John Lothian Newsletter: Federal Reserve Notifying SEC, CFTC After Early Release of Minutes; Vienna Bourse Seeks ‘Friendly’ Merger With Warsaw Exchange; LME Sale To HKEx Has Increased Membership

Apr 11, 2013

The US Federal Reserve accidentally leaks its minutes several hours early to a handful of people, and regulators are looking for evidence that early trading on that data took place. Recent talks between exchanges in Vienna and Warsaw will hopefully result in a friendly merger in the coming months, according to folks in Vienna. And the head of the London Metal Exchange says that the recent purchase by Hong Kong Exchanges has resulted in increased LME membership. In today’s First Read section, take a look at the latest JLN video interview with Huseyin Erkan, CEO of the World Federation of Exchanges, who discusses regulatory reform, and what he sees coming for exchanges in the coming months and years.

First Read

Very Bullish (on Knicks)
Gary Katz, ISE
It has now been four days since a New York-based options guy joined forces with the JLN empire. It is only fitting that tonight another New York-Chicago spectacle takes place: The red-hot, New York Knicks will carry a 13-game winning streak into the Land-of-Lincoln/Lothian to face the Chicago Bulls. Just as I plan to continue my run as editor through today and into tomorrow, I’m hopeful the Knicks will follow suit and continue their run for one more game and through the remainder of the season.

By the way, keep an eye out for today’s news on ISE’s second exchange. I look forward to discussing it in my closings statement tomorrow. Go Knicks!


Huseyin Erkan

World Federation of Exchanges CEO Huseyin Erkan Shares His Perspective on the Global Economy

Huseyin Erkan is CEO of the World Federation of Exchanges (WFE) and was formerly Chairman and CEO of the Istanbul Stock Exchange (ISE) from 2007 to 2012. Before becoming CEO of WFE, he was a member of the WFE’s Board of Directors from 2008 to 2011. Erkan spoke with JLN Editor-in-Chief Jim Kharouf about the WFE’s current restructuring process, what the end of regulatory reform means for exchanges, potential drivers for growth in 2013, and what impact the global economy will have on exchanges.

Watch the video »

***GK: The next meeting of International Options Market Association (IOMA), an affiliate of the World Federation of Exchanges (WFE), will take place in early May in Busan, South Korea. This will be an outstanding opportunity for leaders of the world’s options exchanges to come together to network and discuss industry topics. I look forward to seeing Huseyin there and all of us working together with this august organization to demonstrate the importance of exchanges and clearinghouses in the global financial marketplace.


Turkey Seeks to Lure Foreign Companies to $326 Billion Bourse
Turkey’s stock exchange is seeking the help of brokerages to attract foreign companies to list as the nation works toward becoming a global financial hub.

***GK: The other ISE.


LME CEO Abbott: Quantitative Easing Is Disrupting Commodity Markets
Laura Clarke – Dow Jones
The chief executive of the London Metal Exchange said Wednesday financial regulation, particularly in Europe, poses a threat to a free market for commodities and to Europe’s market share in the sector. He also said quantitative easing programs from central banks is also disrupting commodity markets.

***GK: We appreciate the difficult position that Europe (collectively) is in at this time, but view the QE programs as having been successfully implemented in the United States. Of course, history will ultimately judge the long-term impact.


How High-Speed Trading Is About to Get Speedier
According to Albert Einstein, the speed of light is the fastest speed there is. But for some Wall Street traders the speed of light-at least as it travels through a fiber-optic cable-just isn’t fast enough anymore.

***GK: One of my college math professors was always fond of explaining that you could take any quantity and divide it in half, so it is no surprise that latency continues to decrease. In this case, my only question is what will happen to latency during a Nor’easter (that’s a sunshower to you, Chicagoans).

**JK – Better yet, this system can also cook hotdogs in 0.00003 seconds.


S&P, TrueEX Team Up on CDS Futures
KATY BURNE – Dow Jones
S&P Dow Jones Indices LLC is working with startup exchange trueEX LLC to offer futures contracts tied to credit-default swaps, the latest volley from firms vying for a piece of the rapidly evolving CDS market.


