Les dernieres actualites (2017)


25.09.2017 FT: Pound strength causes hedging demand to increase

Recent hints of an interest rate rise by the Bank of England has helped push sterling to an 18 month high against the US dollar. Sterling's strength has resulted in an increase in the number of hedgers looking to insure their overseas investments against foreign currency weakness. James Wood-Collins, CEO at Record, comments on investor rational behind the increase, identifying sterling’s performance as a crucial driver behind the rise in the number of hedgers.

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21.09.2017 IPE: Managers begin to cover research costs under MiFID II

From January 2018, investment managers will have to decide how their clients should pay for independent investment research. A number of managers have already stated that they will absorb any external investment research costs into their own P&L. This month, Record Currency Management announced that they would also be absorbing any costs associated with research that is shared with clients.

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17.08.2017 Risk: FX forwards users drop EU banks over margin rule

Rules that force dealers to collect variation margin (VM) on currency forwards mean that European banks are being removed from some counterparty lists of non-European clients. James Wood-Collins, CEO at Record comments on the impact that collateral will have on liquidity, asset allocation and returns for clients. 

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01.06.2017 Funds Europe: Contrarian Investing with Smart Beta

Contrarian Investing or investing against the prevailing market sentiment could add value for smart beta strategies. However, some investors are doubtful of its benefits, highlighting the importance of timing in making investments. James Wood-Collins, CEO of Record, highlights that exploiting these opportunities is easier in the foreign exchange market due to the diversification of currency pairs. He comments there will always be questions as to whether the timing is right, but there are a lot of entry points which can lead to a profitable trade.

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29.05.2017 P&I: Case for stand-alone hedging programs for UK pension funds

There are now a number of compelling arguments as to why UK pension funds should be hedging currency through a stand-alone product.  Not only is Sterling’s value currently very low, but the size of many pension funds has grown to allow for the scale and sophistication of such programs.  James Wood-Collins, CEO of Record Currency Management Limited, comments that implementing such programs is typically easier through a Defined Benefit structure and highlights the impact that currency risk has had for UK-based international equity investors since the beginning of this year alone.

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02.05.2017 IPE: Factor-based investing in currencies

Greater volatility in foreign exchange markets, driven by deviating international interest rate policy, has investors increasingly thinking about currency risk. Consequently, investments in risk premia based on currency factors (carry, value and momentum) have been gaining traction in some areas of the market. James Wood-Collins, CEO, and Jan Witte, Director of Quantitative Research at Record, highlight how market sentiment has changed to so called smart beta investing, with many realising that the factors present in other asset classes can be exploited in currency.

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31.03.2017 Euromoney: CLS offers netting in FX

CLS Group has begun creating a payment netting service which will be open to all FX market participants. This service will enable CLS members to net a number of FX trades, currently settled outside of the service. James Wood-Collins, CEO at Record, comments on the potential cost savings and improved operational efficiency the service may provide.

02.02.2017 European Pensions: Swiss Pension Funds look for improvement

An ageing population, generous pension conversion rates and negative benchmark bond yields have all added to the worries of Swiss pension funds. Although many Swiss schemes are well funded, Swiss pension funds are now looking to other ways of increasing their pension contributions. Jan Witte, Director of Quantitative Research and James Wood-Collins, CEO at Record, both identify a need for Swiss funds to diverse their investment portfolios to meet future liabilities.


02.02.2017 European Pensions: Pension funds look to currency hedging

With impending elections across Europe, sterling depreciation and the rise in the dollar, pension fund investors are now starting to look to minimise the potential currency volatility in their portfolios. As we move into 2017 pension funds are looking at both passive and active currency strategies to minimise the impact of foreign currency depreciation on their assets. James Wood-Collins, CEO at Record, talks about the importance of strategies that look to both reduce risk, whilst adding value over time.

23.01.2017 P&I: US Currency Hedging Considerations

With the current dollar strength, currency hedging is increasingly becoming a consideration for US investors. Many investors do not take currency hedging into consideration, especially when it comes to long-term investments. On the other hand, some investors view currency as a risk which should be managed and can potentially add value to a portfolio. James Wood-Collins, CEO at Record, says he has seen increasing interest from US investors who seek both risk reducing and risk rewarding strategies.


