Hedge funds lost a record 21.44% in 2008 according to the Barclay Hedge Fund Index compiled by BarclayHedge.
“2008 hedge fund losses were widespread, with 70% of the funds that report to us ending the year in the red,” says Sol Waksman, founder and president of BarclayHedge. “Managers of funds of hedge funds turned in an even poorer performance, with 85% finishing in the minus column, losing an average of 21.69%”
Hedge funds began the year holding their own, with the Barclay Hedge Fund Index down just 0.79% through May. But the average fund lost 21.21% from June through November, including a two-month 14.81% decline in September and October when the S&P 500 Index fell 24.21%.
Only one hedge fund strategy was profitable in 2008, and it thrived. The Barclay Equity Short Bias Index turned in a record gain of 41.09% in 12 months, and jumped 20.83% during the September and October stock market plunge.
“With the global economy in a recession and equity markets in a tailspin, being short equities in 2008 was one of the more profitable strategies, second only to being short mortgage backed securities,” says Waksman.
The pound has been, and will continue to be, particularly sensitive to Brexit-related developments.While recent progress in negotiation talks has reduced the chance of a disorderly Brexit, it remains a key risk for GBP, capable of triggering significant volatility.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
After months of debate, the EBA has just released a new and probably final version of the Regulatory Technical Standards. The next steps are now the adoption – or rejection – of the RTS by the European Parliament and Council within the next three months.