First Read

Ivers Riley: A Man for All Markets
Jim Kharouf – JLN

There are pioneers, innovators and leaders in every industry. Ivers Riley is one of the rare individuals to wear all three titles.

Riley, who died yesterday at the age of 82, is one of those executives who was part of several transformational events in the financial markets’ history, including: the early stages of the options industry; the creation of exchange traded funds, one of the most successful products in the history of financial markets; two critical periods at the Hong Kong exchanges; and a key player at the International Securities Exchange, which ushered in fully-electronic options markets.

Riley’s career was rare in the sense that he worked at several exchanges and across three asset classes: stocks, options and futures. He is first noted for his work in the mid-1970s at the Chicago Board Options Exchange, for his efforts in promoting and educating regulators and the industry on put options. Riley’s work earned him the nickname “Mr. Puts” for his relentless efforts on behalf of the contract.

While the CBOE was established in April 1973 and was growing, it wasn’t until the introduction of puts just over three years later that volumes at the exchange exploded. With puts established at the CBOE, the exchange posted record daily volumes in 1978 and soon afterward topped average daily volumes of 500,000 contracts per day.

“When I think of Ivers, I think of a person who took a backwater product, one that was listed and only traded calls initially,” said Gary Katz, CEO of the International Securities Exchange and a long-time colleague of his at the ISE. “And he convinced the regulator that puts were not boogeymen, that they were not to be afraid of, they were necessary for a portfolio. That, at the most basic level, was the building block of what would ultimately become the listed options market. Can you imagine what the market might look like today if we only traded calls?”

Read the rest of the article, including Riley’s innovative work on ETFs, his stint in Hong Kong, and his push toward electronic markets, on


Ivers Riley Obituary
CDR. Ivers W. Riley, Jr. (USN, RET.) – SAVANNAH – CDR. Ivers W. Riley, Jr. (USN, RET.), 82, passed away Tuesday, February 17, 2015 at his residence. Funeral arrangements are incomplete and will be announced by Fox & Weeks Funeral Directors, Hodgson Chapel.


High-frequency trading is the new invisible hand
Diane Coyle, FT
What’s the difference between you and a very powerful computer? This is the question posed by artificial intelligence research, by Tom Stoppard’s new play The Hard Problem, and by Friedrich Hayek in a classic 1945 paper in The American Economic Review, The Use of Knowledge in Society. To many people, including Stoppard’s heroine, the differences are obvious: emotion, the capacity for moral reasoning, free will perhaps. These features make us human, and it is our human needs that markets and market information in principle serve.

***** The invisible computer that trades so fast you can’t see it.


Mary Ryan, TD Ameritrade – TD Ameritrade U: Who, What, When, Where, Why & How

“By increasing the financial literacy in a risk-free environment, we can decrease the age of the average investor…which is going to bring more traders and investors to the marketplace.”

Mary Ryan of TD Ameritrade explains the TD Ameritrade U program, which serves to educate students on trading and the financial industry. Ryan discusses the types of tools used in the program, such as giving students access to actual trading platforms, market data and trading support. The goal is to give students the most accurate simulation so they can go out and begin trading in the real world. Ryan also explains the the thinkorswim Challenge, a contest where student teams make trades with a $500k portfolio for four weeks. Prizes are awarded to the students with the highest returns.
Watch the video »

Cybersecurity and data breach preparedness webcast series
It’s not a matter of if, but when you’ll experience a data breach
Attend McGladrey’s three-part webcast series to understand how you can step up your security posture and data breach preparedness.

***** Not industry specific, but an important subject for every firm.


CBOE RMC, March 4-6 2015, Carlsbad California
Now in its 31st year in the U.S., the annual CBOE Risk Management Conference (RMC) is the premiere financial industry conference designed for institutional users of equity derivatives and volatility products. Hosted by the Chicago Board Options Exchange (CBOE), RMC is an educational forum dedicated to exploring the latest products, trading strategies and tactics used to manage risk exposure and enhance yields. RMC brings together top traders, strategists and researchers, enabling participants to learn the state-of-the-art in investment risk management from true experts in the field.


