John Lothian Newsletter: CBOE Working to Resolve Incorrectly Sent Trades; High-Frequency Traders Face Speed Limits; NYSE explores private sale of technology unit

Apr 29, 2013

Exchange CBOE saw renewed fallout from Thursday’s technology mishap on Friday, as bad trades from Thursday appeared in the system after Friday’s market close. ICAP’s EBS currency trading platform is considering abandoning its FIFO order handling system to mitigate an increasing correlation between market domination and the fastest order processing systems. NYSE Euronext is considering the possibility of putting its technology division up for sale.

First Read

Climbing into the Driver’s Seat
Walter LukkenFIA
What a great honor it is to host the Lothian newsletter. Like many of you, I have been an avid reader of the newsletter for over a decade and a huge fan of its insightful and witty commentary. So when John asked me to guest host, I felt like John had handed me the keys of a cool sports car. Like the scene from Ferris Bueller’s Day Off when Ferris and his friends turn over the keys of the red Ferrari convertible to the questionable parking garage attendant, who responds, “Trust me…Relax…You fellows have nothing to worry about…I’m a professional!”

So as much as I’ve been the “professional driver” in many other roles, I’ve never actually been in the driver’s seat of a newsletter, with my hands on the steering wheel and my foot on the gas. I’m excited to take it out for a spin, but to be honest I’m also a bit nervous.

We all know how powerful the media can be. Information is the lifeblood of the markets, and each day that goes by we get inundated with unfiltered information at lightning speed. This has benefitted society by improving how we learn and stay informed. But last week’s Twitter hoax also showed the dark side of this trend. A single tweet caused an immediate shock wave in the markets.

Some people think that the “hash crash” showed that our markets are broken. Actually, it looks like the price discovery function of the markets worked just the way they should. Prices reacted to what appeared to be important new information from a seemingly legitimate source, and when that information was discovered to be false, the markets re-priced just as quickly. Clearly, the regulators should vigorously pursue whether intentional manipulation was involved, but the fact that the markets reacted in seconds rather than hours or days was not really new. What was new is that the false information was delivered by Twitter. If we did not know the impact of social media on markets before, we certainly do now.

So as I climb in the driver’s seat of this powerful machine, I am reminded of the quote from the film Spiderman: “With great power comes great responsibility.” All of us should understand the great benefit and the great harm that can arise from our engagement with social media and the information age. It is with this cautious sense of stewardship that I take on this guest editor role. So buckle up and hang on…

++++

John Lothian: A Silver Acorn and technology advice
John Lothian yesterday was awarded a Silver Acorn award by his boy scout unit at the annual Potawatomi Trails District awards dinner. He was chosen for the award for his outstanding contributions to the success of Troop 117. He previously had won the award at the Cub Scout pack level as well.

Tomorrow, John is making his post-surgery public debut in Washington, D.C. as he attends the CFTC’s Technology Advisory Committee (TAC) meeting chaired by CFTC Commissioner Scott O’Malia. Among the issues to be discussed will be Twitter and its impact on the market. #ohmygod

***WL: Congratulations John! Looking forward to seeing you at the TAC. Another issue on the agenda is the implementation of Rule 1.73, which requires pre-trade risk checks for all futures trades. I will be giving a short update on that issue during the first half of the day.

++++

Demystifying The Naively Demonized Symbol That Is Wall Street
John Tamny, Forbes
To navigate the numerous newspapers, magazines and websites that chronicle the financial world is to regularly be inundated with commentary about “Wall Street.” To believe all that is written is to buy into a lot of attention-sapping myths.
jlne.ws/11PXTzf

**JK – John Tamny argues that all was and is fine on Wall Street.

++++

Phone Call Admitted at Trial of Ex-Goldman Executive
Bloomberg
Former Goldman Sachs Group Inc. executive Fabrice Tourre lost a bid to bar a recorded 2007 phone call from a July 15 trial of U.S. Securities and Exchange Commission claims that he misled investors in a collateralized debt obligation.
jlne.ws/11PXWv2

**JK – And then there’s this.

++++

CBOE Staff Knew of Problems in Advance
JACOB BUNGE AND JENNY STRASBURG – Dow Jones
CBOE Holdings Inc. technology staff knew of software issues in the hours before the largest U.S. options exchange suffered a three-hour outage, according to people briefed on discussions among CBOE officials.
jlne.ws/11PXVr0

