First Read

Thomas Texier Named Managing Director, R.J. O’Brien Limited
R.J. O’Brien
Chicago-based R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, today announced the promotion of Thomas Texier to the new role of Managing Director of its London-based affiliate, R.J. O’Brien Limited (RJO Limited).
/yhoo.it/2kLt8cW

**JK: Gerry Corcoran memorizes every street in London, hires new MD, returns home.

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Trump’s Travel Ban Is Un-American and Unwise
Bloomberg Editorial Board
Leave aside the moral, legal, economic, political and practical objections — and it’s quite a list — and instead consider just the security implications of the executive order President Donald Trump issued late Friday: Will temporarily banning the entry of all refugees and nationals from seven countries make the U.S. safer?
/goo.gl/5Q7M3W

**JK: Bloomberg, that bastion of liberal bleeding hearts, speaks up.

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CME Tries to Sell Small Investors on Futures Trading; Exchange says its campaign is aimed at financially sophisticated individuals
By ALEXANDER OSIPOVICH – WSJ
Futures trading has a reputation as a risky endeavor best left for the pros. That’s not stopping CME Group Inc. from encouraging individual investors to try it out.
/goo.gl/eNfIhu

**JK: I’m not sure what height has to do with it, but okay.

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Brand New: Hehmeyer Moves Into Managed Futures & More

MarketsWikiEducation.com

Sometimes it’s time to diversify.

Chris Hehmeyer formed a new firm called Hehmeyer Trading & Investments LLC that will expand into the managed futures and introducing broker space. The renamed company comes from his prior firm, HTG Capital Partners, which acquired Kottke & Associates in late 2016. The new name helps simplify things for Hehmeyer, who has integrated HTG’s proprietary trading operation along with Kottke’s commodity trading advisor and introducing broker business.

Hehmeyer, who serves as CEO of the the new entity, sees plenty of opportunity in the CTA business. He said there is an appetite for non-correlated investments and that managed futures are a good fit for investors. The firm is looking to expand into the so-called 40-Act space, or managed futures mutual funds. That actively managed sector has continued to grow and Hehmeyer aims to tap into it.

Watch the video »

**JK: In case you missed it last week.

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U.S. Accuses 3 of Using ‘Hamilton’ as Lure in Ponzi Scheme
by Christian Berthelsen – Bloomberg
In the Broadway smash hit “Hamilton,” actors playing Thomas Jefferson, James Madison and Aaron Burr sing “Follow the money and see where it goes,” as they plot to take down their rival, Alexander Hamilton.
/goo.gl/t1xzZl

**JK: Seemed like a good idea after Hairspray didn’t work out for them.

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Bank of Montreal’s Downe Says Female Bank CEOs Are Inevitable
Katia Dmitrieva – Bloomberg
BMO and peers including women in CEO candidate pools: Downe; Women comprise 28% of big five Canadian banks top c-suite
The head of Bank of Montreal says Canada’s biggest financial institutions are actively grooming women to become chief executive officers, ending centuries of male rule at the country’s top lenders.
/goo.gl/Cbd8NN

**JK: And leading the way is, Canada?

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Nobody Knows FX Cycles Like John R. Taylor, Who’s Back Up, Again
Liz McCormick – Bloomberg
For John R. Taylor, the world is defined by cycles. There are ups—building and running a currency hedge fund that became the world’s biggest, for instance. And there are downs—specifically, presiding over its demise.
The 73-year-old former scholar of political science and European history sees that particular experience at FX Concepts LLC as just another cycle, an echo of the statistical patterns he uses to guide his predictions. “It was a 35-year round trip,” Taylor says in an interview over lunch across the street from his modest Midtown Manhattan office. “And 35 years happens to be one of my favorite cycles.”
/goo.gl/MPZicz

**JK: That London trip is looking better and better.

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Friday’s Top Three
Friday’s top stories were a mixed bag of interests, from the “stupid plan” story about microwave towers in England to the sad death of a Wall Street executive’s wife. Bloomberg’s story Speed Traders’ ‘Stupid’ Plan for Fast Network Halted in U.K. took the top spot. Business Insider’s wide ranging Q&A with CME Group’s Terry Duffy was a close second with Terry Duffy on Chicago and big business moral obligation. Third went to the NY Post story, Wealthy philanthropist jumps to her death on Upper East Side

