John Lothian Newsletter: Sparks fly over dark pools stock trading reform; ISE Moves Ahead With Plan For New Options Exchange; HKEx confirms interest in LME

Apr 30, 2012

As regulators turn their gaze toward dark pools, traders fear that increased regulation will make activity too costly. ISE continues the process of setting up its second options exchange, targeted for later this year. Hong Kong Exchange ‘fesses up to an interest in the London Metal Exchange. More earnings, this time from NYSE Euronext, document the ongoing struggle to grow income in the trading sector.

Observations – Statistics – Commentary

MF Global leaves industry scarred
By Hal Weitzman in Chicago – Financial Times
The lack of information about exactly what occurred at the collapsed futures brokerage has caused a sense of frustration across the industry. It has shattered confidence and kept many of the traders affected away from the markets, particularly among the roughly 36,000 former customers of MF Global who remain out of pocket, their funds frozen by the bankruptcy court.

**** I dislike negative thinking. I believe out of change comes opportunity. However, it is just that in the MF Global case it seems like we are in quicksand and any movement just makes the situation worse. The industry is paralyzed by a lack of bold ideas or the will to do anything because we are still waiting to find out what really happened and how. In the old days of member-owned exchanges, times like this would see the rise of maverick candidates for chairman of the board with ideas on where the status quo needed to change in order to drive the business forward. In our new corporate world of exchanges we don’t seem to have that option any more. Where shall the outsider ideas and the will to implement them come from? Shall new leaders emerge? From where? Is this 1969 all over again?


NYSE Euronext net hit by currency moves, charges
Market Watch
Exchange operator NYSE Euronext said Monday that tough economic conditions will keep the company under pressure near-term as it reported a 44% net profit decline in the first quarter, hit by currency losses and charges from its failed merger with Germany’s Deutsche Boerse AG.

NYSE Euronext Announces First Quarter 2012 Financial Results
Press Release
NYSE Euronext today reported net income of $87 million, or $0.34 per diluted share, for the first quarter of 2012, compared to net income of $155 million, or $0.59 per diluted share, for the first quarter of 2011. Results for the first quarter of 2012 and 2011 include $31 million and $21 million, respectively, of pre-tax merger expenses and exit costs.


London Marathon-COMPLETED!
Aaron Gill
I am pleased to say I successfully completed the London marathon. I didn’t make my target time of 4 hours, but still finished in a somewhat respectable 4.27 hours. I am most proud of the fact that despite hitting a very tough wall at mile 18, I didn’t stop and walk, but ran the whole thing. It was an incredible experience; a mix of extreme emotions, of highs and lows, but the one constant was the phenomenal support from the crowd. There wasn’t a moment in the race where the crowds weren’t there in strength, passing out food and cheering us on, which was well received!

I am equally proud to say I raised over £6,700 for Debra, which is a staggering amount of money. I am truly humbled by everyone’s generosity and support. It was a beautiful day and an amazing experience, one I’m glad I did and even happier is over!

**** Congrats to Aaron!!! Great work.


SEC Approves BOX Options To Run US Exchange – Bloomberg
BOX Options Exchange LLC, owned by TMX Group Inc. and seven brokers including Citadel LLC and Interactive Brokers Group Inc., won approval to become a U.S. securities exchange, Bloomberg News reported late Friday on its website.

**** BOXes don’t run, they are conveyed.


Chicago Board Options Exchange Promotes Regulatory
The parent of the Chicago Board Options Exchange promoted a long-serving offical to deputy chief regulatory officer as a federal investigation into its compliance functions continued. Margaret Williams, previously vice president of CBOE’s Regulatory Services Division, will take on the new role as the biggest U.S. options exchange continues to shuffle its market regulation division following the departure last month of two veteran officials.


CME Clearing, Eris to Offer Interest-Rate Product Margin Offsets
By Richard Bravo – Bloomberg
CME Group Inc., the world’s largest futures exchange, will offer its member banks reduced margin payments for any contracts that offset with Eris Exchange’s interest-rate swap futures.


OTC clearing III: How many CCPs will there be and how can they compete?
William Mitting – FOW
While regulators in the US and Europe seem bent on dictating the minutiae of how the mandate should be enforced practically, they have done little to set out the competitive landscape in which clearing houses will operate.

