John Lothian Newsletter: ISE Targets Launch for New Options Exchange; Firms will be shut out of OTC market at June US clearing deadline; Rules threaten global banks, reports say

Apr 12, 2013

The International Securities Exchange steps forward on the road to launch a second options exchange in the US. No word yet on whether this will turn into a national chain. Many smaller financial firms may find themselves unable to use OTC derivatives products in June, as new rules and costs may put clearing those trades out of reach. Two new reports suggest that the increasing weight of global regulation may cause investment banks to reduce or suspend operations as global entities.

First Read

One Giant Step for ISE…
Gary Katz
Since John was gracious enough to let me stand on his soapbox this week, I am going to use it for a little shameless self-promotion this morning. As I hope many of you have already seen, ISE announced the brand name of our second options exchange yesterday – ISE Gemini. While we are still pending regulatory approval and expecting to launch in late Q2, this is another major step forward for us. The name itself was chosen through an internal committee which honed in on Project Gemini as NASA’s second human spaceflight program. The innovation, technology and teamwork required to make that initiation a success resonated with us as we look to make ISE Gemini into a complementary platform to ISE’s existing exchange. Although the name evolved from NASA and not from the zodiac symbol Gemini, coincidentally two of the naming committee members – myself included – are parents of twins. I can only hope that these twin exchanges grow as fast and as tall as my twin fourteen year old boys.

Finally, some closing thoughts…what a week it has been. My friend and ISE Board Director, Slade Winchester, emailed me after my first day as Editor with the following message: “Gary, as Uncle Ben said to Peter Parker, ‘with great power comes great responsibility…’ make sure you don’t let all this power go to your head.” While I did take his advice to heart, I must admit that I did introduce myself to a few people as Gary “Lothian” Katz.

I am glad to hear that John’s recovery is going well and look forward to him taking the reins back from us business people. The power trip may be a bit too much for us simple folk to deal with. Nonetheless, this was an incredibly enjoyable and enlightening experience for me. Getting a firsthand look at the rigor behind the editorial process showed me why it takes such qualified folks like John, Jon Matte, Jim Kharouf, and the rest of the JLN crew to get this ship sailing every morning. Until next time, and hopefully under better circumstances like a Lothian family vacation or a Scouting trip, I pass the torch on to Chicago’s Ed Tilly.

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Another Friday, another lap complete
Jon Matte
Many thanks to Gary Katz for his sharp commentary this week! You got me to laugh out loud here at least once a day, and that’s no guarantee with me when it comes to financial jokes. I’m pretty excited about ISE’s new options exchange, by the way. I’m not quite ready yet, but I’m hoping that by the time they’re opening their tenth or eleventh exchange, I’ll be able to get in on the franchise opportunity. Will we have to wear paper hats? Anyway, thanks again! Next up, next week: Ed Tilly, president and COO of the CBOE

**JK – Oddly, there is no mention of the Bulls-Knicks game in Gary’s concluding remarks. For the record – Bulls 118-Knicks 111 in overtime. Till next time Gary and next game. Thank you.

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ISE Targets Launch for New Options Exchange
Dow Jones Newswires
Deutsche Boerse AG‘s International Securities Exchange is looking to launch its second U.S. options exchange during the current quarter, pending approval from the Securities and Exchange Commission, the exchange operator said Thursday.
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***GK: Suggestions to date for a third exchange – ISE Cube.

**JK – And hopefully with entertainment from Ice Cube, and Ice T and my favorite, Vanilla Ice.

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Greetings from FIA NY Expo – Day 1/2 (Part 1)
Chuck Mackie – Maven Wave Partners
Of the events that FIA sponsors each year, NY Expo has been the “poor relation” compared to Chicago, Boca and Law & Compliance. That has changed somewhat over the past couple of years as FIA combined the separate Options and Technology conferences to create NY Expo and as the profound regulatory changes in the industry have driven the listed Chicago world and the OTC New York world closer together. Previously one day in length, this years NY Expo was expanded to a day and a half for 2013.
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**JK – More intrepid reporting from Mr. Mackie.

