Ackman: Bloomberg will run for president, and win
Jeff Cox, CNBC
Bill Ackman is known for going all-in on his investments, and he’s putting it all on Michael Bloomberg.
*****At yesterday’s Financial Services Summit in Chicago, hosted by McGladrey, the McGladrey chief economist Joe Brusuelas said Mike Bloomberg is making “real noises” about running for President. Please let that be true.
Wall Street Ignores Summer of Trump; Wall Street sentiment on the presidential race mirrors betting venues more than polls.
Zachary Mider – Bloomberg
Julian Gingold, a stockbroker at UBS Group, has a simple formula for deciding whom to back in the Republican presidential primary: the most conservative candidate who can win. Anthony Scaramucci, who runs a hedge fund-of-funds business, likens the choice to picking a top executive.
***** They had me at Wall Street ignores.
Women In Listed Derivatives 4th Annual Symposium | The Evolution of Women in Listed & OTC Derivatives
Come join us for an interesting and inspiring symposium on the constant changing nature of the derivatives industry and the role of women in it. Three panels – The Generation Shift; Evolution of Women in Risk and IT Roles; and Evolution of Trading – will feature 11 speakers, as well as remarks from Craig S. Donohue is executive chairman of OCC.
Watch the video »
How Two Guys Lost God and Found $40 Million
Zeke Faux – Bloomberg
Abe Zeines’s hilltop mansion in Puerto Rico looks like a frat house after a rager. A wrecked golf cart blocks the driveway. An SUV with a blown tire sits on the grass out front. A porch overlooking the Caribbean is littered with beer bottles and cigarette butts.
***** So that is the price for a soul.
Blythe Masters Says Forget Bitcoin, Embrace the Blockchain
Annie Massa – Bloomberg
Blythe Masters, chief executive officer of New York technology startup Digital Asset Holdings, doesn’t care much about bitcoin.
****** Blockchain has the chance to be the most disruptive technology to hit Wall Street since electronic trading.
The 11 best colleges for a job on Wall Street
Portia Crowe, Business Insider
Ever wonder where Wall Streeters come from?
***** The only good news for Purdue Boilermakers was that Notre Dame was not listed. Or Indiana University (Zing to Walt Lukken).
****** A big thank you to Gary Flagler, formerly of JP Morgan, who sent out an email to 225 friends in London yesterday to promote our London events. It is nice to have friends like Gary.
Harvard’s prestigious debate team loses to New York prison inmates; Prisoners in maximum-security jail undertaking college courses beat Ivy League students who had won a national title only months ago
Months after winning a national title, Harvard’s debate team has fallen to a group of New York prison inmates.
***** For the record, the prison inmates were all from Wall Street.
Thousands of cattle presumed dead in Brazil boat accident
Thousands of cattle owned by beef producer Minerva SA are thought to have died when a boat leaving a port in northern Brazil overturned, the company and Williams Shipping Agents said on Tuesday.
***** This is the worst livestock accident since dozens of turkeys fell to their death in Cincinnati in a Thanksgiving radio station promotion.
SunGard’s global Coder Cup competition delivers on big data solutions
While they may not be saving the universe, SunGard’s Coder Cup team SunGardians of the Galaxy found a new way to save time and effort when performing data transformation and mining.
****Corny names aside, it’s an interesting way to create and advance innovation. Also mentioned by SunGard’s John Avery this summer at our education event in Chicago. See it here
The Stuart School of Business Center for Strategic Finance and Algorithmic Finance in Conjunction with STAC Benchmark Council and sponsored by the CME Foundation Present the 2015 Conference on High Frequency and Algorithmic Trading
WHEN: Monday, November 2, 2015, 8:00 am Central Time till 6:00 pm
WHERE: Illinois Institute of Technology, Stuart School of Business-Downtown Campus, 565 West Adams Street, Chicago, Illinois 60661
To register for this event, please email Tiffany Johnson at: email@example.com
Beware of the liquidity delusion
Martin Wolf, FT
Is the fragility of market liquidity a reason for concern? The “flash rally” in US Treasury bonds in October 2014 and the “German Bund tantrum” in April 2015 show that dislocations can occur even in markets for highly liquid assets. A rise in US interest rates might cause more disruption. Some add that new regulations constrain the ability of banks to act as market makers and so reduce the liquidity of markets in riskier assets.
