John Lothian Newsletter: Nasdaq hires former LSE sales exec; NYSE routing issue may have allowed improper trades; U.S. dispute over derivatives trading data heats up

Jan 17, 2013

As it moves closer to launch, London-based exchange Nasdaq OMX NLX hires a new director of sales for post-trade services. Another technical fault, this time at NYSE, may have allowed trades to be completed at improper prices. DTCC threatens to sue the CFTC over the way one of its rivals plans to handle derivatives trading data.

First Read

Futures on DTCC GCF Repo Index Achieve Major Milestones with New Volume and Open Interest Records
NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE Euronext, today announced it has achieved major milestones for its award-winning suite of Futures on DTCC GCF Repo Index. Since the launch of GCF Repo futures on July 16, 2012, NYSE Liffe U.S. has traded nearly 500K contracts as a result of rapid growth in volume, Open Interest and activity from global interest rate market participants.
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***** I knew it since it was still in its mother’s womb.

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The misguided race to introduce FTT in Europe
Will Mitting – FOW
It was the bankers what did it has been the prevailing wisdom among regulators since the financial crisis and the myriad of regulation hitting the industry stands testament to that. However, the financial transaction tax is proving to be one of the most misguided attempts to right the perceived wrongs in Europe.
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***** Long live long dead economists!!!

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High-speed Trading: Is It Time to Apply the Brakes?
Knowledge at Wharton
Costly glitches at some high-frequency trading firms have reignited a debate over the merits of computer-automated, high-speed stock transactions, in addition to inviting renewed scrutiny by regulators. Those in favor of high-frequency trading say it adds crucial liquidity to the market. But critics contend that the practice creates an uneven playing field for investors
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***** If the firms were actually made to fess up to the number of real errors they experience, big and small, I think we would be shopping for new brake pads.

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New Restoring Customer Confidence Video
The seventh video in our Restoring Customer Confidence series deals with high frequency trading. Each week we will post a new idea answering the question – how do you restore customer confidence and bring traders back?

Restoring Customer Confidence More ideas»
HFT Rules: Three Part HFT Harmony

HFT Rules: Three Part HFT Harmony
MarketsWiki.tv

High Frequency Trading (HFT) has been in the financial press a lot over the past several years. From the Flash Crash of 2010 to the collapse of Knight Capital in 2012, trading glitches and the negative impact of HFT on markets and investor confidence is well-documented. In this segment of the Restoring Customer Confidence series, Mayer Brown attorney Zachary Ziliak outlines the three sources that will address HFT and help restore customer confidence.

Ziliak says regulatory bodies will likely continue to address HFT guidelines, exchanges are imposing new fees on HFT practices and AT 9000, standards system for HFT practices, will help establish a higher bar for HFT participants.

Watch the video »

This video is sponsored by:
Traiana

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About the Restoring Customer Confidence video series
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back?

The Restoring Customer Confidence video series answers that question by exploring potential solutions using expert interviews and simple animations.

John Lothian News interviewed more than a dozen professionals in the industry to get their ideas and solutions. As these ideas become practice, or as new concepts are adopted by the industry, we will continue to add them to the site.

Visit the video series page on MarketsWiki.tv over the next several weeks for new ideas and solutions.

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Tradition-ICAP launches Volatility Swaps On Volbroker And Executes First Electronic Trade
Tradition-ICAP, the world’s leading voice broker and electronic platform for the trading of interdealer currency options, today announced the launch of tradable volatility swaps (‘Volswaps‘) on its Volbroker FX Options platform.
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***** I was a highly volatile broker. Did that make me a VolBroker?

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Citadel pullout leaves Equiduct in limbo
Philip Stafford in London and Arash Massoudi in New York – FT.com
Equiduct, the pan-European share trading platform, is considering a sale or closure as Citadel Securities, its largest shareholder, reviews its operations in the region.
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***** Doing the limbo without Citadel stretches even my imagination.

