John Lothian Newsletter: NYSE Seen Facing Tough Battle To Unsettle CME Rate Futures; U.S. Swap Regulators Said to Weigh Dealer Line Above $3 Billion; EMCF to process trades for Turquoise

Apr 12, 2012

NYSE Euronext is seen by some as having a tough fight ahead in their introduction of new interest rate futures. Regulators are considering using the $3 billion mark for determining which financial traders are Dodd-Frank swap dealers. London’s Turquoise will clear its trades through EMCF, signaling the clearinghouse’s willingness to fight to regain lost market share. In the top box, ICE announces new contracts; GFI Group, RJO and Newedge announce management changes; and Doug Ashburn (from Tuesday’s JLN FX newsletter) finds common ground between Longfellow and leverage.

Observations – Statistics – Commentary

ICE Futures U.S. Announces Introduction of U.S. Grain and Oilseed Contracts; May Launch for Corn, Wheat and Soybean Complex
IntercontinentalExchange, a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that it will introduce five new U.S. grain and oilseed contracts on ICE Futures U.S. pending review by the Commodity Futures Trading Commission. These contracts join ICE’s slate of agricultural futures and options contracts including sugar, cotton, coffee, cocoa, orange juice, Canadian wheat, barley and canola.
http://jlne.ws/HAucL5

**** Good Morning to the Ag Team over at the CME Group!

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No Sugar Coating Necessary: Trading Volume Still Stinks
Wall Street Journal Blogs
This just in: Trading volume still stinks. March’s daily volume average of 6.59 billion shares traded per day was the lowest monthly average since December 2007, according to Credit Suisse.
http://jlne.ws/HNfwGx

**** I am so old I can remember the first 1 billion share day being a big thing.

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Addressing the MF Global problem with senior management sign-off
Philip McBride Johnson – FOW
It was recently reported that the major futures institutions may be promoting the idea that, when significant funds are withdrawn from the customer segregated account at a futures broker, a senior official at the broker must approve the transfer. The evident purpose is to deny top officials any opportunity to disavow knowledge of the transfer, or at least of its legitimacy (as the CEO of MF Global did before congressional committees).
http://jlne.ws/HNfwGy

**** I like this rule. It is the please leave your fingerprints on the murder weapon rule.

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Cosgrove to leave GFI Group
Jay Maroo – Risk.net
Michael Cosgrove is set to leave GFI Group, where he is currently managing director – strategic initiatives in commodities and energy, at the end of this month.
http://jlne.ws/I5VqGZ

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R.J. O’Brien Appoints Janella Kaczanko Senior Vice President, Human Resources
R.J. O’Brien & Associates (RJO), the nation’s oldest and largest independent futures brokerage and clearing firm, announced today that Janella E. Kaczanko, 41, has joined the firm as Senior Vice President, Human Resources. Kaczanko has spent the past 20 years building and re-engineering human resources departments and functions.
http://jlne.ws/HNIVNr

**** At what point does RJO go from being the oldest to being “classic?”

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Newedge Appoints Jeff Pollack CFO for the Americas
Newedge, a global leader in multi-asset brokerage and clearing, announced today the appointment of Jeff Pollack as Chief Financial Officer (CFO) for the Americas, based in its New York office. Mr. Pollack joins Newedge from Mizuho Securities USA, Inc., most recently serving as CFO and Chief Operating Officer for the company.
http://jlne.ws/HNfwGG

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Gensler to Remain as CFTC Chairman Past Expiration Date Tomorrow
By Silla Brush – Bloomberg
Gary Gensler‘s term as chairman of the U.S. agency writing regulations required by the Dodd-Frank Act for the global swaps market ends tomorrow. All the same, his ability to craft rules for companies including Goldman Sachs Group Inc. and JPMorgan Chase & Co. could extend at least until next year.
http://jlne.ws/IoTMlT

**** I wrote about this after Boca. Mr. Gensler is not like a carton of milk with an expiration date. The Senate is unlikely to give him a hearing before the election, so he can continue to serve until someone new is appointed (unlikely) or he can serve until 2014. However, if we get a different President in 2012, Mr. Gensler would be expected to step down. Or, if Mr. Obama wins the election, Mr. Gensler can be reappointed. We will see what the Senate looks like and does then.