It still pays big to work on Wall Street
By Kevin Dugan, NY Post
Wall Street’s surviving fat cats are getting even fatter. The average salary, including bonuses, in the securities industry grew 14 percent last year to $404,800 — the third-highest year on record after adjusting for inflation, according to a report from New York Comptroller Thomas DiNapoli.
China futures market decimated by trading curbs
China’s stock index futures market, once the world’s most vibrant, has been decimated in recent weeks by new regulations designed to discourage bearish speculators blamed for a stock market rout.
Once the Biggest Buyer, China Starts Dumping U.S. Government Debt; Shift in Treasury holdings is latest symptom of emerging-market slowdown hitting global economy
By MIN ZENG And LINGLING WEI, WSJ
Central banks around the world are selling U.S. government bonds at the fastest pace on record, the most dramatic shift in the $12.8 trillion Treasury market since the financial crisis.
There’s Lots of Liquidity in Treasuries, Except When Needed Most
Susanne Walker Barton, Liz McCormick – Bloomberg
N.Y. Fed blog says trading affected at times of market stress
Liberty Street post cites market-structure change, competition
Sudden spikes of illiquidity have increased in the $12.8 trillion Treasury market, making it more challenging for investors trading government securities during times of stress, according to research from the Federal Reserve Bank of New York.
Four Ways Currency Rigging Transformed the $5.3 Trillion Market
Lananh Nguyen – Bloomberg
Sales staff withold trade ideas, market info amid scrutiny
Use of instant messages ebbs while electronic trading rises
A price-rigging scandal involving some of the biggest banks in the $5.3 trillion-a-day foreign-exchange market is filtering through to customers, according to a report from Greenwich Associates.
Retail forex traders score victory against IG over franc losses
Lucy Colback in London, FT
Some retail foreign exchange punters who lost money when the Swiss National Bank abandoned a trading band for the franc in January are set to recoup part of their losses after scoring a victory against spread betting firm IG Group.
Market stress puts focus on high-speed technology
Philip Stafford, FT
Computerised systems do not cope well with big rush of orders at times of high volatility
Investors have been rattled in the past year by three major eruptions of volatility in bonds, currencies and equities, episodes that have understandably shocked human traders, but also revealed the shortcomings of high-powered computing systems.
Brokers ‘enthusiastically’ aided Libor conspiracy, prosecutor tells court
By Kirstin Ridley, Reuters
Six former interdealer brokers with nicknames such as “big nose” and “Lord Libor” were rewarded with kickbacks and bribes for “enthusiastically” helping a trader rig a global interest rate, a prosecutor told London’s second Libor trial.
Six Former Brokers Stand Trial Over Libor; Court hears brokers helped convicted trader Tom Hayes rig interest rate benchmarks for financial gain
By MARGOT PATRICK, WSJ
Six former brokers with nicknames including “Lord Libor” and “Big Nose” helped convicted bank trader Tom Hayes rig interest-rate benchmarks for financial gain, a London court heard Tuesday on the first day of a criminal trial.
A Look at Fintech from NYC: CME Tech Talk 4.0: Enabling Innovation
Chuck Mackie – Maven Wave
It’s no secret that the CME Group has, for all intents and purposes, transformed itself from a geographically based futures exchange to a global technology company and they continue to strive to be a leader in the discussion around the transformational power of technology. To that end, they hosted an event in a series of Tech Talks in New York City last week and assembled a diverse and dynamic collection of technology users and providers to highlight key areas of current interest. In the end, the lineup highlighted how much transformation is still taking place.
It Looks Like Free Money Is Available in the Credit Market; A distortion in derivatives.
Tracy Alloway, Bloomberg
A credit market curiosity, presented for your enjoyment.
Here is so-called ‘skew’ in Markit’s North American High Yield CDX, a derivatives index tied to the credit default swaps (CDS) of 100 junk-rated companies and one of the most liquid credit-trading instruments around.
