John Lothian Newsletter: CME, Nasdaq Plan High-Speed Network Venture; Nasdaq NLX Market Said to Delay Start as FSA Seeks Tests; Japan Plans World’s First LNG Futures Contracts Within Two Years

Apr 1, 2013

CME Group and Nasdaq OMX plan to launch a new wireless data service in May that will create a data link for high-frequency traders between Chicago and New York. In Europe, the launch date for Nasdaq’s new NLX market is pushed back as UK regulators continue to evaluate the clearing side of the venture. Tokyo Commodity Exchange plans to add the world’s first liquefied natural gas futures contract to its product list within the next two years… at which time we’ll find out if it really turned out to be a world first. This week, JLN welcomes Veronica Augustsson and team from Cinnober Financial Technology as guest editors of the John Lothian Newsletter.

First Read

Technology will be the driving force in future evolution
Veronica AugustssonCinnober Financial Technology
So now it’s time for a real technology lover to take up the keyboard as John’s guest editor.

I am passionate about technology – not just because I head a financial technology company – but because it’s been a vital source of fun and challenges to me ever since I was a young student. And if you think we can lean back and tell ourselves that technology is fine now, and development will level out, you are hopelessly wrong.

3D printers are already doing amazing things and will continue to evolve and sooner or later be able to print entire tools and clothes, or even entire computers. Factories will move back into the city. This is already going to be possible within three to five years. When we can manage figures on the order of 10^26, these printers will be able to print organic materials. I can e-mail you my favorite pizza recipe and you will be able to print the pizza out. Anchovies will be optional. Think about the possibilities that will open up.

The same goes for our industry. The winners are going to be those who realize that technology development is here to stay, and who can harness the opportunities that come along with it. Talking about whether HFT should exist or not isn’t worth our time. Of course technology will be used.

And by the way, speaking about technology and development, did you know that researchers believe that the world’s first 200-year-old has been born?

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Self-Learning Algorithms: The New Frontier for Trading and Market Surveillance
John Bates – Advanced Trading
Quicker and more accurate business decisions continue to be a key interest in many industries. The capital markets, of course, wrote the book on this topic! Lots of people talk about big data and analytics — but for a long time capital markets has been delivering real-time analytics on big data in motion.
jlne.ws/XAbLya

***VA: Accuracy and speed is the key here. Must have technology to find the raisin in the cake when discussing Big Data.

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Bloomberg may set up futures exchange
Peter Madigan – Risk magazine
Bloomberg may launch a regulated exchange in the US if the Commodity Futures Trading Commission (CFTC) refuses to alter current rules that give preferential margin treatment to futures contracts that are economically equivalent to over-the-counter swaps, according to George Harrington, global head of fixed-income trading at Bloomberg.
jlne.ws/XAbJ9w

***VA: Yet another exchange from a non traditional direction

***JK – This is like the Chicago Tribune owning the Cubs.

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Integral Introduces Currency Triplets – Algo Based Sentiment Tool
Press Release
Integral Development Corp, a provider of FX trading solutions and services, announced the launch of FX Inside Currency Triplets, the most advanced view of FX markets yet. The idea behind it is simple. If a trader enters an order that is too cautious compared to the overall market sentiment, FX Inside Currency Triplets automatically introduces a third more volatile currency to the equation to ensure that the trader doesn’t lose out on a potential win just because of his or her own lack of knowledge or bravery.
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***VA: Will this save the Euro? Why not launch in Greece, Cyprus and Italy?

