John Lothian Newsletter: OTC trading reform threatens Asian markets; Deutsche Börse hit by earnings slowdown; CBOE Says 'Fully Confident' Software Bug Resolved

Apr 30, 2013

Asian financial markets struggle with the need to keep up with Western regulation, and the risks that regulation could pose to future growth. Exchange Deutsche Börse reveals tough conditions in its latest quarterly results. And the CBOE says that their software defects leading to last week’s trading suspensions are now fully understood and mitigated.

First Read

John Lothian: Nearly Bailed Out, Still Needs Help
John Lothian‘s quest to make bail and get out of Donation Jail with the Muscular Dystrophy Association is coming along nicely, but now it’s the MDA that needs the help. Last week, one of the Donation Wardens told him he’d better start to sing like a canary, and John’s been doing that ever since. Now they can’t get him to quit singing, and they’re pretty tired of the racket.

So if you can spare even a few dollars to help out, it’s super easy to do so, and everyone over at the MDA will be really grateful for a variety of reasons. Just go to the donation page and give a little: jlne.ws/13igGad. It’s a quick way to make a difference.

A big thank-you to all who have contributed so far, including: Bill Boyk, Bruce S., Dorothy Friedman, Doug & Nancy Ashburn, John Knuff (Equinix), Kevin Brennan, Michael Monahan, Steven Poser, and XR Trading.

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Current Account: Capital Market Tech Snags Grow Alarmingly Frequent
FRANCESCO GUERRERA – WSJ.com
This score just in: Faulty Technology 2, Capital Markets 0. In the space of a week, investors were treated to two worrying spectacles. First, on Tuesday, a fake tweet about an explosion at the White House from a hacked Twitter account sent stocks on a wild five-minute ride. And then, two days later, Chicago Board Options Exchange, one of the world’s largest bourses, was unable to open for nearly two and half hours because of software problems.
jlne.ws/15WJdme

***WL: Looking forward to today’s discussion at the CFTC TAC meeting, and especially what Commissioners Scott O’Malia and Bart Chilton have to say about this topic. Dare I ask if they will post their thoughts on Twitter? #CheetahNews.

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Deutsche Börse hit by earnings slowdown
Philip Stafford in London – FT.com
Deutsche Börse, Europe’s largest exchanges operator, said on Monday first-quarter profits had dropped by a quarter as it faced a tough slowdown in trading on its main derivatives and equities markets.
jlne.ws/15WJbe3

***WL: The new HFT law won’t help. Whatever one thinks about HFT, it’s clear that the registration requirement will discourage firms based outside of the EU from trading on Eurex.

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NYSE Euronext sees pick-up in European derivatives trading
Philip Stafford in London – FT.com
NYSE Euronext, the exchanges operator being bought by IntercontinentalExchange, said on Tuesday trading in European derivatives had picked up, amid signs investors were beginning to position themselves for a change in interest rates.
jlne.ws/15WJdmn

***WL: Earnings from the derivatives side of the business are up while the earnings from the cash equity side are down. There in a nutshell is the history of our markets. And shows once again why Liffe is the crown jewel that is driving the ICE-NYSE deal.

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New Iosco chair launches cross-border taskforce
Risk.net
Wearing two hats, Greg Medcraft is chairman of the Australian Securities and Investments Commission (Asic) and is also the newly elected chairman of the International Organization of Securities Commissions (Iosco). Speaking to Luke Clancy he lays out his priorities for both roles
jlne.ws/15WJdmg

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New ‘biscuit break’ at CBOT confuses some traders
Reuters
A recent change in the trading day start at the Chicago Board of Trade has confused some traders and left others to remain on the sidelines as the opening burst has been split into two parts.
jlne.ws/15WJdmh

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ICE joins CME is whittling electronic grain trading hours
chicagotribune.com
IntercontinentalExchange is taking a cue from rival CME Group in reducing its electronic grain trading hours. Beginning May 31, trading at ICE will begin the week at 5 p.m. Central on Sunday and run to 1:30 p.m. Central on Monday, according to a notice from the exchange. For the rest of the week, markets for crops such as corn, wheat and soy will trade from 7 p.m. until 1:30 p.m, the notice said.
jlne.ws/15WJdmk

**JK – Ags, what a grind.

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Clearing chaos: US OTC industry braces for June deadline
Risk.net
With March 11 receding from view, all eyes have turned to the second stage of the US clearing roll-out. No-one knows precisely how many derivatives users will be caught this time, but estimates go as high as 2,000, and dealers, clearing houses and middleware firms are already nervous.
jlne.ws/15WJaXJ

***WL: Clearing firms and clearinghouses are spending a tremendous amount of time working with clients to get them onboard. But there are always those that wait until the last minute. June 10 could be very rocky for some. Procrastinators beware.

