John Lothian Newsletter: CME to Require Daily Customer Fund Reports Following MF Failure; SEC Puts Exchanges on Notice Over Computer-Driven Trades; Counterparty gone bust? You still have to pay

Apr 4, 2012

CME Group announces plans to require customers to submit daily reports regarding the dispositions of customer funds, as part of its anti-MF-Global remedy. The SEC says that exchanges share part of the responsibility for protecting investors from technology-related trade problems and failures. In the UK, a court rules that solvent counterparties must still honor their end of a deal, even if the other side of the deal goes bust. Around the newsletter, you’ll find more volume reports and analysis; more C-suite appointments at exchanges, banks and associations; and commentary from Harpal Sandhu via the JLN FX newsletter about the evolution of the global FX industry.

Observations – Statistics – Commentary

Quick View: Let the de-consolidation begin
By Telis Demos in New York – Financial Times
Duncan Niederauer, NYSE Euronext chief executive, enjoyed a small self-deprecating laugh at Monday’s investor meeting: “Our next greatest idea is not a complicated cross border mega-transformational merger.” With that oblique reference to the ill-fated Deutsche Börse merger, so begins NYSE Euronext’s global “de-consolidation”, in which transformation is taking a back seat to new technologies and new product ideas.


NYSE Euronext Names Peter Leukert As Global Chief Information Officer
NYSE Euronext, a leading global operator of financial markets and provider of innovative trading technologies, today announced the appointment of Peter Leukert as Global Chief Information Officer, effective immediately. Mr. Leukert will lead NYSE Euronext’s global Information Technology operations and will report to President and Deputy CEO, Dominique Cerutti.


OCC Announces Joseph Corcoran As New Head Of Government Relations
OCC announced today that Joseph Corcoran has joined OCC as First Vice President and Head of Government Relations. Mr. Corcoran comes to OCC from NYSE Euronext where he served as Chief Counsel in NYSE Regulation and the Office of Legal and Government Affairs.


CME Group opens registration for Farmer Protection Fund
By Michael J. Mcfarlin – Futures Magazine
CME Group opened registration for its Family Farmer and Rancher Protection Fund today. Announced on Feb. 2, the fund was created in response to segregated commodity customer funds disappearing in the wake of MF Global’s bankruptcy. The $100 million fund provides assurance to farmers and ranchers that in the event of another future event like MF Global, CME Group will back individuals up to $25,000 and cooperatives up to $100,000 if they were using CME Group’s products.


It’s time to take stock of historical analysis
By Laszlo Birinyi – Financial Times
It was once suggested that if our only tool was a hammer, we would view everything as a nail. Given the availability of computers and information, investors too often consider data as irrefutable information which can be sorted, stacked, analysed and processed. Estimates become hard-wired, often to several decimal places, and one or two data points are projected as long-term estimates.


New style commodity indices underperform
By Jack Farchy – Financial Times
“Second-generation” commodity indices, touted by bankers as a way to make extra money from the relatively new asset class, have failed to outperform the most basic investment products this year.


April 2012 InBOX
This is the April issue of InBOX, your news source from inside the BOX Options Exchange.


Rakoff Seeking Truth of Wall Street Wrongdoing Labeled Rogue
Kambiz Foroohar and David Glovin – Bloomberg
U.S. District Judge Jed Rakoff doesn’t shy away from high-profile fights.


Start-ups seek the ‘wisdom of crowds’
By Richard Waters in San Francisco – Financial Times
After being rejected by more than 30 venture capitalists and rich individual “angel” investors, the founders of Satarii, a business formed to make a new camera accessory, tried a last resort: tapping strangers over the internet. By promising T-shirts and early prototypes of their gadget, they managed to raise almost $25,000 online. That was enough to prevent their business idea from being stillborn, says co-founder Vladimir Tetelbaum, and led indirectly to renewed interest from professional investors who have since given almost $1m.