**** There has to be a joke in here somewhere. How many CCPs do you need to clear a swap?


A Consensus Begins to Emerge on Derivatives in Bankruptcy
New York Times
Yes, derivatives sometimes do deserve special treatment in bankruptcy cases, but there is a growing recognition that the current exemptions can go too far.


Big Banks Need More Transparency, Fed Ex-Governor Says
New York Times
A former Fed governor who served during the financial crisis says big banks need to make clearer, more expansive disclosures.


Having a buy-side voice heard on the Isda board
Duncan Wood – Risk magazine
Regulatory reform will make derivatives markets more complex, introducing new participants and a host of new practices. That is forcing the dealer community to work with buy-side firms to a greater extent – but the two sides don’t always get along.


US election noise obscures approaching fiscal precipice
By Robin Harding in Washington – Financial Times
The path to economic recovery runs along the edge of a fiscal cliff and few countries seem able to walk it without falling off.


MarketsWiki Page of the Day
Cetip, S.A.


MarketsWiki Recent Updates


Margaret Williams; Anthony Saliba; Bart Mallon; Gary Anderson

Companies, Organizations and Groups

Cetip S.A.; BM&FBovespa SA


22,668,816 pages viewed, 6,836 articles, 139,608 edits
MarketsWiki Statistics

Lead Stories

Sparks fly over dark pools stock trading reform
By Luke Jeffs – Reuters
Europe’s regulators are closing in on reform of “dark pools” stock trading, a move aimed at increasing transparency but which long-term investors fear will increase their trading costs.

ISE Moves Ahead With Plan For New Options Exchange
The International Securities Exchange is drafting rules and legal documents as it seeks to launch the company’s second stock-options exchange by the end of 2012, according to its chief executive.

HKEx confirms interest in LME
By Robert Cookson in Hong Kong and Jack Farchy in London – Financial Times
Hong Kong Exchanges & Clearing said on Monday it was interested in buying the London Metal Exchange, pitting the Chinese bourse against rivals from New York and Chicago. The news confirms months of rumours that the Hong Kong group hoped to acquire the world’s leading metals exchange as part of its plans to push into new businesses, such as commodities.

Singapore, Malaysia to link stock exchanges in June
Reuters via Yahoo! Finance
Singapore and Malaysia expect to link their stock exchanges in June this year to allow brokers in one country to buy shares in the other without having to go through an intermediary, the two countries’ bourse operators said on Friday.

Maple offer for TMX on knife edge
By Telis Demos in New York – Financial Times
Another potential big stock exchange deal could soon be history. A group of Canadian banks and pension funds have said they may not extend their C$3.8bn ($3.7bn) offer to buy TMX Group, the country’s largest exchange operator, past a deadline on Monday, citing a continued stiff regulatory review.

Banks seek to put pressure on small rivals
By Tracy Alloway and Telis Demos in New York – Financial Times
The biggest global investment banks are examining ways to block rivals from using powers given them under the Jobs Act, potentially obstructing the goals of what is a rare US bipartisan agreement aimed at promoting small businesses.

Greek bank appeals for fresh equity
By Patrick Jenkins, Banking Editor – Financial Times
The head of Greece’s biggest bank has made a spirited appeal for fresh equity from private shareholders as the most stressed nation of the eurozone prepares for a potentially disruptive general election next weekend and the imposition of tough new capital requirements by regulators.

Marshall Auerback: Spain is the New Greece
Naked Capitalism
Spain has become the new Greece. Actually, in many respects Spain is now worse than Greece. The Spanish unemployment rate is already so high and unlike Athens, Madrid has made no headway in reducing its public debt levels (whereas the Greeks are close to running a primary fiscal surplus at which point they could leave and turn the problem back on to Brussels). Moreover, Spain has a huge private debt burden that is twice that of Greece.

Central Banks Are Calming Markets, Despite Europe’s Woes
International Herald Tribune
Despite recent news from Europe that could have shaken investors, the markets have remained relatively steady.

