John Lothian Newsletter: Bats Chi-X Europe names Equiduct's Howson COO; Andrew Ceresney Expected to Be Pick for S.E.C. Enforcement Unit; Futures regulators challenged by changing industry

Apr 22, 2013

Bats Chi-X Europe taps rival founder David Howson to take the COO reins. In the US, the SEC looks likely to choose Andrew Ceresney to take over from Robert Khuzami as enforcement director. Regulators, both “self” and the independent variety, struggle to find effective ways to regulate trading activity and reduce offenses. JLN’s “CBOE 40” anniversary celebration video is unveiled on CBOE’s web site.

First Read

CBOE 40 Is Quite a Journey
By Jim Kharouf
April 26th marks the 40th anniversary of the Chicago Board Options Exchange. While that makes it a mere youngster among Chicago exchanges, it is the pioneer that kicked off the equity options exchange industry in the United States in 1973 that is now global.

CBOE is also celebrating a few other notable birthdays this year as well – 30 years for the S&P 500 and S&P 100 or OEX, and 20 years of the CBOE Volatility Index, or VIX, which became a tradable futures product in 2004. Pretty nice round numbers for an exchange that ended 1973 with about 1.1 MILLION contracts traded and concluded last year with 1.1 BILLION.

With these key dates all coming together, John Lothian Productions, our budding commercial video division of John J. Lothian & Co, was hired by CBOE to tell the exchange’s story. So we embarked on a six-month video project, documenting the exchange’s creation, launch and growth from interviews with 10 executives and traders who spanned more than four decades at the exchange. We looked through hundreds of pictures the CBOE archives, video footage and charts. The video, titled CBOE 40, lets them tell the story of how the exchange went from an idea to the largest options market in the world.

We gave the video the look and feel of a commemorative magazine and designed the video to work in tandem with a traditional print layout. We took old photos of the first board of directors and through the magic our own Patrick Lothian’s video editing, turned them into 3D-esque images. And while those are cool visuals, the interviewees really tell the story, along with Jon Najarian (AKA Dr. J) as narrator.

We were fortunate to speak with some of the founders and executives who helped create the exchange under the Chicago Board of Trade’s stewardship. Joe Sullivan, the first president of the exchange and really the founder, flew from his home in Tennessee to Chicago to speak with us.

The soft-spoken Sullivan, who rightfully has the options industry’s highest award in his name, shared wonderful moments in the planning and early days of the exchange. There was his conversation with an SEC official in 1969 who told him that the agency had virtually no interest in approving an options exchange and said, “You shouldn’t waste a nickel on it.”

There was another battle for years over the SEC’s approval of put options in 1977, four years after CBOE’s launch with just 16 options on stocks, but only on calls. Sullivan said he pushed for puts because, “Calls without puts was like ham without eggs.”

There is Bill Brodsky, industry historian who is also known as the CBOE chairman and CEO, who steps down in May to the post of executive chairman. His candor about the challenges and frustrations alike was refreshing. He gritted his teeth talking about the five-year battle with the CBOT over CBOE exercise rights and the hoops he jumped through to bring the exchange public.

There were conversations with former vice chairman like Tom Bond, Mark Duffy, Bill Floersch and Gary Lahey who watched the exchange grow from the former smoking lounge at the CBOT to a double-decked trading floor above the historic CBOT trading room (now home to Peak 6) to its own building across the street. Each can tell story after story about how this got built or how important the Black-Scholes Model really is. Wayne Luthringshausen, chairman and CEO of OCC, told us how he and John Gelderman’s son Jeff built the CBOE’s first clearing system’s code, basically from scratch. And there is Dick DuFour of CBOE, who told us about the current CBOE building site – once owned by two competing railroads, and home of the old LaSalle Street Station where they filmed The Sting and screen legends like Clark Gable.

The leadership torch at CBOE will soon be passed to former John Lothian Newsletter guest editor Ed Tilly and Ed Provost (thus maintaining CBOE’s “Ed” lineage among C-level executives after Ed Joyce and Ed O’Connor). Those two men span an interesting historical timeframe at the CBOE as well. Ed Tilly started on the floor in 1985, rose to president and COO of the exchange and will take the CEO post. Ed Provost has been at the CBOE for 38 of its 40 years, and will become president of CBOE. This video started with a first draft of almost two hours, and now condenses 40 years into 26 minutes.

