First Read

Orc Group Returns as MarketsWiki Sponsors
Orc Group has returned to the ranks of MarketsWiki sponsors for 2015. Orc Group, which provides technology for advanced trading, electronic execution and professional services solutions to the global financial industry is becoming a Friend level sponsor.

“We are pleased to sponsor MarketsWiki and believe it is a valuable resource for the derivatives industry,” said Jeremie Bacon, Orc Americas, President. “With the speed at which our industry evolves, it’s nice to have information centrally located to help us navigate this changing landscape.”

The John Lothian News team is pleased to have Orc return to our list of sponsors, providing us with the resources to continue to develop MarketsWiki and all our products. Orc has been a longtime collaborator with John Lothian News and a sponsor of MarketsWiki.

We are glad to have them back.

Brendan Bradley, chief innovation officer, Eurex – The New World of Finance
JohnLothianNews.com

“We are the wheels of industry. You wouldn’t actually have the rest of these businesses operating if it wasn’t for the fact that the finance world still greases all of the wheels making all these businesses come around.”

Brendan Bradley, chief innovation officer of Eurex, compares the financial world to the tech industry, and discusses the connection between companies like Google and Goldman Sachs. Bradley says that while the appeal for young people to work for a financial organization may not seem as high as working for a tech firm, it is actually the financial industry that helps tie other industries together. Bradley also discusses market structure, mention how OTC is generally seen as being negative while CCP is seen as being positive. Finally, Bradley concludes with the future of market infrastructure, comparing Bitcoin to T2S, as well as discussing the possibility of more crypto-currencies appearing in the future.

Watch the video »

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Eurex Euribor Fee Waiver Heats Up Euro-Fixed Income Battle
By John Lothian, John Lothian News
The battle for the Euribor heated up yesterday with Eurex announcing via member circular a fee waiver for its Euribor contract. With ICE the dominant player in Euribor and NLX attempting to build a foothold, Eurex’s latest move appears to attempt to take advantage of a changing structural landscape.
jlne.ws/1sixaXr

***** See circular below

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EURIBOR futures: Transaction fee waiver
Eurex
The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided to waive transaction fees for EURIBOR futures from 10 December 2014until 31 March 2015.
jlne.ws/165RsiA

***** See commentary above

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NFA Election Board Profile: George R. Berbeco
By John Lothian, John Lothian News
George R. Berbeco is running for the board of the National Futures Association as a CTA/CPO. He began as a CTA back in 2006 after a long and fruitful career as a serial entrepreneur. He is the president of The Devon Group, Inc. based in Weston, MA.
jlne.ws/1yzQDoX

***** I interviewed George Berbeco, who is running against James Koutoulas and Bernard Denis, III for a CTA/CPO spot on the NFA Board. More interviews and Q&As coming.

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William Salomon, Who Modernized Family’s Firm, Dies at 100
By Laurence Arnold, Bloomberg
William “Billy” Salomon, who turned Salomon Brothers, the bond trading house co-founded by his father, into a Wall Street force in stock trading and underwriting, has died. He was 100.
jlne.ws/1yPmG85

****** He settled at par.

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Billy Salomon Led Wall Street by Example
By Michael R. Bloomberg, BloombergView
With the exception of my parents, no one had a bigger impact on my life and career than Billy Salomon, who died Sunday at 100. I first met him when I was a 24-year-old kid on a job interview at Salomon Brothers & Hutzler, and I knew immediately that I wanted to join the firm his father had started, even though the pay was less than what I could have made elsewhere. Billy became my mentor, not by offering me advice and support, though he did that, but by exemplifying principled leadership at its best.
jlne.ws/1ul3t97

***** It is nice to see Michael Bloomberg back in the journalism game.

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Bloomberg looks to rewrite the news
Shannon Bond in New York, FT
Within weeks of leaving New York’s City Hall for the final time as mayor last New Year’s eve, Michael Bloomberg was back to work at Bloomberg LP, occupying a desk on the fifth floor of his financial data empire’s sleek Manhattan headquarters and attending editorial meetings.
jlne.ws/1GiXQOo

***** Michael Bloomberg is back.

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US CEOs says workforce their top priority
Damon Kitney, The Australian
THE most powerful chief executives in America believe that people management and fostering a “21st century workforce” will be the most important issues facing their companies in the year ahead.
jlne.ws/1zOJnYr

***** This is why I am creating the Trading Tech 300 program in Chicago. I had another firm yesterday agreed to join the program.

