First Read

How we talk
Jim Kharouf – JLN

My column yesterday, What Just Happened about the election of Donald Trump as the next president of the United States struck a chord with readers. We received more reader feedback on this column than we have in some time, some negative, some supportive. Here are a few.

“Thanks for this insightful OpEd. You articulated so many feelings I’m still trying to process.”

And this:
Wow, what an ignorant, cheap shot to smear nearly 60 million Americans that way. Deplorables, right? As a life-long New Yorker, I’ve watched Trump in action for 30-plus years, and I never liked him. In fact, I detest him, and I therefore didn’t support or vote for him. But you seem to have forgotten that there was someone else in this race, and she was equally loathsome. (In fact, in the last polls, for whatever they may be worth, she was running neck and neck with Trump in the race to the bottom for most “unlikeable.”). Are there haters among the Trump supporters? No doubt. But the same could be said for some percentage of Hillary’s backers (see Huff Post, Twitter, etc.)…”

And this:
“Your article was wrong. This is not about racism, this is about Americans (white, black, Hispanic) wanting something better, not wanting more Washington DC corruption…
Plus your article feeds into Europeans’ view that this country is all slack jawed racist yokels.”

And this:
“THANK YOU. You wrote exactly what I feel. I couldn’t put the words to my feelings like you did. I fully plan on plagiarizing you. I hope you don’t mind. Right now my anger is focused on Hillary’s campaign. It undoubtedly will go down as the worst in history.”

There were more as well. In fact, those that did bother to tell me how much they disagreed with my point of view were gracious enough to actually have a dialog with me after the initial note. Which brings me to the point here. We may firmly disagree with one another, but we need to continue the conversation, as painful as that may be.

This country has fallen into a trap of defining others simply by the candidate they support. Somehow, Trump supporters are labeled as haters, racists, xenophobes and misogynists. And while we’re at it, are supporters of Bill Clinton or even Hillary misogynists, or liars, or criminals? Of course not. That part of the conversation needs to be dissected and discussed. Each candidate this season had parts you supported and parts you loathed but none are your equivalent.

To move this ahead, it is worth finding what we have in common, and where we find common ground. That must extend to our leadership in Washington. I doubt it will, but it must, lest the divide among us grows wider.


Donald Trump’s Financial Advisory Team Stocked With Wall Streeters; Many Republican policy hands and CEOs involved in past campaigns have steered clear of Mr. Trump
Donald Trump’s successful insurgent bid for the White House promised to upend a global power structure that benefited large corporations. Now, several Wall Street financiers and other successful business leaders could be in line to run top posts in his presidential administration.

**JK: One wonders what the great populist group in the $50,000 income range thinks of this.


Volumes soar on futures exchanges after Trump win
by: Gregory Meyer – FT
Futures exchanges, which thrive on volatility, are emerging as an early beneficiary of Donald Trump’s US presidential victory.

***** My commentary from yesterday was quoted in this story.


Stock Forecasters No Better Than Pollsters in Figuring Out Trump
So far, forecasts of the equity market’s unraveling are looking about as accurate as the voter surveys after Donald Trump’s presidential win.
While stocks buckled and plunged as ballots were being counted, they’ve since bounced back sharply and are behaving nothing like what was predicted in nightmare scenarios that flew around Wall Street in the weeks before the vote. Rather than tumble 10 percent as was forecast by everyone from Barclays Plc to the Brookings Institution, the S&P 500 Index rallied.


FIA files letters to ESMA on Position Limit proposals under MiFID II
At the end of September 2016, FIA filed jointly with ISDA, GFMA, EFET and WMBA two letters to ESMA, asking for clarifications regarding the scope of the position limits regime under Art. 57 of MiFID II. We argue that position limits should not apply to non-commodity contracts referred to in Annex I Section C.10 of MiFID II (for example, inflation swaps) or to securitised commodity derivatives.

