Careers in Commodities: The Landscape and the Paths. By George H. Stein, CFA Managing Director, Commodity Talent LLC
|
|
|
- Kristopher Phelps
- 8 years ago
- Views:
Transcription
1 Careers in Commodities: The Landscape and the Paths By George H. Stein, CFA Managing Director, Commodity Talent LLC
2 The Peak: You Can Make a Lot of Money Andrew Hall bet big on long- term oil futures - - and won By Daniel Tro9a NEW YORK, Aug 13, 2009 (Reuters- excerpt) - An oil trader who has rocked Wall Street and the White House over his nine- figure salary clings to a low profile, quietly making trades from a former dairy farm in ConnecWcut and emerging occasionally to sawsfy his passion for art. Andrew Hall, 58, a BriWsh- born naturalized American, has been phenomenally successful with the CiWgroup unit Phibro, earning an eswmated $100 million this year while the parent company reported a net loss of $18.7 billion in 2008 and took $45 billion in taxpayer bailouts. In the previous five years, Hall earned more than $250 million, according to a Wall Street Journal analysis of securiwes filings and Hall's compensawon structure. That has allowed him to acquire a fabulous art collecwon including his favorites among the German neoexpressionists and the American Andy Warhol, and he displays his art in his 1,000- year- old castle in Germany.
3 The Valley: You Can Lose a Lot of Money InvesWgaWons Subcommi9ee Releases Levin- Coleman Report on Excessive SpeculaWon in the Natural Gas Market Finds Hedge Fund Amaranth Distorted Prices Last Summer Monday, June 25, 2007 WASHINGTON On Monday, Senator Carl Levin (D- Mich.), Chairman of the Senate Permanent Subcommi9ee on InvesWgaWons, and Sen. Norm Coleman (R- Minn.), Ranking Minority Member, will hold a hearing and release a 130- page report enwtled, Excessive SpeculaWon in the Natural Gas Market, examining how trading by a single hedge fund, Amaranth LLC, led to high prices and extreme price volawlity in the U.S. natural gas market in Report - Excessive Specula3on in the Natural Gas Market [PDF] Appendix - Excessive Specula3on in the Natural Gas Market [PDF]
4 Oil Goes Up. Oil Goes Down.
5 Oil Curve Goes BOING!
6 Rare Earth Metals Plummet November 16, 2011A;er nearly three years of soaring prices for rare earth metals, with the cost of some rising nearly thirtyfold, the market is rapidly coming back down. InternaBonal prices for some light rare earths, like cerium and lanthanum, used in the polishing of flat- screen televisions and the refining of oil, respecbvely, have fallen as much as two- thirds since August and are sbll dropping.
7 Talent Market Ups and Downs RegulaWons Tighten: Volcker Rule, Basel III, Too Big to Fail, CFTC. Economy Overcast: Europe, Global Slowdown Banks Cut Bonus, Prop, Size: Barcap, SocGen, JPMorgan, CiWgroup, BofA Merrill, Goldman, Morgan Stanley,, Credit Suisse, BNP Paribas, Hedge Funds, Merchant Firms Start, Expand
8 What Do I Do? Commodity Trading Roles Physical vs Paper (Exchange- Traded vs OTC) Prop vs Flow/Franchise Sector vs Index DirecWonal, Spreads, Basis Vol Fundamental Sector vs Macro Sector: Broad Energy, Metals, Ags Sector: Niche Emerging Carbon vs Rare Earths Merchant Model Supply/Purchase Trading, Asset OpWmizaWon SystemaWc vs DiscreWonary High Frequency/Quant
9 Off Desk: Commodity Trade Support Roles Client- Facing: Sales/OriginaWon Analyst: Fundamental Supply/Demand Balance. Strategist Tradeable Ideas Risk Management Trend- Following Macro Quant Mid- Office, IT
10 Beyond CommodiBes Long- Short or DirecWonal Commodity- Related Equity PM/Analyst/Strategist L- S with CommodiWes, Rates, Currencies Commodity- Related Finance Projects, Onake- Linked, Reserve- Based Commodity- Related Private Equity
11 Employers Wall Street Goldman, Morgan Stanley InternaWonal Banks Macquarie, Rabobank Funds Citadel, DE Shaw, Susquehanna Pension/Endowment: CalPers, Harvard Merchant Traders Noble, Glencore Producers: Oil Majors, ABCD Ags, Metal Giants Consultants, Newsle9ers: Ernst & Young, McKinsey Private Equity Blackstone, Carlyle CTAs Brokers Newedge, ICAP, Tulle9
12 The Path Training Programs Analyst to Strategist to Trader Desk Assistant to Trader Network Friends, RelaWves, Alumni Profile Matching Persistence, Resourcefulness
13 The Interview Market views Personality, Skills, Experience Best Trade Anomaly, Mispricing Pupng on the Trade: Techniques What if I m Wrong: Risk Management ExiWng: When, How Worst Trade What did I learn?