As a journalist in this space since 1996, I’ve had the opportunity to interview many executives who have set and changed the landscape in the futures industry in the US, Europe and abroad. Many of them share similar qualities of vision and determination, but also a focus and ability to see the next pitfall and opportunity. CBOE has had a rich history of those leaders with a lot to share and be proud of.

I invite you to watch the video we produced and hope you find the story as interesting as we did.


Vessel Commandeered; Setting New Course
Jon Matte
In the face of a small course change regarding our guest editors, I told John that I could just step in and take care of doing the comments for the newsletter this week. His answer was, “You know what, when the whole city of Chicago wakes up to a foot of water in their basement, THEN you can put comments in the newsletter.”

So here I am.

No, not really, but it’s more interesting than reality. On the bright side, we won’t have any problems connecting the guest editor to Google Docs this week (thanks, Google, for all the fun we’ve been having); and I have only myself to blame if I’m running late. Jim Kharouf promised that he’d stop by and comment a little on at least some of the days, but if the above qualifies as commenting “a little”, I’m definitely not going to let him write any essays.

Seriously, though, a tip of the hat to CBOE for a solid 40-year run. The video is fascinating (and yes, you should watch it: – the full video is there now) because it chronicles more than just the rise of an options exchange. It’s a testament and a tribute to agility and perseverance. Right from the start and throughout the company’s history, major events have created roadblocks and surprises, and the company has undergone a never-ending series of shifts and adaptations in order to thrive.

It’s one of my favorite concepts for both business and personal life. No matter what happens, no matter where you are, there is only one question that matters: “Ok, so… NOW what are you going to do?” If you’re not working to answer that question in a crisis (or just at a crossroads), you’re not moving forward.

And NOW… the news. I promise I won’t write any of my comments in Norwegian.


CBOT seat prices rise on bets Fed’s easing round may end
Memberships at the Chicago Board of Trade are being scooped up by trading firms amid signs the Federal Reserve may pull back their massive stimulus.


MGEX Breaks AJC Volume Record
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a new daily record for Apple Juice Concentrate (AJC) volume during yesterday’s trading session.

***JM: Juice boxes all ’round.


MarketAxess Wins Technology Provider of the Year Award at the 2013 FStech Awards
Business Wire via Yahoo! Finance
MarketAxess Holdings Inc., the operator of a leading electronic trading platform for European and U.S. high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced it has been awarded the Technology Provider of the Year award in the 2013 FStech Awards.

***JM: And it’s only April!


Southern Illinois University honors Georgy
Paul Georgy, president and CEO of Allendale Inc. in McHenry, was named as the 2013 College of Agricultural Sciences Outstanding Alumnus at Southern Illinois University – Carbondale.

**JK – A super Saluki.


Credit Suisse to Stop Relaying Dark-Pool Data, Tabb Says
Nina Mehta – Bloomberg
Credit Suisse Group AG, operator of the largest U.S. dark pool, said it will no longer publicly disseminate monthly volume data for the private stock-trading venue, according to an executive at Tabb Group LLC.

***JM: No, we’re not hiding; we’re just going to stand over here where you can’t see us.


No Need for 2 Tracks in Money Market Overhaul
Two-tier money market fund reform is as clear as mud. The Securities and Exchange Commission is trying again to regulate these mutual funds, which compete with bank deposit accounts. But the rules could favor funds that invest in government debt over those buying corporate debt.

***JM: It’s a good question. Shouldn’t we be regulating markets, rather than specific products within those markets? Am I missing something?


Raj Mahajan

Raj Mahajan, Allston Trading CEO, Talks HFT and the Business of Prop Trading

Raj Mahajan took the reins at Allston Trading as CEO in September 2012 and has spent a good deal of his time looking at the issue of high frequency trading (HFT). Allston has been one of the proprietary trading firms who has been willing to publicly discuss HFT, regulation and the future of that form of trading. Mahajan spoke with JLN’s editor-in-chief Jim Kharouf about HFT as well as the business challenges and opportunities for prop firms.

Watch the video »


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Financial and Energy Exchange Group; Moscow Exchange; Russian Trading System; State Street Corp.; State Street Global Advisors; Minneapolis Grain Exchange, Inc.; Women In Listed Derivatives




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Lead Stories

Bats Chi-X Europe names Equiduct’s Howson COO
Pan-European equities exchange Bats Chi-X Europe has hired one of the founders of rival platform Equiduct, David Howson, as chief operating officer.
Reporting to CEO Mark Hemsley, Howson will oversee Bats Chi-X Europe’s software engineering, infrastructure and operational teams when he joins in June.