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CFTC to Hold Open Meeting to Consider Two Final Rules
The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Wednesday, April 18, 2012, at 9:30 a.m., to consider two Final Rules:
* Final Rule on Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant,” and “Eligible Contract Participant.”
* Final Rule on Commodity Options.
http://jlne.ws/HNfwGH

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Consolation Prize: NYSE Nabs TD Ameritrade Stock Listing
By Steven Russolillo – WSJ
It’s no Facebook, but NYSE Euronext just nabbed TD Ameritrade’s stock listing from Nasdaq OMX Group.
http://jlne.ws/HNfwGM

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JLN FX Newsletter: A Note on Leverage
by Douglas Ashburn, Editor-at-Large, John Lothian News

When she was good she was very good indeed, and when she was bad she was horrid.
– Henry Wadsworth Longfellow

When Longfellow penned this rhyme, he was of course referring of the girl with the curl, but he may as well been discussing leverage. For leverage, as we have all learned over the past few years is great fun during an expansion – growth feeds confidence, which feeds more leverage, which feeds more growth in a positive feedback loop. However, during a contraction, such as the one that we have experienced in the U.S. and Europe over the past few years, the forces of deleveraging create an equally powerful negative feedback loop.

The immediate policy reaction, which was designed to save the system from immediate default by counterbalancing private sector deleveraging with public sector leverage, led to charges of moral hazard and Wall Street favoritism. Thus, the longer-term policy responses have centered upon preventing a return of the leverage levels of the past. Such policies include the Volcker Rule, Title VII of the Dodd-Frank Act, Basel III, Tea-party conservatism, and European austerity measures. While each is designed to prevent another 2008-style market meltdown, each can also be seen as an impediment to any short term economic recovery.

Political leaders clearly feel the double-edged sword of leverage. They want to be seen as punishing bad behavior and as preventing the “heads-I-win; tails-you-lose” philosophy that ruled during the leveraging-up period from 2002-2007. They wish to be viewed as aligned with the interests of the common folk, who are still struggling with chronically high unemployment rates, the squeeze of higher energy prices and ultra-low deposit rates. However, these same politicians also recognize that sustainable economic growth cannot occur if the banking sector is mired in non-performing, underwater loans (like the “zombie banks” of Japan after the country’s asset bubble burst 20 years ago).

For the rest of the commentary and daily FX news, visit the JLN FX website at http://jlne.ws/Hu4R22

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Buy Low Sell High? Not In This Market
By DAVID WEIDNER – WSJ
During the last decade the march to democratize the markets has charged forward, with each new innovation or revamp heralded as evening the playing field and giving smaller investors a sense of fairness and trust. These efforts have yielded two tangible results: lightning-fast execution and slashed trading costs. The floor of the New York Stock Exchange is witness to this shift. The number of floor brokers has shrunk by half, to 1,500, in just five years. Actual trading on the floor is less than 10% of volume.
http://jlne.ws/HNfxKH

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Clearing-Houses Are Supposed To Solve The Problems In Derivatives Markets
The Economist
STOCK exchanges have not been lucky in love recently. Deutsche Borse’s proposed merger with NYSE Euronext was blocked by regulators in February. Romances between the exchanges of Singapore and Australia, and between the Toronto bourse and the London Stock Exchange (LSE), have also fizzled.
http://jlne.ws/HNfxKI

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Court overturns conviction for theft of Goldman source code
Ars Technica
A federal appeals court has thrown out the conviction of a former Goldman Sachs programmer who stole source code from the firm’s high-frequency trading (HFT) system. The court holds that the defendant’s actions did not fit the definitions of the federal crimes for which he had been convicted. “We decline to stretch or update statutory words of plain and ordinary meaning in order to better accommodate the digital age,” the court wrote.
http://jlne.ws/HNfxKJ

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NYSE Liffe: Commodity Futures & Options Workshops, London, June 2012
NYSE Liffe, in conjunction with K2 London Ltd, is pleased to offer Futures & Options education workshops designed specifically for commodities. These workshops are highly interactive, with an emphasis on discussion, exercises and examples which delegates can then apply to their own business activities.