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Greetings from FIA NY Expo – Day 1 (Part 2)
FIA NY Expo 2013 is in the books. Total attendance at the show slipped slightly from last year with just over 500 people registered. To my mind, the best panel today brought in the end user perspective and many of the other panels failed to excite or bring anything new regarding industry issues. With that in mind, I’ll skim the highlights for a couple of panels and fill in some details, comments and observations from the rest of the day.
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***GK: Attendance could be down because there was no Options Exchange Leaders Panel 🙁

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High-Speed Trader Said to be Considered for SEC Post
Bloomberg
Chris Concannon, an executive at high-frequency trading firm Virtu Financial LLC, is under consideration to oversee trading and markets at the U.S. Securities and Exchange Commission, according to people briefed on the discussions.
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***GK: Chris would be the perfect person to start off each speech with the statement “These are my own personal views and do not represent the position of the Commission.”

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Huseyin Erkan

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

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 »

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MarketAxess CEO Rick McVey to participate in SEC Fixed Income Roundtable – April 16
MarketAxess CEO and Chairman Rick McVey will speak on two panels in a SEC Fixed Income Roundtable on Tuesday, April 16th that will focus on ways to improve transparency and efficiency of the fixed income markets. The event will be webcast.

11AM – Panel 2: Current Market Structure for Corporate Bonds and Asset-Backed Securities – The second panel will focus on the characteristics of the corporate bond and asset-backed securities markets and how they compare to the municipal securities market.
3PM – Panel 4: P
otential Improvements to Market Structure for Corporate Bonds and Asset-Backed Securities – The fourth panel will discuss potential steps to improve the transparency, liquidity, efficiency, or other structural aspects of the corporate bond and asset-backed securities markets.
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***GK: We fully support any and all efforts to enhance transparency, liquidity, and efficiency; bedrocks of listed exchanges.

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John Paulson to Start Fund to Reduce Clients’ Tax Bills
Bloomberg
Billionaire hedge-fund manager John Paulson, who recently considered a move to Puerto Rico to lower his own tax bill, is starting a new fund pitched at clients keen on paying less to the U.S. government.
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***GK: Patriotic – NOT!

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Two Firms Amass Much of World’s Copper Supply
MATT DAY – WSJ.com
Two major commodities-trading firms have amassed much of the world’s copper supplies in their warehouses, partly by paying to divert shipments away from other storage hubs, traders and analysts say.
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***GK: Any relation to the Hunt brothers?

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Markets Insight: Japan should heed lessons of Volcker’s war
Gillian Tett – FT.com
When Haruhiko Kuroda, the new governor of the Bank of Japan, announced a radical new form of quantitative easing this month, some pundits dubbed it his “Volcker” moment. No wonder.
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***GK: Deflation has plagued the Japanese economy and culture for decades. As such, our theme this week continues to support QE measures to reverse stubborn, unresponsive economies.

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Online brokers: Websites increase competition but lack that personal touch
Jesse Mark – FT.com
Discount online brokers, led by Charles Schwab, TD Ameritrade and Fidelity, have revolutionised stock trading with low prices, easy account access and low minimum investment requirements.
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***GK: The United States has always been known as a “Melting Pot.” The same is true for our financial marketplace. Our vibrancy stems from a blend of discount and full-service brokers, in-person financial advisors and online investment providers, and of course all-electronic and floor based exchanges.

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Analysis: To trade or not to trade, when the Fed sends you inside info
By Jonathan Stempel – Reuters
What would you do if you got your hands on a closely watched report that often moves stocks, bonds and currency markets, and it was sent to you by the Federal Reserve the day before its official release? Would you trade on the information it contained? If you did, would that be insider trading?
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***GK: The definition of insider trading has at times been murky. The events of this week point to the need to clarify and define the term in a modern day’s context.

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In Push for Gender Equality, Breaking Down the Boardroom Door
RANDALL SMITH – NY Times
Concluding that “there was no demand for women” on corporate boards, Beth Stewart decided to start a business to find them.
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***GK: We fully support Ms. Stewart’s efforts and look forward to the day when U.S. Boards accurately reflect the demographics of their company’s customers. Lean In!