Financial Modeling of Hybrids & Advanced Structures – March 3, Marriott Chicago Downtown
PRMIA Chicago
As the universe and complexity of hybrid and structured products continue to grow, an effective and future-proof modeling framework is necessary to price, structure, and manage the risks of these products and their exposures. Speakers from FINCAD, E.ON Global and Northern Trust will discuss important considerations for pricing and risk management of hybrids and advanced structures.

***DA: PRMIA Chicago is among the top chapters worldwide in this 90,000-plus organization, which counts me as a member.



MarketsWiki Page of the Day
Balasubramaniam Venkataramani

MarketsWiki Recent Updates


Blair Hull; Peter J. Layton; Michael O’Connell; Balasubramaniam Venkataramani; Scott Gordon; Jérôme Kerviel; Guillaume Roux-Chabert; Håkan Färdig; Heather Larson-Blakestad; Ian Talley

Companies, Organizations and Groups

Hull Trading Company; Ketchum Trading, LLC; Eurex; Société Générale; Global Markets Exchange Group International LLP


58,7777,687 pages viewed, 8,154 articles, 189,645 edits
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Lead Stories

BATS Moves Toward Another Try at an IPO; Promotion of Concannon would be first step in restarting IPO plans following failed offering in 2012
By Bradley Hope And Telis Demos
BATS Global Markets Inc., one of the country’s three big stock-exchange operators, is preparing to replace its chief executive officer as it lays the groundwork to take another stab at an IPO, according to people familiar with the matter.

Volatility Has Natural-Gas Traders Scrambling; Market boasts some of Wall Street’s biggest price swings; catching the ‘Oh my God’ move
By Timothy Puko, WSJ
The natural-gas market is costing Todd Gross a lot of sleep. Mr. Gross, chief investment officer at Qeri LLC, a small commodity hedge fund in New York, used to wake up at 5 a.m. to look at the latest market data. Now he increasingly rises in the middle of the night to check the latest weather models and adjust his wagers.

HSBC’s Swiss Unit Probed by Prosecutor; Offices searched as part of investigation into alleged money-laundering activities
By Neil MacLucas And Margot Patrick, WSJ
The Geneva public prosecutor’s office has begun a search of the offices of U.K. banking giant HSBC Holdings PLC’s Swiss unit as part of a probe into alleged money-laundering activities.

SEC Sees Pervasive Bad Behavior in Complex Debt: Credit Markets
by Jody Shenn, Matthew Robinson – Bloomberg
After stunning mortgage-bond traders by seeking to put one in jail, U.S. investigators see more inappropriate behavior that needs to be addressed in the market for such complicated debt.

SocGen buys stake in trading platform
Philip Stafford, FT
Société Générale has bought a minority stake in a UK start-up trading platform in a move that underlines how banks are exploring hybrid fixed income derivatives to ease their capital requirements.

Enjoy Cheap Oil, Fear the Deflation
By A. Gary Shilling, Bloomberg
My last column explained the dangerous game of chicken Saudi Arabia is playing with other major oil producers, including U.S. frackers, to see who can withstand low oil prices the longest before slashing production. That price may be as low as $10 to $20 a barrel, or even lower. Now let’s look at how things might shake out.

Buying ‘market truths’ pays, but not impressively
John Authers, FT
Some investing truths are universal and self-evident. One of the most enduring is: never put cash into funds that have recently been hot performers. Following the hot hand always proves disastrous.

Eric Holder launches 90-day crusade against bank leaders
By Kevin Dugan, NY Post
Attorney General Eric Holder wants a Wall Street scalp. After years of pressure from some lawmakers, civic leaders and Occupy Wall Street protesters, the country’s No. 1 law enforcer said Tuesday he has instructed many of his 93 federal prosecutors to review any residential mortgage fraud case they have brought against a financial institution stemming from the 2008 financial crisis to see if any executive could be held accountable for the company’s actions.

Investors examine Saxo Bank lawsuit after SNB franc move
More than 20 investors have asked a Danish law firm to represent them in a potential class action lawsuit against online forex brokerage Saxo Bank, law firm Andersen Partners said on Wednesday.

FXCM to Stop Trading in Selected Currencies; Decision to stop trading some pegged currencies reflects Swiss National Bank fallout
By Chiara Albanese, WSJ
Foreign-exchange broker FXCM Inc. will stop trading a number of currencies later this week to avoid volatility caused by possible future intervention by governments in currency markets, according to a person familiar with the matter.