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Hedge Fund Manager Finds Stalking Lions With Camera Harder Than Tracking Markets
By Stephanie Baker, Bloomberg
A black-and-white photograph of a charging rhinoceros dominates one wall of David Yarrow’s $230 million hedge-fund firm, Clareville Capital Partners LLP, in London.
jlne.ws/1yyrlwm

***** Tracking the markets is not hard. It is not being eaten alive that is the hard part.

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Investors tapped to fund gold fraud film
Ben Bland in Jakarta, FT
Two of the world’s toughest mining tycoons battle it out with a star geologist, a chancer and a dictator’s children for control of one of the world’s largest gold discoveries in the heart of the Indonesian jungle, until it is exposed as a huge fraud. The true story of Canadian company Bre-X Minerals, which collapsed in 1997 after attaining a market capitalisation of $6bn, reads like a movie script and the producer of hit film Home Alone is trying to raise $18m from mining investors to put it on the silver screen.
jlne.ws/1IzsXJm

***** Another uplifting story from the past.

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Roe/Koutoulas ask for two more years
By James koutoulas & John Roe
In November the National Futures Association (NFA) named the candidates its nominating committee proposed for the upcoming Jan. 20 NFA board
of directors election. Below is a position paper written by NFA board members John Roe and James Koutoulas, founders of the commodity customer coalition, in support of their re-election. Futures welcomes and encourages other candidates for the NFA board to share their positions and thoughts on the upcoming election.
jlne.ws/1ukvjRY

***** Roe and Koutoulas send out a position paper for the most competitive NFA election in years.

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Stuart McClymont, managing director, JDX Consulting – Financial Services Infrastructure
JohnLothianNews.com

“We’ve got lots of people and lots of different technologies, but we’ve got common problems; common issues that try to reduce the amount of duplication and operation processes for a common function.”

Stuart McClymont, managing director at JDX Consulting, explains the infrastructure for financial services. He gives a brief history of how the industry functioned without today’s technology, and then delves into how the technology boom in the 90’s created an influx of new opportunities for the markets and its participants. One key point was how companies needed to collaborate more together in order to use new technology efficiently. McClymont also touches on opportunities for the future and where the industry is headed from here.

Watch the video »

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MarketsWiki Page of the Day
Euronext

MarketsWiki Recent Updates

People

Henry A. Fernandez; Clifford Lewis; Lee Griggs

Companies, Organizations and Groups

MSCI; Orc Group; Euronext; BGC Partners, Inc.; Great Wall Futures Co. Ltd.; Shanghai Stock Exchange

Statistics

56,022,941 pages viewed, 8,108 articles, 187,437 edits
MarketsWiki Statistics

Lead Stories

Banks Set for Swaps-Rule Win in Broader Deal to Fund Government
By Silla Brush and Cheyenne Hopkins, Bloomberg
Wall Street is poised to win a big victory in its lobbying campaign against the Dodd-Frank Act as lawmakers move to repeal a derivatives rule as part of a bill to fund the government.
Congress will vote this week on a bill that lets JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and other lenders keep swaps trading in units with federal backstops. House and Senate negotiators agreed yesterday to give the break along with funding increases for the Commodity Futures Trading Commission and Securities and Exchange Commission.
jlne.ws/1zuw5C1

Bloomberg News replaces founding editor
Shannon Bond in New York and Henry Mance in London, FT
Michael Bloomberg has hired John Micklethwait, editor-in-chief of the Economist, to take over all editorial operations at his financial data company, replacing Matt Winkler, who created the Bloomberg News service for the group’s terminals almost 25 years ago.
jlne.ws/1wxFPg2

LSE presses Europe to open derivatives trading
Philip Stafford, FT
The head of the London Stock Exchange Group has called on European regulators to stand by their plans to allow investors greater choice in trading derivatives as policy makers finalise their technical rules.
jlne.ws/1ukc4Ib

Phibro to Shut Down U.S. Business; Commodity Trader Failed to Find a Buyer
By Christian Berthelsen, WSJ
Phibro Trading LLC is closing its doors in the U.S., marking the end of an era for a commodities firm that came to prominence under oil trader Andrew Hall.
The 113-year-old company, founded in Germany by two scrap-metal dealers, is winding down its U.S. operations after it failed to find a buyer, according to a person familiar with the situation. The sale process for units in London and Singapore continues, the person said.
jlne.ws/1yzM79X

