John Lothian Newsletter: Asia’s Oldest Bourse Plans IPO As Third India Rival Opens; FSA Mulls Tougher HFT Controls; Bowles Will Oppose Libor Repo Market Replacement

Aug 14, 2012

BSE in India plans an IPO in the coming months, as newer competitors open their doors. In England, the FSA concludes a four-month look at high frequency trading and considers new rules to define that sector. A European reform agency has taken a look at the state of LIBOR in recent weeks, and believes that replacing it with repo market alternatives would be a mistake. If your company is looking for good people to hire, consider posting your job on the MarketsWiki Job Postings page. There’s no cost to list the openings there, and it’s a popular page with the site’s users.

First Read

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On Wall Street, the Rising Cost of Faster Trades
By NATHANIEL POPPER, NY Times
For several years, the Wall Street wizards who built a faster, more fragmented stock market justified their creation by pointing to the benefits it yielded for investors in the form of lower trading costs.
http://jlne.ws/PgMd2W

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Knight $440 Million Loss Sealed by New Rules on Canceling Trades
Bloomberg
Regulations put in place to protect investors after $862 billion of market value was briefly erased on May 6, 2010, were the same rules that almost ruined Knight Capital Group Inc. this month.
http://jlne.ws/RKPJ6w

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Insight: How Japan’s securities watchdog found its bite
Reuters via Yahoo! News
With its stock in near free fall, the board of Japan’s Nippon Sheet Glass met in August 2010 to weigh a couple of unpalatable options: suspend planned investments in key markets like China or go ahead with a Tokyo share offering that had somehow leaked to the market.
http://jlne.ws/RKPJ6B

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MGEX Announces Successful First Day Of Apple Juice Concentrate Contract Trading
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today launched the Apple Juice Concentrate (AJC) futures and options contract. For the first time, market participants could access the AJC futures and options market, orders were placed, transactions were cleared by MGEX and quotes were distributed. There was trade activity in the November 2012 contract month.
http://jlne.ws/RKPGI7

**** Juice boxes all around!

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Cinnober goes TransRockies
Today the six day long trail race “TransRockies Run” will kick off. Sebastian Schmidt, a hosting specialist from Cinnober’s Stockholm office, will participate in the challenge as a team with his father and Cinnober as a proud sponsor and supporter. The Schmidt’s endeavor can be followed on a daily basis via www.cinnober.com.  Set in the Rocky Mountains of Colorado in the USA, Sebastian and his father Fredrik Schmidt will run grueling high-altitude stages ranging from 14 to 24 miles (22-38 km) a day. By the end of the week they will have passed a total of 115 miles (184 km) in total. During the race, team Schmidt can expect to face harsh summerish weather ahead. In the Colorado Rockies in mid-August the weather can vary from hot sun to deep snow.
http://jlne.ws/ShDvji

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Collateral transformation: liquidity and market risk issues
Richard Ellis – FOW
In derivatives trading, collateral is posted against trades to act as insurance and protect against a default. This collateral is almost always in the form of cash or highly liquid securities. Presently, regulators are requiring the majority of over the-counter derivatives contracts to move to a central clearing model. As a result, the clearing system will require several trillion dollars in additional collateral.
http://jlne.ws/RKPJ6M

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Powerful Bank Regulator to Retire
BEN PROTESS – NYTimes.com
A senior Wall Street regulator will step down next month as her agency undergoes a makeover, ending a nearly two-decade career as one of the banking industry’s most powerful and yet polarizing watchdogs. Julie Williams, the chief counsel of the Office of the Comptroller of the Currency, announced on Monday that she would leave the agency on Sept. 30.
http://jlne.ws/RKPJ6N

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Wasendorf Dream Building Languishes After Peregrine’s Collapse
By Brian Louis – Bloomberg
Russell Wasendorf Sr. gave Cedar Falls, Iowa, a boost in 2009 when he moved his futures brokerage to a wooded area of town. The firm’s collapse, after he confessed to pilfering at least $100 million, may leave the state-of-the-art headquarters he built languishing for years.
http://jlne.ws/RKPJn2