Why Commodity-Based Credit Worries are Spreading
By CYNTHIA LIN, WSJ
Credit concerns aren’t just for energy companies anymore. Reuters
Credit concerns once restricted to energy companies are rippling across the high-yield bond market.
Hedge funds suffer worst month since October 2008
Miles Johnson, Michael Mackenzie and Dan McCrum in London, FT
Hedge funds have suffered their biggest monthly monetary loss since the 2008 financial crisis in the wake of market turbulence that battered the portfolios of some of the industry’s best known investors.
Bill Ackman says short-term money driving market volatility
BY EDWARD KRUDY, Reuters
William Ackman, head of hedge fund firm Pershing Square Capital Management, said on Tuesday that financial market volatility was being driven by short-term money without regard to long-term economic fundamentals and that Valeant Pharmaceuticals International Inc was the most undervalued stock among his top holdings.
Clarient Partners with FIA Tech for CFTC Reporting
Joanna Wright, Waters
Clarient’s Ownership and Control Reporting Service provides firms with a centralized platform for submitting OCR information to satisfy regulatory requirements
Steven Cohen returns to London after insider trading claims; Point 72 Asset Management will move to St James’s Square in London’s hedge-fund heartland
Joanna Bourke, The Independent
The US investment firm that oversees billionaire Steven Cohen’s wealth has agreed a deal to return to the UK, its new landlord has said.
A straitened new world for commodity traders
David Keohane, FT Alphaville
Twitter Facebook Google+ LinkedIn StumbleUpon Reddit
Right, so Glencore most probably isn’t the next Lehman.
Daniel Godfrey departs the Investment Association
The Trade News
The Investment Association has confirmed that Guy Sears is to become the interim chief executive of the body after the surprise departure of chief executive Daniel Godfrey yesterday.
Mifid II indirect clearing RTS delay due to Emir
Futures & Options World
The European Securities and Markets Authority (Esma) has told the European Commission the delay to the submission of draft Mifir/Mifid II regulatory technical standards (RTS) on indirect clearing, was to ensure consistency with indirect clearing rules under Emir. In a letter sent to the Commission on Friday, Steven Maijoor, chair of Esma, said the rules had been delayed to allow the regulator to consult on possible amendments to the Emir RTS for indirect clearing of over-the-counter (OTC) derivatives.
MOVES-Former SEC exec Gregg Berman joins EY
Former U.S. SEC executive Gregg Berman has joined Ernst & Young LLP’s Financial Services Organization (FSO) as a principal focusing on market risk and data analytics.
Canadian securities regulators encourage checking registration before investing
The Canadian Securities Administrators (CSA) are kicking off Investor Education Month this October by encouraging investors to check the registration of any firm or individual selling securities or offering advice.
New York Attorney General Examining Private Equity Firm’s Mortgage Business
By MATTHEW GOLDSTEIN and RACHEL ABRAMS, NY Times
The rapid growth of Caliber Home Loans, a mortgage company owned by the private equity giant Lone Star Funds, has led to a surge in consumer complaints. Now it has led to regulatory scrutiny of Caliber’s business practices.
Wall Street’s Compliance With Settlements Probed by Top Democrat
Robert Schmidt, Silla Brush – Bloomberg
Senator Brown demands details on enforcement cases in letter
Review follows lawmaker complaints over banks’ recidivism
The top Democrat on the U.S. Senate Banking Committee is conducting a wide-ranging inquiry into Wall Street’s compliance with government enforcement settlements, following complaints that banks keep getting in trouble after being punished by regulators.
New York Attorney General Opens Inquiry Into Fantasy Sports Sites
By JOE DRAPE and JACQUELINE WILLIAMS, NY Times
The New York attorney general began an inquiry Tuesday into the prospect that employees of daily fantasy football sites have won lucrative payouts based on inside information not available to the public, asking two leading companies, DraftKings and FanDuel, for a range of internal data and details on how they prevent fraud.
