John Lothian Newsletter: S.E.C. Is Avoiding Tough Sanctions for Large Banks; Credit-default-swap futures seen as inevitable; MF Global risk officer says ousted after warnings

Feb 3, 2012

The New York Times reports findings that the SEC has repeatedly and for quite some time given a pass to large banks on certain kinds of rule violations. Though they are not yet a reality, some banks are still viewing the creation of credit default swap futures as a big thing on the way. In testimony yesterday, ex-MF Global’s ex- risk officer says he warned senior management about the folly of overly aggressive trading, which helped to get him kicked out of the company before it went bankrupt. In the top box, a pointer to yesterday’s special report on the reduced trading volume in most parts of the industry; and five minutes with Carlton Chin of CTA Adamah Capital.

Observations – Statistics – Commentary

JLN Special Report: January Volumes Down
Jim Kharouf, editor-in-chief

A little over a month ago, I asked an exchange executive about falling volumes in the options space, to which he said. “January is going to tell us a lot.”

January’s message to the options industry wasn’t kind. Most exchanges are reporting lower volumes for the month. Some may call it an off month, but given a host of events that have hit the financial markets – futures, options, stocks and currencies – January may be a harbinger for a rough 2012.

CNBC’s Bob Pisani wrote a good story about equity market volume drops and its causes. He pointed out that too much Eurozone uncertainty, less proprietary volume and lower volatility were to blame. In the futures industry, there are three elements to point fingers at as well – Eurozone uncertainty which is like an oft repeated bad joke, regulatory uncertainty and its ongoing saga of Dodd-Frank rules and finally and arguably the biggest buzz kill of them all – the collapse of MF Global and subsequent mess it has created for the futures industry.

Lest you think this is just a futures or securities issue, the currency market isn’t all that great lately either. Doug Ashburn, editor-at-large here at John Lothian News, pointed out this week in the JLN FX newsletter that OTC forex volumes have been sliding as well. “ICAP announced that daily FX volume on its EBS platform fell below $100 billion in December for the first time since 2005. Hotspot’s volume in December was $38 billion a day, down from $56 billion in November. The word is that January volumes have continued the downtrend.”

If you missed the JLN special coverage on trading volume yesterday, it’s available on the JLN blog at


JLN Managed Futures Newsletter: Five Minutes with Carlton Chin of Adamah Capital
Carlton Chin is chief investment officer and head of research at CARAT/Adamah Capital LLC, a fund manager and CTA focused on systematic managed futures strategies. An investment professional since 1990, he spoke with Managed Futures Newsletter editor Jim Kharouf about his start in the business, whether markets change and how he looks at volatility.

Q: How did you got into the managed futures space?

A: I’ve been in managed futures since 1993. My first job was as an actuary, a pension consultant actuary where we’d put a price tag on a pension. I always had an interest in finance, so when the company started up the investment finance practice, I jumped at the chance. We did asset allocation, due diligence on money managers, performance attribution in the early ‘90s. Then we started hearing about hedge funds and alternative investments and that’s when I met the folks over at Mount Lucas Management, whose numbers I began to run through the portfolio optimizer. Long story short, I truly believe that the best way to enhance diversification is through managed futures. A lot of them will use the same basic building blocks using stocks and bonds, while managed futures uses everything from currencies to commodities, that really adds diversity to a portfolio. I ended up working at Mount Lucas for almost three years.

Q: You’ve been focused on quantitative research and strategies. What has been your approach to new strategies and how has that changed or evolved over the years?

A: Numbers, probability and numerical simulation have been part of me, something I’ve loved since a young age. Numerical simulation was my thesis in college and that kind of quantitative and systematic approach is something I believe in. And in the managed futures industry, it’s a really good way of earning excess returns from the markets. I still focus mainly on systematic approaches. Over the years, I think I’ve made good progress on intermediate to long-term trend-following approaches. I’m starting to do a little more research on fundamental types of term structures of the futures markets. But my core is quantitative and systematic approaches.

For the rest of the interview and more coverage of the managed futures sector, visit


Guest Commentary: Super Bowl
By Philip McBride Johnson
The debate rages over whether there should be derivatives on sporting events (like the Super Bowl). Might there be legitimate hedging needs. Let’s look at the facts.


