John Lothian Newsletter: BGC Partners to Make Bid for Rival Broker GFI; CFTC Said to Alert Justice Department of Criminal Rate Rigging; High-Frequency Trading Leads to Lawsuit Against Exchanges

Sep 9, 2014

First Read

John Lothian News Launches New MarketsWikiEducation.com site and Brings A World of Opportunity to London
John Lothian News
John Lothian News is pleased to announce the launch of a new MarketsWiki Education site (www.marketswikieducation.com) and schedule for our FREE London MarketsWiki World of Opportunity Series.

The site aggregates and organizes market related educational webinars, PowerPoints, PDFs and videos, including event and educational videos produced by John Lothian News. JLN’s other wiki sites include MarketsWiki , a database of market knowledge, and MarketsReformWiki, an aggregation of financial market regulatory changes.

View the Special Report HERE

The London event features some of the top professionals in the financial services space and will be held in CME Group’s London headquarters, One New Change near St. Paul’s, on October 14th at 4 PM, and October 15th at 2:30 PM and 4:30 PM. Each session is 90 minutes. The series The final session will be followed by a social event at a local establishment.

There is no cost to attend the series, but seating is on a first to register basis.
Sign up HERE

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Mead Welles, co-founder, A Leg To Stand On – How a Hedge Fund Guy Saves Kids One Limb At A Time
JohnLothianNews.com

“One of the best investments you’ll ever make is doing something for somebody else.”

One never really knows where their career path may take them. While working for Octagon Asset Management, Mead Welles found himself traveling to other countries and saw how there were some children who did not have the same lifestyle that most of us take for granted. Seeing children who were missing limbs and unable to easily perform daily functions inspired Welles to create A Leg To Stand On, an organization dedicated to providing artificial limbs and surgery for children in other countries. Welles may have had his start in the financial industry, but he was determined to invest in the future of others to help them live better lives.

Watch the video »

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Cleaning Up After the Dodd, Frank & Gensler Circus
Streetwise Professor
A lot of CFTC news lately. Much of it involves the agency, under new chairman Timothy Massad, dealing with the consequences of Frankendodd and the overzealous efforts of his predecessor Gary Gensler to implement it.
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**** If you want a good explanation of Dodd Frank, check out Doug Ashburn’s Summer Intern Education Series presentation from last year. We just posted it recently. jlne.ws/1p2tuqb

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Companies Can Influence HFT Trading In Their Own Stocks – CMCRC
The Capital Markets Cooperative Research Centre (CMCRC) has released new analysis on the influence of tick size on HFT and algorithmic trading. The research by CMCRC PhD candidate Tony Zhang and Dr Vito Mollica from the MGSM showed that companies can influence the level of algorithmic trading in their own stocks, should they want to do so, by adjusting their share price level.
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***** I bet Berkshire Hathaway does not get as much HFT.

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SEC Names Victor Valdez As Enforcement Division’s Chief Operating Officer
The Securities and Exchange Commission today announced that Victor J. Valdez has been named Chief Operating Officer and Managing Executive of the agency’s Enforcement Division, where he will oversee project management, information technology, human capital strategy, and risk management among other functions.
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***** Hopefully his tenure is not a shipwreck.

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Most Influential 50 Are the Bankers, Investors Who Move Markets
Robert Dieterich – Bloomberg
Hedge-fund manager Paul Singer took a stand back in 2001, refusing to accept his losses on debt the Argentine government wanted to swap at a discount. Jump ahead to 2014. Singer, still fighting for full recovery on his bonds, has, with help from U.S. courts, pushed Argentina into a second default. These actions have landed Singer on the fourth annual Bloomberg Markets 50 Most Influential list, which appears in the magazine’s October special issue.
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***** I love lists. There are three reasons I love them.

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Be Nice to Underlings, Jefferies Bankers Are Told
JENNY ANDERSON – Dealbook – NY Times
Not long ago, analysts and associates in investment banks were required to work grueling hours. Pitch books assigned at 4 p.m. on Friday. Complex demands for mind-numbingly dense spreadsheets at 10 a.m. on Sunday. League table arranging to show that there are five planets or that Goldman Sachs is not really a top ranked adviser. No longer.
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***** Do unto others as you would have others do unto you.

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Rocktoberfest from A Leg to Stand On is close at hand
JohnLothianNews.com
A Leg To Stand On is a non-profit that provides free prosthetic limbs and corrective surgery to children in developing countries who have lost their limbs in traumatic accidents or suffer from congenital limb disabilities. ALTSO’s annual fundraising benefit, Rocktoberfest Chicago, is moving into its 3rd year after having originated 11 years ago in New York. Rocktoberfest unites leaders from the finance industry for a night of Rock & Roll music performed by industry professionals. Rocktoberfest Chicago will be held on October 8th at City Winery. Hedgefund Rocktoberfest in New York will be on October 22 at Capitale.

