HEDGE FUNDS DISCRETIONARY TRADING

Transcription

1 HEDGE FUNDS DISCRETIONARY TRADING The pressure is on. You need to devise differentiated strategies that consistently deliver returns. When you choose the approach and timing to trade, you have to incorporate a world of information. At the same time, investors and regulators are demanding enhanced risk management and regulatory reporting.

2 02 DISCRETIONARY TRADING Many of the world s leading hedge funds and start-up funds turn to Thomson Reuters. Nobody can compete with our depth and breadth of content and analytics which makes all the difference when it comes to differentiating your strategies. Our global, deep prices and trade execution capabilities enable you to get trades done, at the best price. We deliver solutions that help mitigate risk exposure to FX and interest rates, liquidity and portfolio concentration, as well as meet regulatory requirements.

3 Research, Portfolio Construction and Monitoring 03 RESEARCH, PORTFOLIO CONSTRUCTION AND MONITORING Thomson Reuters Eikon puts you at the center of today s financial markets, giving you instant access to the news, information and analytics that inform critical decisions and to the tools that enable transactions and connect communities of traders and investors. Filter and display information to suit your workflow, and connect instantly with the broader financial community. Seamlessly link your pre and post-trade workflows. Whether you are long/short equities, credit, event-driven or global macro, Thomson Reuters Eikon delivers unique content, insight and capability to exploit the markets. Signals and Noise News and market signals get lost in the noise. Get alerted to critical news and developments around the globe. Reuters News: 2,600 journalists in 200 locations; with sources among central bankers and policy makers Expert journalists in emerging markets Specialist coverage for Equities, Fixed Income, FX, Money Markets and Commodities Global newswires Reuters Breakingviews agenda-setting commentary on the big financial stories IFR Markets covers FX, rates and credit markets FX Buzz commentary, analysis and trade ideas covering all major currencies and NDFs Stock Buzz for market commentary and trade ideas Machine Readable News and Analytics for quantitative analysis Monitoring tools in Eikon: Filter Reuters and third-party headlines by company, topic or keyword Use Watchlist Pulse to monitor companies in your portfolios for price changes, news and sentiment, research, and StarMine scores Social Media Monitor provides Twitter content along with sentiment and other analytics Price Discovery & Market Monitoring: Global, multi-asset price discovery including Equities, Futures, Option and Cash OTC Prices, Indices, and proprietary OTC pricing Over 400+ equity, derivatives and commodity exchanges with 7 million unique instruments, and contributors of non-exchange based prices Historical and Real-time Liquidity Pattern analysis including Blended Order Book, Time and Sales, real-time and historical VWAP and Broker Statistics Tradeweb is the leading provider of liquidity in European and US Government bond markets and is used by over 2,000 institutions Industry-leading information for US and European bond markets plus US credit markets from MarketAxess Contributed prices from Thomson Reuters Fixed Income Trading (TRFIT) Markit intraday single name CDS streaming spreads

4 04 The Search for Profitable New Ideas Finding new inputs and ideas for alpha Use new sources of information to differentiate strategies: Long/Short Equities & Event-Driven Content Highlights Real-time and historical prices for 400+ equity and derivative exchanges and thousands of OTC-traded markets Fundamentals for 54,000 companies in as reported and standardized formats I/B/E/S Estimates for 21,000 companies in over 86 countries StarMine quantitative analytics models StreetEvents for corporate events, real-time transcripts, guidance and SEC filings Reuters Investor Briefs filtering service for market-moving company news Officers and directors data Published research from 1,600 contributors with 30 exclusive sources ASSET4 environmental, social and governance data StreetSight ownership and profiles data Deals database with over two million transactions spanning M&A, Equity, Bonds and Loan deals Key Tools and Capabilities Watchlist Pulse Equity Screener with over 6,000 content sets and factors, including StarMine analytics Company Views bring financials, deals, ownership, competitors and related data together Equity Market Share Reporter Blended Order Book, Time and Sales, VWAP Broker Statistics Option Watch Charting, Technical Analysis and Calculators FlexTrade EMS in Eikon Fixed Income Strategies Content Highlights Rates G40 x 40 year country-level views including government bond pricing and spreads, swap spreads, futures, spot rates, graphics and economic indicators Credit Views covering price discovery, outstanding debt and debt distribution, issuer ratings, CDS, analytics, equity data and reference obligations Broker pricing including GFI, ICAP and Tullett Prebon Tradeweb prices sourced from over 22 leading dealers Thomson Reuters bond terms & conditions MarketAxess corporate bond data with daily updates on 27,000 bonds TRACE corporate bond data MACE convertible bonds database emaxx ownership and institutional investment data StarMine Credit Risk Models Thomson Reuters CDS Composite Pricing Markit CDS intraday prices DTCC reported CDS and CDS indices volumes Pricing from Thomson Reuters Fixed Income Trading (TRFIT) Thomson Reuters and third-party indices Thomson Reuters Evaluated Pricing for fixed income and derivatives Key Tools and Trading Capabilities CDS Monitor Credit Analyses Views Curve Trading Screen Sector Rating Curves Charting and Calculators IFR New Issue Monitor Tradeweb click to trade in Eikon

