John Lothian Newsletter: NYSE says regulation hits retail investors; Australia Fund Managers Back Tax on High-Frequency Trading Firms; Regulators Seek Court Ruling Against Peregrine

Dec 18, 2012

NYSE prepares to tell Congress that current market rules give professional traders an advantage over retail investors, and that the regulatory structure must change in order to fix the disparity. In Australia, some fund managers are pushing for the imposition of a tax on high-frequency traders that flood the market with orders. The CFTC heads to court to ask for a fast resolution on charges made against Peregrine and its ex-chief Russell Wasendorf Sr. In today’s First Read, John Lothian takes a stand for new blood at the NFA. Also, be sure to watch our latest installment in JLN’s Restoring Customer Confidence series; James Gellert, President and CEO of Rapid Ratings, explains how ratings of public brokers and voluntary ratings of private brokers would provide transparency for the FCM community and its customers.

First Read

A Radical Choice in NFA’s CTA/CPO Election Category
By John J. Lothian

Turnover on the NFA’s Board of Directors comes infrequently. I can’t remember a single instance where a non-Nominating Committee slated candidate succeeded in being elected until Ernest Jaffarian and Douglas Bry were elected last year. This year could be the same with two high profile write-in nominees on the ballot.

James Koutoulas and John Roe, the two co-founders of the Commodity Customer Coalition (“CCC”), are write-in candidates on the ballot for positions on the board of directors of the National Futures Association representing CTAs and CPOs. These two customer-focused media-savvy upstarts square off versus two representatives of the futures industry establishment, George E. Crapple of Millburn Ridgefield Corporation and Tom Lloyd of Campbell & Company, Inc.

Crapple has been on the NFA Board since 1996 and is a member of the Executive Committee. Lloyd is slated for a spot long occupied by Bruce Cleland, the former Campbell & Company, Inc. vice chairman who retired this fall. Cleland currently holds a position on the NFA Board, as well as on the NFA Executive Committee.

This confrontation between establishment versus populist candidates in the CTA/CPO space is not just about board slots, it is about the future direction of the NFA. Should John Roe and James Koutoulas win election to the NFA Board, it will send an unmistakable message to the powers that be that change is needed at the NFA. Voting for the NFA board concludes on January 15, 2013.

And let me be clear: change is needed at the NFA. The problems exposed by the MF Global and PFG bankruptcies need to be rigorously addressed and everyone knows it, including the establishment candidates.

Crapple begins his position paper, which is included with the NFA ballot, with the sentence “I believe new blood is important to the health of any organization, and this has been key to the long-term success of Millburn Ridgefield Corporation, where I am co-chairman and co-CEO.”

He also adds “With respect to NFA, I am not a revolutionary,” and goes on to compliment NFA’s people and “esprit de corps.”

He appears to want it both ways; new blood is good, but experience and institutional knowledge are also important. He clearly seems to understand the mood for change he faces as he runs for reelection.

Lloyd, for his part, supports the re-election of George Crapple, effectively making this an all or none vote to support either the establishment or the popularly nominated duo of Koutoulas and Roe.

Koutoulas and Roe, who are running for separate seats, are straight to the point in their position paper. They founded the Commodity Customer Coalition “to fill a void in leadership in the wake of the MF Global bankruptcy.”

For what it is worth, as a member of the NFA and Commodity Trading Advisor, I am voting for Koutoulas and Roe. (Roe also is featured in an upcoming segment of our Restoring Customer Confidence series.) I am voting for two people who will bring a fresh perspective to the NFA Board, particularly to their responsibility to customers. I am voting for two people who will bring, in George Crapple’s own words, “new blood” to the NFA Board.

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New Restoring Customer Confidence Video
The fifth video in our Restoring Customer Confidence series deals with broker ratings. Each week we will post a new idea answering the question – how do you restore customer confidence and bring traders back?