++++

CME, nothing less than transparency will do
Crain’s
Chicago’s futures industry executives have a big problem. Now if they’d only take that first step and acknowledge it. The problem, in a word, is trust. Before clients put their money into a trader’s hands, they need to have faith that their money will be handled properly and their trades executed fairly. The exchanges where these traders do business assure the investment public that the process is governed by in-house regulators employed by CME Group Inc. and by the industry-funded National Futures Association.
jlne.ws/11PXTzi

**JK – Also see JLN’s Restoring Customer Confidence at jlne.ws/TJeVtG

***WL – Trust is certainly an issue, but the quality of regulation should not be measured by the number of parking tickets. CME and NFA deserve a lot of credit for putting in place an array of new systems that will make it harder for customer funds to go astray and easier for customers to track how their funds are being handled.

++++

Bloomberg suit over swaps rules piles pressure on CFTC
Anish Puaar – Financial News
Legal experts predicted last week that a new challenge to the proposed rules from US regulator the Commodity Futures Trading Commission could prove pivotal in determining the success of sweeping new reforms to the US derivatives market.
jlne.ws/11PXVr3

++++

SEFs and interest rate swaps: an evolution not a revolution
Galen Stops – FOW
In October 2012, Adam Sussman of Tabb Group released a report entitled, ‘The Death of a SEF: The Coroner’s Report’. For a market concept that had yet to be born, this was a damning verdict. Swap Execution Facilities were the US regulators’ answer to the G20 mandate to trade OTC contracts electronically where possible; how is it possible that such an important pillar in the new world of swaps trading could be dead on arrival?
jlne.ws/11Kw4Ht

***WL: Will SEFs join with DTEFs and BetaMax in the “where are they now category?” Too soon to tell!

++++

Social Media’s Effects On Markets Concern Regulators
AMY CHOZICK and NICOLE PERLROTH – NYTimes.com
Could the global economy hinge on 140 characters? That is the question the financial industry and government regulators are trying to answer after a Twitter hoax on Tuesday that claimed President Obama was injured in an explosion at the White House. The markets recovered in minutes, but the episode has height
ened concern among regulators about the combination of social media and high-frequency trading.
jlne.ws/11PXTzp

***WL: The New York Times article in a nutshell: “Breaking News: People are getting news from Twitter – OMG!!”

++++

The Bailout Debate
Clarke Camper – Inside the Beltway
Treasury Undersecretary Mary Miller and the House Financial Services Committee recently assessed the ongoing efforts designed to reduce the risk posed to the financial system by systemically-important companies and ensure that no institution is “too-big-to-fail.”
jlne.ws/11PXVr7

++++

Banker steps into the role of superhero
Chrystia Freeland – Reuters
In other ages, we have called on shamans or saints in times of crisis when the usual remedies have not worked. In the stagnant world economy today, we have designated central bankers as our superheroes, and we are relying on their magical monetary powers to restart global growth.
jlne.ws/11PXVHm

**JK – Bank of Canada Mark Carney is intriguing.

++++

Bubble bursts for hedge fund gala that celebrated age of excess
Sam Jones, Hedge Fund Correspondent – FT.com
As with the bottles of Krug, the Ark gala – once the lavish pinnacle of London’s boomtime financial social scene – has been put on ice. The dinner, which earned notoriety for scaling the heights in outrageous ostentation and financial largesse has been quietly mothballed by Ark’s trustees, two people familiar with the charitable organisation say.
jlne.ws/11PXTzt

++++

Webinar: BATS, Discover a better option to trade
Thursday, May 9, 2013, 3:30 PM – 4:15 PM CDT
Space is limited. Reserve your Webinar seat now at: jlne.ws/12TJfIG

Join our joint webinar to learn more about making markets on BATS Options exchange using the front end technologies offered by Actant – a leading provider of market making and trading solutions for financial firms trading on the world’s major derivatives and stock exchanges.

Webinar Hosts
* Jeromee Johnson, BATS Options
* Fraser Reid & Brian McAllister, Actant

Webinar Topics
* US SEC Regulated Options, Market Update
* Making Markets Better, introducing the BATS Options member incentive programs
* Actant Quote, Actant’s fast track pre-scripted market making solution
* In pursuit of the perfect hedge, introducing Actant ExStream
* Interactive Question and Answer Session

++++

MarketsWiki

MarketsWiki Page of the Day
Chicago Board Options Exchange
jlne.ws/c8pHWE

MarketsWiki Recent Updates

People

Edward L. Provost; Ed O’Connor; Bill Mallers

Companies, Organizations and Groups

Boston Options Exchange; Chicago Board Options Exchange; BATS Global Markets; Korea Exchange; Liquidnet; Eris Exchange