Watch the video »

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MarketsWiki

MarketsWiki Page of the Day
Wedbush Securities, Inc.
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MarketsWiki Recent Updates

People

Mathew Martoma; Edward Wedbush; Eric Wedbush; Tracey McNeil

Companies, Organizations and Groups

CFTC Technology Advisory Committee; Women in Derivatives; Wedbush Securities, Inc.; KCG Holdings Inc. (KCG); Lime Brokerage; U.S. Securities and Exchange Commission; Bank of America Merrill Lynch

Products

NYMEX Energy Products

Miscellaneous

High-frequency trading

Statistics

52,733,876 pages viewed, 8,030 articles, 185,798 edits
MarketsWiki Statistics

Lead Stories

BGC Partners to Make Bid for Rival Broker GFI
Katy Burne – WSJ
Wall Street’s trading malaise is stepping up the pace of consolidation in the world of brokers that conduct trades between banks. BGC Partners Inc. is expected to make an unsolicited $675 million all-cash offer for rival GFI Group Inc., according to people familiar with the matter.
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GFI Group Soared 11% in Day Before Hostile Takeover Bid
Sofia Horta e Costa – Bloomberg
Investors who bid up GFI Group Inc. shares 11 percent yesterday are reaping rewards after the brokerage became the subject of a hostile takeover offer.
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CFTC Said to Alert Justice Department of Criminal Rate Rigging
Matthew Leising and Tom Schoenberg – Bloomberg
Derivatives regulators told the U.S. Justice Department they’ve found evidence of criminal behavior following an investigation into banks’ alleged manipulation of ISDAfix, a benchmark used to set rates for trillions of dollars of financial products.
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High-Frequency Trading Leads to Lawsuit Against Exchanges
Scott Patterson – WSJ
Three big law firms have joined forces to pursue legal action against major U.S. stock exchanges, claiming the exchanges handed unfair advantages to high-frequency traders to the detriment of regular investors. The lawsuit, filed in the U.S. District Court of the Southern District of New York, could test a cornerstone of U.S. securities law: exchanges’ immunity from lawsuits seeking damages.
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CME, CBOE cut expenses as trading, income fall
Lynne Marek – Crain’s Chicago Business
Chicago’s two big exchange operators have been waiting on a trading rebound that just won’t happen, so it’s belt-tightening time. CME Group Inc., which runs the world’s biggest futures market, and CBOE Holdings Inc., owner of the Chicago Board Options Exchange, promised cost cuts after reporting disappointing second-quarter results.
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FX Traders Said to Be Surprised by Scope of BOE Probe
Suzi Ring and Gavin Finch – Bloomberg
Foreign-exchange traders interviewed as part of the Bank of England’s probe into whether its staff knew of currency-rate rigging have expressed surprise at the narrow scope of the questioning focused on one meeting, according to people with knowledge of the inquiry.
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Regulatory

U.S. Planning Tougher-Than-Basel Capital Rules, Tarullo Says
Cheyenne Hopkins and Jesse Hamilton – Bloomberg
The Federal Reserve is planning risk-based capital standards for banks that are tougher than those developed by their international counterparts, Fed Governor Daniel Tarullo will tell lawmakers today.
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CFTC Staff Issues No-Action Letter for Commodity Pool Operators of Commodity Pools that are not Registered Investment Companies with Wholly-Owned Trading Subsidiaries
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SEC Names Ombudsman
Scott Patterson – MoneyBeat – WSJ
Investors who want to complain to the Securities and Exchange Commission about the Securities and Exchange Commission now have someone to bring their gripes to.
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NFA to Implement New Retail FX Safeguards
Profit & Loss
The National Futures Association (NFA) has proposed amendments concerning the daily confirmation of funds covering liabilities to retail FX customers to the Commodity Futures Trading Commission
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IOSCO Updates Survey On Commodity Derivatives Markets Supervisory Principles
The International Organization of Securities Commissions today issued the Update to Survey on the Principles for the Regulation and Supervision of Commodity Derivatives Markets, which updates its 2012 review of the implementation of IOSCO’s principles for commodity derivatives markets.
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Exchanges & Trading Facilities

