John Lothian Newsletter: NYSE Liffe proposes position limits; UBS suspends traders in Libor probe; NYSE Euronext buys into UK tech firm Fixnetix

Feb 16, 2012

NYSE Liffe in London suggests that imposition of futures contract position limits, similar to what is currently done in the USA, would be a good idea.  UBS, in the glare of the LIBOR interrogation light bulb, suspends traders; UBS is also said to have asked Canadian regulators for immunity in that probe. NYSE Euronext, making good on its determination to go in new directions, buys a stake in Fixnetix, which provides high-speed trading tech. In today’s top box, Jim Ginsburg provides yet a third perspective on the wisdom (or lack thereof) of CME Group’s plan to dump the CBOT Building; and JLN’s Sarah Rudolph interviews Henry Schwartz of Trade Alert.

Observations – Statistics – Commentary

Guest Commentary: CME Group knows location matters…
By Jim Ginsburg

Last week in this newsletter, Messrs. Lothian and Kharouf argued the merits of CME Group’s sale of its iconic real estate holdings at the foot of LaSalle Street.  At issue was whether CME should deploy its capital on real estate.  Mr. Lothian says “buy real estate, not sell it.”  Mr. Kharouf retorts: “CME isn’t a real estate company.”  However, if one paid close attention to CME’s earnings presentation two weeks ago, they would have discovered that CME is a real estate company and it owns some “trophy” properties other than 141 West Jackson.

A decade ago, when electronic trading truly started to replace floor trading, investors began to look at the potential of for-profit exchanges.  At that time, part of the attraction of an investment in CBOT was its ownership in the LaSalle Street building.  The $150 million property could provide meaningful downside protection to an investment in CBOT in the event the exchange could not successfully make the transition from floor-based trading to electronic trading.  Those were dangerous times for CBOT as it had not fully embraced technology.  Their direct competitor, the electronic exchange Eurex, was handing out free iPods to traders in an attempt to steal the CBOT’s treasury futures business and the Clearing Corp, CBOT’s clearing house, actually “bet the house” that Eurex would succeed.

Unrealized at the time, was that the exchanges owned real estate more prized than the buildings housing the trading pits.  This real estate was far more valuable than “Class A” office space and, in the burgeoning age of electronic trading, would become even more valuable in the future.  Owned by exchanges was the real estate adjacent to where customer orders enter the marketplace.

For the rest of the commentary, visit the John Lothian Newsletter blog at


CME Group Inc. Names Slate of Director Nominees
CHICAGO, Feb. 15, 2012 /PRNewswire/ — CME Group today announced its slate of candidates for election to serve on the company’s board of directors. CME Group shareholders will vote for directors at the company’s annual meeting to be held Wednesday, May 23, 2012.


Fidessa Named Best Equities Trading Platform: Technology Provider At The Inaugural Wall Street Letter Institutional Trading Awards
Press Release
Fidessa group plc, provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced that its equities trading platform has been named best in its class at the inaugural Wall Street Letter Institutional Trading Awards. The results of these highly competitive awards, determined by a panel of independent judges, were announced at a reception held at Cipriani, 42nd Street, New York on the evening of Monday, February 6th.


ED&F Man looks to grab MF Global UK customers
By Philip Stafford – Financial Times
ED&F Man Capital Markets, one of London’s largest commodities trading houses, is preparing to attempt to win back customers of MF Global UK, the failed futures broker, by upgrading to a trading platform capable of executing deals across asset classes.


ICAP’S Chris Ferreri is Elected New Chair of the WMBAA; GFI’s Chris Giancarlo Will Serve as Vice Chair
Press Release
WASHINGTON, D.C.; February 14, 2012 – The Wholesale Market Brokers’ Association Americas announced today Chris Ferreri has been elected Chair of the Association. Mr. Ferreri is Managing Director of Hybrid Trading at ICAP. He succeeds Tullett Prebon Senior Managing Director Shawn Bernardo.


Tokyo Grain Bourse May Cease as Rice Trade Fails to Boost Volume
By Aya Takada and Yasumasa Song – Bloomberg
Feb. 16 (Bloomberg) — Tokyo Grain Exchange Inc., operator of Japan’s second-largest commodity bourse, is under pressure from shareholders to cease operation and transfer trading of farm futures to rivals because of declining volumes.


