First Read

Changes at Nadex and Futures Magazine
John Lothian
Tim McDermott, the general counsel of the North American Derivatives Exchange (Nadex) has been named the new permanent CEO of Nadex, replacing Yossi Beinart who is leaving to become the New CEO of the Tel Aviv Stock Exchange. McDermott will take over near March after Nadex finds his replacement. In the meantime John Austin, an executive with Nadex parent IG Markets will act as interim CEO.

**** We are the first to report this as far as I know.

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Dan Collins is the new editor in chief of futures magazine , according to a press release on Futures website. Not mentioned is the fate of former editor-in-chief and longtime Futures executive Ginger Szala.

The new owners of Futures, The Alpha Pages and their backers, brought back Collins after letting him go last January when they bought the 40 year old plus publication. Collins had previously served as Futures managing editor since 2005 after joining them in 2001.

Szala also disappeared from the Futures website with the announcement of Collins return.
Szala and Kristin Fox engineered the purchase of Futures after the previous owner, Highline Media, declared bankruptcy and liquidated its holdings.

What I did not know until last week was that Szala, Fox and Jeff Joseph, Fox’s partner in The Alpha pages, had private equity backers. Futures had been offered around the street during the Highline bankruptcy and advantageous terms were offered.

After Collins left Futures, he started the Dan Collins Report with help from Gate 39 Media and its owner Shane Stiles. Collins had rapidly grown the blog and had his work appear on the Huffington Post and The Options Insider. He had also done video interviews with The Street.com.

Futures magazine meanwhile continued to mostly pursue the same offerings of a print magazine, but with an improved website. They have been hurt I believe from waning interest in the markets from new traders and experienced traders, following the problems created by the bankruptcies of MF Global and PFGBest.

The lack of mention of Szala on the press release regarding Collins’ return brings into question their editorial integrity. I expect chicken-bleep moves like this from commercial firms but journalists answer to a higher calling, or are supposed to. Ginger Szala has been a part of futures and the fabric of the futures industry for decades and deserves better.

Congratulations to Dan Collins on his return. I hope the powers that be at Futures have the wisdom to let Collins to utilize the same expanding strategy that made his rehiring a smart thing to do. Or, maybe as a competitor of Futures in some ways I don’t. Keep doing what you guys are doing. Don’t change a thing.

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Gary DeWaal

Business Remodeling: Satyam Kancharla of Numerix Says Firms Must Rethink Risk and Collateral Management
JohnLothianNews.com
There has been an avalanche of regulation over the past several years. While firms are digging out from under it in an effort to comply, others are looking for new opportunities this environment presents. Satyam Kancharla, chief strategy officer of Numerix, told John Lothian News’ Jim Kharouf that firms must find ways to create more efficiencies in terms of collateral management and looking at their operations in a more holistic way. The combining of OTC and futures into cleared structured environments are forcing firms to break down those trading desk silos that have been part of firms over the years.

Watch the video »

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Brakes on High-Speed Futures Trades Would Do Harm, Industry Says
Matthew Leising – Bloomberg
Slowing down the U.S. futures market by requiring that offers to buy and sell remain available for a minimum amount of time would hurt investors by driving up their costs, an industry trade group told the nation’s main derivatives regulator.
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***** They do keep bids and offers available for the minimum amount of time.

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Stanley Fischer

Stanley Fischer: The Fed’s Bridge Builder?
Doug AshburnJohnLothianNews.com
What would it mean to have Stanley Fischer as vice-chairman of the Federal Reserve? More hawkish or more dovish? Is it a bold move or a safe pick? Will he, to paraphrase Obi-Wan Kenobi, “bring balance to the force” by acting as a bridge between Janet Yellen and the hawkish wing, which becomes more prominent on the FOMC in 2014?

