John Lothian Newsletter: NYSE Amex Continues To Sift Error-Trades, Ronin Capital Eyed; HSBC says it may face criminal charges for transactions; SIX to cut 150 jobs as franc hits profits

Feb 28, 2012

NYSE Amex finishes the task of correcting, adjusting and removing trades caused by error trades on Friday, and rumors point to Ronin Capital as the culprit. HSBC bank looks at the fingers pointing its way, and prepares for civil or criminal prosecution for allegedly illegal transactions. SIX Swiss Exchange prepares for job cuts in an attempt to bring costs under control. S&P slaps the “default” label on Greece, a surprising action only to people currently traveling to other planets. In today’s top box, along with stories that run the gamut from short selling to Gordon Gekko, you’ll find an interview with David Ruder, of the Northwestern University School of Law, who was the SEC chairman during the 1987 Black Monday market.

Observations – Statistics – Commentary

Claim of short-selling ban victory in Europe
By Brooke Masters and Richard Milne in London – Financial Times
It came in with a bang and departed with more of a whimper. Imposed with fanfare in the dead of night, the first attempt by European countries at a co-ordinated ban on short selling of financial stocks turned out to be less momentous than either its proponents had hoped or its critics had feared. That is the verdict of market participants, academics and regulators.
http://jlne.ws/AiDD7O

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NYSE Liffe U.S. Launches Options on Mini Gold and Mini Silver Futures Contracts
NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), announced that it successfully launched options on its mini-sized gold and mini-sized silver futures contracts. These new options contracts are designed to meet growing customer demand to trade and invest in the precious metals market.
http://jlne.ws/woi6QQ

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CFTC Speculation Rule Limits Are Called ‘Skeptical’ by U.S. Judge
Bloomberg
U.S. Commodity Futures Trading Commission arguments in support of the agency’s limits on speculation are being questioned by the judge presiding over a challenge to the rule by two Wall Street groups.
http://jlne.ws/wZgHle

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John Bates: Italian Borsa Move May Breed Brave New World of Algos
The Huffington Post
The Borsa’s solution, especially if it is embraced by other trading destinations, may spawn a new generation of intelligent “sensing” algos.
http://jlne.ws/ycr7IY

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D Börse to charge for ‘stupid algos’
By Jeremy Grant in London – Financial Times
Deutsche Börse is set to issue punitive charges to traders if they send too many orders into the exchange that do not result in deals being done in a bid to clamp down on what it calls “stupid algos”.
http://jlne.ws/xb2bGA

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Washington must focus on clearing
By Neal L. Wolkoff – Financial Times
The Dodd-Frank act was passed in the US more than two years ago with several goals but few specific remedies. Now it has lost its way. It equates making the public safe from systemic credit risks with the unrelated goal of increasing price transparency for derivatives customers. In doing so, it confuses investor protection with punishment of the banks.
http://jlne.ws/xhaEK6

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CFTC: Federal Court In Illinois Orders Former Futures Trader David Sklena To Pay Over $6.6 Million For Cheating Customers – Court Permanently Bars Sklena From Futures Industry
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court order requiring former Chicago Board of Trade (CBOT) floor trader and registered floor broker David Sklena of Skokie, Ill., to pay a disgorgement and civil monetary penalty of $6,608,750 for aiding and abetting another trader’s scheme to cheat customers who placed orders in Five-Year Treasury Note futures contracts.
http://jlne.ws/wNgwO0

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OSAKA: Japan Earthquake Photo Exhibition
ChicagoSisterCities.com via Johnlothiannewsletter.com
March 11, 2012 will mark the one year anniversary of the Great East Japan Earthquake and Tsunami. The months after this disaster brought to the forefront incredible stories of resilience and generosity as Japan began recovery efforts. The Nikkei, the leading Japanese business newspaper, chronicled the devastation and recovery efforts through an extensive collection of photographs that they have shared with our city.
http://jlne.ws/zkxA1t