**** Not enough acronyms in this note.


FIA files response to FCA Consultation Paper on MiFID II implementation
On 28 October, FIA filed its response to FCA Consultation Paper 16/19 on MiFID II implementation in the UK. Among various recommendations, we:

***** FIA showing they still had more energy than I did after staying up for the election.


Wednesday’s Top Three
Yesterday’s top read story was Bloomberg’s piece on the new world order, Trump Victory Threatens a New World Disorder as Putin Looks On. In second was the obituary for longtime industry stalwart Thomas Gelderman. The CME Group’s actions against two traders took third in CME Group bans two traders for prearranging transactions


MWE Europe 2016


Lead Stories

Flash Crash Trader Sarao Pleads Guilty to Fraud, Spoofing
Brian Louis, Tom Schoenberg and Janan Hanna – Bloomberg
Trader admits guilt in Chicago court after U.K. extradition; Sarao also agrees to pay $25.7 million to settle CFTC lawsuit
Navinder Singh Sarao, the British day trader accused of contributing to the 2010 Flash Crash, was allowed to return to his parents’ home near London’s Heathrow Airport after becoming the second person convicted of manipulating commodities markets by placing orders he never intended to fulfill.

Top high-frequency trader Teza to quit proprietary trading; Group founded by Misha Malyshev switches focus to quantitative hedge fund
Gregory Meyer, Mary Childs and Nicole Bullock – FT
One of the biggest and fastest traders in financial markets is abandoning its core business after its revenue engine stalled, a sign of the challenge of adapting in markets that unfurl in nanoseconds.

Trump Expected to Seek Deep Cuts in Business Regulations
Michael Corkery – NY Times
The unwinding of Dodd-Frank. The firing up of shuttered coal plants. The rollback of rules that increase overtime pay for low-wage workers.

Crunch Time for Options Market Structure Reform
Rob Daly – Traders Magazine
Time is short for the US options industry to address its nuanced market-structure with the US Securities and Exchange Commission, according to industry participants.

Does Donald Trump Spell an End to Fed’s Low-Rate Era?
Greg Ip – WSJ
Historically, presidents wanted interest rates to go in only one direction: down.
As with so much else, Donald Trump breaks with that tradition. Early in the campaign he called himself a “low-interest rates person,” but by the end he was warning that low rates were fueling a bubble, distorting markets and robbing savers: “Those people have really been discriminated against.”

Inflation swap volumes surge for LCH; New capital rules for banks turn trading in privately negotiated swaps on its head
Philip Stafford – FT
The world’s main clearer for inflation swaps is predicting further volume growth in coming months as investors and banks adjust to incoming rules that will radically shake up derivatives trading.

FT Explainer: US stocks and circuit breakers; How the buffers designed to prevent wild price swings on Wall Street markets work
Nicole Bullock and Philip Stafford – FT
Donald Trump’s victory in the US presidential race has rattled investors and left traders nervously eyeing how the country’s equities and derivatives markets will open in New York on Wednesday morning.

Investors Are Betting That Trump Will Be the Inflation President
Markets are pricing in accelerated price inflation on the back of the Trump victory.
Luke Kawa, Sid Verma – Bloomberg
Trump is about to make inflation great again. The legislative firepower to enact a slew of populist policies has investors betting that more upward price pressures are on the way, whether it be from tighter immigration, trade protectionism, or the enhanced public spending and tax cuts expected of the Republican President-Elect.

Banks and exchanges enjoy ‘Trump bump’ trading surge
John McCrank – Reuters
Banks, stock exchanges and brokers enjoyed a surge in trading volumes on Wednesday after a surprise victory for Republican presidential candidate Donald Trump sent investors scrambling to reposition their portfolios. The “Trump bump” set U.S. equity markets on track for one of their highest volume days of the year as institutional and retail investors bought financial stocks and pharmaceutical companies on the expectation that a Republican-controlled government would loosen regulations governing those industries.

Financial Models Go Haywire as ‘Tail-Risk Trump’ Lives Up to His Name
Luke Kawa – Bloomberg
Trump has been called the ultimate “tail-risk candidate,” so it’s perhaps unsurprising that his electoral success has been greeted with outsized market reactions. Stocks, bonds, and currencies were rattled by the vote, registering market moves that are supposed to be incredibly rare according to the normal distribution of probabilities that still form a bedrock of the financial models employed by large trading desks on Wall Street.


Exclusive: Goldman Sachs considers Frankfurt move over Brexit – sources
Channel Asia
Goldman Sachs is considering shifting some of its assets and operations from London to Frankfurt, three people familiar with the matter said, as it tries to secure access to the European Union market when Britain leaves the bloc.

Social Media

Social media alone understood the Donald Trump story
John Lloyd – FT
The decline of newspapers puts them level with vast flows of fantasy and leaks
In the early hours of Wednesday, John King of CNN summed up, brilliantly, the cul-de-sac in which the American (and not only the American) news media now find themselves. As Donald Trump’s victories rolled in, and as his occupation of the White House passed from a remote possibility to a large probability, the news presenter said that until that moment “we were not having a reality-based conversation” in his channel’s coverage of the presidential race.