Liquidnet’s fixed income architect departs
Anish Puaar – Financial News
One of the driving forces behind buyside-focused trading platform Liquidnet’s push into the fixed income market has departed the company.
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Nasdaq champions new streaming analytics deal
John Bakie – The Trade
Nasdaq OMX is to add streaming analytics to its TradeGuard risk management suite as part of a deal with data specialist Corvil.
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London Stock Exchange Group (LSEG) Extends Partnership With Mongolian Stock Exchange
London Stock Exchange Group (LSEG) and the Government of Mongolia today announced they have signed an extension to their strategic partnership agreement between LSEG and the Mongolian Stock Exchange (MSE).
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CBOE Holdings To Present at Barclays Global Financial Services Conference On Tuesday, September 9
CBOE Holdings, Inc. announced today that Edward L. Provost, President and Chief Operating Officer, will present at the Barclays Global Financial Services Conference in New York City on Tuesday, September 9 at 2:00 p.m. Eastern Time.
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BATS Global Markets August Highlights: Reports Record U.S. Options Market Share Of 5.3%
U.S. And European Equities Market Share Remains Strong – 20.5% U.S. Equities Market Share – 22.1% European Equities Market Share
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Ljubljana Stock Exchange: Monthly Statistical Report August 2014
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Moscow Exchange Monthly Market Report: August 2014
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Hedge Funds & Managed Futures

Man Group’s flagship funds stage continued recovery
Miles Johnson, Hedge Fund Correspondent – Financial Times
Man Group’s $12.1bn AHL investment funds have risen sharply over the summer as the listed hedge fund manager’s much criticised computer-driven trading strategies continued to stage a robust recovery.
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Hedge funds perform positively in August but lag broader market
Reuters
Hedge funds had their best month since February when they reported a 1.56 percent rise in August, according to data released on Monday, on a mix of corporate deals and strong company earnings that helped push the stock market higher.
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Schroders ‘disappointed’ at Dean departure
Adam Palin – Financial Times
Schroders has said it is “disappointed” by the departure of Julie Dean, the longstanding manager of the group’s UK Opportunities fund.
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Dean exit fallout: Whitechurch labels Schroder UK Opps a sell
Anna Fedorova – Investment Week
Whitechurch Securities has moved to sell clients’ positions in the Schroder UK Opportunities fund following Julie Dean’s exit from the group.
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Women in Capital Markets Announces 2014 Recipients of WCM Return to Bay Street Award
Women in Capital Markets (WCM), a non-profit advocacy organization which promotes the entry and advancement of women into leadership roles in the industry, is pleased to announce the winners of the 2014 WCM Return to Bay Street (RTBS) Award.
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Mario Gabelli: Wall Street’s Highest Paid CEO
Kirsten Grind – MoneyBeat – WSJ
The highest paid chief executive on Wall Street isn’t who you think. Longtime stock picker Mario Gabelli earned $85 million in 2013, easily topping the pay of financial titans like KKR & Co.’s Henry Kravis and George Roberts, BlackRock Inc.’s Larry Fink and even Goldman Sachs & Co.’s Lloyd Blankfein, according to a survey of financial executive pay released Monday by the research firm SNL Financial.
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Who are the best hedge fund stock pickers in the world?
Joshua M Brown – The Reformed Broker
The team at Alpha Attribution has done a massive study in which it looked at the stock selection prowess of the entire hedge fund universe to determine who’s really earning that 2-and-20, independent of the broader indices. It’s a really interest idea:
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GHO hires senior Macquarie dealmaker as final partner
Alec Macfarlane – Financial News
GHO Capital Partners, the healthcare-focused private equity firm set up by former executives from 3i Group, JP Morgan and TPG Capital, has hired a former senior dealmaker from Macquarie Group as a partner.
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Banks & Brokers

Broker Charles Stanley warns of ‘material’ fall in profits
Kate Burgess – Financial Times
Shares in Charles Stanley, the 225 year-old London-based private client broker, tumbled nearly 9 per cent on Monday after it warned that full-year profits would be “materially” below expectations due to rising costs and a sharp slowdown in share trading in recent months.
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Bankers face squeeze on partnership prospects
Tom Braithwaite and Daniel Schäfer – Financial Times
A committee of Goldman Sachs’ senior staff will soon go through the final stage of selecting new partners, a process known internally by the delightful bridge term of “cross-ruffing”. But at Goldman and every other investment bank, the top rung of the ladder has become harder to reach, with fewer positions available. And for those who do reach the top, the perks and pay are less than they used to be.
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Brokers Battle Deutsche Bank Over Selling In-House Products
RANDALL SMITH – Dealbook – NY Times
Since the market collapse of 2008, scrutiny has intensified on the way large banks and securities firms treat their brokerage customers, particularly when it comes to steering them into the firms’ own products.
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This is How Banks Need to Manage People Risk
Andrew Waxman – Wall Street & Technology
Is your bank leveraging all the key tools of manager enablement: education, preparation, incentivization and data analytics to help minimize the risk of losing your best people?
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J.P. Morgan Leads Institutional Investor’s 2014 All-America Fixed-Income Research Team
Wells Fargo Securities Enjoys Strong Gains In Annual Ranking Of Sell-Side Analysts
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Clearing & Settlement

