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Scotiabank Inverlat S. A. de México automatiza los procesos de fondos mutuos con el sistema de gestión de inversiones Charles River

Simplifica el flujo de trabajo; asegura el cumplimiento de todos los títulos e instrumentos de deuda locales e internacionales

21 de octubre de 2010 – Charles River Development (Charles River), un proveedor de soluciones de software de inversión para las áreas de gestión, operación, cumplimiento, riesgos, cálculos de medidas de desempeño, atribuciones, análisis de riesgos, y tecnología de la información (front-and middle-office), anunció hoy que Scotiabank Inverlat, S.A. (Scotiabank México), uno de los grupos bancarios más grandes de México, ha implementado el sistema de gestión de inversiones (Charles River IMS) a través de su subsidiaria Scotia Fondos. El proyecto de fases múltiples, entregado puntualmente, es parte de la iniciativa de Scotia Fondos para automatizar sus procesos de Fondos de Inversión locales e internacionales con 16 opciones de cartera diferentes en una única plataforma consolidada.

Los usuarios de Scotia Fondos se benefician de herramientas avanzadas de toma de decisiones y análisis, gestión de cartera y transacciones automatizadas, y supervisión del cumplimiento previo a la transacción en tiempo real de todas las clases de activos, incluso capitales, mercados monetarios, fondos mutuos, así como también instrumentos de renta fija corporativos y gubernamentales mexicanos, tales como Bonos, CETES y UDIBONOS. Durante el proyecto inicial, Charles River automatizó los procesos de gestión y transacciones de cartera de capitales de Scotia Fondos, así como la supervisión del cumplimiento. La segunda fase consolidó las capacidades a lo largo de los procesos de renta fija de la empresa.

“Necesitábamos un sistema ultramoderno y un proveedor con experiencia comprobada en apoyar las necesidades de los gestores de activos de México; Charles River entregó ambos”, dijo Ernesto Diez, Director General, Scotia Fondos. “Nuestros gestores de carteras ahora pueden estar a la cabeza del mercado al analizar e implementar rápidamente los cambios en las carteras. También podemos validar que nuestras carteras cumplan con todas las obligaciones, en cualquier momento y para cualquier clase de activo”.

El respaldo a los numerosos requisitos del mercado local de México fue crucial para este proyecto. Charles River IMS permite a Scotia Fondos gestionar y ejecutar transacciones para todos los instrumentos de deuda gubernamentales y corporativos mexicanos. Los operarios de fondos mutuos de la empresa también pueden ejecutar préstamos de valores, dar apoyo a contratos de recompra y reequilibrio contra los índices mexicanos. Además, la arquitectura abierta de Charles River facilita a Scotia Fondos integrarse con su sistema de contabilidad propietario, así como con proveedores de servicios de apoyo administrativo (back-office), tales como Bloomberg para cotización en tiempo real, y Valmer, propiedad de la Bolsa de Valores mexicana, para información de riesgo.

Charles River IMS da apoyo a tipos de títulos específicos para la región y flujos de trabajo asociados, incluso certificados de inversión corporativos y gubernamentales mexicanos. En un futuro cercano, Scotia Fondos continuará con la implementación de la funcionalidad de cobertura y cálculos de exposición de derivados avanzados de Charles Rivera IMS, para ayudar a sus clientes a cumplir con la reglamentación mexicana, como las reglas de la Comisión Nacional Bancaria y de Valores (CNBV), al hacer una supervisión y gestionar la exposición previa y posterior a la transacción de instrumentos derivados. Las bibliotecas prefabricadas de cumplimiento de Charles River contienen más de 1.700 reglas de ejemplo generales y normativas a lo largo de 35 organismos reguladores de 20 países, incluso una biblioteca completa de reglas para México.

“Charles River proporciona a los gestores de activos en México soluciones sofisticadas pero fáciles de usar para expandir sus operaciones a nuevas clases de activos y mercados, para entregar una ventaja competitiva que respalda el crecimiento comercial”, dijo Spiros Giannaros, Vicepresidente de Ventas, Americas, Charles River Development.

Charles River brinda apoyo a cinco empresas clientes en México, y presta servicios a más de una docena de empresas a lo largo de Brasil, Chile, y Panamá.