Products

CBOE S&P 500 BuyWrite Index

Miscellaneous

Electronic marketplace

Statistics

38,552,194 pages viewed, 7,460 articles, 158,107 edits
MarketsWiki Statistics

Lead Stories

CBOE Working to Resolve Incorrectly Sent Trades – Exchange
Jacob Bunge – Dow Jones
The Chicago Board Options Exchange said “numerous” trades from Thursday appeared in its system after Friday’s market close, potentially leaving customers with incorrect positions. CBOE staff were working with officials at OCC, the clearinghouse that handles all U.S. options trades, to remove the trades, according to notices sent to traders late Friday.
jlne.ws/11PXTzu

High-Frequency Traders Face Speed Limits
Financial Times via CNBC
High-frequency traders are facing “speed limits” for the first time on a major trading platform, under a proposal that is being touted as a template for a regulatory clampdown on computer-driven activity. EBS, one of the two dominant trading platforms in the foreign exchange market, is suggesting scrapping the principle of “first in, first out” trading, which it says gives an unfair advantage to the fastest computers and has led to an arms race of spending on technology.
jlne.ws/11PXVHt

NYSE explores private sale of technology unit
Matt Turner and Michelle Price – Financial News
NYSE Euronext, the exchange operator which is in the process of being acquired by Atlanta-based IntercontinentalExchange, is exploring spinning off its commercial technology subsidiary NYSE Technologies, Financial News has learnt.
jlne.ws/11PXTPK

***WL: I wouldn’t be surprised if this means Jeff Sprecher is bringing his engineer’s training to bear on this part of the NYSE organization.

Glitch may press CBOE to let popular products trade elsewhere
Lynne Marek – Crain’s
CBOE Holdings Inc. may face increased pressure to let its proprietary options products trade on other exchanges after a software glitch shut down its operations Thursday morning. The nearly three-and-a-half hour blackout of the Chicago Board Options Exchange, where options linked to the Standard & Poor’s 500 Index and a proprietary Volatility Index trade exclusively, may strengthen arguments from competitors that those very popular contracts should be allowed to trade on more than one exchange.
jlne.ws/11PXVHw

Chicago Board Options Exchange Opens Without Issue
Jacob Bunge – Dow Jones
Trading on the Chicago Board Options Exchange resumed normally Friday in the wake of a software glitch that delayed business for more than three hours Thursday and left U.S. markets without crucial hedging tools. The largest U.S. stock-options exchange by volume experienced an early problem, as one series of options contracts was briefly halted by what CBOE called a “system issue,” but traders said this was a common issue and didn’t cause wider disruption.
jlne.ws/11PXTPM

The Fed’s Yellen is a leading contender in race that hasn’t started
Seattle Times
Federal Reserve vice-chair Janet Yellen, widely seen as a logical candidate to replace Ben Bernanke if he steps down next January, would be the first woman to head a major central bank.
jlne.ws/11PXVHx

In Place of Austerity: What Comes Next?
SIMON NIXON – WSJ.com
Europe stands at a crossroads. Italy’s new prime minister, Enrico Letta, says “austerity is no longer sufficient.” A leaked draft of a French Socialist party document accuses German Chancellor Angela Merkel of “selfish intransigence” for her insistence on austerity. Spanish Prime Minister Mariano Rajoy unilaterally abandons his country’s deficit targets for the next two years and rules out new fiscal measures. European Commission President José Manuel Barosso provocatively claims austerity has reached the limits of social and political acceptance.
jlne.ws/11PXTPQ

Regulatory

SEC Foreign Payment Rule Challenge Declined by Court
Bloomberg
The SEC disclosure regulation comes under a section of law requiring review by the U.S. District Court , not the appeals court, which has jurisdiction over many commission rules, the court said in a ruling today.
jlne.ws/11PXVHz

Speech By CFTC Commissioner Scott D. O’Malia, Federal Reserve Bank Of New York, 33 Liberty Street, New York, NY – Foreign Exchange Committee, Forum On The Dodd Frank Act And The Foreign Exchange Market
jlne.ws/11PXTPV

***WL: Timely discussion of the challenges facing the CFTC as it tries to make sense of all the new swap data it is receiving.