Read the commentary »

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IntercontinentalExchange Update On Transition Of Liffe To ICE Futures Exchanges And ICE Platform
ICE to retain matching engine in UK data centre, use Liffe pro-rata matching algorithm for interest rate contracts; Liffe US interest rate contracts to transition to Europe, centralising ICE’s global interest rate offering in London; ICE Clear Europe to report ICE and Liffe exchange traded derivatives to ICE’s European trade repository, ICE Trade Vault Europe
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***** Methodically and purposefully making the changes necessary to maximize the value to customers and shareholders.

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Newedge appoints co-heads of commodities and currencies
Newedge said Francois Combes and Franck Borgel were appointed global co-heads of its commodities & currencies business and will join the firm’s executive committee.
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***** If Newedge offered their own currency, would it have both of their pictures on it?

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Push for non-transparent active ETFs gains steam
Reuters
Exchange-traded funds have traditionally been touted for their transparency, with their portfolio holdings disclosed daily. But the push for a new breed of ETFs that can hide their specific holdings for months at a time is gaining momentum.
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***** I think this is called a hedge fund.

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SEC plans to take more cases to trial despite losses
Reuters
Securities and Exchange Commission Chair Mary Jo White says her team will not shy away from high-stakes trials, and not just strike settlements with wrongdoers, but a string of recent court setbacks shows she has her work cut out for her.
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***** “She has her work cut out for her.” Anyone running the SEC has their work cut out for them.

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MarketsWiki

MarketsWiki Page of the Day
Dan Collins
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MarketsWiki Recent Updates

People

Satyam Kancharla; Daniel P. Collins; Wayne Luthringshausen; Richard Wallace

Companies, Organizations and Groups

Interactive Data Corporation; Numerix; Green Key Technologies; Fidessa group plc; Chicago Board Options Exchange

Products

TAIFEX 10-Year Government Bond Futures

Statistics

45,851,281 pages viewed, 7,718 articles, 169,493 edits
MarketsWiki Statistics

Lead Stories

Euronext seeks ETF trading boost
Chris Flood – FT.com
Euronext, owner of the Amsterdam, Brussels, Lisbon and Paris stock exchanges, has launched a new incentive scheme to increase activity levels for exchange traded funds.
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Chicago Fed’s Evans Backs Scrutiny of High-Frequency Firms
Andrew Ackerman – MoneyBeat – WSJ
Federal Reserve Bank of Chicago President Charles Evans said federal regulators should proceed with plans to impose stricter rules on high-speed computer trading.
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U.S. regulator intensifies scrutiny of fee-based accounts
Reuters
The top U.S. securities regulator is stepping up scrutiny of “reverse churning,” a practice in which brokerage firms trade very infrequently in accounts they manage for fixed fees, according to an official.
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World’s stock exchanges move to combat cyber attacks
Philip Stafford – FT.com
The world’s stock exchanges have agreed to greater intelligence sharing and collaboration with authorities amid rising concerns about a cyber attack that could threaten financial systems.
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Gold price probe extended to Deutsche Bank
Alice Ross in Frankfurt – FT.com
Germany’s financial regulator has demanded documents from Deutsche Bank as part of an investigation into potential manipulation of gold and silver prices.
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OGX investors call for investigation into Brazilian stock exchange
Samantha Pearson in São Paulo – FT.com
Investors are calling on Brazil’s public prosecutors to investigate the role of regulators and the stock exchange in the collapse of Eike Batista’s oil company, as suspicion grows over the events that led to Latin America’s largest-ever corporate default.
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It’s Hard to Summon Sympathy for Big Banks
FLOYD NORRIS – NYTimes.com
It’s no fun to be a banker these days. It is not just the increased regulation. It’s the lack of trust.
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Wall Street Trade Group Names New Leader
NYTimes.com
A financial industry trade group, the Securities Industry and Financial Markets Association, has named Kenneth E. Bentsen, Jr., its president, as chief executive.
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European Union Warns on Bitcoin
JULIA WERDIGIER – NYTimes.com
The European Union on Friday added to a string of recent warnings about the safety of using and investing in Bitcoin, the virtual currency that is not issued by any government.
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In landmark for EU, Ireland leaves its bailout behind
Reuters
Three years after going cap in hand to international lenders, Ireland has officially ended its bailout, providing a landmark for the euro zone’s efforts to resolve its debt crisis.
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Regulatory

