First Read

A Marginal Victory – for the Time Being
Doug Ashburn – JLN

Yesterday, a U.S. Government entity took a giant step that will have far-reaching effects on the global financial ecosystem.

Oh, yeah, and the Fed raised interest rates for the first time in 10 years.

While most eyes in the financial world were glued to the talking heads blathering about the rate hike, I was watching the CFTC as it approved two rulemakings – a proposed rule that would require exchanges, clearing houses, swap execution facilities and data repositories to conduct specific cybersecurity tests. It also issued a final rule requiring swap dealers to exchange initial and variation margin with financial institutions. (For a look at a summary of the final margin rules, with links to commissioner statements, related documents and other information, go to the page in MarketsReformWiki HERE

The new cybersecurity testing rules, approved by unanimous consent, cover five elements – vulnerability, penetration, controls, security incident response and enterprise technology risk assessment. These rules are straightforward and, in this day and age, should really be considered industry best practices anyway.

The margin rules, however, were accompanied by fireworks. Under the rules, swaps traded between affiliated entities will not be required to post initial margin. This marks a change from the proposed rules as well as rules approved by the Federal Reserve, FDIC and other prudential regulators, and prompted CFTC commissioner Sharon Bowen to vote against the rulemaking. In her dissent, Bowen, who sees this as a gaping loophole for banks to revert back to the days before the crisis, states:

“The large financial institutions that benefit from this exemption have tremendously complicated organizational structures, webs of hundreds, sometimes thousands, of affiliates spread across the globe. These complicated structures allow these banks to shift risk across the globe through different legal entities in their quest to earn higher returns on capital.”

CFTC chairman Tim Massad and commissioner Chris Giancarlo, the other two sitting members, see the protections built into the rule, such as margin segregation, prohibition of rehypothecation, and the exchange of variation margin between affiliates, as adequate protections.

Massad, who replaced Gary Gensler in 2014, has proven to be more pragmatic than his predecessor. Gensler, the chief architect of the CFTC’s original Dodd-Frank Act rulemaking, took a much stricter approach. He specifically singled out inter-affiliate swap margin as a necessary piece of the new structure.

This rule could set up an interesting showdown. Gensler, you see, is down but far from out. As finance director for Hillary Clinton, the presumptive Democratic nominee for the 2016 Presidential race, he could very well be named as Secretary of the Treasury under Clinton should she win.

In fact, Clinton’s recent New York Times opinion piece, How I’d Rein In Wall Street, Dec. 7, looked to have Gensler’s fingerprints all over it. The opening paragraphs, for example, were a verbatim copy of nearly every speech he gave while chairman.

With the CFTC down two commissioners from five – the last two to leave the commission, Scott O’Malia and Mark Wetjen, have yet to be replaced – the CFTC could have an entirely different makeup after the election, with a number of Massad’s pragmatic rollbacks “unrolled.”

In the words of the late movie star tough guy Charles Bronson, “Dis ain’t ovah.”


Industry Leader CTAs and CPOs Endorse Ernest Jaffarian and Doug Bry for NFA Board in CTA/CPO Category
NFA Election Supporters
Dave Kavanagh, President of Dearborn Capital Management LLC, John Krautsack, Chairman of EMC Capital Management Inc., John Stein of Kettera Strategies LLC and Patrick Welton of Welton Investment Partners sent a email letter to industry colleagues yesterday endorsing Doug Bry and Ernest Jaffarian in the NFA Board of Directors election happening now.

Calling themselves NFA Election Supporters, the four sent a letter to CTAs and CPOs yesterday letting them know who they support and who deserves to be elected based on their accomplishments.

The letter said, “They (Jaffarian & Bry) have thoughtfully challenged the NFA leadership on policy and are respected enough by the NFA that they have been listened to and have had an impact. This is notable considering that Bry and Jaffarian have long been considered the “reform” candidates on the NFA board.”

