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Workflow foundation event driven investing

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Newly generated data fields are available to users in all modules as soon as they are created. Customer-specific business rules, workflows and key indicators are very easy to configure and can be used anywhere in the system. This means that day-to-day activities can be handled efficiently at all times, and new business areas can be developed in a very short time-to-market.

XENTIS is internet-enabled and ideal for use in environments with decentralised structures, to support external asset and relationship managers, for example. XENTIS combines the advantages of standardised software with the convenience of a customised solution.

Due to the separation of configurable system components from the standard product, changes to business rules, workflows and ratios, for example, can be implemented independent of release cycles. Customer-specific settings are not affected by software upgrades. Request a demo. Flexibility as a fundamental concept paired with cutting-edge technology Market-specific requirements and legal regulations are becoming increasingly complex and change more and more frequently.

Individuality as a standard XENTIS combines the advantages of standardised software with the convenience of a customised solution. Extensive pre- and post-trade investment compliance functionality Defining of limit rules in a standard rule language business rules Direct testing with productive data, set active on the spot Country rule sets for several countries available Full process of managing limit violations is controlled with individually configurable workflows Differentiation in active and passive limit violations Tolerance levels info, warning, limit, etc.

Straight Through Processing, from generating investment proposals to executing orders and settling transactions Parameterised order workflow on a customer-specific basis using business rules Trading of all financial instruments Pooling and splitting Integrated market conformity checks Pre-trade investment compliance checks Linking of trading platforms such as Bloomberg EMSX, TSOX und FXGO Automated or manual multi-level matching Real-time update of order and inventory balances after execution Event-driven order blotter.

IRR, MWR, TWR performance from consolidated portfolios down to single position level Contribution and attribution System architecture allows for individual components to be included or excluded ad-hoc, for example, performance may be calculated net, gross, or involving a subset of specific fee and cost components Performance comparison with simple or composite benchmarks Benchmarks can be set as indices or portfolios down to position level or as composite benchmarks Performance and risk management modules can take existing and simulated holdings into account.

He's always calibrating what he has to offer with your needs and your experience He has strongly held views I trust Udi to tell me what I need to hear, even if I don't want to hear it, That's a rare skill to go along with his command and intelligence. The development is outsourced to India. SOA is a buzzword used almost for anything today. We identified Udi as the one that can put some sense and order in our minds.

We started with a private customized SOA training for the entire team in Israel. After that I had several focused sessions regarding our architecture and design. I will summarize it simply as he is the software simplist : We are very happy to have Udi in our project. It has a great benefit.

We feel good and assured with the knowledge and practice he brings. We assimilated nServicebus as the ESB of the project. I highly recommend you to bring Udi into your project. Udi has shown impressive abilities of understanding organizational challenges, and has brought the business perspective into our way of looking at services.

He has an excellent understanding of the many layers from business at the top to the technical infrstructure at the bottom. He is a great listener, and manages to simplify challenges in a way that is understandable both for developers and CEOs, and all the specialists in between. I think Udi should be a premier choice for a consultant or architect of distributed systems. In order to confirm our decision we invited Udi. No matter whether our former decisions were confirmed or altered, it gave us great confidence to move forward relying on the experience, industry best-practices and time-proven techniques that Udi shared with us.

It was a distinct pleasure and a unique opportunity to learn from someone who is among the best at what he does. The nice thing about Udi is that he is able to explain architectural concepts in terms of practical code-level examples. I would strongly recommend this course to anyone with an interest in how to develop IT systems which provide immediate and future fitness for purpose.

An influential and innovative thought leader and practitioner in his field, Udi demonstrates and shares a phenomenally in depth knowledge that proves his position as one of the premier experts in his field globally. The course has enhanced my knowledge and skills in ways that I am able to immediately apply to provide benefits to my employer. Additionally though I will be able to build upon what I learned in my 2 days with Udi and have no doubt that it will only enhance my future career.

I cannot recommend Udi, and his courses, highly enough. I believe that you are a knowledgable and intelligent man. He accompanied us in all stages of our development cycle and helped us put vision into real life distributed scalable software. He brought fresh thinking, great in depth of understanding software, and ongoing support that proved as valuable and cost effective.

Udi has the unique ability to analyze the business problem and come up with a simple and elegant solution for the code and the business alike. With Udi's attention to details, and knowledge we avoided pit falls that would cost us dearly. While keeping everyone awake and excited Udi gave us some great insights and really delivered on making complex software challenges simple.