Introduction to Commodity Futures & Options, 15 June and 18 June 2012
Suitable for anyone interested in learning the basics of commodity derivatives. No previous knowledge of derivatives is required.
Cost: £575 + VAT

Technical Analysis; Charting, 19-20 June 2012
Technical analysis course covering a broad range of charting techniques.
Cost: £1,150 + VAT

Commodity Options, 21-22 June 2012
Two day course covering options from fundamentals to intermediate level.
Cost: £1,150 + VAT

Advanced Commodity Options, 25 June 2012
An in-depth workshop covering volatility and analysing options portfolios. Recommended for delegates who have previously attended the 2 day options workshop or have a sound knowledge of options trading and methodology.
Cost: £750 + VAT

Course Schedule: http://jlne.ws/I9BW0P and Course Details: http://jlne.ws/HDq783

All courses are held at NYSE Liffe: Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX

To register please see http://jlne.ws/HDwYg7 or e-mail commodities@nyx.com

Places are very limited so please register as soon as possible.

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JLN Options Newsletter

S&P Indices, TMX Group launch Low Volatility and High Beta Versions of the S&P/TSX Composite Index
Press Release
S&P Indices and TMX Group Inc. announced today that they are launching two new indices designed to provide market participants with unique measuring tools for specific stock characteristics within the S&P/TSX Composite, the principal broad market measure for the Canadian equity markets.
http://jlne.ws/HL9iXR

CBOE Posted White Papers
The CBOE has posted three new white papers on their web site that explore buy-write, put-write, and volatility strategies. One study compared the market exposure of owning the CBOE S&P 500 BuyWrite Index (BXM) to the exposure in owning the S&P 500 basket. Another examined five CBOE benchmark indices designed to protect against tail risk. Another compared the performance of four options-based benchmark indices (BXM, BXY, PUT and CLL) to the performance of more traditional indices over more than 23 years.
Here is the link to the CBOE micro site: http://jlne.ws/HvHyDH

VIX Rises a Record Eighth Day as Europe Concerns Increase
By Joanna Ossinger and Nikolaj Gammeltoft, Bloomberg
The Chicago Board Options Exchange Volatility Index (VIX) advanced for a record eighth day as surging Spanish and Italian bond yields intensified concern about the European debt crisis. The gauge known as the VIX, which measures the cost of Standard & Poor’s 500 Index options, rose 9 percent to 20.51 at 1:10 p.m. New York time today. The S&P 500 fell 1.4 percent.
http://jlne.ws/Hzodmy

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MarketsWiki Page of the Day
Jeff Pollack
http://jlne.ws/HNfwX8

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MarketsWiki Recent Updates

People
Simon Rostron; Richard H. Redding; Barry Nobel; Alice P. White; Jeff Pollack; John Parry; Peter Ward; Catherine Alexander; Charlotte Rutherford-Lee

Companies, Organizations and Groups
Futures Industry Association; Rostron Parry Ltd.

Miscellaneous
100 Women in Hedge Funds; Upcoming Events; Futures Commission Merchant

Statistics
21,813,908 pages viewed, 6,801 articles, 139,067 edits
MarketsWiki Statistics

Lead Stories

NYSE Seen Facing Tough Battle To Unsettle CME Rate Futures
By Howard Packowitz, Of DOW JONES NEWSWIRES
NYSE Euronext (NYX) may face a tough battle to gain traction with a new suite of short-term interest rate contracts, according to some market participants. The exchange’s U.S. futures arm this week announced the products will be launched in July, extending a three-way battle to control a rate-futures market dominated by CME Group Inc. (CME) at a time when trading volumes are sliding.
http://jlne.ws/HNfxKM

U.S. Swap Regulators Said to Weigh Dealer Line Above $3 Billion
Bloomberg
U.S. derivatives regulators are considering setting a threshold above $3 billion for determining which banks, hedge funds and energy firms are swap dealers under the Dodd-Frank Act, according to two people briefed on the rule.
http://jlne.ws/HNfDlJ

EMCF to process trades for Turquoise
By Philip Stafford in London – Financial Times
European Multilateral Trading Facility (EMCF) has agreed to process trades for Turquoise, the trading venue owned by the London Stock Exchange, in a sign that Europe’s largest equities clearing house is preparing to fight back for lost market share.
http://jlne.ws/HNfFdk

IMF: Supply of Safe Assets Shrinking
By Sudeep Reddy – WSJ
Worries about nations’ fiscal health could cut the world’s supply of “safe” government debt by 16% in the next four years, the International Monetary Fund said Wednesday.
http://jlne.ws/HNfDC1