Bry and Jaffarian were also endorsed last week by John Lothian here in this newsletter. See below.


Vote Doug Bry and Ernest Jaffarian for NFA Board, CTA/CPO Category
John Lothian – John Lothian News
Doug Bry and Ernest Jaffarian deserve the votes of NFA member Commodity Trading Advisors and Commodity Pool Operators in the upcoming contested election for the Board of Directors of the National Futures Association. They have worked hard on behalf of CTAs and CPOs and have made a positive impact on the board. They deserve to be re-elected.


Sweet 16: The Tops For 2016 – Economics

From the Federal Reserve Bank moves on rates to the supply and demand for crude oil, 2016 is expected to be a big year for the derivatives industry. In our JLN Sweet 16 Series, we spoke with industry executives who gave us their top economic trends to watch in 2016. Here’s what Don Wilson, Terry Duffy, Christian Hauff and Derek Sammann had to say.

Watch the video »
Sponsored by Cinnober

Fed Lifts Off, Future Hikes Pegged to Inflation
Blu Putnam, Chief Economist, CME Group
The Federal Reserve (Fed), guided by Chair Janet Yellen, is likely to follow a very different path and much less aggressive approach for future rate hikes than the Fed under Alan Greenspan. During the last two tightening episodes under Greenspan, the Fed quickly raised the target federal funds rate to above 5% even though core inflation was around 2%. The Yellen-led Fed will probably be much more cautious. There is no end-point target rate, even if members of the Federal Open Market Committee (FOMC) have views about the long-run possibilities. It is not even clear if the Fed wants to take the effective federal funds rate above the core rate of inflation. What is clear is that only after inflation data shows incremental increases will this Fed even consider additional rate hikes.Thus, all attempts at establishing historical parallels, in terms of the impact of rate-hike cycles on the economy, should be taken with a grain of salt. This Fed is truly being much more cautious than we have seen before.


How Yellen Sees the Fed’s Rate Hike Affecting Average Americans
Victoria Stilwell – Bloomberg
More confidence, better job prospects and changes in borrowing costs
The Federal Reserve just raised its benchmark interest rate for the first time since 2006, an event market participants and economists have been breathlessly speculating over for months.

***** Americans are not average. They are all above average, just like Garrison Keillor says about kids from Lake Wobegon. In fact, they are just one big fat tail of above average.


$100 Billion Evaporates as World’s Worst Oil Major Plunges 90%
Andrew Willis – Bloomberg
Ecopetrol’s oil production has fallen short of forecasts
Investors have soured on company once worth more than BP
Colombia is nursing paper losses of more than $100 billion after its oil boom fell short of expectations, wiping out 90 percent of the value of what was once Latin America’s biggest company.

***** Did it at least leave a carbon residue when it evaporated?


Katy Perry and Andrea Bocelli; Hedge funds party despite losses
Hedge fund managers faced a tricky question this holiday season: how to thank employees but not offend disappointed clients. Despite a year of heavy losses for some in the industry, anecdotal evidence suggests holiday traditions were upheld and, in some cases, embellished, with guest appearances from pop star Katy Perry, acrobatic entertainers and at least one weekend sojourn to Florida as just some of the treats on offer.

***** Party like it’s 1985!


Lead Stories

BATS Exchange to Try Again at an I.P.O.
BATS Global Markets is making a second attempt at a public stock offering three years after a technology problem forced it to stay private.

Confident and clear, Yellen says rate path will be well signaled
The unanimous backing Federal Reserve Chair Janet Yellen got for the Fed’s first rate hike since the financial crisis let her deliver a clear message: Don’t expect further rate hikes for a while, and when we are ready, we’ll tell you.

IBM, JP Morgan, and Others Build a New Blockchain For Business
Stacey Higginbotham – Bloomberg
Bitcoin is out and the Open Ledger Project is in.
IBM, Intel, JP Morgan and several other big banks are among those making a big bet on blockchain, the distributed transaction processing engine behind cryptocurrencies such as Bitcoin. The companies have joined forces to create the Open Ledger Project with the Linux Foundation, with the goal of re-imagining supply chains, contracts and other ways information about ownership and value are exchanged in a digital economy.