14 Appendix: Profiles
15 Recent Top Moves Greg Agran - promoted to Global Co- Head of CommodiBes- Goldman Sach Magid Shenouda - promoted to Global Co- Head of CommodiBes- Goldman MarBn Pennay- Head, Asia Commodity Sales, Structuring- rebring from Goldman Leslie Biddle - Global Head of Commodity Sales- rebring from Goldman Sachs Jeffrey Resnick - Global Head of Commodity Trading- rebring from Goldman Sachs Maurizio Melzi - promoted to Head, EMEA, APAC Commodity Structuring BAML Todd Edgar plus his team - CommodiBes Prop Trading- Barcap to? Jean Bourlot, UBS Global Head, CommodiBes, deparbng. Ed Carroll, Hector Freitas named UBS Global Commodity Co- Heads
16 European Power/Gas 1 Michael Pries - European Power Trader - EGL to Repower Bernd Dinauer - Head of Power Trading - EGL to? Ed Blackmore - Head of Gas & Power Trading- Noble Group to? Paul Massara - Chief Commercial Officer - RWE Sam Murray - UK Energy Trader - Nomura to Gazprom Frank Arnold - European Gas OriginaWon - BP to Statoil Meindert Wi9eveen - Energy Prop Trader - Credit Suisse to Moore Capital Haakon Olafsson - Head of Power & Gas Trading - Credit Suisse to Credit Agricole
17 European Power/Gas 2 Bela Gulacsi - CEE Power - Gunvor to? Ulf Ek - Senior European Power & Gas Trader - Barclays Capital to? Jason Singh - Gas Trader - BAML to? Simon Thies - Gas Trader - BAML to? Boris Kendra - CEE Power Trader - BAML to? Marek Mansfield - Power Trader - CEZ to Repower Lindsey Gizienski - Power Trader - BAML to? Amir Ghodsain - Head of Gas Trading - BP to? Paul Western - Gas Trader - BP to? Giampaolo Genovese - Director of Cross CommodiWes - Credit Suisse to Unicredit
18 European Power/Gas 3 Ian Young - Senior UK Power Trader - Essent to Centrica Giuseppe Galata - Senior Power Originator - EGL to OMV Frank Ostermeier - ConWnental Gas OriginaWon- Alpiq to? Chris Murray - Senior Power Originator - Macquarie to Gazprom Wolfgang Krueger - Head of Energy OriginaWon- Alpiq to? Jonathan Smith - UK Power Originator - Morgan Stanley to First UWlity Kelly Madden - Structured Gas Trader - BP to EDF Trading David Thomas - Head of Gas Trading - Centrica to?
19 Oil 1 Chris Gornall - DisWllates Trader - BAML to? Adrian Jacobs - DisWllates Trader - Hess to PetroChina Max Dahan - Crude Oil Trader - Marathon Oil to Valero Stephanie Duranel - Oil OpWons Trader - Credit Suisse to Brevan Howard Andre Richardson - Naptha Trader - Mercuria to Noble Jon Therkleson - Senior Oil Marketer - Societe Generale to BP Michael Pokorski - DisWllates Trader - Mercuria to Trafigura Elycia Sherman - DisWllates Trader - Morgan Stanley to BNP Paribas Lionel Richardson - Head of Gasoline Trading - Glencore to CiW Andrew Hunt - DisWllates Trader - Barclays Capital to Mercuria Hannu Koivusalo - Oil Products Trading Manager - Global Energy Trading to Kolmar
20 Oil 2 Maarit Makinen - Senior Oil Operator - Global Energy Trading to Kolmar Stanley Wee - Oil Trader - Koch to Barclays Capital Benoit Bosc - Crude Oil Trader - Barclays Capital to Goldman Sachs Aidan Shilling - Senior Oil Marketer - Standard Bank to CiW Mitch Rubenstein - Head of Energy Trading - BAML to Unipec America Morten Buur- Jensen - Senior Crude Oil Trader - HETCO to CiW David Teed - Oil Strategist & Trader - Credit Suisse to Hetco Tomas Prokop - Fuel Oil Trader - Stasco to JP Morgan Ma9hew HasWngs - Global Head of Oil OpWons Trading - Barcap to Mercuria Edward Campbell Gray - Senior Energy OpWons Trader - BAML to?
21 Oil 3 Mark Tinkler - Global Head of Trading - Global Energy Trading to Fortrec Chemicals & Petroleum James Burleigh - Oil Trader- IPG to? Angela Cranmer - DisWllates Trader - RWE to PetroChina Tom O Brien - Head of Trading - rewred from Trafigura Shunji Miyakoshi - Senior Oil DisWllates Trader - rewred from Trafigura Massimiliano McGuire - Crude Oil DerivaWve Trader - Eni to? Hala Tayyarah - Energy Marketer - Nomura to Deutsche Bank
22 Metals Amrik Sandhu - Global Head of Metals Trading - BAML to Morgan Stanley Thomas Wilson - Head of CommodiWes - Klesch to Marex Jason Tudor - Head of EMEA Trading - Nomura to CiW Andrew Klut - Senior Metals Marketer- Societe Generale to? Jimmy Gordon - Co- Head of Metals Trading- Deutsche Bank to Credit Suisse Richard Toller - Metals Trader- JP Morgan to? Brian Flaherty - Metals Trader- JP Morgan to?