Fuente: CRD 21.10.2010

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Filed under: Data Management, Latin America, Mexico, Risk Management, , , , , , , , , , , , , , , , ,

BM&FBOVESPA announces its Fee Structure Policy and reports new record High

BM&FBOVESPA  new Fee Structure Policy for the Equities Market are announced as follows:

Fee Table for Investor Operation – Equities Market.

The objectives of the new structure are: (i) to reduce the trading costs in the equities market, stimulating market turnover; (ii) to eliminate the current subsidies to the services rendered by the Central Depository, establishing a fee based on the amounts in custody; and (iii) to stimulate the liquidity of the securities lending market.

…and reaches new record High

Yesterday, the Segment Bovespa hit a new record high: 429,381 trades were carried out against 414,401 at the close of trading on 10/08/2008. The amount traded on the regular trading session totaled R$7,221,093,381.79. The Ibovespa registered a 6.59% high at the close.

Source:BM&FBOVESPA, 05.05.2009

Filed under: BM&FBOVESPA, Brazil, Exchanges, Latin America, News, Standards, , , , , , , ,

BM&FBOVESPA S.A. Announces New Chairman Of The Board Of Directors – Arminio Fraga Net Is replacing Gilberto Mifano

Members of the Brazilian Securities, Commodities and Futures Exchange General Meeting  have elected a new Board of Directors, and appointed Arminio Fraga Neto as the new Chairman. Mr. Fraga is replacing Gilberto Mifano, who has served as the Chairman of the Board of Directors since May 2008.

The appointment of Arminio Fraga as Chairman was confirmed during the first meeting of the newly elected Board of Directors, which was held immediately following the General Meeting.

The new Board of Directors is composed of eleven members, elected for a two-year mandate, which can be extended for another two years. In addition to Mr. Fraga, the directors elected are: Candido Bracher, Claudio Luiz da Silva Haddad, Craig Steven Donohue, Fabio de Oliveira Barbosa, José Roberto Mendonça de Barros, Julio de Siqueira Carvalho de Araújo, Luiz Stuhlberger, Marcelo Fernandez Trindade, Renato Diniz Junqueira and René Marc Kern.

Nine new members of the Board of Directors were elected today: Arminio Fraga, Candido Bracher, Claudio Luiz da Silva Haddad, Fabio de Oliveira Barbosa, José Roberto Mendonça de Barros, Luiz Stuhlberger, Marcelo Fernandez Trindade, Renato Diniz Junqueira, and René Marc Kern.

To see the résumés of the members of the Board of Directors go to http://mrm.comunique-se.com.br/arq/86/arq_86_7629.doc

Source: MondoVisione, 29.04.2009

Filed under: BM&FBOVESPA, Brazil, Exchanges, Latin America, News, , , , , , , ,

SunGard opens GL Net hub in Sao Paolo, Brazil

SunGard has opened a new hub of its GL Net low-latency market data and order routing network in Sao Paolo, Brazil.

The hub, which is the fifth to be opened in the Americas, will provide international investors with access to BM&FBOVESPA, the Brazilian securities, futures and commodities exchange. Local financial institutions will also gain access to SunGard’s GL Net network of brokers, and be able to take advantage of direct market access execution services to more than 110 exchanges and liquidity pools.

BM&FBOVESPA was created in 2008 following the merger of the Brazilian Mercantile & Futures Exchange (BM&F) and the São Paulo Stock Exchange (Bovespa). BM&FBOVESPA is now Latin America’s leading exchange, and one of the largest in the world in terms of market value. By opening the new GL Net hub, SunGard will help international investors send electronic orders cost-effectively to Brazilian brokers via GL Net, helping them trade on BM&FBOVESPA and create new investment opportunities.

Cícero Augusto Vieira, chief operating officer of BM&FBOVESPA, said, “We view SunGard’s investment in its Sao Paulo GL Net hub as recognition of the strength of Brazil’s capital markets, and of the potential of this and other South American cities to become international financial centers. With the additional trading activities that GL Net can help us to offer our customers, we’re confident of attracting new members and investment to the exchange.”