Nasdaq’s Friedman to eye new growth paths
By Nicole Bullock in New York – FT
Adena Friedman has been named to the newly created position of chief operating officer at Nasdaq, in what is likely to rekindle speculation that she is the frontrunner to eventually succeed Bob Greifeld as chief executive of the exchanges operator.

Bloomberg buys Barclays’ benchmarking business
Philip Stafford in London and Nicole Bullock in New York – FT
Bloomberg has snapped up Barclays’ index benchmarking business for about £520m ($781m) as the US financial data provider continues to grab unwanted assets from banks.

U.S. SEC bars fund adviser from securities industry
The U.S. Securities and Exchange Commission said on Wednesday it barred hedge fund adviser Owen Li from the securities industry for making false statements to investors that lead to the collapse of a fund.

Swiss FINMA issues industry bans against six former UBS forex staff
Swiss financial market supervisory authority FINMA said it issued industry bans of between one and five years against six managers and traders formerly employed in Swiss bank UBS’s foreign exchange and precious metals business.

Third Avenue Allowed to Temporarily Halt Redemptions by SEC
Miles Weiss – Bloomberg
Firm cancels plan to put fund assets in liquidating trust
Regulator sets requirements as condition of approval
Third Avenue Management LLC received approval from the U.S. Securities and Exchange Commission to temporarily suspend shareholder withdrawals from its $788.5 million high-yield bond fund after the firm canceled a controversial plan to freeze shareholder assets for a year or more.

Congress Finally Comes Through For Ailing Sept. 11 Heroes
Huffington Post
Lawmakers have agreed to earmark $8 billion in this year’s measure to keep the government open.


Traded annuities can expect ‘high penalties’
Josephine Cumbo, Pensions Correspondent – FT
Pensioners planning to trade their secure annuity income for a cash lump sum are unlikely to get a good deal, pension experts and consumer campaigners have warned.

CFTC Approves Rule Giving Wall Street Break on Billions in Swaps
Bloomberg Business
Wall Street can breathe easier after a key regulator signed off on a rule Wednesday that will free the industry’s U.S. banking units from having to post billions of dollars of collateral for certain derivatives trades.

Esma’s Maijoor calls for swift resolution to Mifid uncertainty
Europe’s top markets supervisor has urged Brussels to move swiftly to set a new timetable for rolling out a landmark overhaul of trading rules after policymakers conceded that a planned January 2017 “Big Bang” is logistically impossible.

CFTC approves tighter cybersecurity rules for Derivatives Clearing Organizations, Trading Platforms, Swap Data Repositories
The two proposals oblige all derivatives clearing organizations, designated contract markets, swap execution facilities, and swap data repositories to conduct five types of cybersecurity testing, with the frequency of these testing to be determined by appropriate risk analysis.

Statement of Chairman Timothy Massad, Final Rule on Margin for Uncleared Swaps
The rule this Commission is adopting today is one of the most important elements of swaps market regulation set forth in the Dodd-Frank Act. Although we have mandated clearing for standardized swaps, there will always be a large part of the market that is not cleared. This is entirely appropriate, as many swaps are not suitable for central clearing because of limited liquidity or other characteristics. Our clearinghouses will be stronger if we exercise care in what is required to be cleared. However, we must take steps to protect against such activity posing excessive risk to the system. That is why margin requirements for uncleared swaps are important.

***DA: Also see concurring statement from Chris Ciancarlo and dissenting statement from Sharon Bowen

CFTC Unanimously Approves Proposed Enhanced Rules on Cybersecurity for Derivatives Clearing Organizations, Trading Platforms, and Swap Data Repositories
The proposals, to be published in separate Federal Register Notices, identify five types of cybersecurity testing as essential to a sound system safeguards program: (1) vulnerability testing, (2) penetration testing, (3) controls testing, (4) security incident response plan testing, and (5) enterprise technology risk assessments.