Exchange demutualisation has not impacted market surveillance
Philip McBride Johnson – FOW
Much has been written recently about whether the public offering of exchange shares has impaired the ability of exchanges to police their users. The argument is that, facing shareholders who wish to maximise exchange profits, the markets may go easy on large customers when enforcing their rules.


Derivative CDs Backed by FDIC Tempt Savers as Banks Reap 8% Fees
By Matt Robinson – Bloomberg
Feb. 15 (Bloomberg) — A gray-haired woman picking a flower with a young girl adorns the cover of an HSBC Holdings Plc brochure that promises investors both “the growth of the market” and “the security of FDIC Insurance.”


UK starts extra action on clearing houses
By Jeremy Grant – Financial Times
The UK has taken further legal action to prevent the European Central Bank from findings ways to force clearing houses operating in London to relocate to the eurozone as a dispute between the two sides simmers.


China set to become biggest gold market
By Jack Farchy in London – Financial Times
China is set to overtake India this year as the world’s largest consumer of gold, the World Gold Council predicted, underscoring the surge in Chinese demand that has revolutionised the bullion market.


In Memory Of Junius ‘Jay’ Peake – A career on “The Street”: From heretic to sage
Press Release
This is the last article Jay contributed to Mondo Visione. We are republishing it in his memory.


Henry Schwartz

Henry Schwartz – Trade Alert [INTERVIEW]
Henry Schwartz is the President and Founder of Trade Alert, a real-time option flow analytics firm that serves Wall Street sell-side derivative desks, floor brokersmarket makershedge funds, and proprietary trading firms. He previously worked at Banc of America Securities, where he was responsible for electronic market making on the start-up ISE. Trade Alert was founded in 2005. Schwartz spoke with JLN Options editor Sarah Rudolph about the OptionAlert analytics system, technology challenges for clients and firms, and fragmentation in the options markets.

Watch the video >


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Lead Stories

NYSE Liffe proposes position limits
By Emiko Terazono and Javier Blas – Financial Times
NYSE Liffe, the London-based derivatives market home of benchmark cocoa, coffee and sugar contracts, has proposed limits to the number of contracts that speculators and physical can hold, replicating measures already in place in US commodities markets.

UBS suspends traders in Libor probe
By Megan Murphy and Cynthia O’Murchu – Financial Times
UBS has suspended some of its most senior traders in connection with an international probe into the possible manipulation of interbank borrowing rates, in the latest controversy to hit the Swiss bank since the financial crisis.

NYSE Euronext buys into UK tech firm Fixnetix
Market Watch
NYSE Euronext (NYX) has purchased a stake in Fixnetix, the U.K.-headquartered high-speed trading technology vendor, as the Big Board looks to beef up its technology business and globalise its franchise following the collapse of its merger with Deutsche Boerse (DB1.XE).

Wanted to Buy: MF Global Claims
Since MF Global Holdings Ltd. filed for bankruptcy protection last year, some customers of its failed brokerage have had little choice but to wait for the full return of their cash. That is beginning to change. Lately, investors that gobble up claims in bankruptcy or other distressed situations have begun approaching former MF Global customers with offers to buy their claims for cash, at a discount.

Moody’s Unveils Broad Ratings Review of Major Banks
LONDON — Goldman Sachs, Morgan Stanley, Deutsche Bank, UBS and more than 100 other financial institutions might have their credit ratings cut by Moody’s Investors Service because of increasingly challenging market conditions.

Money-Fund Plan Gets Cold Shoulder
Regulators’ latest plan to shore up the $2.7 trillion money-market mutual fund industry is getting an icy reception from some individual investors. As part of a proposal being floated by the Securities and Exchange Commission, investors who wish to sell all their holdings in a money-market fund would only be allowed to receive 95% to 97% of their cash back immediately. The remaining money would be returned to them after 30 days, according to the SEC.

Economix Blog: Simon Johnson: Paul Volcker vs. the Bank of Canada
New York Times
In opposing an American regulation limiting banks’ proprietary trading, the Canadian central bank recommends an approach that would seriously undermine financial stability in the United States, Canada and other countries, an economist writes.

The Volcker Rule’s Unusual Critics
New York Times
While Wall Street is the chief critic of the rule, which bans banks from trading with their own money, the financial industry is finding sympathy from some unexpected quarters, including the owners of Red Lobster, Macy’s and Safeway.