Mark Wetjen Appointed Sponsor of CFTC’s Global Markets Advisory Committee
Commodity Futures Trading Commission (CFTC) appointed Commissioner Mark Wetjen to serve as Sponsor of its Global Markets Advisory Committee (GMAC).
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ESMA reveals advisory board for 2014
Joe McGrath – Financial News
Allianz Global Investors’ chief executive Elizabeth Corley and the London Stock Exchange’s chief executive Alexander Justham will join the European Securities and Markets Authority’s financial market advisory board from January 1.
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After Volcker Rule, Wall Street Lawyers Get Ready For Another Round
Julie Steinberg and James Sterngold – MoneyBeat – WSJ
The Volcker rule may have finally landed earlier this week, but there’s no rest for the banks or the cottage industry of lawyers and compliance experts that have geared up to help implement it.
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Enhanced Automation is Key for Banks Under the Final Volcker Rule
Daniel Parker – Wall Street & Technology
The Volcker rule, codified as part of the Dodd-Frank Act, pertains to all depository institutions and those affiliated with or regulated as banks (“banking entities”). The rule, now finalized by all five applicable federal agencies, prohibits banking entities from engaging in proprietary or own-account trading of certain securities, derivatives and options, among other restrictions.
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Deutsche Bank Official: Regulation to Dominate Banking
Regulation will dominate the banking industry for the next year and beyond, according to Dr Paul M Achleitner, Chairman of the Supervisory Board of Deutsche Bank AG, Germany’s largest financial institution.
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Trading Marketplaces: A Sea Of Changes
Senthil Radhakrishnan – Wall Street & Technology
The markets in almost all instruments/asset classes have been very fluid in recent years. The fluidity of the markets should not be confused with liquidity, which is something entirely different. In this case fluid describes the changes in market structure, the setting up of new markets and how easily these changes seem to take place.
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Non-bank commodity traders seen as benefiting from Volcker rule
Alexander Osipovich – Risk.net
The Volcker rule will shake up the commodities trading landscape by hastening the departure of banks and creating greater opportunities for non-bank firms, including oil majors and commodity trading houses, to provide risk management services for end-users, say market participants.
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UK regulator ‘will not gold plate Solvency II’ – Adams
Michael Faulkner – Risk.net
New European guidelines to help insurers prepare for Solvency II will not be ‘gold plated’ by the UK Prudential Regulation Authority (PRA) regulator and should not place an additional burden on many firms, a senior official from the PRA has said.
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FSB: work needed on consistent data standards
Irina Leonova and Nigel Jenkinson – Risk.net
Public- and private-sector experts have worked hard over the past three years to develop the framework for a global legal entity identifier system, but more effort is needed to create consistent data standards for financial instruments and transactions
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Canadian Securities Regulators Seek Comments on Mutual Fund Risk Classification Methodology
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Hong Kong’s Securities And Futures Commission Issues Second-Quarter Report
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Exchanges & Trading Facilities

NASDAQ OMX NLX Wins FOW International Award For Best New Exchange 2013
NLX has been announced as winner of the FOW International Award for Best New Exchange 2013. The award follows record volumes and market share on NLX, with over 4 million lots traded since launch, 31st May 2013, and a record daily volume of 185,252 lots traded.
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CME Group to pay out $2.60 dividend in January
chicagotribune.com
CME Group Inc.said it would pay anannual variable dividend of $2.60 per share, spreading around $872 million in extra cash garnered from the sale of the Nymex bullding in New York and a gain from a recent interest rate hedge, the exchange said Thursday.
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SIX: Opening Of Consultation Of The Financial Market Infrastructure Act – Yes To Equivalence, No To Swiss Finish
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Thomson Reuters Global Equities Monthly Market Share Data Updated To Reflect November 2013 Activity
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Nyse Euronext Announces Its 2014 Holiday Calendar And Early Closing Dates For Its European Markets
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Program Trading Averaged 27.9 Percent Of NYSE Volume During Dec. 2-6
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Hedge Funds & Managed Futures