***DA: Link also includes fact sheet, Q&A, and statements of support from the three sitting commissioners.

Exchanges & Trading Facilities

Euronext Capital Requirements Lifted by District Court of Rotterdam
Business Wire
Today, the District Court of Rotterdam, The Netherlands, rendered its verdict in the appeal procedure between Euronext N.V. and Euronext Amsterdam N.V. against the Dutch Minister of Finance, substantially ruling in favour of Euronext.
The court has ruled that the new capital requirements imposed in the June 2014 license no longer apply and that the applicable license is the one of March 2014.

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global network of exchanges and clearing houses, today announced that Silver Lake Partners III, L.P., Silver Lake Technology Investors III, L.P., Warburg Pincus Private Equity X, L.P., Warburg Pincus X Partners, L.P., WP X Finance, L.P. and Igloo Co-Invest, LLC (collectively, the Selling Stockholders) intend to offer for sale in an underwritten secondary offering 5,669,002 shares of ICE’s common stock pursuant to ICE’s shelf registration statement filed with the Securities and Exchange Commission (SEC). The shares being offered were originally issued to the Selling Stockholders in connection with the acquisition of Interactive Data Holdings Corporation which ICE completed on December 14, 2015. ICE is not selling any shares and will not receive any proceeds from this offering. The closing price of ICE’s common stock on December 16, 2015, was $247.72 per share.

LME may expand electronic warehouse tracking system beyond metals
The London Metal Exchange (LME) will include ores and metal products in a new electronic system for tracking material stored outside its registered warehouses and may later expand to other commodities, an executive said. A metals warehousing fraud last year in China spurred the development of the new scheme to provide electronic receipts as proof of ownership for stored metal, which has the capacity for tens of millions of tonnes of material.

ICBC launches first bond on London Stock Exchange; Chinese bank ICBC London branch lists $10 billion Medium Term Note (MTN) programme on London Stock Exchange.
Automated Trader
Industrial and Commercial Bank of China’s London branch has launched its first international bond, raising $300 million on London Stock Exchange as part of a $10 billion MTN programme. The three year bond is the first dollar denominated issue by a Mainland Chinese bank on London Stock Exchange’s Main Market.

Thai Bourse Rolls Out 2016 Plan To Build New S-Curve For Quality Growth
The Stock Exchange of Thailand (SET) has revealed its 2016 plan towards sustainable growth, focusing on expanding investor base and enhancing quality of listed firms. The bourse was ready to follow government economic policies by facilitating private sectors for both small and medium-sized enterprises (SMEs) and qualified businesses to access capital market fund, creating new “S-curve” by increasing product diversification and facilitating companies for fundraising in the region, while strengthening domestic institutional investor base and expanding retail investor base. Furthermore, SET will support the quality of listed firms to be enhanced with consideration on environmental, social and governance (ESG) aspects.

LSEG reports strong 2015 on back of LCH business; LCH.Clearnet continues to be a major source of growth for LSEG, according to pre-close statement.
By Paul Walsh – The Trade News
The London Stock Exchange Group (LSEG) has seen improved performance this year, with its LCH.Clearnet subsidiary again delivering strong results.

Eurex Exchange’s MSCI news – December 2015
See the most important facts on volumes, open interest and other interesting developments on our MSCI derivatives.

Hedge Funds & Managed Futures

The Big Long: Bank Trade Gets Liftoff in Stocks as Fed Tightens
Lu Wang Anna-Louise Jackson – Bloomberg
ETF flows and options volume climbing for financials
Banks overtook technology as most favored in fund survey
Seven years after American banks brought the global economy to its knees, stock investors want nothing more than to own them again now that the Federal Reserve is back to raising interest rates.

