Markets around the world continue to adjust to the dramatically changed economic circumstances of recent years. In Europe and the U.S., the imminence of new regulation is the focus of much attention.
We make no apology for returning to the subject in Momentum. Our Insight feature (page 3) thus highlights the need for investors to begin serious consideration of how they will react to the requirement to centrally clear certain derivative transactions when the Dodd- Franck Act and European Market Infrastructure Regulation fi nally come into force.
This issue’s Market Watch (page 4) in turn is devoted to the Alternative Investment Fund Managers Directive and continues a story started in 2006 and accelerated by the collapse of Lehman Brothers.
These regulatory changes to the financial markets also require that service providers meet with new requirements in terms of quality. In keeping with this, our processes and internal controls were certifi ed according to the new ISAE 3402 international standard (Snapshot to the right).
We have also mentioned in the past our global commercial alliances and our partnership with U.S. Bancorp. Strengthened by the synergies of our combined expertise, we were mandated last April for an Irish UCITS U.S. small companies fund which you can read more about on page 2.