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14 Jul 2009

MFA Commends CCP Working Group Report

Hedge fund, funds of funds and managed futures funds group, the Managed Funds Association (MFA) has commended the working group paper, “Report to the Supervisors of the Major OTC Derivatives Dealers on the Proposals of Centralized CDS Clearing Solutions for the Segregation and Portability of Customer CDS Positions and Related Margin,” which was submitted to industry regulators on June 30, 2009.

"The efforts of the special working group and the Report are both comprehensive and timely." Richard H. Baker, MFA President and CEO, said, "MFA has been a strong proponent in advocating collateral segregation, portability of trades and direct and indirect buy-side access to centralized clearing. We remain committed to working with industry regulators, industry working groups such as the Operations Management Group, and other trade associations on the next steps toward providing such access."

The report was written by a special working group of eight dealers, four MFA members and four other buy-side market participants, addresses key concerns raised by supervisors and legislators globally, to analyze the various U.S. and European CDS clearing solutions with respect to the issues of customer margin segregation and portability of cleared customer CDS positions.

MFA fully endorses the collaborative efforts with industry regulators to support commercially viable centralized clearing platforms and to promote sound business practices.

MFA members include the vast majority of the largest hedge fund groups in the world who manage a substantial portion of the approximately $1.5 trillion invested in absolute return strategies. MFA is headquartered in Washington, with an office in New York. For more information, please visit:

Former Morgan Stanley Traders Launch Commodity Trading Advisor

Cinneas Foreign Exchange LLC, an alternative investment management firm specializing in momentum based trading in the foreign exchange market, have announced the launch of a Commodity Trading Advisor (CTA).

The Cinneas investment process combines technical, fundamental and intraday market flow analysis with the careful application of leverage for the purpose of delivering non-correlated returns, preserving capital and mitigating risk. Cinneas offers a low barrier to entry with a minimum investment of $5,000 with no lock-up period.

Cinneas was founded by Morgan Stanley veterans Michael Myrtetus and Douglas Borthwick. Myrtetus and Borthwick met in 1996 when Douglas joined Morgan Stanley's foreign exchange trading team. At that time Morgan Stanley's FX business had revenues approximating $200 million. Over the 9 years they worked together, the business grew to approximately $1 billion.

"We believe that an actively managed, globally diverse portfolio can adapt and grow with the changing markets," said Douglas Borthwick, Managing Partner. "Our approach draws upon global economic, fundamental, and technical analysis to identify momentum trading opportunities, with the ultimate goal of producing non-correlated risk-adjusted returns."

100 Women in Hedge Funds Award Goes To Kathryn Hall

CEO and CIO of Hall Capital Partners, Kathryn Hall, will be awarded the 100 Women in Hedge Funds 2009 Industry Leadership Award at its New York Gala, on November 18, 2009.

Each year, the organization identifies a woman whose professional talent, business ethic, and passion for investing help define and advance the hedge fund industry's standards of excellence. This year’s theme is Education and net proceeds from the NY Gala will be given to Computers for Youth.

Hall Capital Partners LLC was founded by Hill as Laurel Management Company in 1994, it currently manages more than $17 billion in assets. Hall formerly served as a General Partner of HFS Management Partners (predecessor to Farallon Capital Partners) and an early advisor to hedge fund investors.

"Katie stands out for her long history of working closely with investors to navigate the difficult landscape of hedge fund investing. She has bona fides as both an investor and hedge fund manger, and that experience gives her an especially insightful perspective in the current turbulent market," noted Lauren Malafronte, Director, Barclays Capital and Board member of 100 Women in Hedge Funds Foundation. "Katie has a well-established reputation for communication with investors; her leadership in this area makes her a role model for so many women in the industry.

Past awardees include Sonia Gardner, Avenue Capital; Jane Mendillo, Harvard Management Company; and Anne Dinning, D. E. Shaw group.