5 05 Commodities & Energy Content Highlights Real-time and time series prices from exchanges and brokers, and proprietary OTC pricing from specialist reporters Specialist data from Argus, FMC, globalcoal, LEBA, OPIS, Platts, PVM, RIM Energy Supply chain data including inventory & outages Commodity fundamentals including Oil, Coal, Emissions Power and Natural Gas; Metals; Agriculture; Shipping Research and forecasts from Point Carbon (Power, Gas, Carbon), GFMS (Metals and Mining) and Lanworth (Crop Forecasts) from over 100 analysts Key Tools Interactive Map visual representation of the factors that affect supply Commodity forums Charting and Calculators Global Macro & FX Content Highlights Spot and cross rates (both market-sourced and calculated) for over 1,500 currency pairs Price fixings for currency pairs Forward and FX options pricing for spot and cross-currency pairs Option volatilities, FX futures and non-deliverable forwards Money Markets including fixings, deposits, repos, central bank rates, commercial paper, banker s acceptances, zero curves and interest rate derivatives Consensus FX forecasts from Reuters Polls Key Tools and Trading Capabilities Money Market Views FX Volume Heat Map NDFs views Charting, Technical Analysis and Calculators swaps, outrights, NDFs, spot, options, IRS/OIS, bond and yield spread Central Bank Pages covering policy announcements, auctions calendars and minutes FXall relationship-driven execution for spot, forwards, swaps, NDFs and options Limit, stop loss and proprietary algorithmic orders routed to destination of choice Execution quality analysis Access to Thomson Reuters Matching primary market via Matching for Prime Brokerage

6 06 Macroeconomic Data Cost and complexity in sourcing and integrating macroeconomic data for stock and sector analysis Take advantage of unrivaled macroeconomic and financial data and advanced tools for deep security and sector analysis. Top-down macro research meets bottom-up analysis for greater insights and profits. Track macroeconomic releases, FX rates and polls, interest rates, revisions and forecasts in real time and chart 4.8 million economic time series across 151 markets with history back to Examine economic indicators at country level, including consensus polls and contributor forecasts with full history, sourced from country statistical agencies, central banks, ministries of finance and labor, customs bureaux and private research groups that profile the economies. Content Highlights Datastream in Eikon is the benchmark for macroeconomic analysis: Macroeconomic Releases Tracking macroeconomic releases Ensure you don t miss the key macro releases that impact investment and trading decisions. Economic releases and editorial in Eikon: Economic Monitor delivers real-time releases of 1,300 economic indicators across 49 countries plus Euro Area and European Union aggregates Displays by region, country or grouping (e.g. G8/G20) Consensus forecasts from Reuters Polls In-depth editorial coverage in the Global Markets Forum Editorial analysis of company data in lieu of reliable government numbers Confidence and Business Outlook, Survey Results/Polls including Consensus Economics, Oxford economics, MNI and IPSOS Global financial and macroeconomic data across 124 markets for 4.3 million time series with up to 50 years history Macroeconomic data with standardized time periods across data type or country/region alongside other financial data Company fundamentals, estimates, indices, aggregates and more Insert Datastream content into Excel with advanced tools for correlation analysis and charting