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. 34-76070; File No. SR-BATS-2015-82; October 5, 2015); see also Exhibit 5
- BOX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 7270 (Block Trades) (Release No. 34-76086; File No. SR-BOX-2015-33); see also Exhibit 5
- CHX: Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Adopt and Implement CHX SNAP , an Intra-day and On-Demand Auction Servic (Release No. 34-76087; File No. SR-CHX-2015-03)
- FINRA: Notice of Filing of a Proposed Rule Change to Merge FINRA Dispute Resolution, Inc. into and with FINRA Regulation, Inc. (Release No. 34-76082; File No. SR-FINRA-2015-034); see also Exhibit 5
- FINRA: Order Approving a Proposed Rule Change, as Amended by Amendment No. 1, to Expand FINRAs Alternative Trading System Transparency Initiative by Publishing OTC Equity Volume Executed Outside ATSs (Release No. 34-76078; File No. SR-FINRA-2015-020; October 5, 2015)
- NASDAQ: Order Granting Approval of Proposed Rule Change, as Modified by Amendment Nos. 1 and 2 Thereto, Relating to the Listing and Trading of Shares of the First Trust SSI Strategic Convertible Securities ETF of First Trust Exchange-Traded Fund IV (Release No. 34-76076; File No. SR-NASDAQ-2015-075; October 5, 2015)
- NSCC: Order Approving Proposed Rule Change to Enhance NSCCs Margining Methodology as Applied to Family-Issued Securities of Certain NSCC Members (Release No. 34-76077; File No. SR-NSCC-2015-003; October 5, 2015)
- NYSE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending its Price List to Change the Monthly Fees for the Use of Certain Ports (Release No. 34-76072; File No. SR-NYSE-2015-43; October 5, 2015); see also Exhibit 5
- NYSE Arca: Notice of Filing of Proposed Rule Change for New Equity Trading Rules Relating to Auctions for Pillar, the Exchanges New Trading Technology Platform (Release No. 34-76085; File No. SR-NYSEArca-2015-86); see also Exhibit 5
- NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services (Release No. 34-76084; File No. SR-NYSEArca-2015-87); see also Exhibit 5
- NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending its Price List to Change the Monthly Fees for the Use of Certain Ports (Release No. 34-76071; File No. SR-NYSEMKT-2015-72; October 5, 2015); see also Exhibit 5
- Phlx: Notice of Filing of Proposed Rule Change Relating to Active Specialized Quote Feed Port Fee (Release No. 34-76083; File No. SR-Phlx-2015-79)
ASIC report on market integrity
ASIC achieved 11 significant enforcement outcomes relating to market misconduct in the first six months of this year. Details of these and other achievements feature in Report 450: Market integrity report: 1 January to 30 June 2015, along with key priorities for market integrity for the rest of 2015.
Exchanges & Trading Facilities
Cargill’s finance business approved for LME membership
Commodities trader Cargill Inc’s financial services business has been approved for membership of the London Metal Exchange, the LME said on Wednesday.
Euronext and EnterNext are partners on 15th Large & Midcap Event
Euronext and EnterNext have teamed up with CF&B Communication for the 15th Large & Midcap Event taking place today and tomorrow from 8.30 a.m. to 7.00 p.m. at the Palais Brongniart in Paris. Held each year, this high-profile event brings together 140 companies listed on Euronext markets and over 400 European institutional investors.
Euronext announces monthly trading volumes for September 2015
Euronext, the leading exchange in the Eurozone, today announced trading volumes for September 2015.
Five years Eurex-KOSPI product – five years of ongoing success
Since August 2010 Eurex Exchange has, in its cooperation with the Korea Exchange Inc. (KRX), provided market participants trading and hedging opportunities for KOSPI 200 positions during core European and North American trading hours. The listed daily futures on the KOSPI 200 Options (Eurex KOSPI Product) are denominated in Korean Won (KRW) and always settle into corresponding positions on KRX at the start of the next trading day in Korea. Thus, the extension of trading hours and access to the KOSPI 200 Options through the Eurex platform has made a key contribution to the further development and globalization of the KOSPI 200 derivatives market.
