LME Week Dinner a Huge Success
By John J. Lothian
Two thousand people poured into the Grosvenor House hotel in London Tuesday night for the LME Week dinner. I was pleased to be invited as one of their two thousand closest friends (who happen to be in London last night).
The black tie affair brought back memories of my previous forays into London and Europe in black tie. No white dinner jacket for me, but I did go Hollywood and wore a black necktie rather than a bow tie. I did not have a lot of company with my sartorial choice. But that is me.
Speeches by Charles Li and Garry Jones were entertaining and the speech by Codelco Chairman Oscar Landerretche was thought provoking and humanizing to a very capitalistic audience.
Garry Jones will be joining us today for the MarketsWiki Education World of Opportunity series at the Woolgate Exchange, hosted by Nasdaq. It has been a busy week for Garry, so we are especially privileged to have him speak.
We are ready for today’s program, panicking about the last minute issues, but calm knowing we have handled it before.
Lastly, go Cubs Go!!
CAREERS IN FINANCE — FOCUS ON INTERNSHIPS
This week Nasdaq will host John Lothian’s MarketsWiki Education program in the Nasdaq London office. This article series will focus on career choices and intern experiences from inside Nasdaq.
***SR: Nasdaq, our host for the London World of Opportunity event, incorporates MarketsWiki Education series videos into their MarketInsite article series, which will also profile former Nasdaq interns who are now Nasdaq employees.
Scott Gordon, Rosenthal Collins Group – Seven (Slightly Unconventional) Career Tips From a Former Summer Intern
“Trying is the key. I’ve had some successes in my life and I’ve had a bunch of failures — some spectacular failures… But whichever you have, if it’s a success or a failure, they’re momentary. You can take a victory lap if you have a success or you can take a misery lap if you have a failure. But in either case it’s fleeting, it’s gone and you better get on with your life.”
Scott Gordon, CEO of Rosenthal Collins Group, has career advice that applies whether you are shoveling snow or breeding horses: start by taking a holistic look at what is going on in the industry, not just the day-to-day activities that involve you personally. If you are able to take that big picture look into account, the rest is fairly simple to implement. Once aware of the situation, be ready for anything, since careers are taxis not trains — they don’t take linear paths to their destinations. Gordon expands on his career advice in this video, perhaps most importantly reminding audiences not to obfuscate their lexicon.
The affluent millennials put their faith in more nimble platforms
Lindsay Whipp in Chicago – FT
It is not often that a successful Hollywood teen actress has an alter ego as an options trader. But for Rachel Fox, who made her name in the hit television series Desperate Housewives, this is not a movie role, she really is a day trader in her spare time. At 19, she sits at the younger edge of the millennial demographic that the Chicago-based founders of Dough — Kristi Ross and Tom Sosnoff — aim to attract with their start-up. The company, which was born out of an old hip hop studio in the capital of the US Midwest, aims to “make finance fun”, through its eight hours of daily online video and highly visual proprietary trading platform for options, and soon futures.
****SD: If the company “was born out of an old hip hop studio,” I figure they’re already doing a pretty good job of catering and relating to millennials. Just keep the whole “Desperate Housewives” connection out of the picture.
Credit Suisse Wealth Report: There Are More Poor People In America Than China
This is a wonderfully counter intuitive finding from the new Credit Suisse Wealth Report. There’re more poor people in America than there are in China. No, really, this is true, when measuring by wealth. We’ve not got the detailed number of the United States alone as they’re offering the information by region. But Canada’s population size means that we don’t have to worry about that very much (sorry, Canadians). To a reasonable level of accuracy there’s no one in China in the bottom 10% of the world’s population by wealth. And yet there’s some 10% of those global poor in North America, and another 20% or so in Europe. So, yes, it really is true that there’re more poor people in America (and Europe) than there are in China.
****SD: Funny thing is that Forbes always gives you a stat or a quote on your way to the article, and most recently the informative tidbits have been about the net worth of U.S. political candidates.
***SR: Also note: the Credit Suisse report classifies “America” as “the U.S. plus Canada.”
Are You Ready to Buy Stocks at Your Grocery Store?
Robin Sidel – WSJ
Now selling at the checkout counter: breath mints, hand sanitizer and…$25 of Berkshire Hathaway stock?