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MarketsWiki Stats
92,953,206 pages viewed; 22,324 pages; 203,388 edits
MarketsWiki Statistics

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Lead Stories

Europe’s Zombie Tax on Trading Kept Alive by Election Season
by Jonathan Stearns and Alexander Weber – Bloomberg
Domestic politics prevents plug being pulled on proposed levy; European saga has run almost as long as the Greek debt crisis
A European proposal for a tax on financial transactions is trapped in limbo: financial realities won’t let it come to life while political opportunism is preventing a quick death.
/goo.gl/qzNP8N

Nasdaq amends disputed fee proposal for key stock market data
John McCrank – Reuters
Nasdaq Inc no longer plans to charge additional fees to access key data essential for stock market operations following complaints of price gouging from other exchanges, trading firms and an industry trade group, according to a regulatory filing.
reut.rs/2kv3Xwg

BrokerTec Europe to acquire e-MID SIM SpA
BrokerTec
BrokerTec, NEX Group’s global electronic fixed income trading platform, announces today that it has agreed to acquire a controlling majority stake in e-MID SIM SpA “e-MID”, the first Italian electronic central limit order book (CLOB) platform for interbank deposits and Overnight Indexed Swaps (OIS).
/goo.gl/DOovlm

ESMA seeks ‘urgent’ new EMIR enforcement powers; Steven Maijoor urges Commission to grant further sanctioning powers to ESMA and looks to increase fines by five times.
By Hayley McDowell – The Trade
The European Securities Market Authority (ESMA) is urgently seeking a review of EMIR trade reporting requirements, which could see the regulator gain further sanctioning powers to increase fines by up to five times.
/goo.gl/DKCD8c

BSE to list on NSE on February 3
www.moneycontrol.com
The IPO, which opened for subscription from January 23-25, was subscribed 51 times at a price band of Rs 805-806 per share.
Asia’s oldest bourse BSE, which recently concluded its Rs 1,243-crore initial public offering, will list on rival National Stock Exchange (NSE) on February 3.
/goo.gl/DcofDb

Citadel Securities CEO Turner exits
Lynne Marek – Crain’s Chicago Business
Citadel Securities CEO Kevin Turner, who joined the Chicago trading company owned by billionaire Ken Griffin less than a year ago, is heading for the exits.
/goo.gl/hJUIFH

LSE/Boat JV TRADEcho launches MiFID II Smart Report Router
Finextra.com
Boat Services and London Stock Exchange’s TRADEcho service opens its innovative open access Smart Report Router (SRR) bringing choice to the market place.
MiFID II brings many challenges to buy and sell-side investment firms, not least, the requirement to publish trades to the market as close to real time as possible. The Smart Report Router determines if and when the buy or sell side counterparty should publish the trade, and where there is a requirement it routes that trade to an Approved Publication Arrangement (APA) of choice for publication.
bit.ly/2kLctqj

TP ICAP bolsters data and analytics business with first acquisition; TP ICAP has acquired market research firm Burton Taylor International Consulting.
By Hayley McDowell – The Trade
TP ICAP has completed the acquisition of market research firm, Burton-Taylor International Consulting, marking the first acquisition since its rebrand.
/goo.gl/WEo8CH

Getting Up to Speed on the NYSE Announcement
Bill Harts – Traders News
In some recent news, the New York Stock Exchange announced they were allowing stocks from other exchanges to trade on their main floor. That reversed a centuries old policy and left some wondering why NYSE was breaking with tradition. Further, the press release explaining the new access touted the benefits of the NYSE allocation model that “deemphasizes speed.” This gave some the impression that NYSE was offering traders of Nasdaq-listed stocks a choice between high- and low-speed trading. In fact, this choice is actually a testament to the unique benefit of the role of high speed trading for issuers at the exchange.
/goo.gl/rU0uUr

Citigroup, European Banks Stick With Mexico as Trade War Looms
By CHRISTINA REXRODE in New York and JEANNETTE NEUMANN in Madrid – WSJ
Big American and European banks with substantial interests in Mexico are standing fast with plans for further investment in that country even as trade-war talk heats up with the U.S.
/goo.gl/gc1VFw