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Institutions are struggling to find a sustainably profitable model
William Wright – Financial News
One of the few things that has become clear over the past year is that the numbers no longer add up for the investment banking industry.
http://jlne.ws/RKPGYs

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DealBook: Is That It for Financial Crisis Cases?
New York Times
Recent decisions by the Justice Department and the Securities and Exchange Commission may turn out to be the denouement of the government’s investigations of Wall Street for potential wrongdoing that contributed to the financial crisis.
http://jlne.ws/RKPJn5

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Goldman Sachs Calls Its Ethical Pledges “Mere Puffery”
M. Joy Hayes | Motley Fool
The shareholders backing the lawsuit claimed they were defrauded by these statements because Goldman was knowingly involved in illegal activities, as well as other activities involving conflicts of interest, when it made these claims. Goldman’s defense? It didn’t deny that its statements were false or that it participated in these illegal or unethical activities. Instead, it tried to dismiss the complaints by stating that its assurances were “mere puffery” and non-actionable “statements of opinion.”
http://jlne.ws/RKPGYu

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Hedge Fund Association’s China Chapter Launches New, Local Chapter in World’s Largest City
The Hedge Fund Association, an international organization that represents hedge funds, service providers and investors, announced today that their recently formed China Chapter is putting down roots in Shanghai, the world’s largest city by population and the most important commercial and financial center in China. Headed by Yiming Di, principal at China-focused consulting firm Schmittzehe and Partners, the goal of the Shanghai Chapter is to work with the city’s alternative investments firms in support of the HFA China Chapter’s goals of advocating for and educating the public about the Chinese hedge fund industry.
http://jlne.ws/RKPJnk

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Corporate Board Member/FTI Consulting Survey Finds Companies Focusing on Rising Legal Risks
Escalating risk surrounding cyber security and IT strategy, operations and corporate reputation are top concerns for U.S. directors and general counsel as revealed in the 12th annual Law and the Boardroom Study by Corporate Board Member, an NYSE Euronext company, and FTI Consulting, Inc.
http://jlne.ws/RKPGYz

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CBOE, CME and Morningstar Industry Forecast; Plus Historical Perspective
Presenter and Moderator:
Dave Baeckelandt, “Chicago’s Financial Firsts”

Panelists:
William J. Brodsky, CBOE Holdings, Inc. and Chicago Board Options Exchange Chairman and Chief Executive Officer
Bryan T. Durkin, CME Group Chief Operating Officer and Senior Managing Director, Products & Services
Don Phillips, Morningstar President of Fund Research

Date: Thurs., Aug. 16, 2012    
Time: 4:00 – 7:00 pm  
Location: The Chicago Club, 81 East Van Buren St., Chicago, IL 60605

Register Today
 
Program Description:  
Financial Innovation: The Past and Future in Chicago While New York has long been hailed as the financial capital of the world, it has not been the only source of financial innovation. As Dave Baeckelandt will outline, Chicago can claim a place in the first ranks for financial innovations in derivatives, investment banking, real estate, investment management, insurance, and a slew of other financial disciplines.

Chicago’s innovation is not just a thing of the past. Following a brief break, our panel will share some of their insights on the past and provide some projection on potential future financial innovations.  

You will learn:
•    The direction of efficient/inefficient market research over the next 10 years.
•    Impact of globalization, electronic trading, quantitative strategies on Exchanges.
•    Future changes to portfolio construction, mutual fund rating, risk management.
•    New investment structures, hedge funds, ETFS, actively managed ETF, new quantitative models.
•    Evolution of financial markets in the future.

Fee: Members – $45, Non-Members – $55, Student-Members – $20
CFA Institute Qualified Activity: Eligible for 1.5 credit hours

Attire: Business Casual

Registration: Register Online or by phone at 312-251-1301

Agenda:
4:00 – 4:30 pm – Registration and Networking
4:30 – 5:15 pm – Presentation of “Chicago’s Financial Firsts”
5:15 – 5:30 pm – Break
5:30 – 6:30 pm – Panel Discussion of “The Future of Financial Innovation in Chicago” and Q&A
6:30 – 7:00 pm – Networking (with refreshments and light appetizers)   