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My SEC, my rules
New York Post
Robert Khuzami, the Securities and Exchange Commission’s enforcement chief, is on his way out the door — but he says in an interview with The Post that the agency’s much-maligned practice of settling cases is here to stay. Khuzami, 56, defended the SEC’s policy of allowing targets to settle cases — usually without an admission of wrongdoing — despite recent criticism.
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***** Firms don’t like to admit what they did wrong and open themselves to liability for these crimes. Hmmmm. What’s wrong with this picture?

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Regulators should take off kid gloves
FT.com
The orders issued by the US Federal Reserve and the Office of the Comptroller of the Currency on Monday against JPMorgan Chase may well disappoint the public. Compared with US authorities’ stance against non-US banks, the OCC and the Fed’s kid-gloves approach smells of protectionism. Compared with a full reckoning for banking mismanagement through the crisis, it falls short.
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***** Who wears kid gloves anyway?

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BlackRock Is Gathering Assets, Not Moss
SPENCER JAKAB – WSJ
Do investors really need funds that deliver double the inverse performance of obscure industrial metals? Probably not, but while many new exchange-traded products sound downright silly, the business is an increasingly serious competitor to traditional mutual funds. One company laughing all the way to the bank is BlackRock Inc.
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**** A BlackRock Gathers No Moss. I think I feel a song coming on.

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EU launches search for most dangerous financial product
Reuters via Yahoo! Finance
What are the world’s most dangerous financial products? Sven Giegold, a German member of the European Parliament is on a mission to find them and stamp them out.
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JLN Options

CBOE holds its own in 2012
by Sarah Rudolph – JLN
William Brodsky has chosen an auspicious time to step down from his role as the Chicago Board Options Exchange’s CEO and become executive chairman of the board. The CBOE has seen steady growth in trading volumes from 2000-2011; average daily volume was down seven percent in 2012, but that was after the exchange hit a record high in 2011, and the 2012 number was an increase over 2010.

“We had a good year in what was a relatively bad year for the financial industry,” Brodsky told a group of reporters at a press lunch Tuesday.

He also said the secular trend of options market growth was “unmistakable.”

“When I left New York City to go to Chicago, people thought I’d lost my mind – going from a stock exchange to a derivatives exchange,” he said. And now, derivatives have become so important that the IntercontinentalExchange (ICE), which didn’t exist 15 years ago, is focusing on opportunities in the derivatives markets in its merger with NYSE Euronext. (ICE’s CEO Jeffrey Sprecher said as much in an interview with Maria Bartiromo on CNBC.)

Brodsky also said that the ICE deal would not change the competitive field for the CBOE.

“We’ve been competing with NYSE Arca and NYSE Amex for years,” he said. “The deal has dramatic consequences for clearing, equity markets, and the smaller exchanges in Europe. But our situation is the same as it has always been.”

For the rest of the article, visit the JLN Options blog at
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MarketsWiki

MarketsWiki Page of the Day
Leo Melamed
jlne.ws/Y9Z7GN

MarketsWiki Recent Updates

People

Leo Melamed; Melissa Jurgens; Douglas Ashburn

Companies, Organizations and Groups

Livevol; GlenStar Properties LLC

Statistics

33,745,779 pages viewed, 7,328 articles, 152,270 edits
MarketsWiki Statistics

Lead Stories

Nasdaq hires former LSE sales exec
Tom Osborn and Michelle Price – Financial News
The former head of sales for post-trade services at the London Stock Exchange has joined Nasdaq OMX’s new UK derivatives exchange, NLX, ahead of its planned first-quarter launch, Financial News has learnt.
jlne.ws/W8DzV1

NYSE routing issue may have allowed improper trades
Dow Jones Newswires
A systems “issue” at the New York Stock Exchange yesterday may have briefly allowed stock trades to process at the Big Board when competitors were offering equal or better prices, according to NYSE Euronext.
jlne.ws/W8DxfN

U.S. dispute over derivatives trading data heats up
Douwe Miedema – Reuters
A conflict over potentially valuable derivative trading data heated up on Wednesday, underlining how an overhaul of Wall Street after the financial crisis is sparking acerbic competition battles.
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**DA: Tune in tomorrow for an in-depth look at this story, which could be ground zero in the swaps battle. Meanwhile, for those seeking additional information, visit the rule’s background page and comment letter page in MarketsReformWiki.