The Options Industry Council Announces ‘Road To Wall Street’ Event With Rutgers Business School
The Options Industry Council (OIC) announced today that the next event in its university outreach program, The Road to Wall Street: Analyze Your Options, will be at Rutgers Business School in Newark, NJ on Friday, April 13. Registration for the Rutgers event opens at 9:00 a.m. and the program starts at 9:55 a.m. with opening remarks followed by “The Accidental Chairman, My Road To Wall Street” featuring Sandy Frucher, Vice Chairman of NASDAQ OMX Group.


JLN FX Newsletter: Growing Pains in FX Markets
Harpal Sandhu – Integral Development Corporation
Reading industry-related headlines over the last eight months or so must have been scary. Volumes dipped to historic lows towards the end of last year and some major players including many market making banks and large ECNs have been experiencing internal reorganizations with the associated departure of high-profile executives. Let me state for the record that this is not an attempt to judge anyone as they are going through tough times. This is an attempt to put what is happening into perspective and provide FX market participants with a better understanding of what we are experiencing. Where many see only gloom and doom, I also see a story about opportunity and growth.

One-size-fits-all era is coming to an end

In a recent commentary on personnel changes at EBS, Colin Lambert, Profit & Loss (restricted access), puts the finger for the firm’s difficulties at “increasing competitive pressure” and suggest among other things that EBS is “feeling the squeeze from internalisation and more granular streaming from banks”. I don’t want to make light of what this may mean for individuals affected by these restructurings, but for the industry as a whole, these changes are a positive sign. They prove that FX markets are maturing, that competition is increasing and that the one-size-fits-all area in FX is coming to an end. The future will see a much larger number of different business models, liquidity sources, risk management approaches, FX exchanges, all co-existing in an even larger market than FX is today.

For the rest of the commentary and daily FX-sector news, visit the JLN FX website at


MarketsWiki Page of the Day
Alan Whiting


MarketsWiki Recent Updates

Veronica Augustsson; Alan Whiting; Hugh Freedberg; Maria F. McHenry; Peter Kazinczy

Companies, Organizations and Groups
Cinnober Financial Technology; MF Global Holdings Ltd; CME Group, Inc.

21,432,796 pages viewed, 6,771 articles, 138,692 edits
MarketsWiki Statistics

Lead Stories

CME to Require Daily Customer Fund Reports Following MF Failure
By Matthew Leising
CME Group Inc., the world’s largest futures exchange, will require brokers to report daily customer fund levels as $1.6 billion in client money is still missing related to the bankruptcy of MF Global Holdings Ltd. The daily reports, to begin May 1, must be signed by the brokers’ chief executive officer, chief financial officer or their designated representative, CME Group said in a notice to its members yesterday.

SEC Puts Exchanges on Notice Over Computer-Driven Trades
More than five months before a software error ruined Bats Global Markets Inc. (BATS) ‘s initial public offering, U.S. regulators put exchanges on notice that they need to do more to protect investors from technology gone awry.

Counterparty gone bust? You still have to pay
By Huw Jones – Reuters
Trade derivatives and end up owing money to a counterparty who goes bust and you will still have to pay out, a UK court decided on Tuesday, in a ruling that shelves radical changes to a framework contract governing millions of transactions worldwide.

Break Up the Big Banks? Why It Could Actually Happen
Big banks have helped lead this year’s stock market rally, but the institutions themselves are about to undergo an onslaught from politicians and regulators who want the companies broken up.

Greece Is in a Face-Off With Its Bond Holdouts
Fresh off the largest debt restructuring in history, the Greek government is preparing to confront a small, well-financed pool of holdout investors who are refusing to swap their bonds and take a 75 percent loss.

European Public Offerings Rebound
Europe’s capital markets are showing signs of life. Companies across the Continent raised a combined 2.3 billion euros ($3 billion) through initial public offerings in the first three months of the year, according to the consultancy PricewaterhouseCoopers.

IMF Managing Director Christine Lagarde Emphasizes U.S. Role In Global Economy

Tweedie criticises ‘cosy’ auditor ties
By Adam Jones, Accountancy Correspondent – Financial Times
Sir David Tweedie, one of the world’s most prominent accountants, has added his voice to criticism of the decades-long relationships that bind auditors to the companies they are supposed to be vetting.