CME Group Announces Daily Volume Record in Short-Dated New Crop Corn Options
CME Group, the world’s leading and most diverse derivatives marketplace, announced it reached a daily volume record for its Short-Dated New Crop Corn options on Monday, April 8. Volume reached a record 7,733 contracts for Short-Dated New Crop Corn Options, surpassing the previous record of 6,505 contracts on January 4, 2013.

***GK: Try saying Short-Dated New Crop Corn 10 times fast.

**JK – Now try saying Short-Dated New Crop Corn Options 10 times fast.


FCA signals new onus on sellers in finance rules
Reuters via Yahoo! News
The Financial Conduct Authority announced sweeping changes in financial regulation on Wednesday, telling banks they can no longer blame customers when products go wrong and promising to study how consumers behave to make sure they can make the right decisions.

***GK: I guess the next shoe to drop will be that banks have to accept responsibility for receiving the early Fed minutes.


Seeking Relief, Banks Shift Risk to Murkier Corners
Banks have been shedding risky assets to show regulators that they are not as vulnerable as they were during the financial crisis. In some cases, however, the assets don’t actually move — the bank just shifts the risk to another institution.

***GK: Now you see it, now you don’t.

**JK – Love the picture of a loading dock with shipping containers. Do banks really keep risky assets in shipping containers?


After KPMG, Audit Firms Reconsider Procedures
Accounting firms are being forced to take a fresh look at their practices in the wake of an insider-trading scandal involving one of KPMG’s top auditors, as new rules requiring more transparency by the firms are already being considered.

***GK: I look forward to seeing both sides of this issue debated publicly (for a very….. long…………time).


A Probe on Data Releases Is Revived
Federal law-enforcement authorities have reversed course and revived an insider-trading probe into how media companies transmit government data to investors, according to people familiar with the matter. The decision came after The Wall Street Journal in January disclosed the probe and reported that the Federal Bureau of Investigation was planning to wind down the investigation because it was having trouble proving wrongdoing.

***GK: Not to harp on this matter, but shouldn’t they review how government data is transmitted by the government?


Lagarde warns over three-speed world
Robin Harding in Washington –
A three-speed global economy faces risks from a currency crisis in emerging markets or unsustainable debt in the US and Japan, IMF managing director Christine Lagarde has warned. Speaking ahead of the International Monetary Fund’s spring meeting in Washington next week, Ms Lagarde said that the world was dividing into three groups – some countries doing well, some on the mend and some still in trouble.

***GK: Sounds like the NFL; “Doing well” Patriots, “on the mend” Bears and “still in trouble” Jets.

**JK – I ride a 21-speed bike myself, way better than a 3-speed.


CME Group/Actant FX Options Webinar, April 11, 2013, 10 am CDT
Join CME Group’s FX team and trading solutions provider Actant on Thursday, April 11 at 10 am CDT to learn more about trading CME FX options using the front end technology offered by Actant. Topics include an introduction to Actant’s platform, a demonstration of trade hedging and spread trading, and an overview of Actant’s proprietary trade strategy scripting languages.



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Lead Stories

Federal Reserve Notifying SEC, CFTC After Early Release of Minutes
Jeffrey Sparshott and Jon Hilsenrath – Dow Jones
The Federal Reserve accidentally released minutes of its March meeting a day early to congressional staff and employees of trade groups, sparking concerns that the closely held information could be used to trade on global securities markets.

Vienna Bourse Seeks ‘Friendly’ Merger With Warsaw Exchange
The Warsaw Stock Exchange and the Vienna bourse will decide in the next few months on whether to start advanced merger negotiations after the Austrian operator proposed “friendly” consolidation.

LME Sale To Hong Kong Exchanges Has Increased Membership: Abbott
Dow Jones
The CEO of the London Metal Exchange said Wednesday that the sale of the LME to Hong Kong Exchanges and Clearing Ltd, or HKEx, had increased its membership.

Asean bubble fears emerge
Jeremy Grant in Singapore –
When a team of analysts at Credit Suisse visited Indonesia a few weeks ago to take the temperature of Southeast Asia’s biggest economy, they were startled by what they were told by one of the country’s biggest property developers.

