Bubble Talk: Jose Scheinkman and the CME Group-MSRI Innovation Award Seminar
On Monday morning, February 9, 2015, the CME Group-MSRI Prize in Innovative Quantitative Applications was awarded to Jose Scheinkman, economics professor at Columbia and Princeton Universities and one of the world’s leading experts on financial modeling. Since much of his recent work is centered on friction in the financial markets, Monday’s award ceremony was preceded by a seminar titled “Bubbles in the Markets: Why Do They Form, When Do They Burst?” At the conclusion of the ceremony, Prof. Scheinkman sat down with John Lothian News editor-at-large Doug Ashburn to discuss his most recent work.
Read the article and interview with Prof. Scheinkman »
Blair Hull – Getting the Edge: Blackjack and the S&P 500
“What you need to be is persistent and disciplined in your strategy.”
Blair Hull, founder and managing partner at Ketchum Trading, compares the similarities of playing Blackjack with trading the S&P 500. Hull is not only an experienced Blackjack player, but also has about 40 years of experience in the financial industry. He says that both Blackjack and trading can be approached using a similar strategy. Hull continues his explanation with diagrams and numbers to be aware of during the Blackjack and trading process and even correlates the deck of cards with amounts of dollars made per trade.
Watch the video »
Cinnober to provide ASX with new trading system
Australia’s major equities and derivatives markets will adopt a common technology platform architecture
The Australian Securities Exchange (ASX) has now announced that it has selected Cinnober for a major upgrade to its trading technology. Cinnober’s state-of-the-art TRADExpress Trading System will replace ASX’s equities and derivatives systems with a common, multi-currency, multi-asset class solution.
***** Congratulations to the hard working people at Cinnober for this sale.
AmEx Is Losing Its Millionaires; As American Express courts ordinary spenders, rivals poach its wealthiest clients
by Elizabeth Dexheimer, Bloomberg
Hedge-fund manager Whitney Tilson used his American Express card for three decades to buy groceries, trips to Europe and just about everything else. A few months ago, he switched.
***** Yes, but they still have lots of us Hundredaires.
No ‘magic science’ as oil rout, big corn crop boost broker’s fortunes
By Josephine Mason, Reuters
After a bruising few years roiled by scandals, increased regulation and higher trading costs, fortune seems to be shining once again on mid-sized commodity brokers such as INTL FCStone.
***** Volatility is a wonderful thing.
What the world’s financial markets are worth
By Lee Wild, Interactive Investor
Global financial markets deal in mind-boggling numbers. We know that. But just what are all the world’s financial assets worth? What is it as a percentage of global GDP? How have market fluctuations affect stock market capitalisations? Where’s the hot money going? With all the answers is Deutsche Bank’s global strategist Sanjeev Sanyal who’s just published the investment bank’s fourth annual edition of “Mapping the World’s Financial Markets”.
****** Does this count intellectual capital as well?
Buyside Forced to Avoid Central Counterparty Regulatory Gridlock
As the regulatory turf war drags on, buyside firms and CCPs are losing patience with the OTC derivative market’s 18-month disagreement between U.S. and European regulators. They say it has hurt volume, and made markets riskier and more expensive.
***DA: A major theme at SEFCON V. This video sums it up.
FinTech Exchange 2015 – April 23, Chicago
Barchart, a leading provider of market data and information, announced FinTech Exchange 2015, a new event to highlight technology innovation in financial markets and trading. More than 20 financial technology providers will participate, presenting in rapid-fire rounds that focus on innovations in trading software, market data, exchange technology, analytics, cloud computing, high-speed networking and mobile. The FinTech Exchange 2015 will be held on Thursday, April 23 at 1 p.m. in the Feinberg Theatre at Venue SIX10 in Chicago.
***** Bravo to Barchart for their leadership in putting this together. They have asked me to moderate a panel discussion at the end of the day. Also, JLN will be providing coverage of the event and videoing many of the presentations.
How YouTube changed the world
In late 2005, when YouTube was just a few months old, one its co-founders announced that the site’s users were consuming the equivalent of an entire Blockbuster store each month. Today, 300 hours of video are uploaded to the site every minute. And Blockbuster… Well, kids, Blockbuster was a video rental shop offering films on DVD and VHS. VHS tapes were like giant cassettes. Cassettes were… Oh, never mind.
