John Lothian Newsletter: Regulators Approve USD 8 Billion Threshold for Swaps Dealers; IMF Says European Banks May Have to Sell USD 3.8 Trillion in Assets; Starting a hedge fund loses its appeal

Apr 19, 2012

The CFTC leads the news with a couple of rule decisions, one of which is controversial beginning with its vote. The IMF says that European banks may have to sell trillions of dollars in assets through next year if their financial firewalls prove inadequate. The hedge fund industry, coming off a fairly lousy 2011, sees enthusiasm for new startups wane as far fewer investors are willing to fund new ventures. In the top box, lots of attention paid to the CFTC, which is a great showcase for how well MarketsReformWiki catalogs regulatory information; and Sarah Rudolph’s JLN Options Newsletter has a comparison of incoming mini option offerings from NYSE Arca and ISE.

Observations – Statistics – Commentary

MarketsReformWiki: CFTC Open Meeting, April 18, 2012
The CFTC created new rules and a lot of attention in yesterday’s meeting. MarketsReformWiki has a super-effective summary page that explains the changes and highlights many of the relevant comments from the Commissioners’ statements. Follow the link below for a clear and detailed review of the proceedings!
http://jlne.ws/Izw6YG

***** Major effort often goes into a single wiki page. Here’s the list of changes that were made to MarketsReformWiki for yesterday’s CFTC meeting:

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Mutual funds sue U.S. CFTC over registration rule
By Sarah N. Lynch and Dave Clarke – Reuters
Groups representing mutual funds and businesses filed a lawsuit on Tuesday against the U.S. Commodity Futures Trading Commission, challenging a rule that will require funds to register with the agency in the latest battle against new regulations coming out of Washington.
http://jlne.ws/HScF25

**** Guess what, lots of entities have more than one regulator. And guess what, there is a cost to society for entities that don’t play by the rules, so yes, there is a cost to regulation or the lack of regulation.

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Statement of Dissent: Commissioner Scott D. O’Malia
Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant,” and “Eligible Contract Participant”
I respectfully dissent from the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) approval today of the Entities Rule, which is a joint final and interim final rule with the Securities and Exchange Commission (“SEC”) under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). 2 I have a number of concerns with each definition in the CFTC Entities Rule. However, this dissent focuses on the “swap dealer” definition.
http://jlne.ws/I2qskn

**** There is a lot of unhappiness at the CFTC Commissioner level.

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CME Group to launch Black Sea wheat futures
Crain’s Chicago Business
(Reuters) – The exchange said on Wednesday it would launch a Black Sea wheat futures contract in June, if approved by regulators.
http://jlne.ws/JN9cMs

**** How exactly does wheat grow in the Black Sea?

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JLN Options Newsletter: Duelling proposals for mini options by ISE and NYSE Arca
Last week in the JLN Options newsletter and the John Lothian Newsletter, we broke the announcement that NYSE Arca had filed a proposal with the SEC to offer mini options. The International Securities Exchange (ISE) has also filed a competing proposal to offer mini options.

The two proposals differ in substantial ways.

For one, ISE and Arca list slightly different underlying stocks for inclusion in the mini options contracts. ISE is proposing mini options on: Apple, Inc., (AAPL), SPDR Gold Trust (GLD), Google, Inc. (GOOG), Amazon, Inc. (AMZN), International Business Machines (IBM), and Priceline.com, Inc. (PCLN). NYSE Arca’s lineup is: SPDR S&P 500 (SPY), Apple, Inc. (AAPL), SPDR Gold Trust (GLD), Google Inc. (GOOG), and Amazon.com Inc. (AMZN).

Both proposals are designed to offer options of reduced value and size on some underlying securities that are particularly expensive and heavily traded. Apple stock, for example, is trading at slightly over $600 a share today, as is Google. As Arca mentioned in their announcement, the options on pricey underlying securities can be expensive as well, and even a small percentage move in the underlying share price can mean a large movement in the value of the option.

