John Lothian Newsletter: LME eyes renminbi move for metals; World Bank Officially Selects Kim as President; Futures market leaders voice volume fears

Apr 17, 2012

The London Metal Exchange considers settling some of its contracts in Chinese yuan rather than sterling. The World Bank makes a fairly predictable move and taps Jim Yong Kim as its next leader. Exchange execs continue to fret about the future of trade volume, given increased competition and commonality between OTC and listed derivatives. More banks report earnings; more concern flows from the Eurozone; and more unease is expressed at sightings of financial behavior that got us in trouble only a few years ago. In the top box, JLN Metals editor Nicole V. Rohr has another interview, this time with Jeffrey Christian of CPM Group on the challenge and rewards of analyzing gold with an eye toward cold numbers.

Observations – Statistics – Commentary

Gate 39 Media Launches Online Managed Futures Portfolio Management Tool—Clarity Portfolio Viewer
Gate 39 Media, a web marketing and development firm specializing in online solutions for the futures industry, announces the launch of its Clarity Portfolio Viewer. Clarity Portfolio Viewer provides investors with instant access to the daily performance of their managed futures investments online; and for futures brokerages and Futures Commission Merchants (FCMs) it provides data across the managed futures accounts they manage.
http://jlne.ws/HPQJRK

***** Cool stuff. Great start for version 1.0

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CME Local Trader Walkout Signals Strains With Pit Trading Dying
By Matthew Leising – Bloomberg
A boycott at CME Group Inc.’s eurodollar option pit last week shows the strains of earning a living in a market in which the people who shout out orders to buy and sell futures no longer own the exchange.
http://jlne.ws/IUUaIb

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Five Minutes With Jeffrey Christian, CPM Group
Nicole V. Rohr – JLN Metals Newsletter editor
Jeffrey Christian is the managing director and founder of CPM Group, a precious metals and commodities markets analysis firm formed through a management buyout of the Commodities Research Group at Goldman Sachs. Christian spoke last week at the Initiatives in Art and Culture gold conference in New York, and talked to editor/producer Nicole V. Rohr about the myths of gold, buying gold puts and the coming gold supply growth.

Q: What do you mean when you say that gold suffuses myths, and how has CPM Group helped debunk those myths?

A: First of all, gold has been in our culture for 5,000 years or longer, and there are all sorts of beliefs that have been built up about gold. I’m not just talking about the conspiracy theories. There are all kinds of things, like “Gold is a constant” and “Gold is the one true money.” What we try to do is deal with statistics. We realize that there are limits to the economic reality that it [prices] can be determined with statistics, but we try to be very quantitative as far as possible and objective. So, we don’t believe in gold. I often say that we’re agnostics. People pay us to be right.

When we merged with Goldman Sachs, I met Leon Cooperman, who was the head of investment research and who would be my boss’s boss under the merger, and he said, “I want you to know that I don’t believe in gold. I think gold is religion, and I was the most vociferous opponent of buying J. Aron at the executive level at Goldman Sachs.” I was 26 years old at the time, and I said, “I think you’re going to be very impressed with some of the quantitative research. I agree with you that for many people, gold is a religion, but that we think that gold can also be an investment that can be approached on a quantitative, scientific basis”… To which he said, “No, I won’t be.”

Just because some people believe in some things doesn’t mean that you can’t look at it objectively and make objective, rational decisions which can be very profitable. As George Soros says, “You have this reflexivity in the markets and that reflexivity is exacerbated and accentuated by beliefs.” So, gold goes from $280 to $1,900, and there are a lot of people believing it’s going to $3,000, $4,000, $5,000. If you have a body of scientific evidence that suggests that it won’t go there, at least on a scientific basis, you could position yourself to make a tremendous amount money on the rebound.