Restoring Customer Confidence More ideas»
James Gellert Ratings: How Does Your Broker Rate?
MarketsWiki.tv

If you knew the financial health of your futures broker, would that help you decide which firm to work with? James Gellert, President and CEO of Rapid Ratings, says futures broker ratings could make for more informed retail and professional investors. Gellert explains how ratings of public brokers and voluntary ratings of private brokers would provide transparency for the FCM community and its customers. Rapid Ratings uses dozens of financial ratios, based on audited financial reports, to provide a score for each firm.

In this video, a simple animation and interview with Gellert help explain broker ratings.

Watch the video »

This video is sponsored by:
Lasalletech

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About the Restoring Customer Confidence video series
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back?

The Restoring Customer Confidence video series answers that question by exploring potential solutions using expert interviews and simple animations.

John Lothian News interviewed more than a dozen professionals in the industry to get their ideas and solutions. As these ideas become practice, or as new concepts are adopted by the industry, we will continue to add them to the site.

Visit the video series page on MarketsWiki.tv over the next several weeks for new ideas and solutions.

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Liquidnet hires new European head
Tim Cave – Financial News
Liquidnet has hired a former managing director from Bank of America Merrill Lynch to lead its European operations, bringing to an end a six month search to replace former European chief, John Barker, who left in May.
jlne.ws/TXsXYj

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Capital rules hinder LSE’s deal with LCH
David Oakley and Philip Stafford – FT.com
Xavier Rolet, chief executive of London Stock Exchange Group, has turned the company into something quite different to what it was less than four years ago when he took the helm. However, acquiring its latest target – a majority stake in LCH.Clearnet, the transatlantic clearing house – has illustrated the difficulty exchange bosses face in plotting corporate strategies as new regulation overhauls the world’s markets.
jlne.ws/TXsYex

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NASDAQ OMX Launches SMARTS Broker for Trade Monitoring on the London Metal Exchange With Newedge
The NASDAQ OMX Group, Inc. announced the launch of SMARTS Broker market surveillance solution for commodities trading on the London Metal Exchange (LME). The launch includes the go-live of two global broker-dealer customers, including the global multi-asset brokerage Newedge.
jlne.ws/TXsYez

**** NASDAQ made a great acquisition in buying SMARTS.

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Ex-traders turn entrepreneurs as tech costs plunge
Tom Osborn – Financial News
For budding entrepreneurs looking to launch a start-up trading platform, 2012 was perhaps, like the French Revolution in Charles Dickens’ A Tale of Two Cities, the best of times and the worst of times.
jlne.ws/TXsYeB

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Saxo Bank 10 Outrageous Predictions for 2013
Saxo Bank, the online multi-asset trading and investment specialist, today releases its annual batch of ten Outrageous Predictions for 2013. This is Saxo Bank’s annual exercise in rooting out relatively extreme market and political events for which the probability is perhaps low, if still vastly under-appreciated.
jlne.ws/TXsYeC

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Back office pushed to the front of the cost-cutting queue
Matt Turner – Financial News
When first faced with a need to cut costs, investment banks took the knife to the businesses stocked with highly paid bankers and traders. It is a sign of the times that they are now turning their attention to the altogether less exciting back office as they look to eke out efficiency gains.
jlne.ws/TXsYeG

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Banks Seek a Shield in Mortgage Rules
PETER EAVIS – NYTimes.com
As regulators complete new mortgage rules, banks are about to get a significant advantage: protection against homeowner lawsuits. The rules are meant to help bolster the housing market. By shielding banks from potential litigation, policy makers contend that the industry will have a powerful incentive to make higher quality home loans. But some banking and housing specialists worry that borrowers are losing a critical safeguard.
jlne.ws/TXsYeK

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Five big events that shaped the past year
Gideon Rachman – FT.com
Everybody agrees that economic and political power is moving east. Barack Obama has constructed a whole new foreign policy around this theory – the “pivot to Asia”. But, as I assemble my annual list of the five most important events of the year, it is striking how events in Europe and the Middle East still dominate.
jlne.ws/TXsVzt

