First Read

Former JLN Intern Places 4th in Trading Competition

Former JLN intern Evan Fabry and his teammates from the University of Illinois took first place in the BP Trading simulation this last weekend and 4th place overall. Evan’s teammates included Greg Pastorek and Ty Buenting. The teams that place ahead of them were from MIT, Dartmouth and Carnegie Mellon.


‘Dull work, flat pay and lousy colleagues’
Ben McLannahan, New York, FT
The work is dull, the pay flat and your colleagues lousy. But that could well be your lot in financial services, according to a global survey that has uncovered deep frustrations at the heart of the industry.

***** Quite the advertisement for working in the industry.


It’s Getting Expensive to Be a Bear as Rules Pinch Options
Bloomberg Business
More than just a casino for day traders, the options market is where institutions pay millions of dollars a day to hedge investments. Lately, amid a crackdown on risk-taking, they’ve been paying a little more.

***** Being a bear you have to deal with a lot of bull.


Incorrect date costs broker nearly $23M in liabilities
By John Aidan Byrne, NY Post
A trading regulator found discount brokerage Interactive Broker liable for posting an incorrect date and awarded a New Jersey man a record $2.4 million in damages.

***** I am torn on this. On the one hand, IB displayed the wrong information on their site. However, anyone who is risking as much as this trader was should have multiple sources of information and double and triple check it. It is unfortunate, but a good example of someone who should be getting and paying for a higher level of service. You get what you pay for.


Scary numbers at CBOE
By LYNNE MAREK, Crain’s Chicago Business
The VIX “fear gauge” has scared up plenty of growth for the company that invented it in 1993—Chicago Board Options Exchange parent CBOE Holdings—but lately it’s been spooking investors.

****** Markets go up and down, volumes ebb and flow. It is not scary, it is normal.


Islamic State threatens to repeat 9/11 in new video warning to America
The Telegraph
Isil supporters launch social media blitz with hashtag #WeWillBurnUSAgain

****** There goes the element of surprise.


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Fintech Exchange 2015


Wall Street’s Scrambling to Catch Up With Silicon Valley
In his annual letter to shareholders, JP Morgan Chase CEO and stereotypical master of the universe Jamie Dimon seemed uncharacteristically concerned. Hundreds of startups with lots of brains and money were hard at work on alternatives to traditional banking, he wrote: “Silicon Valley is coming.”

***DA: Fintech is coming, not just to Wall St., but also to LaSalle St, though technically the April 23 event is on Michigan Ave.


Bridging the Week by Gary DeWaal: April 6 to 10 and 13, 2015 (BCP; Cybersecurity; Alleged Manipulation; Disruptive Trading; Systemic Risks)
Katten Muchin Rosenman LLP
Different regulators raised red flags last week about the adequacy of business continuity plans and cybersecurity at intermediaries and trading venues, the impact of plain vanilla investment funds on financial stability and the impact of automated trading on government securities markets. Also last week, a private litigant filed a “me too” manipulation complaint against two food processors —copying a complaint filed the prior week by Commodity Futures Trading Commission—, and the Securities and Exchange Commission threw a penalty flag at a former National Football League cornerback for his role in an alleged Ponzi scheme.


Lead Stories

BATS expands BXTR services to enable EFP trade reporting; ICAP will be the first broker to use BATS’ enhanced services to provide a fully cleared pan-European equities EFP solution
BATS Chi-X Europe (BATS), Europe’s largest stock exchange, and ICAP, a leading markets operator, announce today new services which, when combined, will enable market participants to trade fully cleared equity index Exchange for Physical (EFP) transactions anonymously.

Bourses face closing auction challenge from Aquis
Philip Stafford, FT
The dominant and lucrative business of settling closing share prices enjoyed by Europe’s incumbent stock exchanges faces a challenge from a UK start-up being backed by investment banks and asset managers.

Futures brokers feel strain from low interest rates and red tape
Gregory Meyer in New York and Philip Stafford in LondonA, FT
The ranks of futures brokers are shrinking at a quickening pace as low interest rates and new financial regulations put severe strain on the middlemen of the $27tn listed derivatives markets.

Boat to support industry with MiFID II transparency solution
Complexity of Europe’s new trading transparency regime addressed by new offering
Boat Services Ltd, independent OTC trade reporting service provider, has announced that it will apply for approved publication arrangement (APA) authorization under MiFID II.