Truly the software simplist. During the analysis and design of a complex, distributed C4I system - where the basic concepts of NServiceBus start to emerge - I gained a lot of "Udi's hours" so I can surely say that he is a professional, skilled architect with fresh ideas and unique perspective for solving complex architecture challenges. His ideas, concepts and parts of the artifacts are the basis of several state-of-the-art C4I systems that I was involved in their architecture design.

Just awesome. Being able to sit in a room with Udi for an entire week while he described exactly how, why and what he does to tackle a massive enterprise system was invaluable to say the least. We now have a much better direction and, more importantly, have the confidence we need to start introducing these powerful concepts into production at Eleutian.

Brought fresh and valuable ideas that helped us in architecting our product. When recommending a solution he supports it with evidence and detail so you can successfully act based on it. Udi's support "comes on all levels" - As the solution architect through to the detailed class design. NET conference in February I have been reading Udi's articles and listening to his podcasts for a long time and have always looked to him as a source of advice on software architecture.

When I actually met him and talked to him I was even more impressed. Not only is Udi an extremely likable person, he's got that rare gift of being able to explain complex concepts and ideas in a way that is easy to understand. All the attendees of the workshop greatly appreciate the time he spent with us and the amazing insights into service oriented architecture he shared with us.

For me, even after 30 years in software development, working with Udi was a great learning experience. I simply love his fresh ideas and architecture insights. As we all know it is not enough to be armed with best tools and technologies to be successful in software - there is still human factor involved. When, as it happens, the project got in trouble, management asked Udi to step into a leadership role and bring it back on track. This he did in the span of a month. I can only wish that things had been done this way from the very beginning.

I look forward to working with Udi again in the future. Since these are not necessarily everyday requirements, we wanted to bring in some additional expertise. We chose Udi because of his blogging, podcasting, and speaking. We asked him to to review our architectural strategy as well as the overall viability of project.

I was very impressed, as Udi demonstrated a broad understanding of the sorts of problems we would face. His advice was honest and unbiased and very pragmatic. Whenever I questioned him on particular points, he was able to backup his opinion with real life examples. I was also impressed with his clarity and precision. He was very careful to untangle the meaning of words that might be overloaded or otherwise confusing.

While Udi's hourly rate may not be the cheapest, the ROI is undoubtedly a deal. I would highly recommend consulting with Udi. The class was very well put together. The materials were clear and concise and Udi did a fantastic job presenting it. It was a good mixture of lecture, coding, and question and answer.

I fully expected that I would be taking notes like crazy, but it was so well laid out that the only thing I wrote down the entire course was what I wanted for lunch. Udi provided us with all the lecture materials and everyone has access to all of the samples which are in the nServiceBus trunk.

Now I know why Udi is the "Software Simplist. The patterns that Udi presented keep things simple by isolating complexity so that it doesn't creep into your day to day code. The domain code looks the same if it's running in a single process or if it's running in processes. Net development community, one of the truly smart guys who do not just get best architectural practice well enough to educate others but drives innovation. Udi consistently challenges my thinking in ways that make me better at what I do.

One of the most senior managers there knew Udi because he was doing superb architecture job in another Rafael project and he recommended bringing him on board to help the project I was leading. Udi brought with him fresh solutions and invaluable deep architecture insights. He is an authority on SOA service oriented architecture and this was a tremendous help in our project.

On the personal level - Udi is a great communicator and can persuade even the most difficult audiences I was part of such an audience myself.. Working with Udi was a great learning experience for me, and I'll be happy to work with him again in the future. While Udi is usually involved in SOA subjects, his knowledge spans all of a software development company's concerns. I would not hesitate to recommend Udi for any company that needs excellent leadership, mentoring, problem solving, application of patterns, implementation of methodologies and straight out solution development.

There are very few people in the world that are as dedicated to their craft as Udi is to his. At ALT. The team that I brought with me found his workshop and other talks the highlight of the event and provided the most value to us and our organization. I am thrilled to have the opportunity to recommend him. Udi has a great ability to explain complex enterprise designs in a very comprehensive and inspiring way.

I've seen several sessions on both DDD and SOA in the past, but Udi puts it in a completly new perspective and makes us understand what it's all really about. If you ever have a chance to see any of Udi's sessions in the future, take it! Udi is indeed a top-league professional! He is patient, polite, and easy to talk to. I'm extremely glad I came to his workshop on SOA.

His mastery of the technologies and techniques is second to none, but he pairs that with a singular ability to listen and communicate effectively with all parties, technical and non, to help people arrive at context-appropriate solutions. Every time I have worked with Udi, or attended a talk of his, or just had a conversation with him I have come away from it enriched with new understanding about the ideas discussed.