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FT Alphaville charity auction closes in less than a day!
FT Alphaville
The current range of prices for the T-shirts, polos, and hoodies we are auctioning in support of the Global Fund for Children is £5.50 to £180.00. The bidding will close this Wednesday morning at 9am UK time, so if you’re going to an office party tonight, it’s probably better if you bid sooner rather than later
jlne.ws/TXsVzx

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Women explore new derivatives landscape at first annual WILD Symposium
by Jessica Titlebaum – WILD
The derivatives industry will come out stronger from the past year’s challenges. Dodd Frank legislation was keeping people up at night, MF Global failed and then the industry was hit with Peregrine Financial Group. It’s enough to shake anyone in their boots, some of them even high heeled!
This was the backdrop for the first annual Women in Listed Derivatives’ WILD Symposium: Industry in Transition. Hosted by the Federal Reserve Bank of Chicago, the Symposium featured high caliber speakers like Carol Burke, the woman tasked at implementing Dodd Frank at the Federal Reserve and Terry Savage, one of two women on the CME Group Board of Directors, who discussed how the industry was changing and how women could prepare for surfacing opportunities.
jlne.ws/TXsVzy

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Trade Talk: “Hangout” Again with ADL on Tuesday
Trading Technologies
Our first Google Hangout (below) featuring TT’s newest algorithmic trading tool, ADL, was so well received that we’re gearing up to produce another live broadcast on Tuesday, December 18th, at 3:30 p.m. CST.
jlne.ws/12whJzu

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MarketsWiki

MarketsWiki Page of the Day
Shinzo Abe
jlne.ws/RAqVBD

MarketsWiki Recent Updates

People

Chris Jones; Adrian Farnham; Shinzo Abe; Vesna Straser; Thomas P. Lloyd; John L. Roe

Companies, Organizations and Groups

London Metal Exchange; LME Clear; Oslo Clearing; Oslo Børs; SIX Swiss Exchange; Campbell & Company; Commodity Customer Coalition

Miscellaneous

Deflation

Statistics

32,391,129 pages viewed, 7,291 articles, 151,285 edits
MarketsWiki Statistics

Lead Stories

NYSE says regulation hits retail investors
Arash Massoudi in New York – FT.com
Professional traders are able to benefit at the expense of retail investors due to a combination of technology and the rules that govern US equity markets, the New York Stock Exchange will tell a congressional committee on Tuesday. The testimony from a senior executive at the bourse, which has faced competitive pressure from shifting trading volumes, amounts to plea for regulators to revisit and simplify US market structure guidelines.
jlne.ws/TXsVzz

Australia Fund Managers Back Tax on High-Frequency Trading Firms
Bloomberg
Australian fund managers want levies to be charged on high-frequency trading firms that send an excessive number of trade orders to equity markets.
jlne.ws/TXsVzB

Regulators Seek Court Ruling Against Peregrine
By JACOB BUNGE – Dow Jones
U.S. futures market regulators on Monday sought a court ruling against Peregrine Financial Group Inc. and its chief executive, potentially speeding a government victory over the collapsed brokerage on alleged rule violations. The Commodity Futures Trading Commission asked a Chicago court to enter a default against Peregrine and its chief executive, Russell Wasendorf Sr., neither of which have responded to charges leveled by the agency, according to a court document.
jlne.ws/TXsYv5

Knight Said to Near Decision on Takeover Bids From Virtu, Getco
Bloomberg
Knight Capital Group Inc. directors met today to discuss takeover offers from Getco LLC and Virtu Financial LLC and will probably decide on a sale within days, a person with direct knowledge of the matter said.
jlne.ws/TXsVPS