For the rest of the interview, visit MarketsWiki at http://jlne.ws/JrrByr

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London Stock Exchange Group raises £529,400 in first ever Charity Trading Day
London Stock Exchange Group (LSEG) today announces that it raised £529,400 in its first ever Charity Trading Day held on 2 April. One day’s worth of equity trading fees from all the Group’s equity markets, London Stock Exchange, Turquoise and Borsa Italiana will be given to charity. Thanks to a strong trading day and the support of its customers, LSEG was able to beat its half a million pound target.
http://jlne.ws/IUUbvZ

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SEC Charges OptionsXpress In Naked Short Selling Scheme
By Chris Dieterich and Brett Philbin OF DOW JONES NEWSWIRES
The Securities and Exchange Commission charged online brokerage optionsXpress on Monday, as well as four of the firm’s present and former officials and a customer, in an alleged scheme involving so-called “naked short-selling.”
http://jlne.ws/IUUbMd

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MathWorks and Trading Technologies Achieve Integration, Streamlining Access to TT Exchange Connectivity and Order Execution within MATLAB
Trading Technologies International, Inc. (TT), a leading provider of order-entry software and solutions for professional derivatives traders, and MathWorks, developer of MATLAB, a programming environment for algorithm development, data analysis, visualization and numerical computation, today announced that TT’s X_TRADER API (XTAPI) is now integrated within the MATLAB environment.
http://jlne.ws/IUUbMh

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CME focus on London as European beachhead
By Jeremy Grant – Financial Times
Cricket may not seem the most obvious spectator sport for a company based in Chicago, home to two US baseball teams. However, CME Group, operator of the Chicago Mercantile Exchange, recently signed up for corporate entertainment rights with the Professional Cricketers’ Association, based at the famous Oval cricket ground in London.
http://jlne.ws/IUUbMi

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Sowing Seeds of the Next Major Crisis
BY FRANCESCO GUERRERA – WSJ
It started out like “Mission: Impossible” but has ended up more like “Meet the Fockers,” minus the comedy. Western governments’ emergency interventions in the financial sector during the 2007-2009 crisis and the more recent European turmoil have led to a messy relationship riddled with distrust and misunderstandings. The situation is understandable in the short-term but untenable in the long-run.
http://jlne.ws/IUUc2S

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What’s Next For Exchanges After Fizzled Merger Plans?
By Justin Grant – Advanced Trading
In an interview with Advanced Trading, Tabb Group analyst Adam Sussman spells out what’s next for the global exchange industry after their best-laid merger plans were halted by regulators across the world.
http://jlne.ws/HXfU68

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Green Light for Hedge-Fund Ads Means Caution on Main Street
By IAN SALISBURY – WSJ
Thanks to a little-noticed provision tucked into the just-signed jobs bill, hedge funds may soon be making a bold move into marketing—and the mainstream. The JOBS Act, signed by President Obama on April 5, lifted a decades-old restriction on how hedge funds can go after new investors, clearing the way for managers to speak more publicly about their strategies and performance and even to advertise.
http://jlne.ws/IUUoiw

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NFA Investor Newsletter – April 2012
http://jlne.ws/fEOGLZ

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NYSE Euronext Presents 2012 Press Roundtable on Actively Managed Exchange Traded Funds (ETFs)
Thursday, April 26, 2012, 11:30 a.m. – 1:15 p.m. ET
NYSE Euronext to host its 2012 ETF Press Roundtable on Actively Managed Exchange Traded Funds (ETF) focused on the opportunities, growth and trading strategies for actively managed ETFs. Moderated by Laura Morrison Vice President of Global Index and Exchanged Traded Products Group at NYSE Euronext, this event will be a candid discussion with industry leading experts, Jonathan Steinberg, CEO of WisdomTree, Noah Hammon, CEO and President of AdvisorShares, Donald Suskind, Vice President of PIMCO and Damon Walvoord of Susquehanna Financial Group.

Location:
New York Stock Exchange
NYSE Security Checkpoint/Tent at corner of Exchange Place and Broad Street
*Please plan to arrive at 11:15 a.m. to ensure enough time for security check-in.

