First Read

BIts & Pieces
by John J. Lothian

Sorry for the lateness of the newsletter this morning, we had a terrible traffic day in Chicago due to snow overnight. I knew I should have left for the office when I woke up at 3 AM.

++++

Ike

The FIA has launched an updated website at www.futuresindustry.org. It is very well done and integrates FIA Americas, FIA Europe and FIA Asia into a single site.

Patricia Gutierrez has announced she is leaving as vice president of public relations for the inter-dealerbroker GFI as of tomorrow. It has been a pleasure to work with there over the past six years, most recently on our work on the annual SEFCON conferences. Best of luck to Patricia on what comes next.

I will be resigning from board of The IFM at the meeting during the FIA Boca Raton International Conference. The organization continues to be transformed and will be moving forward with a smaller board. Thank you to The IFM for the opportunity to serve on the board and I wish them nothing but success as they move forward. This also eliminates potential conflicts of interest as we have been working on some video production work for The IFM.

I will be presenting at Glenbrook South High School in Glenview, IL, where I graduated in 1979, on March 19. This is the second time I have presented for their GBS Connects career program.

Among the upcoming industry conferences in which we will be attending are FIA Boca March 10-13, the ISDA annual meeting in Montreal in April, OIC in May and IDX in June. Plus, MarketsWiki Education will be extending its reach this summer and fall. We will tell you all about it soon.

Lastly, I am pleased to announce John J. Lothian & Company, Inc. has added Diane Saucier to its Advisory Board. Many know Diane from her years at Trading Technologies. She is also the president of WILD, succeeding Jessica Titlebaum in that role. Our Advisory Committee is headed by Peter Wind and gives us advice on some of the big issues facing us. Thank you to Diane for agreeing to serve.

++++

Building Bricks: T-Bricks Could Be New Cornerstone For ORC
JohnLothianNews.com

Jonas Hansbo and his team left ORC in 2006 to focus on his own brand of trading and financial technology with a startup called T-Bricks. But Hansbo and his colleagues were brought back to the mothership in January when when ORC purchased T-Bricks. Now, Hansbo said the two firms will bring their respective strengths together.
“ORC has been evolving since we left it, and very much focused on reinventing their electronic trading platform for connectivity and electronic execution,” Hansbo said. “So what we thought would be a very interesting fit for the two companies was to make a combination of our offer in trading together with ORC’s global reach.”
Watch the video »
++++

The HFT Believer: Mark Gorton of Tower Research
Traders Magazine
High-frequency trading has spawned a plethora of conflicting viewpoints. For critics of the practice, HFT firms are predators that exploit technology to cheat the competitions and game the system. To defenders like Mark Gorton of Tower Research Capital, HFT is an inevitable and hardly surprising march of technological progress.
jlne.ws/17B4jtq

***** I believe in efficient markets. One way or another, we progress or should be progressing towards more efficient markets.

++++

EU and U.S. struggle to resolve derivatives clearing dispute
Douwe Miedema, Reuters
European Union and U.S. negotiators are struggling to move past some stumbling blocks in talks over mutually acceptable rules for derivatives clearing houses, two people familiar with the talks said. Negotiators hope to reach a deal by June 15, when new capital requirements kick in for European banks that would make it prohibitively expensive for them to do business with U.S. clearing houses.
jlne.ws/1ERQYId

***DA: One sticking point is a suggestion that U.S. margin rules are too lax. When you look at how many U.S. FCMs have headed for the exits, we have to wonder just how much more the market can bear.

++++

New Rules: NFA’s Dan Roth on Confirmations, Residual Interest and the Corzine Rule
JohnLothianNews.com

After the twin scandals of MF Global and Peregrine Financial rocked the futures industry in 2011 and 2012, the National Futures Association, underwent a review, not only of its internal procedures, but also of its rules. In Part Two of this two-part John Lothian News exclusive, NFA CEO Dan Roth summarizes the changes made to the agency’s rules to restore customer confidence.
Watch the video »

++++

NFA Board Update—February 2015 Meeting
NFA President and CEO Dan Roth joins Chairman Chris Hehmeyer to review rulemakings and other issues discussed at NFA’s February Board of Directors meeting.
jlne.ws/1ETs8rr

****** This video was shot and edited by John Lothian Productions.

++++

Lady Braga: Meet the Most Powerful Female Hedge Fund Manager in the World; In her first solo month, a hedge fund star sees a 9.5 percent gain
by Lindsay Fortado, Bloomberg
Leda Braga stood on a stage at Geneva’s InterContinental hotel in February and sang Pharrell Williams’s Happy. “Can’t nothing bring me down, my level’s too high,” she shouted to about 80 employees of Systematica Investments, her new hedge fund firm, her voice hoarse after a day of meetings. “Nobody wanted to sing in the beginning,” says Braga, called Lady Braga by some colleagues. “I believe in leading from the front, so despite my lack of talent, I did sing.”
jlne.ws/1aoT7BR