Dutch State Erred in ABN Amro, ING Rescues, Committee Finds
Bloomberg
The Dutch government made “large errors” in its bailouts of Fortis, ABN Amro Holding NV and ING Groep NV (INGA) in 2008 and 2009, pushing up risks and costs for the country’s taxpayers, a parliamentary committee said today.
http://jlne.ws/HNfFtE

Judge: MF Global Can Use Insurance Money for Corzine
By JOSEPH CHECKLER – WSJ
A bankruptcy judge said MF Global Holdings Inc. can use existing insurance policies to pay potential “wrongful act” legal-defense fees for former Chief Executive Jon S. Corzine and other executives, even as commodities customers continue to argue that they are entitled to at least some of the money.
http://jlne.ws/IKnyQW

Europe’s future is not up to the Bundesbank
By George Soros – Financial Times
Far from abating, the euro crisis has recently taken a turn for the worse. The European Central Bank relieved an incipient credit crunch through its longer-term refinancing operations. The resulting rally in financial markets hid an underlying deterioration; but that is unlikely to last much longer.
http://jlne.ws/HNfDCa

Greek Crisis Leaves Cyprus Mired in Debt
By JACK EWING – NY Times
Michalis Sarris is not the only European banker working seven days a week, trying to scrape together enough capital to satisfy regulators and keep his institution afloat. But he may be the only one with the financial fate of his nation potentially hanging in the balance.
http://jlne.ws/HNfDCb

Environmental Trading News

Voluntary carbon market escapes mandatory gloom
Environmental Finance
Sentiment is more positive in the voluntary carbon markets than in their larger, mandatory equivalents, according to the winners of Environmental Finance and Carbon Finance’s annual survey of the voluntary carbon markets.
http://jlne.ws/HDcKCF

NZ proposes international carbon trading limits
Reuters
Proposed changes to New Zealand’s carbon trading scheme, the only one of its kind outside Europe, would limit the use of international carbon credits and cap the price for the next three years, officials said on Wednesday.
http://jlne.ws/HBghFS

EU CO2 law could scupper global climate talks
Reuters
A European Union law that charges airlines for carbon emissions is “a deal-breaker” for global climate change talks, India’s environment minister said, hardening her stance on a scheme that has drawn fierce opposition from non-EU governments.
http://jlne.ws/I6r1VE

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
Visit http://www.jlnenvironmental.comto subscribe.

Exchange & ECN News

CME Group to Amend Heating Oil Futures Contract and Expand Listed Months
CME Group, the world’s leading and most diverse derivatives marketplace, today announced it will amend its benchmark New York Harbor Heating Oil futures contract specifications, lowering its sulfur specifications to 15 parts per million (ppm) from 2,000 ppm and expand the listed months an additional three years beginning with its May 2013 contract
http://jlne.ws/HNfFtL

Another Slovenian Company Chooses The Warsaw Trading Floor
Krka is the 40th foreign company listed on the WSE Main Market and the second Slovenian company on the WSE after Nova Kreditna Banka Maribor. It is the fifth new listing on the WSE Main Market this year and the 430th company listed on the market.
http://jlne.ws/HNfFK5

NYSE Euronext Announces Trading Volumes for March 2012 and Other Metrics
http://jlne.ws/HNfFKb

NYSE Amex Issues Short Interest Report
http://jlne.ws/HNfFKe

NYSE Group Inc. Issues Short Interest Report
http://jlne.ws/HNfFKk

TOM Insight March 2012
http://jlne.ws/HNfG0A

NZX GlobalDairyTrade Contract Periods
http://jlne.ws/HNfG0H

Banks, Brokers & Dark Pools

Exclusive: SEC, Goldman to settle research case for $22 million: sources
Reuters via Yahoo! News
U.S. securities regulators are preparing to announce that Goldman Sachs will pay $22 million to settle allegations the bank did not have adequate policies to prevent research from being passed inappropriately to preferred clients, people familiar with the matter said on Wednesday.
http://jlne.ws/HNfE9a

UBS Names Cremoux Head of Latin America Investment-Banking Unit
Bloomberg
UBS AG (UBSN) , Switzerland’s largest bank, appointed Gerard Cremoux to become head of its investment- banking division for Latin America, effective immediately.
http://jlne.ws/HNfE9d