Agenda: (subject to change):
11:15 a.m.: Arrival of press at the NYSE (Broad and Exchange)
11:30 a.m.: Lunch served
11:50 a.m.: Welcome Remarks: Laura Morrison – head of the U.S. Exchange Traded Products (ETPs) listings and trading business for NYSE Euronext
12:00 p.m.: Panel discussion begins
12:45 p.m.: Q&A
1:00 p.m.: Program ends

Topics include:
* Benefits of actively managed ETFs relative to mutual funds
* Drivers of substantial increase in new issuers and volume
* Trading strategies to buy and sell actively managed ETFs

Contact:
Media interested in attending this event MUST contact Katrina Clay at 212.656.2017 or email kclay@nyx.com.

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MarketsWiki Page of the Day
Alexandra Albright
http://jlne.ws/HIg7Xc

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MarketsWiki Recent Updates

People
James Gorman; David Fisher; Ryan S. Lothian; Alexandra Albright; Jim Yong Kim; Ron Grossman; Jeffrey M. Christian; Juan Carlos Artigas

Companies, Organizations and Groups
OptionsXpress Holdings, Inc.; Agency Cash Management

Miscellaneous
Five Minutes with Juan Carlos Artigas; Five Minutes With Jeffrey Christian, CPM Group

Statistics
22,035,271 pages viewed, 6,807 articles, 139,196 edits
MarketsWiki Statistics

Lead Stories

LME eyes renminbi move for metals
By Jack Farchy in Santiago – Financial Times
The London Metal Exchange is considering offering traders the chance to settle its contracts in the Chinese renminbi, a move that could lead to its dropping sterling after 135 years.
http://jlne.ws/IUUdUv

World Bank Officially Selects Kim as President
New York Times
The World Bank’s 25-member executive board elected Jim Yong Kim, a global health expert and the president of Dartmouth College, as the institution’s next president.
http://jlne.ws/IUUdUr

Futures market leaders voice volume fears
Tom Osborn – Financial News
Volumes on the world’s largest futures exchanges could suffer as the lines between over-the-counter and listed derivatives start to blur, say senior futures market executives, against the backdrop of a lacklustre start to 2012.
http://jlne.ws/IUUczM

US SEC, CFTC to finalize swap dealer definitions Wed
Reuters
U.S. securities regulators announced late Monday they will vote on Wednesday to finalize rules that will define which companies will be dubbed swap dealers and face strict new regulations.
http://jlne.ws/IUUczS

…while European trading continues to plunge
Tom Osborn – Financial News
Waves of investor retrenchment hit trading on Europe’s largest futures exchanges in the first three months of this year, depressing volumes by up to 27% compared with the same period a year earlier.
http://jlne.ws/IUUcA1

Japan pledges $60 billion to IMF for Europe
Associated Press via Yahoo! News
Japan pledged $60 billion in loans to the International Monetary Fund Tuesday in an effort to ensure that the debt crisis in some European economies won’t spread.
http://jlne.ws/IUUcQn

UK warns over potential Mifid barrier
By Philip Stafford – Financial Times
The UK has fired a warning shot in the battle to determine sweeping new regulation of European markets by cautioning that some proposals risk shutting off the region’s businesses from fast-growing markets.
http://jlne.ws/IUUcQu

Statement By IMF Managing Director Christine Lagarde On Japan’s $60 Billion Pledge
http://jlne.ws/IUUcQy

Statement From Dr. Jim Yong Kim Regarding His Selection By The World Bank’s Executive Directors As 12th President Of The World Bank
http://jlne.ws/IUUd6N

Central Bank Aid Not Expected in Euro Zone Crisis
New York Times
Some political leaders, particularly in France, are feeling public heat because of unpopular government policies in response to Europe’s debt debacle.
http://jlne.ws/IUUeHX

Europe is distracted by endless firewall talk
By Robert Zoellick – Financial Times
Policy makers under pressure can get preoccupied with the fixation of the moment. For the eurozone, that idée fixe has been “the firewall”. How big is big enough? Who contributes and how?
http://jlne.ws/IUUeI6