Aquis Exchange To Launch Closing Order Type (MaC) – Introduces An Alternative To The End-Of-Day Auction Monopoly – Has Buy-Side And Broker Support – Fully Transparent And MiFID II Compliant
Aquis Exchange, the subscription-based European equities exchange*, will introduce a new order type – Market at Close (MaC) – that allows its Members to enter orders for matching on the Aquis Exchange platform at the closing price of the market-of-listing end-of-day auction. This initiative is supported by a number of key asset management and brokerage firms.

US companies on course to return $1tn to shareholders in 2015
Shareholders in the biggest US companies stand to receive a record $1tn in cash this year, as blue chips’ concerns over the global economic outlook have diverted cash away from investment and is driving a boom in buybacks and dividends.

Money Funds Remain Haunted by Fears of ‘Breaking the Buck’
Of all the regulatory concerns about the fund industry, the most persistent worries are perhaps those focused on money market mutual funds, which now hold more than $2.6 trillion in assets.

New Tack for de Blasio: Wooing Business Leaders He Once Denounced
Gone are the self-conscious jokes, the dry references to business leaders as a tough crowd. His vocabulary is careful, smoothed free of buzzwords likely to offend. Mayor Bill de Blasio still talks about inequality, but for these audiences he emphasizes that the causes of New York City’s economic divide are complex and global in nature.

Scared of the stock market? Maybe you’re just making excuses
By Chuck Jaffe
We’ve all heard the old saw that it takes money to make money. The bigger problem may be that a lot of people who are making money aren’t taking any of it and investing it.


CFTC to Pave the Way for Buy-Side Trading on SEFs
Profit & Loss
The Commodity Futures Trading Commission (CFTC) looks set to enforce anonymous trading on SEF central limit order books (CLOBs), paving the way for buy side participation on these trading venues. Earlier this month, a number of buy-side participants at the CFTC’s Market Risk Advisory Committee (MRAC) meeting argued that SEFs should be required to provide anonymous CLOB trading on their platforms. Currently, many of these venues have post-trade name give-ups, which the buy-side firms claimed effectively prevents them from trading on these platforms.

Citi, JPMorgan execs warn of clearing-member default breakdowns
US regulators should consider whether clearinghouses are prepared to manage the default of a large member bank during a crisis, Citigroup and JPMorgan Chase executives said.

Ontario Securities Commission Requests New Members For Investment Funds Product Advisory Committee
The Ontario Securities Commission (OSC) is inviting applications for membership on its Investment Funds Product Advisory Committee (IFPAC).

Multi-asset providers consider fund conversions on MiFID II fears
MiFID II rules which classify non-UCITS funds as ‘complex’ products could force multi-asset vehicles to change structure and restrict their investment horizons.

ESMA: Overview of OTC derivatives and clearing obligation status
The clearing obligation procedure has started in Q1 2014 following the first EU CCPs authorizations. Since that date, ESMA has analyzed several classes of interest rate, credit, equity and foreign exchange OTC derivatives and proposed some of them for the clearing obligation. The clearing obligation applies to EU firms that are counterparties to an OTC derivative contract. This ESMA report provides an overview of the current status of the clearing obligation process for those classes.

Disclosure Documents: A Guide for CPOs and CTAs (Updated April 2015)

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans

  • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. (Release No. 34-74692; File No. SR-BATS-2015-28; April 9, 2015); see also Exhibit 5
  • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Fees Schedule (Release No. 34-74709; File No. SR-CBOE-2015-036); see also Exhibit 5
  • DTC: Order Approving Proposed Rule Change to Discontinue the Prospectus Repository System Service (Release No. 34-74712; File No. SR-DTC-2015-01
  • EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc. (Release No. 34-74708; File No. SR-EDGX-2015-16); see also Exhibit 5
  • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Update Public Disclosure of Exchange Usage of Market Data (Release No. 34-74690; File No. SR-NASDAQ-2015-033; April 9, 2015)
  • NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Arca Options Fee Schedule to Adopt Fees for Certain Manual Transactions in Options Overlying IWM (Release No. 34-74694; File No. SR-NYSEArca-2015-28; April 9, 2015); see also Exhibit 5
  • NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Period Applicable to the Customer Best Execution Auction per Rule 971.1 NY, until July 17, 2015 (Release No. 34-74695; File No. SR-NYSEMKT-2015-28; April 9, 2015); see also Exhibit 5
  • NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Amex Options Fee Schedule to Adopt Fees for certain Manual Transactions in Options Overlying IWM (Release No. 34-74693; File No. SR-NYSEMKT-2015-26; April 9, 2015); see also Exhibit 5
  • NYSEMKT: Notice of Withdrawal of a Proposed Rule Change, as Modified by Partial Amendment No. 1 and Partial Amendment No. 2, Amending Rule 13 – Equities and Related Rules Governing Order Types and Modifiers; Correction (Release No. 34-74643A; File No. SR-NYSEMKT-2014-95; April 9, 2015)