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Lead Stories

Asia’s Oldest Bourse Plans IPO as Third India Rival Opens
Bloomberg
BSE Ltd., Asia’s oldest stock exchange, plans to sell shares in an initial public offering in the next eight months as competition intensifies with a third Indian bourse planning to start operations.
http://jlne.ws/RKPJDE

FSA mulls tougher HFT controls
Tim Cave – Financial News
The UK’s Financial Services Authority is considering stiffer rules for high-frequency trading firms after a four-month review into the practice, Financial News has learnt.
http://jlne.ws/RKPGYF

Bowles will oppose Libor repo market replacement
Michelle Price – Financial News
Sharon Bowles, chair of the reform-setting European Parliamentary Economic and Monetary Affairs Committee, has said she opposes the use of repo market funding rates as a replacement for Libor. Her comments come as the UK government kicks off its month-long review into the benchmark.
http://jlne.ws/RKPHf2

Libor Failures Neuter BBA as Lobby May Lose Oversight of Rate
Bloomberg
When Anthony Browne accepted the job of Chief Executive Officer of the British Bankers’ Association in June, it had responsibility for the world’s most important benchmark interest rate. Following the Libor-rigging scandal it is likely to be little more than just another lobby group.
http://jlne.ws/RKPJDO

Peregrine CEO indicted for lying to regulators
Reuters via Yahoo! News
Peregrine Financial Group founder and chief executive Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after he botched a suicide attempt and confessed to bilking customers of his brokerage for years.
http://jlne.ws/RKPHfb

Peregrine Clients’ Funds In Limbo As Trustee Probes Firm’s Books
By Jacob Bunge – Dow Jones
The trustee unwinding Peregrine Financial Group Inc. told customers of the collapsed brokerage that efforts to return their money are being slowed by a still-unfolding investigation into its books.
http://jlne.ws/RKPHfc

Dubai Mercantile Exchange Appoints CEO
DME (Dubai Mercantile Exchange) the Middle East’s leading energy futures exchange and home to the emerging benchmark for crude oil pricing for the East of Suez markets, has today announced the appointment of former BNP Paribas Head of Marketing for Commodity Futures APAC, Christopher Fix, as Chief Executive Officer.
http://jlne.ws/NmYu80

Tensions Run High Between Bank Regulators
DANA CIMILLUCA and VICTORIA MCGRANE – WSJ.com
The special relationship between financial authorities in the U.S. and U.K. is going through a rough patch. Trans-Atlantic regulatory sniping broke out last week for the second time in a month, after the New York State Department of Financial Services alleged that U.K. bank Standard Chartered STAN.LN +0.97% PLC broke U.S. money-laundering laws.
http://jlne.ws/RKPHvy

122 Minutes With Jamie Dimon
Jessica Pressler – NY Magazine
It has been a difficult time for Jamie Dimon, the chief executive of JPMorgan Chase, after the bank’s huge trading blunder in London. But he tells Jessica Pressler of New York magazine that he never considered resigning. “People and companies make mistakes,” Mr. Dimon said. “I guarantee we’ll make a mistake next quarter. So what? Businesses make mistakes. Hopefully smaller, and fewer.”
http://jlne.ws/RKPHvE

Greece Holds Bumper Debt Sale
JESSICA MEAD and KAREN HAGE – WSJ.com
Greece completed its largest debt sale in two years Tuesday, ensuring that it will have the money to repay bonds held by the European Central Bank next week.
http://jlne.ws/RKPHvJ

German Economy Growing
By CHRISTOPHER LAWTON – WSJ
Germany’s economy grew slightly more than expected in the second quarter compared with the previous quarter, driven by domestic demand and trade, data released Tuesday by Destatis, the Federal Statistics Office showed.
http://jlne.ws/RKPJUj

Regulatory

Emir prompts UK Treasury to amend Companies Act
Michelle Price – Financial News
The UK Treasury has said it will soon begin work amending the UK’s 1989 Companies Act in readiness for the introduction of European derivatives trading rules set to come into force next year. The government has said it will not, however, launch a consultation process, despite calls from some UK trade associations for a formal review.
http://jlne.ws/RKPHM5