23 Dry Bulk 1 Henry Liew - Senior Coal Originator - Gunvor to JP Morgan David Gambacurta - Senior Dry Bulk Analyst - rejoined Cargill Lionel Herzberg - Associate Iron Ore Steel Trader - Ocean Freight to CiW Glenn Huniche- Freight Trader- Goldman Sachs to Noble Andre Richardson - Freight Trader - Mercuria to Noble Jonathan Gould - Coal Analyst - BAML to? Geoffrey de Reneville - Coal Trader - Total to Transammonia Glenn Huniche - Freight Trader - Goldman Sachs to Noble
24 Dry Bulk 2 Andrew Arthur - VP Coal DerivaWves Trading - Societe Generale to? Simon Goslar - Physical Coal Trader - Morgan Stanley to Mercuria Carlos Sacristan - Senior Coal Trader - Noble to EON Energy Ma9 Ferguson - Senior VP Coal MarkeWng & Trading - BHP Coal MarkeWng to Southern Arc Minerals Marc Lu- Senior Chinese Coal Marketer - Rio Tinto to Noble Katherine Saw - Director of Coal OriginaWon - Credit Suisse to Credit Agricole/EDF Trading
25 Agriculturals Paul Bloemendal - Director, Asian Ags Trader - Noble to CiW Doug Whitehead - Ags Trader - Rabobank to Citadel Gregory Adams - Head of Metals & Agri MarkeWng - Societe Generale to Morgan Stanley Steve Jesse - Agricultural Sales - Goldmans Sachs Lorenzo Savi - Head of EMEA OTC Ags Sales & MarkeWng - JP Morgan to? Ben Cawdron - Senior Sugar Trader - Vitol to Gunvor Alberto Peixoto - Head of Sugar Trading - Bunge to ADM
26 InsWtuWonal Sales Tim Woodward - Global Head of On- Exchange CommodiWes - UBS to? Patricia Flakus - US Head of Exchange- Traded CommodiWes- UBS to? David Cunningham - EU Head of Exchange- Traded CommodiWes - UBS to?
27 --Where Talent Is Not a Commodity George H. Stein, CFA, Managing Director Commodity Talent LLC 349 Fifth Ave., 7 th Flr., New York, NY T: C: Skype/Twitter: georgehstein
COMMODITY RISK MANAGEMENT & TRADING REPRINTED FROM. risk.net February 2015
COMMODITY RISK MANAGEMENT & TRADING REPRINTED FROM risk.net February 2015 COMMODITY RANKINGS 2015 EXITS AND ENTRANCES Societe Generale Corporate & Investment Banking has topped the poll for the third year
COMMODITY RANKINGS 2015. Vertis jumps to number 1 dealer in the emissions market REPRINTED FROM COMMODITY RISK MANAGEMENT & TRADING
COMMODITY RISK MANAGEMENT & TRADING REPRINTED FROM risk.net February 2015 COMMODITY RANKINGS 2015 Vertis jumps to number 1 dealer in the emissions market EXITS AND ENTRANCES Societe Generale Corporate
Fixed Income, Currencies and Commodities (FICC)
Fixed Income, Currencies and Commodities (FICC) Andrew Downe Group Head Macquarie Group Limited Operational Briefing 5 February 2013 Presentation to Investors and Analysts 38 Overview FICC is a diverse
c o m m o d i t y r i s k m a n a g e m e n t & t r a d i n g REPRINTED FROM risk.net February 2014 commodity rankings 2014 EDF Trading
c o m m o d i t y r i s k m a n a g e m e n t & t r a d i n g REPRINTED FROM risk.net February 2014 commodity rankings 2014 EDF Trading ExIT this Way The past 12 months proved tough for energy dealers,
Sunrise Brokers voted overall number one equity products broker of the year by Risk for the sixth consecutive year REPRINTED FROM
REPRINTED FROM RISK MANAGEMENT l DERIVATIVES l REGULATION Sunrise Brokers voted overall number one equity products broker of the year by Risk for the sixth consecutive year www.sunrisebrokers.com SEPTEMBER
LSE Careers Graduate open evening 2013
LSE Careers Graduate open evening 2013 This evening.. What LSE graduates do What employers look for Opportunities at the LSE What LSE Careers can do for you Banking and Financial Services 17.2% Accounting
Equity lending survey 2010
Equity lending survey 2010 r e p r i n t e d f r o m G I / I S F S e p t e m b e r 2 0 1 0 Euromoney Institutional Investor PLC, London 2010 Credit Suisse and State Street are crowned top Borrower and
ZONE & SYSTEM SPECIFIC POOLS AS OF: 11/19/2015 POOL # CUSTOMER NAME ZONE SYSTEM
PSNG11120 ALABAMA GAS CORPORATION ZONE 1 NORTH SYSTEM PSNG11168 ALABAMA GAS CORPORATION ZONE 2 PSNG11314 AMP GATHERING I, LP PSNG17 ANADARKO ENERGY SERVICES COMPANY PSNG28 ANADARKO ENERGY SERVICES COMPANY
MIT Sloan Master of Finance Employment Report Class of 2014
MIT Sloan Master of Finance Employment Report Class of 2014 Class of 2014 Profile * Number of Candidates 127 U.S. Citizens 14% Non-U.S. Citizens 86% Women 44% Average GMAT Score Range 700-760 Average Undergraduate
List of Contracting Parties AECO Gas Storage Partnership. AEP Energy Partners, Inc. Ag Energy Co-operative Ltd. Agrium Partnership
List of Contracting Parties AECO Gas Storage Partnership AEP Energy Partners, Inc. Ag Energy Co-operative Ltd. Agrium Partnership Aitken Creek Gas Storage ULC AltaGas Ltd. Anahau Energy, LLC Apache Canada
Amaranth Debacle : Lessons in Risk Management
Amaranth Debacle : Lessons in Risk Management Amaranth Advisors LLC was an American multistrategy hedge fund managing US$9 billion in assets. In September 2006, it collapsed after losing roughly US$6 billion
Your Guide to Getting Started
CREDIT DEFAULT SWAPS Your Guide to Getting Started Clearing OTC Credit Default Swaps Overview This easy-to-follow guide clearly outlines everything you need to start clearing OTC Credit Default Swaps (CDS)
GETTING PHYSICAL. Commodities are attracting attention in Asia like never before.