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High-frequency trading: how’s my driving?
Lex – FT.com
Make a list of hot topics for financial regulators worldwide and high-frequency trading will be close to the top. Ultrafast computerised trading may not have initiated the 2010 “flash crash” – when total US stock market capitalisation fell by $1tn in 30 minutes – but its presence compounded the tailspin.
jlne.ws/15WJdmp

**JK – EBS starting a new driving school.

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Brokerage Ills Stir Auditor Scrutiny
JEAN EAGLESHAM AND MICHAEL RAPOPORT – WSJ.com
U.S. regulators are tightening their scrutiny of accountants in an effort to crack down on firms bungling “red flags” that signal fraud and imperil customer money.
he increased attention is occurring largely at the Commodity Futures Trading Commission, where investigators and top officials were rattled by the collapses of Peregrine Financial Group Inc. and MF Global Holdings Ltd. At both firms, rules that are supposed to protect customer funds were allegedly broken without being detected by accountants.
jlne.ws/15WJdCE

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Studying the Dark Art of Leaking Deal Talks
ANDREW ROSS SORKIN – NYTimes.com
Psst. That’s how you might imagine a “leak” of a big merger or acquisition would start. A well-placed phone call. An off-handed comment over lunch. A confidential document accidentally left on an airplane.
jlne.ws/15WJbe0

**JK – And dropping a note to the Slytherins.

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MarketsWiki

MarketsWiki Page of the Day
NYSE Technologies, Inc.
jlne.ws/12VjhV8

MarketsWiki Recent Updates

People

Dax Rodriguez; Trent Cutler; William Floersch; Thomas Chlada; William Mallers, Sr.

Companies, Organizations and Groups

Cutler Group, LP; Miami International Holdings, Inc.; NYSE Technologies, Inc.; NASDAQ OMX NLX; Eris Exchange

Products

Keyboard Trader

Miscellaneous

Upcoming Events; Price-time model

Statistics

38,598,810 pages viewed, 7,463 articles, 158,199 edits
MarketsWiki Statistics

Lead Stories

OTC trading reform threatens Asian markets
Paul J Davies and Jeremy Grant in Singapore – FT.com
Asia’s banks may have avoided the worst of the global financial crisis, but its derivatives markets could still suffer the consequences of a regulatory overhaul. So-called over-the-counter trading became a big target of Group of 20-led financial reforms in the wake of the 2008 market meltdown. In Asia, that push risks damaging links between the region’s satellite markets and more developed markets in the west.
jlne.ws/15WJdCJ

***WL: Another story highlighting the fragmentation of clearing among various clearinghouses across Asia. Chances are that over time the number of contenders will gradually dwindle, but in the meantime this will be a big challenge for clearing firms and their customers. It will be interesting to see if some of the clearinghouses form partnerships to get more traction with potential users.

CBOE Says ‘Fully Confident’ Software Bug Resolved
Dow Jones Newswires
The Chicago Board Options Exchange is “fully confident” that it has addressed the software bug that shut down trading on the largest U.S. stock-options market for half of Thursday’s session, according to a notice sent to traders late Monday.
jlne.ws/15WJdCN

**JK – A little Raid and voila! All fixed.

Insider-Trading Probe Trains Lens on Boards
SUSAN PULLIAM, ROB BARRY and SCOTT PATTERSON – WSJ
Federal prosecutors launched a criminal investigation into whether corporate directors misused government-sanctioned trading plans to sell company shares for investment funds they run.
jlne.ws/15WJbe6

European Steelmakers Say LME Rules Creating Metal Shortages
Bloomberg
London Metal Exchange rules governing the release of stockpiles are creating shortages and raising prices for consumers at a time of abundant supply, the European steel industry’s lobby group said.
jlne.ws/15WJbe9

Equiduct wins stay of execution
Tim Cave – Financial News
Equiduct has won new backing from a consortium of investors, as first tipped by Financial News, providing a lifeline to the pan-European share trading platform which lost the support of its major shareholder earlier this year.
jlne.ws/15WJbea