Environmental Trading News

CME Forges Ahead With Carbon Trade
Wall Street Journal
CME Group Inc. CME -0.97% has boosted its commitment to trading carbon emissions, just as rivals backtrack from a market long seen by many as rich in promise but short on profits.

Obama: Cap-and-trade was a Republican idea
The Hill’s E2 Wire
President Obama reminded Republicans Tuesday that cap-and-trade has GOP roots in a rare public reference to the embattled environmental policy.

**RKB — The rarely mentioned cap-and-trade creeps out. The Hill reminds us: Romney initially supported the creation of a regional cap-and-trade system for power plants among Northeast and mid-Atlantic states, but backed away before the program launched.

Carbon Prices Plunge
Wall Street Journal
Prices for carbon allowances fell to a record low after European Union data showed a surprise drop in emissions within the region’s trading system in 2011 compared with the previous year. The decline mostly was due to the power sector, with the falloff attributed to increased efficiency and warmer-than-usual weather.

**RKB — EU carbon allowances for December fell as much as 4.6% to a record 6.05 euros a metric ton after preliminary data Monday showed emissions from factories and utilities in the region dropped 2.4% last year. That implies a third consecutive annual surplus of emissions permits.

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

ICE Announces April 30 Launch of New Energy Contracts
IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced the launch of 26 new cleared OTC contracts for crude and refined petroleum products, North American power and North American natural gas. ICE also announced the introduction on ICE Futures Europe of American-style options on futures for Heating Oil and RBOB Gasoline.

March FX Trading Volume Continues Year-Over-Year Decline
By Stephen L. Bernard Of DOW JONES NEWSWIRES
Foreign exchange trading volume among major spot and futures trading platforms once again showed declining year-over-year turnover in March. Trading on Thomson Reuters Corp.’s (TRI) primary spot foreign exchange trading platforms fell 9% in March compared with a year ago, the company said Tuesday. CME Group Inc. (CME) said combined FX futures and options trading on its platform fell 12% last month compared to same month a year earlier.

ICE Reports Increase in March Daily Futures Volume; OTC Energy Average Daily Commissions up 20% to a Record $1.95 Million in First Quarter
IntercontinentalExchange, a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported futures volume and average daily volume (ADV) for March and the first quarter of 2012. ICE’s futures ADV grew 1% for the month of March 2012 compared to March 2011. ICE achieved record average daily commissions (ADC) of $1.95 million in its OTC energy business during the quarter, up 20% from the prior first quarter.

CME Group Volume Averaged 12.3 Million Contracts per Day in First-Quarter 2012, Up 5 Percent from Fourth-Quarter 2011, and 12.5 Million Contracts per Day in March
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that first-quarter 2012 volume averaged 12.3 million contracts per day, up 5 percent from fourth-quarter 2011, but down 11 percent from first-quarter 2011 – which posted exceptionally strong average daily volume due to the impact of significant unrest in the Middle East and a natural disaster in Japan within the quarter. March 2012 volume averaged 12.5 million contracts per day, down 13 percent from March 2011. Total volume for March was more than 275 million contracts, of which 84 percent was traded electronically.

This announcement is made by LCH.Clearnet Group Limited (“LCH.Clearnet”) in connection with the proposed acquisition of a majority stake in LCH.Clearnet by the London Stock Exchange Group plc, announced on 9 March 2012 (the “Transaction”). LCH.Clearnet announces that at its general meeting of shareholders held earlier today, the following special resolution was duly passed on a poll by LCH.Clearnet’s shareholders with 34,032,447 (94.37 per cent.) votes received being in favour and 2,031,632 (5.63 per cent.) being against:

Cleartrade Exchange Implements FIX 5.0 – Business Enhancements Include Lifecycle Trade Tagging
Press Release
Cleartrade Exchange Pte Ltd. (CLTX), the OTC electronic global marketplace for commodity derivatives, in conjunction with Baymarkets, a leading European-based specialist software developer for the financial markets, announced today the release of a new version of its electronic trading platform, utilising FIX 5.0.