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16.01.2017 FT: Malpractice in the FX market

Prosecutors in the US are still investigating many currency traders at major banks who attempted to rig the FX rates in the banking industry. Three years on from the benchmark manipulation scandal, regulators are still dealing with issues from the past. James Wood-Collins, CEO at Record states that markets must remain vigilant in their approach to managing malpractice.

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16.01.2017 The Business Times: Currency Uncertainty

Trading in the US dollar was mixed last week as data releases and doubts around whether Trump could deliver his promised economic stimulus dominated thought. The value of the pound sterling also fluctuated a lot, though settled a little on Friday, as Prime Minister Theresa May spoke about the nature of Brexit.  Javier Corominas, Head of Economic Research and FX Strategy at Record, commented that the uncertainty surrounding Brexit is likely to last for a long time.  

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13.01.2017 Reuters: Sterling falls against the Euro to 3-month low

Prime Minster Theresa May hinting that the UK would be sourcing a 'hard Brexit' has helped sterling fall to a 9-week low against the euro. The currency movement against the euro has been largely fuelled by political uncertainty. Javier Corominas, Head of Economic Research and FX Strategy at Record, commented that a lack of clarity in political decisions surrounding Brexit and expected future volatility isn’t helping to quell trader’s sentiment.  


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12.01.2017 Best Execution: Currency - What to expect in 2017

Regulatory challenges, breakdown in interest rate parity and inconsistent monetary policies will all play crucial roles in the FX markets this year. A lack of clarity between regulators looks to create many challenges, especially with the introduction of OTC derivative margining. James Wood-Collins, CEO at Record comments on the potential impact of divergent monetary policies and regulatory changes as we continue into 2017.

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12.01.2017 Reuters: Trump's helps to cause Dollar decline

Lack of clarity around President-elect Donald Trump's fiscal spending policies has helped drive the dollar to a recent low against other major currencies. In addition, Trump’s recent press conference performance has failed to produce investor confidence. Javier Corominas, Head of Economic Research and FX Strategy at Record, commented that European Central Banking policy may have a detrimental impact on dollar appreciation.

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09.01.2017 P&I: Currency Markets in 2017

Britain voting to leave the EU, the resignation of Prime Minister Matteo Renzi in Italy and the unexpected election of Donald Trump as US President has helped to create opportunities for currency investors looking to benefit from highly volatile events. Moreover, investors looking for uncorrelated strategies may look to unfunded currency returns as a source of investment. James Wood-Collins, CEO at Record, identifies some of the currency strategies that return-seeking investors could utilise as we move into 2017.

09.01.2017 P&I: What to expect in the US

Expectation of higher interest rates and potentially greater inflation rates could cause harm to bond investors in the US. In addition, changes in US monetary policy could impact pricing in the treasury market, causing more investors to look to equities as sources of return. James Wood-Collins, CEO at Record, talks about the benefits of dollar hedging in a bullish US market. Furthermore, James comments on the potential risks to foreign asset investors that a strengthening dollar could pose.

09.01.2017 Professional Pensions: Currency hedging considerations

Further volatility and depreciation of Sterling could cause even more pain for statically hedged investors. With Sterling approximately 37% lower than 10 years ago, investors should begin to consider the ‘neutral’ hedging position of their portfolios. James Wood-Collins, CEO at Record, comments on the need for the proper expertise when investors look to make decisions on their hedge ratios given the potential for future sterling volatility.

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09.01.2017 P&I: Implications of new clearing regulations

New European Market Infrastructure Regulations on the central clearing of derivatives trades could cause issues for pension funds lacking the cash or liquid assets required for initial and variation margining. As a result, firms are looking to utilise methods such as equitisation, tri-party repo and money market funds as a way of creating the cash required to meet future regulatory requirements. Data from Record Currency Management helps to identify the amount of collateral a pension fund may need in order to meet impending margining rules.

For the full article, click here.

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