John Lothian Newsletter: Madrid bourse overhauls trading system; CFTC: NYSE’s US Futures Market Should Improve Surveillance; LCH Raises Margin Cost for Trading Some Spanish, French Debt

Apr 26, 2012

BME in Spain gets its exchange systems ready for high-frequency traders. The CFTC reviews NYSE rule enforcement practices, and says that they should watch the doors and windows more carefully. LCH.Clearnet boosts the margin levels for some Spanish and French bonds. In the top box, Jim Kharouf has a JLN Metals Five Minutes interview with gold analyst Gargi Shah; CME Group reports earnings; and Philip McBride Johnson suggests that politicians aren’t all that concerned with the difference between doing something sensible versus simply doing something.

Observations – Statistics – Commentary

CME Group 1Q Net Falls 42% On Year-Ago Tax Boost, Trading Slump
Mia Lamar, Dow Jones Newswires
CME Group Inc.‘s (CME) first-quarter profit slumped 42% as it faced comparison with a year-earlier period that was boosted by a tax adjustment and quieter trading volumes.

CME Group Inc. Reports First-Quarter 2012 Financial Results
Press Release

**** The second quarter will have the CBOT Building windfall. What can we sell next?


Quill: Innovation in the Face of Over-Regulation
Fintan Quill – FOW
Regulation today is having a profound influence on the global business landscape. Many of the stories in today’s news are about market volatility, fragmentation and difficulties facing today’s financial markets including whether regulation has helped or hurt in improving the economy in the face of the global financial crisis. Amidst the chaos, one regulation in particular, is bringing about innovation and new business opportunities – in Chicago.

**** Enterprising.


JLN Metals: Five Minutes with Gargi Shah, metals analyst
Gargi Shah is an independent analyst based in Mumbai, India, and was most recently a metals analyst with GFMS Ltd. (now Thomson Reuters GFMS), the London-based precious metals consultancy firm. She is a lawyer, and pursued a career in corporate law prior to entering the metals market as a commodities reporter for a national daily. JLN editor-in-chief Jim Kharouf spoke with her about India’s role in the gold market, the recent jewelers strike in India and China’s influence on the gold market.

Q: Gold is interesting because there are many factors that impact gold prices – inflation forecasts and the value of the U.S. dollar, industrial demand, jewelry demand as well as central banks’ buying and selling of gold. That leaves the question: How would you prioritize this list of impacts on gold prices? In other words, which of these factors will be most important to gold prices going forward?

A: Jewelry and investment make up for something like three-fourths of the global gold demand, which make them the most influential elements in the price discovery of gold. The partnership between the two has, broadly speaking, resulted in a positive price trend for more than a decade (i.e. as investment in gold became popular – it drove the price higher – rising prices created a bullish atmosphere) that encouraged traditional jewelry buyers, such as [those] in India, to buy gold at ever higher prices, which in turn supported the price rise. Although, over time, jewelry did lose a significant share to investment. At the turn of the millennium, jewelry accounted for roughly 80 percent of the global gold demand which now stands at about 50 percent.

Now, the investor camp in turn grew for a variety of reasons ranging from the credit crisis, low interest rates, sovereign debt, inflation threat to fear of currency debasement, all making a sound case for investment in gold. Going forward, as long as the investment case for gold remains good, investment demand (particularly in the West) will primarily lead the course of the gold price. We have evidently seen over the past decade how faltering investment demand at a given point in time has resulted in the price to retract significantly. The recent pull-back to low $1,600s after it peaked at around $1,900 last year is one such example, as investment demand eased with the underplay of the sovereign debt issue.

Central bank activity has also become a major positive for the gold market, after they turned net buyers in 2010, through both their significant purchases last year as well as the pro-gold sentiment… If central banks continue to buy they can provide additional support to the price, especially when demand elsewhere eases.

Having suggested so far that only demand-side activities are important to the gold price, the passive support through restrained global scrap supply in the last couple of years cannot be dismissed. Not only has it helped counter the modest rise in mine production, but [it has] also spared the market from “surplus” pressure. Given the massive above-ground stocks of gold held in jewelry form, scrap has the potential to easily upset the investor-led rally, should the consumers find justification in selling back, which will render it a very important factor going forward.