Goldman Sachs Analyst Inquiry Said to Show U.S. Focus on Taiwan
The investigation of a Goldman Sachs Group Inc. analyst shows U.S. officials have intensified their focus on banks and Taiwan in a multiyear insider-trading probe that has implicated hedge funds, technology company employees and consultants, a person familiar with the matter said.

Preet Bharara’s Latest Obvious, Cosmetic Investigation Into Goldman’s Henry King
Gary Rivlin – Daily Beast
Preet Bharara has been credited with busting Wall Street, but by looking into Goldman tech analyst Henry King, Bharara is still not going after the frauds that practically took down the global economy in 2008, writes Gary Rivlin.

Greek rhetoric turns into battle of wills
By Kerin Hope in Athens and Peter Spiegel in Brussels – Financial Times
The battle of wills between Athens and its eurozone lenders has intensified, with Greece’s finance minister accusing “forces in Europe” of pushing his country out of the euro while his German counterpart suggested postponing Greek elections and installing a new government without political parties.

Only a full IMF programme can save Greece from default
Lorenzo Bini Smaghi – Financial Times
When discussing Greece, some policy officials and market participants have suggested that ‘the markets are now better prepared to deal with a default’. When was the other time such statements were being made? Probably in mid-September 2008, a few days before the collapse of Lehman Brothers.

European Parliament: Eurobonds And Shorter-Term Solutions Needed For Eurozone Stability
Press Release

Opening Statement Of U.S. Treasury Secretary Geithner Before The House Ways And Means Committee On The President’s FY2013 Budget
Press Release

Minutes Of The Federal Open Market Committee, January 24-25, 2012
Press Release

Environmental Trading News

Carbon Traders Group Urges Overhaul of EU Cap-and-Trade Plan
The European Union should change its carbon-trading plan by introducing a mechanism to allow changing the bloc’s pollution cap to reflect economic conditions, the International Emissions Trading Association said.

IETA position on the state of the EU ETS
IETA members strongly support the EU ETS and believe that the market responds as intended: it delivers emission reductions at lowest costs to society and adjusts to economic conditions.

POLL: Set-aside could double EUA prices by 2014
Point Carbon
Withdrawing carbon permits from the EU Emissions Trading Scheme could cause European carbon prices to double by the end of next year, a poll of analysts showed Wednesday.

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf. 
Visit to subscribe.

Exchange & ECN News

NYSE purchase marks start of new strategy
By Philip Stafford – Financial Times
NYSE Euronext will take the first steps in pursuit of its new strategy following the failure of its merger with Deutsche Börse, with the purchase of a stake in Fixnetix, a fast-growing UK trading technology company.

NYSE Euronext Announces Acquisition Of Strategic Shareholder Interest In Fixnetix
Press Release
NYSE Euronext today announced an agreement to subscribe for shares in Fixnetix Limited, a leading service provider of ultra-low latency data provision, co-location, trading services and risk controls for more than 50 markets worldwide.

Eurex To Introduce Derivatives On Russian Blue Chip Index RDX USD Cooperation With The Vienna Stock Exchange – Launch On 19 March 2012
Press Release
Eurex Exchange, the international derivatives market, will introduce futures and options contracts on the RDX USD equity index on 19 March 2012. The new RDX USD derivatives will be based on the Vienna Stock Exchange’s RDX USD Index, which tracks the price performance of the most liquid depositary receipts (DRs) on Russian shares listed on the London Stock Exchange.

BM&FBovespa: Rival Exchanges Face Years-Long Slog To Compete
BM&FBovespa S/A (BVMF3.BR) said rival exchange operators will have to wait several years before they can compete for business in Brazil’s fast-growing stock market. Executives at Brazil’s dominant exchange operator, the world’s third-largest by market value, said they had to finish an overhaul of back-office systems before opening the market to new entrants.

EU Discussed Extending Deadline For NYSE-D.Boerse Merger Ruling 
European Union lawmakers discussed further extending the Feb. 9 deadline for ruling on the proposed merger of NYSE Euronext (NYX) and Deutsche Boerse AG (DB1.XE, DBOEF) before ultimately choosing to block the deal, according to records of the European Commission’s Feb. 1 meeting.