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New SEC Identity Theft Rule Warns Of The Suspicious Jabberwock
Bill Singer – Forbes
In the end, this is little more than another regulatory rule requiring the drafting of yet more pages of in-house compliance policies and procedures; as if the piled-up volumes of such unread written policies have proven effective in the past. Further, we are once again confronted with a 100-page plus tome, which, under close inspection, reveals itself to be little more than broad brushstrokes of vagueness.
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***GK: A loathsome slug of a gangster, Jabba the Hutt was the preeminent kingpin of crime in the Outer Rim Territories (source).

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MarketsWiki

MarketsWiki Page of the Day
Vienna Stock Exchange
jlne.ws/ZPFE8P

MarketsWiki Recent Updates

People

Wayne Luthringshausen; Jim Miller

Companies, Organizations and Groups

Vienna Stock Exchange; International Securities Exchange; KPMG; TrueEX LLC

Miscellaneous

Basis-point; “Tobin tax”

Statistics

37,886,773 pages viewed, 7,448 articles, 156,750 edits
MarketsWiki Statistics

Lead Stories

Firms will be shut out of OTC market at June US clearing deadline
Risk.net
Hundreds of smaller firms may have to temporarily stop using over-the-counter derivatives when the second phase of mandatory clearing begins in the US on June 10, because they will not be able to find – or, possibly, afford – a futures commission merchant (FCM). Some could switch to new interest rate swap futures instead, while others could stop using derivatives altogether, market participants predict.
jlne.ws/ZOF9mF

Consultants to Banks Are Sharply Questioned on Independence
BEN PROTESS – NYTimes.com
A multibillion-dollar consulting industry came under the spotlight in Washington on Thursday, as lawmakers questioned the quality and independence of companies that guide banks through regulatory scrutiny.
jlne.ws/ZOF9mK

Rules threaten global banks, reports say
Daniel Schäfer in London – FT.com
Myriad tough new rules will become such a strain on investment bank returns in the next few years that some may struggle to sustain their global operations, according to two reports.
jlne.ws/ZOF9CY

CFTC Grants Order to ICE Clear Europe Permitting Portfolio Margining of Swaps and Security-Based Swaps in a Cleared Swaps Customer Account
The Commodity Futures Trading Commission issued an order granting a request made by ICE Clear Europe Limited (ICEU), a Commission-registered derivatives clearing organization (DCO), pursuant to Section 4d(f) of the Commodity Exchange Act (Act).
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Nasdaq Cut CEO Bonus Due to Facebook IPO
JACOB BUNGE – WSJ.com
The board of Nasdaq OMX Group Inc. slashed the bonus of Chief Executive Robert Greifeld following the exchange group’s botched handling of the Facebook Inc. stock-market debut.
jlne.ws/ZOF9D6

Tobin Tax is madness for Europe, and economic war against Britain
Ambrose Evans-Pritchard – Telegraph
France’s experiment with the Tobin Tax has proved a spectacular flop. Its finance ministry admits that the scattershot levy on financial transactions has raised just a third of the money expected since August. Total takings will be a paltry E800m in 2013, but that overlooks the much greater damage inflicted on French finance, industry and the government’s own tax base.
jlne.ws/YNCd6V

Angola Plans 6th-Biggest Africa Bourse With Value at 10% of GDP
Bloomberg
Angola, Africa’s second-biggest oil producer, expects its stock exchange to have a market value of 10 percent of gross domestic product within 18 months of its startup, making it at least the continent’s sixth biggest.
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Does the Fed Hate Pimco and Bank of America?
CNBC
When the Federal Reserve prematurely sent to banks and hedge funds the minutes of its March meeting early, there were a few prominent financial institutions left out.
jlne.ws/ZOF9Dc

Cyprus May Loosen Bank Restrictions in Days
MATINA STEVIS – WSJ.com
Cyprus is striving to restore normality in its banking sector after three weeks of capital controls while scrambling to raise cash to meet a higher price tag on its bailout agreement, the country’s finance minister said in an interview late Thursday.
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Lisbon struggles to avoid second bailout
Peter Spiegel in Brussels, Quentin Peel in Berlin and Jamie Smyth in Dublin – FT.com
Portugal could struggle to avoid a second international rescue even if it, alongside Ireland, is granted more time to repay its existing bailout loans by eurozone finance ministers meeting in Dublin on Friday.
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Regulatory