Deutsche chief blasted for call to complain over raid
Reuters via Yahoo! News
BERLIN – German politicians from across the political spectrum criticized Deutsche Bank co-CEO Juergen Fitschen on Monday following reports he had called a senior local politician to complain about a raid on the bank’s Frankfurt headquarters last week.
jlne.ws/TXsYv7

Dozens to be implicated in UBS Libor deal
By Kara Scannell in New York and Brooke Masters in London – FT.com
About three dozen bankers and senior managers will be implicated in the alleged rigging of Libor interest rates when UBS settles with global regulators later this week, according to people familiar with the matter.
jlne.ws/TXsYva

Buy-side boost outsourcing in the wake of rule changes
Dan Barnes – FOW
Custodian banks are seeing a surge of interest in their outsourcing services from buy-side firms, who are feeling ever greater pressure under new derivatives rules. Sell-side revenues from outsourcing service provision are expected to grow by 42% in the next four years as fund managers push more work out to their partners. Increasingly custodians are finding that clients are asking specifically for solutions to deal with the new derivatives regulations.
jlne.ws/TXsYvb

The new normal: recalibrating the future
Matthew Attwood – Financial News
For investment banks 2012 has been a year of reassessing business strategies. Many realised they had to respond to changing conditions, but often were not sure how to do it most effectively. Fixed-income revenues, for example, rose at most banks, but it didn’t stop some from reducing or exiting their debt businesses.
jlne.ws/TXsYvd

Regulatory

Audio Records of Swaps and Futures Trades Required by CFTC Rule
Bloomberg
Derivatives traders will be required to keep audio records of commodities transactions under U.S. Commodity Futures Trading Commission rules completed in a private vote today.
jlne.ws/TXsYvh

***JM: For comprehensive information on this issue, see the MarketsReformWiki page at jlne.ws/RBFCo5

John Ramsay Named Acting Director of SEC’s Division of Trading and Markets
Securities and Exchange Commission Chairman Elisse B. Walter today named John Ramsay as Acting Director of the Division of Trading and Markets. He will replace Robert Cook, who announced that he plans to step down after a short transition period.
jlne.ws/TXsYvk

Lona Nallengara Named Acting Director Of SEC’s Division Of Corporation Finance
jlne.ws/TXsVPZ

CFTC’s Division of Market Oversight Issues Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants From Compliance With Reporting Obligations
The Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) today issued a no-action letter providing time-limited relief to Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) from the obligation to report valuation data for cleared swaps as required by § 45.4(b)(2)(ii) of the Commission’s regulations.
jlne.ws/TXsVQ0

CFTC’s Division of Market Oversight Issues Time-Limited No-Action Relief from Parts 43 and 45 Reporting for Prime Brokerage Transactions, and Reporting of Unique Swap Identifiers in Related Trades under Part 45 by Prime Brokers
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight today issued a letter providing swap dealers with time-limited no-action relief from parts 43 and 45 reporting for prime brokerage transactions, and reporting of Unique Swap Identifiers in related trades under part 45 by prime brokers.
jlne.ws/TXsVQ1

CFTC Approves Final Rule on Adaptation of Regulations to Incorporate Swaps – Records of Transactions
The U.S. Commodity Futures Trading Commission (CFTC) today approved a final rule to enhance the Commission’s enforcement program for the futures market.
jlne.ws/TXsVQ3

Statement Of Support – Adaptation Of Regulations To Incorporate Swaps – Records Of Transactions, CFTC Chairman Gary Gensler
jlne.ws/TXsVQ6

Federal Reserve Board Issues Supervision And Regulation Letter Summarizing Changes Made To Its Program For Consolidated Supervision Of Large Financial Institutions
jlne.ws/TXsYLz

ESMA Has Published The Official Translations Of The Guidelines On ETFs And Other UCITS Issues
This publication consolidates the Guidelines on ETFs and other UCITS issues (ESMA/2012/474) and the Guidelines on repo and reverse repurchase agreements (ESMA/2012/722), respectively adopted in July and November this year.
jlne.ws/TXsYLA