Arca has proposed mini options on underlyings that are priced greater than $100 per share and have an average daily volume of at least 45,000 contracts over the previous three months. ISE’s proposed threshold is at least 10,000 contracts over three months, and the price must be at least $150.

For the rest of the commentary and more news from the options sector, visit the JLN Options website at http://jlne.ws/HTtsyo

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CFTC Votes to Treat Commodity Options the Same as Other Swaps
Bloomberg
The U.S. Commodity Futures Trading Commission adopted rules today that will treat commodity options the same as all other swaps.
http://jlne.ws/HUcoeb

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Quick View: Swaps and the $8bn question
By Telis Demos in New York – Financial Times
What is a swap dealer? The final answer is $8bn. Or is it $3bn? The swaps dealer definitions adopted by US regulators may settle the argument for one class of market participant – the commercial end-users who use swaps to hedge risks such as commodity prices.
http://jlne.ws/JN9fIj

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Lynch: Bringing OTC derivatives in from the cold
Phil Lynch – FOW
The past 12 months have seen a slew of regulatory measures, designed to mitigate the complexity and lack of visibility that were major contributors to the financial crisis. A key area of focus is Europe, where the European Market Infrastructure Regulation (EMIR)is enforcing the use of Central Counterparty Clearing Houses (CCPs) for processing derivatives post trade.
http://jlne.ws/JN9fYK

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HFT set to start on European government bonds
By Philip Stafford in London and Telis Demos in New York – Financial Times
High-speed trading is set to expand into the European government bond trading market after MTS, the region’s dominant trading venue for the securities, agreed a deal with Fixnetix, a UK trading technology company. The accord will allow customers of Fixnetix, which is carving out a niche as a specialist in tools for high-frequency trading, to trade euro and non-euro denominated bonds of 17 countries on MTS, which is controlled by the London Stock Exchange and also owned by a group of banks.
http://jlne.ws/JN9gfe

***JM: If HFT and HST were the same thing, they’d have the same initials…

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Volcker Rule Gets Murky Treatment
By JESSE EISINGER, ProPublica
The path to gaming the Volcker Rule has always been clear: Banks will shut down anything with the word “proprietary” on the door and simply move the activities down the hall.
http://jlne.ws/JN9B1z

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Citigroup’s Historic Shareholder Vote Is Non-Binding
NPR
At their annual meeting, Citigroup shareholders gave a no-confidence vote to a $15 million compensation package for the company’s CEO. It’s the first time this kind of vote has happened at a Wall Street firm. Lynn Neary talks to Columbia University Law School professor Robert Jackson about the implications of the vote.
http://jlne.ws/JN9fbe

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Swan Song at Deutsche Ending on a Sour Note
BY LAURA STEVENS – WSJ
Josef Ackermann‘s last months as chief executive of Deutsche Bank AG were supposed to be his victory lap after a decade in charge of Germany’s banking powerhouse. They have proved anything but. A series of setbacks, public mishaps and a failure to win the bank’s chairmanship are threatening to harm Mr. Ackermann’s reputation as a leading figure during one of modern finance’s most turbulent periods.
http://jlne.ws/JN9gvN

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Wall Street Has Some Of Its Swagger Back
By DAVID WEIDNER – WSJ
Just two days into this week, it was looking rough for Wall Street. Critics, investors and regulators and even the president called out the industry. Rules were coming. Investors were mad as hell. Taxpayers were fed up. All of this would be something if Wall Street cared or suffered. It doesn’t—and it didn’t. And why would it? Big financial interests are beating back every broadside with a vigor not seen since the financial-bubble days.
http://jlne.ws/JN9frJ

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MarketsWiki Page of the Day
Robert Summers
http://jlne.ws/Jawotk

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MarketsWiki Recent Updates

People

Marc Prosser; Robert Summers; David Stein; Martin Doyle; Mary Haffenberg; Boris Ilyevsky

Companies, Organizations and Groups

Citigroup Inc.