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Interactive Data 7ticks Further Expands Global Connectivity Capabilities
Marketwire via Yahoo! Finance
Interactive Data Corporation, a leading provider of financial market data, analytics and related solutions, today announced that it has significantly expanded the global connectivity of its Interactive Data 7ticks network to support the delivery of managed low and ultra-low latency market data feed services designed for advanced trading applications. 
http://jlne.ws/zt53TM

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Options City: CityNews February 2012
Welcome to the February edition of CityNews. This month Metro was named “Best Options Trading Platform” at the Institutional Trading Awards in New York. OptionsCity and Lightspeed Trading integrated to provide a robust electronic trading solution. Suzanne Cosgrove reports on ag futures’ edge toward electronic settlement at CME and CBOT in our blog. Missed our algo trading webinar with Advantage Futures? Check out the  recording on our website.
 
Next month, we are exhibiting at the FIA conference in Boca Raton, FL. Stop by our booth for a live demo of Metro and Freeway!
http://jlne.ws/zu1Zqo

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Michael Douglas Tackles Greed for F.B.I.
By BEN PROTESS and AZAM AHMED – NY Times
Gordon Gekko is cooperating with the F.B.I. No, there’s not another big-budget Oliver Stone follow-up to “Wall Street” in the works. Instead, Michael Douglas, who played the financier in the 1987 movie and the sequel, is now starring in a straight-to-television video for the Federal Bureau of Investigation meant to root out insider trading — the same crime that brought down the high-flying Mr. Gekko.
http://jlne.ws/zeSgtc

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Cameron Edge Launches FIXinsight For Greater Transparency of Trading Data
John Cameron / Cameron Edge
Cameron Edge today launched FIXinsight, a tool for the securities industry to step through the day’s trading, moving back and forward in time, and gain insight into what goes on during a trading day. It can be used by broker/dealers, asset managers and regulators to help answer questions such as what did the order book look like at an exact moment, what trading patterns were out of the ordinary, did an order get the best price available and what is the current status of an order.
http://jlne.ws/AF5uyy

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Casualty rate rises in commodity market shake-out
Rebecca Hampson – Financial News
The European commodities trading market is undergoing a major shake-up as banks and trading firms battle with rising costs, increased competition and capital-intensive regulation. Many institutions are reviewing strategy, scaling back or exiting altogether.
http://jlne.ws/A701HJ

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David Ruder

David Ruder – Northwestern University School of Law [INTERVIEW]
MarketsWiki.tv
Northwestern Law School professor emeritus David Ruder talks to editor/producer Nicole V. Rohr about his experience as SEC chairman during Black Monday in 1987, and also about what stemmed from the subsequent flash crash in May 2010. Ruder was a part of the President’s Working Group on Financial Markets in 1988 and more recently worked on the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. He discusses findings and changes to rules surrounding circuit breakersdark pools and naked access.Part 2 to follow.

Watch the video >

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One Year in London: Yin and Yang – Life of Schoeny
Allan Schoenberg
As I mentioned in my first post last week, I’ve been writing for over a month about living in London and it just became too much. In fact, it felt like I was writing a short story and not a blog. So this is the final post to wrap things up on moving and living abroad. I’ve listed links to all of the previous posts at the end of this and I promise to continue keeping up with life here on a more regular basis. After all, two years will be here sooner than we realize.
http://jlne.ws/we2CL6

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Alpha Trader Forum to Give Buy-Side a Voice on MiFID II, Algorithmic Trading, Broker Crossing Networks and The Consolidated Tape
Press Release
K&K Global Consulting Limited today announced details of London’s Spring 2012 Alpha Trader Forum, taking place on Friday March 30, in the City of London. The first in three London-based roundtable events this year, the Alpha Trader Forum will once again give the European buy-side the chance to voice its opinion around key issues that are affecting the industry. MiFID II, Algorithmic Trading, Broker Crossing Networks and the question of a Consolidated Tape, are four subjects that have been raised by buy-side members to feature in this session’s debate.
http://jlne.ws/w6ZHR4

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MarketsWiki Page of the Day
Daniel Coleman
http://jlne.ws/wTpl6K