Ratings Firms, Morgan Stanley to Pay $225 Million
JEANNETTE NEUMANN – WSJ.com
Friday’s settlement that ended lawsuits against two credit-rating firms and Morgan Stanley will cost the three companies a total of about $225 million, according to a person familiar with the matter. The settlement amount was divided evenly between Standard & Poor’s Ratings Services, Moody’s Investors Service and Morgan Stanley, this person said.
jlne.ws/15WJbeb

The decline and fall of banking empires
William Wright – Financial News
Substitute “investment banks” for “Rome” in the following quote from Edward Gibbon’s History of the Decline and Fall of the Roman Empire and it gives you a pretty good analysis of what has gone wrong with the industry.
jlne.ws/15WJdCQ

Slovenia doubts point to wider EU crisis
Ralph Atkins and Robin Wigglesworth in London – FT.com
A small European country hits financial problems. Seemingly manageable at first, they suddenly escalate. Global investors scramble to find exactly where it is on the map. Soon, a broader crisis threatens the eurozone.
jlne.ws/15WJdCS

Regulatory

Mexican derivatives to face new regulation-Carstens
Reuters
Mexican authorities are developing new derivatives rules in line with international standards, which aim to boost transparency and limit risk in the opaque market, Mexico’s central bank governor said on Friday.
jlne.ws/15WJbed

Brown-Vitter Rearranges Financial-Reform Battlefield
Bloomberg
A year ago, the big U.S. banks were focused on repealing, or at least eliminating large parts of, the Dodd-Frank financial-reform law. It was a tour de force by one of the great lobbies at the top of its game. And it failed.
jlne.ws/15WJdCU

Brokers-Dealers May See Fiduciary Standard Rules Soon
CNBC
“Fiduciary standard” may be the most important financial phrase you’ve never heard, but the SEC is making progress in ensuring that hundreds of thousands of brokers are legally obligated to act in clients’ best interests.
jlne.ws/15WJdCX

UK’s Financial Conduct Authority: Sue Lewis Appointed Chair Of The Financial Services Consumer Panel
Sue Lewis has been appointed the new Chair of the independent Financial Services Consumer Panel. The Panel advises the FCA on the interests and concerns of consumers providing constructive challenge to its policymaking process.
jlne.ws/15WJdTb

ASIC consults National Financial Literacy Strategy
jlne.ws/15WJbuw

Exchanges & Trading Facilities

NYSE Euronext Announces First Quarter 2013 Financial Results
First Quarter GAAP Diluted EPS of $0.52 vs. $0.34 in Prior Year
Non-GAAP Diluted EPS of $0.57, Up 21% Excluding Merger Expenses, Exit Costs and Discrete Items
jlne.ws/15WJdTf

Deutsche Börse AG publishes results for Q1/2013
Deutsche Börse AG published its figures for the first quarter of 2013 on Monday. A slightly improved business environment meant that net revenue, at E484.3 million, was above that of the third and fourth quarter of 2012 (Q3/2012: E471.0 million, Q4/2012: E447.7 million), but down slightly on the prior-year quarter (Q1/2012: E506.9 million).
jlne.ws/15WJdTg

Platts Data Selected As Basis For 13 New ICE Energy And Iron Ore Futures Contracts
Platts’ physical market price assessments for regional and global crude oil, petroleum products and iron ore have been selected as the basis for clearing 13 new futures contracts launched today by the IntercontinentalExchange (ICE), a global operator of derivatives markets and clearing houses.
jlne.ws/15WJdTh

Equiduct Announces New Investment From Leading Financial Institutions – BNP Paribas Securities Services, KBC, VIEL GROUP And Winterflood Join Pan-European Trading Platform Consortium
jlne.ws/15WJbuz

Bermuda Stock Exchange Now Powered by NASDAQ OMX’s X-stream Technology
The NASDAQ OMX Group, Inc. and the Bermuda Stock Exchange have launched NASDAQ OMX’s X-stream trading platform
jlne.ws/15WJdTi

BME posts E33 million net profit to March
jlne.ws/15WJbuA

Alpha trading platform moves to TMX Quantum
TMX Group today announced the successful migration of Alpha to TMX Group’s proprietary trading engine, TMX Quantum. As part of TMX Group’s overall integration plan, Alpha now operates on the same platform as Toronto Stock Exchange, TSX Venture Exchange and TMX Select.
jlne.ws/15WJbuC