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Federal Judge Says He Needs More Time to Weigh SAC Insider-Trading Settlement
CHAD BRAY – WSJ.com
A federal judge said he needed more time to consider approval of hedge-fund firm SAC Capital Advisers LP’s attempt to settle a government insider-trading lawsuit by paying $602 million without acknowledging any wrongdoing. “There is something counterintuitive and incongruous,” U.S. District Judge Victor Marrero said at a hearing in Manhattan federal court, “in a party agreeing to settle a case for $600 million—that might cost $1 million to defend and litigate—if it truly did nothing wrong.”
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Rise of Dark-Pool Trading Concerns Regulators
NATHANIEL POPPER – NYTimes.com
Wall Street is embracing its dark side. As the stock market continues to climb, trading has increasingly migrated from established bourses like the New York Stock Exchange to private platforms, including dark pools, that are largely hidden from public view.
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***VA: Next headache for the regulators?

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Infinium Capital cuts headcount, narrows strategy
Crain’s Chicago Business
Infinium Capital Management LLC, one of about a dozen large Chicago trading firms, cut 11 percent of its jobs last week as it eliminated trading in index-related futures contracts, according to a source familiar with the reduction.
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**JK – Speaking of regulation – a regulatory-driven move by Infinium.

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Study highlights ‘cash for access’ risks
Steve Johnson – FT.com
Fund managers who hold one-to-one meetings with company executives make significantly higher returns as a result, according to US academic research. The analysis calls into question the efficacy of Regulation Fair Disclosure, introduced by the Securities and Exchange Commission in 2000 to level the playing field for investors by stamping out selective disclosure and ensuring material information is released to all investors at the same time.
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***VA: I have good news; in the near future it will be possible to get this information from social media. You just have to know where to look.

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The HFT Empire Strikes Back! The Case That Ever Faster Markets are Good for Investors
Forbes
The transformation of markets into ever higher speed networks with bleeding-edge HFT firms moving in microseconds on dozens of diverse market fragments has taken its lumps.
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*** VA: Yet another article arguing that HFT is not the evil that many believe it is and urging a more rational approach to its regulation.

**JK – HFT has an empire? I thought it was a bunch of dudes in jeans and hoodies.

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Emerging markets dump euro reserves
Robin Harding in Washington – FT.com
The euro’s challenge to the international status of the US dollar has been set back a generation as new data show developing countries dumping the European currency from their official reserves.
jlne.ws/XAbJGm

*** VA: Why bother about Euro or Dollar; isn’t Renminbi the future?

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SEC Advisory Committee Calls For New Small Issuer Stock Market
Bill Singer – Forbes
On Sept. 13, 2011, the Securities and Exchange Commission (“SEC”) announced the formation of the Advisory Committee on Small and Emerging Companies (“Advisory Committee”) to focus on interests and priorities of small businesses and smalle
r public companies…For some reason, we have this penchant for setting up a plethora of roundtables, panels, committees, and the ever-popular subcommittees as a substitute for truly tackling problems with workable solutions.
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*** VA: Will this assist or destroy the growing crowd funding activities?

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MarketsWiki

MarketsWiki Page of the Day
ICE Endex
jlne.ws/Xf8EMH

MarketsWiki Recent Updates

People

RJ Roxas

Companies, Organizations and Groups

ICE Endex; Warsaw Stock Exchange; Singapore Exchange Limited; IntercontinentalExchange Inc.

Statistics

37,491,249 pages viewed, 7,440 articles, 156,304 edits
MarketsWiki Statistics

Lead Stories

CME, Nasdaq Plan High-Speed Network Venture
JACOB BUNGE – Dow Jones
CME Group Inc. and Nasdaq OMX Group Inc. have detailed plans to launch a wireless network joint venture in May that will beam stock and derivatives prices between Chicago and New York in fractions of a second. The service is pitched at high-frequency traders and Wall Street banks seeking a competitive edge using the data to place trades more quickly than rivals.
jlne.ws/XAbJGp

Nasdaq NLX Market Said to Delay Start as FSA Seeks Tests
Nandini Sukumar – Bloomberg
Nasdaq OMX Group Inc. (NDAQ)’s European derivatives market has pushed back its starting date as the U.K. securities regulator seeks further tests on its clearing system, according to four people familiar with the situation.
jlne.ws/XAbMlw

***VA: Interesting to see that the regulators at last are looking carefully into the risk methodology. Will they also take responsibility?