Brevan Howard Brings in New Blood for Currencies
Chiara Albanese – MoneyBeat – WSJ
Hedge fund Brevan Howard Capital Management has hired a senior currencies specialist, just months after shutting down a foreign-exchange-focused fund that had suffered big investor redemptions.
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Billionaire Hedge Fund Manager David Tepper Is Having A Huge Year
Forbes
Billionaire David Tepper’s hedge fund firm, Appaloosa Management, celebrated its 20th anniversary in 2013 and it’s turning into a year to remember for the former Goldman Sachs trader.
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SAC Reconsiders Industry Relationships—and Its Name
WSJ.com
SAC Capital Advisors LP is considering big changes to its business as it restructures, including scaling back relationships with some Wall Street banks and perhaps changing its name, according to people familiar with the matter.
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Hedge funds cut fees to win big investors
Stephen Foley in New York – FT.com
Do you know what your hedge fund manager is up to? It is a question that haunts the institutional investors who have piled into hedge funds in increasing numbers in recent years, brandishing increasingly large cheques.
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Calpers Blasts Icahn’s Apple Plan: ‘Icahn Is a Johnny Come Lately’
MoneyBeat – WSJ
Anne Simpson, the head of corporate governance at Calpers, or California Public Employees’ Retirement System, said Thursday the pension plan won’t be supporting Mr. Icahn’s push for a bigger buyback at Apple as they are happy with the company’s already-announced plan for its capital. In the process, she called Mr. Icahn a “raider” a “Johnny come lately” and criticized his tweeting about dinner with Apple CEO Tim Cook as “unseemly.”
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Intellistops – a game-changing tool for risk management
FusionIQ announced today the release of Intellistops, a dynamic and intuitive data-driven stop-loss system that is built upon the same quantitative metrics that define FusionIQ’s stock rankings and ratings.
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Hedge Fund Lions’ Den: Emerging managers struggle to understand investor motivation
Margie Lindsay – Risk.net
Hedge Fund Lions’ Den episode five continues the encounters between emerging managers and industry experts. Questions range from concerns over returns and risk management to correlation
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Fidelity Beclowns Itself
Joshua M Brown | The Reformed Broker
Fidelity Investments, fresh from the embarrassment of having missed the entirety of the ETF movement’s formative years, is determined not to allow that to happen again. And so they’re going to be very innovative going forward, no matter what kind of idiotic risks for their customers it engenders.
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Banks & Brokers

Goldman Sachs takes top crown in IFR awards
Reuters
Goldman Sachs was named “Bank of the Year” for 2013 by International Financing Review (IFR) on Friday, which praised the U.S. investment bank’s ability to build market share in the face of a tough economic and regulatory landscape.
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Wells Fargo looks to build London commodities desk
Giles Turner and Anna Irrera – Financial News
US lender Wells Fargo is looking to grow its London-based metals trading desk, as other banks seek to scale back their commodities trading units.
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Saxo Bank’s institutional push gathers pace
Tim Cave – Financial News
Saxo Bank, one of the largest operators of retail FX trading venues, has signed up more than 15 UK-based hedge funds to its platform over the past month as it makes headway on a strategy to attract more institutional clients.
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Swiss bank PostFinance to join U.S. tax deal
Reuters
PostFinance, the banking arm of Switzerland’s state-owned postal services company, on Friday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through offshore accounts.
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Benchmark survey and Lloyds/Bank of Scotland fine underline need for bonus scrutiny
Alexander Campbell – Risk.net
Early results from a survey conducted by Operational Risk & Regulation underline the need for operational risk managers to pay more attention to bank compensation schemes.
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Clearing & Settlement