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MarketsWiki Recent Updates

People 
Daniel ColemanDrew MauckSharon BowenPhilip M. SlocumDavid RoweDavid Ruder

Companies, Organizations and Groups
3Points CommunicationsNYSE Liffe U.S.Price Holdings, Inc.TeraExchangeGlobal Electronic Trading Company (GETCO)BATS Global Markets

Miscellaneous
Swap Dealer

Statistics
19,977,434 pages viewed, 6,711 articles, 137,430 edits
MarketsWiki Statistics

Lead Stories

NYSE Amex Continues To Sift Error-Trades, Ronin Capital Eyed
By Jacob Bunge Of DOW JONES NEWSWIRES 
Exchange staff at NYSE Euronext’s (NYX) Amex market on Monday continued to work through thousands of mistaken stock-options trades made early Friday, the result of what traders said was likely a glitch in an automated trading strategy.
http://jlne.ws/AEUk4W

HSBC says it may face criminal charges for transactions
Reuters via Yahoo! News
(Reuters) – HSBC Holdings Plc said on Monday it will likely face criminal or civil charges from an expanding investigation into its ties to allegedly illegal money transactions, including some tied to Iran. 
http://jlne.ws/xqZcxP

SIX to cut 150 jobs as franc hits profits
By Haig Simonian in Zurich – Financial Times
Switzerland’s SIX Group, is to cut 150 jobs after it warned that operating profits had been hit in recent months by tough markets and the strength of the Swiss franc.
http://jlne.ws/ytpRUx

S&P Cuts Greece To Selective Default, Cites Collective-Action Clauses
By Stephen L. Bernard Of DOW JONES NEWSWIRES 
NEW YORK (Dow Jones)–Greece became the first euro-zone member to officially be rated in default Monday, 13 years after the single European currency was adopted in a program that was expected to strengthen the European Union. 
http://jlne.ws/ABMOQN

Barclays faces block on tax schemes
By Megan Murphy, Patrick Jenkins and Vanessa Houlder – Financial Times
Barclays has been blocked from implementing two “highly abusive” tax schemes that could have cost the Treasury £500m, despite the bank’s commitment to a new code of practice in which it pledged not to engage in tax avoidance.
http://jlne.ws/yiJ5qV

Whodunit at MF Global
WSJ
Almost four months after the bankruptcy of futures giant MF Global, clients still haven’t been made whole and still haven’t been told what happened to $1.6 billion of their money. Nor has anyone been charged with civil or criminal offenses. But a Journal report casts new doubt on the Congressional testimony of former CEO Jon Corzine. 
http://jlne.ws/xShQLP

Battle lines forming between MF Global customers and hedge funds
By Nick Brown and Katya Wachtel – Reuters
The MF Global saga could soon become a legal battle between hedge funds and the futures brokerage’s shortchanged customers, with more than a billion dollars at stake.
http://jlne.ws/wwi907

Environmental Trading News

China’s Duan to chair U.N. carbon executive board
Reuters
Maosheng Duan of China was on Monday named chairman of the executive board for the Clean Development Mechanism, becoming the first person from the world’s top polluter to oversee the UN-backed carbon market for developing nations.
http://jlne.ws/zXa1SM

South Korea Delays Bill Challenging Top-Emitter Ranking: Energy
Bloomberg
South Korea delayed approving a cap- and-trade system to cut carbon emissions, setting back efforts to regulate factories and power plants in the fastest-growing producer of greenhouse gases among industrial democracies. 
http://jlne.ws/yJNZSB

EU Lawmakers Seen Backing Moves on CO2 Market 
Wall Street Journal
European Union lawmakers are expected Tuesday to back the possible withdrawal of carbon-dioxide emissions permits from the EU carbon market, but are likely to soften the language from a previous proposal that had triggered a 30% jump in CO2 prices.
http://jlne.ws/wwKF3O

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf. 
Visit http://www.jlnenvironmental.com to subscribe.