Nasdaq Announces New Corporate Threat Preparedness Series — ‘POINT’; Cyber Security to be the Inaugural Topic to Coincide With National Cyber Security Awareness Month
Nasdaq (Nasdaq:NDAQ) today announced a new global initiative under the acronym, POINT (Perspectives, Opportunities and Insights on the Next Threat). The quarterly corporate-focused series will take a best practices approach to identifying the coming corporate threats and how companies and their boards can prepare for and find opportunities in these potential threats to their business.
Dark Pools’ Governance Rules Also Dark, Says Nasdaq CEO Greifeld
Annie Massa – Bloomberg
Bob Greifeld says regulation around dark pools still lacking
Speaks with TIAA-CREF CEO Ferguson in Bloomberg conference
Nasdaq Chief Executive Officer Bob Greifeld says governance of dark pools is still too murky.
Hedge Funds & Managed Futures
Glencore moves to fend off its critics with ‘fact sheet’
Neil Hume, Commodities Editor, FT
Glencore on Tuesday stepped up efforts to silence its critics by publishing a “funding fact sheet” that the miner-cum-trader hopes will “debunk” some of the assumptions contributing to its share price slump this year.
Why Nothing Much Will Change For Fannie and Freddie Anytime Soon
By JOHN CARNEY, WSJ
Fannie Mae and Freddie Mac remain both wards of the state and central to the mortgage market. While nearly everyone professes to find this unsatisfactory, the status quo is bound by a tight knot of the political and practical that isn’t going to unravel anytime soon.
Bain Capital to liquidate absolute-return hedge fund after losses
Pensions & Investments
Bain Capital is liquidating its Absolute Return Capital hedge fund after more than three years of losses, citing a “challenging” environment for macro trading.
Glencore’s Coal Chief Seeks to Calm Investors Amid Rout; The resources giant’s stock swings wildly as its secretive trading arm and a commodity downturn unnerve investors
By RHIANNON HOYLE, WSJ
Glencore PLC’s coal chief on Wednesday played down concerns over workings of its secretive trading arm, as the company continued to assure investors about the health of its business model.
Royal Mint sells 1KG gold bullion bars – at £25,000
In the latest of its bullion sales, the Mint now offers 1KG bars – the size of an iPhone, yours for about £25,000
Banks & Brokers
Goldman, Morgan Stanley win back hedge fund trading business
BY OLIVIA ORAN AND DAN WILCHINS, Reuters
Goldman Sachs and Morgan Stanley are winning back the trading business of hedge fund clients that they lost to European rivals during the financial crisis, as new capital rules spur banks like Deutsche Bank to scale down their businesses.
Morgan Stanley Lures Banker to Be Co-Head of Tech M.&A.
By LESLIE PICKER and MICHAEL J. de la MERCED, NY Times
Anthony Armstrong, Credit Suisse’s head of technology for the Americas, is leaving the firm to join Morgan Stanley, according to an internal memo.
Bank of America Conflict Case Could Put a Chill on Wall St.
By STEVEN DAVIDOFF SOLOMON, NY Times
Delaware’s courts have put the sometimes questionable roles of investment banks in merger deals firmly in their cross hairs. But are the courts going too far?
ICAP Information Services launches the ICAP Euro Interest Rate Swap Index
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that ICAP’s Global Broking business and ICAP Information Services (IIS), the information and data division of ICAP, have together launched the ICAP Euro Interest Rate Swap (IRS) Index.
Broker Rankings 2015 – U.S. Equity Execution Services
Woodbine Associates surveyed a representative sample of 49 long-only asset managers active in the U.S equity market about their broker relationships. The responding institutions represented 20% of the long-only U.S. equity commission pool in 2015.
Jefferies Said to Hire Former Citigroup Sales Trader in London
John Detrixhe – Bloomberg
Garrard will be senior sales trader for Jefferies in London
Barclays said to recently hire Matthew Stanton from Goldman
Jefferies Group LLC hired Steve Garrard, formerly head of equity sales trading for Europe, Middle East and Africa at Citigroup Inc., according to two people familiar with the decisions.