***** Yes, it has. Just look at our video work, including a YouTube channel
OIC Early-Bird Registration Ends Friday, February 13!
Early-Bird registration ends this Friday, February 13! Register now and lock in the lowest registration rates available.
***** I will be there and moderating the exchange leader panel. It is always fun and there will be lots of sun in Miami.
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Australian exchange launches technology overhaul
Jeremy Grant, FT
ASX, the Australian exchange, has launched an overhaul of its technology systems as it tries to expand new services such as clearing, amid increasing competition and weakness in derivatives – its biggest single source of revenues.
CFTC Reviews Retail Forex-Trading Rules Following FXCM Debacle; CFTC Chairman Timothy Massad Testifies on Capitol Hill
By Andrew Ackerman, WSJ
The Commodity Futures Trading Commission is considering ways to boost its oversight of foreign-exchange dealers catering to mom-and-pop retail investors in light of a trading debacle that nearly collapsed broker FXCM Inc. last month, the agency’s chairman said Wednesday.
CME sees savings opportunity in electronic options shift -CFO
By Tom Polansek, Reuters
CME Group Inc has been working to provide traders with technology for electronic options transactions, a top executive said on Wednesday, raising expectations that more open-outcry pits will eventually close.
Global Oil Layoffs Exceed 100,000
by Bradley Olson, Bloomberg
The promise of plentiful jobs and salaries as high as a quarter-million dollars a year lured Colombia native Clara Correa Zappa and her British husband to Perth, Australia, at the height of the continent’s oil and gas frenzy.
In Wake of Financial Crisis, Goldman Goes It Alone; Wall Street Giant Sticks With Trading as Rivals Retreat
By Justin Baer, WSJ
It was business as usual on Goldman Sachs Group Inc. ‘s commodities-trading desk one Friday morning in December. With a steady thrum, dozens of men and women at rows of computer monitors on the fifth floor of Goldman’s headquarters in lower Manhattan bought and sold investments tied to oil, natural gas, power and metals.
First Tell Us What’s Wrong With Stock Market, SEC Official Says
by Sam Mamudi and Annabelle Ju, Bloomberg
Critics should better frame what’s wrong with the U.S. stock market before offering solutions to fix it, according to a senior official at the Securities and Exchange Commission.
Sweden adopts negative rates, bond purchases to fight deflation threat
By Simon Johnson and Daniel Dickson, Reuters
Sweden shocked markets on Thursday by introducing negative interest rates, launching bond purchases and saying it could take further steps to battle falling prices.
Bank of England says UK inflation could fall below zero
By Chris Giles, FT
Inflation is more likely than not to fall below zero shortly, Bank of England said on Thursday, but Mark Carney, governor, insisted there was no threat of persistent deflation in the UK.
JPMorgan’s new approach to probing suspect transactions sparks internal friction
By Brett Wolf and Aruna Viswanatha, Reuters
Clashes over strategy within JPMorgan Chase & Co’s compliance operations have led to the departure of a series of managers in the past year, according to three of those who have left.
SIFMA Recommends Full Market Close On February 16 For Trading Of US Dollar-Denominated Fixed-Income Securities iI Observance Of The Presidents Day Holiday
SIFMA has confirmed its previous recommendation for a full market close on Monday, February 16 for the trading of US dollar-denominated fixed-income securities in the United States, the United Kingdom and Japan in observance of the Presidents Day Holiday.
What J.P. Morgan’s ‘Worst Nightmare’ Thinks About Whistleblowing
By Lucy Burton, WSJ
She surely ranks as one of the world’s most successful whistleblowers, but Alayne Fleischmann, whose revelations about former employer J.P. Morgan JPM -0.15% cost the bank a $13 billion settlement with regulators, still doesn’t think justice has been done.
Hong Kong lawmakers urge ban on bitcoin as scam victims turn to police
By Michelle Price and Lizzie Ko, Reuters
Hong Kong lawmakers on Wednesday urged authorities to ban bitcoin as more than 25 people flocked to police headquarters to complain over a scam involving the digital currency that media estimate could have duped investors of up to $387 million (253 million pounds).