Miscellaneous

Upcoming Events; Executive compensation; Swap Dealer

Statistics

22,121,236 pages viewed, 6,811 articles, 139,265 edits
MarketsWiki Statistics
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Lead Stories

Regulators Approve $8 Billion Threshold for Swaps Dealers
By Steven Sloan and Jesse Hamilton – Bloomberg
U.S. regulators today defined which companies will face new oversight in the $708 trillion global swaps market, where largely unregulated trades helped fuel the 2008 financial crisis.
http://jlne.ws/JN9gMq

IMF Says European Banks May Have to Sell $3.8 Trillion in Assets
Sandrine Rastello – Bloomberg
European banks could be forced to sell as much as $3.8 trillion in assets through 2013 and curb lending if governments fall short of their pledges to stem the sovereign debt crisis or face a shock their firewall can’t contain, the International Monetary Fund said.
http://jlne.ws/JN9h2S

Starting a hedge fund loses its appeal
By Laurence Fletcher – Reuters
The old picture of the hedge fund start-up as two traders and a terminal at a posh London address looks ever more dated as the risky financial environment makes jobs at bigger firms a safer bet.
http://jlne.ws/JN9iUl

New Swap Rule Likely To Subject Fewer Firms To Strictest Oversight
By Jamila Trindle and Andrew Ackerman – Dow Jones Newswires
U.S. regulators voted Wednesday to approve a rule that could subject fewer firms to the highest level of oversight under broad new regulations for complex derivatives known as swaps.
http://jlne.ws/JN9iUs

Regulators Defend Derivatives Rule
By BEN PROTESS – NY Times
Regulators approved a rule on Wednesday that spells out the type of derivatives dealers that will soon face federal oversight, a crucial piece of the broader regulation for the market that played a major role in the financial crisis.
http://jlne.ws/JN9iUv

European Rescue Fund May Face Biggest Test Yet
By STEPHEN CASTLE – NY Times
The euro zone’s rescue fund has already helped mount full-scale bailouts of three of Europe’s smaller economies. But concern over the health of Spain’s financial institutions — laid low by a festering home-mortgage crisis — has fueled speculation that, for the first time, the bailout fund might be needed to help recapitalize the banks of a big country.
http://jlne.ws/JN9iUB

MF Global dispute heads to court in London
Reuters
The trustee liquidating MF Global said Wednesday that a dispute with the broker’s UK affiliate over the rights to about $700 million will have to be settled by an English court.
http://jlne.ws/JN9hjt

Environmental Trading News

EU ministers must not squander green growth-Hedegaard
Reuters
EU ministers must not throw away the chance to create thousands of jobs and spur the economy, the EU’s climate chief said on Wednesday, ahead of talks in Denmark to tackle deadlock on a planned energy saving law.
http://jlne.ws/I3kgc2

Vestas Chief Calls for European Carbon Tax to Spur Renewables
Bloomberg
Vestas Wind Systems A/S (VWS) Chief Executive Officer Ditlev Engel said the European Union should impose a tax on carbon emissions to spur renewable energy and lower greenhouse gases.
http://jlne.ws/I732K7

California Bill May Put Utilities on Verge of Green Goal
Bloomberg
California’s three investor-owned utilities would immediately be on the verge of meeting a state requirement to expand use of renewable energy if lawmakers approve a bill crediting them for large hydroelectric sources.
http://jlne.ws/ISgXoX

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 incoming chief executive to lay out vision
Dow Jones Newswires
The incoming chief executive of CME Group is expected to maintain the exchange operator’s focus on international alliances and expanding market services, a senior board member said Tuesday.
http://jlne.ws/JN9hjx

Montreal Exchange Achieves New Trading Volume Record On BAX Three-Month Canadian Bankers’ Acceptance Futures
Press Release
TMX Group Inc. today announced that Montréal Exchange achieved a new record of 302,371 contracts traded on the Three-Month Canadian Bankers’ Acceptance Futures (BAX)* on April 17, 2012. This surpasses the previous record of 285,500 contracts traded that was achieved on August 4, 2011.
http://jlne.ws/JN9hzN