How BlackRock’s Hedge Fund Problem Is Holding It Back
Sabrina Willmern – Bloomberg
Macro fund loss, market turmoil threaten Fink’s ambitious push
At least a dozen of its fund strategies manage less than $1B
Yes, he runs the biggest asset management firm the world has ever seen. But right now, Laurence D. Fink has a little hedge-fund problem.

Wall Street’s Short Sellers Are Turning On Their Own
Sonali Basak – Bloomberg
Hedge fund investors can use reinsurer trade to offset risks
Greenlight Re has dropped 45% this year, helping short sellers
The shorts are targeting one of Wall Street’s best known short sellers.

This Junk Bond Derivative Index Is Saying Something Scary About Defaults; Markit’s CDX index is pricing in a 2008-like selloff.
Tracy Alloway – Bloomberg
Here is the Markit CDX North America High Yield Index.

The Mutual Fund Equivalent of Bankruptcy; In Debt
The recent decision by the managers of a fund invested mainly in high-yield, or junk, bonds to put their fund into the mutual fund equivalent of bankruptcy reminds us that mutual funds are like banks in an important way. Namely, both banks and mutual funds invest in long-term assets, yet promise short-term liquidity.

Banks & Brokers

Blockchain Lures IBM, Wells Fargo to Develop Transaction Network
Matthew Leising – Bloomberg
Linux Foundation pulls together titans to advance technology
Will `transform the way business transactions are conducted’
Blockchain, the bitcoin-linked software ledger that’s touted as a way to speed up and simplify how transactions are recorded, just won the backing of finance and technology titans including IBM, Wells Fargo & Co. and London Stock Exchange Group Plc.

Bank of America taps Merrill exec as new Chicago president
By STEVE DANIELS – Crain’s Chicago Business
Bank of America is turning to a local wealth management executive to lead the Chicago market now that market President Tim Maloney is retiring.

BlackRock, Pimco Push for Credit Swaps Clearing Amid Junk Rout
Bloomberg Business
BlackRock Inc., Pacific Investment Management Co. and BlueMountain Capital Management are among a band of 24 investors aiming to revive a shrinking part of the $13 trillion credit-default swaps market.

Banks try to copy Citi and UBS in leverage dodge (Subscription Required)
Tactic slashes exposure for clearers, but could undermine lobbyists.

Clearing & Settlement

Currency options warm to clearing
Futures & Options World
Central clearing in foreign exchange has proven much more complex than other asset classes. A new service developed by LCH.Clearnet and CLS may see the first FX options cleared in 2016 despite there being no regulatory mandate on firms to do so, Joel Clark reports.

U.S. Repeals Dodd-Frank Provision that Hindered OTC Data Sharing
Roland Kielman – DTCC Connection
Removal of the Dodd-Frank indemnification requirement was a longstanding priority of DTCC, which first called attention to the issue in 2010. DTCC played a prominent role in raising awareness about the indemnification provisions and its unintended consequences among lawmakers on Capitol Hill and overseas.

DTCC’S Omgeo Partners with SIMCORP to Deliver Repo Central Matching Functionality via Omgeo CTM; Brings STP to Critical Asset Class
For trades agreed between the buy- and sell-side, current processing for repos is largely manual. Operational efficiencies and service levels decrease as manual processes are employed, while the absence of a repo system for electronic confirmation, allocation and central matching creates an inherent risk within the post-trade environment. DTCC’s Omgeo has been working with the European Repo and Collateral Council (ERCC), the industry representative body and is part of the International Capital Market Association (ICMA), to address these various challenges.

Indexes & Products

ETFs survive test of junk bond market stability
Dec 16 After a year that has reignited concerns about how exchange-traded funds work during volatile periods, junk bond ETFs came through a test this month, registering their highest trading volumes ever without any major disruption.

Vietnam boom fuels MSCI dreams – Equity – Deals
Finance-sector executives in Vietnam, encouraged by the government’s reform agenda and a surge of global investor interest, hope the country will enter MSCI’s emerging-market stock index by the end of 2017.

