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CISX Magazine V10:Layout 1 ISSUE 18 WINTER 2009/2010 spotlightspotlight on on trading trading & & settlementsettlement services services CISX becomes the first exchange to provide settlement with Euroclear UK & Ireland for traded OEICS Plus... Historic Channel Islands Supplement Global Hedge www.cisx.com Fund Survey: Weathering the storm Directors What have we learnt from this global economic crisis? Economic Insights Prospects for 2010 At the helm of Channel Island law GUERNSEY JERSEY LONDON PO Box 98 Carey House 47 Esplanade 8-10 Throgmorton Avenue Les Banques St Peter Port St Helier London Guernsey GY1 4BZ Jersey JE1 0BD EC2N 2DL Telephone: +44 (0)1481 727272 Telephone: +44 (0)1534 888900 Telephone: +44 (0)20 7614 5610 Email: [email protected] www.careyolsen.com welcome Winter 2009/2010 he G20 Summit in April 2009 heightened awareness of the Channel TIslands as international finance centres providing world-class business, professional and financial services. With the White List status and enhanced profile, the CISX seized the opportunity to open its doors Global Hedge Fund Survey.......... p2 investor insights to those who wanted a close-up view of its facilities and, more importantly in the context of improving perceptions, its operating CISX Becomes First Exchange To environment. Provide Settlement With Euroclear spotlight on trading & UK & Ireland For Traded OEICS p5 The CISX International Business Summit was settlement services Processing Priorities ...................... p6 the chosen format with which to showcase Liquidity, Liquidity, Liquidity ..... p8 the CISX. The “four corners of the world” theme emphasised the international outlook of the CISX and the global reach of the A Golden Opportunity ................. p10 Channel Islands’ finance centres. At the same Leading The Way time, there was a good exchange of opinions Structured Products....................... p12 funds focus and ideas with discussion on business Regulation & Acceleration .......... p14 opportunities, market trends and investment AIFM Directive - A Law Of strategies – not to mention a fulsome debate Unintended Consequences ........... p17 on perceived threats and economic indicators for the future. Leicester Tigers Rugby Club........ p19 issuer profile Creating a forum for debate is a necessary and an enormously healthy way to assure the continued development of any leading finance Economic Prospects For 2010..... p20 centre. Equally important is the need to Can We Borrow Our Way Out economic insight ensure that there is an understanding of what Of The Credit Crunch?................. p22 is on offer. It is in the spirit of openness that we provide a special insight into the operating environment of the Exchange’s Firm Foundations For place of business and the financial Islamic Finance ............................. p26 Islamic finance communities it serves within this edition of Sukuk............................................... p28 Bulletin Board. Jonathan Hooley Chairman The New UK Offshore tax matters Channel Islands Stock Exchange Fund Regime .................................. p30 Publisher: Channel Islands Stock Exchange LBG, Directors - What Have We One Lefebvre Street, Learned From This Global corporate governance St Peter Port, Guernsey, GY1 4PJ Economic Crisis? ........................... p32 Registered Number: 33770 Tel: 01481 713831 (Guernsey) Whitmill Trust Company Ltd...... p34 01534 737151 (Jersey) Zurich Fund Management Fax: 01481 714856 Services Ltd..................................... p35 BNP Paribas Securities new member profiles CISX Bulletin Board is published bi-annually and is available direct from CISX or for download via Services Ltd..................................... p35 www.cisx.com. No part of this publication may be Dixcart Trust Corporation Ltd ... p36 reproduced without the written permission of the EFG Fund Administration Ltd .... p36 publisher. All copyrights reserved. © A special thank you to Fay Warrilow for her contribution to the Historic Channel Islands CISX Sponsors Young Sailor/ supplement. Guernsey Touch ............................. p37 CISX homepage International Business Summit.... p38 The CISX Bulletin Board is published on behalf of the Channel Islands Stock Exchange by MSP Channel Islands, PO Box 582, Jersey, JE4 8XQ. Design and production by The Studio. PLUS historic channel islands supplement 1 Investorinsights Global Hedge Fund Survey: Weathering the storm By Michael Bane Ernst & Young’s Partner and Channel Islands Asset Management Leader resigned to the fact that there will be been running. Sharing information about t Ernst & Young, we have significant regulatory oversight and are risk concentrations, leverage, governance recently completed our ready for it. and volatility is near universal and