Firms Elect Three Industry Governors to FINRA Board of Governors
The Financial Industry Regulatory Authority (FINRA) today announced the results of voting that took place at its 2012 Annual Meeting today in Washington, DC. In accordance with FINRA By-Laws, firms elected three Governors, one from among the small firms, one from among its mid-size firms and one from among the large firms. These three newly elected Governors begin their terms immediately. Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
http://jlne.ws/RKPHM9

SEC Raises Red Flags On Leveraged ETFs
IndexUniverse.com via Yahoo! Finance
The SEC issues ‘buyer beware’ ETF warning that centers on leveraged funds. Certain types of ETFs, particularly those that serve up inverse and leveraged strategies, may be more difficult for investors to understand than typical straight equity-type securities—a fact that led the Securities and Exchange Commission to issue a bulletin outlining the risks of ETFs.
http://jlne.ws/RKPHMc

Pressure mounts on Esma over clearing exemption
Joel Clark – Risk magazine
The European Securities and Markets Authority (Esma) is coming under increasing pressure to clarify how foreign exchange derivatives will be affected by European regulation of over-the-counter derivatives, following the end of a public consultation on its draft technical standards on August 5.
http://jlne.ws/RKPKaR

Help Wanted: SEC Creates New Data Analysis Group
John D’Antona Jr. – Traders Magazine Online News
Number crunchers, programmers and ex-traders can get their resumes ready. The Securities and Exchange Commission is in an expansion mode and hiring, because it is forming a new group to analyze trading data and monitor the markets.
http://jlne.ws/RKPI2D

The AMF draws attention to publication of the European “EMIR” Regulation
http://jlne.ws/RKPKre

ISDA Publishes August 2012 Dodd-Frank Protocol; ISDA and Markit Launch ISDA Amend to Automate Process
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of the August 2012 Dodd-Frank Protocol.
http://jlne.ws/RKPIiY

ASIC guidance on crowd funding
http://jlne.ws/RKPKrj

Exchanges & Trading Facilities

GreenX: REMINDER TO MARKET PARTICIPANTS OF CONTINUING RECORDKEEPING OBLIGATIONS
As previously announced, CME Group Inc. will be migrating all Green Exchange (“GreenX”) products to a CME Group Designated Contract Market (“GreenX”), delisting them from GreenX and listing them on NYMEX. This migration will occur on Saturday morning August 25 for business date Monday, August 27. The GreenX DCM license will be vacated on September 6, 2012.
http://jlne.ws/RKPIj9

IPO sentiment indicator on the primary market remains subdued; Deutsche Börse publishes forecast for Q3 2012
Deutsche Börse published the IPO sentiment indicator forecasting issuing activity for the 3rd quarter of 2012 on Monday. The IPO climate, which reflects the mood of market participants, remained at the low level seen in the previous quarter and even fell slightly from 31.35 to 29.94 points.
http://jlne.ws/RKPKro

TMX Group’s Razor Risk 3.0 Launches At ASX – Latest Version Of Razor Risk Brings Significant Improvements
http://jlne.ws/RKPKHF

TMX Group Announces Filing Of Circular For Special Meeting Of Shareholders To Approve Subsequent Arrangement – Special Meeting Of Shareholders To Be Held At 10:00 Am On September 12, 2012
http://jlne.ws/RKPIzv

July 2012 FIF Market Share And Market Dynamics Reports – Executive Summary
http://jlne.ws/RKPIzw

KCBT Labor Day Trading Hours
http://jlne.ws/RKPKHM

Hedge Funds & Managed Futures

Hedge fund Tiger Asia to return investor money: report
Reuters via Yahoo! News
New York-based hedge fund Tiger Asia Management LLC will return outside capital to investors by the end of the month amid a probe by Hong Kong regulators, Bloomberg News reported on Tuesday, citing a letter to investors.
http://jlne.ws/RKPIzB

Don’t Let Cases Of Financial Foul Play Keep You Out Of The Market
Forbes
It’s still possible to win on Wall Street if you take a long-term focus and are proactive in managing your portfolio.
http://jlne.ws/RKPKHQ