Andrew Ceresney Expected to Be Pick for S.E.C. Enforcement Unit
Mary Jo White, who took over the S.E.C. as chairwoman this month, is expected to name Andrew J. Ceresney as co-head of the commission’s enforcement arm, according to people briefed on the matter. Mr. Ceresney has served as Ms. White’s longtime lieutenant as both a corporate defense lawyer at the law firm Debevoise & Plimpton and earlier in his career as a federal prosecutor in Manhattan.

***JM: Harbinger of an earlier-than-anticipated early departure for Mr. Canellos?

Futures regulators challenged by changing industry
By: Lynne Marek – Crain’s
When people ask Michael Mason, a trader in the lumber pit of the Chicago Mercantile Exchange, why he’s wearing a flimsy temporary trading badge, he says it’s a reminder that MF Global Inc. still owes him money. He once used MF Global to help execute his trades—with a badge that displayed that relationship—until the futures broker failed almost overnight, swallowing $1.6 billion in customer money that was supposed to be in protected accounts. “They stole it,” says Mr. Mason, who’s out $10,000. “It shouldn’t have happened.” And then it happened again.

***JM: Punishing is easy. Creating an effective path to actually reduce wrongdoing… not so much. More on this later in the week.

Malaysia key in CME’s bid to tap into Asia
Jeremy Grant in Singapore –
It might seem a stretch, but residents of the two biggest cities on the Malaysian part of Borneo – more known for its rainforests and palm oil production – have been getting lessons in commodity futures trading.

Nasdaq set for Europe energy trades push
Philip Stafford –
Nasdaq OMX is preparing a push into Europe’s commodities and energy markets, which will put it head to head with Deutsche Börse and Intercontinental­Exchange in the region’s emerging market for trading power.

Standardised OTC swaps to launch within weeks
Within weeks, fixed-income market participants will be able to trade a new, exchange-traded version of the over-the-counter interest rate swap, with eight tenors, standard coupons and quarterly maturity dates like those used in the futures market. Some of those involved in the work see it as a way of defending the OTC market against the threat posed by swap futures.

Oslo takes on Nasdaq OMX for Nordic bond listings
Anish Puaar – Financial News
Oslo Børs will open another front in its battle against Nasdaq OMX Nordic by using its acquisition of alternative trading venue Burgundy to expand its Nordic bond offering.

BNY Mellon begins trading in Europe
Philip Stafford –
BNY Mellon has begun trading fixed income and equities in Europe as the world’s largest custody bank attempts to break out its investment services business from its traditional US heartland.

Banks launch last-ditch protest over dark pool rules
Michelle Price – Financial News
Europe’s banking industry has embarked on an 11th-hour push to avert new rules that could damage their already beleaguered equities franchises.

Greece may get bailout cash advance to pay bills: reports
Greece might receive 3.2 billion euros of earmarked rescue aid earlier than planned to cover part of its financing needs, two Greek newspapers reported on Saturday.

***JM: Do you suppose Greece put up their car as collateral? Or was this just a straight-up payday advance loan?

European financial transaction tax could cost US funds ‘up to $35bn’
Mark Cobley – Financial News
Europe’s proposed levy on financial transactions could cost US money market funds up to $35bn, according to the first quantitative analysis of the impact of the tax on the US funds industry.

Fund chiefs criticise FCA probe into fees
Mike Foster – Financial News
Asset management chief executives have criticised plans by the Financial Conduct Authority to probe their fee structures. The investigation follows an unpopular FCA review of conflicts of interest across the sector.

Bill Gross attacks UK and eurozone austerity
Dan McCrum in New York –
Bill Gross, manager of the world’s largest bond fund for Pimco, has launched a stinging attack on efforts by Britain and much of the eurozone to cut debt rapidly with severe austerity measures, warning that such action risks stifling recovery.

Wall Street Battles States on Social-Media Protections
State efforts to block companies from monitoring employees’ personal Facebook and Twitter accounts are under fire from a new front—securities regulators. An unlikely alliance of regulators and industry groups is seeking to carve out exemptions in state laws that would allow certain financial firms to sidestep bans on looking at the personal social-media accounts of employees.

***JM: This is dangerous and wrong. Just because a broker might use his personal telephone to establish a Ponzi network should not give regulators or (even worse) employers the authority to monitor it. We’re not supposed to allow regulators and enforcers to monitor our private lives because we MIGHT do something wrong. We monitor and punish based on evidence of wrongdoing.