ESMA Publishes The Responses To The Consultation On Guidelines On Remuneration Policies And Practices (MiFID)
jlne.ws/TXsYLB

Risk Modeling At The SEC: The Accounting Quality Model By Craig M. Lewis, Chief Economist And Director, Division Of Risk, Strategy, And Financial Innovation, U.S. Securities & Exchange Commission – Financial Executives International Committee On Finance And Information Technology, December 13, 2012
jlne.ws/TXsVQb

Exchanges & Trading Facilities

EEX facilitates access for US participants
The European Energy Exchange (EEX), Europe’s leading energy exchange, aims to expand its presence in the US market. Therefore, EEX and the derivatives marketplace Eurex Exchange have launched a joined incentive program to win more Eurex participants from the United States, who will also trade on the EEX.
jlne.ws/TXsYLC

Burgundy Migration To Millennium Exchange
As previously announced, Oslo Børs has entered into an agreement to purchase the Nordic MTF/exchange Burgundy. Oslo Børs and Burgundy intend to migrate the Burgundy market to the Millennium Exchange trading platform, and we are pleased to provide information on the timetable for the migration, and to explain how interested parties can receive information and keep up-to-date about the migration project.
jlne.ws/TXsW6q

Toronto Stock Exchange and TSX Venture Exchange Seek Public Comment on Listing Guidelines for Emerging Market Issuers
Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) today published a joint Consultation Paper on Emerging Market Issuers. The Consultation Paper examines the risks associated with listings from emerging markets and solicits feedback on possible measures being considered to complement existing and well-established guidelines, rules and standards at TSX and TSXV.
jlne.ws/TXsW6r

Resolutions Of The Board Of Directors Of The Moscow Exchange – Moscow Exchange IPO
On December 17, 2012 the meeting of the Moscow Exchange Board of Directors took place.
jlne.ws/TXsW6s

FESE European Equity Market Report – November 2012 Figures
jlne.ws/TXsW6t

Final NZX Diversity Guidance Note Published
jlne.ws/TXsYLH

MIAX Options Christmas And New Year’s Holiday Schedule
jlne.ws/TXsYLI

NASDAQ Welcomes Remy International, Inc. To The NASDAQ Capital Market
jlne.ws/TXsW6u

Hedge Funds & Managed Futures

Odey chief executive makes way for next generation
Harriet Agnew
The chief executive of Crispin Odey’s $7bn Odey Asset Management is stepping down after seven years to focus on a venture that helps UK companies enter emerging markets.
jlne.ws/TXsW6v

Billionaire Hedge Fund Manager Bets On Mainframe Computers
Forbes
Mainframe computers have continued to endure, defying decades of technological change and overcoming predictions of their coming extinction. Now a billionaire New York hedge fund manager is making a big bet on big iron computers.
jlne.ws/TXsW6w

Chicago money manager Brian Baker dies at 58
Steven R. Strahler – Crain’s
Brian Baker, a money manager whose Chicago-based Vestor Capital Partners LLC was sold in October, died over the weekend after crashing into a glass coffee table in his Wilmette home. He was 58.
jlne.ws/TXsYLJ

New President For Hedge Funds Care
Business Wire via Yahoo! Finance
Hedge Funds Care, an international non-profit organization which raises funds and awareness for programs to prevent and treat child abuse, announced today that Dean C. Backer has become the new President, taking over from John M. Budzyna, who has just completed the second of his two-year terms in the post.
jlne.ws/TXsW6z

The fund industry’s worst offenders of 2012
Chuck Jaffe, MarketWatch
It’s time to spread a little holiday jeer — with the second helping of my annual Lump of Coal Awards. Now in their 17th year, the Lump of Coal Awards recognize managers, executives, firms, watchdogs and other fund-industry fumblers for action, attitude, behavior, execution or performance that is misguided, bumbling, offensive, disingenuous, reprehensible or just plain stupid.
jlne.ws/TXsYLM