Meet the new chairman of NYSE Liffe
Michelle Price – Financial News
NYSE Euronext said this morning that industry luminary Alan Whiting has been appointed as chairman of its derivatives business Liffe, which is gearing up for new rules that will change the way derivatives are traded globally.

BM&FBOVESPA: Monthly ISE Bulletin – ISE Ends March 1.39% Higher – Ibovespa Falls 1.98% Over The Period

Foreigners The Largest Group Of Equity Investors On BM&FBOVESPA In March, At 38.34%

TMX Group – Consolidated Trading Statistics March 2012
TMX Group Inc. today announced March 2012 trading statistics for its diversified group of exchanges – Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange (MX) and Natural Gas Exchange (NGX), as well as TMX Select, TMX Group’s alternative trading system.

EPEX SPOT / EEX Power Derivatives: Power Trading Results In March

NZX Monthly Shareholder Metrics – March 2012

Strengthening Australia’s Equity Capital Markets: ASX Proposals and Consultation

[CBOE] Voluntary Professional and Professional Transaction Fees

CME Group Clearing Advisory

CHX INFORMATION MEMORANDA 2012-05: Guidance Related to Error Report Documentation

Banks, Brokers & Dark Pools

IMF Executive Board Approves Activation Of Standing Borrowing Arrangements For A Further Six-Month Period

Goldman Sachs To Offer More Vacation Time To Boost Company Morale
Business Insider
Following last year’s layoffs and lower compensation , Goldman Sachs is reportedly planning to increase some employees’ benefits to boost morale at the investment bank.

US clearing head leaves Morgan Stanley
Mark Pengelly – Risk magazine
Andrew Huszar, US head of over-the-counter client clearing at Morgan Stanley, has left the bank. Huszar was based in New York, reporting to Stephen O’Connor, global head of OTC client clearing at the firm. Morgan Stanley would not comment on the reasons for his departure.

Morgan Stanley Still On The Hook For Robo-Signing, Fed Says
Despite getting rid of its mortgage servicing unit, Morgan Stanley is still on the hook for robo-signing or any other improper foreclosure proceedings incurred from 2009 to 2010. The Federal Reserve announced that on Tuesday, noting it had issued a consent order against Morgan Stanley, just like it did against Goldman Sachs last year.

Morgan Stanley Reaches Fed Deal Over Saxon
April 3 (Bloomberg) — Morgan Stanley was ordered by the Federal Reserve to review foreclosures conducted by its Saxon mortgage-servicing unit before its assets were sold and compensate any injured borrowers, according to a consent order released today.

Analysis: Morgan Stanley investors await brokerage bounce
International Business Times
As Morgan Stanley finishes integrating its brokerage joint venture with Citigroup Inc and considers spending $10 billion to buy the whole business years ahead of plan, investors are anxiously awaiting signs that the long-promised profit machine will finally start to purr.

Deutsche Bank asset manager unit may get $2 billion: sources
Reuters via Yahoo! Finance
Deutsche Bank AG is expected to sell its asset management business to U.S. institutional asset manager Guggenheim Partners for between 1.5 billion and 1.6 billion euros ($2-2.13 billion), two people familiar with the deal told Reuters.

TD Ameritrade to Host Earnings Conference Call

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.

Regulators Move Closer to Scrutinizing Nonbanks
New York Times
The Financial Stability Oversight Council will examine the riskiness of some nonbanks in an effort to place stronger regulations on important financial institutions.

SEC Seeks Comment on Investor Testing Regarding Target Date Retirement Funds
The Securities and Exchange Commission today said it is seeking comment on the results of investor testing regarding target date retirement funds. The Commission will consider the comments before acting on a proposal it issued in 2010 intended to enhance the information provided to individuals investing in such funds.

U.S. and Canadian Securities Regulators Discuss Closer Cooperation on Cross-Border Oversight
The Securities and Exchange Commission announced Tuesday that its senior staff met last week with counterparts at the Ontario Securities Commission (OSC) to discuss ways to further strengthen cooperation regarding their supervision of financial firms.

