John Lothian Newsletter: BATS, No. 2 in stocks, considers second U.S. options exchange; Son of Big Board Father No Friend to NYSE; First Day Of Business For New LIBOR Administrator

Feb 4, 2014

First Read

Home Run: Don Davis Talks About Peer-to-Peer Investments
JohnLothianNews.com
The US financial crisis has wreaked havoc for the past several years on the mortgage lending business, not to mention many homeowners and debtors. It also has created opportunities for innovative firms that are looking for new ways to help homeowners and make a nice return at the same time. Don Davis, president of Novus Investments sat down with Jim Kharouf, editor-in-chief of John Lothian News, to talk about how his firm is profiting from the ongoing fallout from the mortgage crisis and the rise of peer-to-peer lending, at the Emerging Manager Forum in Miami in December.

Watch the video »

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Markets sell-off boosts trading volumes
Arash Massoudi in New York and Philip Stafford in London – FT.com
The emerging markets sell-off has translated into better than expected trading volumes on stock exchanges in the US and Europe, according to data published by a host of bourses on Monday.
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**JK – I love a good sell off in the morning, it smells like ….volume.

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ICE Said to Hire KCG’s King as Senior Legal Adviser for NYSE
Sam Mamudi and Robert Schmidt – Bloomberg
IntercontinentalExchange Group Inc. hired Elizabeth King from KCG Holdings Inc. to serve as a senior lawyer for the New York Stock Exchange, according to a person briefed on the matter.
jlne.ws/1anRAuH

**JK – Few have her securities regulatory and legal experience. Great move for ICE.

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Sponsored Content
NYSE Liffe US MSCI Index Futures off to a strong start in 2014
MSCI futures listed on NYSE Liffe US broke many new volume and Open Interest records during 2013, with notional average daily turnover in excess of $1.9B. The growth story just keeps getting better, with January 2014 total volume up 90% year-over year.

  • January 2014 was a new record non-roll month for the MSCI futures complex, with over 680K lots traded corresponding to an ADV of 33K. Open Interest reached over 395K lots by month end, corresponding to $22.6B notional
  • The two benchmark contracts MSCI Emerging Markets and MSCI EAFE achieved new volume and OI records, underscoring their liquidity and central role in the marketplace at a time of exceptional global equity market volatility

For more information on our leading international equity futures benchmark contracts please contact NYSE Liffe US: nyseliffeus@nyx.com.

Also see:

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content from:
NYSE Liffe US

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BATS-Direct Edge’s Market Share Just Shy of NYSE’s
Bradley Hope – MoneyBeat – WSJ
The merger of upstart exchanges BATS and Direct Edge, which closed last Friday, was expected to create the second-largest U.S. equity exchange as measured by average daily trading volume behind the New York Stock Exchange.
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**JK – Market share is one thing, but not the only thing.

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VIX Futures Trading Volume Reaches All-Time High In January
The CBOE Futures Exchange, LLC today reported that January 2014 was the most-active trading month for futures on the CBOE Volatility Index. Total exchange-wide volume at CFE also reached a new all-time high during the month.
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**JK – Yep, another month, another record for VIX. And don’t forget your Russell Volatility futures.

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Open for Business: Tech Drives the Transition to SEFs
JohnLothianNews.com

The Swap Execution Facility was given life by the Dodd-Frank Act.

After three years of meetings, rule proposals comments, and more meetings, the final SEF rules were published by the CFTC in mid-2013 and trading has commenced on 18 registered SEFs. John Lothian News attended SEFCON IV and interviewed a dozen of the leading SEF operators, regulators and other participants to bring you this three part series on SEF regulation, the changing market structure and the new technology required to make it all happen. Part three of the series explores the importance of technology in the rapidly changing SEF landscape. Mandatory execution on SEFs, along with clearing and data mandates, have necessitated a technology transformation in financial markets. While most of the pieces are in place, several questions remain.

Watch the video »

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OCC Announces Record January For Options, Futures And Stock Loan Activity
OCC cleared contract volume reached 395,595,620 in January, an 8 percent increase from the January 2013 volume of 365,027,878 contracts. January 2014 marks the highest January volume for OCC to date, reaching record highs in options, futures and stock loan activity.
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**JK – See why 2013 was so strong below – education, education, and a few other things.