SIX Swiss Exchange Bonds Quarterly Statistics: 1st Quarter 2012
http://jlne.ws/JN9jrn

Luxembourg Stock Exchange: Election Of Vice-Chairman Of The Board Of Directors, Appointment Of President & CEO
http://jlne.ws/JN9hzW

Annual General Meeting Of The Luxembourg Stock Exchange
http://jlne.ws/JN9jru

NYSE Euronext Welcomes ID Logistics To Its European Market
http://jlne.ws/JN9hQg

Banks, Brokers & Dark Pools

BlackRock to Shift Business if Moody’s Downgrades Banks
By SUSANNE CRAIG and BEN PROTESS – NY Times
BlackRock, the giant money manager, said it would have no choice but to shift some of its business away from certain Wall Street firms if Moody’s Investors Service went ahead with its threat to downgrade some of the country’s biggest banks.
http://jlne.ws/JN9hQi

BlackRock Aims to Soothe Concerns on New Trading Platform
By Amy Or – WSJ
BlackRock has created a lot of buzz — especially among investment banks — over plans for its new fixed-income trading platform, which allows buy-side investors to trade directly with each other.
http://jlne.ws/JN9hQj

BrokerTec Brings World Class Trading Platform To U.S. Fixed Income Market
ICAP, the world’s leading interdealer broker, announced that its electronic fixed income business BrokerTec has successfully launched with its customers a new trading system for its U.S. based products using a modified version of the NASDAQ OMX Genium INET system. The new system provides very low latency and high throughput, as well as built in capabilities for manual traders.
http://jlne.ws/JN9jHT

Bank of New York Mellon Earnings Slip
New York Times
Revenue was affected by lower foreign-exchange trading and the sale of the shareholder services unit.
http://jlne.ws/JN9hQx

Knight Capital Group Releases March 2012 Volume Statistics
Knight Capital Group, Inc. today released U.S. equity Market Making, Knight Direct equity and Hotspot FX foreign exchange volumes at www.knight.com/ourfirm/volumestats.asp for the month of March 2012.
http://jlne.ws/JN9jI2

BlackRock Shares Fall as Fink Says Investor Fears Remain
Bloomberg
BlackRock Inc. (BLK) ‘s Laurence D. Fink, who has been advising investors to put more money in stocks, said clients are still overwhelmed by fear as global markets remain “fragile” despite the first-quarter rally.
http://jlne.ws/JN9jI5

Pressure builds on Goldman director
By Shahien Nasiripour in Washington and Tom Braithwaite in New York – Financial Times
A New York institutional investor is urging shareholders of Goldman Sachs to vote against the re-election of James Johnson, the company’s longest-serving director.
http://jlne.ws/JN9jIa

UBS’s Stenzler Departs as Co-Head of U.S. Mergers
By MICHAEL J. DE LA MERCED – NY Times
UBS’s co-head of mergers and acquisitions in the United States, Ehren Stenzler, has left the firm, a spokesman for the Swiss firm said on Wednesday. It is the second prominent departure from the investment bank in two days.
http://jlne.ws/JN9jYq

Citigroup’s Aristeguieta Picks Bruchou to Head Latin America
Bloomberg
Citigroup Inc. (C) ‘s Latin America head Francisco Aristeguieta, helping Chief Executive Officer Vikram Pandit with a push to expand in emerging markets, has overhauled the bank’s leadership team in the region.
http://jlne.ws/JN9jYv

Goldman Is Said to Be in Talks to Sell Petershill Fund
By AZAM AHMED – NY Times
Goldman Sachs is said to be in negotiations to sell one of its most notable portfolios, Petershill, which has suffered some major setbacks in its hedge fund investments.
http://jlne.ws/JN9i72

MarketAxess to Host Conference Call Announcing 2012 First Quarter Results
Business Wire via Yahoo! Finance
MarketAxess Holdings Inc. , the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, will announce its 2012 first quarter results on Wednesday, April 25, 2012.
http://jlne.ws/JN9i73