For the rest of the interview, visit the JLN Metals website at


Flowers leaves US for London berth
By Patrick Jenkins, Banking Editor – Financial Times
Christopher Flowers, the veteran private equity investor, has moved to London from the US, seeing a shift in the balance of investment opportunities to Europe.


Ex-Climate Exchange chief joins carbon firm
Tom Osborn – Financial News
Patrick Birley, the former head of the European Climate Exchange who left for a what turned out to be a short-lived role at the London Stock Exchange, has returned to the green energy industry with a role at a carbon charity.

**** The Birley has landed?


Inter-dealer bond trades move electronic
By Telis Demos and Nicole Bullock in New York – Financial Times
More big banks are doing their private bond trading electronically, enabling them to continue to supply clients without holding as many bonds on their balance sheets.


Johnson: Speculators do it again
Philip McBride Johnson – FOW
We are in political season, again, in the United States. Prices at the gas pump are in ascent. This is not good, especially for incumbents. Compound that fact with the political campaign generosity of Big Oil and we must forage elsewhere for culprits. Enter (again) the oil speculator. The Administration has decided that people who bet on oil prices must somehow be responsible. Never mind that many are wagering on lower crude oil and gasoline costs.

**** Take a hard look at Big Oil “vertical integration.” Hmm, there is an idea.


TARP Losses: $60 Billion and Other Pitfalls
Clarke Camper – Inside the Beltway
A report on the Troubled Asset Relief Program (or TARP) released today by the Office of the Special Inspector General for TARP – known in Washington-ese as SIGTARP – provides the fullest and latest accounting of the initial federal response to the 2008 financial crisis. According to the report, “while TARP and other Government responses to the financial crisis may have prevented the immediate collapse of our financial and auto manufacturing industries, and improved stability since 2008, the tradeoff is not without profound long-term consequences.”


Commodities traders face growing pains
By Javier Blas in Lausanne, Switzerland – Financial Times
The commodities trading industry faces two challenges as it moves to a vertically integrated model, with interests spanning production, processing and distribution on top of its traditional role as intermediary: potential conflict with its own clients and the need to find a new generation of managers.


Deciphering the Eurex order book: Large trades %26 information events in interest rate products
Eurex Exchange, along with Quantitative Brokers and Equinix, are pleased to invite you to an in-depth discussion on the Eurex order book. Dr. Robert Almgren, co-founder of Quantitative Brokers and Fellow in the Mathematics in Finance Program at New York University, will discuss how large trades and information events affect benchmark Eurex products. This event is of important for anyone who trades these markets and wants to understand how high-frequency market details can affect large-scale trade results.

Date and time:
Wednesday, May 9, 2012, 3:30 – 5:00 p.m.

UBS Tower, 1 N. Wacker Drive, Second Floor, Chicago, IL 60606

3:30 p.m. Registration
4:00 p.m. Data center insights
4:15 p.m. Quantitative Brokers’ Eurex order book research
5:00 p.m. Networking Reception

Please register by May 4 at the latest for this exclusive event.

For more information please contact us on T (312) 544-1000 or send an e-mail to


JLN Options Newsletter

CBOE Futures Exchange And DRW Trading Group Complete Agreement To Create Stock Index Variance Futures
Press Release
The CBOE Futures Exchange, LLC (CFE) and DRW Trading Group have completed an agreement that will allow CFE to use DRW’s patent-pending methodology to create variance futures that, for the first time, match the quoting conventions and economic performance of over-the-counter (OTC) stock index variance swaps.

CBOE Holdings, Inc. announced today that its Board of Directors has declared a quarterly cash dividend of $0.12 per share of common stock payable on June 22, 2012, to stockholders of record at the close of business on June 1, 2012.

Oil Options Volatility Falls as Futures Stay in Range
Bloomberg By Barbara Powell
Oil options volatility fell to the lowest in more than a year as the underlying futures advanced 44 cents, staying within the trading range they’ve been in since April 4. Implied volatility for at-the-money options expiring in June, a measure of expected price swings in futures and a gauge of options prices, was 23.57 percent at 3:08 p.m. on the New York Mercantile Exchange, compared with 24.23 percent yesterday. It was the fourth straight decline and lowest level since at least March 4, 2011.