After hearing from member firms, Finra considers revising communications, gift rules
InvestmentNews
Broker-dealer regulator promises to modify rules after survey identifies ‘pain points’
jlne.ws/1quyMC7

Big U.S. Banks Face Capital Requirement of Up to 4.5% on Top of Global Minimum
By Yalman Onaran, Jesse Hamilton and Ian Katz, Bloomberg
Big U.S. banks face capital surcharges of as much as 4.5 percent as the Federal Reserve readies new capital rules that single out firms reliant on short-term market funding as posing the greatest systemic risk.
jlne.ws/136BOSL

JPMorgan May Need More Than $20 Billion to Meet Fed Capital Rule
By Yalman Onaran, Jesse Hamilton and Michael J. Moore, Bloomberg
JPMorgan Chase & Co. (JPM), already facing the highest capital surcharge under international rules, may need more than $20 billion in additional capital by 2019 to meet a new Federal Reserve requirement.
jlne.ws/12MeybJ

SEC Readies Inside-Trading Claims Against Political-Intel Firm
By David McLaughlin
U.S. regulators are pursuing an insider-trading case against a Washington policy-research firm that was hired by investors to track changes in government health-care regulations.
Marwood Group LLC was notified last week that Securities and Exchange Commission investigators are seeking to bring an enforcement action against the firm related to information it obtained from the government, Marwood spokesman Michael McKeon said. McKeon said the firm has done nothing wrong.
jlne.ws/1vOgNau

Will Wildcatter’s ‘Naked’ Gamble on Oil Prices Pay Off?; Continental Resources CEO Hamm Sells Hedges, Betting on Quick Rebound in Crude
By Erin Ailworth, Gregory Zuckerman and Daniel Gilbert
Harold Hamm ‘s willingness to make risky bets helped him build Continental Resources Inc. into the one of the biggest oil producers in North Dakota’s Bakken Shale and a symbol of the U.S. energy boom. But his latest gamble—a quick rebound in crude prices—is rubbing some investors and analysts the wrong way.
jlne.ws/1yzPmhG

Former Swiss banker collapses in WikiLeaks trial
By Joshua Franklin, Reuters
The trial of a former Julius Baer (BAER.VX) banker accused of breaching Swiss banking secrecy laws by handing over confidential data about offshore clients to WikiLeaks was halted on Wednesday after the defendant collapsed.
Rudolf Elmer, a former senior executive at Baer’s Cayman Islands’ office, fainted outside the courtroom in Zurich after earlier complaining of a headache.
jlne.ws/1yyqlID

A banking grandee’s rethink on the rules of the game
Martin Arnold, FT
If financial services were a sport, Sir David Walker would be torn between refereeing and playing. Five years ago, the City grandee was asked by the then prime minister Gordon Brown to produce a report on UK bank governance that has since shaped much of the way the financial services industry is run.
jlne.ws/1x1kCKZ

Barclays chairman Walker swipes at Peace over multiple roles
Martin Arnold, Banking Editor, FT
Sir David Walker has taken the unusual step of taking a swipe at a fellow FTSE 100 bank chairman by questioning how Sir John Peace manages to chair Standard Chartered while also doing several other high profile jobs.
jlne.ws/136FhRb

Regulatory

FX Traders Said to Plan Challenge to U.K. Regulator’s Settlement
By Suzi Ring, Bloomberg
A group of foreign-exchange traders plan to challenge findings by Britain’s financial regulator in the currency-rigging probe because they weren’t given a right to respond, two people with knowledge of the matter said.
jlne.ws/1ww2Kbu

Isda’s O’Malia: CFTC rules need reassessing
by Zoe Thomas, IFLR
Six months after becoming cheief fo the global OTC trade body, Scott O’Malia discusses his plans for the cross-border derivatives market.
jlne.ws/1AeQwkC

CFTC ag advisory committee meets
By Jacqui Fatka, Feedstuffs
Tuesday the Commodity Futures Trading Commission’s Agricultural Advisory Committee met for the first time since July 2013, allowing the new wave of commissioners to hear from market participants on key issues pertinent to the industry, most notably how to calculate deliverable supply for commodities in establishing position limits and what constitutes a bona fide hedger.
jlne.ws/1quxmY8