Japan Plans World’s First LNG Futures Contracts Within Two Years
Bloomberg
Japan, the biggest buyer of liquefied natural gas, plans to list the world’s first futures contract for the supercooled fuel on the Tokyo Commodity Exchange within two years.
jlne.ws/XAbJGC

***VA: Hey, here we’re talking true liquidity for sure…

LSE says openness is key to Clearnet
Philip Stafford – FT.com
In coming weeks, the London Stock Exchange is set to close its 18-month pursuit of a controlling stake in LCH.Clearnet, the transatlantic clearing house. It is potentially its most significant deal in years.
jlne.ws/XAbMC3

***VA: Xavier Rolet swimming against the tide of vertically integrated exchanges.

Texan’s Plans Put Wall Street on Edge
PATRICK O’CONNOR – WSJ
During Jeb Hensarling’s first congressional bid, a man at a campaign stop in Athens, Texas, asked the Republican if he was “pro-business.” “No,” the candidate replied, drawing curious stares from local business leaders who had gathered to hear him speak, a former Hensarling aide recalled. “I’m not pro-business. I’m pro-free enterprise.”
jlne.ws/XAbMCa

Cyprus details heavy losses for major bank customers
Karolina Tagaris – Reuters
Major depositors in Cyprus’s biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks but saved the island from bankruptcy.
jlne.ws/15gWXn0

The Seven Broken Taboos Of The Cyprus Deal
Zero Hedge
Via Barclays, From a European perspective, the list of broken taboos and assumptions continues to grow. It includes: 1. EU sovereign debt cannot be restructured: broken by the Greek PSI. 2. Senior bank debt-holders cannot be bailed in: broken several times with respect to banks in Denmark, Ireland and now two Cypriot banks. 3. Depositors are sacrosanct:
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Cyprus Trading May Resume Tuesday, Exchange Chief Says
Tom Stoukas – Bloomberg
Cyprus’s stock exchange may resume limited trading on April 2 after closing for more than two weeks as the country faced a banking crisis and ejection from the euro, Chief Executive Officer Nondas Metaxas said.
jlne.ws/XAbPhn

Cyprus and a dog that did not bark
FT.com
In the past three weeks, Cyprus and the eurozone have been to the gates of financial hell and back again. Capital controls section off a part of Europe’s monetary union. Every action that leaders had previously warned would lead to contagion has now been taken. Yet markets have kept calm.
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Willow Fund as a Cautionary Tale for Investors
Gretchen Morgenson – New York Times
The demise of the Willow Fund, which was sponsored and sold by UBS, offers two lessons in investment risk.
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Morgan Stanley’s Porat Not Interested in Treasury Gig
Wall Street Journal Blogs
Morgan Stanley CFO Ruth Porat told Obama administration officials this week that she was no longer interested in the deputy Treasury secretary job, according to people familiar with the matter.
jlne.ws/XAbPxM

Regulatory

CFTC’s Division Of Swap Dealer And Intermediary Oversight Issues No-Action Relief For Certain Futures Commission Merchants Concerning Annual Reports Of Chief Compliance Officers
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter that provides certain futures commission merchants (FCMs) with limited relief surrounding the requirement that chief compliance officers of such FCMs prepare and submit an Annual Report, pursuant to Commission Regulation 3.3.
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CFTC Approves Final Regulations Governing Dual and Multiple Associations of Associated Persons of Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (Commission) has approved final regulations governing dual and multiple associations of associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other Commission registrants.
jlne.ws/XAbPxT

CFTC Issues Final Order to Exempt Certain Specified Transactions of Regional Transmission Organizations and Independent System Operators
The Commodity Futures Trading Commission (CFTC) approved a final order that exempts certain specified transactions of Regional Transmission Organizations (RTOs) and Independent System Operators (ISOs) from certain provisions of the Commodity Exchange Act (CEA) and Commission regulations.
jlne.ws/XAbN9a