Spain will get worse without reform and European help
Mohamed El-Erian – Financial Times
Standard and Poor’s’ multi-notch downgrade of Spain’s sovereign credit rating was largely shrugged off by markets. That is the good news. The bad news is that S&P’s reasoning speaks to dynamics on the ground that are likely to worsen if a more balanced Spanish policy mix is not accompanied by targeted external support.

Brave but bloated
By Claire Jones, Ralph Atkins and Robin Harding – Financial Times
Sitting in the conference hall of its Eurotower headquarters in Frankfurt in December, Mario Draghi committed the European Central Bank, of which he had just become president, to provide an unlimited supply of cheap three-year loans to the bloc’s beleaguered banks.

Environmental Trading News

Carbon Price Needed to Halt Warming, NASA Chief Says
Putting a price on carbon is the world’s best hope at staving off runaway global warming, said James Hansen, the top climate-change scientist at the U.S. National Aeronautics and Space Administration.

Rousseff pressed to veto Brazil forestry law
Brazilian President Dilma Rousseff came under enormous pressure Thursday from environmentalists to veto a new forestry bill they fear will speed up deforestation of the Amazon rainforest.

A tank of sugar: how Brazil runs on biofuel
Financial Times
In Brazil, sugar is king. In the field, on the table, on the road – and in the laboratory. The world’s largest sugar producer has been fermenting sugar cane juice into ethanol (alcohol) for motor fuel since 1975. For many years, the Brazilian bioethanol programme carried on in virtual isolation from the rest of the world, using fairly low-tech methods. Now, however, Brazil’s federal and state governments are pouring hundreds of millions of dollars into research aimed at improving all stages of the bioethanol process, from sugar cane biology to engine efficiency. And the process has become big science, as well as big business.

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

NYSE Arca Introduces “IOC” Time-in-Force for Mid-Point Passive Liquidity Orders
NYSE ARCA is pleased to announce the addition of Immediate or Cancel (“IOC”) Time-in-Force to our popular Mid-Point Passive Liquidity (“MPL”) order type, beginning on Monday, May 21, 2012.

NYSE vote reflects pay discontent
By Telis Demos in New York – Financial Times
Only a small majority of shareholders voted in favour of the pay of top executives at NYSE Euronext, the global exchange operator, in the latest sign of rising shareholder discontent with executive pay.

SunGard’s Valdi Options Risk Manager Now Supports Listed Options Trading Globally
SunGard’s Valdi Options Risk Manager, which helps firms effectively manage their overall position risk and identify options trading opportunities, now supports options traded on international exchanges.

LSE to launch real-time FTSE indices
Tim Cave – Financial News
The London Stock Exchange is set to provide indices such as the FTSE100 in real-time, to immediately reflect stock price changes, in a sign that the march towards high-frequency trading is forcing all elements of trading, including market data, to be provided at faster speeds.

Maple and TMX Group Provide Update On Regulatory Approval Process
Maple Group Acquisition Corporation (Maple) and TMX Group Inc. (TMX Group) provided the following update today on the process for obtaining regulatory approvals of the Maple transaction.

NYSE Euronext Announces 2012 Annual Meeting Of Stockholders Vote Results

CME Group Clearing Advisory
REVISED: Portfolio Margining for Eris Exchange and CME and CBOT

CME Clearing – Performance Bonds / Margins
Performance Bond Requirements: NYMEX and COMEX New Products – Effective Friday, April 27, 2012

[CBOE] Trader E-News

[CBOE] Change in Product Definition Type for DBC and SPY Products

NZX Q1 2012 Dividend Announced

NZX Q1 2012 Results – On tTack To Plan

Unicasa Holds Initial Public Offering At BM&FBOVESPA

TOM MTF Statistics Week 17

Banks, Brokers & Dark Pools

Goldman’s Jim O’Neill approached for BoE job: paper
By Guy Faulconbridge – Reuters
Goldman Sachs’ Jim O’Neill has been approached by Britain’s finance ministry as a possible candidate to be the next governor of the Bank of England, the Sunday Times reported.

Big banks seek regulatory capital trades
By Tracy Alloway in New York – Financial Times
Big banks are aiming to help smaller lenders cut the amount of regulatory capital they need to hold against loans in an attempt to make money from deals similar to those first created in the early days of securitisation more than a decade ago.