In a new twist on the bustling gift-card business, retailers such as Kmart and Office Depot this week are starting to roll out cards that give the recipients small amounts of stock in some of the country’s best-known companies. The cards will be available ahead of the holiday shopping season at other retailers, including Safeway Inc., Toys “R” Us and Lowe’s Cos.
****SD: This is a new addition to the “gifts kids won’t appreciate” category.
***SR: Oh, you’ll thank me one day, kids.
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Confidence in stock markets shaken by violent swings
Philip Stafford- FT
Violent swings on the world’s stock markets in mid-August led to inevitable searches for the culprits. For some it was risk parity funds, which aim for a diversified portfolio of stocks, bonds and currencies balanced by the mathematical risk of each asset class. They have been likened to the development of portfolio insurance, which played a crucial role in the 1987 stock market crash.
Orc Group and CameronTec Group join forces; Combination creates capital markets’ most powerful trading and connectivity technology offering; Addresses latest financial market challenges and emerging technology requirements; Group will continue to develop existing strong product brands within a two business division structure.
Orc, a global market leader in electronic trading technology, today announced that Cidron Delfi S.à r.l*, the owner of Orc Group Holding AB and CameronTec Intressenter Holding AB, the global standard in financial messaging infrastructure and tools for the capital markets industry, intends to combine both companies under a new entity.
LME says ‘one-size-fits-all’ regulation won’t fit metals market
The risks in metals trading are different from those in the financial markets, and if European Union (EU) regulation is not tailored accordingly, we could see irreparable damage to the wider industry, said the London Metal Exchange (LME) in a white paper released at the LME Regulation Seminar on 12 October 2015.
It’s Quantitative Easing, Europe, But Not as We’ve Known It
Bond investors, get ready for quantitative easing to mutate in Europe.
The European Central Bank this week started a limited pilot program to test out buying bonds through auctions rather than approaching dealers one to one. Strategists say the system is designed to improve QE’s transparency and may eventually be rolled out across the euro region.
Technology changes the nature of violations
Gregory Meyer – FT
Futures markets have a long, colourful history of rule-breaking.
There was Anthony “Tino” DeAngelis, mastermind of the 1960s “salad oil swindle” involving futures purchased with loans backed by tanks of water with soyabean oil on top. The Hunt brothers, Nelson Bunker and William Herbert, were notorious for their 1979-80 attempt to corner the silver market. There was the floor broker — also head of the compliance-review committee at the New York Mercantile Exchange — who in 2008 pleaded guilty to making natural gas trades for customers and diverting profitable ones to himself.
Deutsche Börse supports traders with real-time risk alerts for most liquid Eurex futures
New analytic signals exceptional price and order book behaviour
Deutsche Börse Market Data + Services is launching the new analytic ‘Risk Alerts’ on 23 November. The new product informs market participants in real-time about unusual price and order book behaviour of the most important Eurex futures.
Policymakers left with problem in the wake of London whale
Joe Rennison – FT
Bruno Iksil, the JPMorgan trader known as the London Whale, is an unlikely symbol of post-crisis regulatory disharmony. He briefly rose to attention as he built up a huge position trading credit default swaps in 2012, leading to a $6.2bn loss, embarrassing for the bank but perhaps more so for its regulators as it underscored the shortfalls in creating a method intended to spot risks to the financial system.
U.S. Examines Goldman Sachs Role in 1MDB Transactions; FBI and Justice Department gather information about bank’s role in transactions at Malaysia fund
By MIA LAMAR in Hong Kong, and BRADLEY HOPE and JUSTIN BAER in New York – WSJ
Goldman Sachs Group Inc.’s role as adviser to a politically connected Malaysia development fund resulted in years of lucrative business. It also brought exposure to an expanding scandal.
Ernst & Young Confronts Madoff’s Specter in Trial Over Audits
Sophia Pearson – Bloomberg
Ernst & Young LLP took Bernie Madoff at his word when it signed off on audits of a fund that helped feed the biggest Ponzi scheme in U.S. history.
The firm must now defend that decision at the first trial of an auditor over losses tied to Madoff, who’s serving a 150-year prison term for stealing billions of dollars from thousands of investors.