Collateral crunch fears lead to new forum
Philip Stafford – FT.com
Five central securities depositories have created a forum to explore ways to source collateral amid industry fears that new rules designed to strengthen the financial system will lead to global “collateral crunch”.
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SEC’s Gallagher Expects SEC to Move Soon on Tougher Money-Fund Rules
Wall Street Journal Blogs
A Securities and Exchange Commission member said he expects the SEC to move soon on proposing tighter rules for the $2.7 trillion money-market-fund industry.
jlne.ws/W8DxfP

ECB calls for industry to resolve repo project row
Michelle Price – Financial News
The European Central Bank has urged Europe’s financial market infrastructure firms to “work together” after a critical project to mobilise collateral across Europe stalled due to commercial disagreements.
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Think tank urges tougher German HFT controls
Michelle Price – Financial News
A European think tank has urged the German government to strengthen its proposed curbs on high frequency trading, arguing the new rules do not go far enough.
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Germany to Repatriate Some of Its Overseas Gold
New York Times
Two-thirds of Germany’s gold reserves is stored in Paris, London and New York. The German central bank, responding to a public outcry over accountability, is going to repatriate some of the gold.
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Report Details Missteps in Trading at JPMorgan
BEN PROTESS and PETER EAVIS – NYTimes.com
Long seen as one of the most careful banks on Wall Street, JPMorgan Chase on Wednesday drew back a curtain on a rare breakdown, showing traders acting on their own and concealing losses while managers seemingly turned a blind eye.
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Norway launches interbank rate probe
Richard Milne, Nordic Correspondent – FT.com
The Norwegian financial regulator is investigating possible manipulation of the local interbank lending rate after a complaint by a foreign bank.
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IMF praises Portugal’s reform progress
Peter Wise in Lisbon – FT.com
The International Monetary Fund says Portugal has made “considerable progress” towards regaining access to international debt markets later this year as part of an “impressive” reform effort under the country’s E78bn bailout agreement.
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Cyprus threatens to open a Pandora’s box
Mary Watkins – FT.com
Cyprus is either too small to care about or a potential trigger point for another eurozone blow-up. It depends on who you talk to.
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Regulatory

EU And Brazilian Regulators To Co-Operate On Cross-Border Supervision Of Alternative Investment Funds
The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Brazilian Comissão de Valores Mobiliários (CVM) and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. ESMA has negotiated the agreement with the CVM on behalf of all 27 EU national competent authorities for securities markets regulation.
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Release Of EU ‘Implementing Regulations’ Completes Chaotic Year For Hedge Fund Regulation
Forbes
The US hedge fund industry faced a host of new US regulatory challenges in 2012 — but the icing on the cake came in December with the release of the EU’s “Level 2” Implementation Regulations for the Alternative Investment Fund Manager Directive.
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FINRA Launches Small Claims Telephonic Mediation Pilot Program
The Financial Industry Regulatory Authority (FINRA) announced today the launch of a pilot program offering parties in simplified cases pro bono or reduced-fee telephone mediation. Participation in the pilot program, which began on January 15, is voluntary and open to cases involving claims of $50,000 or less.
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Remarks Before The U.S. Chamber Center For Capital Markets Competitiveness By Commissioner Daniel M. Gallagher, U.S. Securities And Exchange Commission
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FSA publishes guidance to help firms avoid poorly managed incentive schemes that drive mis-selling
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Autorite Des Marches Financiers Appoints Martine Charbonnier And Guillaume Eliet As Managing Directors
jlne.ws/W8DxMM