ASX Wins Clearing House Award
ASX Clear, part of the ASX Group, has been named ‘Clearing House of the Year’ for Australasia, Middle East and Africa (MEA), at the Futures and Options World (FOW) magazine’s International Awards ceremony in London this week.
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Buy and Sell Side Firms Terminate Swap Positions via TrueEX’s Platform
Ivy Schmerken – Wall Street & Technology
TrueEX, a regulated derivatives platform, said yesterday that it has executed its first portfolio termination and compaction (PTC) trades in interest rate swaps with Alliance Bernstein, JP Morgan, MKP Capital and Societe Generale on its swap execution facility.
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‘Don’t make us clear inflation swaps,’ dealers plead
Matt Cameron – Risk.net
Inflation swap clearing should not be compulsory when it launches next year, some dealers are warning. The collapse of one of the big banks that dominate the market would overwhelm a central counterparty’s (CCP) ability to cope, they fear – and even LCH.Clearnet, which had been hoping to start offering the service during 2013, suggests a bedding-in period might be needed before regulators step in.
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SIFMA AMG And ISDA Announce That CUSIPs Are Now Available For MAC Contracts
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Indexes & Products

New BuyWrite ETF Based on CBOE BXN Index Launched Today
Matt Moran – CBOE Options Hub
Today trading began in the Recon Capital NASDAQ 100 Covered Call ETF (QYLD). The new QYLD ETF seeks to provide investment results that will closely correspond, before fees and expenses, generally to the price and yield performance of the CBOE NASDAQ-100® BuyWrite Index (BXN).
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SEC’s Amy Starr: we are scrutinising ETNs
Yakob Peterseil – Risk.net
ETNs pose many of the same disclosure risks as structured notes and may be the subject of future guidance, suggested the SEC’s top structured products regulator and author of last year’s letter to US banks
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S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – A Deletion From The S&P/TSX SmallCap Index
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Technology

Orc Group issues information from investor meeting
Orc Group Holding AB and Orc Group today holds an information meeting in Stockholm, with the purpose of briefing investors on the company’s development. Invitations to this meeting were issued on November 28 .
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Enforcement

SEC Charges Merrill Lynch With Misleading Investors in CDOs
The Securities and Exchange Commission today charged Merrill Lynch with making faulty disclosures about collateral selection for two collateralized debt obligations (CDO) that it structured and marketed to investors, and maintaining inaccurate books and records for a third CDO.
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SEC Charges Investment Managers for Misconduct in CDO Collateral Selection Process
The Securities and Exchange Commission today charged the managing partners of a Charlotte, N.C.-based investment advisory firm for compromising their independent judgment and allowing a third party with its own interests to influence the portfolio selection process of a collateralized debt obligation (CDO) being offered to investors.
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SEC Charges London-Based Hedge Fund Adviser and U.S.-Based Holding Company for Internal Control Failures
The Securities and Exchange Commission today charged a London-based hedge fund adviser and its former U.S.-based holding company with internal controls failures that led to the overvaluation of a fund’s assets and inflated fee revenue for the firms.
jlne.ws/IJoVUk

CFTC Orders David R. Lynch to Pay More than $470,000 in Restitution and a Civil Monetary Penalty to Settle Charges of Fraudulent Misappropriation, Fraudulent Solicitations, and False Statements
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it entered an Order requiring David R. Lynch of Stuart, Florida, to make restitution of $171,297 to defrauded customers and pay a $300,000 civil monetary penalty, among other sanctions, for fraudulent misappropriation, fraudulent solicitations, and false statements in connection with a commodity pool trading leveraged or margined off-exchange foreign currency contracts (forex).
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CFTC Charges Direct Investment Products, Inc. and Its Principal, Alexander Glytenko, with Commodity Pool Fraud and Misappropriation
The U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging Carlsbad, California-based Direct Investment Products, Inc. (DIP) and its principal, Alexander Glytenko, with fraudulently soliciting approximately $3.9 million from approximately 761 individuals residing in Russia and various former republics of the former Soviet Union to trade futures, among other products, through a commodity pool known as DIP Capital Partners (the Pool) and misappropriating at least $464,000 of the pool participant funds.
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Jury for SAC’s Steinberg hears origins of Dell tips
Reuters
A former asset management firm analyst testified Thursday that he received detailed tips from a friend at Dell Inc, giving prosecutors a link to show how SAC Capital Advisors portfolio manager Michael Steinberg obtained inside information.
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GLG pays $9 million to SEC for internal control failures
Harriet Agnew – Financial News
GLG Partners, the hedge fund manager owned by Man Group, has agreed to pay $9 million to settle charges with the US Securities and Exchange Commission for overvaluing assets in a Siberian mining company.
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Former B&B Group Finance Director fined £30,000 for failings ahead of 2008 rights issue
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One arrested in FCA insider dealing investigation
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Environmental & Energy