FACTBOX – India’s regulations for hedge fund licence applicants
Reuters via Yahoo! Finance
The Securities Exchange Board of India imposed rules on alternative investment funds in May 2012. The capital markets regulator organises alternative investment funds – such as venture capital, social venture funds, small and medium enterprise funds and hedge funds – under three categories.
jlne.ws/11PXVHA

Canadian Securities Regulators undertake review following loss of personal information
The Canadian Securities Administrators (CSA) announced that, as part of its ongoing oversight, it is reviewing the Investment Industry Regulatory Organization of Canada’s (IIROC) policies, procedures and controls as a result of the recent accidental loss of a portable device containing personal information about clients of some IIROC member firms.
jlne.ws/11PXTPY

[AMF-France] Reminder of the regulations liable to apply to websites offering assistance in the investment decision-making process
jlne.ws/11PXTQ2

The Autorité des Marchés Financiers and Autorité de Contrôle Prudentiel issue a warning about offers made by investment decision-making assistance websites
jlne.ws/11PXU6g

Exchanges & Trading Facilities

40 Years Later, CBOE Is Thriving
LAWRENCE MCMILLAN | Barron’s
Happy 40th Birthday, CBOE! The first day of listed options trading occurred on April 26, 1973. From a modest beginning of 911 contracts on 16 stocks that first day, industry volume has exploded.
jlne.ws/11PXVHE

Liquidnet to issue its first bond
Tim Cave – Financial News
Liquidnet, a US-based operator of buyside-only trading platforms, has confirmed plans to issue its first bond as part of a refinancing to repay two of its private equity investors.
jlne.ws/11PXU6m

Coca-Cola HBC AG Lists On London Stock Exchange
jlne.ws/11PXVXU

***WL: reminds me of a song – “I’d like to buy the world a Coke and keep it company.”

NYSE Euronext Announces 2013 Annual Meeting of Stockholders Vote Results
jlne.ws/13A3tWw

[CBOE] Trader E-News
jlne.ws/11PXU6s

Gemalto N.V. celebrates dual listing on NYSE Euronext Amsterdam
jlne.ws/15LZmLe

TOM MTF Statistics Week 17 – 2013
jlne.ws/11PXU6u

Hedge Funds & Managed Futures

SAC gives investors more time to pull money from firm’s funds
Reuters via Yahoo! Finance
Hedge fund titan Steven A. Cohen is giving investors more time to withdraw their money from SAC Capital Advisor’s funds, as his $15-billion firm faces continued federal scrutiny in an insider trading investigation.
jlne.ws/11PXVXX

Hedge fund firm Odey ups bet on Man Group recovery
Reuters via Yahoo! Finance
Odey Asset Management has upped its stake in Man Group, having already profited in recent months as investors bet on a recovery at the hedge fund firm.
jlne.ws/11PXVY0

Hedge fund ads on way
New York Post
Securities and Exchange Commission Chairman Mary Jo White is pushing to adopt a rule allowing hedge funds to advertise in a move consumer advocates say could fail to protect unsophisticated investors, according to two people familiar with the matter.
jlne.ws/11PXU6v

Ex-Goldman partners plan launch of private equity megafund
Alec Macfarlane – Financial News
DMC Partners, the private equity firm set up by senior Goldman Sachs executives last year, is poised to raise one of the largest developing market-focused funds currently on offer to investors, according to three people familiar with the situation.
jlne.ws/11PXU6y

Alberta plots London move as Canadian influx goes on
Paul Hodkinson – Financial News
Alberta Investment Management Corporation, which manages about $70bn for the Canadian province’s sovereign wealth fund and pension plans, is poised to open a London office that will focus on private equity investments, Financial News can disclose.
jlne.ws/11PXUmM

Researchers Fathom The Mysteries Of Retail Investors – At A Conference Held By Boerse Stuttgart International Academics Discuss The Needs And Behaviour Of Retail Investors
The second European Retail Investment Conference – known as ERIC for short – was held at Boerse Stuttgart from 24 to 26 April 2013. The conference was organised by researchers from the University of Hohenheim, the University of Ontario and the Karlsruhe Institute of Technology. The objective of ERIC is the academic exchange of information on topics and questions concerning retail investors.
jlne.ws/11PXUmO

Official Opening Of Scientificbeta.Com, The First Multi-Strategy Platform For Smart Beta Investing – More Academic Rigour, More Transparency, More Choice, More Analytics, More Risk Control, Less Expensive
As of April 22, 2013, EDHEC-Risk Institute has inaugurated its new smart beta index design and production activity, ERI Scientific Beta.
jlne.ws/11PXVY4