NFA Signs Agreement with Tradition to Provide Regulatory Services to its Swap Execution Facility
National Futures Association (NFA) and Tradition, the global interdealer broker, today announced that they have entered into a Pre-Launch Services Agreement that paves the way for NFA to perform regulatory services for Tradition’s swap execution facility (SEF).

SEC hits Pentagon with biggest fine on foreign group
By Sam Jones, Hedge Fund Correspondent – Financial Times
A fine levied on a UK hedge fund manager and his firm for US market abuse has been raised to nearly $100m, the highest penalty imposed by US regulators on a foreign citizen.

One arrested as FSA continues to clamp down on unauthorised business
With the assistance of the City of London Police, the Financial Services Authority (FSA) today executed a search warrant at one address in East London in connection with an investigation into a suspected unauthorised foreign exchange trading scheme.

Statement Before The Financial Stability Oversight Council, CFTC Chairman Gary Gensler

Financial Stability Oversight Council Approves Rule To Designate Nonbank Financial Companies For Enhanced Oversight, Help Prevent Future Financial Crises

SIFMA Statement On FSOC Finalization of Non-Bank SIFI Designation Process

Industry Response To The European Banking Authority, European Securities Markets’ Association And European Insurance And Occupational Pensions Authority Joint Discussion Paper On Risk Mitigation Techniques For Trades Not Cleared By A Central Counterparty

ESMA Announces Vacancies For Three TA Posts

Swedish Financial Supervisory Authority’s – Finansinspektionen’s – Work On Increasing The Reporting Of Suspected Laundering

New online ASIC Connect search service now available

ASIC accepts enforceable undertaking from former Commonwealth Financial Planning adviser

B.C. Securities Commission Criminal Investigations Team and Surrey RCMP arrest Surrey man for fraud and theft

Rakoff Asked to Move 400 Madoff Suits as Deadline Passes
HSBC Holdings Plc (HSBA) , UniCredit SpA (UCG) and Merrill Lynch joined more than 400 defendants in lawsuits brought by the liquidator of Bernard L. Madoff’s brokerage filing papers in the past week to beat a deadline for asking that their cases be moved to district court from bankruptcy court.

Investments – Indexes – Managed Futures – Managed Funds

McGraw-Hill Buys Market-Data, Systematic-Trading Provider QuantHouse
McGraw-Hill Cos.’s (MHP) S&P Capital IQ unit acquired QuantHouse, a provider of market-data and systematic trading technology, as it looks to offer an integrated low-latency feed for all of its data.

Spanish bond yields jump on poor auction
By Robin Wigglesworth in London – Financial Times
Spanish borrowing costs rose sharply on Wednesday after a disappointing auction of the country’s debt failed to reassure investors already nervous about plans for the deepest budget cuts in the post-Franco era.

Fitch Ditched in Bond Dispute
Fitch Group’s new chief executive said Credit Suisse Group AG dropped the firm’s rating from a mortgage-backed security because Fitch took a harsher view than two rivals that assigned triple-A ratings to the deal.

Buyout groups bolster IPO activity
By Telis Demos in New York – Financial Times
Private equity firms are using buoyant equity markets to take more of their portfolio companies public, including some of the more highly leveraged holdings that investors balked at in the past.

Minutes Of The Federal Open Market Committee, March 13, 2012

12 new Commerzbank ETCs launched on Xetra

Dow Jones Indexes To Add Banco Santander Brasil S.A. To Dow Jones BRIC 50 DR Index

BM&FBOVESPA Announces First Previews For The Ibovespa Theoretical Portfolio And Other Indexes Valid From May To August 2012

ProShares Adds Leveraged ETF That Shorts Treasuries

IndexIQ Announces March 2012 Index Performance; Marks 5-Year Anniversary of IQ Hedge Family of Investable Benchmark Hedge Fund Replication and Alternative Beta Indexes

New York Life Capital Partners Closes Third Mezzanine Fund

Horizons ETFs launches innovative Managed Futures ETF

NYSE Euronext and Bloomberg New Energy Finance partner on launch of family of clean energy indices
Today, NYSE Euronext in partnership with research company Bloomberg New Energy Finance will launch three regionally-focused clean energy stock indices, enabling the quoted companies most active in the world’s historic shift to low-carbon energy to be tracked in unprecedented detail.