John Mack Joins Board of Alternative Lending Company
Wall Street Journal Blogs
John Mack is not riding into the retirement sunset. He is instead diving into alternative banking startups.
http://jlne.ws/HNfE9g

Dimon Vows Fight Moynihan Lost Over Claims From Mortgages
Bloomberg
Jamie Dimon , who’s already spent $18.5 billion cleaning up mortgages at JPMorgan Chase & Co. (JPM) , is warning a growing list of claimants that they’re in for a fight.
http://jlne.ws/HNfGh6

Barclays probed over California electricity
By Tom Braithwaite and Kara Scannell in New York – Financial Times
Barclays and four former traders are being investigated for allegedly manipulating Californian electricity markets, according to US regulators.
http://jlne.ws/HNfEpy

Lehman will distribute $22.5B to creditors
Associated Press
Lehman Brothers is telling its creditors how much money they will recover as the company emerges from bankruptcy protection. The New York investment bank, which kicked off the 2008 financial crisis with its collapse, said Wednesday that it will distribute $22.5 billion starting on April 17. With over 12,000 individual payments, Lehman believes it is the largest initial distribution made by a company emerging from bankruptcy.
http://jlne.ws/HNfGhf

Morgan Stanley Alternative Investment Partners Raises $720 Million for Morgan Stanley Private Markets Fund V and $580 Million for Related Separate Accounts
http://jlne.ws/HNfEpK

Capital Institutional Services, Inc. (CAPIS) Promotes David Lee to Head of Fixed Income Trading
http://jlne.ws/HNfGhn

Heinz J. Hockmann Joins Lovell Minnick Partners as Senior Advisor
http://jlne.ws/HNfEG5

Regulatory News

The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
http://www.sec.gov/news/digest.shtml

SEC Deadlock on Money Funds May Prompt FSOC Intervention
Bloomberg
Divisions at the U.S. Securities and Exchange Commission could prompt a panel of regulators from other agencies to intervene in a debate over strengthening rules governing the $2.6 trillion money-market fund industry, three people familiar with the situation said.
http://jlne.ws/HNfEG6

SEC Seeks Public Comment Prior to JOBS Act Rulemaking
The Securities and Exchange Commission today announced it will begin accepting comments from the public as the agency sets out to make rules required under the recently-signed Jumpstart Our Business Startups (JOBS) Act.
http://jlne.ws/HNfGxF

SEC Charges China-Based Company and Others with Stock Manipulation
The Securities and Exchange Commission today charged AutoChina International Limited and 11 investors, including a senior executive and director at the China-based firm, with conducting a market manipulation scheme to create the false appearance of a liquid and active market for AutoChina’s stock.
http://jlne.ws/HNfGxK

Swiss court delivers blow to US tax deal
Associated Press via Yahoo! News
Talks to resolve a long-running spat between Switzerland and the United States over how to pursue suspected tax evaders suffered a blow Wednesday, when a Swiss court blocked the handover of one unnamed bank client’s data to U.S. authorities.
http://jlne.ws/HNfGxL

Ex-Fannie Chief Girds for Battle with SEC Over Disclosure
Bloomberg
After the U.S. government snatched Fannie Mae (FNMA) from the brink of collapse in 2008 and forced out its chief executive officer, Daniel H. Mudd, he headed for the river.
http://jlne.ws/HNfGxO

Statement By Commissioner Luis A. Aguilar: Defrauded Investors Deserve Their Day In Court
Dissenting Statement Regarding The Study On The Cross-Border Scope Of The Private Right Of Action Under Section 10(B) Of The Securities Exchange Act Of 1934 As Required By Section 929Y Of The Dodd-Frank Wall Street Reform And Consumer Protection Act
http://jlne.ws/HNfEWw

Speech By SEC Commissioner Elisse B. Walter: Opening Remarks Regarding Incentive-Based Compensation Arrangements
http://jlne.ws/HNfGOa

Do Regulators Know Who the SIFIs Are?
Wall Street Journal Blogs
A little-noticed sentence in the 93-page regulation top U.S. regulators approved last week suggests officials could be well down the path to figuring out which firms pose a threat to the financial system.
http://jlne.ws/HNfGOd