Tougher Credit Rating Rules Confirmed By European Parliament’s Vote
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European Commission: New Rules On Credit Rating Agencies (CRAs) – Frequently Asked Questions
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Exchanges & Trading Facilities

Eurex Repo to offer new long-term funding opportunities for GC Pooling and Euro Repo markets
Eurex Repo, the leading marketplace for international, electronic repo trading and secured funding, today announced its plans to extend the maximum term of tradable securities for the Eurex Repo markets such as GC Pooling and Euro Repo.
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Wells Fargo Securities Joins CME Group for Clearing of Listed Futures and Options
Business Wire
Wells Fargo Securities joins CME Group a derivatives exchange and clearing firm for its derivatives and futures clearing needs
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NASDAQ OMX NLX Strengthens Team With Senior Appointments
Press Release
NASDAQ OMX NLX, the new London derivatives market launching a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-denominated listed derivative products, announces that it has expanded its team with new senior appointments, including David Helps as Head of Business Development.
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Powernext Is Appointed To Operate The Registry Of Guarantees Of Origin For Five Years
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NZX Preliminary FY12 Results & Annual Meeting Timing
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Hedge Funds & Managed Futures

Ex-Brevan Howard star Rokos launches family office-sources
Reuters via Yahoo! Finance
Chris Rokos, co-founder of hedge fund firm Brevan Howard, is focusing on managing his own fortune, two sources told Reuters, the latest star trader to set up a so-called “family office” rather than work for others amid tighter regulations.
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Allenbridge hires former top HSBC hedge fund manager
Reuters via Yahoo! Finance
Allenbridge Investment Solutions has hired Tim Gascoigne, the former manager of HSBC Alternative Investment’s flagship $2.4 billion fund of hedge funds, the advisory firm said.
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Small caps show the way
Mike Foster – Financial News
Shares in small companies trounced their larger rivals in the year to December with gains of 29.9% according to the smaller companies index compiled for Numis Securities by Elroy Dimson and Paul Marsh of the London Business School.
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Ex-Charterhouse partner plots solo fund
Kiel Porter and Simon Meads – Financial News
Jeremy Greenhalgh, the senior partner at Charterhouse Capital Partners who left in December after more than 20 years with the UK buyout firm, is planning on returning with his own private equity outfit.
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The Great Baupost Madoff Claim Trade That Made A Big Madoff Feeder Fund A Loser Again
Forbes
Baupost’s $74 million investment in a Madoff customer claim is now worth some $160 million, much to the disappointment of the biggest Madoff feeder fund that traded it away.
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Victory Park Capital Names Jordan Allen COO, a New Post
Business Wire via Yahoo! Finance
Victory Park Capital , an asset management firm that specializes in direct credit and control equity investing in middle market and distressed companies, has named Jordan Allen, a 20-plus-year veteran of the hedge fund and private equity industries, as principal and chief operating officer, a new position effective immediately.
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Banks & Brokers

Liquidnet Named #1 Broker for Equities Operational Performance
Business Wire via Yahoo! Finance
Liquidnet, the global institutional trading network, announced today that it has been named the #1 Global Broker for Operational Performance as part of the 2012 McLagan [Z/YEN] Survey of Operational Performance of Brokers.
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BGC France Holdings Acquires Ginalfi Finance
BGC France Holdings, a subsidiary of BGC Partners, Inc., today announced that it has acquired Ginalfi Finance, an interdealer broker based in Paris specializing in the intermediation of money markets products, credit bonds, government bonds and SWAPs.
jlne.ws/W8DAYU