Environmental Trading News

Green EU needs ‘credible’ CO2 price, funding guidance
Reuters
EU member states must have a credible carbon price, a new set of policy goals and could need clearer funding guidance or the growth of renewable energy will falter, Energy Commissioner Guenther Oettinger said on Monday.
http://jlne.ws/JsrF0F

**RKB — Informal meeting of environment ministers hosted by the Danish EU presidency set for Thursday.

EU carbon trading reform proposal this yr-Oettinger
Reuters
The European Commission is likely to prepare a legal proposal on reforming its emissions trading scheme (EU ETS) before the end of the year, EU Energy Commissioner Guenther Oettinger said on Monday.
http://jlne.ws/HXBKGI

U.S. Greenhouse Gas Emissions Headed Up Again
The New York Times
After dropping for two years during the recession, emissions of the gases blamed for global warming rose in 2010 as the economy heated up, the Environmental Protection Agency reports.
http://jlne.ws/HP6nAz

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

LME’s plan to ditch sterling recognises need to adapt
By Jonathan Guthrie – Financial Times
Queen Victoria would not have been amused. The London Metal Exchange, established under her reign to trade the raw materials of the British empire, may replace sterling with the renminbi as a settlement currency. The move would be just another signal that the UK economy, surpassed in output by China in 2005, is being jostled to the margins by newer powers.
http://jlne.ws/IUUdnk

Rate Futures Locals: CME ‘Unreceptive’ To Block Trade Concerns
By Howard Packowitz Of DOW JONES NEWSWIRES
Independent floor traders in CME Group Inc.’s (CME) most-active interest rate derivatives pits made no headway Monday in their dispute with the exchange operator on rules barring them from access to privately negotiated trades.
http://jlne.ws/IUUdnv

CME stands ground after Eurodollar options protest
By Tom Polansek – Reuters
CME Group is standing its ground on large, privately negotiated trades in the active Eurodollar options market after meeting on Monday with traders who protested against its rules, traders said.
http://jlne.ws/IUUgiZ

More Traders Sound Off About The CME Walk Out, And They Have A Brutal Message For The Protesters
Julia La Roche – Business Insider
While the biggest gripe we heard from a local at the CME is that floor traders are not privy to the information when a block trade happens so they get “blindsided” and can lose a lot of money, not all traders seem to feel sorry for them.
http://jlne.ws/IUUgj0

NYSE’s Niederauer: Proud Of What We Put Forward In Facebook Listing
DOW JONES NEWSWIRES
NYSE Euronext (NYX)’s chief executive on Monday expressed disappointment at losing out on getting Facebook to list on the New York Stock Exchange but said it put out a “comprehensive proposal” and he was “proud” of it.
http://jlne.ws/IUUff3

APG AND EPEX SPOT JOINTLY FOSTER MARKET INTEGRATION FOR INTRADAY TRADING IN AUSTRIA
The Austrian Transmission System Operator, Austrian Power Grid AG (APG), and the European Power Exchange EPEX SPOT SE have initiated a common project aiming at the development and tighter integration of Austria in the European electricity market.
http://jlne.ws/IUUgzv

SIX Swiss Exchange And Scoach Switzerland: More Trades In March 2012
http://jlne.ws/IUUfvt

NYSE Euronext Celebrated Third Annual Financial Literacy Week
In celebration of Financial Literacy Month, NYSE Euronext (NYX) hosted its third annual Financial Literacy Week. More than 100 guests gathered at the company’s offices in the U.S. and Europe to celebrate, highlight and share innovative approaches to financial capability.
http://jlne.ws/IUUfvB

21st Anniversary Of The Warsaw Stock Exchange
http://jlne.ws/IUUgzL

Restrictions on Transactions in Reddy Ice Holdings, Inc. (“RDDY”)
http://jlne.ws/IUUgQ2

Banks, Brokers & Dark Pools

Citigroup’s First-Quarter Net Income Falls 2%
New York Times
Citigroup, however, reported better-than-expected revenue growth on Monday, driven by steady demand for loans from consumers and businesses and an improving economic condition in the United States.
http://jlne.ws/IUUgQ6