The Autorite Des Marches Financiers Complies With The ESMA Guidelines On Automated Trading
Press Release
http://jlne.ws/HNfEWL

Provisional liquidators appointed to Your Trading Room Pty Ltd
http://jlne.ws/HNfGOl

Launch of the AMF Observatoire de l’Epargne and newsletter
http://jlne.ws/HNfGOp

New Zealand’s Financial Markets Authority Calls For Submissions On Exemption Reviews
http://jlne.ws/HNfH4H

Investments – Indexes – Managed Futures – Managed Funds

Exclusive: Hedge fund Tyrus moves to Monaco: source
Reuters via Yahoo! Finance
Well-known London M&A hedge fund firm Tyrus Capital has moved the bulk of its operations to Monaco, one of the first managers to relocate to the principality in response to looming European Union regulation and UK tax rates.
http://jlne.ws/HNfHSg

Oaktree Capital IPO at low end of range
Reuters
Private equity firm Oaktree Capital Management sold fewer shares than expected in its IPO and priced at the bottom of their expected range on Wednesday, a market source said.
http://jlne.ws/HNfHSo

BlackRock’s Street Shortcut
BY KIRSTEN GRIND AND SERENA NG – WSJ
BlackRock Inc. is planning to launch a trading platform this year that would let the world’s largest money manager and its peers bypass Wall Street and trade bonds directly with one another.
http://jlne.ws/HNfHSq

Ex-Millennium Traders to Start Hedge Funds Trading Asian Stocks
Bloomberg
Former traders at Millennium Management LLC plan to start new hedge funds that will mainly invest in Japanese equities to capture demand as the nation’s equities rebound from the worst year since 2008.
http://jlne.ws/HNfH4S

Hedge fund Viking to rely more on junior managers
Reuters via Yahoo! Finance
Hedge fund superstar Andreas Halvorsen is putting more trust in his junior portfolio managers.
http://jlne.ws/HNfHSv

AllianceBernstein Announces March 31, 2012 Assets Under Management
PR Newswire via Yahoo! Finance
AllianceBernstein L.P. and AllianceBernstein Holding L.P. (NYSE: AB – News) today announced that preliminary assets under management decreased to $419 billion from $424 billion during March 2012.
http://jlne.ws/HNfH4X

CalPERS Launches Search For Chief Financial Officer
http://jlne.ws/HNfHlb

Bulgaria Cabinet, Central Bank at Odds Over Fund Management
Bloomberg
Bulgaria’s Cabinet clashed with the central bank over a decision to invest 30 percent, or about 700 million lev ($470 million), of a so-called Silver Fund in government securities and use the return for state payments.
http://jlne.ws/HNfHlg

Fraser Sullivan Prices $460 Million CLO – Source
Dow Jones Newswires
WCAS Fraser Sullivan Investment Management LLC priced a roughly $460 million collateralized loan obligation Wednesday via Citigroup Inc. (C), according to people close to the matter.
http://jlne.ws/HNfHll

S&P Indices, TMX Group launch Low Volatility and High Beta Versions of the S&P/TSX Composite Index
http://jlne.ws/HNfIpg

Market Vectors Launches ‘Fallen Angels’ ETF
http://jlne.ws/HNfHlq

Technology News

Brady Solution Selected By Global Multi-Commodity Trading House
http://jlne.ws/HNfIph

Clock Card improves high-speed trading system performance.
http://jlne.ws/HNfIpi

Media News

A Ten Dollar Ebook Is Fine. At Twelve Bucks It’s A Vast Conspiracy
Forbes
I’ve been reading the DOJ’s lawsuit against Apple and a handful of book publishers (blurry image, apologies) alleging antitrust and restraint of trade in the e-book business. It spins a tale about “Project Z,” a nefarious plot among Apple, HarperCollins, Simon & Schuster, Holtzbrinck and Penguin Group to raise ebook prices in the hopes of rolling back the era of the $9.99 Amazon Kindle ebook …
http://jlne.ws/HNfHBL

McGraw-Hill Financial Communications Announces Realignment Under S&P Capital IQ Brand
PR Newswire via Yahoo! Finance
McGraw-Hill Financial Communications, a business line of The McGraw-Hill Companies (NYSE: MHP – News), today announced that it will market its investor education and marketing and communication solutions in the financial professional space under a new brand, S&P Capital IQ Financial Communications (FC).
http://jlne.ws/HNfIpr