Exchange & ECN News

CME Group and RIM Intelligence to Cooperate on Developing Energy Risk Management Products for Japan
Press Release
CME Group, the world’s leading and most diverse derivatives marketplace, and RIM Intelligence, Japan’s foremost provider of energy price and information services, today announced they have signed an agreement to develop clearing services for over-the-counter (OTC) risk management products used by the Japanese energy industry. 
http://jlne.ws/xbcR21

NYSE Amex: Multiple one-lot executions on Trade Date February 24, 2012 
Between 9:31:00 and 9:31:27 on Friday morning, February 24, a single Market Maker sent a very large number of quotes to NYSE Amex Options at artificial prices, resulting in over 31,000 executions across 450 symbols. These trades were reviewed under Exchange Rule 975NY for “Obvious Errors”. The trade review process was conducted with the particular goal of addressing Customer busts, and busts or adjustments in expiring weekly options or symbols with an ex-dividend date today, in a timely manner.

At this time, the Exchange has completed review and bust/adjust processing of all Obvious Errors resulting from this activity. Notices of all busts and adjustments have been distributed to impacted trading participants, and all busts and adjustments have been processed to OCC.

NYSE’s Growth Must Now Come From Within: CEO
CNBC
NYSE Euronext’s deal with Deutsche Boerse was a “calculated risk” whose failure means the owner of the New York Stock Exchange must grow from within, CEO Duncan Neiderauer told CNBC Monday.
http://jlne.ws/wPAafd

SIX Group takes Measures To Secure Competitiveness
Press Release
http://jlne.ws/AFwrEu

[CBOE] Monthly “Fair Value” Settlement of CME Stock Index Futures and Options 
http://jlne.ws/yFGq7i

NASDAQ Announces Mid-Month Open Short Interest Positions in NASDAQ Stocks as of Settlement Date February 15, 2012 
http://jlne.ws/xvM6mD

Direct Edge Trading Notice #12-11: Transaction Pricing Changes Effective March 1, 2012
http://jlne.ws/zSzi6w

Banks, Brokers & Dark Pools

Deutsche Bank Says Waugh to Step Down as CEO for Americas
BusinessWeek
Deutsche Bank AG, Germany’s biggest lender, said Seth Waugh has decided to step down as chief executive officer for the Americas, without giving a reason.
http://jlne.ws/y8iD0B

Banks may take on settlement houses at own game
Reuters via Yahoo! News
Banks are looking to break into the last bastion of Europe’s securities market, the settling of trades, to meet growing pressure from regulators for safer trading backed with collateral. 
http://jlne.ws/yYi1Ce

Q&A: Getco’s New CEO Coleman Talks Customers, Dealmaking
By Jacob Bunge Of DOW JONES NEWSWIRES 
Chicago-based Getco LLC appointed Daniel Coleman chief executive on Monday, putting the former UBS equities boss in charge of a major force in electronic trading as Getco seeks to offer its market expertise to investment funds and other financial institutions.
http://jlne.ws/zSTGTN

ICAP acquires European biofuels broker Sun Commodities S.A.
Press Release
ICAP Energy, the energy arm of ICAP plc, announced today that it has agreed, subject to certain conditions being fulfilled, to acquire from Laurent Gonelle and Arun Logan the entire issued share capital of Sun Commodities S.A., a leading broker of European biodiesel and alternative fuels, based in Geneva.
http://jlne.ws/xXAA95

Block trade deals leave banks with stocks headache
By Robin Wigglesworth and Telis Demos – Financial Times
Many bankers profess to pay them only glancing attention, but the pressure to climb investment banking league tables is intense, especially amid the recent decline in dealmaking activity in Europe. 
http://jlne.ws/xrXjwI

Bank of America Merrill Lynch Collects Six Top Awards From Global Finance Magazine
Business Wire
NEW YORK–(BUSINESS WIRE)–Bank of America Merrill Lynch won six awards in Global Finance magazine’s annual World’s Best Investment Bank Awards for 2012. The firm won Best Global Debt Bank, Best Equity Bank in North America and Latin America, and Best Debt Bank in North America, among others. 
http://jlne.ws/zGqs9v