CA Cheuvreux launches equities platform
By Philip Stafford in London – Financial Times
CA Cheuvreux, the equity brokerage arm of Crédit Agricole, will on Monday launch a European equity trading platform for institutional and retail customers only, in an attempt to allay investor concerns over high-speed trading.
http://jlne.ws/IUUgQd

Bank Of New York Mellon To Pay $6 Million Penalty – Fed
FOX Business
Bank of New York Mellon (BK) will pay the government a $6 million civil penalty over allegations it pledged ineligible collateral as part of a program to help money market funds at the height of the financial crisis, the Federal Reserve said Monday.
http://jlne.ws/IUUh6H

Schwab Reports First Quarter Results
Business Wire via Yahoo! Finance
The Charles Schwab Corporation announced today that its net income was $195 million for the first quarter of 2012, up 20% from $163 million for the fourth quarter of 2011
http://jlne.ws/IUUhn8

BNP Paribas Grows Commodity Derivatives Business
Marketwire via Yahoo! Finance
BNP Paribas Corporate and Investment Banking is pleased to announce the appointments of John Bills, Mike Collens and Chris Zammit to its Commodity Derivatives business.
http://jlne.ws/IUUhDz

Former Merrill Bankers Move to Standard Chartered
Wall Street Journal Blogs
Standard Chartered PLC has picked up two former Bank of America Merrill Lynch bankers to boost its equity capital markets business in Hong Kong.
http://jlne.ws/IUUhDI

Insider trading fine casts cloud over BTG Pactual IPO
Reuters via Yahoo! Finance
Andre Esteves, the billionaire boss of Brazil’s BTG Pactual, has been fined 350,000 euros by Italy’s financial regulator for insider trading, just 10 days before his investment bank’s looming stock market listing.
http://jlne.ws/IUUjeR

Ladenburg Thalmann Names Senior Investment Banker James Hansen to Lead Energy Practice
Business Wire via Yahoo! Finance
Ladenburg Thalmann Financial Services Inc. today announced that James Hansen, a senior investment banker in the energy space, has joined Ladenburg Thalmann & Co. Inc.
http://jlne.ws/IUUhUj

Goldman Sachs Sells Shares in China Bank for $2.5 Billion
New York Times
Goldman Sachs has sold $2.5 billion of shares in the Industrial & Commercial Bank of China to the Singaporean sovereign wealth fund Temasek Holdings and other institutional shareholders.
http://jlne.ws/IUUjLV

Goldman Sachs and MetLife to Disclose Staff Diversity Data
New York Times
Goldman Sachs and MetLife have agreed to release staff demographic information after New York City’s pension funds used their financial clout to demand public disclosure.
http://jlne.ws/IUUira

Citigroup Has ‘Plenty of Time’ to Sell All of Smith Barney
Bloomberg
Citigroup Inc. (C) isn’t under immediate pressure to sell its entire stake in Morgan Stanley Smith Barney because the bank has made progress in reaching capital goals, Chief Executive Officer Vikram Pandit said.
http://jlne.ws/IUUiri

Dimon Widens Gap With JPMorgan Bankers as Wall Street Pay Slides
Bloomberg
Jamie Dimon, awarded $23 million for running JPMorgan Chase & Co. (JPM) last year, earned 67 times the average amount set aside for his investment bankers and traders, the widest gap among firms that report divisional pay.
http://jlne.ws/IUUiHD

Barclays Combines Corporate Finance and M&A Divisions
Wall Street Journal Blogs
Barclays is combining its corporate finance and merger-and-acquisition divisions into one unit, according to an internal memo from Skip McGee, the firms investment banking division chief. The goal is to get M&A bankers working more closely with industry coverage bankers to bring more business to the firm, including advisory work, and drive revenue growth.
http://jlne.ws/IUUkiK