FINRA Says NY Brokerage Sat On ‘Spoofing’ Suspicions
By Ed Beeson, Law360
The Financial Industry Regulatory Authority on Friday fined Lightspeed Trading LLC $250,000 to settle claims it aided and abetted violations by three unregistered broker-dealers and that it failed to take action when it suspected one of these firms of manipulating stock prices through a spoofing scheme.

UK Financial Conduct Authority (FCA) Releases Updated Transaction Reporting User Pack
By Neil Robson, The National Law Review
On February 6, the Financial Conduct Authority (FCA) published an updated version of its transaction reporting user pack (TRUP). The TRUP provides market participants (including FCA authorized firms, firms from non-EU countries trading on UK markets, and operators of an approved reporting mechanism or a regulated market or a multilateral trading facility) with guidance on transaction reporting obligations deriving from the Markets in Financial Instruments Directive (MiFID). The FCA had previously published a consultation on TRUP in May 2014, and the revised TRUP includes a number of clarifications based upon feedback received.

ESMA Publishes Technical Advice on New EU Market Abuse Regime
By Neil Robson, The National Law Review
On February 3, the European Securities and Markets Authority (ESMA) published its final report to the European Commission (EC) with technical advice on possible new secondary legislation under the European Union’s Market Abuse Regulation.

Wall Street Banks Could Suffer Under New CFTC Rules For Massive Swaps Market
By Owen Davis, International Business Times
The Commodity Futures Trading Commission will reportedly announce rules that could fundamentally alter the $700 trillion swaps market, currently dominated by a handful of large Wall Street banks. Above, traders work at Bloomberg terminals on the floor of the New York Stock Exchange, May 13, 2013. REUTERS/Brendan McDermid

CFTC Extends Relief From Certain Ownership and Control Reporting (OCR) Requirements
By Christian B. Hennion and James M. Brady, The National Law Review
The Division of Market Oversight of the Commodity Futures Trading Commission has extended no-action relief from certain of the CFTC’s ownership and control reporting (OCR) regulations, including electronic reporting via new Form 71, revised Form 40/40S and revised Form 102 (which includes Form 102A, Form 102B and Form 102S). CFTC Letter No. 15-03 replaces CFTC Letter No. 14-95, which previously granted similar relief.

End user feedback a priority: CFTC chairman
Argus Media
Commodity Futures Trading Commission (CFTC) chairman Timothy Massad assured US lawmakers today that the agency will weigh concerns from end-users before pressing ahead with new regulations on position limits.

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

  • EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Establish Fees for EDGX Top, EDGX Last Sale, and the BATS One Feed (Release No. 34-74282; File No. SR-EDGX-2015-09); see also Exhibit 5
  • NASDAQ: Order Granting Approval of Proposed Rule Change to Require That a Company Publicly Disclose the Denial of a Listing Application (Release No. 34-74279; File No. SR-NASDAQ-2014-102; February 13, 2015)
  • NMS: Order Approving Amendment No. 34 to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis Submitted by the BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, Inc., Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT, LLC, and NYSE Arca, Inc. (Release No. 34-74265; File No. S7-24-89; February 12, 2015)
  • NMS: Order Approving the Nineteenth Substantive Amendment to the Second Restatement of the Consolidated Tape Association Plan (Release No. 34-74264; File No. SR-CTA-2014-04; February 12, 2015)
  • NYSE: Notice of Filing of Proposed Rule Change Adopting New Rule 124 to Conduct a Midday Auction and Amending Rule 104 to Codify the Obligation of Designated Market Makers to Facilitate the Midday Auction (Release No. 34-74281; File No. SR-NYSE-2015-06)
  • NYSE Arca: Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of the Innovator IBD 50 Fund under NYSE Arca Equities Rule 8.600 (Release No. 34-74278; File No. SR-NYSEArca-2015-04; February 13, 2015)

FCA warns fund groups over market abuse safeguards
Dan Jones, Investment Week
The Financial Conduct Authority (FCA) has said fund groups must do more to ensure they control the risk of market abuse, following a thematic review into the issue.