Technology News

Trigon Goes Live with SunGard’s Valdi for Warsaw Stock Exchange Access
Trigon, an independent investment banking firm based in Poland and a member of the Warsaw Stock Exchange (WSE), has gone live on SunGard’s Valdi direct market access and order management solutions to support its business.

Experts Gather to Share Insight at Inaugural Hedge Fund Cloud Summit Conference Hosted by Eze Castle Integration in …
PRWeb via Yahoo! News
Eze Castle Integration, Inc., a leading provider of strategic IT solutions and private cloud services to hedge funds, today announced the inaugural Hedge Fund Cloud Summit, which is taking place on April 24, 2012 in New York City at the Sofitel Hotel. This premier half-day conference will cover four essential aspects of cloud computing – from making the business and financial case for cloud computing to hosting applications and protecting data in the cloud.

Media News

SEC Probes Groupon Earnings Report; Long-Time Skeptics Feeling Vindicated
International Business Times
The Securities and Exchange Commission is examining Groupon Inc (NASDAQ: GRPN) for its revision of fourth quarter financial results, reported the Wall Street Journal, citing a person familiar with the situation.

Shareholder sues Groupon, alleges company misled investors
Groupon Inc., which runs the world’s largest online coupon website, was sued on Tuesday by a shareholder who accused the company of misleading investors about its financial prospects and concealing weak internal controls.

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

Can China and Hong Kong Lure Muslim Traders and Investors? via Yahoo! News
China’s legendary cuisine has been a secret weapon to winning many an investment. But when a major ingredient of the culinary experience is pork, hospitality can only go so far when it comes to entertaining Muslim businessmen from countries like Indonesia and the Gulf’s emirates.

China to let in more foreign investment
China has almost tripled the amount of money foreign institutions can invest in its capital markets, in the latest move aimed at loosening strict capital controls and internationalizing the renminbi.

What does China’s Wen mean when he says break bank monopoly?
When Chinese Premier Wen Jiabao talks about busting a bank monopoly, he may be thinking of modest financial reforms, not a dismantling of the Big Four state-owned banks. Reuters contacted five of China’s largest banks to see how Wen’s remarks were received. There was little concern that a major policy shift was imminent, especially when the Communist Party is only months away from a once-a-decade power handover, which includes replacing Wen.

Tokyo Stock Exchange: Base Prices And Daily Price Limits For Newly Listing ETFs

Tokyo Stock Exchange: ETF/ETN Monthly Report for March 2012

Frontier Markets

DGCX Records Highest Ever Monthly Volumes In March
March volumes rise 141% year-on-year to reach 550,735 contracts, valued at $22.8 billion

BSE (formerly Bombay Stock Exchange) CEO To Stand Down
BSE Ltd (formerly known as the Bombay Stock Exchange) today announced that Madhu Kannan, MD & CEO, has expressed his intention to not seek a new term at the expiry of his current term ending May 2012, to pursue another opportunity.

Hedge Funds Go on Attack In India
NEW DELHI—After years of complaining about poor treatment as minority investors in India’s publicly traded companies, some Western hedge funds are turning to activist tactics that have not often been tried here.

Palestine Exchange Monthly Newsletter

Miscellaneous News

From Congress, a Law Befitting a Sausage Factory
Whether the Jump-start Our Business Start-ups Act will create jobs or only encourage fraud is open to debate, but one thing is clear: this piece of legislation is a reminder that Congress, both Democrats and Republicans, are completely inept at regulating our financial system.

Willful Blindness Explains The March Of Folly In Finance
Robert Lenzner – Forbes
The March of Folly in governing Wall Street is the result of incompetence, and decadence, acting according to wishful thinking rather than obedience to the facts.

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First Read $51,906/$300,000 (17.3%) ++++ Hits & Takes John Lothian & JLN Staff The STA is holding the 88th Annual Market Structure Conference in person on October 6-8 at the JW Marriott in Washington, DC with the title "The Great Return." That is a very good...

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