CME sees no need to revamp futures regulation in post-MF Global market
Crain’s Chicago Business
(Crain’s) – Management of the futures exchange is insisting that self-regulation worked “flawlessly” as MF Global imploded last fall, and that there’s no need for major policing changes.

**** Well, I got their attention. Now I just need to convince a lot of people.


Deutsche Boerse, NYSE Euronext Abandon Merger Deal
Deutsche Boerse AG and NYSE Euronext on Thursday officially ended their year-long merger push, abandoning their agreement after the European Union on Wednesday blocked the deal.


Is The Insider Trading Crackdown Behind Lousy Hedge Fund Returns?
In October 2009, federal agents arrested hedge fund manager Raj Rajaratnam on charges of insider trading. The arrest sent shock waves through Wall Street and in 2011 a jury convicted the former billionaire, who is now serving an 11-year jail sentence.


ETF trading volumes fall to historic lows
By Ajay Makan in New York – Financial Times
Trading in the most popular US exchange-traded funds fell to multiyear lows in January, threatening to increase transactions costs for retail investors. ETFs, which track the performance of a basket of securities such as an equity or bond index, have surged in popularity in recent years, reaching $1tn in assets by the end of 2011, according to BlackRock.

***** See our special report yesterday for more information on volumes during January.


U.S. Brokerage Firms Closing Shop After Trading Drop-Off, Capital Squeeze
Laura Marcinek – Bloomberg
Stand-alone U.S. brokerages hurt by 2011’s trading slump may struggle to raise capital or obtain adequate loans unless markets improve, adding to closures that imperiled more than 200 Wall Street jobs last month.


Losing a Goose That Laid the Golden Egg
Not everyone on Wall Street is giddy over Facebook’s initial public offering of stock. A group of private exchanges has popped up in recent years to accommodate a fast-growing trading market in the private shares of the Internet companies like Twitter and LinkedIn. Facebook has driven much of this growth, emerging as the most actively traded private company by a wide margin.


JLN Interest Rates Newsletter

Commodity Futures Trading Commission and Securities and Exchange Commission Release Joint Report to Congress on International Swap Regulation
Press Release
Washington, DC – The Commodity Futures Trading Commission and the Securities and Exchange Commission delivered to Congress a report on international swap regulation, as required by Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The provision requires the Commissions to report on how swaps are regulated in the United States, Asia, and Europe and to identify areas of regulation that are similar and other areas of regulation that could be harmonized.

Fed will protect U.S. from Europe fallout: Bernanke
Reuters via Yahoo! News
WASHINGTON (Reuters) – Europe’s financial crisis still threatens the U.S. recovery, and the Federal Reserve will do everything it can to prevent it from damaging the economy, Fed Chairman Ben Bernanke said on Thursday. Bernanke told Congress he was seeing signs that some of the uncertainty dampening U.S. business investment, including European banking woes, might be waning.

Sustainable budget should be top US priority: Fed
AFP via Yahoo! News
The US Federal Reserve chairman Ben Bernanke told Congress Thursday that achieving a sustainable budget and debt balance should be a “top priority” for the government.


MarketsWiki Page of the Day
Michael Stockman


MarketsWiki Recent Updates


James F. Heinz, Jr.; Robert B. Moore; Christopher K. Hehmeyer; Michael K. Roseman; Michael Stockman; John Goode; Carlton J. Chin; Bill Navin

Companies, Organizations and Groups

Marquette Partners LP


CME Group Live Cattle


Five Minutes With John Goode; Five Minutes


18,985,217 pages viewed, 6,676 articles, 136,295 edits
MarketsWiki Statistics

Lead Stories

S.E.C. Is Avoiding Tough Sanctions for Large Banks
Even as the Securities and Exchange Commission has stepped up its investigations of Wall Street, the agency has repeatedly allowed the biggest firms to avoid punishments.

Credit-default-swap futures seen as inevitable
By Katy Burne – Dow Jones
NEW YORK (MarketWatch) — Efforts to create an exchange-traded futures contract tied to credit-default swaps haven’t yet gained traction after 18 months of talks, but banks dealing in the private multitrillion-dollar market for credit derivatives believe such contracts will eventually appear for a simple reason: They should attract new players.

MF Global risk officer says ousted after warnings
Reuters via Yahoo! News
WASHINGTON (Reuters) – The former chief risk officer at MF Global who raised red flags about the firm’s aggressive trading bets told lawmakers that his warnings contributed to the firm’s decision to let him go in early 2011.