Facebook and Twitter Contend With Their Role in Trump’s Victory
Sarah Frier – Bloomberg
America just endured its first presidential election in which the majority of the electorate got its news from social media. And the outcome is already prompting soul searching by the companies that shaped it.

Donald Trump Won Because of Facebook
By Max Read – NY Mag
A close and — to pundits, journalists, and Democrats — unexpected victory like Republican presidential candidate Donald Trump’s is always overdetermined, and no one particular thing pushed Trump over the edge on Tuesday night. His chosen party’s lately increasing openness to explicit white nationalism, the still-recent global-scale failure of the liberal economic consensus, the apparently deep-seated misogyny and racism of the American electorate, Hillary Clinton’s multiple shortcomings as a candidate, or even the last-minute intervention of FBI director James Comey might each have been, on its own, sufficient to hand the election to a man who is, by any reckoning, a dangerous and unpredictable bigot.

Exchanges, OTC and Clearing

CME Group Declares Dividend
CME Group
CME Group Inc., the world’s leading and most diverse derivatives marketplace, today declared a fourth-quarter dividend of $0.60 per share, payable December 28, 2016, to shareholders of record as of December 9, 2016.

Postponement of the application date of the regulation for Packaged Retail and Insurance-based Investment Products (PRIIPs)
Eurex welcomes the decision reached by EU policy makers to postpone the application date of the regulation for Packaged Retail and Insurance-based Investment Products (PRIIPs) until 1 January 2018. This will allow for the proper finalization of the necessary details through regulatory technical standards, reduce uncertainty in the market and will enable alignment with other ongoing regulatory initiatives, i.e. MiFID II / MiFIR.

Methodology of the Moscow Exchange Indices Calculation to take effect
On November 21, 2016, the new Methodology of the Moscow Exchange Indices Calculation will come into force, the text of which was disclosed on the Moscow Exchange website on August 29, 2016.

Euronext third-quarter revenue hurt by Brexit uncertainty, lower volatility
Pan-European exchange Euronext (ENX.PA) reported a 15.2 percent fall in third-quarter revenue on Wednesday, hurt by a drop in listing and trading volumes that it blamed on uncertainty following Britain’s vote to leave the European Union.

FXCM ties 50% of senior management bonuses to repaying Leucadia loan in 2017
Retail Forex broker FXCM Inc (NASDAQ:FXCM) has released details of its 2017 executive compensation plan, and it seems that it is placing a large premium on repaying in full its loan from Leucadia National Corp (NYSE:LUK).

Thai Bourse Market Report For October 2016
SET Index closed at 1,495.72 points, up 16.1 pct from end-2015; Average daily securities trading value at THB 63.54 bln, rising 47.05 pct y-o-y; Market cap at THB 15.3 trillion, a 21.70 pct rise from end-2015; Foreign investors were net sellers with trading in Thai shares at THB 18.15 bln.
The Stock Exchange of Thailand (SET) Index ended October at 1,495.72, a 16.1 percent rise from the end of 2015. Foreign investors were net sellers with trading in Thai shares along with most markets in the region amid concerns about the upcoming US presidential election results which might affect the Federation Reserve’s policy.


The Few on Wall Street Who Predicted a Donald Trump Victory; Jeffrey Gundlach and a few other prominent investors saw a Trump win coming
Gregory Zuckerman, Ken Brown and David Benoit – WSJ
Donald Trump’s victory shocked much of Wall Street. But not Jeffrey Gundlach.
Mr. Gundlach, who runs asset manager DoubleLine Capital LP, has for months predicted the New York businessman would win the White House. At a time when bond yields were falling to record lows and few investors even took Mr. Trump’s candidacy seriously, Mr. Gundlach was selling long-term U.S. bonds.

President Obama Speaks on the Results of the Election: “We Are Americans First”
The President addressed the nation on the election results and the next steps we can take to come together as a country and ensure a peaceful transition of power. This is something every American should watch — no matter his or her politics.