New Head of North America for BNP Paribas’ Securities Services Division
Marketwire via Yahoo! Finance
NEW YORK, NY– – BNP Paribas today announced that it has appointed Claudine Gallagher as regional manager North America of its securities services division.
http://jlne.ws/xklyWl

RBS to Move Australian Fixed-Income Trading to Singapore, U.K.
BusinessWeek
Royal Bank of Scotland Group Plc plans to relocate its Australian fixed-income and currency trading business to Singapore and London, according to an e- mailed response to questions from Bloomberg News.
http://jlne.ws/wQYHiZ

Morgan Stanley’s Trading Units Had Losses on 64 Days Last Year, Up From 38
Bloomberg
Morgan Stanley (MS) , the sixth-largest U.S. bank by assets, lost money in its trading businesses on 64 days in 2011, up from 38 days in 2010 and the most since 2008.
http://jlne.ws/AaHc2E

Deutsche Bank Said to Pick Guggenheim for Talks on Asset-Management Units
Bloomberg
Deutsche Bank AG (DBK) is entering exclusive talks with U.S. money manager Guggenheim Partners LLC to sell the German lender’s asset-management divisions, said two people with knowledge of the matter.
http://jlne.ws/Afxwzp

Santander takes control of Poland’s Kredyt
By Victor Mallet in Madrid and Jan Cienski in Warsaw – Financial Times
Santander of Spain, the eurozone’s biggest bank by market capitalisation, will take control of Poland’s Kredyt Bank from KBC of Belgium following a long-awaited deal announced on Tuesday.
http://jlne.ws/xG5ZTB

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.
http://www.sec.gov/news/digest.shtml

Lawyers Outline Arguments Over Regulators’ New Speculation Rule
By Jamila Trindle Of DOW JONES NEWSWIRES 
WASHINGTON (Dow Jones)–A lawyer for two Wall Street trade groups laid out arguments against regulators’ new rule limiting speculation in commodity markets in a hearing Monday to decide whether a preliminary injunction was needed while the court considers the groups’ challenge to the rule. The Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association filed joint lawsuits in December against the Commodity Futures Trading Commission seeking to throw out the rule creating new limits on traders’ speculative positions. 

Some federal regulators really don’t like the Volcker Rule
Washington Post
It’s not just big banks and industry lobbyists who’ve had harsh words for the Volcker Rule. In a speech this weekend, Troy Paredes, the lone Republican commissioner on the Securities and Exchange Commission, warned that the proposed regulation “could unduly impede the competitiveness and dynamism of our financial markets and hinder the flow of capital to its most productive purposes at the expense of our country’s economic growth” and he was “very troubled” by such unintended consequences. 
http://jlne.ws/x3KfEb

Not What Paul Volcker Had in Mind
New York Times
The Volcker rule is supposed to stop banks from doing the sort of risky trading that was one of the causes of the financial meltdown. There is still time to get it right.
http://jlne.ws/z489t1

FBI sees more hedge fund trading probe informants
Reuters via Yahoo! News
NEW YORK (Reuters) – The FBI says it has enough informants lined up to keep its investigations of suspected illegal insider trading at hedge funds going for at least five more years.
http://jlne.ws/x5aZtm

Trader ordered to pay $6.6 million in cheating scheme
Morris Daily Herald
(MCT) – A former Chicago Board of Trade floor trader and registered floor broker has been ordered to pay more than $6.6 million for helping another trader cheat customers.
http://jlne.ws/w6BpI0

NFA takes emergency enforcement action against Texas firm J Hansen Investments LLC and its principal, Jonathan Hansen
http://jlne.ws/wVUCta

CFTC Charges Alexander Giap of Annandale, Va., with Fraud by an Unregistered Commodity Trading Advisor
Washington – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a federal civil enforcement action charging Alexander Giap (Giap) of Annandale, Va., with fraud by acting as an unregistered commodity trading advisor (CTA) and operating two separate fraudulent schemes involving commodity futures trading. The CFTC’s complaint was filed in the U.S. District Court for the Eastern District of Virginia, Alexandria Division.
http://jlne.ws/xVnr9s

