First Read

Get Ready for a Show Storm
by John J. Lothian

The Eastern U.S. is getting hit with a heavy snowstorm estimated by some forecasters to be the 10th worst in recorded history. Washington, DC will shut down at noon today as snow as deep as 2 ½ feet hits the Eastern U.S.

With the CFTC’s Technology Advisory Committee meeting set for Tuesday of next week in Washington, and some expectations of a week long clean up, my trip is in jeopardy. Already airlines are cancelling thousands of flights. Unfortunately, one of the downsides of Airbnb is not being able to cancel most reservations and get your money back.

If the CFTC employees can get to work on Tuesday, the meeting could still take place, but it may have to be done virtually, which would be appropriate for a Technology Advisory Committee. However, I would expect the CFTC to postpone the meeting, as they have done in the past when faced with similar impediments.

The real question, though, is more mundane: how does one personally prepare for a huge snow storm? A Scouting blog offered a suggestion of the top five merit badges books that would be useful when facing such a storm. The badges were Snow Sports, Search and Rescue, Automotive Maintenance, First Aid and Wilderness Survival. I would throw in Emergency Preparation as well.

Just like the Scout motto says, Be Prepared.


SEF Update
Doug Ashburn – JLN
Remember when the swap execution facility was the top of the news? Yeah; it’s been a while. So here is a quick update. Twenty seven entities or so applied for SEF status after the rules were finalized in 2013, and most were granted “temporary” status while regulators slogged through the rulebooks. Since then, the industry has wondered when these SEFs would be granted permanent status. Buried in paragraph five in a speech to be delivered by CFTC Chairman Tim Massad is the announcement of 18 permanent SEF designations. Five more (mostly latecomers) are still awaiting the thumbs-up. The full list can be found in our MarketsWiki entry below.


Remarks of Chairman Timothy Massad Before the ABA Derivatives and Futures Law Committee, 2016 Winter Meeting
One important achievement is taking place just this snowy morning. Today, we are announcing the permanent registrations for 18 swap execution facilities (SEFs). I’m very pleased that we are able to take this important step. These registrations represent continued progress toward the implementation of a new framework for trading on regulated platforms, as called for by Dodd-Frank and the G-20 leaders. It is bringing greater transparency, better price information and greater integrity to the process.

***DA: Just ahead of the storm, the legal representatives of 18 SEFs have been handed a stack of paperwork.


Blizzard Heading Toward U.S. East Halts Thousands of Flights
Brian K Sullivan, Mark Chediak – Bloomberg
‘Extremely dangerous’ system will bring snow, ice, tornadoes; Snow starts in East Coast cities Friday, lasts into Sunday
A dangerous winter storm will bring snow by the foot to the U.S. mid-Atlantic, including Washington, threatening at least 50 million people in its path while canceling thousands of flights and closing schools and government offices.


CFTC Launches Whistleblower Program’s Website
New Website Improves Public Interface and Allows Users to Submit Tips and Apply for Monetary Awards
The U.S. Commodity Futures Trading Commission (CFTC) today launched the CFTC Whistleblower Program’s new website, The new website provides an improved interface that educates the public about the Whistleblower Program and allows users to submit tips about potential violations of the Commodity Exchange Act (CEA) and apply for monetary awards.

***** I have a friend who is a whistleblower and played at Carnegie Hall.


Dan Day-Robinson, Chairman, Swiss Futures and Options Association – Embracing Change

“…While some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do. – Rob Siltanen, the creative genius behind Apple’s “Think Different” campaign”

Dan Day-Robinson will be the first to tell you he has a flair for the dramatic. As a former market maker, investment banker and now head of a trade association, he has hundreds of stories, and he knows how to tell them. He takes us on a rollicking tour through his years in the financial world, including his most recent charge as head of the Swiss Futures and Options Association. He lays out the history of the SFOA, a group that was once much more prominent than it is today, and explains his vision for its future.

Will you see him as one of the crazy ones, or will you see genius?

Watch the video »

Report from Davos: “Men still run the world—and it’s not going that well”
Jenny Anderson – Quartz
The world’s leaders have descended on Davos, Switzerland, to “make the world a better place.” Among the issues on the to do list: How to close the gender gap.

****** This message has been brought to you by the women of WILD.


The US government held a contest to identify evil propaganda robots on Facebook and Twitter
Matt Weinberger – Business Insider
The US military has enlisted academics to fight a new enemy: Twitter bots.

***** Every once in a while, one of my Tweets will be retweeted by 14 bots. You would be amazed at the number of creative identities used to mask the intent of these people.


JLN Survey 2016 – Still Time to Get in the Running for an Apple Watch
We have not decided when we are closing off our 2016 survey campaign, but for now, it is still alive. Help us help you by giving us three minutes of your time and sharing your thoughts. Plus, we tried to make it fun and colorful. The final kicker? You could win an Apple Watch. Click HERE to get started.


Yesterday’s Top Three
Regulatory and self-regulatory agencies were all the rage in yesterday’s click-count leaderboard. The clear winner is the NFA election, which saw the election of Doug Bry and Ernest Jaffarian over James Koutoulas and John Roe, spotlighted in the Crain’s article, “NFA vote ousts renegade board members” Second place involves the CFTC’s manipulation case against DRW founder Don Wilson, “Exchanges Clash With Regulators Over Market-Manipulation Case” from WSJ. The number three story, from Reuters, also involves the CFTC and a possible accounting snafu, “Senate committee chairman asks CFTC to explain major accounting error.”



MarketsWiki Page of the Day
Barclays Bank plc

MarketsWiki Recent Updates


Z. Lou Guttman; Johannah Ladd; Douglas L. Bry; Kimberly McGarry; Dan Day-Robinson; Paul L. Chou; Christian Nentwich; Josef Ackerman; Joe Mansueto

Companies, Organizations and Groups

DTCC; Omgeo; Fidessa; Deutsche Bank



FIA European Principal Traders Association; National Futures Association


73,976,240 Pages viewed; 196,815 Edits; 21,822 Pages
MarketsWiki Statistics

Lead Stories

Australia’s ASX set to lead in blockchain for public companies
Australian markets operator ASX Ltd on Friday said it has bought a minority stake in a U.S. blockchain developer, positioning itself to become the first stock exchange in the world to use distributed ledger technology for public companies.

Blythe Masters Firm Raises Cash, Wins Australian Contract
Matthew Leising – Bloomberg
Distributed ledger tech to speed Australian stock settlement; JPMorgan, Citi, CME, ICAP participate in $52 million funding
Digital Asset Holdings, the blockchain startup run by former JPMorgan Chase & Co. banker Blythe Masters, raised $52 million from investors and won a contract to radically speed up settlement in Australia’s stock market.

Eleven big banks test blockchain-based trading system
Eleven major banks, including Barclays, UBS and HSBC, said on Wednesday they had tested a system that could make trading much faster and cheaper, using the technology that underpins crypto-currency bitcoin.

U.S. Is Hiding Treasury Bond Data That’s Suddenly Become Crucial
Andrea Wong, Liz McCormick – Bloomberg
Saudi’s debt holdings kept from public view for over 40 years; `It’s mind-boggling,” says former Treasury official
It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars: Just how much of America’s debt does Saudi Arabia own?

How Wall Street Finds New Ways to Sell Old, Opaque Products to Retail Investors
Yakob Peterseil – Bloomberg
As securities watchdogs crack down on complex investments that promise mom-and-pop investors access to strategies of trading pros, Wall Street is finding a way to sell the same products in places those regulators don’t reach.

Debates on Blockchain eclipse talk of Basel III at Davos
Izabella Kaminska and Gillian Tett in Davos – FT
When the World Economic Forum staged its flagship debate about the future of the financial services industry this week in Davos it sparked a disorderly scrum.

J.P. Morgan CEO’s 2015 Pay Package Up $7 Million From Prior Year
J.P. Morgan Chase & Co. Chief Executive James Dimon will receive $27 million in total compensation for 2015, up 35%—or $7 million—from 2014, according to a securities filing.

China’s Intervention Vow Seen Making Stocks Even Less Attractive
Kyoungwha Kim, Kana Nishizawa – Bloomberg
Vice President Li said state willing to support equities; Aberdeen Asset says intervention reduces credibility
The last thing China’s stock market needs is more meddling by the state. That’s the view of Aberdeen Asset Management Plc and Sumitomo Mitsui Trust Bank Ltd., who say the government’s latest pledge to control speculators will only make matters worse.


Trader Talk in Currency-Rigging Suit Draws Scrutiny From U.S.
Tom Schoenberg, David McLaughlin – Bloomberg
Investor suit against 16 banks reveals new details of conduct; Prosecutors censor online chats that could harm criminal case
Investors’ pursuit of the world’s biggest banks in a civil lawsuit over currency trading reveals details about trader conduct that has also drawn the scrutiny of U.S. prosecutors, according to documents and people with knowledge of the matter.

CFTC takes steps to clean up ‘garbage’ swaps data; Market participants frustrated at attempts to further standardise swaps in data reporting proposals
Roberto Barros –
The US Commodity Futures Trading Commission (CFTC) is taking steps to clean up terabytes of uninterpretable data being reported to the agency under swap reporting rules – but commodities market participants complain that the agency’s attempts to standardise certain contracts for reporting purposes are unfeasible. Under the Dodd-Frank Act, firms are required to report over-the-counter trades to Swap Data Repositories (SDRs), entities that hold large amounts of trading data in order to provide…

FCA’s Makoto Seta: ‘Blockchains will transform the way regulators work’
Ian Allison – IB Times
Blockchain technology will transform the way regulators work, according to a member of the wholesale markets team at the Financial Conduct Authority, which is known to support the idea of “RegTech”.

NSE seeks market regulator Sebi nod for self listing
Economic Times
Under pressure from the investors to get listed, the National Stock Exchange (NSE) has approached the Securities and Exchange Board of India (Sebi) to allow it to list on its own platform. Sebi norms do not allow exchanges to self-list. NSE’s dilemma is that it does not want to make its shares public on rival bourse BSE.

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans

    • BATS: Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change to Adopt Rule 11.27 to Implement the Quoting and Trading Requirements of the Tick Size Pilot Program (Release No. 34-76945; File No. SR-BATS-2015-108)


    • ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Back-Up Primary Market Makers (Release No. 34-76936; File No. SR-ISE-2016-02; January 20, 2016); see also Exhibit 5


    • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Options Regulatory Fee (Release No. 34-76950; File No. SR-NASDAQ-2016-003); see also Exhibit 5


    • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Subsection (a)(7) of Rule 7003, Registration and Processing Fees (Release No. 34-76946; File No. SR-NASDAQ-2016-006); see also Exhibit 5


    • NASDAQ: Notice of Filing of Proposed Rule Change to List and Trade Shares of the First Trust Municipal High Income ETF of First Trust Exchange-Traded Fund III (Release No. 34-76944; File No. SR-NASDAQ-2016-002)


    • NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Subsection (a)(7) of Rule 7003, Registration and Processing Fees (Release No. 34-76947; File No. SR-BX-2016-004); see also Exhibit 5


    • NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees for NYSE Arca BBO and NYSE Arca Trades (Release No. 34-76937; File No. SR-NYSEArca-2016-09; January 20, 2016); see also Exhibit 5


    • NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Amex Options Fee Schedule (Release No. 34-76935; File No. SR-NYSEMKT-2016-09; January 20, 2016); see also Exhibit 5


Exchanges & Trading Facilities

ICE Futures U.S. Achieves Daily Volume Records In Cocoa Futures And Options
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges, clearing houses and data services, today announced that ICE Futures U.S. achieved daily volume records in cocoa futures and cocoa options with 87,195 contracts and 29,211 contracts traded respectively on January 20, 2016.

Blythe Masters’ blockchain start-up raises $50m and inks ASX deal
Nicole Bullock in New York and Renée Schultes in Sydney – FT
Digital Asset Holdings, a blockchain start-up run by former JPMorgan executive Blythe Masters, has raised more than $50m and inked a deal with ASX, Australia’s main exchanges operator, to upgrade its systems.

ASX splurges $15m on stake in blockchain disrupter
Michael Roddan – The Australian
Sharemarket operator ASX Limited has splurged $15 million on a stake in US company Digital Asset Holdings in a bid to develop distributed ledger technology, known as blockchain, which would help bring the market closer to real-time settlement of trades.

Announcement Of Office Relocation Of Tokyo Financial Exchange
We are pleased to announce the relocation of our office on February 29th, 2016.
Please refer to the information below for details.

NCBA Asks CME Group Concerned About Market Volatility
The National Cattlemen’s Beef Association has sent a letter to the CME Group asking them to address the concern of market volatility as a result of high-frequency trading. This follows a stakeholder meeting in December outlining market concerns. Senior Vice President of Government Affairs Colin Woodall says with the market volatility producers are unable to use the futures for risk management. As a result they’re asking the exchange, in part, to put in a safety valve for these high frequency trades.

Admission of China Energy Engineering Corporation Ltd to List of Designated Securities for Short Selling
The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announces that with effect from 29 January 2016 (Friday), China Energy Engineering Corporation Ltd (Stock code: 3996) will be admitted to the list of designated securities eligible for short selling.


The Most Disingenuous Attack on Bernie Yet
By The Daily Take Team, The Thom Hartmann Program | Op-Ed
If you watched Sunday’s Democratic debate, you learned something interesting about Bernie Sanders: he voted for the Commodities Futures Modernization Act, something Hillary Clinton was all too eager to point out when the two of them got to talking about Wall Street reform. Sounds pretty bad, right? The guy who goes on and on about how bad Wall Street is actually voted for the bill that crashed economy. So much for all that “political revolution” stuff. But here’s the thing: Hillary Clinton isn’t telling a true story about Bernie Sanders and his vote for the Commodity Futures Modernization Act, or CFMA.

Hedge Funds & Managed Futures

Maitland obtains PERE licence in the EU
Global fund administrator now able to act as an AIFM for fast-growing PERE sector
Maitland, the global advisory and fund administration firm, is now able to act as an alternative investment fund manager (AIFM) for private equity and real estate (PERE) alternative investment funds. This follows approval for MS Management Services S.A., a Luxembourg-based subsidiary of Maitland, to extend its existing AIFM licence to include PERE funds.

Blackstone gains from banks’ financial crisis pain
By Ryan Dezember, The Wall Street Journal
In August, a Blackstone Group dealmaking team gathered one day at 2:30 pm in a conference room overlooking Park Avenue to clink beers and celebrate the anniversary of the moment Blackstone signed papers to purchase its business.

Oil Is `Trade of the Year’ for Citigroup After Iran Export Surge
Ben Sharples – Bloomberg
Prices to bottom within next one to three months: Szpakowski; Brent crude may average $52 a barrel in Q4: Citigroup forecast
Stick with oil, it could be the “trade of the year,” according to Citigroup Inc.

Commodity Rout Spurs Moody’s to Put Dozens of Ratings on Review
Christopher Langner – Bloomberg
Moody’s reduces forecasts for Brent, WTI to $33 for this year
China’s slowdown triggers `fundamental shift,’ agency says
Moody’s Investors Service said that it is reviewing the credit ratings of dozens of energy and mining companies worldwide after cutting its outlook for oil prices and warning the slump triggered by China wasn’t a normal downturn but a fundamental shift.

Banks & Brokers

BNY Mellon answers activists with cost-cutting
Ben McLannahan in New York – FT
BNY Mellon has answered activist investor demands with another quarter of profit growth and strengthened its commitment to cutting costs to protect margins regardless of shifts in markets or interest rates.

Ally Financial taps J.P. Morgan to advise on activist fight
Ally Financial Inc has hired J.P. Morgan to advise the largest U.S. auto lender as it fends off activist hedge fund Lion Point Capital’s campaign for changes at the company, people familiar with the matter said on Thursday.

Jamie Dimon’s Compensation at JPMorgan Chase Rises 35%, to $27 Million
JPMorgan Chase paid Jamie Dimon, its chairman and chief executive, 35 percent more in 2015 than the previous year’s compensation package, which was only narrowly approved by shareholders.

Clearing & Settlement

ISDA Interest Rate Derivatives Market Analysis: 67% of Notional Cleared; Compression Reduces Market Size by 62%
Clearing and portfolio compression are having an increasingly significant effect on the interest rate derivatives (IRD) market, with more than two-thirds of IRD notional outstanding now cleared and compression reducing the size of the market by approximately 62%, according to new research published today by the International Swaps and Derivatives Association, Inc. (ISDA).

Clearing, compression taking over rates – Isda
Futures & Options World
Clearing and portfolio compression are becoming prevalent in the interest rate derivatives (IRD) market, with more than two-thirds of rates now cleared and compression, and the market significantly lower as a result, according to new research. Trade body the International Swaps and Derivatives Association (Isda), estimates that 67.1% of IRD notional outstanding was cleared at the end of June 2015, up from the 21% cleared in 2008.

More Banks For SWIFT Initiative
SWIFT, the collective that spans more than 10,800 financial institutions, banks and corporate customers, said Thursday (Jan. 21) that 45 new banks have signed on to the global payments innovation initiative. According to a release, the banks are located across several regions, including Asia-Pacific, the Americas and Europe.

Canadian Securities Regulators Seek Comment On Rules Protecting Customer Collateral For Cleared Derivatives
Members of the Canadian Securities Administrators (CSA) today published for comment Proposed National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Positions and Collateral and its companion policy (the proposed instrument) for a 90-day comment period. The proposed instrument sets out requirements for the treatment of customer collateral, record-keeping and disclosure for clearing intermediaries and regulated clearing agencies providing clearing services for over-the-counter (OTC) derivatives.

BNP Paribas supporting EURGCPlus market
Asset Servicing Times
BNP Paribas Securities Services has launched a clearing, settlement and custody service for clients trading euro cash liquidity through EURGCPlus, a centrally cleared triparty repo-secured financing market developed by Banque de France in collaboration with LCH.Clearnet SA and Euroclear.

Indexes & Products

Eurex Exchange’s MSCI news – January 2016
The most important facts on volumes, open interest and other interesting developments on our MSCI Derivatives. Volume development & open interest; December 2015 saw all-time record trading in the Eurex MSCI segment, with a total of 403,000 contracts traded.

Defensive Indexes: Russell Stability Indexes Show Flight to Quality Amid Global Equity Market Volatility
Virtual-Strategy Magazine
As global equity markets rode a roller coaster of volatility to start the new year, US stocks turned down sharply, reflected by an 8.2% decrease for the US large-cap Russell 1000® Index and an 11.3% decrease for the US small-cap Russell 2000® Index year-to-date as of January 15.

CFO Moves: MSCI, RealPage
The CFO Report – WSJ
MSCI Inc., an index and analytics company based in New York, said Robert Qutub, its finance chief and treasurer, said he will retire. He is expected to remain with MSCI until mid-May or the appointment of his successor if earlier.

S&P Long-Term Value Creation Global Index Launched by S&P Dow Jones Indices
CNN Money
As large institutional investors’ concern about the short-termism in the capital markets grow, S&P Dow Jones Indices (S&P DJI), one of the world’s leading index providers, launched today the S&P Long-Term Value Creation (LTVC) Global Index. The S&P LTVC Global Index is designed to measure companies that have the potential to create long-term value based on sustainability criteria and financial quality.

When Diversification Fails
Jodie Gunzberg – Indexology – S&P Dow Jones Indices
Today, there is a new risk-on/risk off based on rising interest rates. This is different than the risk on risk off we saw post the global financial crisis, since that one was from unprecedented quantitative EASING. One thing is the same – and that is the bi-modal view of either rising rates work – or they don’t. Right now it doesn’t seem like it’s working, so risk-off.


Traiana and Trax form business alliance to offer repo matching service
Traiana, a leading provider of pre-trade risk and post-trade processing solutions and Trax, a leading provider of capital market data, trade matching and regulatory reporting services, today announce that they have entered into a business alliance to offer the industry an interoperable Repurchase Agreement (repo) matching service to support efficient, automated, operational processes ahead of significant regulatory change.

Funds Roll In for Start-Up Harnessing Bitcoin Tech
A well-known former JPMorgan Chase executive, Blythe Masters, has raised $52 million from several big banks for a start-up built on the technology underlying the Bitcoin virtual currency.

Op-Ed: R.I.P. Bitcoin
Vivek Wadhwa, Special to the Washington Post via the Chicago Tribune
Not long ago, venture capitalists were talking about how Bitcoin was going to transform the global currency system and render governments powerless to police monetary transactions. Now the cryptocurrency is fighting for survival. The reality came to light on January 14, when its influential developer, Mike Hearn, declared Bitcoin a failure and disclosed that he had sold all of his Bitcoins. The price of Bitcoin fell 10 percent in a single day on the news, a sad result for those who are losing money on it.

Has Fintech Boom Peaked?; New venture funding for upstart financial technology companies slowed sharply in fourth quarter
The “fintech” revolution is running into some resistance. New venture funding for upstart financial technology companies slowed sharply in the fourth quarter, according to Dow Jones VentureSource.

Rival Systems Adds Access to Eurex Products on Rival Trader
Rival Systems
Development is First Step in Technology Firm’s Planned Expansion into Europe This Year
Chicago-based Rival Systems (Rival), a trading software company established last year, today announced that users of its Rival Trader platform can now access the full range of listed products on Eurex, the international derivatives marketplace. The move is the first step in the company’s planned expansion into Europe this year


Illegal practice – Paul Apostolos Sigalos fined $60,000
On December 7, 2015, Justice of the Peace Georges Benoît of the Court of Québec for the district of Beauharnois found Paul Apostolos Sigalos guilty of all the charges brought against him, including five counts for aiding in an illegal practice as a securities adviser or a derivatives adviser and one count of providing misinformation, and fined him a total of $60,000

Environmental & Energy

Saudi Arabia says $30 oil is ‘irrational’
Anjli Raval, Neil Hume and David Sheppard in London – FT
Saudi Arabia has described the collapse in oil prices to below $30 as “irrational” and expects the market to recover in 2016 even as the country continues to keep production high.

The World Has Discovered a $1 Trillion Ocean; Now what to do with it. The Arctic is open for business, and everyone wants a piece. A council at Davos lays down some rules.
Eric Roston – Bloomberg
As chairman of investments at Guggenheim Partners, Scott Minerd thought he had a realistic view on how big an economic challenge climate change poses.

Obama climate change policy survives legal test
Barney Jopson in Washington – FT
Barack Obama’s climate change policy has survived a legal test that threatened to freeze his plans, but faces a pivotal court ruling on its future in the final months of his presidency.

North Sea Drilling at Record Low Spells End to Region’s Revival
Angelina Rascouet, Mikael Holter – Bloomberg
Offshore projects bear brunt of oil rout as operators retrench; IEA sees output from area falling in 2016 after 2-year rebound
The pace of drilling in the North Sea, the center of U.K. oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects.


How a Further Fall in China’s Yuan Could Shake the World; Modeling the effects of a 10 percent drop against the dollar.
Enda Curran – Bloomberg
China’s weakening currency has rattled investors around the globe. How much of a threat does it pose?

George Soros says he expects hard landing for China economy: Bloomberg
Billionaire investor George Soros told Bloomberg TV on Thursday he sees a hard landing for China’s economy contributing to global deflation.

Investors sour on Abenomics as global gloom deepens; Scepticism on Abenomics at highest level ever; Speculators bet on yen’s gains, inflation expectations subdued; Doubts grow on whether stimulus is working
By Hideyuki Sano – Reuters
Renewed turmoil in global markets is beginning to erode investor confidence in Japanese Prime Minister Shinzo Abe’s pledge to revitalise the economy through his massive ‘Abenomics’ stimulus programme.

No More Milk in This Chinese Cow Company; China Huishan Dairy has soared on insider buying and company buybacks. With that exhausted, the stock has little left to go.
China Huishan Dairy has stayed unscathed amid the market turmoil, yet gravity will eventually pull it down.

China’s overseas students are dumping yuan to hedge against tuition hikes
by May Shi, Quartz
China’s yuan has fallen 5.9% against the US dollar in the past twelve months, and reached a six-year low against the dollar on Jan. 6, surprising world markets as well as plenty of people in China. Among them are the families of hundreds of thousands of Chinese students overseas, who are paying hefty tuition bills to universities and private schools in the US and Hong Kong.

Frontier Markets

Specialist funds pick up Iran stocks ahead of warier big investors
Two decades after he hauled a suitcase full of cash onto the floor of the Moscow stock exchange to buy up shares in the aftermath of communism, Dominic Bokor-Ingram has taken a similar early punt on Iran. The Briton launched a joint venture fund with Iranian investment group Turquoise Partners on Sunday, just one day after the announcement most international sanctions on Iran would be lifted in return for restrictions on Tehran’s nuclear programme.

Bourses can validate e-bids
Business Standard
To ensure that public issue process is more efficient, Sebi on Thursday said stock exchanges can validate electronic bid details at periodic intervals throughout the day of bidding.


Cargill inaugurates USD100m wet corn milling plant in Karnataka
Cargill today inaugurated a-state-of-the-art wet corn milling plant in Davangere, Karnataka, India. The plant was inaugurated by the Honorable Chief Minister of Karnataka Sri Siddaramaiah in the presence of David MacLennan, Cargill’s Chairman and Chief Executive Officer, Siraj Chaudhry, Cargill India’s Chairman, and a gathering of over 500 guests including customers, employees, local administration, and heads of gram panchayat as well as members of local community.

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