Draft EU rules pose threat to London’s China finance ambitions
Jim Brunsden in Brussels and Philip Stafford in London – FT
Concerns are mounting in the City of London that proposed European rules will stymie efforts to make Britain the principal offshore base for Chinese finance.
The long and winding road towards an audit trail
Nicole Bullock – FT
On a Monday in August this year, the US stock market abruptly plummeted at the start of trading. Fears were growing over a slowdown in China spilling over into the rest of the world. However, some individual shares fell disproportionately to their fundamental value and certain exchange traded funds also moved to huge discounts to their net asset values, leaving market participants scratching their heads.
What Mifid II means for trading
By Tim Cave – Financial News
Few pieces of European legislation have been as hotly debated as a revised version of the Markets in Financial Instruments Directive.
Exchanges & Trading Facilities
Ferrari Hits the New York Stock Exchange With the Coolest Ticker Symbol Ever
Mila Pantovichtwitter – Just Luxe
Not only did Ferrari’s parent company, Fiat Chrysler Automobiles (FCA), announce the marque’s impending arrival on Wall Street yesterday, they also revealed that the ticker symbol will be “RACE” (making it the coolest on the Stock Exchange).
LSE Brings Dark Pool-Style Trading to Exchange as EU Rules Loom
Will Hadfield – Bloomberg
London Stock Exchange Group Plc is encouraging brokers to place hidden orders for large blocks of shares on its public market as it prepares for an impending overhaul of European financial regulations.
Eurex Exchange’s T7 Release 3.0: Publication of documentation
To further improve and extend the trading system, the launch of Eurex Exchange´s T7 Release 3.0 is scheduled to take place on 23 November 2015.
Brokers Sign On for IEX Block Day
Phil Albinus – Traders News
JPMorgan, KCG and Themis Trading are among the brokers that will participate in the IEX Block Day, the aspiring exchange’s charity event that will take place on Thursday, October 15.
Hedge Funds & Managed Futures
How to invest like … the Church of England’s money men; Few investors can match the long-term outlook of the Church Commissioners. We delve into their 311-year history
by Richard Evans, Telegraph
A recurring theme among experts is that investors should take a long-term view. Yet few can match the centuries-old record of the Church of England’s investment arm.
Traders Brace for Worst as U.S. Banks Kick Off Earnings Season
Joseph Ciolli – Bloomberg
Put/call ratio on a financials ETF is highest since March
JPMorgan leads string of bank profit reports this week
Options traders are showing caution ahead of earnings for the nation’s biggest banks — trepidation that holds ominous signs for the broader market.
Poor performance forces Fortress to shut $2bn macro hedge fund
Miles Johnson and Stephen Foley in New York – FT
Fortress Investment Group is shutting down its $2bn flagship macro fund after a run of poor performance, succumbing to what its manager Mike Novogratz called the “Darwinian” nature of the hedge fund business.
Banks & Brokers
MarketAxess Expands Liquidity in European Credit With Addition of 4 Dealers; Continued Growth in European Trading Volumes
MarketAxess Holdings Inc.
MarketAxess Holdings Inc. (Nasdaq:MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, has recently enhanced its European credit trading platform with the addition of a further 4 market-making dealers. The new dealers providing liquidity to institutional investors in European credit are: ABN Amro Bank, Millennium Europe, Nomura Group and Rabobank. This brings the total number of dealers on the European platform to 37.
JP Morgan: do I look big in this?
The bank slims down and is rewarded by regulators with lower capital surcharge
JPMorgan Chase’s antecedents had executives who fought with pistols and rode roughshod over governments. Now the bank styles itself as a slimmer at a Weight Watchers meeting.
J.P. Morgan Is Getting Smaller; Assets decline $160 billion as bank moves to simplify in face of new capital rules
By EMILY GLAZER and PETER RUDEGEAIR – WSJH
The nation’s largest bank is getting smaller. J.P. Morgan Chase & Co. reported third-quarter results Tuesday that disappointed some investors as revenue fell 7%. But some of the bank’s shrinkage was by design, an effort to become simpler and less sprawling as new capital regulations are set to roll out in coming years.
J.P. Morgan to some employees: No free BlackBerry for you
By Emily Glazer – Marketwatch
In its latest round of cost cuts, J.P. Morgan Chase & Co. is picking BlackBerrys.