CME Group Asks Regulators to Exempt Futures From Volcker Rule
By Matthew Leising
Feb. 15 (Bloomberg) — CME Group Inc. is asking regulators to include futures contracts in a list of exempted investments that won’t be prohibited under the Volcker rule’s limits on proprietary trading. […] Leaving futures contracts off the list probably was “inadvertent,” CME Group Chief Executive Officer Craig Donohue wrote to regulators in a Feb. 13 letter.

What Crashed CME’s Oil Trading Platform?
Was CME the victim of a trading algorithm “gone berserk”? Or did a glitch in its software bring down its oil trading platform?

Bovespa continues run of weak Brazilian earnings
By Joe Leahy in São Paulo – Financial Times
Brazil’s BM&FBovespa exchange reported weaker than expected profit for the final quarter of 2011, continuing a disappointing run of earnings from companies in Latin America’s largest economy.

BM&FBOVESPA S.A. Announces Results For The Fourth Quarter 2011
Press Release

TMX Group Acquires Over 90% Of Razor Risk Technologies
Press Release

TSX Venture Exchange Announces its 2012 TSX Venture 50
The 2012 TSX Venture 50 is a ranking of strong performers on TSX Venture Exchange. It is comprised of ten companies from each of the following five sectors: Mining, Oil & Gas, Diversified Industries, Clean Technology and Technology & Life Sciences.

NYSE Euronext welcomes EOS imaging to its European market

ASX Ltd’s Half-Year Results Analyst Presentation

ASX Ltd’s Half-Year Results Media Release

ASX Ltd’s Interim Dividend Announcement

ASX Ltd’s Half-Year Report 2012

[ASX] Appendix 4D Half-Year Report

CME Group Clearing Advisory
Holiday Clearing Schedule-Presidents’ Day Monday, February 20, 2012

[CBOE] Restrictions on Transactions in Software HOLDRs Trust (“SWH”)

NZX: Alison Gerry – Independent Director

First Results Of Trading In Government Securities In MICEX Stock Exchange

Suávitas Receives Favourable Report From Mercado Alternativo Bursátil

Banks, Brokers & Dark Pools

Zoellick to leave World Bank
By Alan Beattie in Washington – Financial Times
Robert Zoellick, president of the World Bank since 2007, announced on Wednesday he would step down when his current term ends on June 30. His departure will start a battle for a prized position that has traditionally been in the gift of the US but for which an emerging market candidate may make a bid.

Osborne Said to Look Beyond Bank of England for King Successor as Governor
Chancellor of the Exchequer George Osborne is considering looking outside the Bank of England for a successor to Mervyn King, which would be the first such move in 30 years, according to two people with knowledge of the matter.

UBS Said to Have Sought Immunity in Canada Libor Investigation
UBS AG, Switzerland’s biggest bank, sought immunity from prosecution by Canadian regulators probing a potential conspiracy to rig the price of derivatives globally, three people with knowledge of the inquiry said.

Citigroup Mortgage Unit to Pay $158.3 Million in Settlement
Citigroup Inc.’s Citimortgage unit agreed to pay $158.3 million to settle claims tied to its actions in a federal home-loan insurance program, the Manhattan U.S. Attorney’s office said.

Deutsche Bank Sued in New York Over $512 Million in Mortgage Securities
Deutsche Bank AG’s Ace Securities was sued in New York state court for fraud for allegedly misrepresenting the quality of $512 million worth of residential mortgage-backed securities by Phoenix Light SF Ltd.

Audit Uncovers Extensive Flaws in Foreclosures
Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.

Morgan Stanley and Citi face losses on block trades
By Robin Wigglesworth, Capital Markets Correspondent – Financial Times
Morgan Stanley and Citigroup face potentially painful losses on two recent European share sales that went awry, highlighting the dangers of the currently aggressive bidding by banks for so-called ‘block trade’ work.

Citi Wins Mandate to Provide Administration Services for $28 billion of US-based Alternative Investment Assets for …
Business Wire
NEW YORK–(BUSINESS WIRE)–Citi today announced an agreement with Credit Suisse’s Asset Management division to provide a comprehensive suite of middle office, custody and hedge fund administration services to support a portion of its US-based Alternative Investments business.

Societe Generale Quarterly Net Drops 89% on Investment Bank Loss
Societe Generale SA, France’s second-largest bank, said fourth-quarter profit declined 89 percent as the investment bank posted a loss.

Demand For UBS Hybrid Capital Bond Seen Primarily from Asia
FOX Business
The hybrid capital bond issued by Swiss bank UBS AG (UBS) saw interest garnered mostly from Asian investors and private banks, a person familiar with the deal said Thursday.