CFTC Issues Final Order To Exempt Certain Non-Financial Energy Derivative Transactions Between Government And/Or Cooperatively-Owned Electric Utilities
jlne.ws/XAbPxW

Futurisation debate shifts to block trading rules
Risk.net
Different block trading thresholds for economically equivalent swaps and futures could hand exchanges a decisive advantage in the ongoing futurisation fight. But some market participants argue the disparity is fair, as do some regulators. Joe Rennison reports
jlne.ws/XAbN9h

Statement Of Support By CFTC Chairman Gary Gensler On Final Order Related To Certain RTO And ISO Electricity Transactions
jlne.ws/XAbPOc

Statement Of Support By CFTC Chairman Gary Gensler On Final Order Regarding Electricity And Energy-Related Transactions Between Cooperatively Owned, Government And Tribal Electric Utilities
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Exchanges & Trading Facilities

BATS Rolls Out Innovative Market Quality Reports
BATS Global Markets (BATS), operator of the BATS Exchanges, today announced the availability of new market quality reports that provide metrics on the quality of order execution for all U.S. exchanges on a stock-by-stock basis. There is no fee for any of the reports.
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***VA: Hopefully market quality will be a competing edge in the future.

Chicago Board of Trade set to shorten U.S. grain trading day
Dairy Herd
The Chicago Board of Trade won regulatory clearance to shorten the trading cycle for U.S. grain markets after a move to extend activity hurt liquidity.
jlne.ws/XAbPOm

NYSE Announces First-Quarter 2013 Circuit-Breaker Levels
jlne.ws/XAbNpE

WSE And Exchange Members Agree Modifications To The Trading Session Timetable
jlne.ws/XAbNpK

Hellenic Exchanges S.A. – Activities Of The HELEX Group In Cyprus
jlne.ws/XAbPOv

MIAX Options Exchange: Penny Pilot Classes For Option Classes To Start Trading On April 1, 2013
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TOM MTF Statistics Week 13 2013
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Hedge Funds & Managed Futures

Why BlackRock, Other Asset Manager Stocks Have Jumped
Investor’s Business Daily
You wouldn’t imagine that the biggest company in its field, with solid financials and its stock up 61% in 10 months, would be thinking about layoffs. Nonetheless, that’s the strategy at BlackRock, the world’s largest asset manager.
jlne.ws/XAbQ4S

Ex-Morgan Stanley manager launches Japanese equity hedge fund
Reuters via Yahoo! News
TOKYO – A former fund manager at Morgan Stanley Asset and Investment Management launched a Japanese equity long-short hedge fund on Monday, betting on interest from overseas investors after a recent surge in Tokyo stocks.
jlne.ws/XAbNG9

Citi Sails Back Into ‘Synthetic’ Securities
KATY BURNE – Dow Jones
Demand for high-yielding investments is helping Wall Street thaw a market that has been on ice virtually since the financial crisis: securities tied to credit derivatives.
jlne.ws/XAbQlg

As Argentina Faces Deadline, Credit Markets Watch Nervously
SHANE ROMIG, KATY BURNE AND KEN PARKS – WSJ.com
Argentina’s decadelong clash with creditors moves into a new phase Friday, when the country’s government must outline how it will compensate bondholders who refused to take part in previous debt restructurings.
jlne.ws/XAbQll

In Herbalife Fight, Both Sides Prevail
JULIET CHUNG – WSJ.com
The bitter fight over Herbalife Ltd. among three hedge-fund titans so far has delivered a surprising result: The three activist investors are all winning despite being on opposite sides of the trade.
jlne.ws/XAbQlm

Vanguard embarks on UK hiring spree
Suzi Ring – Financial News
Vanguard Asset Management, one of the largest US fund providers, with $2.2 trillion of assets under management globally, plans to double the size of its UK base in two years.
jlne.ws/XAbNWD