How a Russian Banker’s $25 Million Bonus Landed Him in Jail
by Jeremy Hodges – Bloomberg
After a London judge told George Urumov he’ll spend the next 12 years in jail for cheating his employer out of almost $150 million, the former trader turned his head to the gallery to try to catch his wife’s eye.
/goo.gl/2pY2IZ

Why Market Data Consumption is Trending Up
Lynn Martin, President and COO, ICE Data Services – LinkedIn
As president and chief operating officer of ICE Data Services, I’m fortunate to interact with many of the world’s biggest consumers of market data. From global asset management firms and wealth advisors to trading desks and risk management officers, over the last 2 years I’ve had the opportunity to hear a variety of perspectives from data users who all have one thing in common: they’re using more data now than ever before.
/goo.gl/r00jie

Europe’s Fear Gauge Signals Turbulence Around French Election; The continent’s volatility index has contracts for April pricier than those farther out
By GUNJAN BANERJI – WSJ
While calm has blanketed the U.S. stock market to a degree not seen in years, European investors are wagering on volatility ahead.
/goo.gl/6c80S3

‘Too big to fail’ is making a comeback
Craig Wilson, The Daily Reckoning via Business Insider
Too big to fail is returning with a vengeance. The same risk that major Wall Street banks posed in the 2008 crisis when they were too complex, too big and too risky to the global economy to be allowed to fail is alive and well.
/goo.gl/AiVokg

Brexit

Brexit Disruptors Challenge Government’s Plans in Court; A handful of legal efforts are taking aim at Prime Minister Theresa May’s plan to take Britain out of the EU
By JENNY GROSS – WSJ
Jolyon Maugham woke up early the morning after Britain’s European Union referendum and listened to the radio in shock: With most of the votes in, the odds favored leaving. He began to rack his brain for ways to stop it from happening.
/goo.gl/9abe9w

Goldman presses May to protect City post-Brexit; Head of US bank warned about threat to London at private Davos meeting
by: Martin Arnold and Patrick Jenkins in London – FT
Goldman Sachs’ chief executive has emerged as a thorn in the side of UK prime minister Theresa May, warning that European financial centres could challenge London unless her government gives more priority to the City in Brexit negotiations.
/goo.gl/cf9gNi

Exchanges, OTC and Clearing

Terry Duffy CME Group on China
Matt Turner – Business Insider
“Who has gotten paid from China?” That’s the key question when it comes to Wall Street firms trying to make headway in China, according to Terry Duffy, the CEO of exchange giant CME Group.
read.bi/2kuA8vQ

ICE Fights Antitrust Watchdog’s ‘Irrational’ Sale Order
By Alex Davis – Law360
Intercontinental Exchange Inc. accused the U.K.’s antitrust agency at a London tribunal on Monday of unfairly ruling out evidence supporting ICE’s position when the authority ordered the company to sell off recently acquired trading software firm Trayport Inc. last year.
/goo.gl/dwDfal

Japan Exchange Group, Inc. and Consolidated Subsidiaries
JPX
bit.ly/2kLoH21

Nasdaq Corporate Solutions and Euroland IR Partner to Provide Enhanced Features for Investor Relations Websites
By GlobeNewswire
Nasdaq Corporate Solutions announces its partnership with Euroland IR to offer investor relations (IR) professionals worldwide with enhanced features for their IR websites. The partnership was formalized in December 2016 and brings comprehensive stock quotes, interactive charting and other IR website modules to thousands of Nasdaq Corporate Solutions clients across EMEA, Asia and the Americas. This upgrade for clients is already underway and follows the release of Nasdaq’s next generation IR website platform powered by Drupal 8 open source technology.
/goo.gl/42GMnf

MGEX Reports Five Consecutive Open Interest Records
MGEX
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), has recorded the highest open interest total ever following Thursday’s activity with 88,922 contracts, making it the 5th-consecutive record this week.
/goo.gl/dHZF6t

BSE to list on NSE on 3 February
PTI via Livemint
Asia’s oldest bourse BSE, which recently concluded its Rs1,243-crore initial public offering (IPO), will list on rival National Stock Exchange (NSE) on 3 February .
/goo.gl/QoDGx0