His explanation of often complex design and architectural concepts are so cleanly broken down that even the most junior of architects can begin to understand these concepts. These concepts however tend to typify the "real world" problems we face daily so even the most experienced software expert will find himself in an "Aha!

It was a pleasure to finally meet Udi in Seattle Alt. Net OpenSpaces , where I was pleasantly surprised at how down-to-earth and approachable he was. His depth and breadth of software knowledge also became apparent when discussion with his peers quickly dove deep in to the problems we current face.

If given the opportunity to work with or recommend Udi I would quickly take that chance. When I think. Net Architecture, I think Udi. He is an well known international expert on enterprise software architecture and design, and is the author of the open source messaging framework nServiceBus.

The entire class was based on discussion and interaction with the audience, and the only Power Point slide used was the one showing the agenda. He started out with sketching a naive traditional n-tier application big ball of mud , and based on suggestions from the audience we explored different solutions which might improve the solution. Whatever suggestions we threw at him, he always had a thoroughly considered answer describing pros and cons with the suggested solution.

He obviously has a lot of experience with real world enterprise SOA applications. Few people can truly claim such a high skill and expertise level, present it using a pragmatic, concrete no-nonsense approach and still stay reachable.

Udi explained complex concepts very clearly and created a very productive discussion environment where all the attendees could learn a lot. I strongly recommend hiring Udi. NET space. He is always eager to help others by sharing his knowledge and experiences. His blog articles often offer deep insights and is a invaluable resource. I highly recommend him.

I will definitely participate in his sessions again. Udi is a great presenter and has the ability to explain complex issues in a manner that everyone understands. Everyone mentions it — the big buzz word. But, when I actually asked someone for what does it really mean, no one managed to give me a complete satisfied answer. Udi went over the different motivations principles of Services Oriented, explained them well one by one, and showed how each one could be technically addressed using NService bus.

In his course, Udi also explain the way of thinking when coming to design a Service Oriented system.

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Firstly, there is a strong economic rationale for why returns exist — event-driven investors generate a premium from being niche market participants exploiting areas of inefficiency that exist beyond the remit and understanding of traditional equity and bond managers. Secondly, it is an 'all weather strategy' in as much as merger arbitrage and distressed are countercyclical.

Given that event-driven funds tend to thrive from more complex situations, such funds are quick to evolve into new areas where there is less understanding of regulation and valuation by the market in general. For example, we have recently seen event-driven hedge funds take positions in carbon credits, freight rates and airplanes. Merger arbitrage involves a hedge fund manager taking advantage of market inefficiencies that tend to surround corporate events such as mergers, acquisitions, spin-outs etc.

Generally, traditional equity managers will avoid the advanced stages of such event-driven situations as a result of the complexity surrounding the deals, creating inefficiency and hence return. However, despite merger-arbitrage having been in existence for over half a century, the traditional form of this strategy, involving a simple long position in a company to be acquired and a corresponding short position in its acquirer is rarely seen nowadays.

Hedge fund managers in this strategy are increasingly looking at innovative ways of taking positions in the pricing inefficiencies surrounding merger and acquisition activity. Managers may implement trades using options both to profit from the resulting position and a likely increase in volatility if the deal is likely to be contested or see competing bids, and can use sector shorts to hedge a long position in an acquirer company that will see significant synergies being created in the recently augmented business model.

As with merger arbitrage investing, distressed investing is an approach based on corporate events that has a strong economic rationale for generating returns. Distressed investing involves investing in the debt and sometimes equity of companies that are 'distressed' e. Often, a distressed company's debt will trade at an overly diminished price as a result of market inefficiencies in the traditional investment management world. Traditional corporate bond investors generally liquidate positions when they become distressed either due to the guidelines in their mandate or due to human nature — a traditional manager would rather get rid of a 'nightmare position' in his portfolio than have it hanging around as evidence of a bad decision.

As a result of this sell off by the institutional world, the debt of distressed companies falls to irrationally low levels and at this point, distressed investing hedge funds, who have no constraining rules on owning distressed debt, can take advantage of the mis-pricing and generate a good return. The current environment for investing in distressed securities is weak purely based on the supply of new investments — the current default rate is historically low in the US and non-existent in Europe.

However, the outlook for this strategy is improving as the US economic cycle moves further towards a cooling phase which should see an increased default rate leading to a growing opportunity set of distressed companies.

Simple maths based on recent historic corporate bond issuance multiplied by typical expected default rates would also support this argument. Subsequently, if this drop is in excess of what the manager considers a fair price, the manager may then go long to stock and wait for a bounce. This strategy is considerably more risky than standard merger arbitrage. For more risks and deals complexities, we advise the reader to peruse previous Merger Arbitrage Limited articles such as deal extension risk.