GETTING PHYSICAL Long-time commodity powerhouse Goldman Sachs takes top spot in Asia Risk s first commodity derivatives survey. But the chasing pack is making its presence felt in the region, as more banks
5th Annual Oil Trader Academy
5th Annual Oil Trader Academy ICE Futures Europe, London July-August 2015 ICE Education and IBH have combined their expertise to provide an innovative and practical programme covering all aspects of the
2015 H1 European Cash Equity and ETF Broker Rankings. Calculated by Markit MSA
2015 H1 European Cash Equity and ETF Rankings Calculated by Markit MSA Markit is a leading, global financial information services company. Markit delivers over 40 products and services designed to reduce
2010 ENERGY TRADING AND MARKETING IN REVIEW
2010 ENERGY TRADING AND MARKETING IN REVIEW RETROSPECT The most significant human capital related news during 2010 in the energy industry was the stable hiring in front office trading, marketing and origination
35 WEST WACKER DRIVE CHICAGO, ILLINOIS 60601-9703 (312) 558-5600 FACSIMILE (312) 558-5700. www.winston.com. March 31, 2008
43 RUE DU RHONE 1204 GENEVA, SWITZERLAND 99 GRESHAM STREET LONDON EC2V 7NG 333 SOUTH GRAND AVENUE LOS ANGELES, CALIFORNIA 90071-1543 MICHAEL M. PHILIPP (312) 558-5905 mphilipp@winston.com 35 WEST WACKER
FOREIGN EXCHANGE JOINT STANDING COMMITTEE. BBA, 105-108 Broad Street, London, EC2M 1EX MINUTES. Assoc. of Corporate Treasurers
FOREIGN EXCHANGE JOINT STANDING COMMITTEE Tuesday 6 th July 2010 at 4pm BBA, 105-108 Broad Street, London, EC2M 1EX MINUTES In Attendance Brian Welch Christopher Bae Rob Loewy Richard Gill Cassandra Kenny
Commodity Trade Finance CAIA Zurich. February 2013
Commodity Trade Finance CAIA Zurich February 2013 Contents Some statistics about world trade 03 Financing the commodity trade flows 06 Commodity trade finance : the market 08 Why invest in commodity trade
Financial Services Compensation Scheme: changes to the Compensation sourcebook (CP12/7) A response paper by the Futures and Options Association
Financial Services Compensation Scheme: changes to the Compensation sourcebook (CP12/7) A response paper by the Futures and Options Association APRIL 2012 Financial Services Compensation Scheme: changes
Department of Finance. First Major Selection BSc in Quantitative Finance 2015/2016
Department of Finance First Major Selection BSc in Quantitative Finance 2015/2016 1 Department of Finance UG Team Department Head: Prof. Vidhan Goyal UG Committee: Prof. Alminas Zaldokas (Chair) Prof.
Annual Report 2013. HUPXDAM Trading Year 2013. Members
Annual Report 2013 In 2013 the total traded volume on HUPX DAM was 9 074 022,9 MWh. In November the monthly traded volume reached a new record: 901 634,9 MWh. The highest daily traded volume was 41 008,6
THE ECONOMICS OF COMMODITY TRADING FIRMS
THE ECONOMICS OF COMMODITY TRADING FIRMS I. THE BASICS OF COMMODITY TRADING ABOUT THE AUTHOR 2 INTRODUCTION 3 I. THE BASICS OF COMMODITY TRADING 5 A Commodity Transformations 5 B Value Creation in Commodity
STATEMENT BY SEN. BERNARD SANDERS AT CFTC OIL SPECULATION HEARING
STATEMENT BY SEN. BERNARD SANDERS AT CFTC OIL SPECULATION HEARING Chairman Gensler, let me begin by commending you for holding these important hearings, and for giving me this opportunity to testify today.