CFTC Weighing Tighter Retail Forex Rules After FXCM, Massad Says
by Silla Brush, Bloomberg
U.S. derivatives regulators are weighing tighter oversight of retail currency brokerages’ overseas units after FXCM Inc. was hobbled by client losses last month.
Republican: Obama ‘caving to political extremes’ with budget request
By Kevin Cirilli, The Hill
A top House Republican appropriator on Wednesday blasted the Obama administration as “caving to political extremes” with its request to boost the funding of a Wall Street regulator.
President Obama has asked Congress to give the Commodity Futures Trading Commission (CFTC) $322 million for fiscal 2016, a nearly 50 percent increase from the $215 million it is receiving now. A funding increase of that size would nearly triple the amount of money the agency received in 2008, when the financial crisis hit.
Testimony of Chairman Timothy G. Massad before the U.S. House Appropriations Committee, Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies, Washington, DC
Good morning, Chairman Aderholt, Ranking Member Farr and members of the Subcommittee. I am pleased to testify before you this morning on behalf of the Commission regarding the President’s request for the fiscal year (FY) 2016 budget for the Commodity Futures Trading Commission (CFTC).
US Regulators Look at Tightening Leverage Ratios for Overseas Customers
by Kenny Mariasin – Forex Magnates
CFTC Chairman Timothy Massad on Wednesday told lawmakers at a House hearing that the regulatory commission is considering how much firms can expose themselves to highly-leveraged trades made by clients outside the US.
Congressman Says CFTC Wastes Money
Ted Knutson, Financial Advisor
The Commodity Futures Trading Commission hasn’t reduced risks to the financial system since the financial crisis despite a 123 percent budget increase, Alabama Rep. Robert Aderholt, chair of the House Appropriations Subcommittee overseeing CFTC spending, said Wednesday.
CFTC Budget Woes Met With Republicans’ Tiniest Violin
By Ed Beeson, Law360
Though he played the pro-business tune of the new Congress, U.S. Commodity Futures Trading Commission Chairman Timothy Massad still sounded out of sync with Republican keepers of his purse Wednesday as lawmakers showed little appetite for growing the CFTC’s budget, and attorneys say a push to let the agency fund itself through user fees has a slim chance at succeeding
Wall St. watchdog taps SEC official to head new data review unit
By Suzanne Barlyn, Reuters
The Financial Industry Regulatory Authority (FINRA) has hired a U.S. regulatory official and data expert to head a new office that will focus on improving the Wall Street watchdog’s review of information it collects from brokerage firms, FINRA said on Wednesday.
Erozan Kurtas Named Head of FINRA’s New Office of Advanced Data Analytics
The Financial Industry Regulatory Authority (FINRA) announced today that Erozan Kurtas will join the organization as Head of Advanced Data Analytics and Senior Vice President. Mr. Kurtas, who will report to Chairman and CEO Richard Ketchum and Executive Vice President for Regulatory Operations Susan Axelrod, will start at FINRA on February 23. Mr. Kurtas is currently Assistant Director, Quantitative Analytics Unit, Office of Compliance Inspections and Examinations (OCIE) at the Securities and Exchange Commission (SEC).
Heather Seidel Named Chief Counsel in SEC’s Division of Trading and Markets
The Securities and Exchange Commission today announced that Heather Seidel has been named Chief Counsel for the SEC’s Division of Trading and Markets. Ms. Seidel, an Associate Director in the division’s Office of Market Supervision, will begin her new role immediately.
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
OCC-AN: Notice of No Objection to Advance Notice Concerning Extended and Overnight Trading Sessions (Release No. 34-74241; File No. SR-OCC-2014-812; February 10, 2015)
Regulation SBSR — Reporting and Dissemination of Security-Based Swap Information (17 CFR Part 242; Release No. 34-74245; File No. S7-03-15; RIN 3235-AL71)
Security-Based Swap Data Repository Registration, Duties, and Core Principles (17 CFR PARTS 200, 232, 240, and 249; Release No. 34-74246; File No. S7-35-10; RIN 3235 – AK79)
Regulation SBSR — Reporting and Dissemination of Security-Based Swap Information (17 CFR Part 242; Release No. 34-74244; File No. S7-34-10; RIN 3235-AK80)
Former Group Reporting and Financial Planning Manager for Logica PLC appears in court in respect of insider dealing
As part of an investigation by the Financial Conduct Authority (FCA) Ryan Tony Willmott (DOB: 17/01/1982), aged 33 from Reading, formerly Group Reporting and Financial Planning Manager for Logica PLC, appeared today (11 February 2015) before Westminster Magistrates’ court in respect of three offences of insider dealing, contrary to Sections 52(1) and 52(2)(b) of the Criminal Justice Act 1993.