CBOE Follow-Up to Thursday’s Trading Disruption
jlne.ws/15WJbuD

SpineGuard lists on NYSE Alternext, illustrating uptick in listings in Paris
jlne.ws/15WJdTk

New York Stock Exchange Announces Withdrawal of Dex One Corporation’s Appeal and Suspension of Trading
jlne.ws/15WJdTl

Warsaw Stock Exchange Continues NewConnect Reform In Partnership With The Market
jlne.ws/15WJdTn

Hedge Funds & Managed Futures

Hong Kong-based Richland to shut hedge funds in surprise move
Reuters via Yahoo! News
By Nishant Kumar HONG KONG – Hong Kong-based Richland Capital Management Ltd is shutting down its hedge funds despite outperforming peers, four sources said, an unexpected move for a successful operator in an Asian industry which is struggling to raise assets.
jlne.ws/15WJbuG

Tiger Asia loses final appeal against Hong Kong regulator
Paul J Davies in Hong Kong – FT.com
Hong Kong’s market regulator has won a key victory in its battle to show it can act quickly against offshore investors accused of market abuse after the city’s highest court dismissed an appeal by US-based hedge fund Tiger Asia Management.
jlne.ws/15WJdTq

Jeremy Hester Appointed as Head of Northern Trust Global Fund Services Sales in the UK
Business Wire via Yahoo! Finance
Jeremy Hester has been named head of sales for Northern Trust’s Global Fund Services business in the United Kingdom, responsible for offering investment operations outsourcing, fund administration and the full range of asset servicing solutions, to investment managers domiciled in the UK.
jlne.ws/15WJbuH

Noble hires Evans to bolster base metals operations
Reuters via Yahoo! Finance
NEW YORK, April 29 – Goldman Sachs’ former senior physical metals trader Scott Evans will join Noble Group as the Hong Kong-based commodity trading house expands its base metals operations.
jlne.ws/15WJe9I

Axa Rosenberg reintroduces itself to the market
Mark Cobley – Financial News
In March 2010, Axa Rosenberg the California-based quantitative equity manager owned by French insurer Axa, disclosed it had suffered its worst nightmare – a programming glitch in its investment process.
jlne.ws/15WJe9M

BNY Mellon’s Dreyfus Announces First Closed-End Fund to Focus on Municipal Infrastructure Bond Investing
The Dreyfus Corporation, a BNY Mellon company, announced today that it had successfully completed the initial public offering of common shares of Dreyfus Municipal Bond Infrastructure Fund, a new closed-end fund.
jlne.ws/15WJe9O

Hedge Funds Cut ICE Brent Crude Net-Longs to Four-Month Low
Bloomberg
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 99,127 lots in the week ended April 23, the London-based exchange said today in its weekly Commitment of Traders report.
jlne.ws/15WJbuP

Speculators Return To Cutting Precious Metals Bullish Positions — CFTC
Kitco
Large speculators returned as sellers of precious metals futures and options on the Comex division of the New York Mercantile Exchange and the Nymex, trimming back exposure in all precious metals and slashing gold positions, according to U.S. government data.
jlne.ws/15WJbL2

Subscription starts for ALNO AG corporate bond
jlne.ws/15WJbL3

Chris Hansen’s hedge fund loses money for second straight quarter
Seattle Times
Valiant Capital Management, the hedge fund prospective NBA owner Chris Hansen runs, posted an 8.7 percent net loss for the first quarter.
jlne.ws/15WJe9S

Banks & Brokers

Nomura Leads Brokerages Higher After Profit Surges: Tokyo Mover
Bloomberg
Nomura Holdings Inc. led Japanese securities firms higher in Tokyo trading after the country’s biggest brokerage posted quarterly profit that more than tripled to the highest in seven years.
jlne.ws/15WJbL5

Deutsche Bank hikes capital to strengthen balance sheet
Reuters via Yahoo! News
Deutsche Bank said it will beef up its balance sheet with a 2.8 billion euro capital increase and unveiled forecast-beating first-quarter earnings following a wave of aggressive cost cuts.
jlne.ws/15WJbL6

Barclays Libor court case delayed until 2014
Reuters via Yahoo! News
LONDON – The first UK court case linked to a complaint over the alleged rigging of Libor interest rates has been delayed until next year to allow Barclays the chance to hear if an appeals court dismisses part of the case.
jlne.ws/15WJe9U