Obama Proposal Boosts SEC, CFTC Oversight Spending
Wall Street Journal Blogs
Both the Commodity Futures Trading Commission and the Securities and Exchange Commission would receive hefty budget increases to beef up oversight of Wall Street, under the Obama administration’s budget blueprint proposal released Wednesday.

ICAP Brokers on ‘Treasure Island’ Said to Reap ISDAfix Rewards
Matthew Leising – Bloomberg
ICAP Plc’s (IAP) U.S. interest-rate swap desk, which regulators are investigating as part of a price- manipulation probe, paid its brokers as much as $7 million a year at the market’s peak, earning the group the nickname “Treasure Island,” said two people familiar with the matter.

Luxembourg agrees to help fight tax cheats
Associated Press via Yahoo! News
Luxembourg is to start exchanging information with the rest of Europe to help fight tax evasion, the government said Wednesday in a move it hopes will make the country’s massive financial sector more transparent.

Fed minutes: no sign yet of financial instability due low rates
Federal Reserve staff conducted a wide survey but found no evidence so far that the central bank’s ultra-low interest rate policy has encouraged excessive risk-taking, the Fed said on Wednesday. But it will keep the issue under close watch.


For SEC’s White, ID Theft Is First Order of Business
Jessica Holzer – WSJ
Mary Jo White debuted as chairman of Securities and Exchange Commission in rather subdued fashion Wednesday, leading her first public meeting less than an hour after being sworn in.

Regulation Needs to Start Afresh, BOE’s Haldane Says
Dow Jones
Financial regulations are complex, ineffective and costly and need to be junked in favor of simpler rules if the financial system is to be made safer, a senior Bank of England official said Wednesday.

CFTC and SEC Approve Joint Final Rule Governing Identity Theft
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (together, the Commissions) today are jointly issuing final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft.

Not Enough Reform on Derivatives
On Thursday, several bills to pre-empt the regulation of derivatives will be the focus of a hearing in the House Financial Services Committee. The bills, which have already passed the Agriculture Committee, must be stopped if the world is to be made safe from reckless risk-taking by banks. As it turns out, Representative Jeb Hensarling, Republican of Texas and the new head of the Financial Services Committee, may be the man to stop them.

SEC FY 2014 Budget Request [pdf]

Promulgating Rules To Prevent Identity Theft By SEC Commissioner Luis A. Aguilar

Statement Of CFTC Chairman Gary Gensler On Fiscal Year 2014 Budget Submission

Dissent By CFTC Commissioner Scott D. O’Malia – Fiscal Year 2014 Budget Request

Dissent By CFTC Commissioner Jill E. Sommers – Fiscal Year 2014 Budget Submission

Dissenting Statement By CFTC Commissioners Jill E. Sommers And Scott D. O’Malia – Fiscal Year 2012 Annual Performance Report

“Revenue, Resources and Reliability” Statement Of CFTC Commissioner Bart Chilton On The President’s Proposed Budget For FY 2014

Opening Statement At The SEC Open Meeting By Chairman Mary Jo White

Remarks Of CFTC Chairman Gary Gensler Before The U.S. Chamber Of Commerce Seventh Annual Capital Markets Summit

NFA Investor Newsletter – April 2013

Interview With ESMA Chair, Steven Maijoor

UK’s Financial Conduct Authority Publishes Occasional Papers On Behavioural Economics Exploring How People Make Financial Decisions

Richard M. Ashton, Federal Reserve Deputy General Counsel – Independent Consultants – Before The Subcommittee On Financial Institutions And Consumer Protection, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Washington, D.C.

Self-managed superannuation funds regulatory update
A speech by ASIC Commissioner, Peter Kell, delivered at the CPA Australia SMSF Conference and Expo 2013, 10 April 2013

Exchanges & Trading Facilities

CME Group Announces Open Interest Record in Benchmark Light Sweet Crude Oil (WTI) Futures
CME Group, the world’s leading and most diverse derivatives marketplace, announced it reached a record in open interest for its global benchmark NYMEX Light Sweet Crude Oil (WTI) futures contracts yesterday, April 9, 2013. Open interest for NYMEX WTI reached 1,768,185 contracts, compared to 1,759,665 on April 4, 2013, the last record for this contract.