contents Master of Science in Wealth Management WMI Certificate in Private Banking WMI Advanced Wealth Management Programme Trust Programmes
contents The Wealth Management Institute WMI PROGRAMMES Master of Science in Wealth Management WMI Certificate in Private Banking WMI Advanced Wealth Management Programme Trust Programmes UNIQUE FEATURES
PANEL SPEAKERS FIXED INCOME PANEL. Mario Muth, Deutsche Bank. Stuart Campbell, Invesco. Christine Kenny, Loomis Sayles Investments
PANEL SPEAKERS FIXED INCOME PANEL Mario Muth, Deutsche Bank Global Head of Rates etrading Sales Mario is the global head of rates electronic trading sales based in London. In his capacity he is responsible
Recent Developments of Shipping Finance. Arnold Wu Co-Head of Transportation Sector Investment Banking Asia-Pacific BNP Paribas
Recent Developments of Shipping Finance Arnold Wu Co-Head of Transportation Sector Investment Banking Asia-Pacific BNP Paribas Recent Developments of Shipping Finance Basel III in focus Shipyard and ship
Aluminium warehousing, premiums and prices
Aluminium warehousing, premiums and prices Marco Georgiou Head, Aluminium Primary & Products, CRU CEPS, Price formation in commodities markets, Brussels, Oct 2013 Premiums Supply, demand, freight, rental,
Financial Markets Impact on Energy prices Davide Tabarelli Università Tor Vergata 4 dicembre 2008
Confindustria - XX gennaio 2007 1 Financial Markets Impact on Energy prices Davide Tabarelli Università Tor Vergata 4 dicembre 2008 2 Agenda Extraordinary instability on energy markets High volatility,
The Acquisition of BrokerTec
BROKERTEC ACQUISITION 16 JANUARY 2002 The Acquisition of BrokerTec FINANCIAL HIGHLIGHTS (6 months to 30 Sep 02) Profit* Turnover Adjusted earnings per share Cash inflow from operating activities Interim
Argus Crude Summit Review
Argus Crude Summit Review Presentation to the Crude Oil Quality Association New Orleans, LA February 27, 2014 Bill Lywood Crude Quality Inc. lywood@crudequality.com Argus Crude Summit Overview Pre-sessions
Market Shares by Stock Exchange Turnover
Market Shares by Stock Exchange Turnover in structured Securities Change at the top Deutsche Bank pushes down Commerzbank from its leading position with capital protection (100 %) Capital Protection Products
Reuters/Danish Ismail GLOBAL INVESTMENT BANKING REVIEW
Reuters/Danish Ismail FULL YEAR 2013 Global IB Fees Up 7%; Strongest Year for IB Fees since 2007 JP Morgan Takes Top Spot Fees from ECM Up 29%; M&A Fees Down 12% Global Investment Banking Fees Total US$82.6
THE FOREIGN EXCHANGE JOINT STANDING COMMITTEE Threadneedle Street London EC2R 8AH
THE FOREIGN EXCHANGE JOINT STANDING COMMITTEE Threadneedle Street London EC2R 8AH In October 2011, 30 financial institutions active in the UK foreign exchange market participated in the fifteenth published
Trading ETFs For Best Execution On & Off-Exchange
Paul Amery, Moderator Editor, Journal of Indexes Europe, IndexUniverse.eu Trading ETFs For Best Execution On & Off-Exchange Matt Hougan, Moderator Global Head of Content, IndexUniverse Pedro Fernandes,
changing landscape M&A history Banks
Not a year has passed since Energy Risk s 1994 launch without merger and acquisition activity between energy companies, banks or brokers. Roderick Bruce and Pauline McCallion chart the M&A history that
DO WE NEED MORE STORAGE IN EUROPE?
DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate
KCG Americas LLC Rule 606 Disclosure: DTTX and GFLO 2015-Q2
KCG Americas LLC Rule 606 Disclosure: DTTX and GFLO 2015-Q2 KCG Americas LLC ( KCGA or the Firm ) has prepared this report for itself pursuant to a U.S. Securities and Exchange Commission rule requiring
Credit Suisse Asset Management Limited UK Order Execution Policy December 2013
Credit Suisse Asset Management Limited UK Order Execution Policy December 2013 Table of Contents 1. General information about this Policy 1 2. CSAML s Core Best Execution Obligations 2 3. Placing Orders
Tenaday MBA Information Centre (www.tenaday.co.in)
GSB Campuses The Chicago GSB has the finest set of facilities of any business school in the world. Each of our four campuses reflects the architectural traditions of its environs while offering a state-of-the-art
AMIS. Structural change in the agricultural futures markets? ROME, FAO HEADQUARTERS (Green Room) 1-2 October 2013. Ann Berg-Senior Commodity Analyst.