Exchanges & Trading Facilities
ICE Futures Europe and ICE Endex Achieve Daily Volume Records in NBP and TTF Natural Gas Futures
Intercontinental Exchange, the leading global network of exchanges and clearing houses, today announced that daily volume records were set in the ICE Futures Europe UK NBP and the ICE Endex Dutch TTF Natural Gas futures contracts on February 10, 2015, with 137,495 (120.9 TWhs) and 48,047 (35.1 TWhs) contracts traded, respectively.
Australia’s ASX posts profit gain as listings rise
More capital raisings and heightened market volatility that boosted trading activity helped drive ASX Ltd.’s (ASX.AU) first-half profit 4.7% higher.
Exclusive – CME to launch EU wheat futures by end-April: document
By Valerie Parent and Gus Trompiz, Reuters
CME Group (CME.O) will launch a European Union wheat contract by the end of April, a draft document showed, confirming the world’s largest futures exchange is well advanced with its plan to challenge Euronext’s (ENX.PA) regional supremacy.
Borsa Istanbul head takes London step before resignation
Hurriyet Daily News
Borsa Istanbul head ?brahim Turhan resigned from his position on Feb. 10 to become a candidate in the June parliamentary elections, although he had previously refuted the claims about his possible resignation. His last move was to acquire 2 percent of the stakes in the London Clearing House (LCH. Clearnet), sources said.
BATS Chi-X Europe Dark Lit Sweep order type now on CXE Nordic market
FTSE Global Markets
Further to the recent launch of the Dark Lit Sweep order type for securities on the BXE order book, BATS Chi-X Europe says it will extend the availability of the order type in the Nordic markets (Stockholm, Copenhagen, Helsinki and Oslo) on CXE, effective Friday February 20th.
Delayed Implementation of Tied to Stock Order Marking and Reporting Requirements
PULSe Trader Workstation Enhancement Release
EEX to launch wind power futures as renewables output grows
By Vera Eckert, Reuters
The European Energy Bourse EEX plans to introduce wind power futures contracts, allowing clients to speculate on prices in an increasingly important area of the energy market.
CME Group Advisories
- Performance Bond Requirements: Interest Rate Outrights and Intra-Commodity Spread Ratios- Effective Thursday, February 12, 2015
- CME Clearing Notice: Week of Monday, February 9, 2015
- REVISED HOLIDAY SCHEDULE – President?s Day, February 16th, 2015
- Position Limits in Treasury Futures During Last 10 Trading Days
- Temporary Amendments to CBOT Rule 588.H (Globex Non-Reviewable Ranges) and Settlement Procedures for CBOT U.S. Treasury Bond Futures
Hedge Funds & Managed Futures
Hedge Funds Focused on Currencies Get Big Payoff; January Was Big Winner for Firms, Especially Those Driven by Algorithms
By Carolyn Cui And Ira Iosebashvili, WSJ
Currency markets are finally giving hedge funds some bang for their buck. Thanks to a consistently soaring dollar—and plunging euro—investment funds focused on currencies had the best month in years in January.
Global gold demand hits four-year low
By Henry Sanderson, FT
Global gold demand fell 4 per cent last year to its lowest level since 2010 as China failed to repeat its record buying of 2013, according to the World Gold Council, an industry body.
S&P owner McGraw Hill reports loss on $1.5 bln legal charge
McGraw Hill Financial Inc, parent of Standard & Poor’s ratings agency, reported a quarterly loss, hurt by a $1.5 billion charge related to legal and regulatory settlements.
Banks & Brokers
Bank of America Mixed Serious Banking and Fun Swaps
By Matt Levine, Bloomberg
Some definitions. A bank is a thing that takes in money from depositors and lends it out to good people who want to buy homes and build small businesses. Everything is very wholesome. There are toasters. But banks tend to be owned by bank holding companies. A bank holding company is a thing that takes in money from flighty speculative investors and lends it out to bad people to do risky things.