BSE Listing: SEBI Sets Process To Address Potential Conflict
Bloomberg
Market regulator Securities Exchange Board of India (SEBI) on Friday put in place a three-stage framework for addressing any conflict arising out of listing of a stock exchange on another bourse, with an independent conflict resolution c
/goo.gl/HUqPnx

BSE’s success could restart IPO engine; High investor interest makes i-bankers launch more share sales despite a volatile secondary market
Pavan Burugula – Business Standard
A positive response to BSE Ltd’s initial public offering (IPO) has instilled confidence into the primary market, which has seen a two-month lull period. Investment bankers say at least half a dozen companies could launch their public offers immediately after the Budget. Security solutions provider Security and Intelligence Services, D-Mart hypermarket chain operator Avenue Supermarts, infrastructure firms GR Infraprojects and Shankara Building are some of the companies aiming to hit the market in the next few weeks. Besides these, depository company Central Depository …
/goo.gl/Pb3vnc

Funds Europe: “Central Counterparty Clearing: A few little tweaks” by Nik Pratt
Eurex
Nicholas Pratt from Funds Europe gives an overview on latest changes in central counterparties clearing in the securities lending market.
/goo.gl/xGt7Ip

Politics

Donald Trump’s attitude to negotiation could provoke a war, says former British military chief; General Sir Richard Barrons says the US President’s approach could lead to him doing something ‘mad’
Shehab Khan – Independent
Donald Trump’s confrontational approach to negotiation – based on his experiences in business – could provoke a war, according to a former leading British general.
/goo.gl/VQKDcD

Donald Trump is deaf to the echoes of history; The president issued his refugee ban on International Holocaust Remembrance Day
by: Jacob Weisberg – FT
Going through my mother’s papers after she died last year, I found a folder marked “1940 immigration — Jewish relatives”. The pleading letters and desperate cables it contained told a story I knew only in broad outline, about how my grandparents helped a family of distant relations escape the Nazis at the last possible moment.
/goo.gl/yk8WkR

Global backlash grows against Trump’s immigration order
Maher Chmaytelli and Lin Noueihed – Reuters
A global backlash against U.S. President Donald Trump’s immigration curbs gathered strength on Sunday as several countries including long-standing American allies criticized the measures as discriminatory and divisive.
/goo.gl/z0c6FI

White House discussing asking foreign visitors for social media info and cell phone contacts
Jake Tapper – CNN
Washington (CNN)Amid the chaos and confusion of President Donald Trump’s new executive order on immigration and refugees, sources tell CNN that White House policy director Stephen Miller spoke with officials of the State Department, Customs and Border Patrol, Department of Homeland Security and others to tell them that the President is deeply committed to the executive order and the public is firmly behind it — urging them not to get distracted by what he described as hysterical voices on TV.
/goo.gl/0YlpZK

To my Jewish, Irish, Asian and Italian friends
The Reformed Broker
To my Jewish, Irish, Asian and Italian friends, let’s remember: Your ancestors were lower than dirt when they arrived here. Italians were referred to – openly – as a subhuman race of rats and criminals. Irishmen were apes and monkeys.
/goo.gl/4IF7ov

Trump treasury pick Mnuchin misled Senate on foreclosures, Ohio cases show
Alan Johnson and Jill Riepenhoff – The Columbus Dispatch
President Donald Trump’s nominee for U.S. treasury secretary was untruthful with the Senate during the confirmation process, documents uncovered by The Dispatch show.
/goo.gl/0IiFlk

Smoot and Hawley, the ghosts of tariffs past, haunt the White House
Dominic Rushe – The Telegraph
Can Donald Trump hear them? Alone in the Oval Office in the wee dark hours, illuminated by the glow of his Twitter app, can the president detect whispering voices? Does he feel the sudden chill flowing from those freshly hung gold drapes? It is the shades of Smoot and Hawley.
/goo.gl/b6bq0c

Trumping the Renminbi
Andrew Sheng and Xiao Geng – Project Syndicate
At the recently concluded World Economic Forum Annual Meeting in Davos, Switzerland, Chinese President Xi Jinping mounted a robust defense of globalization, reaffirming his country’s “open door” policy and pledging never to seek to start a trade war or to benefit from devaluation of its currency. Soon after, US President Donald Trump, in his inaugural address, effectively made the opposite pledge: using the word “protect” seven times, he confirmed that his “America first” doctrine means protectionism.
/goo.gl/Zn0vQm