Union Bank upgrades to GFI Group Fenics Professional
GFI Group Inc. announced today that California based Union Bank has upgraded their existing agreement with GFI FENICS to include the full suite of FENICS Professional Pricing and Analytic tools.

George E. Doty Sr., Former Guardian of Goldman’s Finances, Is Dead at 94
George E. Doty Sr., a former partner at Goldman Sachs and longtime watcher of the investment bank’s finances, died on Tuesday at his home in Rye, N.Y. He was 94.

KKR suffers on carry, fees
Reuters via Yahoo! Finance
KKR & Co LP said Friday that income from its share of investors’ profits and the fees it charges for its assets slumped in the first quarter, prompting the private equity firm to cut its dividend, albeit less than some analysts expected.

Wells Fargo Enters Prime Brokerage World With Merlin Acquisition
International Business Times
Wells Fargo & Co. annouced Friday the acquisition of prime broker Merlin Securities LLC for an undisclosed amount. The move is the bank’s first move into prime brokerage services, which provides clients such as hedge fund managers to records-handling and trade-clearing services.

Wells buys prime brokerage, seeks hedge fund cash
Associated Press via Yahoo! News
Wells Fargo will look more like its Wall Street counterparts after a deal announced Friday to buy Merlin Securities, a prime brokerage and technology provider based in San Francisco and New York.

Goldman shutters Canadian “dark pool” trading ops
Reuters via Yahoo! News
Goldman Sachs is shutting down its Canadian “dark pool” trading operation less than a year after it was launched by the U.S.-based investment bank, according to a notice from an industry regulator.

Goldman Sachs Names Wainstein Brazil Investment Bank Chairman
Goldman Sachs Group Inc. (GS) , the fifth-largest U.S. bank, expanded its management team for Brazil investment banking, naming Daniel Wainstein chairman and adding two co-chief operating officers.

Aussie Bank Cuts 1,400 UK Jobs
Dow Jones
One of Australia’s biggest lenders said it will slash 1,400 jobs from its struggling U.K. operations in a further blow to Europe’s third-biggest economy which has just tipped back into recession.

Barclays Chiefs Apologize On Pay Policies At Lively AGM
FOX Business
Barclays PLC’s chairman, speaking at an annual meeting peppered with angry outbursts from shareholders, Friday apologized to shareholders for not taking their views on board when settling executive remuneration, and said the bank would work to change the balance of rewards in favor of investors.

BofA’s Merrill Lynch Settlement Inadequate, Lawyers Contend
Bank of America Corp. directors’ $20 million settlement of investor lawsuits alleging the bank overpaid when it bought Merrill Lynch & Co. amounts to just 4 percent of the board’s $500 million in insurance coverage and is inadequate, lawyers objecting to the accord said.

New Bankruptcy Documents Reveal Outsize Pay at Lehman Before Collapse
New York Times
New documents from the Lehman bankruptcy case reveal the extraordinary compensation bestowed upon dozens of the bank’s employees in the years leading up to the investment bank’s demise in September 2008.

Federal Reserve Board Announces Appointment Of Sharon Mowry As Chief Information Officer And Director Of Information Technology

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.

US blow to Brussels over insurance rules
By Alistair Gray in London – Financial Times
Brussels’ hopes of persuading the US to adopt sweeping insurance reforms have been dealt a blow by a leading US regulator. Kevin McCarty, president of the National Association of Insurance Commissioners, warned it was “kind of silly” for Brussels to try to influence US policy on insurance regulation.

FOREX, Pre-IPO Facebook Scams Keep Watchdogs Busy
As part of Money Smart Week, I had a chance to sit down with some federal and state regulators to see what’s on their radar screens. One of the hottest scams involves FOREX trading, where an operator promises outlandish profits to investors in a foreign exchange trading. The come-on is simple: “Billions are made in FOREX trading every day, why not you?”

Straight talk with regulators can ease pain of exams
Reuters via Yahoo! Finance
Playing host to regulatory examiners while they sift through documents for weeks is not a role that brokerages typically relish. One U.S. regulator says she has a solution for brokerage compliance professionals that would help examiners run more focused exams and not stick around longer than necessary: educate them.