Dimon Says Whale Loss Is Very Close to Being a ‘Non-Issue’
Bloomberg
JPMorgan Chase & Co. ’s losses from a wrong-way bet on credit derivatives are close to being a “non-issue” for the company, Chief Executive Officer Jamie Dimon said.
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Goldman Sachs, Morgan Stanley in $557 million foreclosure settlement
CNN Money
Goldman Sachs and Morgan Stanley have agreed to a $557 million settlement over alleged loan servicing and foreclosure abuses, the Federal Reserve announced Wednesday.
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Goldman Sachs triples earnings in fourth quarter
Tacoma News Tribune
Goldman Sachs went some way to restoring its reputation as a Wall Street powerhouse after its earnings almost tripled in the fourth quarter, handily beating analysts’ estimates, as investment banking revenues surged.
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Goldman agonized over pay cuts as profits suffered
Reuters via Yahoo! News
Top executives at Goldman Sachs have been considering deep cuts to staffing levels and pay for at least two years, but feared too many layoffs would leave the firm unprepared for an eventual pickup in business, people familiar with the bank said.
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JPMorgan profits jump 53% in fourth quarter
Los Angeles Times
JPMorgan Chase & Co.’s profits jumped 53% in the fourth quarter as the country’s biggest bank by assets reported strong mortgage and deposit growth.
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Jamie Dimon will get a pay cut after trading loss
Associated Press via Yahoo! News
JPMorgan Chase’s Chief Executive Jamie Dimon will get his pay cut by half because of a trading loss that cost the bank more than $6 billion last year and drew sanctions from federal regulators.
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Deutsche Bank’s Global Metals Head Key Said to Plan Exit
By Agnieszka Troszkiewicz – Bloomberg
Ray Key, the global head of metals trading at Deutsche Bank AG (DBK), is leaving the bank, according to two people with direct knowledge of the matter. Key worked in London and is relocating to New Zealand fulltime, according to the people, who asked not to be identified because the information isn’t public.
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The ‘Glenstrata bankers’: Where are they now?
Matt Turner – Financial News
In February last year, 18 bankers were named on the proposed tie-up between Glencore and Xstrata. Eleven months on and a third of those bankers will not be in situ to see it complete.
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Pershing fills CEO vacancy with former head at Citi
Sophie Baker – Financial News
Pershing Limited, the European outsourcing subsidiary of BNY Mellon, has hired a former head within Citigroup’s securities and fund services arm in Emea, as chief executive, filling a vacancy that has been empty for a year.
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Goldman Sachs Reports 2012 Earnings Per Common Share of $14.13; Fourth Quarter Earnings Per Common Share were $5.60
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JPMorgan Chase Board And Management Reports On CIO Matters
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Clearing & Settlement

Clearstream partnership with Belfius expands global collateral management services to bilateral OTC derivatives
Clearstream and Belfius have agreed to develop exclusively a new collateral management activity for bilateral trades, focusing on over-the-counter (OTC) derivatives and aimed primarily at corporates and medium-sized banks. The service, which will leverage Belfius’ specialist experience, will be white-labelled by Clearstream and offered to its clients.
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Clearstream in the center of the offshore renminbi market
On 14 January 2013, Clearstream acted as the sole and exclusive international central securities depository (ICSD) for the primary distribution of two new RMB bonds: China Construction Bank issued a RMB 1.25 billion certificate of deposit and Bank of China Hong Kong a RMB 650 million bond through Clearstream.
jlne.ws/W8DDUB

Euroclear Nederland Ends Paper Certificates
Euroclear Nederland (formerly Necigef), the Dutch central security depository (CSD), is one of the key contributors in delivering a ‘paperless’ securities market for the Netherlands.
jlne.ws/W8DDUH

Citadel Selects Bloomberg For Derivatives Trading And Access To Clearing – Continues Trend Of Investors Preparing For Pending SEF Regulations
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CME Group Clearing Advisory: Holiday Clearing Schedule-Martin Luther King Jr-Monday, January 21, 2013
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Indexes & Products

NYSE Euronext Global Index Group Announces 2012 Performance of Indices and Yearly Recap
All NYSE Euronext’s blue-chip indices were up in 2012. The NYSE US 100 Index gained 11.22%. Among the European blue-chip indices the Belgian BEL 20 Index gained the most with 18.83%, followed by the French CAC 40 with 15.23% and the Dutch AEX-Index with 9.68%. The Portuguese PSI 20 finished the year off strong with a monthly performance of 7.59% to reach a positive Year to Date (YTD) performance of 2.93%.
jlne.ws/W8DBvS