Facebook is scared of the internet
By John Gapper – Financial Times
It is no wonder that Mark Zuckerberg got so defensive this week. As he was paying $1bn to eliminate the threat to Facebook from Instagram, an 18-month old photo sharing site, the web’s former giants were being humbled.
http://jlne.ws/HNfHBY

Reports

Briefing.com Economic Calendar
http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm

USDA Today
http://www.nass.usda.gov/Publications/index.asp

CBOE Events Calendar
http://www.cboe.com/AboutCBOE/EventCalendar.aspx

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.
http://www.cmegroup.com/tools-information/calendars/

Asia-Pacific News

Memorandum of Understanding with Central Bank of Myanmar pertaining to Support for Establishing a Securities Exchange
Daiwa Institute of Research Ltd. (hereinafter “DIR”), the core information-generating arm of Daiwa Securities Group, and Tokyo Stock Exchange Group, Inc. (hereinafter “TSE”) reached an agreement on April 10, 2012 to conclude a memorandum of understanding (hereinafter “MOU”) with the Central Bank of Myanmar (hereinafter “CBM”) pertaining to cooperation toward establishing a securities exchange and supporting the cultivation of a capital market in Myanmar.
http://jlne.ws/HNfIpu

Singapore’s SMX to launch new gold, silver futures
Reuters via Yahoo! Finance
The Singapore Mercantile Exchange will roll out in May new gold and silver futures contracts and is also looking at rubber and sugar contracts, its chief executive said on Thursday, as the fledgling bourse moves further to boost liquidity.
http://jlne.ws/HNfKxx

China growth seen slower in 2012, recovery mild: World Bank
Reuters via Yahoo! Finance
The World Bank cut its forecast for China’s 2012 economic growth to 8.2 percent on Thursday and said a rebound might not begin before the third quarter of the year as slack foreign demand and a government-induced real estate slowdown restrain a recovery.
http://jlne.ws/HNfIFO

Frontier Markets

Myanmar to set up securities exchange with Japan’s help
Reuters via Yahoo! Finance
Myanmar will set up a security exchange with the help of the Tokyo Stock Exchange and Daiwa Securities Group as the resource-rich nation hunts for foreign investors after decades of isolation. Daiwa and …
http://jlne.ws/HNfKNU

Commodity Futures Trading in India Increases 52% on Bullion
By Madelene Pearson – Bloomberg
Commodity futures trading in India, the world’s biggest gold and sugar user, surged 52 percent in value to a record last year, driven by bullion and farm goods.
http://jlne.ws/HNldEt

TSE, Daiwa to help set up Myanmar stock exchange
Associated Press via Yahoo! News
Myanmar has enlisted the Tokyo Stock Exchange and Daiwa Securities Group to help it establish a stock market in the latest step toward reforming the impoverished country’s economy.
http://jlne.ws/HNfIFX

Dubai’s DME to Open Asia Office in Push for Oman Crude Benchmark
By Anthony DiPaola and Ayesha Daya – Bloomberg
The Dubai Mercantile Exchange plans to open an office in Singapore, its first outside the emirate, and is hiring executives in its effort to make the Oman crude futures contract a price benchmark for Arab producers.
http://jlne.ws/IxYq0h

India Liberalizes Commodity Exchange Norms
RTT News
India’s Ministry of Commerce & Industry released an updated ‘Consolidated Foreign Direct Investment Policy Document,’ liberalizing norms for commodity exchanges, non-banking finance companies or NBFCs and foreign institutional investors or FIIs.
http://jlne.ws/HNfIWg

DGCX To List Copper Futures For Trading On April 20
http://jlne.ws/HNfIWo

Metatrader 5 Platform Becomes Independent Software On DGCX – Exchange Is One Of Three New Global Exchanges For Which The World’s Leading Trading Platform Has Introduced Support This Year
http://jlne.ws/HNfKO9

John Lothian Newsletter

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ETF trading surges on European stock exchanges

ETF trading surges on European stock exchanges

First Read $26,851/$300,000 (9.0%) Denise Knabjian ++++ Hits & Takes JLN Staff The U.S. has surpassed the 25 million Covid-19 infections level, according to data reported Sunday by Johns Hopkins University. JPX has signed a memorandum of understanding, or MOU,...

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