Moody’s warns of swap reform risks
Anish Puaar – Financial News
Moody’s has echoed warnings that the regulatory overhaul of the OTC derivatives markets could lead to increased risks for bond funds that seek alternatives to non-cleared swaps in order to lower costs.
jlne.ws/ZOF9TC

Gensler says critical that cross-border swap reforms are made correctly
Automated Trader
Gary Gensler, chairman of the Commodity Futures Trading Commission, listed those entities he believed Dodd-Frank swap rules had to apply to in terms of cross-border situations, saying it was critical that the regulator applied these reforms correctly.
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CFTC Chairman Gary Gensler And Commissioner Scott O’Malia To Testify Before The U.S. House Of Representatives Committee On Appropriations, Subcommittee On Agriculture, Rural Development, Food And Drug Administration, And Related Agencies
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Remarks At The 2013 National Compliance Outreach Program For Broker-Dealers By SEC Commissioner Daniel M. Gallagher
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SEC Names Jennifer Marietta-Westberg As Deputy Director Of The Division Of Risk, Strategy, And Financial Innovation
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Exchanges & Trading Facilities

ISE Introduces ISE Gemini, Its New Options Exchange – ISE Gemini Targets Launch In Q2 2013
Press Release
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NASDAQ OMX Commodities: Merger And Introduction Of Block Trade Facility For Freight Derivatives
NASDAQ OMX Commodities is announcing several changes to the trading and clearing arrangements for freight derivatives resulting from the decision by NASDAQ OMX Stockholm AB to merge NOS Clearing ASA, which it acquired on July 2, 2012, into NASDAQ OMX Stockholm, with NASDAQ OMX Stockholm as the sole surviving entity by the end of 2013.
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CFTC Vacates Kansas City Board of Trade Clearing Corporation’s Registration as a Derivatives Clearing Organization
jlne.ws/ZOFaai

[CBOE] Restrictions on Transactions in Central European Distribution Corp (CEDC)
jlne.ws/ZOFaaj

[CBOE] Changes to Market-Makers’ Continuous Electronic Quoting Obligations in Hybrid Classes
jlne.ws/ZOFaqx

Program Trading Averaged 26.9 Percent of NYSE Volume during Apr. 1-5
jlne.ws/ZOFaqA

MIAX Options Exchange Penny Pilot Classes For Option Classes to Start Trading On April 17 through April 19, 2013
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Hedge Funds & Managed Futures

Man Group in New Drive to Turn Around Flagship Fund
Wall Street Journal Blogs
Man Group, the largest listed hedge fund manager in Europe, has created a new corporate structure for AHL – its $17 billion flagship computer-driven business and main profit driver – as its new management team looks to turn around the division’s fortunes.
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Man Group plc announces certain changes with respect to its regulatory capital position
Press Release
Man Group has confirmed with the Financial Conduct Authority (“FCA”) the change of its regulatory status from being a Full Scope Group to a Limited Licence Group. As mentioned at our 2012 results presentation, the Group held a Capital Planning Buffer of approximately $300 million which it is no longer required to hold by the FCA.
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Income Partners Focuses on Liquid Credit as Chandra Departs
Bloomberg
Income Partners Asset Management Ltd., a $1.3 billion credit hedge-fund manager, is moving away from investments in less-frequently traded assets, prompting the departure of one of its three partners.
jlne.ws/ZOFaqI

Japan Teachers Fund to Invest Abroad as J-REITs Become Expensive
Bloomberg
Japan’s Teachers’ Mutual Aid Co- operative Society will invest as much as 6 billion yen in real estate investment trusts mainly abroad this fiscal year after REITs at home became expensive.
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Low interest rates raise risk of money market mutual fund run
Dow Jones Newswires
Money market mutual funds could face widespread investor panic if debt markets suddenly sour, the International Monetary Fund warned yesterday.
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Calamos Asset Management, Inc. Announces First Quarter 2013 Investor Conference Call
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Banks & Brokers