Banks and brokers could save EUR70m by T2S switch, study says
Philip Stafford – Financial Times
Banks and brokers have been urged to urgently adapt their European post-trade infrastructure to the region’s new settlement system as it could save them millions in extra collateral they must find to meet new regulations.
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Clearstream: Study Shows Scope For Further Significant Savings From ECB Initiative TARGET2-Securities
Study Supported By Oliver Wyman Highlights That Banks Need To Act Now To Reap Full Benefits Of The European Central Bank (ECB) Initiative TARGET2-Securities (T2S)/Benefits Of T2S Go Much Beyond Initial Scope Of Pan-European Harmonization Of Cross-Border Settlement/Brokers, Custodians And Regional Banks Could Save Between EUR 30 Million And EUR 70 Million Per Annum
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Abide taps former FIA Europe exec for regulatory expertise
Anish Puaar – Financial News
Abide Financial, a provider of trade reporting services in Europe, has added Kathleen Traynor, a former FIA Europe regulatory executive, to its board ahead of a planned geographical expansion.
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Truston Asset Management Standardizes Its Post-Trade Process for Domestic Trades with Omgeo CTM
Omgeo, the global standard for post-trade efficiency, announced today that Truston Asset Management, one of Korea’s top asset managers, is now set to standardize its domestic equity post-trade processes through the adoption of central matching capabilities via Omgeo Central Trade Manager and Standing Settlement Instruction enrichment with Omgeo ALERT.
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Indexes & Products

BlackRock ETP Landscape: Best August On Record
In the BlackRock ETP Landscape series of reports, the Industry Highlights provides commentary on the global Exchange Traded Products (ETPs) industry as of August 2014.
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Successful 3rd edition of ETF/ETP Roundtables
Some 40 members of the Swiss ETF community attended the ETF/ETP Roundtable, which was held in a new design for the third time. Attendees in the SIX ConventionPoint were market participants working in the field of asset management at banks along with institutional investors and financial journalists.
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Technology

A Field Guide to Identifying Platforms for Risk & Finance
John Lankenau – Wall Street & Technology
Platforms are pretty buzzy. The term is all over banking and technology, especially for core back office functions in risk and finance. Nearly every Tom, Dick, and Susie in vendor space uses the term “platform.” But not all platforms are created equal, and some don’t even qualify as such.
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Interdin Bolsa Connects to Bats Chi-X Europe Via SunGard Valdi
Marina Daras – WatersTechnology
Madrid-based securities brokerage house Interdin Bolsa Sociedad de Valores (Interdin) has selected SunGard’s Valdi Market Access platform to connect directly to the BATS Chi-X Europe exchange.
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NASDAQ OMX Partners With Corvil to Enhance TradeGuard Platform and Innovate Risk Management Operations Nasdaq:NDAQ
The NASDAQ OMX Group, Inc. and its Global Access Services business today announced it will partner with Corvil, the IT data analytics company for business in the NowTM, to enhance TradeGuard, a full-service risk management suite offering a range of tools to help firms protect against risk in today’s complex trading landscape.
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Markit Signs Infosel for Collaboration Services
Faye Kilburn – WatersTechnology
Mexican data vendor Infosel has joined Markit Collaboration Services, the open messaging network initiative from Markit that allows financial professionals to communicate and share information across communication platforms.
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Exegy Grows FX Feed Handlers
Max Bowie – WatersTechnology
St. Louis, Mis.-based hardware ticker plant appliance vendor Exegy has expanded its range of foreign exchange feed handlers with support for six new FX datafeeds from brokers and trading platforms.
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Calastone Hits Flow Milestone, Replaces One Million Faxes Per Year
Calastone, the global transaction network for the managed fund industry, today announced that the firm had reached flows of 1,000 orders per day.
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Calastone Appoints Industry Veteran Jonathan Willis As Chief Commercial Officer
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Broadridge Investment Management Solutions Launches Performance and Attribution Solution for Hedge Funds and Investment Managers
Broadridge Financial Solutions, Inc., a leading provider of technology-driven solutions for financial firms and corporate issuers globally, and BI-SAM, a leading provider of performance measurement and attribution solutions for the global asset management industry, today announced the launch of Broadridge Investment Management Solutions (IMS) Performance Reporting, exclusively designed for institutional asset managers.
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Shenzhen Stock Exchange Chooses Kx For Trading Analytics In Financial Innovation Laboratory
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Enforcement

