02 December 2016

DBS eliminates a dozen jobs at brokerage as trading slumps

DBS Group Holdings Ltd cut at least 12 roles across Asia at its brokerage unit, the latest bank to shrink its trading desk as volumes slump.

DBS Vickers Securities is rationalising its institutional business unit as it seeks to be "more competitive and responsive to market changes," the brokerage arm of South-east Asia's largest lender said in an e-mailed response to questions.

Alphadyne said to spin off S$2.85b Singapore hedge fund unit

Alphadyne Asset Management LLC, a New York-based hedge-fund manager overseeing US$4.8 billion in assets, will separate its Asia team into a new firm, said a person with knowledge of the matter.

Bart Broadman, a co-founder of Alphadyne and chief investment officer of its Asia strategy, will be CIO of the new Singapore-based firm, said the person, who asked not to be identified as the information hasn't been publicly disclosed.

Updated Prop Trading and Screeners

Added AlphaGrep and a new section for Hong Kong prop firms. Updated Screeners to add Eqsift.

25 November 2016

Couple charged in Singapore exchange ‘penny stock crash’ case

Some new developments on on the penny stock crash that wiped out S$8b in value in 2012/2013. Extracts from Financial Times:

"A Malaysian businessman and his partner have been charged with orchestrating the single biggest fraud in the history of Singapore’s stock exchange, which wiped out S$8bn in value and triggered a lasting loss of investor confidence.

Soh Chee Wen, also known as John Soh, faced charges in a Singapore court on Friday in relation to an alleged fraud in which three publicly listed stocks soared in valuation by up to 800 per cent over nine months before plunging in value in two days of frenzied trading in October 2013."

Hong Kong-Shenzhen Stock-Trading Link to Start on December 5

China will start its second stock-trading link with Hong Kong on Dec. 5, another step in the country’s efforts to open up the mainland market.

The Shenzhen-Hong Kong connect will give investors in the city access to stocks on the Shenzhen Stock Exchange, where many Chinese technology companies are listed. The program has been awaited for more than two years following the launch of the Shanghai-Hong Kong connect in November 2014

24 November 2016

Inside a Moneymaking Machine Like No Other

Sixty miles east of Wall Street, a spit of land shaped like a whale’s tail separates Long Island Sound and Conscience Bay. The mansions here, with their long, gated driveways and million-dollar views, are part of a hamlet called Old Field. Locals have another name for these moneyed lanes: the Renaissance Riviera.

That’s because the area’s wealthiest residents, scientists all, work for the quantitative hedge fund Renaissance Technologies, based in nearby East Setauket. They are the creators and overseers of the Medallion Fund—perhaps the world’s greatest moneymaking machine. Medallion is open only to Renaissance’s roughly 300 employees, about 90 of whom are Ph.D.s, as well as a select few individuals with deep-rooted connections to the firm.

The fabled fund, known for its intense secrecy, has produced about $55 billion in profit over the last 28 years, according to data compiled by Bloomberg, making it about $10 billion more profitable than funds run by billionaires Ray Dalio and George Soros. What’s more, it did so in a shorter time and with fewer assets under management. The fund almost never loses money. Its biggest drawdown in one five-year period was half a percent.

19 November 2016

All of the World’s Stock Exchanges by Size

There are 60 major stock exchanges throughout the world, and their range of sizes is quite surprising.

At the high end of the spectrum is the mighty NYSE, representing $18.5 trillion in market capitalization, or about 27% of the total market for global equities.

18 November 2016

US Federal Court orders Sarao to pay over USD38m for price manipulation and spoofing

UK resident Navinder Singh Sarao has been ordered to pay a USD25,743,174.52 civil monetary penalty and USD12,871,587.26 in disgorgement for his role in ‘flash crash’ day.

The US District Court for the Northern District of Illinois’ order also permanently prohibits Sarao from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged, and imposes permanent trading and registration bans on him.

16 November 2016

Point72 Eyes Further Singapore Hires After 9 Recruits in 2016

Steven A. Cohen’s Point72 Asset Management plans further hires in Singapore after recruiting nine people in the city-state this year, as it expands in a region where rivals have pulled back.

This year’s additions helped boost Point72’s Singapore employees to 27, from 14 in March 2015, Chris Coward, chief of the office and head of risk for the firm’s international business, said on Monday. The Stamford, Connecticut-based family office, which oversees $11 billion, employs fund managers, analysts, quantitative developers and risk researchers in Singapore, he added on the sidelines of a ceremony to mark the relocation to a new office that can house 60 employees, double the previous capacity.

12 November 2016

Malaysian KFC operator said to choose banks for US$500m IPO

Comments: A familiar name for fast food lovers.

QSR Brands (M) Holdings Sdn, which operates KFC and Pizza Hut restaurants in Southeast Asia, picked banks to arrange a Malaysian initial public offering next year that could raise about US$500 million, people with knowledge of the matter said.

QSR Brands chose Citigroup Inc, Credit Suisse Group AG and Malayan Banking Bhd to lead the offering, according to the people. The company, which is backed by CVC Capital Partners and Malaysia's largest pension fund, also selected CIMB Group Holdings Bhd. and RHB Bank Bhd. to work on the share sale, the people said, asking not to be identified because the details are private.