AMIS FOURTH Session of the AMIS Global Food Market Information Group ROME, FAO HEADQUARTERS (Green Room) 1-2 October 2013 Structural change in the agricultural futures markets? Ann Berg-Senior Commodity
ASIA S HEDGE FUND INDUSTRY. Paul Smith, CFA Managing Director, Asia Pacific
ASIA S HEDGE FUND INDUSTRY Paul Smith, CFA Managing Director, Asia Pacific TABLE OF CONTENTS 1. Current state of Asia s hedge fund industry 2. Global hedge fund industry 3. Trends in Asia-Pacific hedge
FX Trading and Technology Survey 2014
FX Trading and Technology Survey 2014 EXECUTIVE SUMMARY Regulation is a top concern and major catalyst for change in the FX market. This view reflects the uncertainties and pressures placed on businesses
European Union trading fees are still +113% higher than similar fees within the US
European Union trading fees are still +113% higher than similar fees within the US Despite large decreases in brokerage commission rates across Europe, all-in trading costs remain high within European
Private Placement Programs & Trade Platforms
GRB WHITE PAPER FEBRUARY 2015 Private Placement Programs & Trade Platforms What They Really Are GLOBAL RESOURCE BROKER, LLC February 26, 2015 Authored by: CEO, Adam Russell Private Placement Programs &
INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group
David M. Battan Executive Vice President and General Counsel INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group 1725 EYE STREET, N.W. SUITE 300 WASHINGTON, DC 20006 TEL (202) 530-3205 July
HUPX DAM Trading Month October 2014
HUPX DAM Trading Month October 214 Monthly Report October 214 In October the total traded volume decreased by 2,35% to 1 47 43,2 MWh compared to 1 72 637,4 MWh in September. The average daily traded volume
WWW.SBS.OXFORD.EDU EDUCATING LEADERS FOR 800 YEARS SAID BUSINESS SCHOOL
WWW.SBS.OXFORD.EDU EDUCATING LEADERS FOR 800 YEARS SAID BUSINESS SCHOOL PAGE TITLE HERE Oxford in the twenty-first century 1. Many of Oxfordshire s 1,400 high-tech companies have links to Oxford University.
2014 GLOBAL MID YEAR REVIEW
COMMODITIES RATES FOREIGN EXCHANGE CREDIT SECURITIZED PRODUCTS EMERGING MARKETS CASH EQUITIES 2014 GLOBAL MID YEAR REVIEW COMPENSATION & HIRING TRENDS EQUITY DERIVATIVES PRIME SERVICES INVESTMENT BANKING
LIBOR EXPLAINED. Understanding the LIBOR Scandal
Understanding the LIBOR Scandal LIBOR, which stands for London Interbank Offered Rate, is one of the most widely-used benchmarks or reference index rates for determining short-term interest rates globally.
Global Crude Oil Summit
Agenda London, UK May 19-20, 2015 8 th annual Global Crude Oil Summit Exchanging value in the oil markets Sponsored by: The 8th annual Platts Global Crude Oil Summit sets a unique global agenda, inviting
Full version is >>> HERE <<<
stock trading using price action; ebook forex trading strategy; stock trading learning free; swing trading better than day trading; ryanair share price irish stock exchange Full version is >>> HERE
WAISC WEST. Auspice Capital Advisors
WAISC WEST Auspice Capital Advisors Auspice is more than a traditional CTA We offer: Systematic Trend Following strategies. Innovation through Alpha, Enhanced Beta Indices and Beta Strategies. Diversified
February 22, 2015 MEMORANDUM
February 22, 2015 MEMORANDUM Re: Due Diligence Information for Advisors, Brokers, Hedge Funds and Other Financial Institutions and Intermediaries Using or Considering Interactive Brokers LLC as Prime Broker/Custodian
Structured products exchanges generate turnover of EUR 3.3 billion in August
Stock Exchange Turnover in Derivatives Structured products exchanges generate turnover of EUR 3.3 billion in August Decline in investment products / growth in leverage products The trading volume of investment
Thomas L. Hogan 521 Maple Street Troy, Alabama 36081 361-548-3585 ThomasLHogan@gmail.com www.thomaslhogan.com
Thomas L. Hogan 521 Maple Street Troy, Alabama 36081 361-548-3585 ThomasLHogan@gmail.com www.thomaslhogan.com ACADEMIC POSITIONS 09/13 - present Assistant Professor of Finance Johnson Center for Political
2015 Mutual Fund Voting on Proxy Access Proposals
2015 Mutual Fund Voting on Proxy Access Proposals An analysis of the voting records of top U.S. mutual funds The scorecard is issued by the Nathan Cummings Foundation, with data provided by Fund Votes
Pictet enjoys a solid rating among the banking industry peers today, being awarded AA- longterm rating from Fitch for eight consecutive years.
Helvetic Investments Pte. Ltd. 39B Circular Road Singapore 049395 DID: +65 6438 0383, Fax: +65 6438 3430 Reg. No. 200912670W March 2014 AN ALTERNATIVE FUND; PICTET MOSAIC CLASS I (USD) FUND OF HEDGE FUNDS
GLOBAL COMMODITY TRADING GR ADUATE PROGR AMME
GLOBAL COMMODITY TRADING GR ADUATE PROGR AMME WE SOURCE, STORE, BLEND AND DELIVER ESSENTIAL RAW MATERIALS AND COMMODITIES. 2 Future Talent Trafigura is one of the world s leading independent commodity
Paul Bennett. Senior Vice President and Chief Economist. New York Stock Exchange. Testimony before the
Paul Bennett Senior Vice President and Chief Economist New York Stock Exchange Testimony before the U.S. Senate Banking Committee, Subcommittee on International Trade and Finance Hearing on Growth and
How To Make Money From Trading In The Liquefaction Market
www.poten.com June 30, 2013 Commodity Traders Boost Role As Banking Model Fades The departure this month of s LNG trading desk to Swiss commodities giant Glencore Xtrata does not signal a death knell for
NewEuroMTS Overview. October 2005
NewEuroMTS Overview October 2005 1 NewEuroMTS Rationale Driven by accession to the EU by 10 new countries in 2004 in compliance with Maastricht Criteria Expected convergence with Euro-Zone interest rates
FX Trading: A Changing Landscape FX Trading and Technology Trends in 2011
FX Trading: A Changing Landscape FX Trading and Technology Trends in 2011 OVERVIEW Rules of swap trading regulations in the Dodd-Frank Act are expected to be finalized in 2011. As the initial deadline
Meteor Asset Management
Meteor Asset Management Counterparty Credit Default Swap Rates 27 th January 2012 This information is for professional investors only and should not be presented to, or relied upon by, private investors.