Exchanges & Trading Facilities

ISE Holdings Statement on the Passing of Ivers W. Riley
The International Securities Exchange Holdings, Inc. (ISE Holdings) today released a statement on the passing of Ivers W. Riley, who joined ISE’s Board of Directors in 2000 and served as its Chairman from 2002 to 2006.

BGC Urges All GFI Stockholders To Tender Their Shares Into Its $6.10 Per Share Offer before it Expires
PR Newswire
Howard Lutnick, Chairman and Chief Executive Officer of BGC, said: “Stockholders representing approximately 43.3% of GFI shares have already displayed their support for our transaction. With the expiration for our tender offer right around the corner and the 45% threshold so close, we strongly advise those stockholders who have not yet tendered their shares to do so in order to receive the value to which they are entitled. Together, BGC and GFI can create a larger, faster growing, more diversified and financially stronger company that we believe will provide substantial benefits to GFI’s customers, counterparties, regulators, brokers and other employees.”

Could Icap present CME’s Plan B?
Futures & Options World
This week could see the final act in the protracted battle to buy GFI Group as its rival BGC Partners’ tender offer to acquire the necessary proportion of GFI shares runs out on February 19. At the time of writing, the future of GFI hangs in the balance with BGC needing only another 1.7% of votes after failing by that tiny margin in its first bid to win over shareholders with 45% of GFI shares on February 3.

Javelin SEF Offers CFTC Compliant Method for Processing Interest Rate Swap Block Trades
Javelin SEF, LLC (“Javelin”) announced today that it has launched an electronic, fully automated functionality for pre-trade credit checking and straight through processing of block trades in the US$350 trillion Interest Rate Swap market. While the CFTC provided No Action Relief from many of the current “Block Trade” requirements on Sept 19, 2014, the CFTC reminded the marketplace of the required steps for the proper processing of a block trade and the sequence in which those steps must occur

How CME Group (CME) Stock Stands Out in a Strong Industry – Tale of the Tape
One stock that might be an intriguing choice for investors right now is CME Group Inc. (CME). This is because this security in the Securities Exchanges space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

Product Listing Schedule Expansion: Australian Coking Coal (Platts) Low Vol Futures
CME Group

Eurex Exchange’s MSCI news – February 2015
There’s a lot going on in MSCI futures and options at Eurex Exchange. This newsletter sums up the major developments this month: rising volumes, research on MSCI derivatives in fund management and more!

Hedge Funds & Managed Futures

Eleventh Circuit Affirms Arbitration Dismissal in Favor of Investor’s Estate in Clawback Suit
By Emily Stern and Ashley H. Jones, The National Law Review
The receiver of hedge funds that were part of a $168 million Ponzi scheme was unable to vacate an arbitration award denying clawback claims brought against an investor’s estate. The US Court of Appeals of the Eleventh Circuit rejected the receiver’s argument that the clawback claims were exempt from arbitration.

Icahn Invokes S.E.C. in Unusual Twist in Fight With Wachtell Lipton
By Peter J. Henning, NY Times
Notice about a Securities and Exchange Commission investigation into possible violations at a company usually sends shudders through management. But that may not be the case in a nasty fight between the activist investor Carl C. Icahn and Wachtell, Lipton, Rosen & Katz, the New York law firm, which has established a reputation for resisting hostile takeovers and proxy solicitations.

Banks & Brokers

Crédit Agricole to Unveil New Chief Executive Next Week; Bank’s fourth-quarter profit rises 13% from a year earlier
By Noémie Bisserbe, WSJ
Crédit Agricole SA said it would announce the name of its new chief executive next week, as the French bank seeks to return to its roots and reorganize around its regional retail lenders.

BNY Mellon restates profits with $598m charge
Ben McLannahan in New York, FT
Bank of New York Mellon has restated the fourth-quarter results it announced last month, taking a $598m litigation charge that suggests it is heading towards a settlement of cases including a three-year-old foreign exchange suit filed by the Department of Justice.

Credit Suisse and Deutsche Bank review junior bankers’ pay
Laura Noonan in London, FT
Credit Suisse and Deutsche Bank are reviewing junior bankers’ pay in the latest move by investment banks to boost salaries following public and regulatory pressure to reduce lavish bonuses.

