audit trail from a compliance perspective,” explains David Randall, Vice President, Northeast Investors Trust.

Once the system is up and running, David sees more possibilities: “I see further advantages in terms of reports we’ll be able to create and run and the wizards will enable us to do a lot of the work ourselves. If we should wish to add any further portfolios to the system it will be relatively easy. Linedata Mfact is a solution which meets our needs now and into the future.”

“We are delighted to welcome Northeast Investors Trust to Linedata’s growing number of back office clients. In selecting Linedata Mfact, they are investing in a highly flexible, intuitive and robust fund accounting and administration solution which will assist them in their quest to better support and to grow their client base through streamlining processes, automation and flexible reporting capabilities,” said Franck Thomas, Head of Back Office Sales. “Now, as multiple regulatory rulings are becoming clearer and investor requirements continue to grow, Linedata is investing across its Back Office product range to develop solutions which deliver value today and can quickly adapt to tomorrow’s environment, supporting our clients as they grow their businesses.”

Linedata Back Office provides a global platform dedicated to asset management fund accounting, administration, transfer agency and reporting solutions and services. With over 200 clients ranging from the world’s largest banks to niche asset management firms, Linedata Back Office delivers long term, global expertise and continuously invests in its range of products to better serve its growing client base, addressing regulatory and business requirements in a timely manner.

Nasdaq OMX agrees eSpeed acquisition

Nasdaq OMX will also issue around 15 million common shares over 15 years, increasing the total potential value of the deal up to $1.23 billion. The transaction is expected to be accretive to earnings within the first twelve months after closing, excluding deal-related costs.

via Pocket April 02, 2013 at 11:28AM

SoftSolutions XTAuctions enhances Spanish Government Bond Auctions speed with Banco de España

SoftSolutions further enhances speed of Spanish Government Bond Auctions. Banco de España has recently decided to introduce an additional Auctions technical message, identified as DPENOT.

via Pocket February 26, 2013 at 07:01PM

Citi’s New Bond-Trading Platform Latest in Electronic Offerings

via Pocket January 16, 2013 at 08:01PM

Orc Group AB successfully places a EUR 60 million five year inaugural Nordic High Yield bond

On November 16, 2012 Orc Group AB (“Orc”) successfully placed a five year EUR 60 million Senior Secured High Yield bond. The notes, maturing on November 27, 2017, will bear a fixed coupon of 8.

via Pocket December 30, 2012 at 06:22PM

Algo Trader RSJ Sees Bond, Stock Expansion on Correlation- Bloomberg

RSJ AS, the largest algorithmic trader on NYSE Euronext’s Liffe derivatives platform, plans to diversify into cash equities, bonds and interest-rate swaps as correlations between financial markets tighten.

via Pocket December 27, 2012 at 07:01PM

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