What’s New on the SEC Website
SEC
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Revise the Sales Value Fee (Release No. 34-73788; File No. SR-CBOE-2014-089; December 8, 2014); see also Exhibit 5
CME: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Position Limits and Position Accountability of the USD Malaysian Crude Palm Oil Calendar (Cleared Only) Contracts (Release No. 34-73786; File No. SR-CME-2014-54; December 8, 2014)
CME: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Make Clarifying Changes to CME Rule 814 and CME Rule 901 (Release No. 34-73776; File No. SR-CME-2014-29; December 8, 2014)
EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc. (Release No. 34-73781; File No. SR-EDGA-2014-31; December 8, 2014); see also Exhibit 5
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc. (Release No. 34-73782; File No. SR-EDGX-2014-32; December 8, 2014); see also Exhibit 5
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 13.9 of EDGX Exchange, Inc. Related to Communication and Routing Service known as ConnectEdge (Release No. 34-73780; File No. SR-EDGX-2014-28; December 8, 2014); see also Exhibit 5a, Exhibit 5b
FICC: Notice of Filing of Proposed Rule Change to Amend the Rules of the Government Securities Division and the Mortgage-Backed Securities Division on Insolvency and Ceasing to Act (Release No. 34-73787; File No. SR-FICC-2014-06; December 8, 2014)
ICC: Order Granting Approval of Proposed Rule Change to Revise ICC End-of-Day Price Discovery Policies and Procedures (Release No. 34-73790; File No. SR-ICC-2014-17; December 8, 2014)
NASDAQ OMX BX: Notice of Filing of Proposed Rule Change Relating to Directed Market Makers (Release No. 34-73784; File No. SR-BX-2014-049; December 8, 2014); see also Exhibit 5
NSCC: Notice of Filing of Proposed Rule Change to Amend NSCC’s Rules and Procedures in Connection with the Discontinuance of the Analytic Reporting Service (Release No. 34-73779; File No. SR-NSCC-2014-12; December 8, 2014); see also Exhibit 5
NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Commentary .02 to Exchange Rule 6.72 in Order to Extend the Penny Pilot in Options Classes in Certain Issues through June 30, 2015 (Release No. 34-73777; File No. SR-NYSEArca-2014-136; December 8, 2014); see also Exhibit 5
NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Commentary .02 to NYSE Amex Options Rule 960NY in Order to Extend the Penny Pilot in Options Classes in Certain Issues through June 30, 2015 (Release No. 34-73778; File No. SR-NYSEMKT-2014-99; December 8, 2014); see also Exhibit 5
OCC: Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Provide that The Options Clearing Corporation’s President Will be its Chief Operating Officer, and that the President Will Not be a Management Director (Release No. 34-73785; File No. SR-OCC-2014-18; December 8, 2014)
Phlx: Notice of Designation of Longer Period for Commission Action on Proposed Rule Change to Adopt New Exchange Rule 1081, Solicitation Mechanism, to Introduce a New Electronic Solicitation Mechanism (Release No. 34-73791; File No. SR-Phlx-2014-66; December 8, 2014)
jlne.ws/1eCTnOv

Mark Cuban: ‘Burn” SEC Down
CNBC
Dallas Mavericks owner and “Shark Tank” investor Mark Cuban discusses the candor of former SEC Chairman Christopher Cox at the Market Council Summit, with CNBC’s Melissa Lee. Cuban says the SEC needs to start over from scratch.
jlne.ws/1vO7eIo

FINRA Issues Retrospective Rule Review Reports
FINRA
Reports Assess Rules on Communications With the Public and Gifts, Gratuities and Non-Cash Compensation
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) issued two Retrospective Rule Review Reports assessing, respectively, the effectiveness and efficiency of FINRA’s communications with the public rules and FINRA’s rules on gifts, gratuities and non-cash compensation.
jlne.ws/1wcJ2j4

Exchanges & Trading Facilities

CME Group Announces First Trades of New Iron Ore Futures Contract
CME Group
SINGAPORE and CHICAGO, Dec. 9, 2014 /PRNewswire/ — CME Group, the world’s leading and most diverse derivatives marketplace, today announced the first Iron Ore 58% Fe, Low Alumina, CFR China (TSI) Futures contracts were cleared on 8 December 2014, through CME ClearPort. The first trade was executed between Caravel Metallurgical Ltd and a large international trading house, and brokered by GFI Group. A total of 20 lots traded in the January 2015 contract on 8 December.
jlne.ws/1yzOABj