JPMorgan Weighs Leaner Trading Units as Rules Hit Profitability
by Michael J Moore, Ambereen Choudhury, Elisa Martinuzzi – Bloomberg
Even JPMorgan Chase & Co., a Wall Street winner since the financial crisis and now the world’s biggest investment bank, is considering shrinking some trading businesses because new rules make them less profitable.

SocGen, UniCredit Join European Banks Slipping on Capital
by Fabio Benedetti-Valentini, Bloomberg
Three of the euro area’s largest lenders reported a drop in capital levels in the fourth quarter, failing to keep up with regulators’ demands for bigger cushions against potential losses as they face challenges in markets ranging from Russia to Brazil.

Whistleblower Adds to UBS’s Tax Woes in France
By John Letzing, WSJ
The whistleblower who helped the U.S. prosecute Swiss bank UBS AGUBSN.EB +1.54% for aiding tax evasion has won permission to try to do the same thing now in France. Bradley Birkenfeld, an American who once worked for UBS, is being allowed to travel to Paris between Feb. 24 and March 1 to provide testimony in an ongoing investigation of the Zurich-based bank underway there, according to a court filing on Tuesday. Mr. Birkenfeld, who was implicated in the previous U.S. case against UBS, spent time in prison and now requires court approval to travel overseas as part of his supervised release.

Clearing & Settlement

Comment: Risk incentives critical in clearing recovery plans
Thomas Book, FT
During the financial crisis, public support for the financial industry was administered on enormous scale for a clear reason — the external costs of major firms’ failures were presumed to be too extreme.

***** Thomas Book is the CEO of Eurex Clearing.

Indexes & Products

A year after launch, India VIX futures lose steam
By: Devangi Gandhi, The Financial Express
A year after their introduction on the National Stock Exchange (NSE) India VIX futures are yet to see consistent participation. Market observers say that while lower liquidity is keeping institutional players at bay, the trading activity may deepen over a period as Indian investors start to comprehend the product better.

Rob Arnott Reflects on a Decade of Fundamental Indexation
Institutional Investor
The Research Affiliates founder helped introduce an alternative to traditional equity indexes that has grown popular with ETF investors.

S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian Indices
S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices: At the request of the company, Tekmira Pharmaceuticals Corporation (TSX:TKM) will be delisted from TMX. The shares of the company will continue to be listed on the NASDAQ Capital Market under the ticker symbol “TKMR”. Tekmira will be removed from the S&P/TSX SmallCap Index after the close of trading on Tuesday, February 24, 2015.


Snapchat seeks new funding at up to $19 billion valuation: Bloomberg
Snapchat is looking to raise as much as $500 million in a new funding round that would value the mobile messaging company at up to $19 billion, Bloomberg reported on Tuesday, citing a person with knowledge of the matter.

TMX Datalinx Launches Montréal Exchange Historical Trading Data Products
TMX Datalinx, the information services division of TMX Group, today announced the launch of four new end-of-day Montréal Exchange (MX) trading data products, including MX Options Trades and Quotes, MX Futures Trades and Quotes, MX Options Trading Summary and MX Futures Trading Summary files.

Finovate 2015, the Part Mobile is Playing in Fintech
The financial sector is an industry ripe for technical disruption. It is well-financed, has many multifaceted requirements and the vast majority of us need its services on a regular basis. The last couple of years have created a plethora of startups and product offerings to service the financial sector and the financial needs of consumers. It even has its own buzzword, ‘FinTech’, to really prove it has arrived. Finovate is one of the pre-eminent events for the FinTech space and holds yearly gatherings in Europe and the USA. Some developments in the FinTech space have interested me and many involve mobile devices and apps relevant to this channel. Thus I took a trip to London’s Old Billingsgate Fish Market to get some ideas of trends, technologies and developments that may interest you.

Why fintech will change the world
Fintech is on fire. Better, it’s white hot. According to an oft-cited study released by Accenture, global investment in financial technology ventures tripled from US$928 million to US$2.97 billion between 2008 and 2013. This figure is expected to snowball to a whopping US$6 to 8 billion by 2018.


Regulators discipline three South Florida companies, one man
Nina Lincoff, South Florida Business Journal
Three South Florida companies and one Key Biscayne man faced enforcement actions from the Financial Industry Regulatory Authority (FINRA) in the past month.