**JK – Let’s have a Tweet-up and figure this thing out.

The importance of calculating weighted vega
Mark Sebastian – FOW
One of the most misunderstood trades is the calendar and/or time spread. Calendars, double calendars, and diagonals are common trades used by the retail public. Because time spreads are long vega, they are often presented to traders as a ‘vega hedge’. Well, any trader that has traded when the VIX explodes will tell you this: A calendar does NOT hedge a trader’s exposure to volatility.


Regulator urges end to auditor anonymity
Adam Jones and Kara Scannell –
The head of the US audit regulator has made a fresh call for senior auditors to be stripped of their anonymity as details continued to emerge from the KPMG insider trading scandal.

Are banks benefiting from re-regulation?
Major banks have fought bitterly against Obama-era rules. But they’re hardly suffering.

National Futures Association, CFTC, AARP and Chicago Department of Family & Support Services co-sponsor “Avoiding Fraud is Your Best Money Strategy” during Money Smart Week

FSB Reports To G20 On Progress Of Financial Regulatory Reforms
The Chairman of the Financial Stability Board (FSB) reported to the G20 Finance Ministers and Central Bank Governors today on progress in the financial regulatory reform programme.

[ASIC] Continuous disclosure: Guidance Note 8 rewrite

ESMA: Vacancy Notice For A HR Officer – Operations Division – Deadline 22 May 2013

ESMA Publishes Updated Statistical Data On Credit Rating Agencies

ESMA Chair, Steven Maijoor, Met With Hungarian Financial Supervisory Authority President, Karoly Szasz, On 16-17 April In Budapest

Japan’s Financial Services Agency: Ministerial-Level Joint Letter Addressed To U.S. Secretary Of The Treasury On Cross-Border OTC Derivatives Reform
On April 18, 2013, the Financial Services Agency, jointly with eight foreign authorities, sent a ministerial-level joint letter to U.S. Secretary of the Treasury Jacob J. Lew regarding cross-border over-the-counter (OTC) derivatives reform.

Exchanges & Trading Facilities

NYSE Euronext Celebrated Fourth Annual Financial Capability Week

Eurex Deepens Dialogue With Chinese Market Participants And Supervisory Authorities – First Eurex Derivatives Conference On 19 April In Beijing
Deutsche Börse Group and its subsidiary Eurex, the international derivatives marketplace, have become the first non-Chinese exchange operator to hold a conference on the derivatives markets and their contribution to a country’s economic growth.

[CBOE] Bid-Ask Differentials

[CBOE] Relocation of IWM, IWO and IWN Option Classes

[CBOE] Trader E-News

SeaWorld Entertainment Inc. Celebrates Public Debut on the New York Stock Exchange

TSX Markets Top 20 Largest Consolidated Short Position Report – April 15, 2013

TOM MTF Statistics Week 16 2013

Hedge Funds & Managed Futures

Paulson Tells Clients Central Bank Purchases to Back Gold
John Paulson, the hedge-fund manager who’s lost money this year after a 16 percent decline in gold, told clients that purchases by central banks and demand in Asia will support the metal in the near term.

***JM: And since his track record has been so good with regard to gold so far…

Margarita Louis-Dreyfus raises stake in trader
Javier Blas, Commodities Editor –
Margarita Louis-Dreyfus has increased her control over the holding company that owns Louis Dreyfus Commodities, buying shares from other members of the family.

A Shareholder Challenges an Occidental Petroleum Move
STEVEN ROMICK didn’t set out to be a shareholder activist. As managing partner of First Pacific Advisors and overseer of the $11 billion FPA Crescent fund, Mr. Romick has more than enough on his plate. Keeping a low profile is usually fine with him.

Morgan Stanley’s Weiss Said to Join $1.9 Billion Chinese Fund
Michael Weiss, the former head of Morgan Stanley’s China mergers advisory unit, joined Shanghai International Group Co.’s Sailing Capital Management, a person with knowledge of the matter said.

On Monday: Ending of top-down world is nigh
John Authers –
There are tantalising signs that we are leaving the top-down world. But they are still only signs, and it is far from clear that anyone can yet profit from it.

Pension funds add to ‘cat bond’ sales rise
Alistair Gray in London –
Catastrophe bond sales jumped more than a fifth in the first quarter as mainstream investors including pension funds have pushed into the exotic asset class.

It’s Never Been Harder To Start A Hedge Fund
Business Insider
If setting up a hedge fund were easy, more people would do it: bar inheritance or winning the lottery, there are few swifter paths to immense riches. Sadly for aspiring plutocrats, it is getting ever harder to launch a fund.