UPDATE: Smaller Interest-Rate, Credit-Default Swap Trades Seen On Horizon
NEW YORK (Dow Jones)–Some dealers in the privately traded derivatives market are considering whether to offer interest-rate and credit-default swaps in very small sizes as these markets evolve, according to people familiar with the matter.

Swiss question 12 banks as Libor probe widens
By Martin de Sa’Pinto and Caroline Copley – Reuters
ZURICH (Reuters) – Switzerland said on Friday it was investigating 12 U.S., European and Japanese banks suspected of conspiring to manipulate interbank lending rates used to set interest rates on hundreds of trillions of dollars of securities.

MF Global ‘Break-the-Glass’ Plan Outlined Options for Downgrade
Senior executives at MF Global Holdings Ltd., anticipating collateral calls on European debt trades, raised the possibility of removing the transactions from central clearinghouses designed to reduce risk, according to a contingency plan drafted weeks before the firm’s bankruptcy.

MF Futures Customers Compete to Lead at Least Seven Suits Against Corzine
MF Global Inc. futures customers are competing to lead a lawsuit against Jon Corzine, the parent company’s former chief executive officer, over the alleged theft of $1.2 billion of their assets.

Glitch at Tokyo Bourse Is No Payday For Japan’s Alternative Trading Venues
Japan’s alternative trading platforms missed out on a potential payday as regulators stopped them from fielding orders when a computer error caused the biggest trading disruption in six years yesterday at the Tokyo Stock Exchange.

Testimony By U.S. Federal Reserve Chairman Ben S. Bernanke – The Economic Outlook And The Federal Budget Situation – Before The Committee On The Budget, U.S. House Of Representatives, Washington, D.C., February 2, 2012
Press Release

Environmental Trading News

GreenX Monthly Report – January 2012

China Fuels Its Global Energy Supply
Wall Street Journal
A unit of China National Petroleum Corp. agreed to buy a big slice of a shale-gas play in Canada from Royal Dutch Shell PLC, bolstering Beijing’s footprint in North America’s energy patch, as two other Chinese companies sealed energy deals in the U.S. and Europe.

Xstrata and Glencore in Colombia: the issue is logistics, not coal
Financial Times
The flagged $80bn merger of Xstrata and Glencore was always going to cause a commotion in Colombia, the world’s fourth biggest coal exporter.

Opinion: China’s carbon tax is very real
The news that China may very soon introduce a carbon tax has caused a stir. Of the many articles to address the topic, John Lee’s Wall Street Journal commentary “China’s Fake Carbon Tax”, published earlier this month, is particularly striking. In this confusing diatribe, Lee puts forward his personal theories about China’s motives. But these have no foundation in reality.

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

CME Group Profit Misses Analyst Estimates as Volume Drops (2)
By Matthew Leising – Bloomberg
Feb. 2 (Bloomberg) — CME Group Inc., owner of the world’s largest futures market, said fourth-quarter profit missed estimates as trading volume slowed in the last months of 2011.

Intercontinental Exchange WTI Crude Volumes Drop 52% in January
By Matthew Leising – Bloomberg
Feb. 2 (Bloomberg) — Intercontinental Exchange Inc., the second-largest U.S. futures market, said U.S. West Texas Intermediate crude oil futures volume fell 52 percent in January, compared with a year ago.

Press Release

NYSE at 42% Size of CME Is Niederauer Dilemma as Deal Fails
By Nina Mehta and Whitney Kisling – Bloomberg
Feb. 2 (Bloomberg) — Duncan Niederauer, poised for the past year to become chief executive officer of the world’s biggest exchange company, is back in charge of No. 6.

BOX Price Improvement Activity Increases in January
Press Release
Boston, February 1, 2012: In the month of January, price improved contracts on BOX Options Exchange (“BOX”) averaged 318,067 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction (“PIP”) averaged $167,614 per day, while total savings to investors this month were $3.35 MM. With this, BOX has saved investors over $373 MM since its inception in 2004. Overall average daily trading volume on BOX in the month of January was 590,947 contracts.

Boerse Stuttgart Cuts Transaction Fees – Reduced Fees For Trading In Securitised Derivatives From 1 February 2012
Press Release
Boerse Stuttgart, Europe’s leading stock exchange for retail investors, reduced its transaction fees for securitised derivatives (leverage and investment products) with effect from 1 February 2012.

