HedgeWorld Limited and the Bermuda Stock Exchange (BSX) announced the launch of The HedgeTrust Exchange (HTX), the first secure online trading facility for existing, non-US domiciled hedge funds available through a regulated exchange. HTX is exclusively available through HedgeWorld Limited’s companion Web site, www.hedgeworld.com.
“HTX is a significant industry development because it provides liquidity for buyers and sellers of hedge funds that are closed or that have restrictive subscription or redemption periods,” says a spokesperson.
For the first three months, all normal commissions will be reduced by 50%. Sellers will pay a normal commission of 50 basis points on all crosses up to $5,000,000. Buyers will pay a normal commission of 25 basis points on all crosses up to $5,000,000. All commissions on all crosses above $5,000,000 are negotiable. Commissions do not include BSX and settlement fees.
“The HTX facility offers accredited investors two distinct advantages. First, HTX is the first Electronic Communications Network (ECN) to have a strategic partnership with a regulated exchange, providing buyers and sellers with the usual protections that such a relationship offers,” the spokesperson adds. “The second distinct advantage of the HTX facility is that it offers
seamless access to the TASS+ hedge fund performance database. Any accredited investor who uses HTX to place buy or sell orders can easily conduct research on the hedge funds listed in the HTX trading system. The TASS+ database offers extensive fund profile reports and detailed historical performance information on each offshore fund listed in the HTX trading platform.”
“By taking advantage of the Internet, HedgeTrust Exchange stands to reinvent the way business
is transacted in the industry. It will provide increased liquidity, flexibility and choice for accredited investors. HedgeWorld considers this a major accomplishment in its mission to being the leading solutions provider of critical services for hedge fund investors and managers globally,” says Johann Wong, president of HedgeWorld Limited.