7 07 Portfolio Performance and Risk Understanding and monitoring performance and risk in portfolios Explore sources of performance and risk in the portfolio by region, industry, style, currency, and by security Eikon Portfolio Analytics: Measure portfolio performance and sources of risk for equities and fixed income Blended benchmarks to track performance against portfolio mandate Historical data including sector, country, currency, index and constituent Global, regional and country risk models from MSCI Barra Liquidity risk indicators: Free float metrics, Equity Market Share Reports Amount outstanding, amount issued, spreads, ownership data Default and Credit risk: Ratings from the 3 major agencies and local agencies, with real-time alerting for rating updates Intraday CDS prices from Markit and of end-of-day CDS pricing from Thomson Reuters Independent ratings and default probabilities from Thomson Reuters StarMine Modeling in Excel Cut the time it takes to build and maintain models in Excel with access to the huge range of premium content from Thomson Reuters. Thomson Reuters Eikon provides deep integration with Microsoft Excel: Insert Function Wizard with intuitive search tools Drag and drop real-time, historical, fundamental and time series data directly into Excel Pre-built calculators and Thomson Reuters cross-market financial calculation libraries Drill back to underlying data from Excel Dedicated support for customers creating models in Excel Information on the Move Stay in touch and access information when you are out of the office. Mobile and Internet access: Mobile applications for Android, Blackberry, iphone and ipad Access Eikon via a web browser Settings are synchronized from your desktop to your mobile device Store content such as research reports, news and more to the briefcase feature for offline reading Message people on the move with Thomson Reuters Eikon Messenger

8 8 Order Routing and Trading ORDER ROUTING AND TRADING Achieving best execution in fragmented markets, and the spread of algorithmic trading into new asset classes. Access more prices and liquidity sources to improve execution quality. Order routing and execution Equities, Futures and listed options EMS and order routing network: FlexSpark EMS in Eikon With this EMS in Eikon, buy-side traders can streamline their workflow and optimize their execution strategy. Traders can gain access to equities and futures trade execution capabilities and can send orders to multiple brokers and venues, including dark pools and ATS/ MTFs. See an aggregate view of liquidity while you monitor market events and receive news, price and volume alerts to better inform your trading strategies. Autex Trade Route one of the world s largest global FIX-based order-routing networks, delivering order flow of 2 billion shares per day in equities, options and futures, as well as FX and fixed income trades. It provides unrivaled visibility and control for 750 buy-side firms and 700 executing brokers and venues. Autex Trade Route is resilient and high-speed, and integrated with leading OMS and EMS providers. Our support team is expert in FIX-based trading and OMSs to expedite on-boarding. Fixed Income: Integrated access to the Tradeweb execution platform, offering best-in-class products from both companies via a seamless desktop solution. Trading services and data continues to be provided through the Tradeweb Viewer. With 45 leading dealers, Tradeweb is the place to trade Government bonds and derivatives in the US and Europe. Over 2,000 institutional clients use Tradeweb and trade over $250 billion per day across 22 asset classes. Coverage includes U.S. Treasuries, TBA-MBS, U.S. agency securities, Money markets, European government bonds, European covered bonds, Supranationals, Japanese government bonds, Interest rate swaps (U.S. dollar, Euro, yen and pound sterling) and CDS indices. Foreign Exchange: FXall multi-bank platform connected to 100+ leading FX dealing banks and market makers Execution Quality Analysis highlights opportunities to improve trading performance Thomson Reuters Matching Prime Brokerage services and turnkey access to primary spot markets and deeper liquidity for higher FX and risk-exposure requirements. Anonymous CLOB trading in over 80 currency pairs and more than 1,100 subscribers. With both pre-trade and post-trade anonymity, execution can be passive ( bids/offers ) or aggressive. Fair access is based on a framework of platform controls and behavioral rules designed to enhance liquidity for all participants; there is no last look on Matching. Thomson Reuters Fxall Access to deep liquidity for FX spot, forwards, options and swaps from over 140 providers and 1,500 institutional clients, with connectivity to the top FX options market makers from over 100 providers. There is choice in execution: anonymous Order Book, disclosed Bank Stream continuous rates, QuickTrade requestfor-quote (RFQ) and Resting and Algorithmic Orders. Streamline your workflow with end-to-end solutions for efficiency, including Portfolio Order Management System, Settlement Centre and Integration with 90+ technology partners and downstream risk & order management systems. Commodities & Energy CME Direct Enter and manage your CME Group trades directly from your Thomson Reuters Eikon desktop, including NYMEX energy, COMEX metals and CBOT commodity futures or spreads. Launch any Reuters News item or Thomson Reuters Eikon charting and analysis easily from CME Direct without having to navigate away from your trade. FlexSpark EMS in Eikon for listed derivatives trading