ICBC Europe and ICBC Credit Suisse Celebrate Authorization of S&P China 500 Index Fund
Press Release
Industrial and Commercial Bank of China (Europe) S.A. today announced the authorization of ICBC Credit Suisse S&P China 500 Index Fund under the ICBC (Europe) UCITS SICAV umbrella, by the Luxembourg regulator Commission de Surveillance du Secteur Financier.

New Risk-Off: More Fear Today Than Tomorrow
S&P Dow Jones Indices
It has been over nine years since the Fed raised interest rates, but today, the Fed raised rates just as expected. While the Fed actions have been well telegraphed, and interest rates are probably the least of worries for commodities, there is one measure that might be worrisome.


FT explainer: currency trading algorithms
Paul McClean – FT
Algos are being designed to carry out ever more complex functions
Algorithm has been a dirty word this year. In September, Volkswagen admitted to installing a “sophisticated software algorithm” on certain vehicles to cheat emissions tests, and in November Barclays was fined $150m for alleged misuse of its foreign exchange algorithm.

McKay Brothers Completes UK Local Wireless Network at Lowest Known Latency
McKay Brothers International’s (MBI) Central London POP, adjacent to the London Stock Exchange, is now live. The Central London POP completes MBI’s UK Local millimeter wave network. MBI connects data centers serving major UK equities, interest rate and FX matching engines at the lowest known latency. For example, latency from Slough-LD4 to a MBI’s Central London POP is 272 microseconds round trip. Slough-LD4 to Interxion’s Central London location is covered in 280 microseconds round trip.

First FinTech Company To Sponsor Major College Bowl
For the first time ever, a major FinTech company and small business lender, National Funding, has announced that it will be the title sponsor of the 2015 Holiday Bowl in San Diego. The National Funding Holiday Bowl pits USC versus Wisconsin.

Fintech revolution a bank threat
Business News
Bank bashing is an old sport usually practised by external critics, but 2016 could be the year when big banks discover that their greatest threat comes from within – something that should concern bank shareholders as much as employees.

Technology lies at the heart of what’s happening in the banking world; and some of the smartest people in the industry are voting with their feet, quitting old-style banks for the new generation of ‘fintech’ companies.


Sheldon Silver’s Son-in-Law Gets 2 Years for Running Ponzi Scam
Erik Larson – Bloomberg
Marcello Trebitsch promised clients easy returns and low risk
Trebitsch cried and begged victims for forgiveness, U.S. said
Two weeks after one of New York’s most powerful politicians was convicted in a public-corruption trial, his son-in-law was sentenced to two years behind bars in a separate case over a multimillion-dollar Ponzi scheme.

Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges; 32-year-old suspected of plundering Retrophin to pay debts
By Christie Smythe and Keri Geiger – Bloomberg
A boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested by federal agents at his Manhattan home early Thursday morning on securities fraud related to a firm he founded.

SEC: Hedge Fund Adviser Lied to Investors
The Securities and Exchange Commission today barred a hedge fund adviser from the securities industry for making a series of false statements to investors and ultimately causing a fund’s collapse.

Beijing Probes Architects of Stock-Market Rescue
Having already investigated investors and brokerages in connection with a bungled summer stock-market rescue totaling more than $200 billion, Beijing is now probing the rescuers.

Environmental & Energy

Seven market signals that business needs before it embraces the Paris Climate Agreement
By Andrew J. Hoffman – The Conversation
Historic! Landmark! Monumental! These are the words being used to describe the Paris climate accord, recently negotiated under the auspices of the United Nations. As an agreement, the words are apt.

Prime Minister implies CCS technology ‘isn’t working’
By James Murray – BusinessGreen
The Prime Minister has today defended the government’s decision to scrap a £1bn funding competition for the UK’s first commercial scale carbon capture and storage (CCS) demonstration project, declaring it is the job of government to “make decisions about technology that works and technology that isn’t working”.