High Frequency Trading Doesn’t Hurt Individual Investors
Forbes
The market has no fear, it has no remorse and it will not stop. Does that phrase sound familiar? It might, as it’s a straight steal from ‘s Terminator script. If you fight the market, just like a robotic killer from the future, you will most likely end up the loser.
http://jlne.ws/RKPKHV

For Deal Makers, Incubator Offers an Alternative to Wall St.
By ADRIANA GARDELLA – NY Times
Incubators have long existed for technology start-ups. But the needs of investment bankers are not quite the same as those of tech entrepreneurs who started a business in a garage and spent all night programming code.
http://jlne.ws/RKPKYc

Banks & Brokers

Deloitte CEO defends firm’s Standard Chartered work
Reuters via Yahoo! News
Deloitte LLP Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were “distortions of the facts.”
http://jlne.ws/RKPKYf

Ex-Bank of America Marketer Tells Jury He Helped Rig Bids
Bloomberg
A former Bank of America municipal bond marketer testified that he conspired with four former members of the UBS AG municipal derivatives group to rig bids and fabricate work on transactions.
http://jlne.ws/RKPKYg

Ex-Barclays trader Merchant, under Libor scrutiny, exits UBS
Reuters via Yahoo! News
Jay V. Merchant, who has come under federal scrutiny in the Libor manipulation scandal related to his tenure at Barclays Plc, left his position as head of swap trading at UBS on Monday, a UBS spokeswoman confirmed.
http://jlne.ws/RKPKYl

DealBook: Swiss Bank Julius Baer to Buy Bank of America Unit
New York Times
The Swiss bank has agreed to buy Bank of America Merrill Lynch’s private banking operations outside the United States, the latest consolidation move in the private banking industry.
http://jlne.ws/RKPLvh

Knight Capital hires Morgan Stanley sales stars
Tim Cave – Financial News
Knight Capital, the US broker which earlier this month lost more than $400m from a rogue algorithm, has hired a well-regarded European equities sales team from Morgan Stanley in a bid to boost sales of its electronic products to other brokers, Financial News has learned.
http://jlne.ws/RKPLvm

HSBC Hires Former Chief of U.S. Sanctions Watchdog
EVAN PEREZ – WSJ.com
HSBC Holdings PLC is hiring a former U.S. government official who policed U.S. sanctions against narcotics traffickers and terrorists, following allegations that HSBC moved funds for drug cartels and other suspicious groups.
http://jlne.ws/RKPLvo

Online Coffee and Sugar Trading Made Available by iFOREX
http://jlne.ws/RKPLvq

Clearing & Settlement

LCH Raises Extra Deposit Charges for Some Italian, Spanish Bonds
Bloomberg
LCH Clearnet Ltd., Europe’s biggest clearing house, raised the extra deposit it demands from clients to trade some Spanish and Italian government bonds, it said today in a statement on its website.
http://jlne.ws/RKPLeQ

Technology

Swissrisk Financial Systems Now Dion Global Solutions – European Banking Software Specialist Rebrands After Majority Stake Acquisition
Swissrisk Financial Systems GmbH (Swissrisk) has today announced it has rebranded as Dion Global Solutions GmbH. The move follows a majority stake acquisition by Dion in January 2012. The firms have already seen clear benefits from working together through shared intelligence, product development and working practices, and the rebrand stands to further enhance and streamline this.
http://jlne.ws/RKPLLH

Enforcement

CFTC Charges Colorado Resident Michael Bruce Gale with Commodity Pool Fraud
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a civil anti-fraud enforcement action against Michael Bruce Gale (Gale) of Littleton, Colo., individually and doing business as Capital Management Group (CMG).
http://jlne.ws/RKPLLM

CFTC Settles Action against Douglas Elsworth Wilson and Three California Companies for Solicitation Fraud, Misappropriating Customer Funds, and Issuing False Statements in Commodity Futures and Forex Scheme
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on August 9, 2012, a federal court in California entered a consent order that requires defendants Douglas Elsworth Wilson of Poway, Calif., and three companies he controls and manages, Elsworth Berg Capital Management LLC (EBCM), Elsworth Berg Inc., and Elsworth Berg FX LLC (collectively, Elsworth Berg) jointly and severally to pay $3,965,670.71 in restitution to customers as well as a $1.5 million civil monetary penalty. The order also imposes permanent trading and registration bans and permanent injunctions against further violations of federal commodities law, as alleged.
http://jlne.ws/RKPLLU