Fortress Asia Macro Fund Wins Top Global Macro Honors, Fortress Named “Management Firm of the Year” at HFMWeek’s 2012 Asia Performance Awards
Fortress Investment Group (FIG) was named “Management Firm of the Year” and the Fortress Asia Macro Fund was named “Best Global Macro Fund” at the HFMWeek 2012 Asia Performance Awards.
jlne.ws/TXsW6A

Carlyle Joins KKR in Europe Infrastructure Push: Credit Markets
Bloomberg
Money managers from Carlyle Group LP to KKR & Co. are setting up funds that will allow their investors to take advantage of Europe’s $600 billion plan to build its way out of a recession.
jlne.ws/TXsYLO

US pensions turn to emerging market bonds
Shanny Basar in New York – Financial News
Fund managers said US pension funds are beginning to increase their allocations to emerging market bonds following warnings of a bubble in developed market debt
jlne.ws/TXsW6E

Cerberus Outlay Reviewed by Pension After School Massacre
Bloomberg
California State Teachers’ Retirement System, the pension fund that has $751 million overseen by Cerberus Capital Management LP, is reviewing its allocation to the investment firm that owns gun maker Freedom Group Inc. after the Connecticut massacre that killed 27 people.
jlne.ws/TXsYLP

Cerberus to Sell Gunmaker Freedom Group
MARK SCOTT – NYTimes.com
The private equity firm Cerberus Capital Management said on Tuesday that it would sell its investment in the gunmaker Freedom Group in response to the school shootings last week in Connecticut. Cerberus acquired Bushmaster — the manufacturer of the rifle used by the gunman in the Newtown attacks that killed 27 people, including 20 schoolchildren — in 2006.
jlne.ws/TXsZ24

Banks & Brokers

UBS faces $1.5 billion day of reckoning over rate rigging
Reuters via Yahoo! News
UBS AG will pay around $1.5 billion to settle charges that a group of traders at its Japanese unit rigged Libor interest rates, a source familiar with the matter said on Monday as the Swiss bank prepares for a deal with regulators.
jlne.ws/TXsW6F

Bain Joins Goldman to Urge Dismissal of Bid-Rigging Suit
Bloomberg
Goldman Sachs Group Inc. and Bain Capital Partners LLC are set to defend what they call legitimate private-equity practices against investor claims that buyout firms and their bankers colluded to rig bids on takeovers.
jlne.ws/TXsZ27

U.S. agency sues JPMorgan over mortgage securities
Reuters via Yahoo! News
The U.S. credit union regulator sued JPMorgan Securities and Bear Stearns & Co on Monday over $3.6 billion in mortgage securities the bank allegedly sold to credit unions that collapsed because of losses from the securities.
jlne.ws/TXsW6G

Morgan Stanley Fined $5 Million by Massachusetts on Facebook IPO
Michael J. Moore – Businessweek
Morgan Stanley’s handling of Facebook Inc.’s (FB) initial public offering, a deal that cost investors billions of dollars, broke a decade-old pledge to block investment bankers from influencing analysts, according to Massachusetts regulators, who fined the bank $5 million.
jlne.ws/TXsWmV

Deutsche Bank Says Clients to Determine Fate of Banks
Bloomberg
Deutsche Bank AG co-Chief Executive Officer Juergen Fitschen , who was included in a German tax- evasion probe last week, said lenders that fail to keep the trust of their clients will disappear.
jlne.ws/TXsZ2a

Deutsche Bank Employees Are Said to Seek Jail Release
Bloomberg
The four Deutsche Bank AG employees in jail while being investigated for obstruction of justice and money laundering allegations have asked a German court to release them, two people familiar with the situation said.
jlne.ws/TXsZ2b