Bankers’ Pay Caps Didn’t Work Here, They Won’t Work in Europe
Forbes
The news that European fund managers’ incentives may be capped at one times salary comes hard on the heels of earlier news that top traders and senior managers in banks will have their bonuses capped at the same level as their salary, or at two times salary with specific shareholder approval. The latter policy will only be allowed if at least a quarter of this larger bonus is deferred into loss …
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The Problem With Investment Banks, as Seen By a Bank
New York Times
JPMorgan Chase’s analysts say many of the world’s largest investment banks are likely to offer investors paltry returns, and they call large banks like their own “un-investable.”
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Lenders May Have to Split Securities Businesses, JPMorgan Says
Bloomberg
Lenders may find it difficult to run global securities businesses as part of a universal bank, with increased and uncoordinated regulation hurting shareholder returns, JPMorgan Chase & Co. analysts said.
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INTL FCStone Inc. Announces Expanded Precious Metals Team
INTL FCStone Inc. today announced that its subsidiary, INTL Hanley, LLC, expanded its precious metal trading capabilities through the addition of Peter Thomas and Thomas Garland as Senior Traders focusing on North American Precious Metals operations.
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Citigroup Sells Turkish Consumer Unit as It Pares Global Operations
New York Times
Citigroup agreed on Thursday to sell its consumer banking business in Turkey to the local lender DenizBank as it continues to reduce its operations outside of the United States.
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Citigroup’s Washington Push
New York Times
Citigroup’s chief executive attended the ribbon-cutting at a new branch in the nation’s capital, on K Street, home to the city’s legions of lobbyists. The potential symbolism is hard to avoid.
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Top media banker exits Citigroup
Suzi Ring – Financial News
A top media banker at Citigroup, who led the bank’s European team on its $4bn sale of UK music company EMI Group, has left and plans to take up an in-house role.
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Morgan Stanley Said to Hire Koski for Infrastructure Investing
Bloomberg
Morgan Stanley , the sixth-largest U.S. bank by assets, hired Chris Koski to work in its $4 billion infrastructure-fund business, according to a person briefed on the matter.
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Deutsche Bank Shareholders Approve All Management Proposals
Dow Jones
Deutsche Bank shareholders have approved all management proposals at a meeting which became necessary after a court ruled its 2012 annual general meeting didn’t fully comply with regulations.
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HSBC to Sell General Insurance Business in Macau to QBE Insurance
Dow Jones
HSBC Holdings PLC said Thursday its subsidiary HSBC Insurance Ltd. has entered into an agreement to dispose of its general insurance business in Macau to QBE Insurance Ltd. for an undisclosed sum.
jlne.ws/ZOFdml

UBS’s Forlenza Heads to Jefferies
Traders Magazine
Peter Forlenza, head of equities for the America’s at UBS Investment Bank, is leaving after a year and a half to go to Jefferies.
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Clearing & Settlement

DTCC Testifies In Support Of Legislation To Ensure Continued Market Transparency And Global Data Sharing – Indemnification Provisions Could Fragment OTC Derivatives Market Data
jlne.ws/ZOFaXR

Indexes & Products

ISE Packages Options Strategies Into New ETFs
ETF Trends via Yahoo! Finance
The rising demand for exchange traded funds has made the International Securities Exchange, the country’s second-largest equity options exchange, an up-and-coming index provider for smaller, “innovative” fund sponsors.
jlne.ws/ZOFdCJ

Bigger ETF tent welcoming smaller shops
Jackie Noblett – FT.com
IThe time, cost and complexity involved in launching an exchange traded fund are shrinking, and several smaller managers are finding the environment ripe for entry.
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Sky Network Television Limited To Be Added To NZX 10 Index
jlne.ws/ZOFdCL

First Trust Selects London Stock Exchange For European ETF Debut
jlne.ws/ZOFdCR

Enforcement

Regulator: Brokerage sold sham notes to pro athletes
Reuters via Yahoo! Sports
A Wall Street regulator said on Thursday it has charged a Washington-based online brokerage with civil fraud related to the sale of promissory notes to 58 investors, including current and former professional basketball and football players.
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FINRA Files Temporary Cease-And-Desist Order Against Success Trade Securities And CEO Fuad Ahmed To Halt Fraud
Press Release
The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a Temporary Cease-and-Desist Order (TCDO) to halt further fraudulent activities by Washington, D.C.-based Success Trade Securities, Inc. and its CEO & President, Fuad Ahmed, as well as the misuse of investors’ funds and assets.
jlne.ws/ZOFbeh