Vincent Burzynski, chief product officer for SunGard’s global trading business, said, “SunGard’s GL Net hub in Sao Paolo will help provide our Latin American customers access to worldwide capital markets. It will also help to meet an increasing demand from our customers for local and international connectivity. Demand for new investment opportunities and the growth of electronic trading are leading us to invest in the expansion of GL Net’s reach, with hubs opened recently in Warsaw, Tel Aviv, Mexico City and now Sao Paulo.”

Source: SunGard, 06.04.2009

Filed under: BM&FBOVESPA, Brazil, Data Vendor, Exchanges, Latin America, Mexico, Trading Technology, , , , , , , , , ,

Brazil: Eyes All Over – April 2009

IXE Brazil Monthly Allocation-april-2009After months of increasingly disappointing data, last month’s figures seem to indicate that the worst may be over. Hopes are still weak, but the publication of better than expected data gave a boost to the markets. We expect April to be a very similar month. Every datum that comes above market expectations should boost the stock exchanges, causing new highs. However, negative data, which we still expect to predominate, will be a catalyst for the realization of profits. Therefore, our expectation is for another volatile month, ending at its starting point.
The start and the end of the month are the important periods, with attention mostly centered at the end. As well as the publication of various economic data, in the USA and in Brazil, we have the Copom and FED meetings, both on April 29. Over here we expect another interest rate cut, possibly as much as 150 bps again. Over there we expect a more positive announcement, but without a change in rate. At the beginning of the month attention will centre on the G-20 meeting and whether or not the US$ will remain as the international reserve currency.
Price negotiations could be the key to the local market
Negotiations to fix the annual price of iron ore now enter their fourth month. Buyers push for an agreement while the prospects for the world steel market have not improved. Suppliers try to postpone a decision until economic data show that the worst is behind us and that demand has begun to increase. For the Brazilian stock market, a lesser decrease would send investors into a party mode, seeing as the sector accounts for 15% of the index.
Petroleum also calls for attention. Having traded at US$ 40/boe, it now sells at above US$ 50/boe. However, if demand shows no sign of heating and reducing inventories, the price will take another downward turn. Investors are also eyeing the Government. Debate on whether refinery prices will come down increases. For this reason, we decided to ease up the participation of Petrobras on our April allocation.
We have also reduced the participation of electric shares in our portfolio. Our expectations are of a worsening in the performance of Gencos. The reason is simple: in 2008 there was little rain, which pushed the price of energy up. This year, apart from a much greater rainfall, the rainfall fell in the right places, therefore canceling the need to switch on the thermal electric plants and, consequently, the average price of energy went down. We are placing TRPL4 as a Sell. In this case it is not because of price, but because of our negative expectations in relation to the renewal of concession contracts.
Outperforming the Ibovespa
Stock – Catalysts/Fundamentals
BBDC4 – lagging, should publish results that are better than its peers
BPMN4 – lower multiples and should benefit from CMN’s resolution
CCRO3 – Lagging in relation to peers and is a defensive stock
CPLE6 – cheap multiples due to the ever decreasing risk
DURA4 – should publish better results than construction companies in the short-term
GGBR4 – increase in the price of long steel in Latin America
PETR4 – reducing weight, due to negative catalysts
SDIA4 – negotiations with Perdigão getting heated
SUZB5 – Price of pulp bottomed out, with long fiber beginning to recuperate
TLPP4 – 12% dividend yield
USIM5 – lagging in relation to CSN
VALE5 – approaching decision on the price of iron ore
VIVO4 –trades at very attractive multiples

Source: IXE Casa de Bolsa, 31.09.2009

Filed under: BM&FBOVESPA, Brazil, News, , , , , ,

BM&FBOVESPA Invites Ex-President Of The Brazilian Central Bank To Join The Company’s New Board Of Directors

During the BM&FBOVESPA Board of Directors meeting, which was held this Tuesday, the directors decided to invite the former president of the Brazilian Central Bank, Armínio Fraga Neto, to join the Board. This nomination will be submitted to shareholders during the next Annual Shareholder’s Meeting, to be held in April.

If the nomination is confirmed, the Board of Directors also requested its Nomination and Compensation Committee to prepare, together with Armíno Fraga Neto, a list of new directors to be presented at this Annual Meeting. This list will be disclosed together with the Call Notice for the Annual Shareholder’s Meeting.