Deutsche Bank Says 50% of Institutional SPDR Gold May Be Sold
Bloomberg
Some 50 percent of the institutional holdings in the SPDR Gold Trust, the biggest gold- backed exchange-traded fund, may be sold after prices plunged this month, Deutsche Bank AG said.
jlne.ws/11PXVY5

Xetra/FWB: Subscription Starts For ALNO AG Corporate Bond
jlne.ws/11PXUmP

CFTC Commitments Of Traders Reports Update
jlne.ws/11PXVY8

SIFMA Issues Quarterly Government Securities Issuance And Rates Forecast For 2Q 2013
jlne.ws/11PXUmS

Banks & Brokers

Top Lieutenant of Dimon Is Departing JPMorgan
New York Times
Frank J. Bisignano, the bank’s co-chief operating officer, is departing to become chief executive of the payment processing firm First Data Corporation.
jlne.ws/11PXWep

Accountants are braced for attack over bank audits
Mike Foster – Financial News
Accountants are mounting a damage-limitation exercise in preparation for an expected attack on their profession and its role in the credit crunch when Andrew Tyrie delivers the Parliamentary Commission on Banking Standards report in a fortnight.
jlne.ws/11PXWes

No German Jain Bringing Deutsche Bank to World as Customer’s Man
Bloomberg
Twelve days into his job as co- chief executive officer of Deutsche Bank AG , Anshu Jain stood beside Germany’s finance minister and in front of video images of lush forests and rolling rivers as hundreds of businessmen sang the national anthem.
jlne.ws/11PXWeu

JPMorgan Beats Goldman as Biggest Payer as Europe Trails
Bloomberg
Managing directors in JPMorgan’s mergers advisory and underwriting teams earned an average of 1.1 million pounds in total compensation for 2012, according to Emolument , a London-based salary data provider.
jlne.ws/11PXWev

Santander’s Embattled CEO Steps Down
DAVID ROMÁN – WSJ
Banco Santander SA said Monday that Alfredo Sáenz is stepping down as chief executive, a move that may put an end to a two-decade legal battle that has led to considerable criticism toward the last two Spanish governments.
jlne.ws/11PXWew

Deutsche Bank Lags on Its Gender Pledge
LAURA STEVENS – WSJ
As Jürgen Fitschen prepared to take the helm at Deutsche Bank AG DBK.XE +1.45% last year, he promised to name a woman to the bank’s executive committee during his tenure.
jlne.ws/11PXUn5

Chastened banks no longer are big hiring machines
Worcester Telegram & Gazette
NEW YORK – One after another, major financial firms are trimming their payrolls. In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Morgan Stanley revealed that they have slashed more than 31,000 jobs, or 3.5 percent of their combined workforce, in the past year.
jlne.ws/11PXWey

Court gives final OK to Merrill deferred compensation settlement
Reuters via Yahoo! News
By Suzanne Barlyn – A federal judge on Friday gave final approval to a settlement under which Merrill Lynch will pay $21 million to end a class action lawsuit by some 1000 former brokers who claimed they were denied deferred compensation when they left after the brokerage merged with Bank of America.
jlne.ws/11PXXiz

Lloyds Exits Spanish Retail Banking Market
JESSICA HODGSON – WSJ.com
Lloyds Banking Group PLC said Monday it has sold its unprofitable Spanish retail banking operations to Banco Sabadell SA in a deal worth up to E100 million ($130.3 million), as the British lender streamlines its operations.
jlne.ws/11PXXiG

Indexes & Products

MSCI Launches New Barra Europe Equity Model
Business Wire via Yahoo! Finance
MSCI Inc. , a leading provider of investment decision support tools worldwide, today announced the launch of the next-generation Barra Europe Equity Model . This new and enhanced model is designed specifically for portfolio managers investing within the European equity markets.
jlne.ws/11PXXiK

Changes In The Composition Of The ATHEX Indices
jlne.ws/11PXWuU

Technology

Kepler Capital Markets Expands Its Use Of Sungard’s Valdi Solution For Access To UBS MTF
jlne.ws/11PXWuV

ITG Launches Hosted Solution for ITG OMS
ITG, an independent execution and research broker, today announced the launch of a new hosted solution for ITG Order Management System (formerly known as Macgregor XIP).
jlne.ws/11PXWuW

Panopticon Selected For CRN Big Data 100
The Big Data 100 Recognizes Innovative Companies With Products And Services That Have Significantly Enhanced Big Data Management And Analysis
jlne.ws/11PXXz5