Trump’s Ragtag Wall Street Backers Placed Bets That Can Pay Big; Like Trump, they have very little government experience.
Max Abelson, Zachary Mider – Bloomberg
In early 2016, Steven Mnuchin, a former Goldman Sachs partner, was producing Tarzan and Joker movies, while SkyBridge Capital founder Anthony Scaramucci was reviving a 1970s TV show, Wall Street Week, to star himself. Tom Barrack was trying to sell Michael Jackson’s Neverland Ranch. They’re in a different place now.

Trump presidency throws retirement advice rule into question
Elizabeth Dilts – Reuters
Republican Donald Trump’s victory in the U.S. presidential race puts a new rule on retirement advice in limbo, even after Wall Street’s biggest wealth management firms have spent millions preparing for it, lawyers and analysts said on Wednesday.

Trump team moves to reassure world on transition
Sam Fleming and Courtney Weaver – Financial Times
Senior Republicans have sought to reassure the world that Donald Trump would oversee a smooth transition of power in Washington and bring in heavyweight figures to his administration after the political outsider’s stunning victory roiled markets and shocked US allies.

Trump’s Victory Proves the U.S. Is Unexceptional
Leonid Bershidsky – Bloomberg View
No need for tears and hand-wringing, U.S. friends. What happened on Tuesday was not a collapse of your democracy — just a powerful blow to American exceptionalism and the misplaced arrogance of the U.S. elite.

Wall Street isn’t all that excited over President-elect Trump
Kevin Dugan – NY Post
Wall Street leaders on Wednesday voiced support for President-elect Trump — but they weren’t exactly bubbling over with enthusiasm.

Donald Trump’s administration is going to be a bonanza for bankers; Populist rhetoric masks a bonanza of deregulation and tax cuts
At one of the lowest points of his 2016 campaign, damaged by poor debate performances and rocked by multiple credible allegations of sexual assault, Donald Trump punched back with an audacious conspiratorial speech in which he alleged that all his misfortunes were the result of a vast and far-reaching conspiracy. Allegations against him were published by untrustworthy reporters who “collaborate and conspire directly with the Clinton campaign” as part of a larger “corrupt establishment” that has “trillions of dollars at stake in this campaign.”

Where to Find Some Certainty in Trump’s Uncertain World
Justin Lahart – WSJ
Donald Trump’s election victory is giving U.S. investors firsthand experience in what an uncertainty shock feels like. The danger is that they may be feeling it for a while. Stocks had a wild ride Wednesday as investors grappled with the reality of a Trump presidency, falling sharply in the early hours, paring losses to open in the green, and then moving sharply higher.

Investing and Trading

Afraid of What Comes Next for the Markets and Economy? Read This
Jason Zweig – WSJ
A time of political shock isn’t a time for investing action. Instead, it is a time to watch and wait. The worst possible moment to make clear and durable decisions is when you are surprised by what just happened.

Donald Trump’s Surprise Victory Sent Global Markets on a 12-Hour Thrill Ride
Corrie Driebusch, Georgi Kantchev and Sarah Krouse – WSJ
Sleepless traders from New York to Hong Kong were whipsawed by huge swings as election results trickled in
As Americans headed to the polls Tuesday morning, sales staff at Deutsche Bank’s London offices circulated a lighthearted message on their terminals to gauge the chances they’d be able to turn in early that night.

Trump Rides a Wave of Fury That May Damage Global Prosperity
Peter Goodman – NY Times
A populist insurrection is gaining force in much of the world, drawing middle-class and blue-collar recruits who lament that they have been left behind by globalization. This upheaval threatens to upend the economic order that has prevailed since the end of World War II.

For Hedge Fund Investors, Calm Uncertainty Over Trump’s Direction
Alexandra Stevenson and Matthew Goldstein- NY Times
Wilbur Ross, the contrarian billionaire investor, stood in a sea of red caps early Wednesday morning at the New York Hilton Midtown hotel in Manhattan as Donald J. Trump took the stage.

S&P affirms U.S. investment-grade ratings after presidential election
Ratings agency Standard & Poor’s affirmed the United States’ investment-grade ‘AA+/A-1+’ rating on Wednesday, a day after the presidential election, while maintaining its stable outlook. Donald Trump won the U.S. presidential election in a stunning upset, and will take office in January, with the Republicans maintaining majority control of the House of Representatives and the Senate.

Trump win forces rethink of investment risk assumptions;
Rob Mannix and Faye Kilburn –
Risk management preparations confounded by day that shifted from risk off to risk on
“If you’d asked me yesterday where the market would be at noon today, I’d have said US equities would be down a few percentage points, the dollar would be down and rates would be lower as investors sought safety in Treasuries. I’d have been wrong on every count.”