Credit Suisse to Cut Costs Amid Franc Pressure; Swiss Bank Braces for Challenge of Stronger Franc
By John Letzing, WSJ
Credit Suisse Group AG on Thursday said it would make hundreds of millions of Swiss francs in additional cost cuts and sharply reduce bonuses for top executives, as the Swiss bank braces for challenges presented by the strengthened franc and continues to deal with the effects of a large legal settlement.
Credit Suisse shares surge nearly 9% on better leverage outlook
Laura Noonan in London and Madison Marriage in Zurich, FT
Credit Suisse vowed to cut an extra SFr50bn-SFr70bn of assets this year and said it would pay some dividends in shares, sending the bank’s stock up almost 9 per cent as investors’ fears about its capital position eased.
Société Générale warns of ‘difficult’ year ahead in Russia
By Michael Stothard in Paris, FT
Société Générale warned of a “more difficult year” ahead in Russia as the group reported full-year profits hit by a writedown amid the weight of western sanctions and falling oil prices.
Nomura cuts back in equity derivatives
By Giles Turner and Tim Cave – Financial News
Nomura has made cuts to its European equities division in recent weeks, mainly in equity derivatives, as it refocuses the unit on more profitable areas of activity.
JP Morgan rehires top lawyer from Goldman
By Lucy McNulty, Financial News
JP Morgan has re-hired one of Goldman Sachs’s most senior lawyers in Europe as its general counsel for Europe, the Middle East and Africa — a role that has gained prominence at the largest investment banks amid high-profile scandals and regulatory scrutiny.
Clearing & Settlement
GMEI’s LEIs Reach Half of Global Total
The Global Markets Entity Identifier (GMEI) utility, a joint venture by the Depository Trust & Clearing Corporation and Swift, has issued more than 165,000 legal entity identifiers (LEIs) to entities in more than 140 jurisdictions, according to officials. The number of identifiers represents about half of the 338,000 LEIs that have been issued to date worldwide.
China clearing house to expand net clearing trial to help develop bond market
China’s official bond clearing house will expand a trial on centralized clearing for trading deals to the whole interbank bond market in a significant step to bolster debt market transactions and reduce trading costs, it said on Thursday.
Cash clearing competition moratorium under review
The Council of Financial Regulators (CFR) is set to conduct its second review of competition in the clearing of Australian cash equities in three years.
ASX defends share clearing monopoly after 4.7pc profit rise
ASX Limited chief Elmer Funke Kupper has rejected renewed calls for the removal of its monopoly in share clearing, arguing it would add years of costly structural adjustment and similar moves had not been successful elsewhere.
Indexes & Products
MSCI says 49 companies are eligible for its global indexes
Index provider MSCI Inc said on Wednesday it has determined that 49 foreign-listed companies traded outside their home countries will be eligible for inclusion in its Global Investable Market Indexes. The move would allow so-called “orphan companies” such as Chinese online retailer Alibaba (BABA.N) and China’s online search engine Baidu Inc (BIDU.O) to be eligible for potential inclusion in both MSCI Global Indexes and MSCI Country Indexes.
McGraw Hill Financial Reports 4th Quarter And Full-Year 2014 Results
McGraw Hill Financial, Inc. (NYSE: MHFI) today reported fourth quarter and full-year 2014 results. The Company reported fourth quarter 2014 revenue of $1.29 billion, an increase of 7% compared to the same period last year. Largely reflecting the impact of recent legal settlements, fourth quarter net income and diluted earnings per share from continuing operations were losses of $(1,009) million and $(3.71), respectively.
Hedged Germany ETFs Love ECB QE
Scores of exchange traded funds reacted favorably to the European Central Bank’s January announcement that it will purchase 60 billion euros worth of government and agency bonds through September 2016.
MSCI Equity Indexes February 2015 Index Review
MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools worldwide, including indexes, portfolio risk and performance analytics and ESG data and research, announced today the results of the February 2015 Quarterly Index Review for the MSCI Equity Indexes
First Derivatives Raises GBP15.3 Million In Share Placing (ALLISS)
London South East
First Derivatives PLC Thursday said it has conditionally placed 1.18 million new shares at a price of GBP13 per share, raising around GBP15.3 million, funds the company said it will use to accelerate its fast data offering, as it eyes partnerships and acquisitions. The software and consulting services provider placed the shares with both new and existing institutional investors. The company’s shares last traded at GBP12.80 per share.