UBS GAM sets fresh high for Italian ETF listings
Sarah Krouse – Financial News
UBS Global Asset Management has launched 61 exchange-traded funds on Borsa Italiana, marking the largest listing of such products on the Milan exchange in a single day.
jlne.ws/W8DBvX

ETF Securities To Strengthen Its Retail Strategy With Senior Sales Hire
jlne.ws/W8DEaY

Newly Launched Dynamic VSTOXX Indices Licensed To Barclays
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Technology

A Leading Technical Indicator for Charting in X_STUDY: TT CVD
Trade Talk – Trading Technologies
X_STUDY charts offer more than traditional bar data. Along with the open, high, low, close and volume for each bar, X_STUDY provides additional data points, like the total number of market sellers hitting the bid, or bid volume, and the total number of market buyers lifting the offer, or ask volume. As explained in my last blog, these bars can be time-based or volume-based.
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Exegy Announces New Business For The Low Latency Enterprise
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Enforcement

SEC Sues Broker Alleging Insider Trades Tied to Galleon
Bloomberg
The U.S. Securities and Exchange Commission sued a former broker in Manhattan federal court in an action tied to the case of Zvi Goffer, a convicted ex-Galleon Group LLC insider trader.
jlne.ws/W8DBMn

Pro Trading Course LLC’s Commodity Trading Advisor Registration Revoked
The U.S. Commodity Futures Trading Commission (CFTC) today announced that under its Rules of Practice, it has declined to review a decision entered by a Judgment Officer revoking the commodity trading advisor (CTA) registration of Pro Trading Course, LLC (PTC).
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Environmental & Energy

Carbon plan can pass with German backing-EU climate chief
Reuters
An EU executive plan to reduce a glut of carbon emissions allowances, which are trading close to record lows, can pass provided it gets German support, EU Climate Commissioner Connie Hedegaard said on Wednesday.
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EU Commission’s Carbon Disclosure Draws Fire as Prices Fall
Bloomberg
A lobby group representing traders from Royal Dutch Shell Plc (RDSA) to BNP Paribas criticized the quality of disclosure by the European Commission in Brussels when proposing rule changes to its carbon market.
jlne.ws/VoQ9BV

Beijing’s toxic smog was years in the making, had many sources
Reuters
Chinese leaders dazzled the world by clearing the skies as if by edict before the Beijing Summer Olympics in 2008. Fast forward to January 2013, and the government seems powerless against those same skies, tarnished by an opaque, toxic cloud that has smothered the city for nearly a week.
jlne.ws/VoS2OW

Asia-Pacific

China Begins to Lose Edge as World’s Factory Floor
WSJ
China is losing its competitive edge as a low-cost manufacturing base, new data suggest, with makers of everything from handbags to shirts to basic electronic components relocating to cheaper locales like Southeast Asia.
jlne.ws/W8DBMo

Press Conference By Taro Aso, Japan’s Deputy Prime Minister, Minister Of Finance, And Minister For Financial Services
jlne.ws/W8DBMs

Thai Bourse Rolls Out 2013 Plan After Great Success In 2012
jlne.ws/W8DEb8

HKEx: Stock Exchange Participants’ Market Share Report
jlne.ws/W8DBMB

Frontier Markets

Dubai exchange posts record trading volumes
Suzi Ring – Financial News
A growth in trading between India and the Middle East and a corresponding desire to hedge the currency risk helped the Dubai Gold and Commodities Exchange last year record its highest-ever trading volumes.
jlne.ws/W8DBMD

Bursa Malaysia Derivatives Ended 2012 With Many Firsts
Bursa Malaysia Derivatives (BMD) was on song for 2012 with traded volumes and Open Interest peaking at new highs, surpassing previous records and setting new benchmarks.
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