Enforcement

Feds seek prison for Conn. ex-hedge fund manager
Associated Press via Yahoo! News
A former hedge fund manager should serve at least five years in prison for his insider trading conviction and repay $39 million to his former employer for the troubles he put the company through and the money it lost as a result, the government told a judge Friday.
jlne.ws/11PXWv0

ASIC accepts enforceable undertaking from Solar Rental Company
jlne.ws/11PXWv3

[ASIC] Former Bell Potter adviser sentenced for dishonest conduct
jlne.ws/11PXXzb

ASIC obtains Supreme Court orders against unlicensed and fraudulent Gold Coast based financial services business
jlne.ws/11PXXzf

Environmental & Energy

No End to Power Rout as Carbon Market Vote Fails: Energy Markets
Bloomberg
Europe’s failure to rescue the region’s carbon market is likely to encourage utilities to burn record amounts of coal, putting power prices in Germany on course for the worst-ever sequence of quarterly declines.
jlne.ws/14Tq7xL

U.K.’s Davies Seeks Carbon Vote in EU Assembly Before End-July
Bloomberg
The European Union proposal to temporarily cut oversupply in its carbon market should be put to a new vote in the full European Parliament before the end of July at the latest, according to EU lawmaker Chris Davies.
jlne.ws/YWY2xz

EEX, Powernext to combine gas trading from May 29
Reuters
The European Energy Exchange (EEX) and France’s Powernext will combine their gas trading platforms on May 29, as they wait for regulators to approve a full merger of their gas activities, EEX said on Thursday.
jlne.ws/11IiK6r

***WL: A real battle of the titans is emerging in this sector of the energy markets, with Eurex backing EEX, ICE in the driver’s seat at Endex, and Nasdaq OMX leveraging its base in Scandinavia.

Asia-Pacific

SGX Clears First AsiaClear Iron Ore Futures Trades
SGX is pleased to announce its first SGX AsiaClear Iron Ore Futures trades done on 24 April 2013. The two trades with a total of 200 lots (20,000 mt) involving Barclays Bank, Deustche Bank and Trafigura and brokered by Freight Investor Services and London Commodity Brokers, were matched and cleared using SGX’s block trade facility known as Negotiated Large Trades (NLTs).
jlne.ws/11PXXPv

SGX revises Mainboard listing fees
Singapore Exchange (SGX) is revising annual listing fees for Mainboard companies from 1 January 2014. The fees for new and additional listing of securities[1] on Mainboard will be revised from 1 July 2013.
jlne.ws/11PXWv9

SGX adds Maybank as clearing member for OTC financial derivatives
jlne.ws/11PXWvb

HKFE Announces Revised Margins For Futures Contracts
jlne.ws/11PXXPA

Frontier Markets

Abu Dhabi plans financial free zone, may resemble Dubai
Stanley Carvalho ABU DHABI – Reuters
The oil-rich emirate of Abu Dhabi is putting finishing touches to plans to establish a financial free zone that could resemble, and therefore compete with, the Dubai International Financial Centre, sources familiar with the matter said.
jlne.ws/11PXXPD

Indian hedge funds dare where foreign investors fear
Reuters via Yahoo! Finance
Indian hedge fund manager Kalpesh Kinariwala is so sure of his equity strategies in a country that has stumped foreign rivals that he sends a daily e-mail tracker of his performance – including to competitors.
jlne.ws/11PXWLt

Carnegie Asset Management Fondsmaeglerselskab Takes Dubai As A Regional Hub By Opening An Office In DIFC
Carnegie Asset Management Fondsmaeglerselskab A/S, a specialist global equity asset manager, is pleased to announce the opening of its Representative Office in the Dubai International Financial Centre (DIFC). The new office marks an important stage of expansion for the firm and will be the regional hub for the development of its business in the Middle East as well as selective markets in South-East Asia.
jlne.ws/11PXWLx

Closure Of Bursa Malaysia Berhad – Labour Day Holiday
jlne.ws/11PXXPI

Nigerian Stock Exchange: Stock Market Report For April 26, 2013
jlne.ws/11PXWLC

Malawi Stock Exchange Weekly Trading Report
jlne.ws/11PXXPJ

SGX Adds Maybank As Clearing Member For OTC Financial Derivatives
jlne.ws/11PXXPK

Thai Bourse Revamps Electronic Trading Portal For Professional And Beginning Investors
jlne.ws/11PXWLD

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

Pin It on Pinterest

Share This Story