9 Access Quant Research 9 ACCESS QUANT RESEARCH Identify alpha-generating insights faster Content, data management capabilities and sophisticated analytical tools for Quant Research. Our expertise and valuable support help companies develop and implement winning strategies: Estimates (EQ/FI) Examine I/B/E/S Estimates, covering 22,000 companies across 87 countries, with unique metrics and content: nearly 900 brokers and history back to Fundamentals (EQ/FI) A database with deep international company coverage and history, covering 122 markets (99% of total global market capitalization), including 54,000 active companies and 25,000 inactive companies. Starmine (EQ/FI/MACRO) Generate differentiated recommendations or superior returns, using robust stock selection factors on a standalone basis, or as inputs into a multi-factor model. From better predications on earnings and analyst revisions with SmartEstimates to insights on Earnings Quality and Credit Risk, Thomson Reuters StarMine has a suite of models that are making investment research smarter. Corporate Actions (EQ/FI) Thomson Reuters DataScope for Corporate Actions offers comprehensive, timely, premium-quality corporate actions content for the world s capital markets. Information on over 94,000 companies from over 93 countries, listed on more than 200 exchanges globally, with new markets added to the service regularly. Ownership (EQ/FI) Thomson Reuters maintains the most complete global Share Ownership and Profiles data in the industry, providing insight into who owns what for public equities and delivering intelligence on investment managers, securities firms and their key decision makers. emaxx(sm) combines essential fixed income ownership and institutional investor profile data, delivering detailed information of owners of a chosen bond or groups of bonds, and pinpoints the managing firms and portfolio managers responsible for the portfolios trading decisions. Datastream (Economics/Cross-Asset) Track economic releases, revisions and forecasts in real time, and chart time series back to View Economic Indicators at country level, including Consensus Polls and Contributor Forecasts with full history. Access the largest and most comprehensive collection of global economic content, with over 4.8 million time series across 151 markets, sourced from national statistical agencies, central banks, ministries of finance and labor and other key sources. Mace Terms & Conditions (EQ/FI) MACE Bond Terms & Conditions provides convertible bond professionals with best in class terms and conditions data used for pricing and analysis of convertible securities. I/B/E/S Real Time (EQ) This global estimate revision feed immediately alerts you when brokers update their earnings estimates. Alerts are delivered as lightweight XML files that can easily be incorporated into quantitative trading models. Point-In-Time (EQ/Economics) Three key sources of data to enable you to perform historical analysis and back-testing: Economics (data as originally reported and changes over time), Fundamentals (data across companies and markets based on uniform definitions and standardized statement organization), and Estimates (I/B/E/S Daily Means). Event History Datafeed (EQ/FI) Comprehensive coverage of mergers and acquisitions activity worldwide. Track changes in economic ownership in going business concerns. Over 900,000 M&A events announced since the late 1970s are available through a flexible suite of datafeeds. Machine Readable News and News Analytics (EQ/C&E) Global news, real-time, with each release time-stamped to the millisecond and tagged with metadata, so your algorithms can seize news-driven opportunities, act on market inefficiencies and manage event risk. News Analytics allows you to examine scores on news items for over 25,000 equities and nearly 40 commoditiesand-energy topics. Thomson Reuters Marketpsych Indices (Cross-Asset) Analyze news and social media in real time to convert the volume and variety of professional news and the internet into manageable information flows that drive sharper decisions. Lanworth Research & Forecasts (C&E) Key weather data and satellite data on crop plantings provided by expert Lanworth analysts at Thomson Reuters. Point Carbon Research & Forecasts (C&E) Point Carbon s PointConnect feed pulls together key information from multiple sources, suppliers, and geographies into a single location and standardized format.