UK’s Financial Services Authority Publishes New Rules To Ensure Pension Transfers Are Suitable For Scheme Members
The Financial Services Authority (FSA) has published new rules and guidance, following consultation, to strengthen the protection for members of defined benefit pension schemes who are considering moving their money into personal pensions.

ESMA Chair Steven Maijoor Speaks At The CBI Stakeholder Conference

IOSCO Consults On Money Market Fund Systemic Risk Analysis And Reform Options

ESMA Approves Credit Ratings From Brazil For Use In The EU

Regulatory Reform Is Subject Of Seventh City Of London Swiss Financial Roundtable

Michel Barnier European Commissioner For Internal Market And Services – Towards Better Regulation Of The Shadow Banking System – Conference On The Shadow Banking System – Brussels , 27 April 2012

Speech By Jean-Pierre Jouyet, Autorite Des Marches Financiers Chairman: High Level Conference:

ASIC releases details for registration and licensing of financial services in emissions units

ASIC permanently bans former Commonwealth Financial Planning adviser

Former Commonwealth Financial Planning Limited adviser banned for three years

Canadian Securities Administrators Provides Guidance To Improve Compliance Of Disclosure Requirements Related To Prospectus Exemptions

Letter To BIS: Capitalisation Of Default Fund Exposures And Hypothetical Capital Methodologies

Investments – Indexes – Managed Futures – Managed Funds

Moody’s Downgrade Threat Seen Driving Buy-Side Clearing
Dow Jones Newswires
The specter of lower credit ratings for banks will encourage hedge funds and asset managers to push privately traded derivatives called “swaps” into clearinghouses, according to experts in the back-office plumbing for Wall Street.

Fitch Hosts Panel on Closed-End Fund Leverage and Derivative Use at Capital Link CEF/ETF Conference
Business Wire via Yahoo! Finance
On April 25, Fitch Ratings moderated a panel titled ‘Leverage and Derivatives in Closed-End Funds’ at the 11th Annual Capital Link Closed-End Funds and Global ETFs Forum hosted by the Capital Link.

ISDA To Decide On CDS Rules Revamp ‘Within Weeks’ -Lawyer
A financial-market trade group will decide on potential revisions to legal wording governing the $32 trillion credit-default swap market “within weeks,” according to one of its lawyers, following grievances from buyers who worried they weren’t adequately covered going into the Greek debt restructuring. David Geen, general counsel for the International Swaps and Derivatives Association in London, said in an interview that the association had been “actively reviewing” potential changes to its credit-derivatives definitions for some time and is “looking to make possible amendments in the near future.”

Funds gear up to build bridges
By Steve Johnson – Financial Times
European pension funds are preparing to unleash a wave of investment into infrastructure. The surge in interest follows a push by the UK government to encourage pension funds to invest in its national infrastructure plan, as well as the Europe 2020 Project Bond Initiative.

CDCC Derivative and Fixed Income Central Counterparty Facility Receives Bank of Canada Designation
TMX Group Inc. welcomes the news that the Governor of the Bank of Canada today announced that the Canadian Derivatives Clearing Service, which was designed, developed and operated by the Canadian Derivatives Clearing Corporation (CDCC), is being designated as subject to ongoing regulatory oversight by the Bank under the Payment Clearing and Settlement Act (PCSA).

Tae Jong Um Joins MSCI As Head Of Korea

$20 Billion Highland Capital Calls Former Private Equity Chief “Megalomaniacal”
Highland Capital Management, the $20 billion hedge fund and private equity firm based in Dallas, has launched a lawsuit that calls its former private equity investing chief a “megalomaniacal” manager who engaged in “abusive tirades” that “dehumanized employees.”

STOXX Limited Named “Most Innovative ETF Index Provider For Europe” For Third Time
STOXX Limited, the market-moving provider of innovative, substantial and global index concepts, today announced that it has been named “The Most Innovative ETF Index Provider Europe 2011”. This is the third consecutive year that STOXX has received this award. The award was presented at the 8th Annual ETF Global Awards Dinner and Workshop hosted by in New York.