MarketsWiki Page of the Day
BOCI Global Commodities (UK) Ltd.


MarketsWiki Recent Updates

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CBOE Futures Exchange; Wholesale Market Brokers Association; BOCI Global Commodities (UK) Ltd.


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Lead Stories

Madrid bourse overhauls trading system
By Jeremy Grant in Madrid – Financial Times
Bolsas y Mercados Españoles, the Spanish exchange, on Wednesday became the latest bourse to upgrade its trading system amid the growth of rapid automated dealing but said it did not want to “be part of the arms race” between exchanges to attract high-frequency traders. The development comes as debate continues to rage over the merits of high-frequency trading (HFT), where specialist automated traders use computer algorithms to trade in and out of stocks, derivatives and foreign exchange in fractions of a second.

CFTC: NYSE’s US Futures Market Should Improve Surveillance
The Commodity Futures Trading Commission determined that the U.S. futures market run by NYSE Euronext (NYX) needs to tighten up some market-surveillance practices, following a one-year review of the platform.

LCH Raises Margin Cost for Trading Some Spanish, French Debt
LCH Clearnet Ltd., Europe’s biggest clearing house, raised the extra deposit it demands from clients to trade some Spanish and French government bonds.

Spanish banks ‘vulnerable’ and may need public help, says IMF
Washington Post
Spain, already struggling to contain its public debts, may need to pump more taxpayer money into its ailing banks to clear away tens of billions of dollars in bad real estate loans, the International Monetary Fund reported on Wednesday.

Merkel wants rules for raw material derivative trade
Reuters via Yahoo! News
German Chancellor Angela Merkel called for greater transparency in raw materials derivatives trading that is not carried out on exchanges and said the European Union was leading the way with new regulations that take effect in November. “Derivatives trading must be regulated to dampen price volatility and not support it,” Merkel said at a raw materials conference on Wednesday

Hungary makes concession on central bank
Associated Press via Yahoo! News
The European Union says Hungary has committed to concessions on the independence of its central bank and its judiciary in a move that narrows a rift between the member state and the EU’s central institutions.

European Parliament – Financial Transaction Tax: A Wider And Stronger Net Is Possible

Environmental Trading News

Climate Goals Require $5 Trillion Investment by 2020
Five trillion dollars of investment is needed worldwide by 2020 in renewable power, energy efficiency and cleaner transportation to contain rising global temperatures, the International Energy Agency said.

**RKB — Interesting “by the numbers” snapshot: Ministers from 23 economies accounting for 80 percent of greenhouse gas emissions and 90 percent of global clean energy investment are attending to help devise policies that cut carbon emissions.

IEA: CCS could be “stillborn” without investment boost
Business Green
The deputy head of the International Energy Agency (IEA) has hailed the UK as the only government currently attempting to cut the high cost of carbon capture and storage (CCS) technologies, amid warnings the emerging technology could prove “stillborn” without an urgent increase in investment.

Governments failing to avert catastrophic climate change, claims IEA
Governments are falling badly behind on low-carbon energy, putting carbon reduction targets out of reach and pushing the world to the brink of catastrophic climate change, the world’s leading independent energy authority will warn on Wednesday.

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

BME Successfully Upgrades The Spanish Stock Exchange’s Trading Platform – Bringing Greater Capacity And Flexibility To Trading On The Spanish Stock Market
Press Release
BME has upgraded the Spanish stock exchange’s trading platform (SIBE) successfully, in this way bringing trading in Shares, ETFs, Warrants and other investment products into one single system. BME’s platform multiplies transactional capacity while providing the Spanish stock market with sufficient growth potential to respond to the present and future needs.

Entry Standard for bonds is corporate bond market leader in Germany
Deutsche Börse is reflecting on a positive first year since it introduced the Entry Standard for bonds. The segment has established itself as the market leader for listed corporate bonds in Germany in terms of issue volume and the number of issues in the past 12 months. Eleven companies with 13 bonds and a total issue volume of E812 million (planned) and E530 million (placed) have used the Entry Standard for bonds as an alternative source of financing.

CFTC Releases Rule Enforcement Review of NYSE Liffe U.S.
The Commodity Futures Trading Commission (Commission) has notified NYSE Liffe U.S. (NYSE Liffe or Exchange) of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight (Division).