Source:BM&FBOVESPA, 17.03.2009

Filed under: BM&FBOVESPA, Brazil, News, , , ,

ITAU denies Citi’s Banamex talks, Banamex prefering Mexican Investor group

Banco Itau, Latin America’s largest lender, denied it’s in talks to buy Citi’s Banamex. Itau “is not negotiating any stake in Banamex’s capital,” Itau said in a statement sent to the Brazilian securities regulator.

Meanwhile, according to the local newspaper EXCELSIOR, Roberto Hernandeza and Manuel Medina Mora have been lobbying with PRI lawmakers and the Calderon administration in an effort to persuade the US government to sell BANAMEX to a group of Mexican investors.

According to the article, the group of Mexican investors could buy up to 30% of the bank, list in the Mexican Stock Exchange between 30-40% of the company and get a credit line from either the government or another bank for the remaining stake.

Source: IXE Casa de Bolsa, 05.03.2009

Filed under: Banking, Mexico, News, , , , , , , , , ,

ITAU Securities Selects NYSE Technologies To Create New Direct Market Access Platform – First Global Electronic Trading Platform To Offer Access To Brazilian Markets

NYSE Euronext (NYX) and Itau Securities today announced that NYSE Technologies, the commercial technology division of NYSE Euronext, has been selected to develop a next-generation electronic trading platform that will allow Itau Securities’ customers around the world to send orders directly to Brazil’s BM&F Bovespa market center.

Making them the first to offer Direct Market Access (DMA) connectivity to BM&F Bovespa. Itau Securities and NYSE Technologies will work together to implement a best-in-class technology solution that combines comprehensive hosting software with an integrated back office platform utilizing the super-fast, resilient SFTI network.

“We are excited to work with Brazil ’s leading capital markets firm on a truly ground-breaking project that further opens the Latin American marketplaces to the global investors – and puts the global markets within reach of the Brazilian investors” said Stanley Young, CEO, NYSE Technologies and Co-Global CIO, NYSE Euronext.

“With our industry-leading technology and Itau’s extensive customer relationships in the Americas , Europe, the Middle East and Asia, we will be implementing a new breed of direct market access solutions unlike anything currently available in Latin America .”

“As we continue our global expansion to London, Dubai, Hong Kong and Tokyo, Itau Securities is working with NYSE Euronext to build this new platform giving us the ability to offer our customers outside Latin America a robust, innovative trading solution for trading in our markets,” said Roberto Nishikawa, CEO of Itau Securities.

“Moreover, Itau’s clients will have access to the most complete provider of investment services for the Brazilian market – from custody to asset management, foreign exchange, research for equities, derivatives and fixed income products.”

Source: MondoVisione, 04.02.2009

Filed under: Brazil, FIX Connectivity, News, Trading Technology, , , , , , , , , , , , , ,

BM&FBOVESPA certifies Patsystems as ISV for Derivatives

Patsystems has been certified as an ISV for Brazil’s BM&F, the derivatives segment of BM&F Bovespa, Latin America’s largest exchange. Patsystems will provide direct market access to the exchange for both local and international participants, joining a line of trading technology suppliers that have recently announced connections in the region.

Source: ATEAM- Electronic Trading, 18.02.2009

Filed under: BM&FBOVESPA, Brazil, Exchanges, News, Trading Technology, , , , , , , , ,

BM&FBOVESPA sets new Trading Records via DMA on GTS

BM&FBOVESPA registered on Tuesday, February 10th , a record 20,650 trades via Direct Market Access (DMA) on the GTS (Global Trading System), the Exchange’s electronic derivatives trading system. The previous record was 12,701 trades, registered on February 9th.

Tuesday’s markets also registered a record number of contracts traded via DMA: 226,000 contracts. The previous record was 222,000 contracts, registered on February 5th.

CME Globex Order Routing to BM&FBOVESPA

Trades carried out via order routing of CME Globex products on the BM&FBOVESPA trading system (South-North), which began trading on February 9th, registered 17 transactions between Monday and Tuesday.

Source: MondoVisione, 11.02.2009

Filed under: BM&FBOVESPA, Brazil, Exchanges, News, , , , , , , , , , , , , ,

Brazil’s Ágora Corretora deploys Progress Apama for algo trading

Brazilian broker Ágora Corretora de Titulos e Valores Mobiliarios has rolled out Massachusetts-based Progress Software’s Apama complex event processing (CEP) platform to support algorithmic equities trading.