U.S. prosecutors try for rebound at insider trading trial
Nate Raymond – Reuters
U.S. prosecutors in New York revived their five-year crackdown against insider trading on Monday, taking a former executive at data equipment maker Foundry Networks Inc to trial two months after suffering their first jury defeat in a separate case.
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Ex-SAC Fund Manager Martoma Sentenced to Nine Years in Prison
Bob Van Voris and Patricia Hurtado – Bloomberg
Former SAC Capital Advisors LP portfolio manager Mathew Martoma was sentenced to nine years in prison for the most lucrative insider-trading scheme in history, in what may be prosecutors’ last hurrah in the investigation of billionaire Steven A. Cohen.
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SEC Charges Minneapolis-Based Hedge Fund Manager With Bilking Investors and Portfolio Pumping
The Securities and Exchange Commission today charged a Minneapolis-based hedge fund manager, his investment advisory firm, and an accomplice with bilking investors in two hedge funds out of more than $1 million under the guise of research expenses and fees.
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Fund manager favourite Quindell wins court battle against short-seller
Nick Paler – Investment Week
Outsourcing company Quindell has won a court battle against a short-seller which caused its share price to dive 40% earlier this year.
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Environmental & Energy

Foreign firms queue up to join Shenzhen carbon market
Reuters
The China Emissions Exchange in Shenzhen has granted a trading license to Singapore-based broker Ginga Petroleum, with another eight foreign utilities and trading firms waiting in line.
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Shell looks to solar power to lift oil output
Ed Crooks, Financial Times
In an unusual alliance of old and new energies, Royal Dutch Shell, the European oil group, and a sovereign wealth fund from Oman are leading an investment of $53m into a small solar power company that uses its renewable energy to increase crude oil production.
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The dark side of data centres
Izabella Kaminska – Financial Times
Most technology users remain blissfully unaware of the internet’s carbon footprint because most “users” never have to come up close and personal with a data centre. Yet, for all the energy efficiency that technology brings us, data centres remain the technology world’s dark little energy guzzling secret.
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Asia-Pacific

SGX And TWSE Study Stocks Trading Link
Singapore Exchange (SGX) and Taiwan Stock Exchange (TWSE) will enter a Letter of Intent tomorrow to study and work towards linking the two stock markets.
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Taiwan allows onshore trading of foreign derivatives
Xiao Wang – Risk.net
Taiwan regulators have relaxed restrictions on trading foreign derivatives onshore as part of a broader policy of what it terms “financial import substitution” – a strategy that aims to build up the domestic finance sector.
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Investors see funny side of Alibaba IPO
Nicole Bullock and Eric Platt in New York and Arash Massoudi in London – Financial Times
Jack Ma, the former English teacher who founded Chinese ecommerce giant Alibaba, broke the ice with potential investors on Monday with a laugh as he kicked off the first major event of the marketing tour for what could be the largest initial public offering ever.
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Japan’s Financial Services Agency: Joint Workshop On Banking Supervision With The Indonesia FSA (OJK)
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Frontier Markets

Ethical Sukuk Boosted by Vaccine-Funding Debut: Islamic Finance
Elffie Chew – Bloomberg
A group that’s raised $4.5 billion for child vaccinations since its inception in 2006 plans to tap the Islamic debt market for the first time, kickstarting sales of ethical-based sukuk.
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India prepares for shining return of gold demand
Avantika Chilkoti – Financial Times
Festival season is kicking off in India – a period in which gold sales traditionally spike in the world’s largest consumer market for the precious metal.
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Hedge funds cautious on Argentina
Hedge Funds Review editorial – Risk.net
The US court ruling that pushed Argentina into a second default in 13 years has implications that stretch beyond disentangling a messy legal situation. In addition to calling into doubt the enforceability of collective action clauses in future debt restructurings, Argentina’s defeat in its legal fight against holdout bondholders could profoundly affect the investment case for Latin America’s third-largest economy.
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Qatar Stock Exchange Participates in a joint workshop on Empowering SMEs in Qatar
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The Nigerian Stock Exchange Recorded The Largest Single Trade Since 1997
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The Egyptian Exchange (EGX) Monthly Statistical Report August 2014
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DME Announces Joint Seminars With China’s INE
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Lahore Stock Exchange Holds First Session Of Campus Outreach Program For Professionals’Academy Of Commerce, Lahore
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