JPMorgan CEO Jamie Dimon asks for unity in post-election memo
JPMorgan Chase & Co Chief Executive Jamie Dimon called on employees, business leaders and government officials to work together on solutions to the United States’ problems on Wednesday, in response to the surprise presidential election results.

Why a Trump Victory Could Please Deutsche Bank
Paul Davies – WSJ
When business people go into politics there are always potential conflicts of interest: for President-elect Donald Trump an immediate one is Deutsche Bank . The troubled German bank has long been one of the biggest lenders to the Trump business empire among domestic or foreign banks. They have had their battles in court, but while Deutsche’s investment bank no longer works with Mr. Trump, its private bank has continued to lend his businesses hundreds of millions, according to The Wall Street Journal.

JPMorgan Chase to drop commissions-paying retirement accounts
As Wall Street’s wealth management firms scramble to comply with a new U.S. Department of Labor rule, JPMorgan Chase & Co said on Wednesday it will stop offering commissions-paying retirement accounts. In doing so, J.P. Morgan will join Bank of America’s Merrill Lynch and other firms that recently adopted the approach.

Hedge fund closures set to outpace launches in 2016: Eurekahedge
Tomo Uetake and Maiya Keidan – Reuters
Hedge fund closures globally are likely to outpace launches this year for the first time in more than 16 years’ of data, a leading market data tracker said on Wednesday. This partly reflects rising operational costs and weak performance which has undermined investor confidence. High-profile closures in the year to end-September include Chesapeake Partners and Perry Capital.

Goldman Sachs Selects 84 New Partners
Leslie Picker – NY Times
Every two years, Goldman Sachs promotes a fresh class of partners in a closely watched tradition that heralds back to the time when the company was still a private firm. This year’s list of the chosen is the longest since 2010 and includes the largest percentage of women.

Phillip Capital Adds ICE Futures Europe to Growing List of Exchange Memberships
Yahoo Finance
Phillip Capital Inc. (“Phillip Capital”), a member of the Singapore-based PhillipCapital Group (“the Group”), is proud to supplement its list of exchange memberships with the newest addition of ICE Futures Europe. Home to futures and options contracts for crude and refined oil, interest rates, equity derivatives, natural gas, power, coal, emissions and soft commodities, ICE Futures Europe is currently home to 50% of the world’s crude and refined oil futures trading.


To Infinity and beyond…
Hayley McDowell – The Trade
BT Radianz opens the doors of its innovation lab – BT Infinity – to The TRADE reporter Hayley McDowell, for an insight into the workings of its FinTech exploration centre.

REDI To Provide Clients Access To S3 Partners’ BLACKLIGHT
REDI Global Technologies and S3 Partners today announced that they have teamed up to provide REDI’s clients with access to S3’s award-winning BLACKLIGHT™ platform, an advanced suite of treasury management reporting and analysis tools that provide security, stability and franchise longevity.


Trump victory brings Dodd-Frank under the chop
Joe Parsons – The Trade
The surprise victory of Donald Trump has brought the US Dodd-Frank Act into question, as well as other stricter banking regulations. Among his other election promises, Trump had campaigned on loosening Wall Street regulations, including capital requirements, the Dodd-Frank Act and the Volcker Rule.

Donald Trump Victory Casts Clouds Over Fiduciary Rule
Michael Wursthorn and Lisa Beilfuss – WSJ
The rule aims to eliminate conflicts between brokers and retirement savers and was due to take effect in April
New retirement rules set to take effect next year are now in jeopardy after Donald Trump’s upset presidential election win, leaving Wall Street unsure on how to proceed with implementation.

O’Malia: renegotiate VM docs now to avoid March mayhem
Peter Madigan –
Market participants should already be negotiating with counterparties to embed the mandatory exchange of variation margin (VM) in derivatives documentation or face a repeat of the turmoil that blighted the US implementation of mandatory initial margin (IM) posting on bilateral swaps in September.

CFTC Submits Proposed Consent Order to Federal Court in Chicago that Would Resolve the CFTC’s Price Manipulation and Spoofing Action against U.K. Resident Navinder Singh Sarao
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it submitted a proposed Consent Order that would resolve its civil enforcement action in the U.S. District Court for the Northern District of Illinois against Navinder Singh Sarao (Sarao). The CFTC Complaint charged Sarao, along with his company Nav Sarao Futures Limited PLC, with unlawfully manipulating, attempting to manipulate, spoofing, and use of a manipulative device — all with regard to the E-mini S&P 500 near month futures contract (E-mini S&P) (see the CFTC Complaint and Press Release 7156-15, April 21, 2015).