Ágora Corretora, a unit of Banco Bradesco, will use Apama’s tools within its equities trading operation to create unique, proprietary strategies that execute on the Brazilian Stock, Mercantile & Futures Exchange.

Ágora Corretora has already deployed the Apama platform to support its proprietary trading desk and is set to provide access to its buy-side clients via graphical dashboards, enabling them to create, execute and monitor customised strategies.

John Bates, general manager, Apama division, Progress Software, says Ágora Corretora initially chose the platform for futures trading but is now expanding its use to include equities.

“Agora realised that high-performance trading strategies, rapid strategy customisation, and empowerment of their institutional clients are key to winning market share,” claims Bates.

Source: APAMA, 06.02.2009

Filed under: Brazil, News, Trading Technology, , , , , , , ,

BM&FBOVESPA: Record Trading Through DMA On The GTS in Brazil

On January 22, 2009, BM&FBOVESPA set a new record by trading 151,000 contracts in 5,796 trades that were carried out through Direct Market Access (DMA) on its electronic derivatives trading platform, the Global Trading System (GTS). This record number of DMA trades represented 9% of the total number of contracts traded and 15% of the total number of trades that were carried out on that day.

Throughout the day fifteen authorized brokerage houses trading 18 different assets such as the ID, the dollar, and soybean futures participated in these DMA transactions.

Direct Market Access (DMA) was implemented by BM&FBOVESPA on the 29th of August, 2008. This trading model allows the end-client who is authorized by and under the responsibility of a brokerage house to have direct access to the GTS electronic trading platform, thus enabling that client to place orders and receive market data in real-time.

Source:MondoVisione, 26.01.2009

Filed under: BM&FBOVESPA, Brazil, Exchanges, News, , , , , , , , ,

Brazil’s Planner Corretora Adopts Fidessa Connectivity

Fidessa group  announced its expansion into Latin America with the addition of Planner Corretora De Valores S/A (Planner), a leading Brazilian investment bank, to its global connectivity network.

Planner Corretora De Valores, a leading Brazilian investment bank, will use market data and connectivity tools from Fidessa.

“In the last two years, we have seen a surge in interest in the Brazilian markets coming from the global investment community,” says Stephan de Sabrit, managing director at Planner.  “The overwhelming majority of those investors are looking for expertise from a local broker with local knowledge of stock performance and an unbiased view of the market. Through this partnership with Fidessa, we are delighted to bring our full suite of brokerage services to one of the largest global networks of sell-side and buy-side firms.”

Established in 1994, Planner is the largest broker in Brazil with 24 branch offices.  Planner launched its business focusing on equity research and service-oriented voice and electronic trade executions across asset classes.

“Our clients are increasingly demanding access to services from Latin American markets as liquidity increases in the markets across the region. Also driving client demand is that investors are able to execute their electronic order flow in Latin American markets as seamlessly as they are able to for the US, European, Canadian and Asian markets on Fidessa’s global network.

Source: FIDESSA 14.01.2009

Filed under: Brazil, News, Trading Technology, , , , , , , , , , , ,

Islamic Financing in Latin America: Brazil & Malaysia

Investment opportunities in Islamic markets, basic concepts of Islamic finance and the importance of regulator agencies in developing these markets were among the main topics of the fifth edition of “The Islamic World’s Financial and Capital Markets: Opportunities and Challenges.” Brazil’s Securities and Exchange Commission (CVM) and the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA) sponsored the conference, which took place on December 8th.

Mercado Financeiro Islamico – ABC do Brasil 12.2008

Islamic Finance in Asia: MALAYSA the Islamic Finance Hub

Malaysia Opportunities in Islamic Finance – Bank Negara 12.2008

Islamic Finance Defined and Market Review – HSBC 12.2008

In his opening remarks, CVM Director, Sergio Weguelin, highlighted the importance of establishing a dialogue between market participants with the goal of bringing our two different systems close together. “These are two financial cultures that have much to offer to each other. (Islamic finance) has grown 15% annually, according to IOSCO (International Organization of Securities Commissions,)” he said. Weguelin added that “a larger incorporation by the traditional financial system of concepts that guide Islamic practices, such as the requirement to share risks, would have minimized the abuses that led to the subprime-mortgage crisis.”