CME Group Advisories
Performance Bond Requirements: Crude Oil Intra-Commodity Spread Charges – Effective Wednesday, December 10, 2014
**POSTPONED** Addition of the CME Account Alias to Clearing Confirm Messages **POSTPONED**
Amendments to Eight (8) NYMEX Electricity Products
Saturday, December 20th Firm MQ and SFTP Test
CME Secured FTP Availability – December 20, 2014
jlne.ws/1yiRpvt

All good things come in threes: Eurex wins three prizes at the FOW Awards.
Eurex
And not only did we win three prices at the FOW award ceremony in London on the 9 December, it was also the third year in a row that we were able to walk away with these coveted trophies. FOW has classified Eurex Group as “excellent” in three categories: “Exchange of the Year”, for Eurex Exchange, “Best technology innovations by an exchange” for C7 and finally “Prop Traders Exchange of the Year”.
jlne.ws/1sipmVF

Spain’s BME opens high-speed London trading link
Banking Technology
Spain’s BME is poised to open a new trading route from London to Madrid, which it says will increase the speed of access to the Spanish stock market for investors in London.
jlne.ws/165PPRW

Hedge Funds & Managed Futures

Aluminum Leaving LME Seen by Jefferies Spurring More Volatility
By Agnieszka de Sousa, Bloomberg
Aluminum is exiting warehouses tracked by the London Metal Exchange at the fastest pace in a decade, leaving investors with less information about the market and possibly more volatility.
jlne.ws/1sclJX1

Oil price plunge means survival of fittest
Anjli Raval, Oil and Gas Correspondent, FT
The 40 per cent plunge in the price of oil over the past six months is testing the mettle of the world’s biggest producers, from Venezuela to Iran and Russia. But it is also a survival of the fittest at a more granular level — among the world’s megaprojects.
jlne.ws/1yyplV1

Citigroup Sued in Abu Dhabi By Investor Over Fund Losses
By Stefania Bianchi and Mahmoud Habboush, Bloomberg
Citigroup Inc. (C) is being sued in Abu Dhabi (ADCB) by an investor who alleges the New York-based bank defrauded investors and covered up losses in a real estate fund.
jlne.ws/1vDL8n0

How Oil Trading ‘God’ Hall Made Money as Crude Fell
By Bradley Olson, Bloomberg
How does a renowned oil trader who bets on rising prices make money when crude plunges 18 percent in a month? By betting on the U.S. dollar at the same time.
jlne.ws/1sie7ga

Banks & Brokers

BGC Extends Tender Offer To Acquire GFI Group
BGC Partners
BGC, a leading global brokerage company primarily servicing the financial and real estate markets, today announced that it has extended the expiration date of its tender offer to acquire all of the outstanding shares of (NYSE: GFIG) (“” or “GFI”) it does not currently own for per share in cash.
jlne.ws/1B7WS6A

Man Group to take on Merrill Lynch $1.2 billion fund of hedge fund portfolio
Reuters
Man Group, the world’s biggest listed hedge fund, said on Monday it had agreed to manage a Merrill Lynch fund of hedge fund portfolio totalling $1.2 billion.
jlne.ws/1yPuYwP

UBS wants ‘super-teams’ to draw more assets from the very wealthy
By Jed Horowitz, Reuters
UBS AG aims to triple the assets that its U.S. wealth management clients keep in fee-based accounts within seven to 10 years, a top executive said on Tuesday.
jlne.ws/1wd0LGY

Citi’s Terry O’Brien moves to J.P. Morgan
Securities Lending Times
Citi’s Terry O’Brien is joining J.P. Morgan’s securities lending operations in London, a source has confirmed. O’Brien, who is head of equity trading for Europe, the Middle East and Africa at Citi, will take up his new role at J.P. Morgan on 15 December.
jlne.ws/165RXJp

JPMorgan did right by investors with disclosures on CEO’s health
By Joe Cahill, Crain’s Chicago Business
JPMorgan Chase deserves kudos for its handling of one of the touchiest and most important disclosure issues a publicly traded company can face—the health of its CEO.
jlne.ws/136KYyy