Barclays says FERC manipulation charges won’t hold up
Reuters
Barclays Bank PLC (BARC.L) has denied that it manipulated electricity markets and predicted in a tersely worded regulatory filing that the U.S. Federal Energy Regulatory Commission’s case, and proposed record penalties, will not hold up in court.
jlne.ws/TXsWmW

Clearing & Settlement

Clearers and exchanges face reform limits
Michelle Price
As providers of a neutral, transparent and safe trading infrastructure, exchanges and clearing houses have long been regarded as the rhetorical and commercial winners of the G20 programme to overhaul the financial markets.
jlne.ws/TWiRXq

ASIC releases amendments to clearing and settlement facilities guidance
jlne.ws/TXsZ2c

Indexes & Products

JPMorgan copper ETF, first in U.S., gets green light
Reuters via Yahoo! News
U.S. regulators have finally approved JPMorgan Chase & Co’s controversial plan to launch a copper exchange-traded fund backed by actual stockpiles of the metal, dealing a blow to end users who fear the product will wreak havoc on prices.
jlne.ws/TXsWmZ

Exchanges Hold Steady Going Into Christmas And New Year Holidays
Heading into the holiday season the FTSE Mondo Visione Exchanges Index is steady with most publicly listed exchanges holding their share value during the month of November.
jlne.ws/TXsZ2i

Two new Lyxor ETFs launched in the XTF segment on Xetra
jlne.ws/TXsWn4

Performance Update Of The EDHEC-Risk Alternative Indexes – Broad Gains For Hedge Funds In November
jlne.ws/TXsZ2j

S&P Dow Jones Indices Announces Changes In Canadian Indices – A Deletion From S&P/TSX Venture Composite Index
jlne.ws/TXsZ2k

Component Changes Made To STOXX Select Dividend Indices
jlne.ws/TXsWn8

Quarterly Changes To The NASDAQ Q-50 Index
jlne.ws/TXsZ2n

Semi-Annual Changes To The NASDAQ OMX ABA Community Bank Index
jlne.ws/TXsZiC

BM&FBOVESPA Announces The 2nd Preview Of The Ibovespa And Other Indices, Valid For January-April 2013
jlne.ws/TXsWnb

Technology

Okasan Securities Selects Fidessa’s Japanese Trading Platform For Proprietary Trading
Fidessa group plc (LSE: FDSA) has announced that Okasan Securities, an independent securities company headquartered in Tokyo, has selected Fidessa’s Japanese trading platform for its proprietary trading business.
jlne.ws/TXsWnc

SunGard Identifies Ten Trends in Managed Services and Outsourcing for Financial Institutions and Corporations in 2013
Kalpesh Master, managing partner for managed services, SunGard’s global services business, said, “As cost pressures and regulatory requirements continue to challenge financial institutions’ and corporations’ ability to grow revenue, they are looking to trusted outsourcing providers for additional managed services.
jlne.ws/TXsZiD

Credit Suisse selects Markit Enterprise Data Management
Automated Trader
Markit, the financial information services company, has announced that Credit Suisse has selected Markit’s Enterprise Data Management (EDM) platform (formerly Cadis Software) to manage data used within its private bank’s research department.
jlne.ws/TXsZiH

Bloomberg Vault Debuts As Challenger In Gartner Magic Quadrant For Enterprise Information Archiving
Bloomberg Vault, Bloomberg’s cloud-based enterprise information management service, announced today it is positioned as a Challenger in Gartner’s 2012 Magic Quadrant for Enterprise Information Archiving.
jlne.ws/TXsZiI

ISDA Publishes The Recommendation For FpML Version 5.4
jlne.ws/TXsZiJ

Enforcement

Ex-hedge fund bosses convicted in NY trading case
Associated Press via Yahoo! News
Two former hedge fund managers were convicted Monday of insider trading charges, including allegations that one of them had made as much as $50 million on a tip about Dell earnings.
jlne.ws/TXsZiK