Clearing & Settlement
OpenGamma Releases Full Implementation of Eurex Clearing Margin Methodology
OpenGamma, a financial technology company specializing in market structure risk management solutions, has enhanced its multi-CCP margining solution to support Eurex ETD, OTC, and Cross Margining. The Eurex Clearing Prisma Margin Estimator (PME), also announced today, is based on the OpenGamma Margining Eurex Clearing Module.
Nodal Clear Board Approves Twelve Clearing Members for Nodal Exchange Market
Nodal Clear, LLC, the new clearing house subsidiary of Nodal Exchange, announced today that the Board has approved twelve clearing members of Nodal Clear for the Nodal Exchange market. Eleven of the twelve approved clearing members are futures commission merchant (FCM) clearing members able to clear for customer accounts.
Esma presses pause on ‘indirect’ clearing standards
Europe’s top markets regulator has delayed the introduction of new standards for the indirect clearing of exchange-traded and over-the-counter derivatives after listening to the concerns of market participants.
EBA Clearing goes to tender for pan-European instant payments platform
EBA Clearing has launched a Request for Proposal (RFP) for the delivery of a pan-European instant payment infrastructure within the next two years.
Indexes & Products
How About Some (Gulp) China ETFs?; Supporters hope for addition of mainland company shares to MSCI index
By TANZEEL AKHTAR, WSJ
Investor concerns over China’s economy reached a fever pitch this summer as China’s stock market flailed. Despite the selloff, some proponents of China exchange-traded funds are steadfast.
The Benchmarks Lie, Here’s How
The benchmarks lie. Many investors, new and experienced alike, are intent upon “beating the Dow” or “beating the S&P,” rather than seeing their capital increase over time. It isn’t that difficult to beat the benchmarks. We’ve done it over 15 years from 1999-2014, and this year, the markets, so far, are down 6% to our 1%, so we ?hope to keep that trend alive.
How the Bloomberg Terminal Made History–And Stays Ever Relevant
By definition, any computing platform invented in the first half of the 1980s that has survived until 2015—and is an enormous business—has accomplished something remarkable. There’s the Windows PC, which traces its heritage back to the original IBM PC announced in August 1981. There’s the Mac, which famously debuted in January 1984. And then there’s the Bloomberg Terminal, which hit the market in December 1982.
Duco Appoints Emmanuel Lesur Chief Revenue Officer, Responsible for Global Sales
Duco, a London-based fintech provider of hosted reconciliation services, announced that the firm’s expansion continues with the appointment of Emmanuel Lesur as Chief Revenue Officer (CRO), responsible for global sales.
Duco Appoints Zellinger, Opens North American Office
Elizabeth Wu, Waters
London-based hosted reconciliation services provider Duco has established a foothold in New York with the appointment of David Zellinger.
Twitter Unveils Curated News Feature ‘Moments’; Editors will highlight top tweets about live events; new CEO Dorsey influenced project
By YOREE KOH, WSJ
Ever since Jack Dorsey sent the first tweet nine years ago, many people have asked, “Why use Twitter?”
HOW THE BLOOMBERG TERMINAL MADE HISTORY—AND STAYS EVER RELEVANT; THE COMPUTER HISTORY MUSEUM IS MAKING ROOM FOR AN INNOVATIVE GADGET THAT ARRIVED IN 1982 AND HAS NEVER STOPPED EVOLVING.
BY HARRY MCCRACKEN, Fast Company
By definition, any computing platform invented in the first half of the 1980s that has survived until 2015—and is an enormous business—has accomplished something remarkable. There’s the Windows PC, which traces its heritage back to the original IBM PC announced in August 1981. There’s the Mac, which famously debuted in January 1984.
Thomson Reuters Leads Way for Openness in Financial Services with New App Development Suite in Eikon; App Studio in Eikon will cultivate innovation across the industry and increase productivity with new generations of third-party apps available
Thomson Reuters today announced enhancements to the open capabilities of its flagship financial desktop, Eikon, which will help foster innovation, boost productivity and enhance client servicing for financial institutions around the world. App Studio in Eikon allows third-party developers to create apps that display as native applications on the Eikon screen, distributing them directly and securely to Eikon users.