UN Carbon Plan Won’t Reverse 99% Price Decline, New Energy Says
Bloomberg
Support for voluntary retirement of United Nations carbon credits at last month’s global climate talks is unlikely to dent a surplus that drove prices to record lows, according to Bloomberg New Energy Finance.
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Carbon copy
The Economist
The markets for CO2 have had about as good a year as Obamacare. Europe’s emissions-trading system (ETS), the world’s largest carbon market, collapsed in April. Australia’s new government is killing off that country’s fledgling market. Yet companies are blithe. “Internal carbon prices”, the price of a tonne of CO2 used for planning purposes within firms, are becoming an increasingly common business tool. Perhaps firms know something that markets and politicians do not.
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China’s Guangdong province to debut carbon market with highest price
Bloomberg
China’s southern province of Guangdong will start auctioning 3 million metric tons of carbon permits on Dec. 16 with the highest debut price in the nation.
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Asia-Pacific

BoJ vows to stick with easy money policy
Jonathan Soble, Martin Wolf and David Pilling in Tokyo – FT.com
BThe Bank of Japan will keep its highly expansionary monetary policy in place until inflation hits and stabilises at its 2 per cent target, the central bank’s governor said on Thursday, adding it would take more easing measures if price rises flagged.
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HKEx Hosts Founding Members Conference for its Mainland Market Data Hub
Hong Kong Exchanges and Clearing Limited (HKEx) hosted a conference with Founding Members of its Mainland Market Data Hub (MMDH) in Shanghai on 11 December 2013 as part of its ongoing efforts to facilitate idea exchanges and keep Mainland market participants abreast of its latest developments.
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SGX announces replacements for Yeo Lian Sim, and other recent job moves
Garima Chitkara – Risk.net
Singapore Exchange (SGX) has announced the retirement of Yeo Lian Sim as chief regulatory and risk officer at the end of this year. Starting next year, Richard Teng will become chief regulatory officer, leading SGX’s regulatory function, while Agnes Siew-Koh will be chief risk officer, leading the risk management function.
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HK’s IPO market taking off
chinadaily.com.cn
Hong Kong’s IPO market is seeing a revival, as new deals are flooding the market after the mainland’s plan to overhaul the economy was announced.
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Ex-Morgan Stanley Banker Ordered to Pay Back Illicit Trades
Enda Curran and Jonathan Cheng – MoneyBeat – WSJ
A Hong Kong court has ordered a former Morgan Stanley banker to pay back US$3.1 million to investors in proceeds from insider trading, marking the latest development in a landmark case for regulators in the city.
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Crunch time over Sefs as Asian banks weigh up costs of participation
Viren Vaghela – Risk.net
Trading on swap execution facilities started in earnest in October, but two months later Asian institutions are unclear what it actually means for them. What steps are they taking to adapt to the new set of challenges that Sefs bring?
jlne.ws/IJoWYg

Smog Darkens Shanghai’s Prospects for Becoming a Global Financial Center
WSJ.com
In the debate over which matters more in China, money or quality of life, the quality-of-life side may have found the ultimate argument: If you can’t breathe, nothing else really matters.
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Thailand Futures Exchange Welcomes AWS To Be Full License Member
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Frontier Markets

MCX Weekly Market Report – December 06, 2013 To December 12, 2013
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Malawi Stock Exchange Weekly Trading Report – Week Ending 13th December, 2013
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The Egyptian Exchange (EGX) Monthly Statistical Report November 2013
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Accelerate Property Fund Lists On The JSE
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