Barclays’s CEO Choice Means Pause to Shrinking Investment Bank
Stephen Morris – Bloomberg
Staley, JPMorgan veteran, said to be leading candidate for CEO
Securities unit remains biggest and worst-performing division
In turning to Jes Staley to run the company, Barclays Plc is signaling that shrinking its investment bank has gone far enough.
SocGen to keep Symphony communication records – NY regulator
Societe Generale has agreed with New York’s financial regulator to keep a record of all the communication by its employees and clients using Symphony Communication Services LLC’s messaging service for seven years.
Jes Staley brings House of Morgan discipline
Gary SilvermanGary Silverman – FT
JPMorgan was sold to Chase Manhattan 15 years ago, when Bill Clinton was the US president, Mark Zuckerberg was making his way through high school and the Twin Towers of the World Trade Center were the tallest buildings in New York.
Clearing & Settlement
DTCC warns against growing contagion risk
Cian Burke – Futures & Options World
US clearing giant the Depository Trust and Clearing Corporation (DTCC) has warned market participants to draw up plans to address their financial market “interconnectedness” risks ahead of the finalisation of US regulations that will mandate the practice for clearing organisations.
The value of utility
Compliance never has been the most glamorous area of banking and is often viewed as a considerable burden. For years, financial institutions have poured investments into the front office, equipping traders with the latest and best technology. Now, following increased regulatory pressure, compliance is gaining importance and as a result, back office automation is on the rise again. The real potential for automation lies not in traditional business processes, but in shared, automated utilities such as Swift’s KYC Registry and the Depository Trust and Clearing Corp’s (DTCC’s) Clarient.
China CITIC and Deutsche Bank forge payment clearing partnership
Deutsche Bank and China CITIC Bank (‘CITIC’) today announced the signing of a Memorandum of Understanding on the expansion of their cooperation in payment clearing.
Through this partnership, CITIC will use Deutsche Bank’s USD and Euro payment clearing services for its corporate and retail customers’ transactions.
SmartStream Helps with Risk Mitigation for Non-Clearing OTC Derivatives
SmartStream, the financial Transaction Lifecycle Management (TLM) specialist, today announced the launch of TLM Collateral Management adaptor to provide a full lifecycle of trading messages for the non-clearing OTC derivatives market. SmartStream were able to rapidly deliver the adaptor using technologies already in production with SmartStream’s TLM solutions.
Indexes & Products
Active Managers Catch Break as U.S. Stock Correlations Collapse
Joseph Ciolli – Bloomberg
Stock correlations haven’t just unwound following the equity market meltdowns of August and September — they’ve come asunder, falling to the lowest level since 2007. That’s good news for active mutual fund managers, who thought they saw their year fall apart in the third quarter.
Risk of a Stock Market Selloff Is High, CBOE Skew Index Shows
Simon Maierhofer – TheStreet
Believe it or not, there’s a little-known but rather accurate indicator designed to measure the odds of a “black swan” event in the stock market.
Energy Stocks and Bonds Say Oil May Have Bottomed
Jodie Gunzberg – S&P Dow Jones Indices
Last week, the S&P GSCI Crude Oil gained 9.7% in one of its best weeks (24/1501) in history since 1987. It was the second best week in 2015, following its gain of 11.8% in the last week of Aug. Historically, with the exception of the bottom in 1988, there have been greater than 2 weeks of spikes bigger than last week’s before a bottom was hit. So maybe oil hasn’t hit a bottom yet by this metric, but it wouldn’t be completely unprecedented or unreasonable.
Eight Things To Know About Short And Leverage ETPs / ETFs
Leverage has been around for hundreds of years, however short and leverage ETPs have been in existence since 2005. Today there are almost $61.5bn (Boost ETP) of assets in leveraged and short ETPs which are traded on most of the major global stock exchanges. Due to the combined features of leverage and daily compounded returns these types of ETPs
are trading instruments that need to be clearly understood before an investor should trade or invest. However, once understood they are highly efficient tools that provide magnified
long and short exposure in an efficient product wrapper. The following are eight key things to know about short and leveraged ETPs.