TradeStation to Exhibit New Platform Updates at the International Traders Expo in New York
GlobeNewswire via Yahoo! Finance
PLANTATION, Fla. — TradeStation, the award-winning broker-dealer and futures commission merchant, will unveil updates to TradeStation 9.1, the latest, most powerful version of its award-winning trading …

US Judge Approves Lehman-JP Morgan Deal To Slash $710 Million Claim
FOX Business
A judge on Wednesday signed off on a deal between J.P. Morgan Chase & Co. (JPM) and Lehman Brothers Holdings Inc. (LEHMQ) that calls for J.P. Morgan to slash most of a $710 million claim it filed against Lehman’s bankruptcy estate, money that Lehman plans to distribute to creditors soon.

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.

Banks, brokers and exchanges jostle over OTC reforms
By Luke Jeffs – Reuters
(Reuters) – Europe’s top banks, futures brokers and exchanges are poised to pile into the shadowy over-the-counter market once regulators shine a light on a vast industry where toxic assets change hands virtually unchecked.

U.S. Attorney’s Office Names New Chief of Securities Fraud Unit
Marc P. Berger, a veteran federal prosecutor, on Wednesday was named to be the new chief of the securities fraud unit for the United States attorney’s office in Manhattan.

FSA managing director, Margaret Cole, to leave this year
The Financial Services Authority (FSA) today announced that managing director and Board member, Margaret Cole, will leave the organisation later this year, after nearly seven years at the UK regulator.

Regulators Re-Elect Jean Guill, Kurt Pribil And Fernando Restoy To ESMA’s Management Board
Press Release

SEC Tightens Rules on Advisory Performance Fee Charges
Washington, D.C., Feb. 15, 2012 — The Securities and Exchange Commission today announced it is tightening its rule on investment advisory performance fees to raise the net worth requirement for investors who pay performance fees, by excluding the value of the investor’s home from the net worth calculation.

ESMA Launches A Consultation On Short Selling And CDS, And Announces An Open Hearing On 29 February
Press Release
The purpose of this consultation is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts concerning the Regulation as listed in the Commission request for advice.

FESE: Response To ESMA’s Consultation On Short Selling And Certain Aspects Of Credit Deault Swaps
Press Release

ISDA Paper: MiFID/MiFIR And Transparency For OTC Derivatives
Press Release

CFTC Charges Puerto Rico Resident Angel F. Collazo and his Companies, ACJ Capital Inc. and Solid View Capital LLC, in Forex Fraud Ponzi Scheme
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced that on February 8, 2012, it filed a federal court action in the District of Puerto Rico charging Angel Fernando Collazo of Salinas, Puerto Rico, and his companies, ACJ Capital, Inc. (ACJ) and Solid View Capital LLC (Solid View), both of San Juan, with fraud and misappropriation in a $1 million off-exchange leveraged foreign currency (forex) Ponzi scheme

NFA Enforcement and Registration Actions
Harvest Investment Group Inc. and Haochun Ku

Deloitte Taps Deborah Bailey to Lead Banking and Securities Regulatory Practice
PR Newswire via Yahoo! Finance
NEW YORK, Feb. 15, 2012 /PRNewswire/ — Deborah Bailey, who led the first round of stress tests in 2009 as the deputy director of the Federal Reserve Board’s supervision and regulation division, has been …

ASIC brings criminal charges against former Kleenmaid directors

ASIC releases policy on indirect self-acquisitions

Investments – Indexes – Managed Futures – Managed Funds

Tri-Party Repo Task Force to Take Diminished Reform Role
A Federal Reserve-sponsored group working to improve efficiency in the market for borrowing and lending securities will take a diminished role in efforts to cut systemic risk in the market for dealer financing.

Macquarie to Provide Third Party Hedge Fund Capital Raising Services
Business Wire via Yahoo! Finance
Macquarie Group today announced that it will begin offering hedge fund capital-raising services to external hedge funds through its Alternative Investment Strategies division.

Spanish debt market continues to thaw
By Miles Johnson in Madrid – Financial Times
Spain’s government hailed a E4bn sale of its debt on Thursday as a sign of revived investor confidence in its economic reform programme at a time of accelerating unease over the outcome for Greece.

John Paulson misses bank stocks, again
CNN Money
The hedge fund manager who called the crash continues to struggle in the recovery.