Boerse Stuttgart launches new brand campaign
Press Release
Boerse Stuttgart has developed a new branding campaign in collaboration with the advertising agency Jung von Matt/Neckar. The new brand communication strategy is intended to highlight Boerse Stuttgart’s position as the leading stock exchange for retail investors.

TMX Group Expands Co-Location Facility
Press Release
February 2, 2012 (TORONTO) – TMX Group Inc. today announced that phase four of its co-location facility will open in Q2 2012. Strong demand for co-location with TMX Group, as well as rapid adoption of prior phases, has advanced implementation of phase four.

ICE Reports Daily Futures Volume for January; $27 Trillion Cleared in CDS Globally to Date
Press Release
ATLANTA, Feb. 2, 2012 /PRNewswire/ — IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, reported a 6% decline in futures volume and improved revenue capture for January 2012. ICE’s average daily volume (ADV) was 1.49 million contracts compared to 1.58 million contracts in the prior January. Total futures volume in January 2012 was 29.8 million contracts.

TMX Group – Consolidated Trading Statistics January 2012 – Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Montreal Exchange, Natural Gas Exchange
Press Release

TSX Block List Leaders – January 2012
Press Release

Foreign Investors The Biggest Single Group On BM&FBOVESPA In January
Press Release

Warsaw Stock Exchange Derivatives Market In January 2012
Press Release

ASX Compliance Monthly Activity Report – January 2012 (PDF 43KB)

ASX Group Monthly Activity Report – January 2012

NZX Shareholder Metrics January 2012
Press Release

TOM Insight January 2012
Press Release

CME Clearing – Performance Bonds / Margins
Performance Bond Requirements: Interest Rate Outrights- Effective Friday, February 3, 2012

[CBOE] Disciplinary info: Sallerson-Troob, L.L.C.

[CBOE] Disciplinary info: Hold Brothers Capital, LLC

[CBOE] Disciplinary info: SEG Capital, LLC

Program Trading Averaged 28.8 Percent of NYSE Volume during Jan. 23-27

Banks, Brokers & Dark Pools

Changes To The UBS Board Of Directors
Beatrice Weder di Mauro and Isabelle Romy to be nominated for election to UBS Board of Directors at the Annual General Meeting on 3 May 2012 – Bruno Gehrig will not stand for reelection to the UBS Board
Press Release

Deutsche Bank Told to Pay $19.7 Million Over Currency Option
Deutsche Bank AG, Germany’s biggest bank, was ordered to pay 15 million euros ($19.7 million) in a lawsuit over a currency option product it sold to a client.

Why IMF Loans Always Get Repaid
Greece is trying to make a deal to slash the amount of money it owes bondholders. Hedge funds will take significant losses. But the International Monetary Fund also loaned Greece a lot of money, and it will be paid back in full. If the IMF isn’t paid back, most countries will not lend Greece any more money.

Regulators step up probe into UBS’s rogue trading losses
Reuters via Yahoo! News
LONDON (Reuters) – British and Swiss regulators Have stepped up their investigation into a $2.3 billion trading loss at UBS’s London arm last September with the launch of a formal probe.

Goldman at a P.R. Crossroads
New York Times
News that Goldman Sachs is wooing a former Treasury official has had Wall Street buzzing with talk that Lucas van Praag may be leaving the firm.

RBS Chairman Says Banker Pay Too High
FOX Business
Royal Bank of Scotland Group PLC (RBS) Chairman Philip Hampton said Friday that bankers are paid too much but defended the U.K. bank’s own chief executive, whose salary he said was “not high by most measures.”

Citigroup Names Cowles EMEA Operating Chief in Overhaul
Citigroup Inc., the third-biggest U.S. bank by assets, named James Cowles chief operating officer for Europe, Middle East and Africa as the firm overhauls its management structure for the region.

Deutsche Bank concerned by offer of ECB loans
By James Wilson in Frankfurt – Financial Times
Deutsche Bank has risked a clash with the European Central Bank by indicating it sees a stigma attached to the long-term help offered to banks to try to ease the eurozone’s funding crisis.

Deutsche Bank Forex Trading Systems Suffer Outage
Wall Street Journal Blogs
Deutsche Bank’s foreign-exchange trading systems suffered a brief but full outage during late Asian trading hours Thursday.

