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According to a report by Aite Group, Spain’s fund of hedge funds market is taking off following legislation allowing retail investors to put money into the asset class. Spanish investors with more than €50,000 in disposable assets can invest in hedge funds, although it is expected that funds of hedge funds will be the preferred route. Hedge fund managers should be positioning themselves to capture the new influx of capital from the investor base.

Middle East equity research poll 2007: Award Winners

Illiquid hedge funds should stop smoothing returns, report urges.

The newly enlarged CME Group, which now also comprises former rival Chicago Board of Trade, says that its second-quarter 2007 total revenues were up 17% to $329 million and net income up 15% to $126 million on the second quarter of 2006. Commenting on the figures, CME Group chief executive Craig Donohue referred to aspects of the exchange’s growth strategy, including FXMarketSpace. In a web broadcast Donohue admitted that volumes fell off in July but that customer "onboarding" had increased and that the joint venture with Reuters remained on track to break even at some point in 2008.

Middle East equity research poll 2007: Award Winners

With the fifth anniversary of the creation of the Continuous Linked Settlement Bank (CLS) fast approaching, the Bank for International Settlements committee on payment and settlement systems has issued a reminder to the market that further progress can still be made to reduce settlement risk.

Structured credit poll 2007: Award Winners

The 2007 Italian national budget law outlines a new framework for the country’s regional healthcare administrations. The law’s purpose is to force each region with a large deficit in its healthcare funding to formulate and implement a recovery plan. "The national budget for 2007 represents a positive step forward in finalizing a set of rules for Italian healthcare," says Simone Zampa, senior analyst at Moody’s. "It aims to make regions more responsible and more accountable."

Hedge fund administrator GlobeOp and hedge fund Archeus have agreed to an amicable settlement of the claim filed by Archeus in July. Archeus shut down last year, blaming its closure on GlobeOp for its poor administration services. These, the fund said, had reduced investor confidence and led to redemptions. The filing highlighted the vulnerability of hedge fund counterparties as being held responsible for client losses, and so the settlement is largely welcomed by the hedge fund administration industry.

Bank of America has appointed Derek Dillon and Doug Baird as co-heads of global equity capital markets, replacing Ciaran O’Kelly, who was named co-head of global equities in June, a role he shares with Peter Forlenza. Dillon and Baird are both based in New York and report to Forlenza and O’Kelly as well as Bill White, the global head of capital markets.

Asset management research and advisory firm Carbon360 says assets under administration for hedge funds globally are $3.4 trillion. Single-manager assets under administration are $2.72 trillion, the firm claims. The figures were reported in Carbon360’s 2007 fund administration fact book, which analyses 74 hedge fund administrators.

London Stock Exchange takes on Euronext with launch of dedicated market.