CBOE Holdings Declares Second Quarter 2012 Dividend

TD Ameritrade Holding Corporation Transfers Stock Listing to the New York Stock Exchange from NASDAQ

[CBOE] Off-Site FBW Installation and DR Readiness

Banks, Brokers & Dark Pools

DealBook: Deutsche Bank Earnings Fall 34%, Worse Than Expected
New York Times
First quarter profit fell as the European debt crisis continued to depress the fees the bank earns from trading and other investment banking activities.

Barclays bank plunges into red in first quarter
AFP via Yahoo! News
Barclays bank said Thursday that it suffered a net loss of £337 million ($546 million, 412 million euros) in the first quarter, due to a huge accounting charge and compensation claims.

Santander Earnings Drop 24% in Quarter
Banco Santander of Spain announced on Thursday that net profit fell 24 percent in the first three months of the year, as the bank set aside billions of euros to cover rising levels of bad loans.

For banks, it’s about the earnings again — finally
By Steve Daniels – Crain’s
At local banks, it’s time to talk about earnings again. You know, profits. For many of them, the only question during the 2008 credit crisis and ensuing recession was how deep their losses would be in a given quarter or year and how much capital they had on hand to absorb those hits.

Credit Suisse Bought Protection on Derivatives Linked to Bonuses
By Elena Logutenkova – Bloomberg
Credit Suisse Group AG (CSGN) purchased protection on derivatives the bank used to award more than 5,500 employees part of their 2011 bonuses.

Goldman Sachs’ Blankfein: We Have A Plan If I Get Hit By A Bus
Goldman Sachs Chairman and Chief Executive Lloyd Blankfein did a rare media tour Wednesday morning, giving live television interviews to CNBC and Bloomberg TV.

Sympathy for the Devils May Be Running Short at Goldman
A few years ago, Mick Jagger was asked why the Rolling Stones were about to embark on one of their gray-haired, past-their-prime tours with big beer-company sponsorships and pricey tickets. “Is it about the money?” the questioner said. Without missing a beat, Mr. Jagger replied: “It’s always been about the money.”

Shame On Lloyd Blankfein and Rupert Murdoch
I wanted to throw up figuratively when I read the pathetically weak claim that most Americans “had never heard of Goldman Sachs before three years ago.” That’s just highly unlikely, Lloyd, as the House of Goldman has been a member of the Wall Street oligopoly since early in the 2oth century– certainly since the Great Depression of the 1930s when comedians like Groucho Marx were holding the firm up to ridicule.

Growth Markets Summit Highlighted on CNBC and Bloomberg
In conjunction with Goldman Sachs Asset Management’s 2012 Growth Markets Summit, executives from the firm were interviewed by business news channels CNBC and Bloomberg Television at our global headquarters in New York on April 25.

Banks Form Alliances to Buy A.I.G. Assets
Big banks, gearing up for a bidding war on assets tied to the collapse of the American International Group, have created unlikely alliances to mount offers for what was once viewed as the dregs of Wall Street.

Marex Spectron: Cleared Clean Spark Spread Contract Launched
Press Release
Marex Spectron Group (“Marex Spectron”), the global commodities and financial markets brokerage, is pleased to announce it has launched a cleared clean UK spark spread service.

Stephen Fisher Joins Ernst %26 Young LLP’s Asset Management Practice
PR Newswire via Yahoo! Finance
Ernst %26 Young LLP announced today that Stephen D. Fisher, former senior vice president and deputy general counsel of Fidelity Investments, has joined its Asset Management tax practice.

Saxo Bank Continues Expansion in Europe with new Cyprus Office
PR Newswire
Saxo Bank, the specialist in online trading and investing, today announces the opening of its new office in Cyprus which will provide Cypriot investors with access to international financial markets.

Pandit, Moynihan, Dimon, Blankfein: Are Wall Street’s CEOs Worth Their Pay?
The CEOs of Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley had a combined total compensation of more than $80 million in 2011–a year when the last thing you wanted to touch was a financial stock.