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OIC Educational Program Evolves With the Industry
Sarah Rudolph – JLN
It was a good year for the options industry in 2013. In fact, it was the second best year in terms of volume, despite volatility that was about 50 percent lower in 2013 than it was during the industry’s 2011 record year.
jlne.ws/1eQ9Nx1

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Overwrite strategies drove volumes in 2013
Sarah Rudolph – JLN
One result of the low to no-interest rate environment has been a shift toward options overwrite strategies.
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MGEX: January Sets Multiple Volume, Open Interest Records
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports a record-setting start to 2014. January 2014 reported 180,550 Hard Red Spring Wheat (HRSW) and Apple Juice Concentrate (AJC) futures and options contracts traded, the 13th best month in Exchange history and an 87 percent increase over January 2013.
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**JK – With volumes like this, it may be time to crack out the shrimp futures contract again.

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Marco Polo New World Appoints Christian Robertson CEO
WatersTechnology
Trading solutions provider Marco Polo New World has appointed Christian Robertson as its CEO to lead the firm into new global markets and lines of business, while expanding its existing platform and revenues.
jlne.ws/1j7XmUn

***DA: Marco Polo New World is majority owned by our good friends at Perseus Telecom

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MarketsWiki

MarketsWiki Page of the Day
Robert A. Keeley
jlne.ws/1dn6In3

MarketsWiki Recent Updates

People

Mathew Martoma; Christopher K. Hehmeyer; Robert A. Keeley; Ben Bernanke; Elizabeth K. King; Simon Rostron; John Parry

Companies, Organizations and Groups

Singapore Mercantile Exchange; Phillip Futures; IntercontinentalExchange Group Inc.; BATS Global Markets; Rostron Parry; Novus Investments

Products

CME ClearPort

Statistics

46,878,485 pages viewed, 7,786 articles, 177,557 edits
MarketsWiki Statistics

Lead Stories

BATS, No. 2 in stocks, considers second U.S. options exchange -CEO
Reuters
BATS Global Markets, which became the No. 2 U.S. stock market after closing its merger with Direct Edge on Jan. 31, is looking to open its second U.S. options exchange, chief executive Joe Ratterman said in an interview on Monday.
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Son of Big Board Father No Friend to NYSE
Michael P. Regan and Sam Mamudi – Bloomberg
A painting of the New York Stock Exchange in its heyday, depicting men buzzing around trading posts, hangs in the Jersey City office of William O’Brien. An inheritance from his father, it represents a way of life the Direct Edge Holdings LLC chief executive officer has spent a career helping to dismantle.
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British Regulator Warns Two of Potential Libor Charges
NYTimes.com
The Wells notice appears to be going global. The Financial Conduct Authority, one of Britain’s financial regulators, made public on Monday warnings to two individuals that it planned to charge them for misconduct related to the rigging of the London Interbank Offered Rate, or Libor.
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First Day Of Business For New LIBOR Administrator
ICE Benchmark Administration Ltd took responsibility for administrating the London Inter Bank Offered Rate (LIBOR).
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CME Group seeks dismissal of charges over Nymex information leaks
Reuters
CME Group Inc has asked a U.S. judge to toss out charges brought by regulators alleging that the exchange operator is liable for two former employees accused of leaking details on clients’ trades.
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Young Bankers Seek ‘Good Yield’ With Their Own Nonprofits
Max Abelson – Bloomberg
The founders of the Resolution Project don’t dwell on generosity or charity when they describe why their nonprofit mentors and funds young leaders. They favor the language of finance.
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Yellen sworn in as first woman Fed chair
Reuters
Janet Yellen was sworn in Monday to a term as chair of the U.S. central bank, the Federal Reserve said in a statement.
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ECB vice-president defends strength of its health check on banks
Claire Jones and Alice Ross in Frankfurt, and Sam Fleming in London – FT.com
The European Central Bank on Monday countered attacks on the credibility of its crucial health check of the eurozone’s biggest lenders, saying its clean-up operation would leave no doubts over the financial system and help boost the currency bloc’s weak recovery.
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BATS is now one of world’s largest stock exchanges
Kansas City Business Journal
Completion of its merger with Direct Edge Holdings LLC marks a major milestone for Lenexa-based BATS Global Markets Inc., giving it equal footing with the New York Stock Exchange and Nasdaq OMX after starting from scratch in 2005.
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Thousands of derivatives users not ready for Emir reporting
Fiona Maxwell – Risk.net
With just over a week left on the clock, regulators are said to be worried the market is not ready for the start of mandatory trade reporting under the European Market Infrastructure Regulation (Emir). According to some estimates, a little over 8% of the region’s derivatives users have so far registered for the preliminary legal entity identifier (LEI) that will allow them to report their over-the-counter and listed trades.
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How ‘dark pools’ can help public stock markets
Peter Dizikes, MIT News Office
A “dark pool” may sound like a mysterious water source or an untapped oil well. In reality, it’s a finance term: Dark pools are privately run stock markets that do not show participants’ orders to the public before trades happen. They are a growing presence in stock trading, now representing at least one-eighth, and possibly much more, of all stock trading volume in the U.S.
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Insight: Dow Jones CEO’s sudden exit followed revenue slide
Reuters
Lex Fenwick’s surprise exit from Dow Jones came after some banks and other financial clients balked at the former chief executive’s ambitious new product, DJX, which sent sales tumbling, according to people familiar with the matter.
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Regulatory

SEC Publishes Draft Strategic Plan For Public Comment
The Securities and Exchange Commission today published for public comment its Draft Strategic Plan that outlines the agency’s strategic goals for fiscal years 2014 to 2018.
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ISDA 2014 Credit Derivatives Definitions To Go Live In September
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Speech By David Lawton, Director Of Markets Of The UK Financial Conduct Authority At The International Capital Market Association (ICMA) Capital Market Lecture Series 2014 On Monday 3 February 2014 – Price: The Cornerstone Of Markets
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Exchanges & Trading Facilities

CME Group Volume Averaged 12.9 Million Contracts per Day in January 2014, Up 13 Percent from January 2013
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that January 2014 volume averaged 12.9 million contracts per day, up 13 percent compared with January 2013. Total volume for January 2014 was more than 271 million contracts, of which 85 percent was traded electronically.
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CBOE Holdings Reports January Volume
CBOE Holdings, Inc. reported today that January trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange totaled 121.45 million contracts. Average daily volumes was 5.78 million contracts, a 36-percent increase from January 2013 and a 28-percent increase from December 2013.
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ISE Holdings Reports Business Activity for January 2014
ISE and ISE Gemini combined represent 18.0% of equity options market share, excluding dividend trades. ISE and ISE Gemini reported a combined ADV of 3.0 million contracts. ISE Gemini ADV increased by 25.8% from December 2013 to January 2014. Dividend trades made up 1.0% of industry volume in January 2014.
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The Options Industry Council Announces January Options Volume Up 8 Percent Setting New January Monthly Record
The Options Industry Council (OIC) announced today that 389,821,135 total options contracts traded in January, up 7.96 percent compared to last January when 361,071,621 contracts were traded.
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OneChicago Announces Trading Volume for January 2014
OneChicago, LLC, an equity finance exchange, today announced January 2014 volume of 613,613.
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Average Daily Volume Of 8.5 Million Contracts At Eurex Group In January 2014
In January 2014, the international derivatives markets of Eurex Group recorded an average daily volume of 8.5 million contracts (January 2013: 8.6 million). Of those, 5.5 million were Eurex Exchange contracts (January 2013: 5.9 million), and 3.0 million contracts (January 2013: 2.7 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 121.6 million contracts were traded at Eurex Exchange and 62.6 million at ISE.
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Turnover At Deutsche Börse’s Cash Markets At 124.9 Billion Euros In January
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at E124.9 billion in January (January 2013: E94.6 billion). Of the E124.9 billion, E112.9 billion were attributable to Xetra (January 2013: E85.5 billion). E5.8 billion were attributable to the Frankfurt Stock Exchange (January 2013: E5.2 billion). Order book turnover on Tradegate Exchange* totalled approximately E6.2 billion in January (January 2013: E3.9 billion).
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Key figures SIX Swiss Exchange and SIX Structured Products Exchange: January 2014
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Trading On WSE: January 2014
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CME Group Inc. Reports Fourth-Quarter 2013 Financial Results
CME Group Inc. today reported revenues of $687 million and operating income of $323 million for the fourth quarter of 2013. Net income attributable to CME Group was $193 million and diluted earnings per share was $0.58. Excluding the items noted in the reconciliation, adjusted earnings per share would have been $0.64.1
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Moscow Exchange Trading Volumes Up 39% YoY In January
Turnover on Moscow Exchange increased 39% YoY in January to RUB 35 bln.
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The Spanish Stock Exchange Traded E74.8 Billion In January, Up 10.5% Year On Year – Fourth Consecutive Month Of Growth In Trading Volumes
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January Statistics Report From The NASDAQ OMX Nordic Exchanges
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NASDAQ OMX Nordic And Baltic Markets: Trading Statistics January 2014
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Hedge Funds & Managed Futures

‘Closet index’ funds charge high fees but lag indexes
Reuters
Investors are paying hefty fees for mutual funds that bill themselves as actively managed but in large part are mimicking a benchmark stock index.
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Pimco Total Return Fund starts year behind more than half its peers
Reuters
The Pimco Total Return Fund, the world’s largest bond fund, trailed more than half of its peers in January despite returning to gains after a rough 2013, preliminary Morningstar data showed on Monday.
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Meet Jesse Cohn, The 33-Year-Old Hedge Fund Investor Laying Siege To Silicon Valley
Forbes
In 2006, a 26-year-old senior tech analyst at a hedge fund walked into the office of a stressed out Harry Knowles and told the then 76-year-old CEO of Metrologic Instruments that he needed to sell the bar-code scanning systems maker he founded to a private equity firm.
jlne.ws/1emUl0b

Metric Capital makes hires, plans first-half fundraising
Ayesha Javed – Financial News
Metric Capital Partners, the debt fund launched by former executives from TowerBrook Capital Partners and Terra Firma, has made two key hires as it targets a E400 million fundraising, according to people familiar with the matter.
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Tax Expert Sees Abuse in a Stream of Private Equity Fees
WILLIAM ALDEN – NYTimes.com
The tax practices of private equity firms have come under scrutiny from the authorities on several fronts. But there is an additional tax strategy that should merit a skeptical look, an academic argues in a new article.
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Hedge Fund Chief Makes a Lonely Bet Against Portugal’s Debt
NYTimes.com
David Salanic cuts a lonely figure among the Manhattan power brokers eating breakfast at the Loews Regency Hotel restaurant on Park Avenue. Sure, he runs a hedge fund, but with $50 million, his fund may represent a year of commissions for some of the heavy hitters in the room.
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Scottish fund managers fear break-up bill
Chris Flood and Madison Marriage – FT.com
Fund managers based in Scotland face a multimillion-pound bill to pay for a new financial regulator if Scots vote for independence in the September referendum, the trade body for Scotland’s financial services industry has warned.
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Banks & Brokers

Barclays Chief Declines Annual Bonus
NYTimes.com
Barclays’ chief executive, Antony Jenkins, said Monday that he would forgo a bonus for 2013 in light of the bank’s continued restructuring costs and litigation expenses.
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Currency Probe Reaches to Julius Baer
WSJ.com
The chief executive of Switzerland’s Julius Baer Group AG said the private bank has had to “clarify a few cases” of currency trading to the country’s regulator, an indication that the global investigation of possible market manipulation has spread beyond the big lenders that have been at its center.
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Europe’s Banks Poised to Return to Acquisition Trail
WSJ.com
European banks, still nursing their wounds from the continent’s financial crisis, are starting to look for opportunities to expand internationally through acquisitions.
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UBS Successfully Executes Strategy, Increasing Profit And Shareholder Returns
FY Adjusted Profit Before Tax CHF 4.1 Billion, Up 44% Versus Prior Year – FY Net Profit Attributable To UBS Shareholders CHF 3.2 Billion; Diluted EPS CHF 0.83 – Wealth Management Businesses’ FY Net New Money Increased To CHF 54 Billion
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ICAP Electronic Broking: January 2014 Volumes
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FX volumes on EBS platform rise in January from slow Dec -ICAP
Reuters
Average foreign exchange spot volumes traded on the EBS platform rose by 23 percent in January from the previous month, parent company ICAP said on Tuesday.
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Clearing & Settlement

Calypso interfaces to DTCC GTR for EMIR reporting
Automated Trader
Calypso Technology, the integrated capital markets platform provider, has announced the release of an interface to the DTCC’s Global Trade Repository service for EMIR (European Markets Infrastructure Regulation) reporting. DTCC’s Global Trade Repository service (GTR), which is one of the six TRs approved by the European Securities Markets Association, offers regulators transparency into the $650 trillion OTC market.
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Euroclear’s fund service adds five new clients
Euroclear UK & Ireland has signed up five more UK fund managers to its investment fund service.
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ISDA Says Credit Derivatives Overhaul Postponed to September – SFGate
The biggest overhaul of the $21 trillion credit derivatives market in more than a decade has been postponed until September, according to the International Swaps & Derivatives Association.
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CME Group Clearing: 1st Quarter 2014 Eligible Stocks (Data from October 1, 2013 to December 31, 2013)
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CME Group Clearing: REMINDER: CME Long Date Reporting and Processing Changes
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Indexes & Products

BlackRock launches new currency-hedged ETFs
Reuters
BlackRock Inc’s iShares, the largest U.S. provider of exchange-traded funds, is launching a new set of currency-hedged ETFs on Tuesday as it looks to target investors interested in international equity exposure but concerned about potential losses from a rising U.S. dollar.
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ERI Scientific Beta Announces Availability Of Full Transparency For All Of Its “Smart Beta” Indices
ERI Scientific Beta has announced that all 2,958 smart beta indices available on the www.scientificbeta.com platform are now available with full transparency.
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New ETFs Included in Real-Time Dissemination of “TSE Indicative NAV”
jlne.ws/1emUn8u

S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – A Deletion From The S&P/TSX SmallCap Index
jlne.ws/1emUn8w

Emerging Global Advisors Switches To FTSE As Index Benchmark Provider For Two ETFs
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[SIX] ETF Quarterly Statistics: 4th Quarter 2013
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Technology

iPhone Futures Trading App Released by Barchart
Barchart.com, Inc., a leading provider of market data and information, today announced the release of Barchart Trader for iPhone. The app is available for free through the Apple App Store as “Barchart Trader”. The mobile trading solution features key tools such as streaming real-time quotes, charts, market depth, cumulative volume, and time and sales.
jlne.ws/1emUmkM

Marco Polo New World Appoints Christian Robertson CEO
Waters Technology
Trading solutions provider Marco Polo New World has appointed Christian Robertson as its CEO to lead the firm into new global markets and lines of business, while expanding its existing platform and revenues.
jlne.ws/1j7XmUn

Volta’s Data Centre Awarded ISO Recognitions – Volta’s Great Sutton Street Facility Achieves ISO Accreditation For Quality, Environment, Health & Safety And Management Systems
jlne.ws/1emUlgI

OneTick Powers Real-Time Transaction Cost Analytics On Bloomberg
Bloomberg Incorporates OneTick’s Complex Event Processing (CEP) & Market Data Engine For Its Real-Time Trade Analytics
jlne.ws/1emUnoO

SunGard Announces Fourth Quarter 2013 Results
jlne.ws/1kL4Vyj

Enforcement

Closing Arguments in Martoma Trial
NYTimes.com
Mathew Martoma, a former top portfolio manager at SAC Capital Advisors, pursued a “canary in a coal mine” to give him an “illegal sneak preview” of the results of a clinical Alzheimer’s drug trial, a prosecutor said on Monday in closing remarks for the government’s closely watched insider trading case.
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CFTC Revokes the Registrations of Chicago Trading Managers LLC
The U.S. Commodity Futures Trading Commission (CFTC) revoked the registrations of Chicago Trading Managers LLC (CT Managers). CT Managers had been registered with the CFTC as a Commodity Pool Operator and Commodity Trading Advisor.
jlne.ws/1emUnoQ