$1-billion desalination plant, hailed as model for state, opens in Carlsbad
By Bradley J. Fikes – Los Angeles Times
With Monday’s ceremonial opening of the Western Hemisphere’s largest ocean desalination plant, a new era began for water use in San Diego County — and possibly for the entire parched state.

The Carbon Markets Financial Game: How “Emissions Trading” at Paris Climate Talks Has Set Us Up For Failure
Global Research – Centre for Research on Globalization
What we have ended up with is some murky semantics. Though terms such as “carbon trading,” “carbon pricing,” “carbon offsetting” and “carbon markets” don’t appear anywhere in the text, the agreement is littered with references to a whole range of new and expanded market-based tools.


Funds Program Between Hong Kong and Mainland China Gets Closer to Completion
A program designed to let asset managers in Hong Kong and mainland China sell funds to retail investors on both ends appears to be getting closer to execution. Authorities could release the names of funds that will be included in the so-called Mutual Recognition of Funds program as soon as Friday, according to people familiar with the matter. Regulators declined to comment.

Fanya exchange founder missing in China
Lucy Hornby in Beijing – FT
The founder of the troubled Fanya Metals Exchange, who has been pursued across China by angry investors, has disappeared and is presumed detained by authorities.

Fed rise: Hong Kong caught between US tightening and China slowdown
Jennifer Hughes in Hong Kong – FT
There is an irony to the fact Hong Kong’s economy may enjoy a temporary cushion from the effects of rising US interest rates simply because of China’s bungled summer renminbi devaluation.

Singapore banks introduce distributed ledger technology in trade finance
FTSE Global Markets
Standard Chartered Bank, DBS Bank and Infocomm Development Authority of Singapore (IDA) say they have successfully completed a proof of concept (PoC) delivering the world’s first application of distributed ledger technology to enhance the overall security of trade finance invoicing. Leveraging distributed ledger technology, the initiative will reduce risk around duplicate invoice financing for banks while preserving client confidentiality.

Banking sector still tied up in red tape
Nikkei Asian Review
While manufacturers gush over the abolition of tariffs within the ASEAN Economic Community, companies in the service sector see relatively little reason for optimism. Banks, in particular, are unhappy with the pace of progress.

Frontier Markets

Esteves’s Attorneys Say Billionaire Was Jailed for Being Rich
Blake Schmidt – Bloomberg
Andre Esteves’s attorneys requested his release from a Rio de Janeiro jail and said the billionaire was only arrested in a corruption case because he’s one of the wealthiest people in Brazil.

Argentina Announces Lifting of Currency Controls; New government says move, expected to trigger depreciation of peso, is ‘the starting point for getting the economy back on its feet’
Argentina’s new government on Wednesday lifted currency controls, allowing its citizens to buy dollars freely for the first time in four years and setting the stage for a sharp depreciation of the peso.

India’s sugar stockpile to deplete by a quarter as exports rise
Business Standard
India is likely to start the 2016/17 marketing year with 6.7 million tonnes of sugar, 26.4 per cent lower than at the beginning of the current year, as rising exports will pull down inventories in the world’s second biggest producer.


Louis Dreyfus appoints Anthony Tancredi head of sugar
Louis Dreyfus Commodities has appointed Anthony Tancredi as head of sugar with immediate effect, the company said on Wednesday.

Cargill expands feed formulation expertise through acquisition of Format International Ltd.
Deal boosts end-to-end solutions offering for animal nutrition and feed industries
Driven by opportunities in the global feed software market to provide customers with integrated formulation software and solutions on a larger scale, Cargill has acquired Format International Ltd., a leading global feed formulation software company with more than 30 years of experience and more than 5,000 users across 93 countries. Format International specializes in the design, authoring and marketing of recipe optimization, ingredient allocation and food and feed formulation solutions for the animal feed, aqua feed, pet food, human food, premix and other industries.

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