Bank Regulators at the Gates: The Misguided Quest for Prudential Regulation of Asset Managers:
Remarks at the 2015 Virginia Law and Business Review Symposium, Speech by Commissioner Daniel M. Gallagher at University of Virginia School of Law, Charlottesville, VA

Exchanges & Trading Facilities

CBOE Holdings Reports March 2015 Trading Volume – Corrected
NOTE: In the news release, “CBOE Holdings Reports March 2015 Trading Volume,” issued April 1, 2015 by CBOE Holdings, Inc. over PR Newswire, the company advised PR Newswire that the table in the last section — “CBOE Holdings Average Revenue Per Contract” — contained an incorrect number. In the “Total Options Average Revenue Per Contract” line, the February 2015 figure has been changed from “$0.264” to “$0.283.” The complete, corrected release

  • Total Volume of 94.9 Million Contracts Traded


  • ADV of 4.3 Million Contacts Down From Prior Month, Year Ago

Exchanges give OTC swaps business a future
Frances Faulds, FX-MM
The world’s exchanges have always represented the ‘tip of the iceberg’ for swaps with the over-the-counter market taking the lion’s share of business. While the regulatory push to get as much business as possible into regulated exchanges and clearing houses is already boosting exchange volumes, the winning combination of the flexibility of a swap and the benefits of an exchange-traded future could finally shift the balance. Exchange-traded swap futures could broaden access to swaps, for those unable to access OTC clearing for swaps after the introduction of mandatory clearing.

Hong Kong becomes world’s largest exchanges operator
Soaring share prices in China have bestowed a stunning market value of $44bn on Hong Kong’s equity and derivatives exchange, propelling the Asian bourse way beyond the worth of leading global rivals

Euronext selects Horizon Software platform
Automated Trader
Horizon Software has been selected by Euronext for monitoring and pricing derivatives instruments in real-time and to calculate and disseminate settlement prices on an intra-day basis. The volatility management tools will enable to permanently autofit volatilities, adjust them manually, price derivatives and set trading limits automatically for market participants.

Euronext outsources derivatives pricing and settlement systems
The Trade
European exchange operator Euronext has selected Horizon Software for monitoring and pricing derivatives instruments in real-time and to calculate settlement prices on an intra-day basis.

SGX welcomes LHN Limited to Catalist
Singapore Exchange (SGX) today welcomed LHN Limited to Catalist, under the stock code of “41O”.

SMART Click Migration: Asset Management and Settlement – April 13, 2015
CME Group
Over the past few months, CME has begun rolling out SMART Click – our new and simpler method to access all CME Group online applications.

Bats may open doors for illiquid stocks by closing them
Philip Stafford, FT
Proposal by the US stock exchange to turn away thinly-traded stocks could improve market liquidity
It is not often a new chief executive, just 10 days into his job, tells his customers to go and use a rival’s product.

Hedge Funds & Managed Futures

Wall Street Banks’ Mutual Funds Can Lag on Returns
Facing challenges on all fronts, Wall Street banks are pinning some of their hopes on a relatively simple business opportunity: creating mutual funds for ordinary savers.

Paul Singer’s hedge fund takes a dip
By Michelle Celarier, NY Post
During the past five years, Elliott gained between 8 percent and 9 percent annualized, depending on the fund. That’s below the S&P 500, but within the target return for most institutional investors.

Miners take toll on FTSE after broker downgrades
Michael Hunter, FT
Mining stocks took a heavy toll on the FTSE 100 on Monday after a series of downgrades from Citigroup.