10 10 Real-Time, Intraday and Reference Data to Power your Applications QA Direct Exclusive Regulatory Intelligence QA DIRECT Data management is a distraction in quantitative analysis. Access Thomson Reuters and third-party data for quantitative analysis from one source, normalized and ready to use: Broad and deep content with direct access to best-of breed, integrated data from multiple vendors Advanced database structure utilizing Microsoft SQL Server or Oracle with fully documented database schema and diagrams Each vendor set is interlinked through our proprietary mapping system, ensuring integration of data offerings REAL-TIME, INTRADAY AND REFERENCE DATA TO POWER YOUR APPLICATIONS Data for Applications Accessing all the real-time and end of day pricing and reference data needed to power your EMS, OMS, PMS and valuation applications. Cost-effectively power your execution, order, portfolio and risk management systems of choice with a huge range of data depending on your needs. Elektron Real-Time Reliable, accurate and timely data feeds from Thomson Reuters: Real-time feeds low-latency, consolidated real-time market data for 400+ exchanges globally and thousands of OTC-traded markets, covering all asset classes; plus benchmark data DataScope Select End-of-day and intraday pricing for multiple asset classes from equities, futures and options through to fixed income and derivatives including ABSs, CDOs, CMOs & CLOs Reference data and corporate actions Evaluated pricing Historical data Access via FTP or API Single feed for real-time market data plus end-of-day and intraday pricing, reference data and analytics Third-party applications and developer community: Our Developer Community has over 4,000 developers in over 850 companies across 47 countries Over 50,000 third-party and customer applications have been integrated with Thomson Reuters feeds EXCLUSIVE REGULATORY INTELLIGENCE Regulatory news, analysis and practical guidance Track regulatory changes as they happen. Accelus Regulatory Intelligence: Up to the minute global regulatory intelligence Global coverage of over 570 regulatory bodies and over 970 rulebooks Exclusive news, analysis and practical guidance from a global team of regulatory experts and journalists Customizable regulatory tracker and events calendar ensuring you never miss information and deadlines most relevant to you Know Your Customer Simplify the exchange of information with your financial counterparties in a secure environment. Accelus Org ID KYC Managed Service: Provides a single, secure location for you to store identity information and share access to nominated financial institutions Reduces the inconsistencies around which KYC documents are required Gives full control and visibility over who can access and view your documents Simplifies and streamlines operational processes

11 Why Thomson Reuters 11 WHY THOMSON REUTERS Eikon search and navigation sets the benchmark Market-moving news stories and exclusives Industry-leading macroeconomic content and tools Deepest source of FX liquidity Tradeweb and ICAP fixed income content you won t find anywhere else Unique StarMine analytics and breakthrough default probability models Unparalleled flexibility to match the way you work Discover opportunities for more profitable equity trading Execute the best equities trades Powering internal applications Leading quant solutions Fast, intelligent search across multiple information types and sources from a single point. Structured navigation using asset-class specific views. Reuters News delivers market-moving scoops and exclusive interviews to investigative reports and insightful commentary we can do this because of our deep relationships with policy makers and government officials and our long history covering politics, policy, economics and markets. Datastream in Eikon is the number one solution for macroeconomic analysis with over 4.3 million macroeconomic time series and up to 50 years of history. FXall is a key platform for over 80 of the world s leading foreign exchange dealing banks and many alternative market makers. Uniquely, we provide real-time streaming Tradeweb price updates including U.S. Treasuries, TBA-MBS, U.S. agency securities, Money markets, European government bonds, European covered bonds, Supranationals, Japanese government bonds, Interest rate swaps (U.S. dollar, Euro, yen and pound sterling) and CDS indices. In addition, we exclusively provide ICAP US Treasury and Swap market data. Proprietary equity analytics for analyst sentiment, earnings quality, relative value, intrinsic valuation, smart weighted estimates, predicted earnings surprise, corrected earnings growth, price momentum, and insider filings. Our unique multi-dimensional approach to calculating default probability is an industry breakthrough. User-defined workspaces allow critical information to be intelligently snapped together and viewed, quickly and easily with the dynamic linking of objects to precisely match the way you work. Manage or trade equity-focused directional, event-driven or relative-value strategies with price discovery, news, estimates, fundamentals, portfolio analytics and screening. Workflow and execution solutions trusted by thousands of equities traders across the globe. Real-time, intraday and end-of-day data feeds for risk, EMS, OMS and PMS to power your internal applications. Identify alpha-generating insights faster, with industry-leading content, comprehensive data management capabilities and sophisticated analytical tools.

12 ABOUT THOMSON REUTERS We are the leading source of intelligent information for the world s businesses and professionals, providing customers with competitive advantage. Intelligent information is a unique synthesis of human intelligence, industry expertise and innovative technology that provides decision-makers with the knowledge to act, enabling them to make better decisions faster. We deliver this must-have insight to the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world s most trusted news organization. Visit hedgefunds.financial.thomsonreuters.com For more information, contact your representative or visit us online Thomson Reuters. S /15. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters.