First Read

Sponsor Update: RCG Steps Up, Cinnober Renews, as does Prime Analytics
By John J. Lothian

John Lothian News is pleased to announce that Rosenthal Collins Group has moved from a Friend Level sponsor to a Partner Level sponsor of MarketsWiki. Also, Cinnober has renewed their Partner Level sponsorship of MarketsWiki and become a Partner Level sponsor of MarketsReformWiki.

Our friends at Prime Analytics have also continued their support of MarketsWiki with a Friend Level sponsorship renewal.

We are pleased to have RCG join the ranks of our Partner Level sponsors. My personal roots with RCG go way back. One of their predecessor firms, Rosenthal, was the first firm I traded futures through. Also, RCG part-owner Leslie Rosenthal was a part owner of First American Discount and was instrumental in my getting hired there back in the 1980s.

Cinnober issued a flattering press release and said:

“John and his team have built a true go-to source of information for the financial industry,” says Fredrik Backlund, Head of Corporate Communications at Cinnober. “As a trustworthy information carrier, Lothian News connects markets and people all over the world. The evolution of the concept, now steadily incorporating more video content, also shows that our friends in Chicago are keenly aware of what the market wants to see.”

Cinnober’s long-term sponsorship at the Partner Level covers both MarketsWiki and the John Lothian Newsletter, as well as the newly started MarketsReformWiki.

Thank you to all our sponsors for their continued support! Contact me at johnlothian@johnlothian.com for details about becoming a sponsor of John Lothian News and its products.

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SEC Alerts Investors, Industry on Cybersecurity
SEC
The Securities and Exchange Commission today released publications that address cybersecurity at brokerage and advisory firms and provide suggestions to investors on ways to protect their online investment accounts.
jlne.ws/1uX9IAx

***** Time to get a clean computer.

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FINRA Issues Report on Cybersecurity Practices, Cybersecurity Investor Alert
FINRA
The Financial Industry Regulatory Authority (FINRA) issued a new report on cybersecurity, which details practices that firms can tailor to their business model as they strengthen their cybersecurity efforts.
jlne.ws/1DxpjeE

****** Time to pay attention.

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Warren Buffett’s Broker to Retire From Citigroup
By Christina Rexrode and Anupreeta Das, WSJ
When Warren Buffett got a cell phone, the first call he made was to his stockbroker at Citigroup Inc. That broker, John Freund, still remembers the conversation. According to him, it was around the mid ’90s the famously low-tech Mr. Buffett called to say he wanted to try out his new phone. “I thought he was calling to say, ‘where is the market going to open?’ or to rearrange an order,” Mr. Freund said. “And then you hear, ‘I’ll take an Egg McMuffin and a Coke to go.’ He was in a McDonald’s in the drive-thru lane.”
jlne.ws/1As5lEE

***** Old brokers don’t retire, they just get stopped out.

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Trading Technologies Appoints Brian Mehta Chief Marketing Officer; Mehta joins leadership team as company prepares to launch next-generation TT platform
Trading Technologies
Trading Technologies International, Inc. (TT), a provider of high-performance professional trading software, announced today the appointment of Brian Mehta to the position of Chief Marketing Officer. Mehta is responsible for advancing the company’s brand, managing new product launches and leading all public outreach. He is a member of the executive team, where he reports directly to CEO Rick Lane.
jlne.ws/1HTuE6w

***** TT is getting geared up to make a splash.

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UK traders should have to pass exam to trade, bank group says
Reuters
Thousands of bond, currency and commodities traders in London should have to pass an exam and obtain a new qualification to trade as part of attempts to raise standards, Britain’s bank lobby group said.
jlne.ws/1BUrHdr

***** Hopefully it is not a urine test, or they are all sunk.

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S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation; Ratings Firm Reaches Settlements With Justice Department, States, Calpers
By Timothy W. Martin And Andrew Grossman – WSJ
The Justice Department detailed efforts by Standard & Poor’s Ratings Services to relax standards to win business, shedding fresh light on the firm’s crisis-era behavior just as the two parties marked the end of a multi year battle.
jlne.ws/1C0sFHu

***** What kind of rating does S&P give itself for this?

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Focus turns to Moody’s after S&P agrees $1.4bn settlement on subprime ratings
Irish Times
US authorities are stepping up their probe into whether Moody’s inflated ratings on mortgage derivatives to win business in the lead-up to the financial crisis following a record settlement with its rival Standard & Poor’s.
jlne.ws/1zAsf9O

***** You can never tell about Moody’s.

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Let the markets take care of employees washing hands, senator says
By Eric Garcia, MarketWatch
Sen. Thom Tillis said he thinks its fine for restaurants to not require employees to wash their hands as long as they let customers know.
For North Carolina’s newest senator, having employees wash their hands is an issue the free market should decide.
jlne.ws/1u7WYvV

**JK: Congress, tackling the most important challenges of the nation.

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***** JJL – I wonder how he feels about meat inspectors? Maybe he needs to read “The Jungle” by Upton Sinclair.

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Bitcoin: possible bane of the diamond thief
Sally Davies, FT
Leanne Kemp hopes bitcoin will spell the end for diamond thieves. Edgelogic, her Australian peer-to-peer software company, is using the digital currency to create an online record book called Blocktrace, which allows insurers and purchasers to check the history of a precious stone — and what crimes or claims have been made against it.
jlne.ws/1zJ8FtO

***** Maybe I can use this technology to track my socks.

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Facebook can lead to depression, researchers find; Experts at University of Missouri discover Facebook can lead to symptoms of depression if it triggers feelings of envy among users
The Telegraph
Browsing Facebook could leave you down in the dumps, research has shown.
A new study released on Wednesday found the social network site promotes feelings of envy among users that can lead to depression.
jlne.ws/1u89xai

***** Envy is just one of the deadly sins. What about the others?

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MarketsWiki

MarketsWiki Page of the Day
Brian Mehta

MarketsWiki Recent Updates

People

Brian Mehta; Hilda Harris Piell; James Wilson; John Hamer; Kevan Cowan; Justin Llewellyn-Jones; Justin Schack; John H. Conolly; John H. (Bud) Frazier; James Parisi; Jessica Titlebaum

Companies, Organizations and Groups

London Metal Exchange; MEFF

Statistics

58,194,857 pages viewed, 8,147 articles, 189,215 edits
MarketsWiki Statistics

Lead Stories

Most Brokerages and Advisory Firms Targeted by Cybercriminals; SEC, FINRA Studies Show Offices Must Adhere to Vetting Policies, Urge Use of Cyber Insurance
By Matthias Rieker, WSJ
More than half of U.S. brokerage firms surveyed by regulators said they had been targeted by email scams aimed at tricking them into wiring away client money.
jlne.ws/1Kra8pU

London Metal Exchange rings the changes
By Henry Sanderson and Neil Hume, FT
In 2016, when the 138-year-old London Metal Exchange relocates from Leadenhall Street in the City of London to a new building a mile north in Finsbury Square, it will take with it several curved red-leather benches.
They form the ring: the last open-outcry trading pit of its kind in Europe — and a symbol of the LME’s long history. Only last year, nine traders were fined for breaching the ring’s time-honoured rules, by not keeping at least one foot in contact with their seats while trading.
News of the ring’s preservation confounded many people’s expectations of Garry Jones, the chief executive appointed after LME was bought for £1.4bn by Hong Kong Exchanges & Clearing, in 2012. Many had expected the ring would disappear as part of a sweeping modernisation programme.
jlne.ws/1C0srQC

ICE unveils more rates, energy contracts
Futures & Options World
US firm Intercontinental Exchange (ICE) is set to introduce 63 new futures and options contracts across interest rates and energy on February 16 2015. The exchange said it will launch six interest rate contracts and 57 new energy contracts subject to regulatory approval. The new contracts will be available for trading at ICE Futures Europe and ICE Futures US. All 63 contracts will be cleared at ICE Clear Europe.
jlne.ws/1zArSMB

Dark-Pool Trade Size Doubles in Europe as Venues Hunt Blocks
by John Detrixhe – Bloomberg
Even before new regulations revamp trading in 2017, Europe’s private stock markets are already returning to their original purpose: handling big trades.
jlne.ws/1xfQCpf

Speed Trading Pioneers Take Step Toward Paring Their KCG Stakes
by Nick Baker, Bloomberg
The founders of high-frequency trading pioneer Getco took a step toward selling almost 6 million shares of KCG Holdings Inc., the broker-dealer formed when their company saved a struggling brokerage.
Trusts and an investment firm tied to Daniel Tierney and Stephen Schuler set up programs letting the former Getco executives sell 3 million and 2.75 million KCG shares, respectively, during the next year. Both would retain millions of shares even if the plans were executed completely, according to Securities and Exchange Commission filings on Tuesday.
jlne.ws/1As1Aip

Trading Technologies to Establish Connection to KCG’s Fixed Income Liquidity; Software provider enables KCG to provide both X_TRADER® and TT platform users with access to on-the-run U.S. Treasury liquidity
Trading Technologies
Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, and KCG Holdings, Inc., an independent market-making and execution-only brokerage firm, today announced that TT will introduce connectivity to KCG Fixed Income in the first quarter of 2015. KCG provides direct access to on-the-run U.S. Treasury liquidity. This marks the first time TT has offered connectivity to liquidity from a non-exchange provider.
jlne.ws/1Kocwhg

BATS Formally Files Market Structure Petition with SEC; Issues Industry Call-to-Action to Drive Regulatory Reform
BATS
BATS Global Markets (BATS) formally filed a petition for rulemaking on market structure reform with the Securities and Exchange Commission (SEC) and issued a call-to-action to the industry, urging participants to engage in a constructive dialogue to improve the already healthy U.S. equity market for all investors.
jlne.ws/1DdLxon

Could a Bitcoin exchange be a commodity broker?
Scott Bowling – Weil Gotshal & Manges LLP logo
This is the fourth post in our Bitcoin Bankruptcy series on the Weil Bankruptcy Blog. We began by summarizing broadly how Bitcoin works. Then we examined whether a hypothetical U.S.-based bitcoin exchange would be eligible for chapter 11 relief. (The answer depends on how its business operates.) We also concluded that our hypothetical exchange likely would not constitute a stockbroker under the Bankruptcy Code. So unless it is either a commodity broker or a bank that does not operate a multilateral clearing organization, it is probably eligible to be a chapter 11 debtor. Today we consider whether a bitcoin exchange could be a commodity broker.
jlne.ws/1yGNlRg

Obama Proposes Tax on Large Financial Firms; 2016 Budget Includes Tax on Liabilities of Firms with Assets Above $50 Billion
By Ryan Tracy, WSJ
President Barack Obama proposed a broad new tax on financial firms with more than $50 billion in assets, a proposal that is unlikely to advance in Congress but underscores Wall Street’s continued status as a political punching bag.
jlne.ws/1LLyRZF

Are your funds safe when held by online brokerages? SEC cybersecurity exam of 100 broker-dealers reveals high risk
By Andrew Saks-McLeod, LeapRate
“Our examinations assessed a cross-section of the industry as a way to inform the Commission on the current state of cybersecurity preparedness. We hope that investors and industry participants will also benefit from what we have learned.” – SEC senior executive Andrew Bowden.
jlne.ws/1Kr9oBd

Lutnick’s BGC Pushes Back Deadline in Bid to Take Over GFI Group
by Zeke Faux – Bloomberg
Howard Lutnick’s BGC Partners Inc. pushed back the deadline on its takeover offer for interdealer broker GFI Group Inc. in a struggle to win support from investors.
jlne.ws/1DxBN5U

Democratising finance: vision for bitcoin is beginning to fade
Izabella Kaminska, FT
Cryptocurrencies stormed into the public consciousness in November 2013 when the price of just one bitcoin broke through the $1,200 level.
jlne.ws/1yH3jeh

Regulatory

U.S. regulators mull legal action against BP on rules violations: company
Reuters
U.S. regulators are considering naming BP PLC (BP.L) and its entities in an enforcement action alleging the British oil major violated anti-fraud and reporting rules while using Canadian oil pipelines, BP said in its quarterly results statement on Tuesday.
jlne.ws/16yD6YC

U.K.’s Half-Hearted Currency Probe
By Mark Gilbert, Bloomberg
It’s bad enough that the Bank of England’s chief currency trader ignored clear evidence of market manipulation in the foreign-exchange market for six long years. What’s truly appalling is that the subsequent probe into the abuse seems to have been done on the cheap, making a mockery of the inquiry and belittling the damage done to the world by yet another financial scandal.
jlne.ws/1As0y66

U.S. government finance research unit seeks boost with own website
Reuters
The U.S. government’s top financial research group on Tuesday launched a new website, a move aimed at helping it gain a greater profile separate from the Treasury Department, which houses the powerful agency.
jlne.ws/1z85LcJ

BBA backs calls for ‘licence to trade’ after City scandals
Martin Arnold — Banking Editor, FT
The main lobbying group for British banks has said that all financial market traders should be required to gain professional qualifications in an attempt to avoid having a much tougher licensing regime imposed on the industry.
jlne.ws/1uXbH7S

Fund managers await clarity on cost disclosure rules
Investment Week
European rules requiring greater disclosure of portfolio costs could apply to fund managers sooner than expected if regulators decide to clear up inconsistencies in existing sets of proposals.
jlne.ws/16yCodD

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the List of Securities Eligible for the Select Symbol Program under Rule 7018(a)(4) (Release No. 34-74190; File No. SR-NASDAQ-2015-006)
NYSE Arca: Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Relating to Shares of the iShares California AMT-Free Muni Bond ETF and iShares New York AMT-Free Muni Bond ETF (Release No. 34-74186; File No. SR-NYSEArca-2014-139; February 2, 2015)
jlne.ws/1eCTnOv

SEC Names David Grim as Acting Director of the Division of Investment Management
SEC
The Securities and Exchange Commission today announced that David Grim has been named as Acting Director of the Division of Investment Management. He replaces Norm Champ, the division’s former director, who left the SEC at the end of January.
jlne.ws/1EFThkA

FCA confirms final rules for independent governance committees
UK FCA
The Financial Conduct Authority (FCA) has today confirmed the final rules requiring firms to set up and maintain independent governance committees (IGCs).
jlne.ws/1C0w0X3

News for customers of LQD Markets UK
UK FCA
On 27 January 2015 LQD Markets UK formally entered into Special Administration Regime insolvency proceedings.
jlne.ws/1zf0lBn

Exchanges & Trading Facilities

GMEX Group takes a stake in ALTX Africa Group;Equity stake taken as ALTX Uganda starts UAT and sets launch target by 1 May 2015
GMEX
GMEX Group today announced that it has acquired a 25% stake through its GMEX Technologies (GMEX TECH) subsidiary in the Mauritius-based ALTX Africa Group Ltd (ALTX). ALTX wholly owns ALT-Xchange Ltd (ALTX Uganda) and ALT-X Clearing Ltd (ALTX Clearing). ALTX is also in discussions with other strategic partners with a view to syndicating additional equity stakes to further drive its growth strategy.
jlne.ws/1KbWDfp

GMEX and ALTX partner to launch Africa Exchange
Automated Trader
ALTX Africa Group gains first license approval in Uganda. GMEX to provide technology and business expertise, also plans to acquire equity stake.
jlne.ws/16yFzlz

MarketAxess Research Blog
MarketAxess’ Open Trading solutions, designed to improve liquidity in the corporate bond market, continued to gain significant traction in 2014. During the year, over 77,000 all-to-all Open Trading transactions were completed on MarketAxess, representing $38 billion in traded volume. In the fourth quarter, secondary credit market conditions shifted with increased credit spread volatility, mutual fund outflows and rising credit spreads, putting a spotlight on the importance of strengthening bond market liquidity, and increasing the demand for e-trading.
jlne.ws/1EE1Lsq

Investor Activity On WSE Markets:January 2015
WSE
The value of the Electronic Order Book in equities on the Main Market was PLN 17.7 billion in January 2015, a decrease of 9.7% year on year. The average daily value of trading decreased by 5.2%. The average daily number of transactions increased by 10.1% year on year to 65.5 thousand transactions in January 2015.
jlne.ws/1Kr7YGH

EURONEXT PARIS LAUNCHES USER COMMITTEE
Euronext
Euronext Paris today announced the launch of its new User Committee, reaching out to its user community to ensure that it meets genuine needs in providing finance for the real economy.
Advisors for Euronext projects financing the real economy
The Euronext Paris User Committee is an advisory body set up to advise on initiatives, new products, services and competitive positioning, at a time when capital markets are actively encouraged to finance the real economy. It will be consulted on key issues for Euronext users and will meet quarterly starting in the first quarter of 2015.
jlne.ws/1z9A6HM

Euronext announces monthly trading volumes for January 2015
Euronext
Euronext, the leading exchange in the Eurozone, today announced trading volumes for January 2015.
jlne.ws/1EFSal0

EnterNext welcomes Lucas Bols N.V. on Euronext Amsterdam
Euronext
440 year old leading global spirits player raises EUR126 million in IPO, becoming one of the world’s oldest listed companies
EnterNext, the Euronext subsidiary designed to promote and grow the market for SMEs, today welcomed Lucas Bols N.V. on the Amsterdam exchange of Euronext (ticker code: BOLS).
jlne.ws/1zRsEIv

CME Group Notice
CNX Nifty Index Futures Price Limits Effective for February 2015 03 Feb 2015
Product Modification Summary: Delist 2 Front Month Brent CFD Products on NYMEX – February 2, 2015 03 Feb 2015
Amendments to Product Title of Six (6) CME FX Futures and Options Contracts
jlne.ws/1yiRpvt

TMX Group Consolidated Trading Statistics
MarketWatch
TMX Group Limited today announced January 2015 trading statistics across its marketplaces, which include Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, Montréal Exchange (MX) and NGX.
jlne.ws/1vsq2ix

Hedge Funds & Managed Futures

S&P Cuts European Banks on Rules Forcing Losses on Bondholders
by Richard Partington & Ben Moshinsky – Bloomberg
Six European banks, including Credit Suisse Group AG and HSBC Holdings Plc, had their ratings cut by Standard & Poor’s on the prospect that their governments are less likely to provide aid in a crisis.
jlne.ws/1DdC1Sg

Wealth Adviser: Protecting Elderly Clients from Fraud
By Kevin Noblet, WSJ
Fraudsters routinely target the elderly, who sometimes are more easily misled and then can be too embarrassed to admit what has happened, even to their financial advisers. San Francisco-based adviser Larry Weiss dealt with just such a case, involving a woman who withdrew more than $100,000 from the bank but didn’t want to acknowledge that she’d been taken advantage of. It took time to convince her to start protecting her savings, he tells Wealth Adviser at WSJ.com. The first step: Designating a family member to share online access to her banking account, so that future activity could be monitored.
jlne.ws/1xg31JK

Not all of Wall Street believes Bill Ackman’s stellar performance numbers
By Linette Lopez – Business Insider
The whisper on Wall Street is that hedge fund titan Bill Ackman’s returns are not as impressive as recently published reports would have you believe.
jlne.ws/1CYTgGz

BMO gold product takes aim at big ETF market, new investors
Reuters
Bank of Montreal has launched a new way for investors to buy physical gold, offering greater security than private storage while going head to head with the $60 billion exchange-traded fund industry.
jlne.ws/1C0wgpb

Banks & Brokers

BGC Extends All-cash Tender Offer To Acquire GFI Group For $6.10 Per Share To February 19
NASDAQ
Including Shares Owned by BGC, Stockholders Representing Approximately 70% of GFI’s Shares Not Owned by Executives and/or Directors Supported Proposed Transaction
Only an Additional 1.7% of Total Shares Needed
BGC Urges All GFI Stockholders to Tender Their Shares
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “the Company,” or “BGC”), a leading global brokerage company primarily servicing the financial and real estate markets, today announced that it has extended the deadline for its fully financed, all-cash tender offer to acquire all of the outstanding shares of GFI Group Inc. (NYSE: GFIG) (“GFI Group” or “GFI”) for $6.10 per share to February 19, 2015.
jlne.ws/1u7MRXI

British Banks Struggle to Put Costliest Scandal Behind Them
by Richard Partington, Bloomberg
Britain’s biggest banks are poised to set aside as much as 1.2 billion pounds ($1.8 billion) more in the fourth quarter to compensate customers sold insurance they didn’t want or need, with Lloyds Banking Group Plc hit hardest.
jlne.ws/1LLC5Mv