U.S. Department Of Justice: Three Indicted In New York In $5 Million Fraud Scheme
http://jlne.ws/RKPOan

Hedge fund boss testifies at NY inside trade trial
Associated Press via Yahoo! News
A San Francisco hedge fund founder, with his mother watching from a court bench, testified Monday that his trades were based on legitimate research rather than inside information.
http://jlne.ws/RKPOas

Three ex-Chase bank workers admit $4.8 million tax fraud
Reuters via Yahoo! News
Three former employees at JPMorgan Chase & Co branches in New York pleaded guilty on Monday to using the identities of Puerto Rican customers to file fraudulent tax returns, U.S. authorities said.
http://jlne.ws/RKPM2g

UBS Sues Billionaire Olenicoff In Offshore Tax Cheating Case
Forbes
Swiss bank wants $3 million in attorneys’ fees, as well as other damages, from Forbes 400 member who sought to blame it for his secret foreign accounts and admitted tax felony.
http://jlne.ws/RKPM2k

Environmental & Energy

California Air Chief Says Carbon Auction Won’t Be Delayed
Bloomberg
California plans to sell its first carbon allowances in November, undeterred by warnings from a federal energy commissioner that a system meant to curb emissions may harm businesses, the state air board’s head said.
http://jlne.ws/RbJaMU

California Air Chief Says Carbon Auction Won’t Be Delayed
Bloomberg
California plans to sell the first carbon allowances in November, undeterred by warnings from a federal energy commissioner that a system meant to curb emissions may harm businesses, the state air board’s head said.
http://jlne.ws/RbJaMU

Plan to link carbon price permits to Europe
Australian Financial Review
The Gillard government plans to link its carbon price scheme to Europe’s emissions trading scheme from 2015 while limiting Australian use of low-cost permits generated in developing countries.
http://jlne.ws/ROP7hS

Fracking Hazards Obscured in Failure to Disclose Wells
Bloomberg
Seeking to quell environmental concerns about the chemicals it shoots underground to extract oil and natural gas, Apache Corp. (APA) told shareholders in April that it disclosed information about “all the company’s U.S. hydraulic fracturing jobs” on a website last year.
http://jlne.ws/ShF14V

Asia-Pacific

Risks must not hide positive China trends
Gerard Lyons – FT.com
With Europe imploding and the US stagnating, one of the big concerns is whether emerging economies will continue to drive global growth as they have in recent years. Much depends on China. Thus there is constant focus on the risks facing it. Three areas stand out: avoiding a hard landing; rebalancing the economy; and China’s institutional shortfalls.
http://jlne.ws/RKPOaC

Shanghai Futures Exchange: Notification On Lowering The Transaction Fee Standards For Each Variety
http://jlne.ws/RKPM2r

Press Conference by Tadahiro Matsushita, Japan’s Minister For Financial Services – Securities Firms Internal Control Systems And Governance
http://jlne.ws/RKPOqY

Osaka Securities Exchange SPAN Parameter Updated: Aug. 20, 2012 – Aug. 24, 2012
http://jlne.ws/RKPOr3

Frontier Markets

Dubai Mercantile Exchange Celebrates Five Years Of Consistent Growth In Trading Volumes
Dubai Mercantile Exchange (DME) is this month celebrating its fifth anniversary. Since its launch in June 2007, DME has established itself as the premier international energy futures and commodities exchange in the Middle East, recording consistent year-on-year trading growth. The Oman Crude Oil Futures Contract (DME Oman), the Exchange’s flagship contract, is now the most credible oil benchmark relevant to the Asian market.
http://jlne.ws/RKPOr9

Closure Of Bursa Malaysia Berhad – Hari Raya Aidil Fitri Celebrations
http://jlne.ws/RKPMiS

Abu Dhabi Securities Exchange Appoints Legal Advisor
Abu Dhabi Securities Exchange (ADX) announced today that Mr. Abdul Salaam Al Blooshi has joined ADX as its new legal advisor.
http://jlne.ws/RKPMiV

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