SEC Obtains Final Judgments On Consent Against Jason Pflaum And Walter Shimoon
Citybizlist
The SEC announced that the Honorable Jed S. Rakoff, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Jason Pflaum on February 21, 2012, and as to Walter Shimoon on February 24, 2012, in the SEC’s insider trading case, SEC v. Mark Anthony Longoria, et al.
http://jlne.ws/yNOWrc

SEC Releases Risk Alert on Unauthorized Trading
Washington, D.C., Feb. 27, 2012 – The Securities and Exchange Commission today released an alert to help firms prevent and detect unauthorized trading in brokerage and advisory accounts.
http://jlne.ws/wyccqL

Stanford Doesn’t Testify in Defense
BY ANGEL GONZALEZ – WSJ
HOUSTON—Lawyers defending R. Allen Stanford rested their case in his fraud trial Monday, deciding against having the former financier take the stand in U.S. District Court here. After the defense’s last expert witness finished testifying, Robert Scardino, Mr. Stanford’s lead lawyer, asked the court for more time to decide whether his client would testify.
http://jlne.ws/yYbOPW

FBI Announces Public Service Announcement By Michael Douglas On Securities Fraud And Insider Trading – Previously Unreleased Undercover Video Provided From 2010 Walt Disney Co. Investigation
Press Release
http://jlne.ws/x0wpNx

UK’s Financial Services Authority Publishes Proposals To Change The Way Pension Transfer Values Are Calculated
Press Release
The Financial Services Authority (FSA) today published a consultation paper outlining proposals to change the way pension transfer analysis is carried out. The proposed changes will clarify and update the current standards and aim to ensure that pension scheme members considering a transfer are given a fair assessment of what they will receive in retirement.
http://jlne.ws/zAFZQm

CFTC Orders James G. Brandolino To Pay $1 Million Penalty To Settle CFTC Charges Of Commodity Futures Fraud
http://jlne.ws/xMP1ri

ASIC cancels credit licence of Sydney finance broker
http://jlne.ws/zHD5f6

ASIC decision on Loy Yang Power
http://jlne.ws/A8PsJe

[BCSC] Commission panel sanctions B.C. man for trading on insider information 
http://jlne.ws/y1iHTe

Investments – Indexes – Managed Futures – Managed Funds

Market Participant Asks ISDA If Greek CDS Have Been Triggered
By Katy Burne Of DOW JONES NEWSWIRES 
An unidentified market participant has asked a committee of the International Swaps and Derivatives Association to rule on whether the passage of legislation approving collective-action clauses for Greek debt should trigger payouts on credit-default swaps tied to Greek sovereign bonds. 
http://jlne.ws/zfQzaN

ISDA Determinations Committee: The Hellenic Republic
Press Release
http://jlne.ws/yDzE0P

SEI Study: Hedge Fund Managers Must Prove Their Performance and Transparency Mettle or Suffer Reputational Risk
Marketwire via Yahoo! Finance
With significant dollars poised to flow into hedge funds in 2012, managers must address investor transparency and liquidity concerns to take advantage of new funding opportunities, according to the fifth annual global study released today by SEI in collaboration with Greenwich Associates. 
http://jlne.ws/zyYgX7

[Video] Hedge Fund Investor Base Has Changed, Nemes Says
Bloomberg
Anita Nemes, Deutsche Bank AG’s London-based global head of capital introduction, talks about the outlook for the hedge-fund industry.
http://jlne.ws/whBwJZ

Hedge Fund Startups Got $12.4 Billion Since 2009
Bloomberg
Bloomberg’s Kelly Bit reports that newly started hedge funds received $12.4 billion in deposits from 2009 through 2011 from investors that believe many managers perform best during their early years, according to a Citigroup Inc. report.
http://jlne.ws/zkzLWZ

Private Equity Giants Pitch European Assets
By MARK SCOTT – NY Times
European investments could provide significant returns for those private equity firms willing to take risk, according to David M. Rubenstein, founder of the Carlyle Group.
http://jlne.ws/zznIJi