Schwab CEO: Will Reimburse Arbitration Fees For Clients While Court Weighs Co. Response To Finra
NEW YORK -(Dow Jones)- Charles Schwab Corp. (SCHW) Chief Executive Walt Bettinger said the discount brokerage will reimburse clients for arbitration fees if they pursue such claims in legal disputes with the company, while a California court weighs the company’s response to a complaint from regulators.

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.

Commodity Futures Trading Commission And Securities and Exchange Commission Release Joint Report To Congress On International Swap Regulation
Press Release

The Systemic Risk of Intraday Margin Calls for Cleared Over-the-Counter Derivatives: Comment Letter To CPSS-IOSCO
Press Release

Geithner Talks Fannie And Freddie, Ending Too Big To Fail
U.S. Treasury Secretary Timothy Geithner has made it clear that he does not expect to continue in his post for much more than another year, but until his eventual departure he will shepherd a monumental effort to remake the regulatory framework on the U.S. financial system.

Remarks By U.S. Treasury Secretary Tim Geithner On The State Of Financial Reform
Press Release

Speech By SEC Staff: Remarks On News Conference Call About Case Against Credit Suisse Investment Bankers By Robert Khuzami, Director Of The SEC’s Division of Enforcement, U.S. Securities And Exchange Commission
Press Release

Olli Rehn Vice-President Of The European Commission And Member Of The Commission Responsible For Economic And Monetary Affairs And The Euro – A New Stability Culture In Europe – Europe House Lecture, The Hague, 2 February 2012
Press Release

Statement Of Dissent To The CFTC-SEC Report On International Swap Regulation Pursuant To Section 719(c) Of The Dodd-Frank Act (the
Press Release

UK’s Financial Services Authority Announces Annual Funding Requirement For 2012/13
Press Release
The Financial Services Authority (FSA) has today announced its proposed Annual Funding Requirement (AFR) for 2012/13. This is likely to be the FSA’s final AFR before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), in 2013.

NFA Enforcement and Registration Actions
Dalton General Partner Limited

ASIC obtains Supreme Court orders against fraudulent Gold Coast financial services business

Arizona Federal Court Orders Anthony Eugene Linton To Pay More Than $1.7 Million For Operating Ponzi Scheme – Court Permanently Bars Linton From Commodities Industry
Press Release

Witness Says He Warned Stanford on Ponzi Plan
HOUSTON — As R. Allen Stanford’s chief financial officer, James A. Davis knew a lot about his boss’s offshore banking operations. As he took the witness stand on Thursday against his former boss, Mr. Davis said he repeatedly warned him over the years that his Ponzi scheme would collapse, and to make his point graphically he would cup his hands as if they were in handcuffs while making his plea.

Investments – Indexes – Managed Futures – Managed Funds

Bloomberg Hosts Its First Portfolio Manager Mash-Up Conference
Business Wire via Yahoo! Finance
NEW YORK–(BUSINESS WIRE)– On the heels of a year when Standard & Poor’s cut the United States’ rating and placed 15 European nations on notice for possible downgrades, Bloomberg LINK will convene top portfolio managers to discuss the key issues that will impact markets this year at the first-ever Bloomberg Portfolio Manager Mash-Up Conference.

The Danish National Pension Fund Had A Staggering 26% Return In 2011
Business Insider
Few on The Street have likely heard of a Danish hedge fund called Allmän tilläggspension. They may want to learn about it though, since its 2011 returns probably beat most of theirs.

MarketAxess 2011 Review Shows Wider Bond Spreads
The cost for institutional investors to buy and sell corporate bonds increased dramatically in the second half of 2011, driven by market turbulence related to Europe’s sovereign debt crisis and pending regulations that are discouraging banks from standing in between customer trades, according to MarketAxess Holdings Inc.

Blackstone’s Profit Falls 12%, but Beats Expectations
In a year when the private equity industry took a political licking, the Blackstone Group is feeling the effects of a weak deal-making climate.

