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Sealand Galaxy Capital motors higher after subsidiary awarded new contract to produce TikTok videos A look at Friday's major share movers on the London Stock Exchange Sealand Galaxy Capital Limited (LON:SCGL) motored 9% higher to 1.8p in the afternoon after its subsidiary New Sky Global Media, a digital marketing and advertising company, was awarded a new contract. It is for another new project by its longstanding client, Suncity Group Leisure Services, to create 45 new digital campaign videos for TikTok. The contract is worth £190,000 and runs until March 2022. 12.50pm: Record moves higher...

Bloomsbury Publishing on the rise after Red Globe Press acquisition A look at Friday's major share movers on the London Stock Exchange Bloomsbury Publishing PLC (LON:BMY) gained 7% to 299.65p after snapping up certain assets of Red Globe Press (RGP), the academic imprint, from Macmillan Education Ltd for £3.7mln. The Harry Potter publisher said £2.1mln will be satisfied in cash at completion and up to £1.6mln will be paid on or post-completion, subject to the assignment of certain contracts. RGP specialises in high-quality publishing for Higher Education students globally in Humanities and...

Follow John on: Record sees assets under management hit record level The last quarter of the fiscal year saw assets under management equivalent grow by 7%, with net inflows of US$4.9bn. Client numbers rose by 10% during the quarter Record PLC (LON:REC), the currency and derivatives manager, saw assets under management equivalents (AUME) rise by 37% in the year to the end of March. AUME rose to a record level of US$80.1bn (£57.8bn) at the end of the company’s fiscal year, helped by net inflows of US$9.7bn. The asset management firm saw diversified AUME net inflows in the year of US$2.1bn in...

Risk.net Barclays quant proposes methodology for factoring hedging costs into derivatives valuations Dealers make various adjustments to the fair value of derivatives contracts to account for the credit risk, funding costs and capital requirements associated with these transactions. But, somehow, the cost of hedging has so far escaped the attention of XVA desks. While it is standard practice to set aside ad hoc reserves to cover the cost of hedging, a formal mathematical formula for calculating these has been lacking. “Banks typically take transaction costs into account, but normally usin...