ICAP Reports Higher Electronic Broking Numbers For January
London South East
ICAP PLC Tuesday said its electronic broking average daily volume in January increased by 1% year-on-year and by 10% from December. In a statement, ICAP, which matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets and equity derivatives, said that electronic broking average daily volumes totalled USD742.8 billion in January on a single-count basis.
jlne.ws/1HTDvW3

James Moore: Icap fights back at EU, but at what cost?
James Moorem, The Independent
Outlook How on earth has Icap managed to take the moral high ground after the Libor-fixing scandal? Ask the EU. Europe’s competition watchdogs want to fine the company something less than £10m for, allegedly, being part of a cartel that conspired to fix interest rates.
jlne.ws/1CYWxFF

Bank of America fails to overturn Countrywide fraud verdict
Reuters
A federal judge on Tuesday rejected Bank of America Corp’s bid to throw out a jury verdict finding it liable for the sale of questionable loans to Fannie Mae and Freddie Mac before the financial crisis, which led to a $1.27 billion civil penalty.
jlne.ws/1DxGUmD

Clearing & Settlement

Pension funds win additional two-year exemption from EU clearing rules
Financial News
Pension funds will get a further two years’ exemption from having to implement new EU rules on derivatives, which it had been feared could undermine one of their most popular investment strategies — worth £500 billion in the UK alone.
jlne.ws/1zAtd60

Pershing Securities Australia Adds Broadridge’s Post-Trade Processing Solution – WatersTechnology
Pershing Securities Australia, a subsidiary of BNY Mellon, announced it will implement Broadridge Financial Solutions’ post-trade processing platform for third-party domestic clearing.
jlne.ws/1zAtkP8

Indexes & Products

Traditional Equal Weighting May Not Be As Diversified As You Think
Seeking Alpha
The core belief that we have held at PowerShares since we were founded back in 2002, and continue to hold today, is that funds tracking market-capitalization-weighted indexes may not represent the optimal investment strategy. Why? If one believes (as we do) that markets aren’t perfectly efficient and security mispricing can and does exist, market-capitalization-weighted indices will, by definition, have overweighted those securities that through time proved to be overvalued and similarly will have underweighted those securities that proved to be undervalued – thus creating a relative drag on investment performance. Of course the quest for active managers is to accurately identify which camp each security falls into at a given point in time (overvalued versus undervalued) and position portfolios to capitalize on the reversion to the mean.
jlne.ws/16yHK8T

Technology

SunGard Agrees to Acquire Energeya, Expanding Coverage for the European Gas & Power Industry
Commodities Now
SunGard has announced that it has agreed to acquire from Venice PMI and its management team the entire share capital of Energeya S.R.L., a provider of high-performance software solutions that support core processes across the energy management value chain for the European gas and power industry. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard’s financial results. Completion of the acquisition is subject to the satisfaction of certain conditions.
jlne.ws/1vsixIw

Derivatives Exchanges Look to Add Liquidity to the Bitcoin Market | Institutional Investor
Institutional Investor
jlne.ws/1zf7jGy

Bond Buyers Escape Wall Street to Computerized Shadows to Trade
by Lisa Abramowicz, Bloomberg
Here’s a reason for optimism among credit investors tired of needing Wall Street to handle their transactions: Activity is picking up elsewhere.
jlne.ws/1EEcuDg

Enforcement

ICAP Fined $17 Million by EU for Aiding Yen Libor Cartels
by Gaspard Sebag and Aoife White – Bloomberg
ICAP Plc, the world’s largest broker of transactions between banks, was fined 15 million euros ($17.2 million) by the European Union’s antitrust arm for helping traders to manipulate benchmark interest rates tied to the Japanese yen.
jlne.ws/16gP87J

Silk Road jury weighs up digital evidence
Kara Scannell in New York, FT
Prosecutors said on Tuesday that their evidence of chat logs and journal entries was “overwhelming” in proving that Ross Ulbricht had created and operated the Silk Road website from beginning to end, while the defence pressed the jury to be wary of digital evidence that could be “fabricated, moved, and manipulated”.
jlne.ws/1LLzDWu