Monte Paschi says lawsuit versus Nomura, Deutsche Bank well founded
Reuters via Yahoo! News
SIENA, Italy – A lawsuit by Italy’s Monte dei Paschi di Siena against Nomura and Deutsche Bank over loss-making derivatives deals is well founded, the bank’s chairman said on Monday.
jlne.ws/15WJbL7

Goldman Sachs and Morgan Stanley Set Foreclosure Accord Payments
Bloomberg
Goldman Sachs Group Inc. and Morgan Stanley will start sending checks to borrowers foreclosed on by the banks’ former mortgage-servicing units this week, according to the Federal Reserve.
jlne.ws/15WJbL8

DealBook: JPMorgan Executives Come and Go as Vote Nears
New York Times
The turnover at the highest levels of the bank continues just weeks before a shareholder vote decides whether to split the roles of chairman and chief executive.
jlne.ws/15WJbL9

Morgan Stanley hires Washington veteran for corporate affairs
Reuters via Yahoo! News
NEW YORK – Morgan Stanley has hired Michele Davis, a public relations official and policy director who helped shape the Treasury Department’s strategy during the financial crisis, to become global head of corporate affairs, according to a bank memo sent on Monday.
jlne.ws/15WJe9X

OANDA Responds To Forex Trader Demand For More CFDs
As European retail investors seek ways to diversify their portfolios, OANDA Europe is responding to customer demand to add more contracts for difference (CFDs) to its forex trading platform. The new assets give Europeans the opportunity to trade more indices and Treasury bonds on the same platform they rely on for currency trading.
jlne.ws/15WJbLc

Guggenheim Partners Expands Investment Banking Reach In Retail Sector
Guggenheim Partners today announced the hiring of a five-member senior investment banking team from Barclays that will focus on the retail, apparel and restaurant industries. The addition broadens the reach of Guggenheim Securities’ full-service investment banking efforts dedicated to the consumer retail sector.
jlne.ws/15WJeqc

UBS’s First-Quarter 2013 Result – UBS First-Quarter Adjusted Profit Before Tax CHF 1.9 Billion; Basel III Fully Applied CET1 Capital Ratio 10.1%
jlne.ws/15WJbLf

Clearing & Settlement

ASX extends OTC derivatives clearing solution to include client clearing for Australian investors
jlne.ws/15WJeqg

***WL: Another example of the competition for clearing in APAC, and the reasons why the landscape is so fragmented.

CME Group Clearing Advisory: Strike Price Removal for Henry Hub Natural Gas European Financial Option
jlne.ws/15WJbLg

Indexes & Products

Moscow Exchange Indices Weekly Review: April 22 – 26, 2013
jlne.ws/15WJeqk

Tokyo Stock Exchange Has Published The Index Value Of TSE Home Price Index For February
jlne.ws/15WJbLk

Technology

Integral First to Announce Compliance with EBCS Mid-Mark Requirement
Integral Development Corp. (www.integral.com), a leading provider of FX trading solutions and services, announced today that it has upgraded its service to facilitate liquidity provider compliance with the two most prominent requirements of the External Business Conduct Standards (EBCS) in time to meet the May 1st deadline.
jlne.ws/15WJeqm

Broadridge Launches SWIFT Global Electronic Trade Confirmation Solution
Enables Brokers To Automate Buy-Side Services And Increase Post-Trade Operational Efficiency
jlne.ws/15WJbLl

Quincy Data delivers CME Group to Carteret at Lowest Known Latency – 4.16 milliseconds – and announces multiple service enhancements
Quincy Data, LLC a recognized leader in low latency market data, is pleased to announce its offering of CME futures data inside the Carteret data center at latencies believed to be faster than ever before.
jlne.ws/15WJeGI

*** WL: This is the kind of record that’s made to be broken.

Enforcement

CFTC Sanctions Two Illinois Residents $400,000 and Imposes a 140-Day Trading Ban for Entering into Unlawful Wash Sales
The Commodity Futures Trading Commission (CFTC) today issued an order filing and simultaneously settling charges against Kevin McLaren and Edward Gorman for engaging in unlawful wash sales in corn futures spread contracts on the Chicago Mercantile Exchange in March 2010.
jlne.ws/15WJeqq