Hedge funds find new Swiss rules good for business
Reuters via Yahoo! Finance
At least ten new hedge funds are set to launch in Switzerland this year, after none in 2012, in a boost to the country’s $24 billion (15.73 billion pounds) industry, sources familiar with the plans said.

Solaise doubles assets as clients eye smaller hedge funds
Reuters via Yahoo! Finance
A hedge fund set up by alumni from some of the world’s biggest computer-driven traders of futures markets has almost doubled assets in recent months, as investors in the sector look to smaller firms to help them ride out tough market conditions.

First-time managers brave fundraising
Kiel Porter and Alec Macfarlane – Financial News
A string of European buyout executives are preparing to launch their own funds despite a difficult environment for fundraising, particularly for first-time managers.

Hedge Funds Show: We Aren’t Afraid of No Gold
Hedge funds and other big speculators plowed new money into gold even after the precious metal posted a record loss in dollar terms this week, according to trading data on Friday that also showed inflows for many other commodities.

CFTC Commitments of Traders Reports Update

Banks & Brokers

Banks pull back from risky regions
Patrick Jenkins, Banking Editor –
Some of the world’s biggest commercial banks are pulling back from selected operations in fast-growing markets in the Middle East and parts of Asia, fearing they may fall foul of tightening rules on anti-money laundering.

Banks complain handover to FCA is delaying deals
Giles Turner – Financial News
Investment bankers and lawyers are complaining that the handover from the Financial Services Authority to the Financial Conduct Authority, combined with the increase in UK dealflow, is causing deals to be delayed.

Barclays employee named in Libor case departs
Suzi Ring – Financial News
Clement Perrette, the former head of euro rates trading at Barclays, who was linked to the Libor scandal earlier this year in documents related to the regulatory investigation and a subsequent court case, has left the bank.

Bundesbank Said to Rebuff Italian Bid to Freeze Nomura Assets
The Bundesbank rebuffed an attempt by Italian prosecutors to freeze assets held by Nomura Holdings Inc. because it hasn’t received a request valid under German law, said a person with knowledge of the decision.

Brokerage Bets Pay Off for Banks as Investors Yawn at Profits
Morgan Stanley and Bank of America Corp. ’s bets on the brokerage business are finally paying off, helped by U.S. stock indexes near all-time highs . The firms’ own shares aren’t getting the same benefit.

HSBC reviewing Iraq ops, continues Egypt investment -executive
Reuters via Yahoo! Finance
HSBC Holdings is reviewing its operations in Iraq while continuing to invest in Egypt despite a challenging near-term environment there, the bank’s regional chief executive said on Sunday.

Ex-HSBC worker: US told him to head for Spain
Boston Herald
MADRID — A Spanish newspaper reports that a man wanted by Switzerland on suspicion of stealing confidential banking information is saying U.S. officials warned that he was in danger and advised him to go to Spain. Herve Falciani, a former employee of global banking group HSBC, was arrested in July in Barcelona. He was freed with conditions, and is now fighting extradition to Switzerland.

At the Royal Bank of Scotland, the business of rescuing the world’s worst bank
The Washington Post
Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group before it collapsed in the global financial crash of 2008.

Global Banks Are ‘Divorcing’ China
HSBC Group is expected in the next few months to sell its 8.0% stake in the Bank of Shanghai. The financial services giant could receive as much as $800 million from its shares in the second-tier Chinese lender. Why do analysts think HSBC will unload its holding soon?

Clearing & Settlement

Liquidity Aggregation Through FCMs Appealing, But Info Leakage a Question
Even as the estimated number of swap execution facilities (SEFs) drops, fragmentation is still predicted to become an issue in the world of centrally cleared swaps. There is therefore room in the market for an aggregation service, to source liquidity from multiple venues and present it to the buy side.

Cooperation Between Clearstream And Standard Chartered Expands Global Liquidity Hub Agent Bank Solution Into Asia
Clearstream and Standard Chartered Bank are to cooperate on developing a customised collateral management solution for their mutual clients. The two companies have signed a letter of intent that has signalled the start of their development collaboration to enable customers of both Clearstream and Standard Chartered to benefit from the Liquidity Hub Connect collateral management service.

Indexes & Products

ISE Bulletin – March 2013: BM&FBOVESPA Has Published March’s Monthly Bulletin Of The Corporate Sustainability Index (ISE)


Mandara Capital Leverages Tbricks Solution Powered By QuantFEED And QuantLINK
Tbricks, the provider of next-generation automated and click-trading systems, announced that Mandara Capital, a leading hedge fund specialist in crude oil and derivatives, has implemented its fully hosted trading service for all their futures trading requirements.