Five Million Option Contracts On TOM MTF
TOM MTF announces that today at 09:38 hrs CET the fifth millionth option contract has been traded on its platform. Since the launch of the derivatives segment on TOM MTF, they have been expanding the number of classes and corresponding option series tradable. This has resulted in another milestone.

NYSE Liffe to launch equity options on NSI N.V.
NYSE Liffe, the European based derivatives business of NYSE Euronext (NYX), will add options on the shares of investment company NSI N.V. (“NSI”) to its highly successful range of equity option classes. The options will be available as of 23 April on the Amsterdam derivatives market of NYSE Liffe.

trueEX plans to provide CME Group’s clearing members and customers with trueEX’s portfolio termination, compaction, re-balancing and back-loading services
Press Release
trueEX, LLC, announced today that it plans to launch a service to provide termination, compaction, re-balancing and back-loading services to CME clearing clients. Pending CFTC review, trueEX, the first CFTC-regulated Designated Contract Market (DCM) for interest-rate swaps, would provide CME clearing clients with access to trueEX’s proprietary PTC (Portfolio Terminations and Compactions) platform.

Liquidnet Sees Strong Quarterly Performance Globally As Block Trading Increases
Liquidnet, the global institutional trading network, announced strong quarterly performance globally. In Europe, total principal traded was over US$22.6 billion, up 64.7% from Q4’12. In Asia, overall principal traded exceeded US$5 billion for the first time, marking a 20% increase over last quarter. In the US, average daily volume was up by 25% over last quarter, averaging 44M shares.

Change to OCC, CBOE and C2 Deadlines for Daily Submission of Trade Input (2nd Pass) Effective: Monday, April 22, 2013

Taylor Morrison Celebrates Initial Public Offering and First Day of Trading on the New York Stock Exchange

NYSE Arca Halts Trading of 5 RBS ETNs (Symbols: RGRC, RGRA, RGRE, REFP, and RGRI)

Moscow Exchange: Start Of The Additional Trading Session On The Exchange On April 12, 15 And 16

TMX Group Limited To hold Annual Meeting And Announce Q1 2013 Financial Results On Friday, May 10, 2013

Hedge Funds & Managed Futures

Hedge Fund Redemptions Rise on Cyprus Crisis
Investors took more cash out of hedge funds than they put in over the past month.

Jenner Said to Raise $100 Million for Health-Care Fund
Kris Jenner, the former top stock picker at T. Rowe Price Group Inc., has raised more than $100 million for a hedge fund to invest in health-care and biotechnology stocks, according to a person with knowledge of his plans.

Citadel’s Credit Co-Head Jamey Thompson Quits Hedge Fund
Jamey Thompson, co-head of Citadel LLC’s global credit group, is leaving the $15 billion hedge-fund firm after five years.

Third Point Starting Greek-Focused Hedge Fund on Recovery Bet
Daniel Loeb’s Third Point LLC is starting a hedge fund focused on buying Greek assets after a wager that European officials would rescue the indebted nation from financial collapse helped drive gains last year for his $11.7 billion investment firm.

How Private Equity Will Dodge A Carried Interest Tax Hike
The Obama administration is once again proposing to raise the tax on the carried interest managers of hedge funds, private equity fund, and venture capital funds receive. Even if it were to pass Congress, however, the tax would likely raise far less than the Obama administration expects.

Five tips for surviving the overnight trading shift
Suzi Ring – Financial News
The fact that Starbucks does not stay open 24 hours a day is not a problem for most people. But for David*, an overnight trader working the European markets from New York, this has meant substituting his morning grande, non-fat, extra-hot cappuccino for a cup of machine instant.

EDHEC-Risk Institute Study Illustrates That Short-Term Risk Control Is Not Incompatible With Long-Term Investment Performance
A new study produced as part of the BNP Paribas Investment Partners research chair on “Asset-Liability Management and Institutional Investment Management,” provides comprehensive insights into all of EDHEC-Risk Institute’s research on dynamic allocation in asset-liability management.