Monetta Young Investor Fund Wins 2013 Lipper Fund Award
Monetta Financial Services, Inc. today announced the Monetta Young Investor Fund(MYIFX) was the recipient of the 2013 Lipper Fund Award for the best Multi-Cap Core Fund for the five-year period based on consistent risk-adjusted performance among 214 funds ending November 30, 2012.
jlne.ws/XAbQlu

S&P 5OO Rally Shows Analysts Slow or Investors Sanguine
Whitney Kisling – Bloomberg
The advance that pushed the Standard & Poor’s 500 Index (SPX) to a record left companies trading closer to analyst price estimates than any time in at least seven years.
jlne.ws/XAbQBK

Traders lament false dawn for equities markets
Tim Cave – Financial News
A slump in European trading volumes across public markets during the first quarter has dashed hopes of the recovery predicted by many at the start of the year, as concerns grow about new regulations and the eurozone crisis.
jlne.ws/XAbNWL

Chuck Jaffe: 2pct returns a day? Run away
Chuck Jaffe, MarketWatch
With interest rates on safe investments running anywhere from 0.01% to 1.5% a year, you don’t have to be a securities regulator to know that any investment offering 1.5% to 2.1% interest a day might be a scam.
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CFTC Commitments Of Traders Reports Update
jlne.ws/XAbQBL

Banks & Brokers

Deutsche Bank probe finds incomplete data given to prosecutors: magazine
Reuters via Yahoo! News
FRANKFURT – An internal investigation at Deutsche Bank has found that incomplete data related to a carbon tax fraud probe were handed over to prosecutors, German magazine Der Spiegel said on Friday.
jlne.ws/XAbQBO

Banks Win Dismissal of Substantial Portion of Libor Suits
Bloomberg News
Banks including Bank of America (BAC), Barclays and JPMorgan Chase (JPM) won dismissal of antitrust claims in lawsuits alleging they rigged the London interbank offered rate.
jlne.ws/XAbQBT

BofA Tops Financial-Complaint List
ALAN ZIBEL, ANDREW ACKERMAN AND JEREMY SINGER-VINE – WSJ.com
Bank of America Corp. accounted for the largest share of consumer complaints lodged with the Consumer Financial Protection Bureau over the past 16 months, highlighting the challenges the nation’s second-largest bank faces as it tries to simplify its sprawling operations.
jlne.ws/XAbQBU

Has spring finally sprung? (Shareholder Spring that is)
Mike Foster and Mark Cobley – Financial News
With the 2013 annual general meeting season about to get under way, there are signs that companies are stepping up engagement with their shareholders, in a bid to prevent a rerun of last year’s campaigns against executive pay, known as the Shareholder Spring.
jlne.ws/XAbOdb

Pay for Boards at Banks Soars Amid Cutbacks
SUSANNE CRAIG – NYTimes.com
Wall Street pay, while lucrative, isn’t what it used to be — unless you are a board member. Since the financial crisis, compensation for the directors of the nation’s biggest banks has continued to rise even as the banks themselves, facing difficult markets and regulatory pressures, are reining in bonuses and pay.
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Merrill Sued for $309 Million by Trust Over Mortgages
Chris Dolmetsch – Bloomberg
A unit of Bank of America Corp.’s Merrill Lynch was sued by a trust seeking more than $309 million in damages for alleged breaches of representations and warranties related to the sale of more than 5,000 mortgages.
jlne.ws/XAbQSl

Who’s Next? Italy’s Monte Paschi Admits To Billions In Deposit Outflows
Zero Hedge
It appears, given news from Italy today, that European depositors are increasingly coming to the realization that deposits in their local bank are not ‘safe’ places to put their spare cash, but are in fact loans to extremely leveraged businesses. In a somewhat wishy-washy, ‘hide-the-truth’-like statement on Monte dei Paschi’s website, the CEO admits to, “the withdrawal of several billion in deposits.”
jlne.ws/XAbQSq