SEC Continues Microcap Fraud Crackdown, Proactively Suspends Trading in 255 Dormant Shell Companies
The Securities and Exchange Commission today announced the latest actions in its microcap fraud-fighting initiative known as Operation Shell-Expel, suspending trading in 255 dormant shell companies ripe for abuse in the over-the-counter market.
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SEC Seeks Stop Orders Against 20 Purported Mining Companies With Misleading Registration Statements
The Securities and Exchange Commission today announced the filing of stop order proceedings against 20 purported mining companies believed to have included false information in their registration statements.
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UK’s Financial Conduct Authority: Interest Rate Hedging Products Redress Scheme – Monthly Update
jlne.ws/1emUlgV

Environmental & Energy

North-Western European Power Markets Successfully Coupled – A Landmark In The Integration Of The European Power Market
jlne.ws/1emUnp3

McConnell demands Obama approve Keystone pipeline
The Hill
Senate Minority Leader Mitch McConnell (R-Ky.) called on President Obama Monday to approve the construction of the Keystone XL pipeline.
jlne.ws/MTVPnv

UN Carbon Supply May Rise as Sellers Rush to Beat 2015 Deadlines
Bloomberg
Supply of United Nations carbon offsets may rise after February as owners of offsets rush to sell them before their eligibility ends in the European Union’s market in March 2015, according to Bloomberg New Energy Finance.
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Asia-Pacific

Why the Year of the Horse could be a winner for the Hong Kong stock exchange
Quartz
On February 3, the Hong Kong Stock Exchange will usher in the first day of trading in the Chinese Lunar New Year, and it could be a banner year for the exchange thanks to newly relaxed regulations for Chinese companies listing overseas. Hong Kong could see over $26 billion in IPOs this year, up from 2013’s $21 billion in listings, and the exchange may hit a five-year high, strategists predicted this month.

JPX hunts for new derivatives trading system
Anish Puaar – Financial News
The Japan Exchange is on the lookout for a new derivatives trading platform provider as it looks to grow derivatives trading by 50% next year.
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Compliance staff on top during Asia bonus season
Michelle Price in Hong Kong – Financial News
The global financial crisis may have dampened bonus payouts across the banking sector, but there is one role that is rapidly becoming an exception, especially in Asia: compliance.
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Repacks revisited: Asia investors turn to structured credit
Viren Vaghela – Risk.net
As Asian investors continue the hunt for yield, dealers report an uptick in the credit repack business as regulation, funding and yield targets collide
jlne.ws/1emUocm

[JEG] Notice regarding Next Generation Derivatives Trading System Solutions Provider
Following its launch in January 2013, Japan Exchange Group, Inc. has worked to realize the synergistic benefits of the business combination between Tokyo Stock Exchange and Osaka Securities Exchange by promoting the steady and stable integration of its systems.
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Frontier Markets

Dubai, Abu Dhabi Said to Complete Bourse Merger Due Diligence
Sarmad Khan and Matthew Martin – Bloomberg
Abu Dhabi and Dubai completed due diligence on a potential merger of the two bourses in the United Arab Emirates, bringing the combination a step closer, according to two people familiar with the matter.
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DME Sets New Trading Records
DME (Dubai Mercantile Exchange) today announced record average daily trading volumes (“ADV”) of 8,162 lots in January 2014, equivalent to almost 8.162 million barrels of crude oil per day.
jlne.ws/1emUnFm

MCX-SX Appoints Saurabh Sarkar As New MD And CEO
jlne.ws/1emUnFo

Chart o’ the Day: The Only EM Venn Diagram You Need
The Reformed Broker
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Malawi Stock Exchange Monthly Market Performance Report – January 2014
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Lahore Stock Exchange: Holiday On The Occasion Of “Kashmir Day
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