SEC Charges Connecticut-Based Adviser for “Skin in the Game” Misstatements About CDOs
The Securities and Exchange Commission today charged a Connecticut-based investment adviser with falsely stating to clients that it was co-investing alongside them in two collateralized debt obligations (CDO).
jlne.ws/TXsZiM

SEC Charges Germany-Based Allianz SE with FCPA Violations
The Securities and Exchange Commission today charged Germany-based insurance and asset management company Allianz SE with violating the books and records and internal controls provisions of the Foreign Corrupt Practices Act (FCPA) for improper payments to government officials in Indonesia during a seven-year period.
jlne.ws/TXsWDr

FSA announces redress scheme for Arch cru investors
jlne.ws/TXsZiN

ASIC permanently bans former mortgage broker
jlne.ws/TXsWDs

[ASIC] Two men plead guilty to insider trading charges
jlne.ws/TXsWDv

BCSC panel issues lifetime ban against B.C. man for fraud and fines him $700,000
A British Columbia Securities Commission panel has permanently banned a B.C. man from the province’s capital markets for committing fraud by knowingly making materially false statements to entice investors to invest in a company he controlled.
jlne.ws/TXsZiR

Environmental & Energy

EEX exchange drops fee to attract new U.S. members
Reuters
German-based European Energy Exchange (EEX) will drop its annual fees for new U.S.-based members in a drive to attract more U.S.-based participants for its power, natural gas, coal and emissions products, the exchange said on Monday.
jlne.ws/UZwQdZ

Japan to Trade Emission Credits Through 2015, Government Says
Bloomberg
Japan can transfer and acquire carbon credits under the Kyoto Protocol until at least the second half of 2015 during a so-called “true up” period, government officials said today.
jlne.ws/V3YXgv

California appoints carbon watchdogs for cap-and-trade program
Bloomberg
Two nonprofits, including one with operations in Sacramento, were appointed to key roles Friday in California’s new cap-and-trade carbon market.
jlne.ws/U5dNma

Asia-Pacific

Foreign investment in China falls
The Wall Street Journal
China’s foreign direct investment fell 5.4% in November from a year earlier, the government said, while an official warned that increasing international competition presents a challenge to China’s ability to keep foreign investment.
jlne.ws/TXsWDx

Electronic Trading Spreads in Asia as Regulators Ease Path
Deal Journal – WSJ
Electronic trading has spread swiftly across the Asia Pacific region as regulators have allowed stock markets to fragment and adjusted exchanges’ trading rules.
jlne.ws/TXsWDz

Forecast of Consolidated Financial Results of Japan Exchange Group, Inc. for the Fiscal Year ending March 31, 2013
jlne.ws/TXt2ei

Osaka Securities Exchange’s Year-To-Date Derivatives Trading Volume Hits A Record High
jlne.ws/TXsWDC

Tokyo Commodity Exchange Year-End / New Year Business Schedule
jlne.ws/TXt2el

HKFE Announces Revised Margins For China Merchants Bank Futures
jlne.ws/TXsWDD

Frontier Markets

Q&A with Mark Mobius: Frontier markets in 2013
David Thomas – Financial News
The executive chairman of Templeton Emerging Markets Group spoke to Financial News about the prospects for frontier market investing in 2013, and shared his advice for aspiring fund managers.
jlne.ws/TXt2eo

Bursa Malaysia Reprimands, Fines And Suspends Tan Yee Chee For Engaging In False Trading Activities
jlne.ws/TXt2eq

The Palestine Exchange (PEX) Announces Final Recommendations From The 6th Annual Palestinian Capital Market Forum
jlne.ws/TXsWDG

Tel Aviv Stock Exchange: Trade Opening By The Management Of Newest TA-100 Constituents
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John Lothian Newsletter

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Rick Lane

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Past JLN Newsletters

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