SEC Charges Former Executives With Accounting Fraud and Other SEC
The Securities and Exchange Commission today charged two former top executives at OCZ Technology Group Inc. for accounting failures at the now-bankrupt seller of computer memory storage and power supply devices.
Environmental & Energy
The Coal Market Is Even Worse Than People Thought, Glencore Says
Ben Sharples – Bloomberg
Economic slowdown compounding surplus: Glencore’s coal head
Thermal coal price dropped to lowest in eight years in April
The slowdown across global economies is exacerbating a coal glut that’s driven prices for the fuel to the lowest level in eight years, according to Glencore Plc.
Promise of Turning Pollution Into Cash Spurs Industry in Germany
Tino Andresen – Bloomberg
ThyssenKrupp looks at ways to reduce cost of emissions
Investment of $1.1 billion to deliver commercial plant in 2030
From cement and steel producers to the makers of plastics, European companies facing increasingly stringent limits on industrial emissions are trying to come up with creative ways to transform the pollution they produce.
Glencore calls on Paris climate summit to adopt coal policy
Embattled miner and commodities trader Glencore Plc on Wednesday called on delegates meeting for a global climate summit later this year to adopt a policy that recognizes coal as an important energy source.
Total CEO sees very strong global oil demand in 2015
Total Chief Executive Patrick Pouyanne said he saw global oil demand growing by a very strong 1.7 million barrels per day (bpd) or even more this year.
China and the ‘Impossible Trinity’
By JAMES RAMAGE, WSJ
When Chinese markets reopen on Thursday following an extended holiday, investors will be watching for the next phase of the country’s wrestling match with the “impossible trinity.”
Hong Kong Suffers for Its Devotion to the Peg
Hong Kong has pegged the value of its dollar to the greenback since 1983. The peg was meant to ensure financial stability as the city embarked on the long process of re-integrating with China. Since then its currency has been one of the most stable in the region. To lock the HK dollar’s trading range against the greenback into a narrow band, about 7.75?to the US dollar, the Hong Kong Monetary Authority (HKMA) buys and sells the two currencies. Whenever the Federal Reserve raises or lowers interest rates, Hong Kong follows suit.
China helps push Asia Pacific above Europe in M&A activity this year
The economic uncertainty dogging the Asia Pacific region excluding Japan (AXJ) has not stopped corporations from making several high-profile merger and acquisition (M&A) deals in the past nine months, new figures show.
Faint corporate praise for TPP as winners, losers sought
Early industry reaction to a long-sought trade agreement reached between 12 Pacific Rim countries on Monday amounted to faint praise that it could have been worse and umbrage that the United States appeared to be the biggest winner.
Sustainable investing picking up pace in Singapore
There is now a growing push on companies to be aware of the role they play in preserving the environment, and MAS wants financial institutions in Singapore to take the lead through responsible financing.
DGCX To List India Silver Quanto And Mini WTI Futures On October 9
UAE’s leading derivatives bourse, the Dubai Gold & Commodities Exchange (DGCX) today announced the launch of an India Silver Quanto futures contract and a mini sized WTI futures contract. The contracts are set to be listed for trading on Friday, October 9, and will be cleared by the Dubai Commodities Clearing Corporation (DCCC), a wholly owned subsidiary of DGCX.
World Bank: Africa Economies to Slow in Coming Year
Voice of America
The famous “Africa Rising” narrative appears to have hit a road bump, with the World Bank predicting in a new report that economic growth on the continent will slow to 3.7 percent this year — the lowest level since 2009.
Sebi steers clear of fresh probe in NSEL scam; Informs ministry that like FMC it will rely on CBI, EOW
Jayshree P Upadhyay – Business Standard
The Securities and Exchange Board of India (Sebi) has decided to steer clear of any fresh investigation and inspections with regards to the National Spot Exchange (NSEL) scam, sources have said.
European investors eye exit from emerging markets
Up until the second quarter of this year, more of Europe’s financial power brokers had consistently said they planned to increase their exposure to emerging market equities and corporate bonds than said they intended to cut their holdings.