Steve Wellington to Join Evercore as a Senior Managing Director in Europe
Business Wire via Yahoo! Finance
Evercore Partners Inc. announced today that Steve Wellington has agreed to join the firm’s Investment Banking business as a Senior Managing Director based in London, focusing on financial restructuring, distressed M&A and debt advisory.
http://jlne.ws/IUUkiR

Evercore outlines five-year growth plan
By Daniel Schäfer and Anousha Sakoui in London – Financial Times
Evercore Partners has outlined an ambitious expansion plan as the US investment bank seeks to join the ranks of the largest independent investment banks by potentially doubling its number of partners.
http://jlne.ws/IUUkiV

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 Fails To Monitor More Than Half Of Stock Trading, Former Agency Lawyers Say
The Huffington Post
The Securities and Exchange Commission does not currently have the ability to fully monitor what, by most accounts, makes up a majority of the stock trading activity in the United States, according to former SEC lawyers. What’s more, recent reforms and proposals are unlikely to make much of a difference, they say.
http://jlne.ws/IUUkzf

SEC looks to economists for legal cover
Reuters via Yahoo! News
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission is taking extra steps to bulletproof its rulemaking, after U.S. appeals court judges, Republican lawmakers and government watchdogs have criticized how the agency measures the economic impact of its rules.
http://jlne.ws/IUUkzi

New rules hit Switzerland’s ‘Finance Valley’
By Sam Jones – Financial Times
On the surface, Pfäffikon appears little different from many other Swiss villages: a well-manicured but unlovely collection of low-rise houses and discreet office blocks on the wrong – post-industrial – side of Lake Zurich. But beyond the bakeries and local shops, Pfäffikon is more than just a paragon of small-town wholesomeness.
http://jlne.ws/IUUkzn

Swiss Lawmakers to Debate Tougher Rules for Hedge-Fund Managers
Bloomberg
Swiss lawmakers are considering proposals to tighten regulations on hedge funds and other asset managers that will align the Alpine nation with draft European union rules.
http://jlne.ws/IUUkzx

CPSS and IOSCO Issue Final Report on Principles for Financial Market Infrastructures and Seek Comment on Two Consultative Documents
The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) today published the final report on the Principles for Financial Market Infrastructures. […] CPSS and IOSCO also released for comment the Disclosure Framework for Financial Market Infrastructures (Disclosure Framework) and the Assessment Methodology for the Principles for FMIs and the Responsibilities of Authorities (Assessment Methodology).
http://jlne.ws/IUUkPO

Ex-Summit hedge fund chief sentence to prison for insider trading
The Star-Ledger
The chief investment officer and portfolio manager of a Summit-based hedge fund was sentenced yesterday to a year in prison for his role in an insider trading scheme that authorities say netted him more than $2.5 million in illegal profits.
http://jlne.ws/IUUkQ0

Uncovered Messages Lead to Fresh Allegation in Gupta Case
Wall Street Journal Blogs
Newly discovered emails and instant messages uncovered by prosecutors earlier this month revealed at least one additional alleged tip between former Procter & Gamble Co. board member Rajat Gupta and hedge-fund founder Raj Rajaratnam, according to a letter made public Monday.
http://jlne.ws/IUUkQ3

Remarks By SEC Commissioner Daniel M. Gallagher At The 44th Annual Rocky Mountain Securities Conference
http://jlne.ws/IUUl6m

OpenLink Releases CFTC Large Trader Reporting for Dodd-Frank Compliance
PRWeb
OpenLink Financial LLC (OpenLink), a leading provider of cross-asset trading, risk management and operations processing software solutions, announced today the launch of Large Trader Reporting for compliance with U.S. Commodity Futures Trading Commission (CFTC) regulations resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/IUUmqR

Investments – Indexes – Managed Futures – Managed Funds

ICE Clear Credit Files to Back Markit Emerging Nation CDS Index
By Matthew Leising – Bloomberg
ICE Clear Credit, the world’s largest credit-default swap clearinghouse, is seeking to guarantee the Markit CDX Emerging Markets Index of 15 sovereign nations, according to a regulatory notice.
http://jlne.ws/IUUmr0