the annual global survey of frequency of demands has increased. In a the hedge fund industry. Fee structures have responded to investor post-Lehman era it is slightly surprising 100 funds with US$680 pressure with clear linkages being that counterparty risk has a fairly low Abillion of equity, representing about half established with liquidity and redemption ranking: less unsurprisingly, questions of the industry, were surveyed with a terms. This is set to continue – few about bankruptcy laws in different deliberate bias towards some smaller respondents felt that there was pressure jurisdictions and how customer funds, particularly in Asia. Respondents' to simply reduce fees, unlinked to protections operate features more highly. views are summarised below. structural changes. Interestingly the pressure has been largely on reducing There are likely to be very few funds that There is a significant belief that the management fees, rather than incentive become tax refugees from the US. response forced by the market has been fees. Respondents believe, perhaps radical, rapid and productive for Despite endless talk about the naively, that limiting redemptions, investors who are benefiting from greater redomiciling of fund operations due to imposing gates or suspensions and the transparency, improved governance and impending US tax legislation, few are like, will have limited impact in the long more clarity about valuations and seriously considering doing so. However, run. valuation processes. Increased regulatory nearly a quarter of US and UK oversight on the other hand is perceived Investors are now acutely focused on respondents say that management to be expensive, imprecise, and of less risk. Performance cannot be the panacea businesses, however organised, are benefit to investors. This is not the for the entire industry – even those who considering moving because of tax and consistent resistance of the regulated but performed well through the crisis have other burdens. People, unsurprisingly, the unemotional, matter-of-fact view of suffered redemptions and been subject to remain more fleet-footed than the senior industry executives who are far greater scrutiny on the risks they have infrastructure they have set up. 2 Investorinsights many more said they would not venture territory and distinctions become blurred. in. Although there is a general belief that Fee structures, liquidity and redemption it is unlikely that AIFM will be approved terms and investor demands for in its current form there is widespread transparency and governance are likely to concern as to its motivation and exacerbate the trend. directional thrust coupled with a sense of In conclusion, the industry has weathered disbelief that business legislation could be the storm but is far from unscathed. so politicized, under-consulted and Some changes have been profound and restrictive. permanent, others perhaps more Changes to the industry have been ephemeral. There remains more to come, profound. Funds widely expect the not least from legislators, regulators and industry to continue to consolidate with tax authorities. Although the industry increasing costs and greater barriers to appears resigned to accepting some such entry both playing a part in the process. impositions there remains a real fear of Start-ups will be fewer and generally the authorities overreaching and some of smaller than pre-crisis levels. Despite the the actions being fundamentally The draft EU AIFM Directive will have a obvious structural difficulties for M&A misguided resulting in costs far dramatic impact. Many of those affected, activity in the hedge fund space, the outweighing any benefits to investors. particularly in the US, remain inexorable convergence in the wider asset Our full report can be read at www.ey.com uninformed about it. Approximately a management industry will take its toll as sixth of respondents who had considered private equity firms, hedge fund it said they would stop operating in the managers and traditional long-only EU if it was passed in its current form: managers encroach on each others’ 3 Never settle for the ordinary Offering highly personalised exchange services, with a pragmatic approach & swift, expert response. DISCOVER THE DIFFERENCE P.O. Box 623, One Lefebvre Street, St Peter Port, Guernsey GY1 4PJ Guernsey T +44 (0) 1481 713831 Jersey T +44 (0) 1534 737151 F +44 (0) 1481 714856 www.cisx.com Registered Number: 33770 Emma Ferbrache Concept by spotlight on trading & settlement services CISX becomes the first exchange to provide settlement with Euroclear UK & Ireland for traded OEICS he Market Authority of the “Extending settlement of OEIC Robin Newbould, Director of CISX Channel Islands Stock transactions to the proven capabilities of member-firm Cenkos
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