Paulson Joins Vinik Selling SPDR Gold Shares as Soros Buys
Paulson & Co., the hedge fund founded by billionaire John Paulson, cut its stake in the SPDR Gold Trust for the second straight quarter, while billionaire investor George Soros increased his holdings.

Hedge Funds Warm to Bank Stocks
New York Times
Several large hedge funds took or increased their stakes in bank stocks during the fourth quarter of 2011, betting that the industry would recover and send stock prices upward.

$22 Billion Hedge Fund Puts Its Money on a Stronger Economy
BOSTON (TheStreet) — Thomas Steyer, the billionaire environmentalist and founder of hedge fund Farallon Capital Management, has made a big bet on a rebound in the economy by buying energy and industrial stocks, including El Paso and Goodrich.

EDHEC-Risk Institute Research Provides Insights Into Optimal Hedge Fund Allocation
Press Release

Technology News

Arqaam Capital extends use of Orc Trading solution
Successful, longtime partnership with Orc and E2E Infotech renewed to address future needs of leading Middle East investment bank.

pbb Deutsche Pfandbriefbank Chooses Numerix’s Award Winning CVA Solution
Press Release
Numerix CVA selected for accurate, near real-time credit risk valuations

Progress Software and FFastFill Partner to Deliver First Low-latency Hosted FX Aggregation and Algo Trading Solution
Business Wire
LONDON–(BUSINESS WIRE)–Progress Software Corporation, a leading software provider that enables enterprises to be operationally responsive, today announced that FFastFill, the leading provider of application services for the electronic trading and risk management community, has extended its existing partnership agreement with Progress Software

RTS Realtime Systems Connects to Hong Kong Mercantile Exchange (HKMEx)
RTS Realtime Systems Group, a leading global trading solutions provider, today announced that the company now offers market access to the Hong Kong Mercantile Exchange (HKMEx), China’s international commodity marketplace.

Media News

Google must remember our right to be forgotten
By Richard Falkenrath – Financial Times
Last month the European Commission proposed adding a new “right to be forgotten” to privacy law. This deceptively simple idea is a ticking time-bomb in the booming internet economy. It is also essential – both for Europeans and Americans – to protect personal privacy in the age of pervasive social media and cloud computing.

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

Shanghai launches U.S.-style OTC market, faces challenges
By Samuel Shen and Jacqueline Wong – Reuters
Feb 15 (Reuters) – Shanghai launched its own version of the U.S. OTC Bulletin Board (OTCBB) market on Wednesday, kicking off trading in the first batch of 19 start-ups outside the city’s stock exchange.

Thai Bourse’s Website Access Restored
Press Release

Frontier Markets

India’s ‘bumble bee’ defies gravity
By David Pilling – Financial Times
Who is the most powerful person in India? Manmohan Singh, the 79-year-old prime minister whose second term has been a washout? Not likely. Sonia Gandhi, the Italian-born torchbearer of the Nehru-Gandhi dynasty? Possibly. How about S.H. Kapadia? Who, you might ask, is S.H. Kapadia? Well, he is chief justice of the supreme court, which this month set all of India chattering when it revoked 122 second-generation (2G) mobile licences.

Johannesburg Stock Exchange Proactive Monitoring Of Financial Statements Report Released
Press Release
The JSE wishes to announce that is has published a report which provides an overview of the proactive monitoring activities in 2011.

Royal Investment Bank and Bridgehead Administration in Joint Venture to Raise Fund Capital in the Middle East
GlobeNewswire via Yahoo! Finance

DFSA Receives Delegation of Powers from the DIFC Registrar of Companies

Tehran Stock Exchange Offers Parsian Oil & Gas Development Co.
Press Release

Miscellaneous News

CAIA Association Appoints Jane Buchan of Pacific Alternative Asset Management Co. as Chairman of the Board of Directors
PR Newswire via Yahoo! Finance
AMHERST, Mass., Feb. 15, 2012 /PRNewswire/ — The Chartered Alternative Investment Analyst (CAIA) Association, sponsor of the CAIA charter, the benchmark for alternative investment education worldwide, …

Before you give up the day job…
By Ross Tieman – Financial Times
Few people think of Thomas Edison, inventor of the first practical light bulb, as a social engineer. Yet the ability to work or play when our bodies used to sleep has transformed working hours around the globe.

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