Lyxor builds on smart beta range with multi-factor ETF
Lyxor, the Paris-based exchange-traded fund provider and subsidiary of Societe Generale, has announced the listing of a multi-factor smart beta ETF built on the Lyxor range of single-factor ETF strategies launched in July of this year.
YES BANK Becomes the First Indian Bank to be Selected in Dow Jones Sustainability Indices
YES BANK, India’s fifth largest private sector bank, has become the first Indian bank to be selected as an index component of the Dow Jones Sustainability Indices (DJSI) in the Emerging Markets Index. The Index comprises of 92 companies from 14 emerging economies including China, Brazil, South Africa and Taiwan. 116 banks from emerging economies were invited to participate, of which YES BANK is the only Indian Bank to have been included.
Thomson Reuters Adds Content to DataScope Select Platform Supporting Shareholding Disclosures; Offering Lets Users Monitor Ownership of a Given Issuer to Support Firms’ Regulatory Disclosures
Thomson Reuters today announced that it has added new data on its DataScope Select platform to support significant shareholder and beneficial ownership disclosures required by securities regulators worldwide. Asset managers are obligated to monitor and disclose holdings in sensitive industries and when they exceed a percentage threshold of the outstanding capital of a company. Thomson Reuters new content, added to its flagship reference data product, provides granular data on shares and voting rights outstanding for individual companies, which is collected from 150 different sources across nearly 100 countries.
OTAS Technologies Advanced Market Intelligence Available in Thomson Reuters Eikon; Announcement streamlines access to and use of OTAS analytics for Eikon users
OTAS Technologies has today announced the availability of its advanced market intelligence and analytics directly inside Thomson Reuters Eikon. Two applications, OTAS Core Summary and OTAS Microstructure have been integrated to provide users with immediate access to OTAS analytics and visualization tools for supporting trading, risk and portfolio management from within their Eikon workflow.
Forex broker EXNESS heads for Asia expansion with SunGard’s scalable reconciliation solution
EXNESS, an international foreign exchange broker, has implemented SunGard’s IntelliMatch Operational Control solution to meet its new reconciliation and compliance requirements, and manage rapid volume growth. The advanced functionality of SunGard’s solution will provide critical back-office support for EXNESS as the company continues to expand globally.
Markit launches KY3P platform for third party risk management
Barclays, HSBC and Morgan Stanley partner to design new service
Markit (Nasdaq: MRKT), a leading global provider of financial information services, today announced the launch of its Know Your Third Party (KY3P) service hosted by Dell Cloud Services. KY3P is the first centralised, cloud based data hub that simplifies and standardises third party risk management processes focusing on vendor due diligence and ongoing monitoring.
Saxo Bank Taps SunGard for Cash Management Automation
Avi Mizrahi – Finance Magnates
SunGard has announced today that Saxo Bank has chosen its IntelliMatch Cash and Liquidity Monitor to automate intraday liquidity monitoring for external accounts, reporting and forecasting processes. The solution is meant to help the firm achieve greater visibility over intraday liquidity, improve cash management and reduce counterparty, trading and settlement risk.
Orc and CameronTec to merge operations
Alice Attwood – Futures & Options World
Trading system firm Orc Group is merging with messaging developer CameronTec Intressenter Holding to create a full technology offering under owner Cidron Delfi, with Orc’s CEO set to head up the combined operations.
Swedish firm Cidron Delfi acquired Orc and CameronTec in 2012. Since then the firms have operated separately, focusing on their respective market areas and have seen encouraging growth.
Broker Told Prosecutors He Couldn’t Ignore ‘Psychotic’ Hayes
Liam Vaughan – Bloomberg
Prosecutors summarize broker interviews for jury Tuesday
One broker told SFO he didn’t know what Libor stood for
Six brokers accused of helping former UBS Group AG trader Tom Hayes rig benchmark rates used a range of excuses during questioning by prosecutors, including blaming colleagues and not knowing what Libor meant.
SEC prepares civil charges against Mondelez in Cadbury probe-WSJ
The Securities and Exchange Commission is preparing to file civil charges against Oreo cookies maker Mondelez International Inc in connection with a long-running investigation of payments its Cadbury unit made in India, the Wall Street Journal reported, citing people familiar with the matter.