***WL: Some people never learn.

Level Global Agrees to Pay More Than $21.5 Million to Settle SEC Insider Trading Charges
The Securities and Exchange Commission today announced that Greenwich, Conn.-based hedge fund advisory firm Level Global Investors LP has agreed to pay more than $21.5 million to settle charges that its co-founder, who also served as a portfolio manager, and its analyst engaged in repeated insider trading in the securities of Dell Inc. and Nvidia Corp.
jlne.ws/15WJeGK

FCA publicly censures Horn Express Ltd (formerly known as Qaran Express Money Transfer Limited) for breaches of the Payment Services Regulations
The Financial Conduct Authority (FCA) has publicly censured Horn Express Limited (formerly known as Qaran Express Money Transfer Limited, “QEMTL”) for failing to safeguard and segregate customer funds. The FCA would have fined QEMTL £136,687 had the firm not produced verifiable evidence that imposing a fine would have caused it serious financial hardship.
jlne.ws/15WJeqt

SEC Charges City Of Victorville, Underwriter, And Others With Defrauding Municipal Bond Investors
jlne.ws/15WJeGN

Environmental & Energy

Governments Open Climate Talks With Urgency To Act On Climate Change
Ecosystem Marketplace
The latest round of climate talks under the UN Framework Convention on Climate Change (UNFCCC) kicked off in Bonn today, against a background of steeply rising global greenhouse gas emissions and a growing sense of urgency to take action to stave off the worst effects of climate change.
jlne.ws/11xkKhl

Bonn climate talks kick off with stark warning over dangerous carbon threshold
Business Green
The latest round of international climate change talks commenced today with the now perennial warning about the need for greater urgency from governments as they battle to curb global greenhouse gas emissions.
jlne.ws/16dTB93

**RKB — Business Green sums up the meeting’s major targets, saying: No major breakthroughs are expected, but diplomats will be under mounting pressure to move from debating the key issues to drafting concrete proposals on a number of components of the proposed 2015 agreement, including how to set fair yet ambitious carbon targets, how to monitor and verify emission reductions, the role of carbon trading in any new deal, the legal form for any treaty, and how to ensure the agreement allows for emissions targets to ‘ratchet’ up over time.

Rivalry enters biofuel arena
Reuters
The battle between CME Group Inc. and the IntercontinentalExchange moves to the market for biofuel credits next month.
jlne.ws/16dUHS5

**RKB — More coverage of CME’s announcement earlier this month.

Asia-Pacific

Liquidnet Launches Trading Of Thai Stocks Expanding Breadth In Emerging Markets
Liquidnet, the global institutional trading network, continues its expansion in high growth markets with the announcement that institutional investors can now trade securities listed in Thailand.
jlne.ws/15WJhlT

Thai Bourse’s First “TFEX Open House” Declared A Success
jlne.ws/15WJeGQ

SGX welcomes Rakuten Securities as Derivatives Trading Member
jlne.ws/15WJhlU

Overview Of Earnings For FY2012 & Medium-term Management Plan Japan Exchange Group, Inc.
jlne.ws/15WJeGR

Japan Exchange Group: Candidates For Directors, Executive Officers, etc
jlne.ws/15WJhlW

HKEx Welcomes Government Appointment Of Howard Lee To Its Risk Management Committee
jlne.ws/15WJhm0

Hong Kong’s Securities And Futures Commission Bans Ma Tin Luk For Three Years
jlne.ws/15WJeGS

Frontier Markets

MCX-SX To Introduce Trading In Futures And Options On Its Flagship Index ‘SX40’ From May 15, 2013
MCX Stock Exchange (MCX-SX) will introduce trading in futures and options on its flagship index SX40 from May 15, 2013. SX40 is a free float-based index of 40 large cap and liquid stocks, representing diverse sectors of the economy.
jlne.ws/15WJeGU

Ghana to Boost Bond-Price Transparency With Exchange Reporting
Bloomberg
Ghana plans to boost transparency in bond trading by reporting prices for benchmark government debt to the stock exchange, letting investors in West Africa’s second-biggest economy see changes in the figures more quickly.
jlne.ws/11Ui129

South Asian Federation Of Exchanges (SAFE) Held The Third ‘Pakistan IPO Summit 2013’
jlne.ws/15WJhm4

Palestine Exchange (PEX) Holiday Announcement -Labor’s Day
jlne.ws/15WJeGV

John Lothian Newsletter

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Past JLN Newsletters

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