Barclays assets under management hit record high
Reuters via Yahoo! News
(Reuters) – Barclays Capital on Monday said investment flows into commodities rebounded in the first quarter of 2012 with $6.9 billion worth of fresh inflows into the asset class and total assets under management bounced back to $435 billion, an all-time high.
http://jlne.ws/IUUmr7

A New EDHEC-Risk Survey Reveals That “Transparency, Information And Governance” Tops The List Of Concerns For European Fund Management Industry Professionals In The Area Of Non-Financial Risk Management
http://jlne.ws/IUUmHw

Carlyle Group IPO Gets Closer, May Raise More Than $700 Million
Yahoo! Finance via Yahoo! Finance
On the whole, public shareholder investments in private equity firms and alternative asset managers have been hit or miss in recent years, and now one of the biggest of all is hoping to join the hits when it goes public in the next few weeks.
http://jlne.ws/IUUln3

Bolton pledges to stay at China fund
By Robert Cookson in Hong Kong – Financial Times
Anthony Bolton has vowed to remain at the helm of Fidelity’s China Special Situations trust for at least another two years after a “disappointing” performance to date.
http://jlne.ws/IUUmY5

Europe’s old wealth seeks new home in Asia
Reuters via Yahoo! News
SINGAPORE (Reuters) – In the 1470s, the prominent Spinola family of Genoa had an apprentice business agent in Barcelona named Christopher Columbus helping to handle their shipments, preparing the young sailor for his later voyages of discovery to the New World. These days, that Italian clan and other ultra-affluent families are moving assets to Singapore
http://jlne.ws/IUUoiL

Interactive Data Expands Capabilities of Global Corporate Actions Service
Marketwire via Yahoo! Finance
Interactive Data Corporation, a leading provider of global reference data, today announced expanded coverage and new enhancements to its global Corporate Actions Service.
http://jlne.ws/IUUoyY

Lee Equity Partners to Take Edelman Financial Private
New York Times
The wealth management firm Edelman Financial said Monday that it would go private after accepting a $258 million all-cash bid from Lee Equity Partners.
http://jlne.ws/IUUoz2

BM&FBOVESPA Announces Second Previews For The Ibovespa Theoretical Portfolio And Other Indexes
http://jlne.ws/IUUozb

The Dow Jones Credit Suisse Hedge Fund Index Finished Up 0.05% in March
http://jlne.ws/IUUnuX

Technology News

Bolsa de Valores de Lima Selects the SunGard Global Network for Market Data Distribution
Bolsa de Valores de Lima S.A. (BVL), the Peruvian stock exchange, has selected the SunGard Global Network (SGN) as a distribution channel for its data.
http://jlne.ws/IUUnv8

Fiserv names new chief information officer
Associated Press via Yahoo! News
Fiserv Inc., which creates the technology for online bill paying, mobile banking and other financial services, said Monday that Cliff Skelton is the company’s new chief information officer, replacing Maryann Goebel who will retire.
http://jlne.ws/IUUnLq

KVH To Launch “KVH VCONNECT” Video Collaboration Solutions Globally – Boosting Business Efficiency With Flexible And Scalable Managed Services
KVH Co. Ltd., Asia’s leading information delivery platform, today announced it will become the first partner of the Teliris Channel Partner Program in Japan.
http://jlne.ws/IUUnLv

BlackRock Adds Panopticon Real-Time Data Visualization Tools
Press Release
Panopticon Software the leading provider of visual data analysis software for real-time, CEP and historical time series data, today announced that BlackRock has purchased an enterprise license for the Panopticon suite of information visualization software, including its Developer SDK for Java and .NET, the Panopticon EX enterprise application and the Panopticon Rapid Development Kit.
http://jlne.ws/IUUnLI