Ex-E*Trade CEO payday: $10.7 mln, with severance
Market Watch
E*Trade Financial Corp. ETFC said it paid its former Chief Executive Steven Freiberg $10.7 million in 2012, including a severance payment, according to a regulatory filing early Friday.
jlne.ws/XAbQSt

Morgan Stanley nominates Glocer to replace Bostock on board: proxy
Reuters
Morgan Stanley has nominated former Thomson Reuters chief executive Thomas Glocer to its board of directors to replace outgoing director Roy Bostock, who is retiring in compliance with the company’s age limit for directors.
jlne.ws/XAbOtS

Former Goldman Copper Trader Freeland Said Joining Noble
Bloomberg
David Freeland, previously a copper trader at Goldman Sachs Group Inc., is joining Noble Group Ltd. , Asia’s biggest commodity trader by sales, according to two people with direct knowledge.
jlne.ws/XAbR8S

Clearing & Settlement

ISDA Designates New Roles in CDS Decision Panel
Katy Burne – Dow Jones Newswires
Insurer MetLife Inc. (MET) and the clearing units of IntercontinentalExchange Inc. (ICE) and LCH.Clearnet S.A. have new roles in the panels of derivatives experts who rule on payouts for the $27 trillion credit-default swaps market, the swaps industry’s main trade body said Thursday.
jlne.ws/XAbR8Z

IntercontinentalExchange to Establish ICE Trade Vault Europe as Trade Repository for European Swaps and Futures Data
IntercontinentalExchange, a leading operator of global markets and clearing houses, announced today that it has applied to the European Securities and Markets Authority to establish ICE Trade Vault Europe Limited as a Trade Repository for the reporting of swaps and futures trade data to meet requirements of the European Market Infrastructure Regulation.
jlne.ws/XAbOKn

CME Group Clearing Advisory: Review of Collateral Haircuts Advisory
jlne.ws/XAbOKq

CME Group Clearing Advisory: Offshore Chinese Renminbi Delivery Process
jlne.ws/XAbRpk

CME Group Clearing Advisory: Kansas City Board of Trade (KCBT) Produce Specification Summary
jlne.ws/XAbRpq

Indexes & Products

Methods For Calculating Moscow Exchange Broad Market Indices, Second-Tier Indices And Sector Indices Adopted
jlne.ws/XAbP0I

Enforcement

CFTC Charges North Carolina Resident James Harvey Mason with Commodity Pool Fraud
Federal court issues emergency order freezing assets and protecting books and records of Mason, The JHM Forex Only Pool, and Forex Trading at Home
jlne.ws/XAbP0R

SAC’s Steinberg Was Cohen Confidant With Ties to Chiasson
Saijel Kishan – Bloomberg
Of all the former employees at Steven A. Cohen’s SAC Capital Advisors LP who have been charged with insider trading, Michael S. Steinberg was closest to the hedge fund’s billionaire founder, starting as a young recruit and rising to become one of his most-trusted money managers.
jlne.ws/XAbRFU

Former Morgan Keegan Fund Directors to Settle With SEC
JEAN EAGLESHAM AND KIRSTEN GRIND – WSJ.com
Eight former directors of Morgan Keegan Inc. mutual funds have agreed to a deal with the Securities and Exchange Commission to settle a civil enforcement action that attracted attention because of the agency’s wider efforts to hold fund boards accountable.
jlne.ws/XAbRWw

Foreign Traders Agree to Pay $3.3 Million to Settle Charges in Nexen Insider Trading Case
The Securities and Exchange Commission today announced that a Chinese businessman and his wife whose trading accounts were frozen last year as part of a major insider trading case have agreed to settle charges that they loaded up on the securities of Nexen Inc. while in possession of nonpublic information about an impending announcement that the company was being acquired by China-based CNOOC Ltd.
jlne.ws/XAbRWD