Ader Investment Management Launches Hedge Fund Business Accelerator
PR Newswire via Yahoo! Finance
NEW YORK, Feb. 2, 2012 /PRNewswire/ — Ader Investment Management (AIM) has launched Accelerator Fund Partners LP, an innovative funding platform for hedge funds looking to boost assets under management …

Regular Deutsche Börse share again included in the DAX
Changes will be effective on 8 February

Two new UBS ETFs launched on Xetra

Deutsche Boerse Tendered Shares Replaced By Original Deutsche Boerse Shares In STOXX Indices
Press Release

Technology News

Market Depth Normalized in 4 Microseconds
Tom Steinert-Threlkeld – Securities Technology Monitor
Trading Physics said it was able to normalize market depth feeds on U.S. equities at an average speed of 4.0 microseconds. The speed was achieved using Myricom’s 10G-PCIE2-8C2-2S dual port SFP+ adapters along with Myricom’s DBL 2.0 low-latency software for high-frequency trading.

Neonet enters execution services partnership with JRS Securities
Press Release
Stockholm, Sweden, February 2, 2012 – Neonet, the independent execution services provider, today announced an agreement with JRS Securities, a Stockholm-based brokerage firm, to deliver managed execution services for trading in Nordic equities. The order was booked in Q1, 2012.

NYSE Technologies Selects Q9 to Further Extend its SFTI Global Trading Network in Canada
Press Release
Q9 Networks (Q9) is pleased to announce that it has been selected by NYSE Technologies, the commercial technology unit of NYSE Euronext (NYX), to host a Secure Financial Transaction Infrastructure (SFTI) access centre. The agreement will extend the SFTI backbone into Q9’s Toronto data centre, enabling Canadian customers to directly access services over the global capital markets network.

Fiserv Reports Fourth Quarter and Full Year 2011 Results
Business Wire via Yahoo! Finance
Fiserv, Inc. , a leading global provider of financial services technology solutions, today reported financial results for the fourth quarter and full year 2011.

Misys holds merger talks with Swiss rival
By Adam Jones – Financial Times
Misys and Temenos are in talks about a possible Anglo-Swiss merger that would unite two leading suppliers of software to banks. The UK-based Misys on Friday confirmed it was in preliminary discussions with Temenos about an all-share merger following recent market rumours.

Media News

Digital subscriptions stabilise NY Times revenues
By Andrew Edgecliffe-Johnson in New York – Financial Times
Digital subscriptions to the New York Times online edition stabilised revenues at the publisher’s flagship title in the fourth quarter of 2011, but group results were dragged down by a further decline at, its consumer information website.

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

[TSE] Request for Report, etc. (Commencement of Secondary Examination) from the Japan Fair Trade Commission in relation to the Business Combination between Tokyo Stock Exchange Group, Inc. and Osaka Securities Exchange, Co., Ltd.

[TSE] Statement by Atsushi Saito with regard to today’s system failure

SGX commodities, clearing and fixed income activities grew in January
Singapore Exchange (SGX) saw year-on-year growth in its commodities, clearing and fixed income activities in January 2012.

Goldman Names Westerman, Dees Heads of Asia Ex-Japan Banking
Goldman Sachs Group Inc. named Matthew Westerman and Dan Dees co-heads of its investment banking division for Asia outside of Japan.

Frontier Markets

BSE IPF And Morningstar India Launch ‘India Fund Observer 2011’
Press Release
BSE Investors’ Protection Fund (BSE IPF) along with Morningstar India, a wholly-owned subsidiary of Morningstar, Inc. (NASDAQ: MORN) – a leading provider of independent investment research, today launched the inaugural edition of the India Fund Observer.

Bangladeshi Investors Badly Hit by the Stock-Market Crash
Time Magazine
The dramatic rise and swift fall of Bangladesh’s stock market is a cautionary tale for emerging-market investors oblivious to the perils of hasty deregulation and rapid capital inflows

MCX Weekly Market Report – January 27, 2012 To February 02, 2012
Press Release

Malawi Stock Exchange Weekly Report – Week Ending 3rd February, 2012
Press Release

Dow Jones Islamic Market Titans 100 Index Closed Up 4.08% In January

John Lothian Newsletter

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CEO, Trading Technologies

Past JLN Newsletters

Rohit Chopra is going to rock the financial world

Rohit Chopra is going to rock the financial world

First Read $53,806/$300,000 (17.9%) ++++ Hits & Takes John Lothian & JLN Staff Mary Childs and Amanda Aronczyk of NPR interviewed American Financial Exchange CEO Richard Sandor on Planet Money on a podcast titled "LIBOR pains." You can listen it HERE. HKEX...

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