BM&FBOVESPA’s International Director, João Lauro Amaral, highlighted the growth potential pf this market in his presentation. “Today the Exchange only has 30 non-resident investment accounts from the Middle East or other Islamic countries, mostly from the United Arab Emirates, which shows the potential we have for developing the growth between our markets,” he said, referring to the participation of Islamic investors in emerging markets such as Brazil.

Banco ABC Brasil S.A.’s International Department Director, Angela Martins, explained principles and characteristics of Islamic finance, such as the concept of Sukuk – “a certificate issued under Islamic law, backed by a contract accepted by Shariah law,” she said. She also explained that money in the Muslim world is not viewed as a commodity, but “as means to add value, without which one would not be able to generate wealth,” she said.

The Vice-President of Global Capital Markets at HSBC in New York, Alexei Remizov, highlighted the importance of the Islamic finance industry in the Persian Gulf countries. Nik Ramlah Mahmood and Kris Azman Abdullah, Directors at Malaysia’s financial regulator agency, discussed Islamic capital markets in Malaysia, and Anthony Saint, with London’s Gatehouse Bank, discussed operations of Islamic banks in the U.K.

Source: Mondovision, 13.12.2008

Filed under: Banking, BM&FBOVESPA, Brazil, Exchanges, Islamic Finance, Library, Malaysia, News, , , , , , , , , , , , , , , , , , , , ,

Asian and Latin American Markets: Where the Economic Upswing Could Start

We have all seen the horrific global turmoil in the last few months. In a Forbes article entitled: “Emerging Markets: What to Buy,” Josephine Jimenez, founder and CIO of Victoria 1522 investments described today’s market conditions as: “The performance of markets around the world this year can be best described as a “sea of red”–with all markets down.” Hearing the percentages that markets and funds have fallen in the last year is extremely frightening – according to the Emerginvest World Stock Markets Page, the UK down 33.27%, Sweden down 39.39%, Germany down 40.51%, China down 60.49%, and Russia down an astonishing 72.46% for the year. Unfortunately, those fear-invoking, year-long statistics seem to dominate any reference to emerging or frontier markets.

However, while the US’s outlook of a prolonged recession looms tall in investor’s minds, what is going unnoticed is that plenty of emerging and frontier markets are posting significant growth figures. Yes, there is still a tremendous amount of volatility in the world, however if you can stomach it, there are hundreds of strong, growth buys to be had.

This past month is a prime example. The US fell nearly 2%, and Europe has been hit hard (Spain -3.29%, Czech Rep. -4.21%, Germany -4.51%, Finland -12.27%, and Norway -16.69%) – all in the last month. However almost no one has been discussing how China soared 16.55% in the last month. Nor are they referencing other good emerging markets: Mexico 6.56%, Brazil 4.42%, Hong Kong 3.58%, and South Africa 3.06%. Even some frontier markets are doing fairly well – Namibia 3.35%, Colombia 2.32%, Cote D’Ivoire 2.12%, and Tanzania 1.27%. Again, these returns are just in the last month.

To further underscore my point, the Forbes article describes a number of tremendous growth areas in Emerging Markets. In response to the question: “In what countries/assets/sectors do you see the most opportunity now?” Justin Leverenz, the VP and Portfolio manager responsible for the Oppenheimer Developing Markets Fund, said: “To be completely honest, this is one of those rare moments where just about all prices are structurally undervalued in emerging markets. However, as in all panics, nervous managers have turned tactical in order to survive.”

Jonathan Bell, co-manager of the Forward Global Emerging Markets Fund of Pictet Asset Management stated in the same article that: “The U.S. economy is likely to go into negative growth next year and consumption will be the biggest drag. I do not want to make predictions for the next few years, but with credit and consumption growth turning negative in 2009, the outlook is not good. According to our estimates, emerging markets could contribute anywhere from 80-100% of global GDP growth next year.”

Source: Seeking Alpha, Jonathan O’Shaughnessy 11.12.2008

Filed under: Asia, Banking, Brazil, China, Colombia, Hong Kong, Korea, Latin America, Malaysia, Mexico, News, , , , , , , , , , , , , , ,