The $82bn listed-company tax gap
Steve Johnson and Madison Marriage, FT
Listed companies in developed markets are avoiding at least $82bn of tax a year by using tax havens and other minimisation strategies, according to detailed analysis of more than 1,000 businesses.

The $9 Trillion Short That May Send the Dollar Even Higher
Bloomberg Business
Investors speculating the dollar rally is fizzling out may be overlooking trillions of reasons why it will keep on going. There’s pent-up demand for the U.S. currency that will underpin years of appreciation because the world is “structurally short” the dollar, according to investor and former International Monetary Fund economist Stephen Jen.

Hedge funds’ bets on strengthening dollar pay off
Miles Johnson in London and Stephen Foley in New York, FT
Hedge funds have enjoyed their best quarter relative to US equities in four years as big bets on the rise in the US dollar paid off for some of the world’s best known managers, helping the industry break years of mediocre returns.

Banks & Brokers

BATS CHI-X Europe and ICAP launch exchange for trading and clearing physical transactions
BATS has enhanced BXTR, its market-leading trade reporting facility, by expanding its Exchange Trade Reporting (ETR) services to enable the cash basket of the EFP to be traded on-exchange

ICAP appoints Stuart Bridges Group Finance Director
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that Stuart Bridges will be appointed Group Finance Director. The appointment is subject to FCA approval.

Panmure Gordon to close Liverpool office
By Andrew Bounds, FT
Panmure Gordon is to close its Liverpool office in a reversal of a recent trend for City brokers to establish regional outposts as economic recovery spreads from London.

Cantor Fitzgerald Expands Asset Owner Servicing Capabilities with Appointment of Michael Gardner as Global Head of Portfolio Solution Business
Cantor Fitzgerald
Cantor Fitzgerald, a leading global financial services firm, today announced the expansion of its Asset Management business with the appointment of Michael Gardner as Senior Managing Director and Global Head of Portfolio Solutions. Mr. Gardner will focus on assisting asset owners with monitoring, measuring and managing risk holistically across mandates, geographies and asset classes.

Clearing & Settlement

The treasurer: creating price tension on the derivatives front
Banking Technology
A banking book requires a number of careful deliberations on the use of derivatives. In particular, the introduction of EMIR, Dodd-Frank and their brethren across the world has a number of important consequences for this market, writes David Renz

ECB: Ensuring an adequate loss-absorbing capacity of central counterparties
Special invited lecture by Benoît Cœuré, Member of the Executive Board of the ECB,
at the Federal Reserve Bank of Chicago 2015 Symposium on Central Clearing,
Chicago, 10 April 2015

LCH.Clearnet appoints group head of technology and operations
Automated Trader
LCH.Clearnet Group has announced that Steve Briscoe has been appointed as the new group head of technology and operations. Steve will be responsible for the provision of IT and Operations across the Group’s legal entities.

SWIFT woos Indian banks with new messaging system
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global financial transaction messaging system, is building a first-of-its-kind domestic network in India through which Indian banks and companies can send and receive financial information for local transactions.

Clearstream’s March 2015 figures
Deutsche Boerse
Assets under custody climb 12 percent vs March 2014 to EUR 13.5 trillion / GSF services see rise in monthly average outstanding to EUR 653.2 billion / ICSD settlement transactions rise 18 percent vs March 2014 to 4.6 million
In March 2015, the overall value of assets under custody held on behalf of customers registered an increase of 12 percent to EUR 13.5 trillion (compared to EUR 12.1 trillion in March 2014).

Indexes & Products

Exchange traded funds make strongest ever start to a year
Chris Flood, FT
The exchange traded funds industry made its strongest ever start to a year with net inflows of just under $96bn in the first three months of 2015, a first quarter record.

Often Overlooked – Systematic Rebalancing Key to Smart Beta
ETF Trends
While the incessant buzz around smart beta index strategies continues unabated, much of the discussion seems to center on either the terminology or the different weighting methodologies – fundamentals, dividends, equal-weighting and more. But what’s not often talked about is the importance of a simple, objective, rules-based rebalancing discipline.

Three Ways to Beat a Benchmark
The bull market rumbled past its sixth birthday in March. Despite that marathon climb, fund managers are still finding underappreciated stocks. The stewards of three of the top-performing funds of the first quarter grabbed gains in the health care sector and Japan.

