Sunday, 26 April 2015
Last updated 1 day ago
Nov 22 2010 | 9:34am ET
Bank of America Merrill Lynch's prime brokerage has launched a pair of Chinese yuan services designed to capitalize on growing hedge fund demand in the region.
The firm has begun accepting deposits of yuan and/or yuan-denominated securities. The former will allow hedge funds to create yuan-denominated share classes, while the latter custody accounts will make it easier for hedge funds to buy (and borrow against) yuan-settled instruments.
"Large international hedge funds used to use non-deliverable yuan forward contracts to make such bets," Merrill's Ben Williams told Bloomberg News. "These new services allow them to make the same bets through the potentially cheaper offshore yuan market."
He added, "given investor demand and the increasing focus on China, we're likely to see the development of yuan share classes among both regional and global hedge funds."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…