NY Fed to take bids on Maiden Lane debt
By Nicole Bullock in New York – Financial Times
The Federal Reserve Bank of New York said on Wednesday it will take bids for complex commercial real estate securities with a face value of $7.5bn that were taken over from insurer AIG at the height of the financial crisis.
http://jlne.ws/JN9jYC

European Central Bank Publishes The Eurosystem Oversight Report 2011
http://jlne.ws/JN9l2z

IMF Global Financial Stability Report – The Quest For Lasting Stability
http://jlne.ws/JN9keY

Look Who’s Back: Sallie Krawcheck Gets The Gold Bug
Forbes
The Merrill Lynch executive who got the boot from Bank of America last fall just joined the advisory board of Gold Bullion International.
http://jlne.ws/JN9kf1

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

CFTC’s Division Of Swap Dealer And Intermediary Oversight Provides Financial Reporting Guidance To Futures Commission Merchants
http://jlne.ws/JN9kM2

Opening Statement On Commission Meeting For Consideration Of Rules Implementing The Dodd-Frank Act – CFTC Chairman Gary Gensler
http://jlne.ws/JN9kM7

Opening Statement, Twenty-Sixth Open Meeting To Consider Final Rules Pursuant To Dodd-Frank Act – CFTC Commissioner Jill E. Sommers
http://jlne.ws/JN9kMb

Opening Statement Of Commissioner Mark P. Wetjen For The CFTC Open Meeting
http://jlne.ws/JN9lQ5

Opening Statement, Open Meeting On Two Final Rules And Two Interim Final Rules – CFTC Commissioner Scott D. O’Malia
http://jlne.ws/JN9nHV

Architecture – Statement Of CFTC Commissioner Bart Chilton Regarding Entities Definitions Final Rule And Commodity Options Final Rule And Interim Final Rule, Washington, Dc
http://jlne.ws/JN9m6B

Opening Statement At SEC Open Meeting: Defining Swaps-Related Terms By SEC Chairman Mary Schapiro
http://jlne.ws/JN9oeL

Defining Security-Based Swap Dealers And Major Security-Based Swap Participants By SEC Commissioner Luis A. Aguilar
http://jlne.ws/JN9ovl

Statement At Open Meeting To Adopt The Joint Final Rule By SEC Commissioner Troy A. Paredes
http://jlne.ws/JN9mnf

Statement At Open Meeting By SEC Commissioner Daniel M. Gallagher
http://jlne.ws/JN9mDB

Remarks By Assistant Secretary For Financial Institutions Cyrus Amir Mokri On Financial Regulatory Reform And International Coordination At The 2012 Spring Meeting Of The American Bar Association’s (ABA) Section Of International Law
http://jlne.ws/JN9mU4

FSA head targets ‘shadow banking’
By Patrick Jenkins, Banking Editor – Financial Times
The chairman of the UK’s Financial Services Authority will on Thursday launch a fresh attack on the freewheeling “shadow banking” sector focusing on the need for tighter regulation of repurchase – or repo – funding mechanisms.
http://jlne.ws/JN9p2m

CFTC’s Division of Swap Dealer and Intermediary Oversight Provides Financial Reporting Guidance to Futures Commission Merchants
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a letter providing guidance to registered futures commission merchants (FCMs). The letter is intended to assist FCMs in understanding the requirements for preparing and filing financial statements with particular focus on amended financial filings.
http://jlne.ws/JN9naG

Federal Court Orders Colorado Defendants Flint-McClung Capital LLC And Shawon McClung To Pay Over $6 Million In CFTC Action Charging Them With Running Forex Ponzi Scheme
http://jlne.ws/JN9pze