In the example above, maybe because of regulatory issues deal closure takes 12 months instead of 6 months. This halves the return and makes the investment pay the same as holding cash. Deals such as those in protected industries energy or telecommunications for example , tend to take longer to complete, as do deals involving multiple regulatory agencies from different countries.

However, these factors are often known at the beginning so it is the unexpected delays such as the FTC asking for more information via a 2 nd request which can destroy the profitability of a trade. On top of this, the event driven investment manager must consider dividend payments. In the case of a stock offer, the portfolio manager must also consider the costs of borrowing the acquirer stock.

This may sound complex, but we have constructed a merger arbitrage spread calculator to do this for you. For added complexity, professional arbitrageurs can use bonds to take advantage of the yield discrepancy between the two companies. Dividend arbitrage is a less common activity that an event driven manager may implement.

For example, a company may raise new equity capital and use a different class of stock. This new stock class may not be eligible to receive dividends. The trader attempts a simultaneous purchase of the newly issued securities and shorts the existing securities at a price differential that exceeds the potential dividend and stock borrowing costs. If a company decides upon a change in its corporate strategy, it may decide to spin off a subsidiary to shareholders. Spinoffs tend to prosper following the separation, as previously the business unit did not fit well with the parent company.

A dedicated management team usually has the latitude to operate more freely as a separate company. Investors analyze the spinoff company and the post-spin parent to see if the combined value is greater than before. This provides the rationale for making an investment or not. Investors also look for spinoffs after the event that trade at a discount. There are times when a parent company may choose to list the spinoff on a different national exchange. This may happen because of geographic proximity.

Ownership of a foreign security by an investment fund may be restricted as per its own investment guidelines or domestic regulations. If this causes the spinoff to trade at a discount, local investors will be able to profit from the pricing inefficiency. However, spinoffs are less well known. When a company raises capital by way of a renounceable rights issue, the event driven manager makes a simultaneous purchase of the rights and shorts the existing stock.

The price differential must exceed the amount required to subscribe for the newly issued shares and stock borrowing costs. Sometimes a firm needs cash, and as a last resort, they decide to issue equity at a large discount to the current market price and dilute existing shareholders. Buyers in this situation are generally qualified institutional investors who can buy a private placement.

These new shares are subject to a lock-up arrangement. This restricts sale of the stock for a fixed period. However, immediately following the announcement, buyers of this new stock start shorting the original stock to lock in the price difference, or spread. The manager can employ additional financial products such as derivatives to accomplish the hedge.

The key here is speed, as following the deal announcement it completes rather quickly. Capital Structure Arbitrage takes advantage of mispricing within various securities of the same company, typically in a period of financial stress. The distressed investors assess what each class of securities should be worth, and buy the securities that seem the most undervalued.

Distressed securities are often corporate bonds, bank debt and trade claims of companies that are in some sort of distress, such as bankruptcy. However, rather than go through bankruptcy, a company can go to its banks, stock and bondholders and propose a plan to recapitalize the company. Usually, this dilutes the equity and forces the bondholders to take a small loss. Since it is voluntary, creditor committees negotiate the result with the company, and investors try to buy the securities that are the most undervalued.

After a default, distressed investors analyze the value of the company and its liabilities. They look for the class of securities in the bankruptcy pecking order that the company is unlikely to repay in full. The owners of that class of securities will likely control the company post-bankruptcy, and will be able to propose a plan to recapitalize the company, replacing the old securities with a new security class.

Senior securities will receive payment close to a full amount, whereas junior securities may get little if anything. Investors seek to capitalize on the subsequent momentum caused by an unexpected revelation made during the earnings announcement. A decline in earnings may lead to a downgrade in either stock or credit an encourage traders to short the stock. The event driven manager attempts to profit from price movements resulting from changes in shareholder bases. In order to maintain the correct weighting for an index-tracking product, the portfolio must include new index entrants.

Following a merger or bankruptcy, or some other unknown reason a given stock may leave a given index. The replacement stock will often see its price rise as passive investment managers scramble to maintain the correct index weighting and minimize tracking error. Most indexes have clearly defined rules, which enable the manager to know in advance what stock are likely to be the next replacements. However, the timing of when that stock moves into the index is unknown.

When hurricanes threaten to damage, investors estimate the likely losses. During this period, the volatility of insurers and reinsurers stocks increases dramatically as investors take positions. Event driven managers can also trade catastrophe bonds.

Some specialized hedge funds offer industrial loss warranties to hedge the risks of insurance companies, with prices changing in real time depending on liquidity. For the most part markets are generally efficient. However, occasionally the market prices of certain securities trade inefficiently and the event driven manager seeks to exploit this.

