Wednesday, 6 May 2015
Last updated 16 hours ago
Sep 25 2013 | 7:57am ET
After a year of development, Nassau-based secondary market provider Hedgebay has launched an electronic settlement service for transactions.
The service, which the firm says is the first of its kind, will be available on Hedgebay’s website and is expected to initially reduce overall trading time of secondary market transactions by up to 20% and eventually by as much as 40% or 50%. Currently, secondary market participants rely on a manual trading and settlement process and transactions typically take at least 90 days to close.
Hedgebay believes the spin-off benefits to shortened trading times will include reduced deal-break risk, reduced operational costs, increased back-office efficiency and, ultimately, a greater number of participants in the secondary market and improved secondary pricing and liquidity.
Said Jared Herman, Hedgebay founder, in a statement:
“The ultimate endgame of this progression is being able to complete secondary trades in a single day. That is what Hedgebay is working towards. That point may be a while away, but the launch of the Electronic Settlement Service is a massive step in that direction. This is a glimpse into the future of the secondary trading industry.”
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…