Goldman Sachs under FBI, DOJ scrutiny over 1MDB probe: WSJ
The Federal Bureau of Investigation and the U.S. Department of Justice are examining Goldman Sachs Group Inc’s role in allegations of corruption and money laundering at Malaysian state investor 1Malaysia Development Bhd (1MDB), the Wall Street Journal reported on Wednesday.
The U.S. inquiries are at the information-gathering stage, and there is no suggestion of wrongdoing by Goldman Sachs, the paper reported, citing people familiar with the matter.
Environmental & Energy
The International Energy Agency consistently underestimates wind and solar power. Why?
By David Roberts – Vox
The International Energy Agency was created in 1974 by countries that had just been through a bruising oil crisis (and were headed for another).
EU climate chief says proposed emissions cuts not enough
By Karl Ritter – Associated Press
Europe’s climate chief has acknowledged for the first time that climate pledges made by national governments ahead of a major UN conference fall short of meeting the international goal of keeping global warming below 3.6 degrees.
After the VW scandal, how can we trust business to act on climate change?
By Adam Corner – The Guardian
It won’t show up in any biodiversity assessment, or make it into a State Of The World report. But alongside tuna stocks, tropical rainforests, and the white rhino, there is another finite resource being ruthlessly squandered through unsustainable practices.
Singapore Central Bank Eases Policy by Adjusting Currency Band
Netty Idayu Ismail – Bloomberg
Singapore’s central bank eased monetary policy for the second time in 2015 in an effort to revive growth. The local dollar advanced to the strongest in almost a month.
Swatch Links With China Bank Giants for Mobile-Payment Watch
Swatch Group AG is linking up with China’s banking giants to sell a timekeeper that can make payments at retailers across the country, posing a challenge to Apple Inc.’s and Samsung Electronics Co.’s smartwatches.
Indian consumers most digital savvy in Asia: Survey
A survey by American Express revealed that Indians continue to be the most digital savvy for reporting or resolving service experiences compared to their Asian counterparts.
China’s Lingering Deflation Risks Offer Room for More Easing
China’s consumer inflation moderated and factory gate deflation extended a record stretch of declines, signaling the People’s Bank of China still has room to ease monetary policy further to support a slowing economy.
Brazil’s Next Big Crisis Is Scaring Bankers and Wiping Out Jobs
n the smog-filled, run-down industrial hubs that ring the southern end of Sao Paulo, Brazil’s next big crisis is taking root.
The labor market, long the country’s lone economic bright spot as growth stagnated, is suddenly deteriorating rapidly, driving unemployment all the way up to 7.6 percent from a record-low 4.3 percent at the end of 2014. Nowhere are the layoffs that are fueling that surge more acute than here, in this gritty complex of steel, auto and auto-parts factories built decades ago by the likes of Ford Motor Co. and Volkswagen AG. Sao Paulo is now losing almost 20,000 jobs each and every month, the state’s industrial federation estimates.
JFX to Open World`s First Market for Tea Futures Contracts
The Jakarta Futures Exchange (JFX) is planning to open a market for tea futures contracts in mid November this year. “The JFX will be the world’s first futures exchange that trade futures contracts for tea,” president director Paulus Lumintang said on Tuesday, October 13.
Kenyan Stocks Fall Most in 4 Years as Bank Closing Boosts Risks
Felix Njini – Bloomberg
Kenyan equities fell the most since August 2011 after the country’s authorities placed a second bank in two months under administration, spurring investor concern about the health of lenders in East Africa’s largest economy.
Nigerian Stock Exchange appoints advisors to prepare possible IPO
The Nigerian Stock Exchange has appointed South African bank FirstRand and local investment firm Chapel Hill Denham to advise it on a possible share flotation, it said on Tuesday.
IPOs at 8-Year High Defy Misery Seizing South Africa’s Economy
Neo Khanyile – Bloomberg
The gloom gripping South Africa’s economy isn’t showing in equities.
Companies have this year brought the most initial public offerings to the Johannesburg Stock Exchange since 2007, with the value of deals rising to the highest since 2010, according to data compiled by Bloomberg. The sales have been helped by a resurgent October following a third quarter in which there were no IPOs at all, emulating other emerging markets after a rout in global equities and commodities.