ITG sets up $22m reserve to settle SEC case
Philip Stafford – FT
ITG has established a reserve of $22.1m to potentially settle a Securities and Exchange Commission inquiry involving pre-release American Depositary Receipts.

Dodd-Frank reforms tipped to survive Trump presidency
Steve Marlin, Louie Woodall and James Rundle –
The Dodd-Frank Act is likely to survive a Trump administration, despite the president-elect’s talk of “dismantling” the reforms enacted following the financial crisis – but some bankers remain hopeful that a Republican president will deliver some regulatory relief. “I don’t see a repeal of the Dodd-Frank Act, but I do see relief from some of its many mandates,” said Kevin Blakely, chair of the compliance committee and member of the fiduciary and risk committees at HSBC North America. “Maybe there…

Trump’s deregulatory stance expected to dilute financial reforms; Impact on governance will not be restricted to the US
Patrick Jenkins and Ben McLannahan – FT
Among the many pledges Donald Trump made during his campaign for the US presidency, one that was closely watched by the financial community was his repeated promise to repeal the 2,300-page Dodd-Frank Act.

Wolters Kluwer Brings Regulatory Reporting Expertise to FCA’s TechSprint Event
UK regulator the Financial Conduct Authority (FCA) has enlisted finance, risk and reporting vendor Wolters Kluwer to take part in its TechSprint event on Nov. 9 and 10, and to act as the regulatory reporting subject matter expert for the event.

ESMA Prepares for New International Financial Reporting Standard 9
The European Securities and Markets Authority (ESMA) has today published a Public Statement on Issues for consideration in implementing IFRS 9: Financial Instruments (the Statement) which highlights both the need for consistent, high-quality implementation of IFRS 9 and the need for transparency on its impact to users of financial statements.

ESMA Consults on Transparency Rules for Package Orders Under MIFID II
The European Securities and Markets Authority (ESMA) has opened today a public consultation on draft regulatory technical standards (RTS) regarding the treatment of package orders under the amended Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). Overall, MiFID II aims at increasing market integrity, transparency and efficiency.

BatsBYX: Notice of Filing of a Proposed Rule Change in Connection with the Proposed Corporate Transaction Involving Bats Global Markets, Inc. and CBOE Holdings, Inc.
(Release No. 34-79269; File No. SR-BatsBYX-2016-29; November 8, 2016); see also Exhibit 5A, Exhibit 5B, Exhibit 5C, Exhibit 5D, Exhibit 5E, Exhibit 5F, Exhibit 5G and Exhibit 5H

November 21 webinar for SDs on lessons learned for the approval process for risk-based initial margin models for uncleared swaps


Russia Says It Was in Contact With Trump’s Team During Campaign
Stepan Kravchenko, Henry Meyer – Bloomberg
Russia said it was in contact with President-elect Donald Trump’s team during the U.S. election campaign, despite repeated denials by the Republican candidate’s advisers that any links existed.

London-only work visa plan laid out for Brexit Britain; Business wants skilled workers with a job offer in UK capital to be given a visa
Conor Sullivan – Financial Times
Business leaders have outlined their vision of a London-only visa that would allow them to maintain access to foreign labour.

Sebi working on norms to check unfair play via HFT: UK Sinha
The Indian Express
Concerned over unfair play through the use of high frequency trading (HFT), Sebi chief U K Sinha said on Thursday that it is working on solutions relevant to the Indian securities market and is determined to put in place checks and balances related to such technologies. Sebi has received many “strong comments” on its proposed norms for HFT including suggestions that it should focus on, norms which would cater to India’s specific requirements and not adopt practices from other parts of the world, he said. Sinha was addressing a gathering at the CII Financial Market Summit in Mumbai on Thursday.

Independent directors should act in the interest of public shareholders says Sebi chief U K Sinha;
Business Standard
The Tata group crisis has put the spotlight on the role and function of independent directors on the boards of India Inc
Independent directors of listed companies should act keeping in mind the interests of public shareholders, Securities and Exchange Board of India (Sebi) chairman U K Sinha has warned.

Pin It on Pinterest

Share This Story