John Wilson Named Lead Manager of Sprott Opportunities Funds
Press Release
Sprott Asset Management LP (“Sprott”) today announced that, effective immediately, John Wilson has assumed lead portfolio management responsibilities for Sprott Opportunities Hedge LP and Sprott Opportunities RSP Fund (“the Funds”). 
http://jlne.ws/AdSUV4

Buffett’s successor is an obvious choice: me
By David Weidner, MarketWatch
NEW YORK (MarketWatch) — I know who Warren Buffett has chosen as his successor — know him intimately, actually. Thanks, Warren. 
http://jlne.ws/zWJSvV

KKR chiefs take home $94m each
By Dan McCrum – Financial Times
Henry Kravis and George Roberts each took home a pay-out of around $94m last year from KKR, the private equity group they helped to found, the latest sign of the riches available to industry executives at a sensitive time in the US presidential election. 
http://jlne.ws/wySNZ9

Gold’s Use to Back Currency Is Impractical, Chatham House Says
BusinessWeek
Gold’s use to back the value of the dollar would be impractical and there is little scope for the metal to play a more formal role in the international monetary system, U.K. research institute Chatham House said.
http://jlne.ws/wXz96r

EDHEC-Risk Institute And Princeton University To Co-Organise Institutional Money Management Conference In New York On April 27, 2012
Press Release
At a conference that aims to inform practitioners about the latest research insights into institutional money management, leading finance professors from EDHEC-Risk Institute and Princeton University will be presenting research results on investment benchmarks and asset allocation strategies at the Princeton Club of New York in New York City on April 27
http://jlne.ws/A7eUzH

John Budzyna and Maurice Holmes Join KPMG’s Alternative Investments Practice
PR Newswire via Yahoo! Finance
http://jlne.ws/zdf15U

European Central Bank: Eligibility Of Greek Bonds Used As Collateral In Eurosystem Monetary Policy Operations
http://jlne.ws/yevB4R

16 new Commerzbank ETCs launched on Xetra 
http://jlne.ws/Ax2G2M

Annual Review of the BEL Indices
http://jlne.ws/zOaKxw

Vienna Stock Exchange Launches Short & Leverage Indices
http://jlne.ws/A97PjG

ETF Securities Expands Brent Crude Range Against A Background Of Rising Geopolitical Tensions – Four New Products Listed On The London Stock Exchange
http://jlne.ws/yXSY8O

Technology News

TradeKing Expands Its Relationship with SunGard by Selecting Protegent for Social Media and Website Surveillance
TradeKing, a North Carolina- and Florida-based online broker dealer, has gone live with SunGard’s Protegent Social Media Surveillance for regulatory compliance and to monitor its advisors’ activity on social media sites.
http://jlne.ws/yy7L88

SunGard Enhances Customer Experience with Latest Releases of AvantGard Integrity and Quantum Treasury Solutions
The latest releases of SunGard’s AvantGard Integrity and AvantGard Quantum treasury solutions provide enhanced usability and functionality to help customers gain increased visibility to cash and risk across the enterprise.
http://jlne.ws/wCnBWe

Reminder: Decommissioning of ArcaDirect 3.2 API – July 30th, 2012 
Please be reminded that in our efforts to make our Order Entry protocols more streamlined, we plan to decommission the ArcaDirect 3.2 API on July 30th, 2012. At that time, all customers must be migrated to ArcaDirect 4.0 API or one of the higher versions. If you need ArcaDirect 4.0 test sessions, please contact the Firm Testing Group at 888-689-7739, Option 2 or firmtesting@nyx.com.