Although too many event driven managers operating in a small or illiquid market will tend to quickly remove such inefficiencies thus reducing the risk-adjusted returns. In extreme cases, this overcrowding may push prices too far in one direction and again create a state of market inefficiency but in reverse. Astute managers are keenly aware of this. Certain event driven managers specialize in these situations and may implement trades that are the opposite of what was initially expected and take a position against the majority.

Economists may welcome market efficiency but event driven investment managers take the opposite view. That is, until they fully execute their initial trade. The investment focus of the manager is to analyse the effect on security prices due to the event in question.

This is in contrast to traditional equity investment funds who focus on analysing and researching company earnings or dividend streams. Investment firms using event driven investment strategies employ teams of specialists who are experts in analysing corporate actions. The manager then makes a decision on how to invest in the situation. This decision makes use of the available financial instruments such as stock or bonds.

To illustrate, we again use a merger arbitrage example. Once an acquiring company announces its intent to buy another company, the stock price of the target company typically rises. However, it usually remains below the acquisition price. This discount, known as the spread , reflects the uncertainty about whether the acquisition will complete or not. Event-driven managers analyze the deal particulars, which may include but are not limited to the reasons for the acquisition , the terms of the acquisition and any regulatory issues.

With this information, manager determine the likelihood of the acquisition successfully completing. If the target stock price suggests a lower likelihood of deal completion, the manager will buy the stock. The manager is comfortable buying the stock, as opposed to the traditional manager who does not have the expertise to determine if the deal will go through. The traditional manager often sells the stock before the acquisition completes and realizes a profit but sacrifices the remaining upside.

This remaining upside, or spread , is where the merger arbitrageur can profit. One can differentiate event driven investment strategies by their investment horizon. The different types of strategies and investments made by event driven managers lead to a spectrum of investment horizons.

High-Frequency investors typically have an investment horizon of less than five minutes. The aim of these strategies is to profit from high volume, low margin trading. Tender offers in merger arbitrage can complete in a number of weeks. Although the overall average completion time for a cash deal is usually months.

Whereas investment in debt securities during a bankruptcy process may require a number of years if the stakeholders do not reach a consensus on how to compensate the lenders. Perhaps the biggest know occurrence of implementing event driven investment strategies is the subprime crisis. Some traders foresaw the dangers of the overly generous lending practices within the mortgage industry.

Subsequently, they accordingly took positions in an array of financial instruments. Following the initial reports and effects on the wider financial system, many traders took advantage by taking large short positions primarily in finance related stocks. Reverse merger arbitrage also became commonplace. This is where traders speculated on the break-up of specific deals primarily due to the lack of available financing. Event-driven investors must be willing to accept some risk. Corporate events do not occur as planned and this requires the flexibility to re-evaluate constantly.

Event driven investors must have the necessary skill set to assess accurately the likelihood of this occurrence. A significant risk in this arena is liquidity risk. This is especially true for high yield bonds and illiquid investments such as small cap stocks or certain derivatives. During a market panic, exiting these products can be difficult. The manager must be aware of over exposure in these investment classes. As previously mentioned, merger arbitrage accounts for a large portion of event driven trading.

Whether or not a deal completes successfully, the path taken to completion is rarely a smooth one. Deal delays, or deal extension risk can destroy the profitability of the trade. In times of economic downturn, it becomes more difficult to obtain financing. The subprime crisis provides numerous examples of this. A deal failure is the worst scenario for a merger arbitrager. When the credit cycle or economic cycle is in a downturn all complex investing strategies tend to suffer.

As a rule, consider a comparison of merger arbitrage to a high yield bond. If this high yield bond is beyond your risk tolerance, event driven trading strategies may not be for you. Sophisticated or large institutional investors typically use event driven investment strategies.

These are primarily hedge funds, private equity firms and some mutual funds. This is due to the large amount of expertise necessary in analysing corporate events to execute the strategy successfully. Traditional equity investors, including managers of equity mutual funds, do not have the expertise or access to information necessary to analyze accurately the risks associated with many of these corporate events.

Event driven managers may specialize in one or more event driven investment strategies. Certain managers will cover as many bases as possible as events will come on their own schedule, not necessarily when the manager requires them.

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Flow and Event-Driven Integration with James Urquhart

in making it all work (including the Workflow Foundation team). In almost any event-driven architecture, you'll have services. * standard which WCF is based on. Workflow Foundation is still supported framework but not going to be officially ported Before diving into programming with Microsoft Windows Workflow Foundation, or WF, Part parallel and part event-driven, this activity allows for the.