US regulator prepares fraud case against BP
Gregory Meyer and Ed Crooks in New York, BP
A US financial regulator is preparing to name BP and other companies in an enforcement action alleging that they broke anti-fraud and reporting rules while using oil pipelines in Canada, the energy group has disclosed.
jlne.ws/1LLyq1c

CFTC Charges California Residents Christopher Valois and Cynthia Wong and Their Companies with Fraud and Registration Violations
CFTC
Husband and wife team allegedly stole more than $300,000 of the $750,000 their customers invested
Federal court enters emergency Order freezing Defendants’ assets and protecting books and records
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Cormac J. Carney of the U.S. District Court for the Central District of California entered an emergency restraining Order freezing assets and prohibiting the destruction or concealment of books and records of Defendants Christopher Valois, Cynthia Wong, and their companies, Bertram Trade LLC (Bertram) and Churchhill Commodities Trading LLC (Churchhill), all of Orange County California. The judge set a hearing date for February 12, 2015.
jlne.ws/16yk3O6

Environmental & Energy

BP Posts Quarterly Loss Amid Oil Price Rout
By Justin Scheck, WSJ
BP PLC on Tuesday joined a raft of oil companies, big and small, slashing their budgets for finding and tapping new sources of crude, offering a pessimistic outlook on a day it reported a net loss for the latest financial quarter.
jlne.ws/1DF6HtE

(California’s) Developers, local lawmaker look to 50% clean energy goal
By Sammy Roth – The Desert Sun
Long a leader in renewable energy, California is gearing up for the next big step in its clean power transformation.
jlne.ws/18MEQhB

The Environmental Mortgage: Connecting The Dots Between Microfinance And Ecosystem Services
By Kelli Barrett – Ecosystem Marketplace
While microfinance models have been hugely successful on a global scale in providing the means for people to escape extreme poverty, they aren’t often used to finance payments for ecosystem services projects that offer many poverty alleviating benefits.
jlne.ws/1yFW862

India offers two options for UN climate deal
By Joydeep Gupta- The Third Pole
The Indian government is considering submitting two options to the UN on how it plans to tackle climate change – what it can do with its own resources, and what it can do if it gets finances and cheap technology transfers from developed countries.
jlne.ws/1DcYZJa

Asia-Pacific

Stamp duty waiver for all ETFs to take effect on 13 February 2015
HKEx
jlne.ws/16gUGPu

China’s high agricultural stockpiles complicate reform efforts
Lucy Hornby, FT
Chinese stockpiles of agricultural commodities have hit historically high levels, according to the country’s most senior agricultural adviser. He said the stockpiles were complicating efforts to phase out state buying policy without causing a steep fall in prices.
jlne.ws/18NmkFY

Frontier Markets

Petrobras chief Maria das Graças Foster poised to step down
Joe Leahy in São Paulo, FT
Maria das Graças Foster, the embattled head of Petrobras, is set to step down to help resolve a crippling corruption scandal at the Brazilian state-owned oil company, sources at the presidential palace in Brasília said.
jlne.ws/1zJ81MX

Nairobi exchange eyes 2015 derivatives launch | Futures & Options World – Let’s Talk Derivatives
FOW
jlne.ws/1zf7dyL

We’re talking to 2-3 financial institutions for fund-raising: Saurabh Sarkar; Interview with MD & CEO, MCX-SX
Sachin P Mampatta & Sneha Padiyath, Business Standard
The Multi Commodity Exchange-Stock Exchange (MCX-SX) was recently given permission by the Securities and Exchange Board of India (Sebi) to launch new contracts in the currency, interest-rate and equity segment. In his first interview after the nod, managing director and CEO of the exchange Saurabh Sarkar spoke to Sneha Padiyath and Sachin P Mampatta about his plans for the exchange. Edited excerpts:
jlne.ws/1zJgwrk

Miscellaneous

Prince Al Waleed sells most of stake in News Corp
Henry Mance in London and Simeon Kerr in Dubai, FT
Prince Al Waleed bin Talal, the Saudi prince who stood by Rupert Murdoch during the phone-hacking scandal, has sold most of his stake in News Corp.
jlne.ws/1zJ7Sco

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