Financial Studio Basel III Helps Financial Institutions Meet Basel III Requirements And Their Business Objectives
http://jlne.ws/weB7R4

TMX Atrium Expands Options Community Choice With Addition Of MJT Software Development
http://jlne.ws/x4h6jz

New Agreement with CME Group Further Expands TNS Global Portfolio
Business Wire via Yahoo! Finance
Transaction Network Services has expanded its global exchange network by adding one of the world’s leading and most diverse derivatives marketplaces, CME Group.
http://jlne.ws/y7SOKv

Sidera Networks Selects Global Capacity’sOne Marketplace Access Exchange
Global Capacity, the world’s leading telecommunications information and logistics Company, has been selected by Sidera Networks, a premier provider of fiber optic-based network solutions for critical communications, to provide its One Marketplace Access Exchange. 
http://jlne.ws/xIs3kz

Media News

Bloomberg Launches Major Global Product Evolution – Enhancements Give Faster, Deeper Insights To Complex Markets
Press Release
Business and financial professionals struggling to get an edge in today’s increasingly complex global marketplace will get faster, deeper insights from the latest version of the Bloomberg Professional service, Bloomberg LP executives announced today.
http://jlne.ws/A39sCV

CNBC UNVEILS NEW SET ON NYSE FLOOR 
http://jlne.ws/ypf5dT

Yahoo says Facebook infringes its patents
By April Dembosky and Richard Waters in San Francisco – Financial Times
Yahoo is threatening to entangle Facebook in a patent infringement dispute, claiming it holds the right to intellectual property that is central to Facebook’s social networking business.
http://jlne.ws/yA19Bo

The Mounting Minuses at Google+
By AMIR EFRATI
To hear Google Inc. Chief Executive Larry Page tell it, Google+ has become a robust competitor in the social networking space, with 90 million users registering since its June launch. But those numbers mask what’s really going on at Google+.
http://jlne.ws/zI9v4p

Reports

Briefing.com Economic Calendar
http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm

USDA Today
http://www.nass.usda.gov/Publications/index.asp

CBOE Events Calendar
http://www.cboe.com/AboutCBOE/EventCalendar.aspx

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.
http://www.cmegroup.com/tools-information/calendars/

Asia-Pacific News

Madoff-Style Hijinks And Backdoor Listing Hit Tokyo
Stephen Harner – Forbes
Just when things have begun to look up in the Japanese stock market, two scandals exposed during the past week are roiling financial institutions and investor sentiment.
http://jlne.ws/x40b7U

Big Four auditors brace for big changes in China
International Business Times
The Big Four global audit firms, which dominate the Chinese market, are negotiating with Beijing to lessen the impact of forced changes that could mean only accountants with Chinese qualifications can be partners in their audit practices.
http://jlne.ws/xT8d3W

Tokyo Stock Exchange Publishes The Index Value Of TSE Home Price Index For December
http://jlne.ws/wwBNOu

MF Global Singapore Resigns From SGX
http://jlne.ws/yZvDzu

[OSE] Change of Component Issues for RN Prime Index 
http://jlne.ws/z1ZnOC

[OSE] Change in Component Issues of OSE 40 Adjusted Stock Price Average 
http://jlne.ws/wSQND3

[OSE] Concerning Orders with Validity Periods in Nikkei 225 Options 
http://jlne.ws/ySQfIe

Frontier Markets

Bursa Malaysia Derivatives Introduces New Clearing And Settlement System
Press Release
Bursa Malaysia Derivatives Berhad (BMD) has launched a new derivatives clearing and settlement system to provide faster and more efficient clearing and settlement services for its Clearing Participants.
http://jlne.ws/zItkXH

BFX Completes Three Months Of Successful Trading 
Press Release
http://jlne.ws/x3RWpT

Cyprus Stock Exchange’s Monthly Bulletin – January 2012
http://jlne.ws/yT8EE9

Tehran Stock Exchange: Iranian Capital Market Anti-Money Laundering Instructions Approved
http://jlne.ws/xitPOZ

Miscellaneous News

Hintz Says Volcker Rule Makes Wall Street ‘Way Point’: Tom Keene
BusinessWeek
Wall Street is being replaced by hedge funds as the place where aspiring traders hope to end their careers because of new federal rules, said Brad Hintz, an analyst at Sanford C. Bernstein & Co.
http://jlne.ws/wQV76h

Wharton Executive Education Program Celebrates 60-Year Financial Services Industry Partnership – Annual Securities Industry Institute Is Longest Running Executive Education Program In The Country
Press Release
http://jlne.ws/zkIjMW

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CFTC Votes to Pass Final Rule on Position Limits

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