Asset Management Competitor Tracker, Q3 2009
Brochure More information from http://www.researchandmarkets.com/reports/1124705/ Asset Management Competitor Tracker, Q3 2009 Description: This monthly tracker covers product innovation, customer targeting,
IntercontinentalExchange. Credit Suisse Financial Services Forum February 7, 2008
IntercontinentalExchange Credit Suisse Financial Services Forum February 7, 2008 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements made pursuant
0utpost Investment Group, LLC
0utpost Investment Group, LLC Outpost Global Macro Fund Global Macro INVESTMENT S TRATEGY AND P ROCESS Outpost Investment Group, LLC is a New York based global investment management firm. Outpost Investment
UPDATE ON CURRENT MACRO ENVIRONMENT
1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1
ISDA International Swaps and Derivatives Association, Inc.
STANDARD SETTLEMENT INSTRUCTIONS REPOSITORY Best Practice Requirements August 2010 Table of Contents 1 REVISION HISTORY... 2 2 PROBLEM STATEMENT... 3 3 DOCUMENT PURPOSE... 3 4 SCOPE... 3 5 STANDARD SETTLEMENT
How To Invest In Pinyon Pine Capital
Overview Pinyon Pine Capital (PPC) is a registered investment advisory firm that began managing client accounts in March of 2011 PPC offers two investment strategies: long-only and hedged Primary Focus
Table 1: Resource Exports Per cent of total nominal exports; selected years
Australia and the Global market for Bulk Commodities Introduction The share of Australia s export earnings derived from bulk commodities coking coal, thermal coal and iron ore has increased over recent
WA Insolvency Forum Bankers and Financiers Panel
WA Insolvency Forum Bankers and Financiers Panel Andrew Clarke NAB Andrew has been involved with Commercial Banking for over 25 years, concentrating on relationship banking and managing sales teams within
University of Oxford MSc Financial Economics 2014/15
University of Oxford MSc Financial Economics 2014/15 Do you want a career in investment banking, asset management, or financial markets? Or as a financial economist in consultancy, regulation, law, or
Market Timing: Does it work? Aswath Damodaran
Market Timing: Does it work? Aswath Damodaran The Evidence on Market Timing Mutual Fund Managers constantly try to =me markets by changing the amount of cash that they hold in the fund. If they are bullish,
L2: Alternative Asset Management and Performance Evaluation
L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management
Petrosync Distinguished Lecturer David Ford Managing Director Ridgeway Energy Consultancy Ltd
Exercises & Case Studies from 12 different companies included! Business Strategy for Oil & Gas Companies Understanding Oil & Gas Industry Business Strategies for Strong Future Positioning 17th September
Employment Report 2014
Employment Report 2014 2013/14 Class Profile The Department of Finance is home to 250 Masters students across five degree programmes: MSc Finance (Full-time), MSc Finance and Economics, MSc Finance and
FIX messages which helped to provide pre-trade price estimates and greater post-trade transparency on fills.