Virginia Federal Court Orders Ronald W. Smith, Jr., Doing Business as Safeguard 3030 Investment Club, to Pay More than $3 Million in Forex Ponzi Scheme
The U.S. Commodity Futures Trading Commission (CFTC) today announced that a federal court in Virginia entered a final default judgment and permanent injunction against Ronald W. Smith, Jr. of Vansant, Va., doing business as Safeguard 3030 Investment Club (Safeguard). The court’s order, entered on April 16, 2012, by Judge James P. Jones of the U.S. District Court for the Western District of Virginia, requires Smith to pay a $2,008,251 civil monetary penalty and restitution of $1,064,923. The order imposes permanent trading and registration bans against Smith.
http://jlne.ws/JN9nr8

Ex-Goldman Employee Sentenced to Three Years of Probation
Bloomberg
Former Goldman Sachs Group Inc. (GS) employee Gautham Shankar was sentenced to three years of probation for insider trading. He also was fined $25,000.
http://jlne.ws/JN9nrn

The Montreal Exchange’s S&P/TSX 60 Index Mini Futures Contract has been Deemed Certified and may be Offered to U.S. persons through Direct Access Effective April 19, 2012
http://jlne.ws/JN9pPP

CSA And IIROC Announce The Implementation Of A Dark Liquidity Framework In Canada
http://jlne.ws/JN9qDn

Investments – Indexes – Managed Futures – Managed Funds

Top Hedge Fund Managers Stand To Lose Up To $2 Billion Per Year To The Buffett Rule
Forbes
Last year, in a down year for hedge funds, the top 40 highest-earning hedge fund managers made a combined $13 billion before taxes.
http://jlne.ws/JN9q6t

European Debt Crisis Is John Paulson’s Latest Chance To Make A Fortune
By D.M. Levine – Huffington Post
John Paulson, the hedge fund manager who made billions betting against the U.S. mortgage market in 2007, has found something new to bet against.
http://jlne.ws/JN9t24

Investor Distrust of Chinese Listings Hits IPOs, Prices
Bloomberg
Profit warnings, auditor disputes and delistings involving Chinese companies trading on foreign exchanges are fueling investor distrust, wiping out valuations and poisoning the market for new listings.
http://jlne.ws/JN9t2e

Exclusive: Guggenheim Investments COO, two executives let go
Reuters via Yahoo! Finance
The chief operating officer of Guggenheim Investments and two other top executives were let go this week as part of a reorganization at the firm, according to three people familiar with the situation.
http://jlne.ws/JN9rax

Ackman’s Pershing to publicly float new fund: FT
Market Watch
Pershing Square Capital, the hedge fund run by Bill Ackman, has created a new fund that is set for a $4 billion public listing on a “major exchange” in January 2013, the Financial Times reported Wednesday citing people familiar with the U.S. activist investor’s thinking.
http://jlne.ws/JN9rqR

REVEALED: The Most Influential Hedge Fund Manager In The World
Business Insider
TIME Magazine has released their list of the 100 most influential people in the world , and we really weren’t too surprised to find Ray Dalio, the founder of Bridgewater-one of the most successful hedge funds in the world-and newly minted King of Hedge Funds, on the list.
http://jlne.ws/JN9rr3

Teachers pension fund paid a whopping $1.3 billion in fees . . . for what?
Chicago Sun-Times
Illinois’ largest public employee pension fund paid more than $1 billion in fees to hundreds of financial managers over the past decade but reaped only a paltry annual return on its investments over that same period, according to a Better Government Association investigation.
http://jlne.ws/JN9rr8

DTCC, EFETnet Launch Global Trade Repository for Commodities Derivatives
Business Wire
EFETnet B.V. and DTCC announced today that they have begun accepting trade submissions from commodity market participants into the new Global Trade Repository for Commodities.
http://jlne.ws/JN9tz9

ESMA Approves Credit Ratings From Argentina And Mexico For Use In The EU
Press Release
The European Securities and Markets Authority (ESMA) announces today that it considers the regulatory frameworks for credit rating agencies (CRAs) of Argentina and Mexico to be in line with European Union rules. Today’s announcement allows European financial institutions to continue using credit ratings issued in these countries for regulatory purposes after 30 April 2012.
http://jlne.ws/JN9rHt