Technology News

SIX Financial Information Implements Asset Control’s AC Plus Solution

Media News

Walek & Associates, a leading independent, international financial and corporate public relations boutique, today announced the formation of Walek Brand Asset, a new practice group concentrating on brand strategy, management and execution for financial and corporate clients. The group will provide positioning studies; branding architecture and strategy; advertising; and design, naming and market research consulting.

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

HKEx: Clarificatory Announcement
Press Release
The board of directors of Hong Kong Exchanges and Clearing Limited notes recent media speculation with regard to its possible interest in the London Metal Exchange.

ASEAN Exchanges Firm Up Launch of ASEAN Trading Link And Formalise Agreement To Enhance Market Awareness
The CEOs of the ASEAN Exchanges, together in Singapore for the 16th ASEAN Exchanges CEOs meeting, today announced the ASEAN Trading Link is on track for a June 2012 launch. Bursa Malaysia and Singapore Exchange will be connected first with the Stock Exchange of Thailand added in August 2012.

Shenzhen Stock Exchange: 2012 ChiNext Q1 Performance Summary
Up to April, 27, 311 ChiNext-listed companies had disclosed 2012 Q1 report or relevant financial data. 311 companies garnered the aggregate operating income of 33.358 billion yuan for the first quarterï¼›the average operating income reached 107 million yuan, up 12.79 percent year-on-year, higher than 0.96 percent, 12.05 percent growth rate respectively for the main board and SME board in the same period. The aggregate net profit came to 4.495 billion yuan, with the net profit averaged 14.45 million yuan, keeping even compared with the same period last year in which the average net profit slid 19.54 percent, 9.63 percent respectively for the main board and the SME board.

SGX welcomes Starland Holdings to Catalist
Singapore Exchange (SGX) today announced the listing of Starland Holdings on Catalist under the stock code “5UA”.

Appointment Of HKEx Chairman Approved
Hong Kong Exchanges and Clearing Limited (HKEx) today (Friday) received the written approval of the Chief Executive of the Hong Kong Special Administrative Region (HKSAR) on the appointment of Chow Chung Kong as Chairman of HKEx with immediate effect until the conclusion of the annual general meeting of HKEx to be held in 2014.

HKEx: The Listing Committee Censures Goldman Sachs Structured Products (Asia) Limited For Breaching The Listing Agreement

2011 Annual Performance Analysis For Shenzhen Stock Exchange Multi-layer Capital Market Listed Companies

Protection For Investors Embrace Revival – Shenzhen Stock Exchange And China Securities Regulation Commission Xinjiang Branch Jointly Hold

Frontier Markets

India economy hit by reform paralysis
AFP via Yahoo! News
India’s economic star is fading fast as a spluttering economy and reform paralysis put the country’s prized investment-grade rating at risk and spook foreign investors.

Looking to Frontier Markets for Next Big Thing in Investing
New York Times
Investment advisers who focus on the developing world contend that many so-called frontier markets, especially in Africa, offer opportunities similar to the fledgling markets of earlier generations.

‘New frontiers’ in equities
By Steve Johnson – Financial Times
Emerging market equities have largely lost their ability to provide diversification and investors should look to peripheral “frontier” markets such as Kuwait, Nigeria and Bangladesh, according to State Street Global Advisors.

BNP Buying More Emerging-Market Debt on ‘Virtuous Cycle’
BNP Paribas Investment Partners is buying emerging-market debt because of a “virtuous cycle” of strong economic growth and improved national finances, while hedging against a worsening of Europe’s debt crisis.

Malawi Stock Exchange Weekly Trading Report-27th April,2012

The Nigerian Stock Exchange Enters Agreement With NASDAQ OMX For Upgrade To New High-End Trading Platform

BSE Ltd. – Consolidated Financial Results For The Year Ended 31 March, 2012

Tehran Stock Exchange News- Iran’s 6th International Exhibition Of Exchange, Bank & Insurance; May 2012

Amman Stock Exchange Closed Sunday April 29, 2012 – Labor Day

Bahrain Financial Exchange Crosses Major Milestone, Total Trading Turnover Reaches USD 1 Billion

Palestine Exchange Closed On Tuesday 1st May – International Labor Day

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