Stressed Bankers, Corrupt Cops Earn Hallmark Cards: Opening Line
By Laurence Arnold and C. Thompson, Bloomberg
A joyous International Anti-Corruption Day to all! And to the person at the United Nations who chose mid-December for such a sober annual reflection, we can only say, we love your sense of irony.
jlne.ws/1z65Q3E

JPMorgan faces $22bn capital hole under new Fed rules
Tom Braithwaite in New York and Gina Chon in Washington, FT
JPMorgan Chase has a $22bn capital hole under new rules proposed by the Federal Reserve on Tuesday, a blow to a bank which has long boasted of a “fortress balance sheet”.
jlne.ws/1wcNXR2

HSBC fires head of European currency trading
Martin Arnold in London, FT
The foreign exchange rate-rigging scandal claimed another victim this week when HSBC fired Stuart Scott, its European head of currency trading, a month after the London-listed bank was fined $618m by regulators over the issue.
jlne.ws/1scfZN1

RBS Said to Exit Bond Trading in Japan as Firm Cuts 200 Jobs
By Brian Fowler and Takahiko Hyuga, Bloomberg
Royal Bank of Scotland Group Plc will pull out of fixed-income trading in Japan and slash staff numbers by more than 200 to about 30, with most of the jobs going by February, according to a person familiar with the plan.
jlne.ws/12MeSXO

Deutsche Bank Said to Cut Up to 10 London Credit Traders
By Alastair Marsh, Nicholas Comfort and Stephanie Ruhle, Bloomberg
Deutsche Bank AG (DBK) eliminated or moved as many as 10 traders of credit-default swaps in London and related indexes as it trims that part of its fixed-income business amid new regulations, said people with knowledge of the matter.
jlne.ws/1siewPw

BofA, Citigroup Signal Another Down Year for Trading Revenue
By Michael J. Moore and Dakin Campbell, Bloomberg
Bank of America Corp. and Citigroup Inc. (C) said trading revenue will probably fall this quarter, providing fresh evidence Wall Street is headed for its fourth annual decline in the past five years.
jlne.ws/1wfXoOd

Clearing & Settlement

G. H. Financials Wins the 2014 Futures and Options World International Award for Non-Bank Futures Commission Merchant of the Year
Business Wire
While some banks pull back from certain markets in the face of increased regulation and capital charges, a number of non-bank FCMs are picking up the slack. Leading the field among these, according to the judges, is G. H. Financials, which has grown its volumes despite a downturn in derivatives trading last year.
jlne.ws/12tbDVz

CME Group Wins Multiple Categories at the FOW International Awards
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it has won four categories at the FOW International Awards:
Exchange of the Year – U.S. and Canada
Clearing House of the Year – U.S. and Canada
Best New Exchange or Trading Platform: CME Europe launch
Most Innovative New Contract Launch by an Exchange: FX on CME Europe
jlne.ws/1wcXhnZ

Indexes & Products

Comment: The benchmark of success
Will Rhode, FT
There is a lot of interest in benchmarks these days, as exemplified by the London Stock Exchange Group recent purchase of £1.6bn Russell Investments, which contains a significant US-based index business in the Russell 2000.
jlne.ws/1z61XvD

Technology

Numerix Economic Scenario Generator – Bridging Risk Neutral and Real World Environments PressReleasePoint
Numerix announced Numerix ESG, a sophisticated stochastic simulation framework for producing risk neutral and real world economic scenarios. Numerix’s ESG helps insurance companies, banks and buy-side institutions generate robust risk neutral and real world scenarios using the most comprehensive model library in the industry, via a simple and easy-to-use web-based interface.
jlne.ws/1B2u5Ag

Enforcement

Madoff Lieutenants Get Lenient Terms as Ex-Boss Blamed
By Erik Larson, FT
Three of five former Bernard Madoff workers convicted of aiding his $17.5 billion fraud have escaped with sentences much lighter than prosecutors sought, as a judge placed most of the blame for the scheme on its mastermind.
jlne.ws/1yzMMIl

Environmental & Energy

With Compromises, a Global Accord to Fight Climate Change Is in Sight
By Coral Davenport – The New York Times
Diplomats from 196 countries are closing in on the framework of a potentially historic deal that would for the first time commit every nation in the world to cutting its planet-warming fossil fuel emissions — but would still not be enough to stop the early impacts of global warming.
jlne.ws/1zOn6dk