SEC Announces Charges Against Atlanta Man Accused of Insider Trading in Advance of Tender Offer
The Securities and Exchange Commission today announced charges against an Atlanta resident accused of insider trading in the stock of a technology company by exploiting nonpublic information he learned from the friend of a company executive.
Environmental & Energy
US shale oil boom masks declining global supply
Mark Lewis, FT
When rig count fall feeds through to output, prices should rally
The surge in US shale oil production over the past five years has been truly phenomenal, but the notion that it was ushering in a new age of global oil abundance was always overdone and is looking more exaggerated by the day.
US energy breakthrough proves elusive
Ed Crooks in New York, FT
The Advanced Research Projects Agency-Energy, the US government office that funds research into fuel and power technologies, is that rare phenomenon in Washington, an Obama administration initiative with bipartisan support.
European Environmental Markets looks to shake up EU carbon trade
The carbon market has a new exchange, after European Environmental Markets plc (EEM) yesterday announced the official launch of its new platform.
The Core Issues in the Paris Climate Talks
By Elliot Diringer – C2ES (Center for Climate and Energy Solutions)
The final year of U.N. talks aimed at producing a new global climate agreement kicked off this week in Geneva. As negotiators wrestle with the working draft of the new agreement, it’s clear that all the core issues remain very much in play.
Burlington, Vermont Becomes First U.S. City to Run On 100% Renewable Electricity
By Anastasia Pantsios – Eco Watch
Burlington, Vermont is that state’s largest city, with a population of 42,000 people.
Singapore decides against swaps trading switch
Philip Stafford, FT
Singapore has decided against forcing more swaps trading on to regulated electronic trading platforms, putting it at odds with the US and Europe on implementing derivatives market reforms.
MAS seeks more bite to oversight of derivatives, securities
Asia One Business
THE Monetary Authority of Singapore (MAS) has proposed legislative amendments to strengthen its enforcement powers on over-the-counter (OTC) derivatives trading and the securities market. The proposals also call for effective disclosure of information to raise the bar on transparency. – See more at:
HKEx Announces Details of Temporary Holiday Risk Management Arrangements
Hong Kong Exchanges and Clearing Limited (HKEx) has announced the following details of the holiday risk management arrangements.
Trading of China Sky shares will resume after company’s Board complies with SGX conditions
SGX will permit trading in China Sky Chemical Fibre Co., Ltd (China Sky or the Company) shares to resume once the Company complies with conditions imposed by SGX.
Securities and Exchange Board of India Notices
Order in the matter of M/s. HBN Dairies & Allied Limited
Interim Order of ATM Agro Industries India Limited
Interim order in the matter of Suvidha Land Developers India Limited
Interim order in the matter of Suvidha Farming and Allied Limited
Corrigendum to the Adjudication Order no. AO/AS/03/2015 dated February 09, 2015 against Basant Malpani in the matter of Gujarat Arth Ltd.
Can Fin Homes Limited
Trading volumes of bonds soar; High volumes seen continuing due to lesser govt borrowings, more rate cuts
Neelasri Barman, Business Standard
Trading volumes in corporate bonds and government bonds have picked up significantly in the last few months on anticipation of a rate cut by the Reserve Bank of India (RBI).
Mexican Stock Exchange Releases Monthly Financial Report For January 2015
Mexican Stock Exchange (BMV) offers you the monthly report for January 2015, in which you will find information of the IPC Index (Índice de Precios y Cotizaciones), Equity Market, Market Capitalization, Fixed Income Value, Issuers with greater variation during the month and placement in the Capital Market.
Maharashtra government to liquidate Rs6,500 crore property of NSEL
Kanchan Srivastava, DNA
The Maharashtra government plans to liquidate the property of the defaulters in the National Spot Exchange Limited (NSEL) case to settle the claims of investors. Over 12,000 people had lost close to Rs 4,500 crore in the scam — a majority of whom were small investors.
Bunge quarterly profit, revenue disappoint on hedging losses
Bunge Ltd, one of the world’s largest agricultural trading houses, reported fourth-quarter profit Thursday that was well below analysts’ expectations due to $80 million of hedging losses.