US sharemarket rally unsupported by company earnings
Australian Financial Review
When companies themselves are the biggest buyers of shares on the S&P 500 and the amount of cash returned to investors through buybacks and dividends reaches almost $US2 trillion ($AUD2.6 trillion) in two years, it’s not unreasonable to start thinking the whole strategy is getting out of hand.

Introducing the S&P Dow Jones Indices Versus Active (SPIVA) Latin America Scorecard
S&P Dow Jones Indices
S&P Dow Jones Indices is proud to expand the SPIVA Scorecard report to the Latin America region. The SPIVA methodology is designed to provide an accurate and objective apples-to-apples comparison of active funds’ performance versus their appropriate style benchmark indices. The SPIVA Latin America Scorecard covers the Brazilian, Chilean, and Mexican markets. A summary of the year-end 2014 results in the three markets follows.


Two Years On, Data Reporting Problems Still Persist
Profit & Loss
Two years after the commencement of required data reporting in the US, it’s clear that there are still some outstanding problems in the market, as regulators have issued just under $4 million in fines in the past month for reporting violations.
In March the CFTC fined grain dealer and merchant, Marubeni, $800,000 for the inaccurate reporting of its trading positions and ICE Futures US $3 million for allegedly failing to file accurate and complete reports relating to trading activity, prices and delivery notices.

With Digital Banking, Consumers Must Come First
The Financial Brand
In response to The Great Digital Debate published in The Financial Brand, Andy McLean provides an additional perspective on the future opportunities for digital banking.

Spotify Nears Deal to Raise $400 Million at $8.4 Billion Valuation; Goldman Sachs and Abu Dhabi’s Sovereign Wealth Fund Have Committed
Spotify AB has headed back to the funding well for a seventh time, nearing a deal to raise $400 million in a round valuing the music-streaming service at $8.4 billion, according to people familiar with the matter.

KVH upgrades to 100G backbone on SJC
Automated Trader
KVH has upgraded its network backbone between Tokyo, Singapore and Hong Kong to 100G on the South-East Asia Japan Cable System (SJC). Beginning April 15th, 2015, KVH will offer KVH etherXEN Global network services and Global DCNet on the newly acquired SJC capacity between the three cities.

To Speed Payments, BBVA Opens Its Tech Black Box to Dwolla
American Banker
BBVA Compass is launching real-time payments through Dwolla, but the really interesting part is what’s going on beneath the surface: the bank is opening its technological black box to a nimble startup in order to speed innovation.

What’s missing from Facebook’s digital payments plan
Euromoney magazine
Facebook’s arrival on the digital payment scene will inevitably see it become a significant player. But, so far, Facebook is not offering a revolution in the global payment infrastructure and tie-ups with disruptive new technologies would truly transform the FX landscape.

How 3-D Printing Is Going Out of This World; Researchers explore ways to build objects in space; lunar dust as ink
Dutch television producers chose 100 contestants in February to vie for a one-way trip to Mars. If all goes as advertised, winners might be landing there sometime in 2027. They’ll quickly need permanent shelter. The nearest Home Depot will be 140 million miles away. The only readily available construction material on Mars is sand.

European Commission decision ‘very soon’ in Google antitrust case
James Shotter in Frankfurt and Christian Oliver in Brussels, FT
The European Commission will decide “very soon” whether to issue antitrust charges against Google, its digital commissioner has said, in what would be the most politically charged case undertaken by the EU against a US company.

Proof that we are driven to distraction by social media
Emma De Vita, FT
New research seems to prove what we already know: Tweeting, updating your status on Facebook or checking LinkedIn when you are working makes you less productive. Stoney Brooks, a computing professor of Middle Tennessee State University, found that the siren call of social media holds back even the most proficient multitasker.

Environmental & Energy

Fossil fuel-free portfolios have proved better than undiscerning funds
By Jessica Shankleman – BusinessGreen
Companies and individuals who have divested their stocks and bonds in fossil fuel companies have outperformed those which remain wedded to coal, oil and gas markets in the past five years, according to new analysis by stock market index company MSCI.

Politics, red tape ‘turning EU clean energy into zombie industry’
By Pilita Clark- Financial Times
The EU’s dysfunctional political system is turning clean energy companies into a “zombie industry” of the living dead, the head of one of the bloc’s biggest green power groups has warned.