HSBC To Cut 2,000 Jobs In UK – Source
Dow Jones
HSBC Holdings PLC (HBC) is set to cut 2,000 jobs in the U.K., as the lender looks to slim down its operations ahead of a slew of U.K. regulatory changes that are slated to come into force in the coming months, according to a person familiar with the matter.

Bank Of America, Merrill Lynch Offer To Buy Back Up To $1 Billion In Notes
Bank of America Corp. (BAC) and its Merrill Lynch %26 Co. unit offered to buy back up to $1 billion in subordinated notes, as the bank looks to trim its debt burden.

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.

CFTC Charges Georgia Resident Robert A. Christy and His Company Crabapple Capital Group LLC with Foreign Currency Fraud and Misappropriation
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on April 19, 2012, Judge Richard W. Story of the U.S. District Court for the Northern District of Georgia, entered an emergency order freezing the assets of defendants Robert A. Christy of Milton, Ga., and his company Crabapple Capital Group LLC (Crabapple) of Alpharetta, Ga. The order also prohibits the defendants from destroying or altering books and records. The judge set a hearing date for May 1, 2012.

Former Morgan Stanley star in China pleads guilty
Reuters via Yahoo! News
A former Morgan Stanley executive pleaded guilty to conspiring to evade internal controls required by a U.S. anti-bribery law, in a case that underlines the fall of a once high-flying dealmaker for the firm in China.

SEC Charges Former Morgan Stanley Executive with FCPA Violations and Investment Adviser Fraud
The Securities and Exchange Commission today charged a former executive at Morgan Stanley with violating the Foreign Corrupt Practices Act (FCPA) as well as securities laws for investment advisers by secretly acquiring millions of dollars worth of real estate investments for himself and an influential Chinese official who in turn steered business to Morgan Stanley’s funds.

SEC’s Schapiro says agency still probing Lehman
International Business Times
The U.S. Securities and Exchange Commission is still probing Lehman Brothers more than three years after the investment bank collapsed during the global financial crisis, agency chairman Mary Schapiro said on Wednesday.

ESMA Identifies Divergence In Member States’ Use Of Sanctions Under The Market Abuse Directive
Press Release
The European Securities and Markets Authority (ESMA) has published today a report on the use of administrative and criminal sanctions by European Union (EU) national regulators under the Market Abuse Directive (MAD). The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010. The results of the report will provide input to the legislative process on the new market abuse regime.

ESMA Begins AIFMD Co-Operation Discussions With Non-EU Supervisors
Press Release
ESMA announces today that it will begin discussions with non-EU supervisors of entities subject to the requirements of the Alternative Investment Fund Managers Directive (AIFMD) about supervisory co-operation issues.

Testimony On “SEC Oversight” By Chairman Mary L. Schapiro U.S. Securities And Exchange Commission – Before The Capital Markets And Government Sponsored Enterprises Subcommittee And Financial Institution And Consumer Credit Subcommittee Of The U.S. House Of Representatives Committee On Financial Services

Attorney, Wall Street Trader, and Middleman Settle SEC Charges in $32 Million Insider Trading Case
The Securities and Exchange Commission today announced a settlement in a $32 million insider trading case filed by the agency last year against a corporate attorney and a Wall Street trader.

Ex-brokerage chief to serve 30 months in BOM case
Reuters via Yahoo! News
A former chief executive of Optionable Inc commodities brokerage was handed a prison term of 2-1/2 years on Wednesday for his role in defrauding the Bank of Montreal by helping inflate the value of the bank’s natural gas derivatives portfolio.

FINRA Statement on Introduction of Investment Adviser Oversight Act of 2012—4/25/12

Swedish Financial Supervisory Authority – Finansinspektionen – Implements Changes

FINRA Hearing Officer Expels Pinnacle Partners Financial Corp. And Bars President For Fraud

Investments – Indexes – Managed Futures – Managed Funds

Hedge Fund Managers See Tough Year for Industry
New York Times
A study of 400 hedge fund managers finds about half believe that 2012 will be a “a difficult or somewhat difficult” year for the industry, partly because of new regulations and cutthroat competition.

Another Banker Bites The Dust, Departs For The Hedge Fund Life
Morgan Stanley’s top fixed-income analyst in Japan plans to leave the bank and start a hedge fund.