US sets deadline over financial crisis charges
Gina Chon in Washington, FT
US prosecutors have been given a 90-day deadline to assess whether they have enough evidence to bring cases against individuals linked to the 2008 financial crisis, as attorney-general Eric Holder fine-tunes his legacy before he steps down later this year.

Swiss prosecutor raids HSBC’s Geneva premises
Madison Marriage in Zurich and Elizabeth Paton and Martin Arnold in London, FT
HSBC’s offices in Switzerland have been raided by prosecutors investigating the bank’s past actions in helping overseas clients avoid taxes.

Federal Court Orders Scott M. Ross and his Companies to Pay More than $6.7 Million in Restitution and a Civil Monetary Penalty for Defrauding Investors in His Commodity Pools, Mishandling Customer Funds, and Failing to Properly Register as a Commodity Pool Operator
The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order requiring Defendants Scott M. Ross, formerly of Gilberts, Illinois, and his companies, Maize Capital Management, LLC and Maize Asset Management, LLC, jointly to pay $5,402,818.89 in restitution to the participants in his fraudulent and illegal “Maize Fund” investment scheme, as well as a $1.3 million civil penalty. The court previously entered a Consent Order that imposes permanent trading and registration bans against all Defendants. Ross currently is incarcerated in Federal prison for his role in two other fraudulent investment scams.

Environmental & Energy

Climate Commissioner: EU needs a single renewable energy market
By Jessica Shankleman – BusinessGreen
The European Union will unveil a new package of measures designed to boost the use of renewable energy across the region, Energy and Climate Commissioner Miguel Arias Cañete has confirmed.

U.S. EPA chief hints at softening carbon rule interim timeline
By Valerie Volcovici – Reuters
The Environmental Protection Agency said on Tuesday that it may ease an interim deadline for states to meet tougher carbon emission standards after regulators and electric utilities complained a lack of time may destabilize electricity supplies.

Report: California adds nearly 7,500 solar jobs to its nation-leading total
By Mark Glover – The Sacramento Bee
California’s solar industry added nearly 7,500 jobs in 2014, boosting its nation-leading total to 54,690, according to a new report by the Washington, D.C.-based Solar Foundation.

Conservatives, green groups team up to support Tesla
By Julian Hattem – The Hill
Unlikely allies are rallying together to urge states against rules that would limit the way electric carmaker Tesla sells its vehicles.

Fossil fuel industry protests over ‘risky’ assets warning from energy secretary
By Damian Carrington – The Guardian
The fossil fuel industry was deeply “unsettled” by comments from energy secretary Ed Davey raising the prospect that their assets could be rendered worthless by global action on climate change, according to a letter of protest sent to the secretary of state.


Million-Dollar Bribe at Beijing Jazz Bar for Top Banker
by Bloomberg News
The $1 million bribe came on wheels: a travel suitcase stuffed with U.S. dollars that senior Chinese banker Yang Kun collected from CJW, a bar in Beijing’s Chaoyang District that offers cigars, jazz and wine.

Arrangements for Adjustment of MGM China Structured Products and Options
Hong Kong Exchanges and Clearing Limited (HKEx) announced the arrangements for the adjustment to MGM China Holdings Ltd. (MGM China) structured products and options to account for MGM China’s special dividend.

Investors grapple with China corruption risks
Josh Noble in Hong Kong, FT
“So Mr Chairman, just how many passports do you have?” A question such as this may not seem the typical opening line when shareholders sit down with management, but in China such inquiries are increasingly common.

HKEx to Allow Short Sales of Shanghai Shares Via Link Next Month
by Eduard Gismatullin, Bloomberg
Foreign investors will be able to bet on declines in Shanghai equities through the exchange link with Hong Kong starting on March 2.

Frontier Markets

Only One Price Matters for Russia’s Central Bank; Oil’s impact on ruble drives policy
by Agnes Lovasz, Bloomberg
At central banks from Canada to New Zealand, prices of a wide basket of goods help determine the direction of interest rates. For Russia, increasingly, only one price matters: oil’s.

Securities and Exchange Board of India Notices
Adjudication order against R S Petrochemicals Limited
Adjudication order against B P Alloys Ltd.
Akme Star Housing Finance Limited
Krebs Biochemicals And Industries Limited



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