As Lima Talks Enter Second Week, Delegates Turn to Text for 2015 Global Climate Pact
By Eric J. Lyman – Bloomberg
Negotiations began Dec. 8 in Lima on the first draft of the text for the 2015 global climate change agreement, including discussion of emissions reduction targets for all countries and long-term financial targets starting in 2020.
jlne.ws/12sL2rB

Green Climate Fund will get $200m from Australia after Tony Abbott’s about-turn
By Lenore Taylor and Suzanne Goldenberg – The Guardian
The federal government has pledged $200m over four years from its existing aid budget to the international Green Climate Fund, which Tony Abbott previously disparaged as a “Bob Brown bank on an international scale”.
jlne.ws/1Iyh8Do

EEX Exchange Council: Customer Satisfaction Again Reaches A New High In 2014 – Order Book Trading For Spanish And Swiss Power Futures Approved – New Day And Weekend Futures On The Power Derivatives Market
MondoVisione
On 5 December 2014, this year’s last meeting of the Exchange Council of the European Energy Exchange (EEX) was held in Vienna. It was chaired by Peter Heydecker (Vitol SA). At the meeting, the results of the customer satisfaction survey for 2014 were presented and the introduction of new products on the power market was approved.
jlne.ws/1vE2nEI

Asia-Pacific

HKFE Announces Revised Margins for Futures Contracts
HKEx
jlne.ws/1nMsKqI

HKEx to Discontinue Trading of its Three-Year Exchange Fund Note Futures
HKEx
jlne.ws/1nMsKqI

Listing Nominating Committee Extends Application Period for Listing Committee Candidates
HKEx
jlne.ws/1nMsKqI

Frontier Markets

MCX-SX Complies With Sebi’s Conditions
MondoVisione
Board of Directors of MCX-SX issued shares to new investors post conversion of warrants
The Exchange has also complied with main conditions imposed by SEBI
Net-worth of the Exchange now stands comfortably above the regulatory minimum
The Board of Directors of MCX Stock Exchange (MCX-SX) at its meeting held on December 9, 2014 has issued equity shares to 12 new investors, subject to post facto approval of Securities and Exchange Board of India (SEBI), where applicable, post their conversion of warrants which was earlier being held by FTIL.
jlne.ws/165UbZe

RBI set to allow FIIs, banks to trade in commodity market; Move to help reduce hindrance to the commodity market due to high-cost futures transactions
Sharleen D’Souza, Business Standard
The Reserve Bank of India (RBI) is set to give its in-principle approval to allow foreign institutional investors (FIIs) and banks to participate in commodity markets, according to sources in the know of the development.
jlne.ws/1yysKD7

Jhunjhunwala, others convert MCX-SX warrants
Business Standard
At a board meeting held on Tuesday, the MCX-SX board has approved the issuance of equity shares, earlier held by Financial Technologies (FTIL) as warrants, to 12 investors, including to investor Rakesh Jhunjhunwala. Trust Investment Advisors, Edelweiss Commodities Services, Derive Investments and Madhu Vadera Jayakumar were among the others in the stake-sale.
jlne.ws/1IzCfFb

Securities and Exchange Board of India Releases
PR – Ex-parte order in the matter of Unicon Capital Services Pvt. Ltd
PR – Order in the matter of M/s KIM Infrastructure & Developers Limited and its Directors
PR – Order in the matter of M/s Midas Touch Assets and Securities Limited
jlne.ws/12kCz9E

DFSA and DIFC Host Hong Kong Leaders Visiting the UAE
DFSA
Dubai, UAE, 10 December 2014: The Dubai Financial Services Authority (DFSA) hosted today, in Dubai, a delegation of 35 government, financial and business leaders from Hong Kong, led by The Honourable John Tsang, GBM, JP, Financial Secretary of the Government of the Hong Kong Special Administrative Region.
jlne.ws/1GcGB2R

Miscellaneous

Commodity slump brings Christmas cheer to the table
Emiko Terazono, FT
The cost of Christmas dinner is set to decline for the first time in four years as abundant global supplies lead to lower food commodity prices. For shoppers dreaming of a cheap Christmas, lower commodities prices may be an answer to their wishes.
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