n THE TRADE 100 Peace in our time A s The TRADE was preparing for launch, Richard Semark was about to make a leap of his own. After 17 years working for the buy-side, first at AXA Investment Managers and
The Libor Scandal and Its Effects Explained
The Libor Scandal and Its Effects Explained As if the credit crisis and rogue traders were not enough to undermine the reputation of the financial services industry, along comes an issue that may dwarf
European Commission proposed regulation on OTC derivatives, central counterparties and trade repositories
European Commission proposed regulation on OTC derivatives, central counterparties and trade repositories Briefing note: Treatment of FX instruments under EMIR Introduction This note sets out the position
S P E A K E R B I O G R A P H I E S
Jamie Dimon, Chairman and Chief Executive Officer Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $2.6 trillion
a New Order in The industry is about to undergo its largest transformation in 30 years Steven Meersman Graham Sharp
The Dawn of a New Order in Commodity Trading The industry is about to undergo its largest transformation in 30 years Steven Meersman Roland Rechtsteiner Graham Sharp 1 It is difficult to open a newspaper
BBA in Oil & Gas Management SWISS QUALITY EDUCATION, INTERNATIONAL NETWORK AND PERSONALIZED MENTORING. www.gbsge.com
SWISS QUALITY EDUCATION, INTERNATIONAL NETWORK AND PERSONALIZED MENTORING SWITZERLAND SPAIN RUSSIA KAZAKHSTAN UNITED ARAB EMIRATES SAUDI ARABIA USA BACHELORS MASTERS CFA DOCTORATES www.gbsge.com BBA in
Synthetic Financing by Prime Brokers
yale program on financial stability case study 2014-1e-v1 november 1, 2014 Basel III E: 1 Synthetic Financing by Prime Brokers Christian M. McNamara 2 Andrew Metrick 3 Abstract Hedge funds rely on prime
Case No COMP/M.7318 - ROSNEFT / MORGAN STANLEY GLOBAL OIL MERCHANTING UNIT. REGULATION (EC) No 139/2004 MERGER PROCEDURE
EN Case No COMP/M.7318 - ROSNEFT / MORGAN STANLEY GLOBAL OIL MERCHANTING UNIT Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION
Commodities Awareness Programme. Asia. Maycroft
Commodities Awareness Programme Asia Maycroft Training objectives The target audience for this training are the marketing or sales people of the bank. These people have direct contact with (potential)
Platts Oil Benchmarks & Price Assessment Methodology. October 4, 2012 - London
Platts Oil Benchmarks & Price Assessment Methodology October 4, 2012 - London Agenda Introduction and the role of benchmarks Platts price discovery process Global commodity markets outlook Platts MOC liquidity:
Lorem Ipsum Dolor. Alternative Financing of Commodities The New Players in the Industry
Lorem Ipsum Dolor Alternative Financing of Commodities The New Players in the Industry 6:30 pm - Credit Suisse Forum, Geneva Thursday 9 th October 2014 Who are the new players in the industry? Topic of
Financial Technology Forum Committee
Financial Technology Forum Committee The Financial Technology Forum is one of the Institute's newest forums. It meets four times a year and it is heavily involved in the CISI Annual Technology Debate.
36 South Breakfast. Profile of the U.S. Listed Equity Options Market. Zurich October 23, 2013
36 South Breakfast Profile of the U.S. Listed Equity Options Market Zurich October 23, 2013 The Options Industry Council (OIC) Gary Delany www.optionseducation.org Disclaimer Options involve risk and are
FX Trading and Technology Trends 2012
FX Trading and Technology Trends 2012 FX algorithms for trade execution are on the rise and here to stay. With the rapid growth of electronic trading and proliferation of trading platforms, multi-bank
Our journey to a single global brand. Dr. Manfred Stuettgen, Global Head of Branding Lugano, March 11, 2011
Our journey to a single global brand Dr. Manfred Stuettgen, Global Head of Branding Lugano, March 11, 2011 Management Summary Credit Suisse provides financial solutions to private and corporate clients
Counterparty Risk Management of Derivatives
Counterparty Risk Management of Derivatives Dr. Peter E. Haagensen Director Derivative Counterparty Management Deutsche Bank AG London Paper presented at the Expert Forum on Advanced Techniques on Stress
REGISTER AT IIF.COM/TRAINING
IIF EXECUTIVE PROGRAM ON PRIVATE BANKING AND WEALTH MANAGEMENT Evolving Wealth Transformation in Dynamic Growth Markets November 16-17, 2015 Singapore IN COOPERATION WITH COURSE DESCRIPTION IIF EXECUTIVE
TRADING UP! BUILDING A SUCCESSFUL CAREER IN INTERNATIONAL TRADING
TRADING UP! BUILDING A SUCCESSFUL CAREER IN INTERNATIONAL TRADING INTERNATIONAL TRADING INSTITUTE@SMU 7 March 2014, 3.30PM 5.30PM Ngee Ann Kongsi Auditorium, Singapore Management University Singapore Management
ICIS Power Index Q1 2015 Global gas oversupply pushes down prices
Highlights l UK wholesale electricity market prices hit their lowest levels since the IPI has been calculated, because of global gas oversupply. l UK markets are now much more influenced by global gas
COOPERATION GUIDANCE BETWEEN RECOGNISED BODIES AND INSOLVENCY PRACTITIONERS TO ASSIST MANAGEMENT OF MEMBER DEFAULTS BY RECOGNISED BODIES
Financial Services Authority COOPERATION GUIDANCE BETWEEN RECOGNISED BODIES AND INSOLVENCY PRACTITIONERS TO ASSIST MANAGEMENT OF MEMBER DEFAULTS BY RECOGNISED BODIES (Recognised Clearing House Version)
Blue Group: Stefano Dal Cin Matteo Sostero Francesco Buoro. Ca Foscari Harvard Summer School 2010 Corporate Risk Management
Blue Group: Stefano Dal Cin Matteo Sostero Francesco Buoro Ca Foscari Harvard Summer School 2010 Corporate Risk Management Volumes of derivatives traded in European and American ODEs. Segmentation of derivatives
THE GLOBAL SOURCE FOR COMMODITIES KOCH SUPPLY & TRADING
THE GLOBAL SOURCE FOR COMMODITIES KOCH SUPPLY & TRADING KOCH SUPPLY & TRADING: CAPABILITIES Refined Products Crude Oil Global crude oil markers (WTI, Brent, Dubai) and grades of oil priced off these markers