Mnuchin Dims Banks’ Hopes He Will Allow a Prop-Trading Revival
by Elizabeth Dexheimer – Bloomberg
Steven Mnuchin made clear he doesn’t want Wall Street banks getting back into the business of making risky market bets with their own capital, after Senate Democrats pushed him to clarify his responses to questions they asked during his confirmation process to be Treasury secretary.
/goo.gl/bNtnZm

Scaramucci Scores Millions From a Buyer With Mystery Investors
Zachary Mider, Katherine Burton and Simone Foxman – Bloomberg
A few days after Anthony Scaramucci lined up a top job in Donald Trump’s White House, he struck a multimillion-dollar deal to exit his investment firm, selling part of his interest to a little-known company, RON Transatlantic EG.
bloom.bg/2kv2JRv

Investing and Trading

Does the Outperformance of UDIBonos to MBonos Have Legs?
Dennis Badlyans – S&P Dow Jones Indices
Since the U.S. presidential election on Nov. 8, 2016, the S&P/BMV Sovereign UDIBONOS Bond Index, which seeks to track inflation-protected Mexican government bonds, outperformed its nominal counterpart, the S&P/BMV Sovereign MBONOS Bond Index (see Exhibit 1). What was the driver behind this outperformance, and can we expect it to persist?
/goo.gl/KWpJ0q

Trump Era May Mean Fireworks on Fed Days Despite Better Guidance
by Matthew Boesler – Bloomberg
FOMC was getting more predictable prior to December meeting; Meetings without Yellen briefings are increasingly in play
U.S. Federal Reserve officials were on a roll communicating their intentions to financial markets until December, when even a well-advertised interest-rate hike triggered a big sell-off in the bond market.
/goo.gl/xPGEqN

‘Becoming Warren Buffett’ Goes Beyond a $74 Billion Fortune
By MICHAEL J. de la MERCED – NY Times
Warren E. Buffett isn’t exactly an unknown quantity. As America’s most famous investor and the possessor of what Forbes estimates is a $74 billion fortune, he has been the subject of endless scrutiny across print and film, most without his participation. But to Mr. Buffett, one of the appeals of agreeing to let the cameras into his life for “Becoming Warren Buffett,” an HBO documentary debuting on Monday, was to tell his story in a relatively new way.
/goo.gl/kP04S8

Institutions

The Hidden Fees Inside Managed-Future Funds
Jason Zweig – WSJ
With investors fleeing mutual funds that charge high fees, some fund companies have finally been cutting expenses. Others, it seems, have been burying them. Consider the odd contortions that managed-futures mutual funds go through in disclosing their expenses to investors. If your hobby is translating Egyptian hieroglyphics, you might enjoy spending a weekend trying to decode some of these funds’ financial reports. Other people should remember the ancient maxim: Don’t invest in something you can’t understand.
on.wsj.com/2kv8bDZ

Federal Reserve Bankers Mocked Unemployed Americans Behind Closed Doors
Matt Stoller – The Intercept
In 2011, unemployment was at a near crisis level. The jobless rate was stuck around 9 percent nationally, an unusually high number due to the continuing effects of the financial crash.
/goo.gl/70n6LN

Wall Street Rates Traders Said to Get Up to 20% Bonus Increases
Hugh Son – Bloomberg
It’s a good time to be a rates trader on Wall Street. JPMorgan Chase & Co., the world’s biggest investment bank by revenue, boosted its 2016 bonus pool for traders dealing in government bonds, swaps and other assets tied to interest rates by about 20 percent, according to people with knowledge of the matter who asked not to be identified discussing compensation.
/goo.gl/tlQfZr

BlackRock, Vanguard and State Street bulk up governance staff
Madison Marriage – Financial Times
BlackRock, Vanguard and State Street have expanded their corporate governance teams significantly in response to growing pressure from policymakers and clients to demonstrate they are policing the companies they invest in.
/goo.gl/iPMzzV

The Day Harvard Stopped Being a Hedge Fund
Barry Ritholtz – Bloomberg View
After losing $2 billion last year while markets mostly moved higher, Harvard Management Co. announced big changes in the way it oversees the world’s largest university endowment. Kicking off the new era, it is getting rid of half of its 230 employees and farming out management of most of its money. Alumni and other interested observers should expect to see a much simpler and cheaper endowment in the near future.
/goo.gl/ajqLLk