Platts Launches 17 Weekly Renewable Energy Certificates Assessments
Platts, a leading global energy, petrochemical and metals information and benchmark price references provider, today said it has launched weekly price assessments for renewable energy certificates (RECs) covering 15 compliance products in use in eight U.S. states where renewable portfolio standards (RPS) have been mandated by state governments.
http://jlne.ws/JN9tzf

Och-Ziff Capital Management Group LLC to Release 2012 First Quarter Results and Announce 2012 First Quarter Dividend on May 2, 2012
http://jlne.ws/JN9tzg

Glencore signs $6 billion merger loan: bankers
Reuters via Yahoo! News
LONDON (Reuters) – Commodities trader Glencore signed a $6 billion syndicated loan backing its $90 billion merger with miner Xstrata on Tuesday after raising nearly $11 billion in syndication, banking sources said on Wednesday.
http://jlne.ws/JN9rHF

Introducing PHLX Forex Options
TheStreet.com
Dan Carrigan, President of the NASDAQ OMX Futures Exchange and Jill Malandrino reveal a new product that brings the foreign currency market to the retail investor. Ed Ponsi of Barchetta Capital tells you how to implement a strategy.
http://jlne.ws/JN9rXV

DTCC Appoints Marie Chinnici-Everitt Chief Marketing Officer
http://jlne.ws/JN9rY0

Standard & Poor’s Announces Changes In The S&P/TSX Canadian
http://jlne.ws/JN9rY2

The Montreal Exchange’s S&P/TSX 60 Index Mini Futures Contract Has Been Deemed Certified And May Be Offered To U.S. Persons Through Direct Access Effective April 19, 2012
http://jlne.ws/JN9rY5

Technology News

Thomson Reuters Announces Three New Deals around DataScope Select
Thomson Reuters today announced three strategic alliances that span the full investment process and enhance the pricing and reference data available to fund managers, fund administrators and asset managers. Clients of FundCount, Quantifi and SAGE SA will now have access to expanded data coverage through Thomson Reuters DataScope Select, the largest strategic data delivery platform for non-streaming, cross-asset, global content.
http://jlne.ws/JN9seq

Barchart Delivers New Trading Application to CommodityNetwork, a Service of INTL FCStone
Barchart.com, Inc., a leading provider of market data and information, today announced that it is providing CommodityNetwork, a service of INTL FCStone Inc and an important online source of in-depth news, information and analysis about commodities, a suite of services including real-time quotes and powerful charting functionality.
http://jlne.ws/JN9sex

Stellar Trading Systems launches powerful server-side Aggregator
Stellar Trading Systems, a leading provider of cutting-edge futures, options, equities and treasuries trading capabilities, is pleased to announce the launch of its ultra low latency Aggregator as the latest addition to its server-side product suite. This feature allows users to trade aggregated instruments on any number of exchanges. A powerful rules engine determines best execution of those trades based on customer preferences.
http://jlne.ws/JN9umL

Brady Solutions Implemented By Norwegian Power Producer, BKK, To Optimise Operational Deal Flow And Risk Management
http://jlne.ws/JN9uD3

Trayport’s Hosted Clearing Link Available At Singapore Exchange
http://jlne.ws/JN9sv9

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

Strong start for Cambodian bourse
By Sarah Mishkin in Hong Kong – Financial Times
Cambodia launched its first stock exchange on Wednesday amid investor enthusiasm that drove its first listed shares up 47 per cent by the end of the debut session.
http://jlne.ws/JN9sLx

TPG poised to raise $1.5bn for Asian fund
By Henny Sender in Hong Kong – Financial Times
Private equity firm TPG is on its way to a $1.5bn first close in the fundraising for its latest Asian fund, with an eventual goal of at least $4bn, according to people who attended its annual investor meeting at the Four Seasons Hotel in Hong Kong this week. The largest investor is likely to be Government of Singapore Investment Corp, which also has a stake in the TPG management company.
http://jlne.ws/JN9uDk