EPA settles lawsuit over ethanol mandate
By Timothy Cama – The Hill
The Environmental Protection Agency (EPA) has settled an oil industry lawsuit and agreed to set the ethanol blending mandates for this year and last year by Nov. 30.

Hanergy and Aston Martin accelerate solar power car project
By Jessica Shankleman – BusinessGreen
The world’s biggest solar power company Hanergy has renewed its partnership with Aston Martin Racing in a bid to develop the world’s first mass market solar powered car.


Market globalisation to stall under regulatory weight
Geopolitics and regulation will throw the globalisation of capital markets decisively into reverse in the next five years, with Asia developing financial centres that rival London and New York, a leading advisory company has predicted.

HKEx Announces Senior Appointments
Hong Kong Exchanges and Clearing Limited (HKEx) has established a Mainland Division to reflect the growing importance of Mainland connectivity to its business, and made several senior management changes.

  • The newly established Mainland Division is comprised of HKEx’s Mainland Development team in Hong Kong, its representative office in Beijing and related offices in Shanghai and Guangzhou. The new division is co-headed by Mao Zhirong, who led the Mainland Development team before it became part of the new division, and Li Gang, who had been a Senior Adviser since joining HKEx in March 2013. Both will report to HKEx’s Chief Executive.


  • he Mainland Division includes the new post of Chief China Economist, which will be filled by Dr Ba Shusong, whose start date at HKEx is pending confirmation. Dr Ba is a former deputy director general of the Financial Research Institute of the State Council’s Development Research Centre. He also has been the chief economist of the China Banking Association, a member of Hong Kong’s Economic Development Commission and a senior visiting scholar at Columbia Business School in the US. Dr Ba will report to HKEx’s Chief Executive./like
  • HKEx has appointed its Roger Lee to the new post of Deputy Head of Global Markets, Asia, effective immediately. Mr Lee will continue to report to Romesh Lamba, Co-head of Global Markets, and serve as Head of Market Operations.
  • Kevin Rideout has joined HKEx today as Head of Business Development, a new position in the Global Markets Division. He will be responsible for the division’s business development and marketing teams and will report to Mr Lamba.

    Stock Connect Buyers Shun Hong Kong Blue Chips
    A surge of cash from mainland China into Hong Kong stocks has mostly found its way into companies little known to global investors, a development already starting to alter the city’s market.

    Global capital market trends must come with protection for investors
    South China Morning Post
    Brian Tang says measures promoting market integrity will benefit Hong Kong’s real economy

    Why China’s sharemarket surge is too powerful to ignore
    Sydney Morning Herald
    China’s sharemarket is on a gravity-defying tear. It may be fuelled by ill-informed speculation but that doesn’t mean we shouldn’t learn to love it, writes Jonathan Shapiro.

    Financial industry lobby seeks longer Seoul bourse trading hours
    AsiaOne Business News
    Trading hours at the South Korean stock market should be extended by an hour at least so that they overlap with other regional markets to encourage more foreign investment, the head of the local financial investment industry association said.

    Frontier Markets

    MP to launch its own crop insurance scheme
    Business Standard
    CM Shivraj Singh Chouhan has been advocating a national debate on crop insurance scheme which should be farmers friendly

    Emerging market outflows raise heavy questions for fund managers
    Jonathan Ford
    Changed conditions in developing world has exposed strikingly aggressive positions, writes Jonathan Ford
    A long boom characterised by insatiable demand for whatever products financiers have to peddle. It all sounds a bit like the developed world in the years before the 2007 crisis.

    More foreign funds to face India tax demands
    James Crabtree in Mumbai, FT
    Foreign institutional investors may face further tax demands in India, according to the country’s most senior revenue official, in a move likely to heighten concerns that global funds are heading for a fresh row with New Delhi.

    DGCX Sets Several Records in the First Quarter
    First quarter volumes grew 11% from Q4 2014 and 8% from Q1 2014
    March 2015 volumes up by 32% while year-on-year volumes rose by 19%
    Indian Rupee Futures recorded the highest monthly volume since August 2013 with 1,026,331 contracts
    First quarter volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 11% from the last quarter, trading more than 3.3 million contracts valued at over US$ 97 billion.
    (No Link)


    Hedge-Fund Magnate Robert Mercer Emerges as a Generous Backer of Cruz
    The two men share a passion for unbridled markets, concerns about the Internal Revenue Service and a skeptical view of climate change.

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