Bolt-on opportunities fall apart
Jennifer Bollen – Financial News
The European “buy and build” sector is widely cited as one of the best ways to achieve growth during a downturn – yet specialists in this type of private equity investment have seen opportunities fall markedly in recent months.

Platts Survey: Steel Industry Cites Oversupply, Slow Economy In Europe As Greatest Market Challenges

Gold, Long a Secure Investment, Loses Its Luster
Below the streets of Lower Manhattan, in the vault of the Federal Reserve Bank of New York, the world’s largest trove of gold — half a million bars — has lost about $75 billion of its value. In Fort Knox, Ky., at the United States Bullion Depository, the damage totals $50 billion.

Banks & Brokers

RBS’s Japanese investment bank chief to go
Daniel Schäfer in London –
The head of Royal Bank of Scotland’s Japanese investment banking business is set to step down ahead of an expected penalty against the lender in connection with the manipulation of benchmark interest rates.

Goldman Reaches Deal to Drop Proposal for Separate Chairman
Michael J. Moore – Bloomberg
Goldman Sachs Group Inc. (GS) reached an agreement with an investor for the second straight year to drop a proposal from its annual meeting that called for an independent board chairman.

MetLife on Offensive Against Systemic Tag
MetLife Inc. is ratcheting up its public campaign to thwart federal oversight, arguing that regulators would ultimately harm consumers if they determine the life insurer poses a risk to the U.S. financial system and merits tougher scrutiny.

Contrite Dimon tries to bury ‘Whale’
New York Post
Jamie Dimon is sorry — no, really. In a rare show of humility, the bank chieftain apologized profusely to JPMorgan’s shareholders and regulators for the “London Whale” debacle that resulted in more than $6 billion in trading losses.

Citigroup Hires McKinsey’s Chubak to Help Corbat Pare Costs
Citigroup Inc., the bank that’s cutting 11,000 workers and shutting branches, hired David Chubak from McKinsey & Co. to help oversee cost-cutting.

Citigroup Agrees to Sell Turkey Bank to Russia’s Sberbank
The transaction, subject to regulatory approval, is expected to be completed in the third quarter, Denizbank, the Turkish unit of Sberbank, said in a filing to the Istanbul stock exchange today. The price will be announced later, it said.

Judge limits Assured Guaranty claims against JPMorgan
Reuters via Yahoo! News
NEW YORK – A New York judge has narrowed a lawsuit by bond insurer Assured Guaranty Ltd against JPMorgan Chase & Co over alleged misrepresentations involving $337 million in mortgage-backed securities sold by Bear Stearns.

Morgan Stanley Senior Media, Health Bankers Said to Leave
Morgan Stanley’s Alex Glantz and Todd Davison, co-heads of media investment banking in North America, are among at least four bankers to leave the firm since bonuses were awarded in late February, people briefed on the matter said.

Jefferies Net Falls 3%
Jefferies Group LLC, the investment bank acquired by Leucadia National Corp., said its fiscal first-quarter profit fell 3% from a year ago, hurt by weaker advisory and fixed-income-trading revenue, in its first period as part of a larger public company.

Clearing & Settlement

LCH.Clearnet to clear for Australian-based FEX Global
LCH.Clearnet Ltd, the multi-national, multi-asset clearing house, has been granted regulatory approval by the Australian Government to clear energy, commodity and environmental derivatives listed on Australia’s Financial and Energy Exchange, FEX Global.

BME: REGIS-TR – Confident Of Obtaining Esma License In Minimum Time Period
REGIS-TR, the European Trade Repository owned by Clearstream (Deutsche Börse Group) and Iberclear (BME) trusts its submitted application for registration will benefit from the full guarantee of being accepted by ESMA.

Sapient Global Markets offers compliance reporting with DTCC’s Swap Data Repository : Automated Trader
Sapient Global Markets has announced its Compliance Management and Reporting System (CMRS) will be offered for customers connecting to The Depository Trust & Clearing Corporation (DTCC) Swap Data Repository (SDR) reporting. CMRS provides firms with a complete solution for meeting regulatory reporting commitments.

CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (A) Effective Thursday, April 11, 2013

Indexes & Products

Direxion Launches Two Leveraged Exchange-Traded Funds

First Trust selects London Stock Exchange for European ETF debut

SGX MSCI Indonesia Index Futures Hits New Record Volumes: World’s Only Liquid Indonesia Futures – Average Daily Traded Value In March 2013 Exceeds US$13 Million


Thomson Reuters Launches Accelus Compliance Manager for Insurance
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the launch of Accelus Compliance Manager for Insurance, a solution that enables U.S.-based insurance organizations to manage the impact of regulatory change on their business and mitigate the increasing amount of compliance risk to which they are exposed.


Insider Trader Is Identified
The Los Angeles-area man who traded on confidential information provided by a former KPMG LLP partner at the center of a federal insider-trading probe is Bryan Shaw, his lawyer said.

Second Circuit Pounds Last Nail In Madoff Plaintiffs’ Coffin
In Molchatsky, et al. v. United States, Plaintiffs sought to hold the United States liable for the United States Securities and Exchange Commission (the “SEC”). employees’ failure to detect Bernard Madoff’s Ponzi scheme over a 16-year period and for the financial losses sustained.

The AMF and the ACP warn investors about the business activities of several unauthorised websites and entities offering forex investments

Environmental & Energy

CME Group To Launch Contracts For Renewable Fuel Credits
The Wall Street Journal
Exchange operator CME Group Inc. (CME) plans to launch three contracts for renewable fuel credits starting in May, a spokesman said Monday, amid a surge in volatility for the credits.

EMA’s RGGI Webinar
In case you missed yesterday’s Webinar, you can now access it at the following link. The Webinar was moderated by Gary Payne of Dominion. Presenters included Commissioner David Littell of Maine PUC and Vice Chair of RGGI, Inc., Chris MacCracken of ICF International and Dr. Bill Shobe of the University of Virginia.

Shanghai to Start Emissions-Trading Trials Before End of June
Shanghai, China’s financial center, said it will start trials of emissions trading before the end of June in an effort to reduce the intensity of its energy use and carbon discharges.


SGX and China Financial Futures Exchange collaborate to develop derivatives markets
Singapore Exchange (SGX) and China Financial Futures Exchange (CFFEX) have signed a memorandum of understanding to cooperate in the development of the derivatives markets in China and Singapore.

SGX Deepens Engagement with China
SGX and China Financial Futures Exchange (CFFEX) signed a Memorandum of Understanding (MOU) to cooperate in the development of the derivatives markets in China and Singapore. The agreement was signed between Mr Rong Zhiping, Deputy CEO, CFFEX and Mr Bocker. The MOU adds to those which SGX has signed with Chongqing, Fujian, Jiangsu, Liaoning, Shandong, Tianjin and Zhejiang, as well as the Agricultural Bank of China.

SGX Iron Ore Contracts Set Multiple Records In Q1 2013

Why what Japan is up to matters more
James Mackintosh –
China wrested investor focus from ancient rival Japan on Tuesday when it reported surprisingly low inflation. The figures quelled fears of tighter monetary policy, and shares rose almost everywhere. This matters to other emerging markets as well as the developed world. But it matters far less than what Japan is up to.

Tokyo Commodity Exchange: Outcome Of Investigation Regarding Reduction In Order Validity During The March 29 Session

Shenzhen Stock Exchange Hosts The 31st AOSEF General Assembly

Frontier Markets

Top investment banks seek to join Nigeria bourse: CEO
Reuters via Yahoo! News
By Tim Cocks and Chijioke Ohuocha LAGOS – Nigeria’s stock exchange is reviewing applications from some leading global investment banks to join its trading floor, as reforms aimed at improving liquidity and transparency bear fruit, its CEO said on Wednesday.

The Egyptian Exchange (EGX) Monthly Statistical Report March 2013


America’s New Energy Boom Is Bust for Foreign Suppliers
For the better part of a year, Canadian officials and executives watched from afar as a shale-oil boom exploded south of the border. But it wasn’t until last fall that the full impact of the U.S. energy boom hit the provincial government here in the heart of Canada’s oil patch.

Britain Warns of Loss of Momentum on Naming Women to Boards
New York Times
The British government says it may have difficulty defending its opposition to European proposals calling for quotas for women on boards.

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