Fed to stop mortgage reinvestments in 2018: Morgan Stanley
Reuters
The U.S. Federal Reserve will stop reinvestments of its mortgage-backed securities holdings in April 2018 in an attempt to shrink its $4.2 trillion balance sheet that had ballooned from bond purchases to combat the last recession, Morgan Stanley analysts said on Friday.
/goo.gl/XkO477

Citigroup Exiting Business of Servicing Mortgages; Bank selling servicing rights of about 780,000 mortgages to a subsidiary of New Residential Investment Corp.
By CHRISTINA REXRODE – WSJ
Citigroup Inc. is nearing a deal to exit the mortgage-servicing business, according to people familiar with the matter.
/goo.gl/6LIZDL

Citadel Securities chief leaves after 5 months; Departure of former Microsoft executive Kevin Turner described as ‘amicable’
by: Nicole Bullock in New York – FT
Kevin Turner, the chief executive of Citadel Securities, is leaving just five months after the former Microsoft executive joined the group.
/goo.gl/gcyYFD

Fintech

Bosch, Cisco, BNY Mellon, others launch new blockchain consortium
Anna Irrera – Reuters
Cisco Systems Inc (CSCO.O), Bosch Ltd (BOSH.NS) and several other companies, have set up a consortium to work on how blockchain can be used to secure and improve “internet of things” applications, as sectors beyond finance seek to benefit from bitcoin’s underlying technology.
/goo.gl/Twsu24

New Hotbed for Tech Startups: Europe
Matthias Verbergt – WSJ
Europe’s entrepreneurs used to head for Silicon Valley; now, the money and opportunities are closer to home By
When Danish-Portuguese engineer Lars Fjeldsoe-Nielsen wanted to make it as a technology entrepreneur nearly a decade ago, he bought a one-way ticket to Silicon Valley.
/goo.gl/DWoI2i

Colt targets “disappointing” DCIM market with FNT partnership
Hannah Williams – Computer Business Review
FNT Software has partnered with Colt Data Centre Services to deliver solutions to boost the colocation market.
/goo.gl/icbfDn

Flash trading masts on the English channel blocked; American traders denied planning permission for 300m towers
by: Hannah Murphy – FT
Plans to erect two 300-metre tall communication masts in rural Kent to shave milliseconds from trading times between the UK and Europe have been rejected by Dover district council.
/goo.gl/x0e1A9

Regulation

Former Goldman Employee Alleges Co-Workers Knew of Plans to Get Fed Secrets
Katy Burne – WSJ
A former Goldman Sachs Group Inc. associate has alleged that three of the firm’s current employees knew in 2014 about his illegal efforts to get secrets from the Federal Reserve, according to new legal documents reviewed by The Wall Street Journal.
on.wsj.com/2kuyoSX

Florida bitcoin exchange operator’s dad avoids prison
Nate Raymond – Reuters
The father of a Florida man who prosecutors said operated an illegal bitcoin exchange avoided prison on Friday after pleading guilty in a case that stemmed from an investigation into a cyber breach at JPMorgan Chase & Co.
/goo.gl/ZvuIkH

Ex-Jefferies trader guilty on one fraud count, acquitted on nine
Reuters
A federal jury on Friday found former Jefferies Group bond trader Jesse Litvak guilty on one count of cheating his customers on bond prices, while acquitting him on nine other counts.
reut.rs/2kuyhHf

CFTC Acting Chairman Giancarlo Announces Amir Zaidi As Director Of The Division Of Market Oversight
Mondovisione
U.S. Commodity Futures Trading Commission (CFTC or Commission) Acting Chairman J. Christopher Giancarlo today announced several staff changes at the Commission. Giancarlo has appointed Amir Zaidi to lead the Division of Market Oversight (DMO). Further, the Acting Chairman appointed Vincent McGonagle as the Acting Director for the Division of Enforcement (DOE). In addition, Jeffrey Bandman will step down from his role as Acting Director of the Division of Clearing and Risk (DCR) to become an advisor on issues related to Financial Technology (FinTech). John Lawton, a 36-year employee of the Commission, has taken over as Acting Director of DCR.
/goo.gl/O8K2Xo