Verizon eyes high-speed traders with fast network
Market Watch
Verizon Communications Inc. VZ is looking at Wall Street as it attempts to draw new customers with yet another high-speed network. The telcommunications heavyweight, which boasts its Verizon Wireless has the fastest wireless broadband network, is set to unveil a new service this week targeting traders for whom shaving milliseconds off deals can mean a difference of millions of dollars.
http://jlne.ws/IUUpmw

Selerity and Lime Brokerage Partner to Provide an Integrated Event-Driven Platform for Electronic Traders
PRWeb
Selerity, a provider of real-time event data solutions for the financial services industry, today announced that it has partnered with Lime Brokerage, a Wedbush Company and preeminent provider of ultra low-latency trading technologies, to provide integrated event-driven data into LimeTrader, a high performance multi-asset class trading engine, designed for efficient implementation, testing, and deployment of algorithmic trading strategies.
http://jlne.ws/IUUpmy

Media News

Nostalgia for the land of opportunity
Review by John Plender – Financial Times
A timely essay on the nature of American capitalism argues for more competition, not less
http://jlne.ws/IUUpmM

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

China at “rare” moment for reforms: central bank report
Reuters via Yahoo! News
China is at a promising moment for speeding up interest rate and exchange rate reforms, the central bank’s statistics department said in a report published Tuesday, following the latest move to make the Chinese currency more flexible.
http://jlne.ws/IUUpD3

That’s Governor Zhou to you
Posted by Kate Mackenzie – FT Alphaville
That’s pronounced a bit like “Joe”, but with a softer ‘g’ sound. According to Standard Chartered you need to start practising – because People’s Bank of China governor Zhou Xiaochuan is “the world’s central banker”.
http://jlne.ws/IUUpD7

Ex-SAC Capital Asia head Luo to join hedge fund Dymon
Reuters via Yahoo! Finance
Singapore-based Dymon AsiaCapital has hired former SAC Capital Asia head Jay Luo tooversee risk management and operations for its $2.85 billionhedge fund
http://jlne.ws/IUUpDd

Hong Kong’s Securities And Futures Commission: Asian Capital Resources And Its Former Company Secretary Convicted Of Providing False Or Misleading Information
http://jlne.ws/IUUruK

Third Quarter Financial Year 2012 (3Q FY2012) Singapore Exchange Reports $78 Million Profit
http://jlne.ws/IUUpTE

Publication of “Taxation of J-Sukuk Q&A”
http://jlne.ws/IUUrLh

Frontier Markets

Trading in overseas futures contracts risky
Lisa Pallavi Barbora – Livemint
Last month, BSE Ltd launched trading in futures contracts for overseas indices from four countries. Futures are securities created (derivatives) from the value of an existing financial asset like an index. This is part of a joint initiative by exchanges from BRICS (Brazil, Russia, India, China and South Africa) nations as an attempt to help investors in their respective countries to buy into overseas products directly.
http://jlne.ws/IUUrLm

First Day Dealings of The Palestine Securities Exchange (PSE) on the Palestine Exchange (PEX)
The Palestine Securities Exchange plc (PSE) is pleased to announce that its shares were listed and started trading on April 4th, 2012 celebrating the fifteenth trading anniversary of the Palestine Exchange (PEX).
http://jlne.ws/IUUqad

Standard Bank Won’t Rule Out Angola Acquisitions to Grow
Bloomberg
Standard Bank Group Ltd. (SBK) , Africa ‘s largest lender, won’t rule out acquisitions in Angola as it seeks to become one of the top five banks in the oil-producing country, the head of the bank’s Angolan unit said.
http://jlne.ws/IUUs1S

Pakistan Mercantile Exchange (PMEX) Joins Leading International Associations Of Futures Exchanges
Pakistan Mercantile Exchange has acquired memberships of Association of Futures Markets (AFM) and World Federation of Exchanges (WFE).
http://jlne.ws/IUUqqC

Securities Commission Malaysia And Oxford Centre For Islamic Studies Offer A Scholar In Residence Fellowship
http://jlne.ws/IUUs1Z

Malawi Stock Exchange Market Performance Report For First Quarter Ending 31st March, 2012
http://jlne.ws/IUUsih

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