Exclusive: Hong Kong moves closer to bank liability for IPOs
Reuters via Yahoo! News
Hong Kong’s financial market watchdog will launch a public consultation in the next couple of weeks that seeks to toughen rules for banks sponsoring initial public offerings, including holding them liable for faulty deal documents.
http://jlne.ws/JN9vHl

Chinese Renminbi No Reserve Currency Yet
Forbes
Dollar holders need not panic. A reserve currency, in our view, requires deep and credible government bond markets, an open capital account and critical mass in global financial systems.
http://jlne.ws/JN9uTO

In Southeast Asia, Bliss For Bankers
Wall Street Journal Blogs
Business for bankers in Southeast Asia is booming: Debt issuance at a record, mergers and acquisitions are on track for the second-busiest year, and some major initial public offerings are lined up in Singapore.
http://jlne.ws/JN9vai

HKEx And Hebei Financial Affairs Office Sign MOU
Hong Kong Exchanges and Clearing Limited (HKEx) and Hebei Province’s Financial Affairs Office today (Thursday) signed a Memorandum of Understanding (MOU) on cooperation and exchange of information.
http://jlne.ws/JN9wel

Thai Bourse, Brokerages Move To Improve Service Quality
The Stock Exchange of Thailand (SET) and Association of Thai Securities Companies (ASCO) will improve the quality of service available in the capital market.
http://jlne.ws/JN9vqO

SGX Enhances OTC Clearing Of Commodities
Singapore Exchange (SGX) today said SGX AsiaClear has enhanced access to its clearing process with the linking of OTC broking systems to its OTC Trade Registration System.
http://jlne.ws/JN9wuV

HKEx: Stock Exchange Participants’ Market Share Report
http://jlne.ws/JN9wLl

American CEO quits Nippon Sheet after “disagreements”
Reuters via Yahoo! News
The American president and chief executive of Nippon Sheet Glass Co Ltd quit the company after less than two years in the post following “fundamental disagreements” with the board over strategy, chairman Katsuji Fujimoto said on Wednesday. The resignation of Craig Naylor leaves Carlos Ghosn, the chief executive of Nissan Motor Co., as the only remaining non-Japanese CEO of a major Japanese manufacturer.
http://jlne.ws/JN9yCW

SGX Lists Genting Singapore’s Perpetual Bond
http://jlne.ws/JN9xif

China Everbright Securities Live With ULLINK OMS
http://jlne.ws/JN9xyI

Frontier Markets

DGCX Launches Copper Futures
Further expanding its diverse suite of derivatives products, the Dubai Commodities Exchange (DGCX) today announced the launch of Copper Futures. The region’s first ever copper contracts will go live on April 20, 2012, and will be cleared by the Dubai Commodities Clearing Corporation.
http://jlne.ws/JN9xyT

StanChart eyes $2.5 bln of Africa revenue in 5 yrs
Reuters via Yahoo! News
Standard Chartered aims to double its African revenues to $2.5 billion in the next five years and is mulling opportunities in fast-growing economies such as Senegal, its head of Europe, the Middle East and Africa said on Wednesday.
http://jlne.ws/JN9zqD

Uganda pushes to liven up lonely bourse
Reuters via Yahoo! News
The Uganda Securities Exchange aims to double its market value in the next five years and is lobbying the government for tax incentives to encourage companies to list, its chief executive said on Wednesday.
http://jlne.ws/JN9zGY

HSBC to merge Oman business with local lender OIB
Associated Press via Yahoo! News
HSBC Holdings PLC said Wednesday it will combine its Omani division with local lender Oman International Bank in a deal that will give it control of just over half of the new company.
http://jlne.ws/JN9y60

Miscellaneous News

Citigroup’s Pandit Lists Greenwich Home at $4.3 Million
Bloomberg
Vikram Pandit, the chief executive officer of Citigroup Inc. (C) , put his home in Greenwich, Connecticut , on the market for $4.3 million, about 5 percent more than he paid for it almost 11 years ago.
http://jlne.ws/JN9Ae0

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