SEC Charges Former KPMG Partner and Friend with Insider Trading
The Securities and Exchange Commission today charged the former partner in charge of KPMG’s Pacific Southwest audit practice and his friend with insider trading on nonpublic information about firm clients.
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Yusaf Jawed to plead guilty to fraud for Grifphon Ponzi scheme
The Oregonian
The U.S. Attorney’s office say the Portland-area hedge fund manager has agreed to serve 6.5 years in prison and cooperate in other lawsuits.
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[ASIC] Former financial adviser charged with failing to provide appropriate advice to clients
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Environmental & Energy

German, U.K. Ministers Urge Support For Carbon Fix
Bloomberg
Six environment and climate chiefs, including German Environment Minister Peter Altmaier and U.K. Energy and Climate Secretary Ed Davey, pressed European Union lawmakers to back a rescue plan for the world’s biggest carbon market, as divisions persist before a key vote.
jlne.ws/XGkjEC

Nations Lead Carbon Plans Amid Elusive Global Price, Shell Says
Bloomberg
Investors in clean-energy projects will need to work within national policy “bubbles” because a global carbon price will remain elusive for years, according to David Hone, Royal Dutch Shell Plc (RDSA)’s climate adviser.
jlne.ws/10Pp3nQ

Business giants urge US to seize climate change “opportunity”
Business Green
Some of the world’s largest businesses yesterday called on America’s political leaders to urgently accelerate efforts to build a greener economy, arguing that “tackling climate change is one of America’s greatest economic opportunities of the 21st century”.
jlne.ws/16QIKzQ

Asia-Pacific

Osaka Securities Exchange: Trading Volume Of Derivatives Trading – Year-To-Date Derivatives Trading Volume Has Exceeded 100 Million Units
Osaka Securities Exchange Co., Ltd. (OSE) is pleased to announce that the total trading volume of derivatives on its market since January 2013 recorded 101,530,625 units (preliminary estimates) today. OSE achieved the record earlier than last year, when the volume exceeded 100 million units on June 26.
jlne.ws/ZOFbel

Henry Paulson’s predictions for China
CNN Money
Hank Paulson is uniquely qualified to comment on the state of affairs in China, since he has visited and negotiated with Chinese officials scores of times over the decades in his capacity as Treasury Secretary, CEO of Goldman Sachs , and board chairman of Conservation International.
jlne.ws/ZOFdCV

Tackling graft should be China’s priority
Roderick MacFarquhar – FT.com
The Little Red Book is no more. With the abandonment in effect of Marxism-Leninism-Mao Zedong Thought during the churning capitalism of the reform era, China no longer has an ideology encompassing state and society, and legitimising the party’s right to lead the people.
jlne.ws/ZOFbem

Tokyo Financial Exchange: Rollover Of Leading Contract Month For Three-month Euroyen Futures (Effective From 10 April 2013)
jlne.ws/ZOFdCZ

Japan’s Financial Services Agency: Administrative Actions Against RBS Securities Japan Limited
jlne.ws/ZOFbuK

HKEx: Arrangements For Adjustment Of Sinopec Corp Futures And Options
jlne.ws/ZOFdTk

HKFE Announces Revised Margins For Aluminum Corporation And Hutchison Whampoa Futures
jlne.ws/ZOFdTn

Hong Kong’s Securities And Futures Commission Reprimands And Fines China Everbright Securities (HK) And Its Responsible Officer $1.6 Million
jlne.ws/ZOFbuQ

Frontier Markets

Abu Dhabi sovereign fund back in profit
Simeon Kerr – FT.com
Abu Dhabi state investment fund Mubadala swung back into profit in 2012 as losses on its financial investments halved and revenues rose across its broad portfolio of companies.
jlne.ws/ZOFdTs

Miscellaneous

Billionaire wins wine fight; jury awards him $380K
AP
A Florida billionaire said he planned to drink a glass of wine to celebrate a federal jury’s conclusion Thursday that he was defrauded by a California businessman who sold him two dozen bottles of fake vintage wine at a 2005 auction.
jlne.ws/151VKnA

John Lothian Newsletter

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