TMX Atrium Enhances Venue Coverage With Access To Warsaw Stock Exchange
TMX Atrium, provider of smarter infrastructure solutions for the financial community, today announced connectivity to the Warsaw Stock Exchange. With its cash equity, derivatives, fixed income and commodities markets as well as leading position in Central and Eastern Europe, the Warsaw Stock Exchange is the latest venue to join the TMX Atrium community.

AEMO Selects Trayport’s GlobalVision Exchange Trading System
Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide, today announced that it has signed an agreement with the Australian Energy Market Operator (AEMO). AEMO will use Trayport’s GlobalVision Exchange Trading System (ETS) to support trading in the new Australian gas hub.


SEC Charges Chicago-Based Investment Adviser with Defrauding CalPERS and Other Clients
The Securities and Exchange Commission today charged the CEO of Chicago-based investment advisory firm Simran Capital Management with lying to the California Public Employees’ Retirement System (CalPERS) and other current and potential clients about the amount of money managed by the firm.

Santander UK to contact more than 270,000 borrowers after raising cap on mortgage standard variable rate in 2008 without being clear
The Financial Conduct Authority (FCA) has reached an agreement with Santander UK Ltd (Santander) that will see it contact over 270,000 mortgage customers about unclear information it gave before increasing the cap on its mortgage standard variable rate (SVR) in 2008.

[ASIC] Former SMSF adviser sentenced

Environmental & Energy

Europe’s Carbon Market Is Sputtering as Prices Dive
On a showery afternoon last week in West London, a ripple of enthusiasm went through the trading floor of CF Partners, a privately owned financial company. The price of carbon allowances, shown in green lights on a board hanging from the ceiling, was creeping up toward three euros.

Europe’s Carbon Market Eyes Assurances on Fix From Ministers
Investors in Europe’s 54 billion- euro ($71 billion) carbon market will be looking at the bloc’s ministers meeting in Dublin this week for assurances that governments will try to keep alive a plan to bolster prices.

RPT-Fitch: Future CO2 Prices Remain Risk for Utilities After EU Vote
Tuesday’s decision by the European Parliament to reject the carbon allowances backloading plan will cement coal-fired power stations’ advantage over natural gas-fired in the short term, Fitch Ratings says. However, it does little to reduce uncertainty about prices in the medium term, which is one of the main risks facing EU power generators. In this environment, a diversified and flexible generation fleet is the most positive for a utility’s credit rating.


Ex-BoCom Head Hu Named Party Secretary of China Development Bank
Hu Huaibang, the former head of Bank of Communications Co., has been appointed Communist Party secretary of China Development Bank Corp., according to the CDB’s website today.

Tokyo Stock Exchange Held The “2nd TSE Independent Directors/Auditors Seminar”

Thai Bourse Launches “TFEX Open House” To Attract First-Time Derivatives Investors

Osaka Securities Exchange: SPAN Parameter Updated (Apr. 30, 2013 – May 02, 2013)

Hong Kong’s Securities And Futures Commission: Retail Investor Convicted Of False Trading

Dalian Commodity Exchange: Notice Of Adjusting Standard Minimum Trading Margin And Price Limits Range Of All Products During 2013 May Day Holiday

SGX Welcomes GDS Global To Catalist
Singapore Exchange (SGX) is pleased to welcome the listing of GDS Global on Catalist, under the stock code of “5VP”.

Eurex Deepens Dialogue With Chinese Market Participants And Supervisory Authorities – First Eurex Derivatives Conference On 19 April In Beijing

Shanghai Stock Exchange Enhances Work Transparency Through Micro-Blog (2013-04-19) The Recruitment Of Micro-Blog Fans For The Webcast Themed With

Frontier Markets

JSE mulls new South African trading hub
Philip Stafford –
The Johannesburg Stock Exchange is poised to cut trading times on its venues from London dramatically by building a new hub in South Africa.

DGCX Launches Mini Indian Rupee Futures
Innovative contract is one-tenth the size of regular DGCX Indian Rupee Futures contract

Dubai Holding’s Private Equity Unit Hires Deloitte Executives
Dubai International Capital LLC hired five executives from Deloitte & Touche LLP as the private equity firm seeks to increase the value of its investments in companies including Mauser AG and Doncasters Group Ltd.

Iran’s First National Corporate Governance Conference

Malawi Stock Exchange Weekly Trading Report

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