SEC Charges Sigma Capital Portfolio Manager with Insider Trading
The Securities and Exchange Commission today charged Michael Steinberg, a portfolio manager at New York-based hedge fund advisory firm Sigma Capital Management, with trading on inside information ahead of quarterly earnings announcements by Dell and Nvidia Corporation.
jlne.ws/XAbUBE

Tough To Prove Hedge Fund Titan Michael Steinberg Broke Insider Trading Law
The Forward
To win a guilty verdict against one of hedge fund titan Steven A Cohen’s most senior portfolio managers, U.S. prosecutors face a tough task: convincing a jury that a man who already admitted to breaking the law is telling the truth on the witness stand.
jlne.ws/XAbScY

Australian Research Analyst Extradited On Insider Trading Charges
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Environmental & Energy

Review & Outlook: A Carbon Tax Loses—Twice
WSJ.com
Proposals for that hardy Al Gore perennial, a carbon tax, are making a comeback. But if last weekend’s votes in the Senate are any guide, the idea is going to require a lot more political persuasion.
jlne.ws/XAbSd8

Asia-Pacific

Japanese bank lobby to rethink Tibor
Ben McLannahan in Tokyo – FT.com
The new head of Japan’s banking lobby has vowed to find ways to improve the reliability of the domestic lending benchmark known as Tibor, in the wake of a global scandal over the manipulation of other key rates underpinning hundreds of trillions of dollars of loans and derivatives.
jlne.ws/XAbUS9

Nomura Hires Most Graduates in 4 Years on Japan Recovery
Bloomberg
Nomura Holdings Inc. and Daiwa Securities Group Inc. hired the most university graduates in four years, leading a resurgence in recruitment by Japanese brokerages as the economic outlook improves.
jlne.ws/XAbStp

Japan Exchange Group: Regarding News Reports – Tick Sizes
jlne.ws/XAbUSf

Tokyo Financial Exchange Trading Volume In March 2013 And From April 2012 Through March 2013
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Japan’s Financial Services Agency: Publication Of A Draft Comprehensive Review Of The Short Selling Regulation
jlne.ws/XAbV8w

Osaka Securities Exchange Trading Overview Of Fiscal Year 2012 (April 2012 – March 2013) & March 2013
jlne.ws/XAbV8x

Osaka Securities Exchange SPAN Parameter Updated – April 08, 2013 To April 12, 2013
jlne.ws/XAbStB

Tokyo Commodity Exchange: Reduction In Order Validity Of Unknown Cause
jlne.ws/XAbStC

Shanghai Stock Exchange Market Closure Schedule For 2013 Tomb Sweeping Day
jlne.ws/XAbStE

Tokyo Commodity Exchange Final Settlement Price Of Crude Oil For March 2013 Contract
jlne.ws/XAbV8H

Shanghai Stock Exchange Trading Floor Serves Listed Companies
jlne.ws/XAbV8I

Dalian Commodity Exchange: Notice On Doing Simulation Test Of Egg Variety Trading System
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Frontier Markets

India Panel Favors Merging Financial Regulators Into One Body
Khushita Vasant – Dow Jones
A government panel Thursday suggested merging India’s capital markets, commodities, insurance and pension funds regulators’ into a unified body, and limiting the central bank’s role to managing monetary policy.http://www.nasdaq.com/article/india-panel-favors-merging-financial-regulators-into-one-body-20130328-00654

NASDAQ Dubai Welcomes US Dollars 750 Million Emirates NBD Bond To Its Market
jlne.ws/XAbSK4

Dubai Financial Market And The Accountants & Auditors Association Promote Best Practices – MoU Signed To Define Areas Of Cooperation And Share Expertise And Knowledge
jlne.ws/XAbSKb

The Nigerian Stock Exchange Market Report For The Week Ended 28-03-2013
jlne.ws/XAbVp8

John Lothian Newsletter

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