Man Group Speculators Chase Hedge Funds at Record Low: Real M%26A
For asset managers seeking hedge fund-like returns on the cheap, Man Group Plc (EMG) is now offering the biggest discount on record. The world’s largest publicly traded hedge-fund manager was valued at 0.65 times net assets this week before takeover speculation lifted Man Group’s stock from its lowest price in more than a decade, according to data compiled by Bloomberg.

CalPERS Releases First-Ever Report On Sustainable Investing

BlackRock, China SWF to launch China-focused fund: FT
Reuters via Yahoo! News
BlackRock Inc , the world’s biggest asset manager will join hands with China’s sovereign wealth fund CIC to launch a China-focused investment fund likely to be worth several billion U.S. dollars, the Financial Times quoted a senior CIC official as saying.

BlackRock Bond Trade Plan May Fail Like Predecessors, Tabb Says
By Matthew Leising
BlackRock Inc.’s plan to bypass banks to match its own clients’ bond trades faces significant hurdles to attract business from asset managers who invest in debt over the long term, according to Tabb Group LLC. “The landscape is littered with spectacular – and not so spectacular – failures that may be familiar to bond market veterans,” Andy Nybo, director of derivatives at the research and consultancy firm, said in a report yesterday. “BondBook, Bond Connect, BondGlobe, BondHub, BondLink come to mind. And that’s only the Bs. Remember Intervest, Visible Markets or XBond?”

Currency funds are actually kind of screwed this year
Traders looking for a way to profit from the latest battles in the currency wars have been intrigued by the prospect of earning double-digit dividends from ETFs that invest in foreign currency. But how real are these yields?

Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The April 24-25 FOMC Meeting

Federal Reserve Issues FOMC Statement

ISDA Publishes Best Practices for OTC Commodity Derivatives Trade Processing
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of a whitepaper, “OTC Commodity Derivatives Trade Processing Lifecycle Events.”

Deutsche Börse introduces DAX ex Financials Index

Technology News

everis Joins Numerix Partner Program to Deliver Integrated Risk Management Solutions
everis Enhances Risk Management Product Suite with Numerix CrossAsset Analytics

Reports Economic Calendar

USDA Today

CBOE Events Calendar

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.

Asia-Pacific News

Hong Kong’s Securities And Futures Commission Court Refuses Leave To Appeal Over Fake Fund

Emirates NBD private bank CIO Dugan to join Coutts – sources
Reuters via Yahoo! Finance
Gary Dugan, the chief investment officer of Dubai lender Emirates NBD’s private banking arm has resigned to join Royal Bank of Scotland unit Coutts in Singapore, two sources familiar with the matter said.

Frontier Markets

First steppes for Mongolian derivative market
Viren Vaghela –
With nearly a quarter of the population living on less than a $1.25 a day and a history of instability in its financial sector, Mongolia isn’t an obvious spot to find an investment bank. But for ING’s man in Ulan Bator, Howard Lambert, the opportunity is clear: the bank has been creating bespoke products for clients to gain exposure to Mongolia’s currency, the tugrik, and they have been earning fat returns.

Citigroup Buys Mumbai Office Space To House Key Businesses
FOX Business
Citigroup Inc.’s (C) Indian unit said Wednesday it has acquired 297,000 square feet of office space in a suburban business district in Mumbai to house its key businesses in India that are currently spread across several cities.

India Ink: Did Blankfein Snub Paulson Over Emerging Markets?
New York Times
Lloyd C. Blankfein, chief executive of Goldman Sachs, claimed that his predecessors “didn’t go to Russia or India because there were people in poverty.”

“Outlook And Way Forward For Malaysian Sukuk Market” – Keynote Address By Y Bhg Dato’ Dr Nik Ramlah Mahmood,Deputy Chief Executive, Securities Commission Malaysia, At Islamic Bonds (Sukuk) Outlook Conference, Thursday 26 April 2012, The Prince Hotel And Residence, Kuala Lumpur

Component Changes Made To Dow Jones Islamic Market Malaysia Titans 25 Index

Abu Dhabi Securities Exchange Takes Part In Sharjah 2nd Business Forum

John Lothian Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

How Ken Griffin rebuilt Citadel’s ramparts

How Ken Griffin rebuilt Citadel’s ramparts

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