BaFin to curtail German pension funds’ alternatives allocations
Barbara Ottowa – Pensions & Investments Europe
Changes to investment rules for German pension funds may limit their ability to invest in alternative asset classes, Willis Towers Watson has warned.
/goo.gl/cSJBMs

BSE Listing: SEBI Sets Process To Address Potential Conflict
Bloomberg
Market regulator Securities Exchange Board of India (SEBI) on Friday put in place a three-stage framework for addressing any conflict arising out of listing of a stock exchange on another bourse, with an independent conflict resolution committee to be set up by the markets regulator having the final oversight role.
/goo.gl/HUqPnx

Chief Operating Officer Jeffery Heslop To Leave SEC
Mondovisione
The Securities and Exchange Commission today announced SEC Chief Operating Officer Jeffery Heslop will leave the agency in February.
/goo.gl/9TMCwr

CFTC Charges Florida Residents Anthony J. Klatch II And Lindsey Heim, Along With Their Company Assurance Capital Management, LLC, With Fraud And Misappropriation – Defendants Allegedly Defrauded More Than $556,000 From At Least 11 Investors In Multiple Investment Schemes
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a federal enforcement action in the U.S. District Court for the Middle District of Florida against Anthony J. Klatch II (Klatch), Lindsey Heim, and their company Assurance Capital Management, LLC (ACM), all of Tampa, Florida, charging them with fraud, misappropriation, and the issuance of false statements in connection with a commodity pool they operated that traded commodity futures contracts and options on futures contracts.
/goo.gl/YRWeHj

TRAQS TRACE Reporting Enhancements
FINRA
On Monday, March 20, 2017, FINRA will implement enhancements to the secure FINRA TRAQS Website for TRACE Corporate and Agency and Securitized Products trade reporting. These enhancements have been created as a result of client feedback and are geared to give TRAQS users the ability to maximize their management of multiple transaction submissions within TRAQS via a new Multi Entry screen and a Recall Last transaction function.
/goo.gl/5JjwdS

ESMA advocates common principles for setting up share classes in UCITS funds
ESMA
The European Securities and Markets Authority (ESMA) has today issued an Opinion on the extent to which different types of units or shares (share classes) of the same UCITS fund can differ from one another, having found diverging approaches in different EU countries.
/goo.gl/xDccrE

ESMA letter on EMIR Review and Sanctioning Powers to the European Commission
ESMA
The European Securities and Markets Authority (ESMA) has written to the European Commission (EC) to ask it to consider a number of issues relating to its supervisory and sanctioning powers under EMIR, in the context of the ongoing review, and also similar issues related to credit rating agencies (CRAs).
/goo.gl/wJ5DeL

Regions

In double whammy for Turkey, Fitch cuts to junk after S&P slashes outlook
David Dolan and Daren Butler – Reuters
Ratings agency Fitch downgraded Turkey’s sovereign debt to “junk” on Friday, snuffing out its last remaining investment grade and underscoring deepening concern about politics and monetary policy in what was once a star emerging market.
/goo.gl/osp6Ej

ITG Launches POSIT & POSIT Alert for Thailand
John D’Antona Jr. – Traders News
Block trading is coming to The Land of Smiles. ITG, an independent broker and financial technology provider, announced the addition of trading in Thai equities to the POSIT and POSIT Alert crossing platforms.Thailand marks the 11th country in the Asia Pacific region and the 37th country globally where POSIT Alert block crossing is available.
/goo.gl/v67UMV

India’s gold demand at 13-year low
Business Standard
India’s gold demand has slumped to its lowest in 13 years due to various measures announced by the government to discourage purchases. GFMS, a precious metals consultancy, estimated India’s gold demand at 580 tonnes in 2016, a decline of 34 per cent from the previous year. This level of demand has not been seen in India since 2003.
/goo.gl/9mdnmy

How Smart Money Can Survive the Trump Era, as Seen From Sweden
by Hanna Hoikkala – Bloomberg
Top Nordea strategist sees market corrections coming faster; Political risk shouldn’t overshadow fundamentals, Nordea says
Recent history suggests it doesn’t pay to expect the worst every time a political shock hits markets.
/goo.gl/e5GOcM

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