***** Did she wear a dress made of meat?

++++

Keystone Solution Runs Through Canada
By Michael R. Bloomberg, Bloomberg
The Keystone XL pipeline has become a perfect symbol of Washington’s dysfunction. Democrats exaggerate its environmental impact while Republicans exaggerate its economic benefits. In the debate, each side talks past the other, because each cares more about gaining a political advantage than a policy achievement. Yet a path exists for President Barack Obama to transcend these differences and allow both sides to declare victory.
jlne.ws/18pb5Dz

****** It is nice to have Michael Bloomberg back at the media company and using that platform to speak out.

++++

Sponsored Content
Financial Technology Event – Focused on Markets & Trading

April 23 – Chicago

Register Today at www.FinTechExchange.com

*Limited Seating*

Hear from: IBM, Amazon Web Services, CME Group, Eurex, TT, CQG, Barchart, Orc, Anova Technologies, OptionsCity, Modulus, Gate39 Media, Vertex Analytics and more!

Sponsored content from:
Fintech Exchange 2015

++++

Lead Stories

CBOE Holdings Signs Licensing Agreement to List Options on FTSE and Russell Indices
CBOE
CBOE to develop new index options products in the U.S. based on FTSE and Russell indices
Strengthens CBOE’s existing relationship with Russell indices
Parties committed to increasing investor education on options
CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that it has entered into a licensing agreement with London Stock Exchange Group (LSEG), to develop and list options based on more than two dozen FTSE and Russell indices. Under the agreement, cash-settled options on these indices will now be available to trade in the United States on the Chicago Board Options Exchange (CBOE). In addition, as part of the agreement, CBOE and LSEG will collaborate on new index options products and investor education globally. The trading in FTSE and Russell index-based options on the CBOE will begin in the coming months.
jlne.ws/1Gxu8qr

Cerutti engineers Euronext comeback
By Anna Irrera, Financial News
The exchange group’s chief is set to deliver cost cuts 18 months ahead of schedule.
When Dominique Cerutti was appointed executive assistant to IBM’s legendary chief executive Louis Gerstner in 1998, the technology giant was staging a big comeback.
jlne.ws/1LIOkH2

Esma slams local regulators over best execution
Futures & Options WorldThe European Securities and Markets Authority (Esma) has criticised national regulators for failing to properly enforce best execution practices under Mifid. In a report published on Wednesday, the regulator said the level of best execution by investment firms and the level of convergence of supervisory practices by national regulators was low.
jlne.ws/1DZH0Y9

ISDA outlines key principles for further improving regulatory transparency and derivatives trade reporting
Automated Trader
The International Swaps and Derivatives Association paper outlines a number of key principles and initiatives for regulators, market participants and industry service providers in order to further improve regulatory transparency of derivatives activity.
jlne.ws/18p86er

With 7th Annual Loss, R.B.S. Announces Drastic Restructuring
NYTimes.com
The Royal Bank of Scotland on Thursday reported its seventh annual loss, weighed down by restructuring and litigation costs. The bank, based in Edinburgh, announced another drastic restructuring of its corporate and investment bank, which will result in “substantial” job losses.
jlne.ws/1aoNDXO

Royal Bank of Scotland ditches standalone investment bank
Martin Arnold, Banking Editor, FT
Royal Bank of Scotland has abandoned its ambitions of having a global standalone investment bank, its chief executive has declared, as the state-owned lender outlined another heavy restructuring plan after making its seventh consecutive annual net loss.
jlne.ws/1BzXAh2

U.S. CFTC mulls tweaks to rules for uncleared margin
By Douwe Miedema, Reuters
The U.S. Commodity Futures Trading Commission is considering some changes to proposed rules for margin for derivatives traded without the intermediation clearing houses, the head of the agency said on Thursday.
jlne.ws/1JQm0H6

Want a Wall Street Job? Be a Compliance Lawyer
Bloomberg Business
Ilana Weinstein, chief executive officer at IDW Group, discusses the changing landscape of jobs on Wall Street. She speaks on “Bloomberg Surveillance.”
jlne.ws/17B3Qri

Populism Spans Globe After Piketty’s Message Resounded
by Enda Curran, Simon Kennedy, Bloomberg
A year after Thomas Piketty’s investigation into global inequality captured the attention of the world’s economic thinkers, policy makers in political-monopoly states are taking his lessons to heart in their annual budgets.
jlne.ws/17B3Uaz

Tough Times for British Banks
By Matt Levine, Bloomberg
Rough day for Royal Bank of Scotland. “RBS last posted net income in 2007,” back when just about anyone could post net income; since then, counting today’s 3.5 billion pound ($5.4 billion) net loss for 2014, the total losses come to just under 50 billion pounds. That’s more than 9,000 pounds for every man, woman and child in Scotland. It’s more than Bank of America has paid in mortgage settlements. At some point, if you were RBS’s managers or its owners (mostly the U.K. government), wouldn’t you start thinking it might not be worth it to keep going?
jlne.ws/1Ab6J8I

Class action says ‘John Doe market makers’ manipulated Pfizer trades
Legal Newsline
A class action lawsuit filed in Pennsylvania alleges stock options for a large pharmaceutical company were manipulated illegally.
jlne.ws/1FYKpY4

Regulatory

SEC Probes Companies’ Treatment of Whistleblowers; Agency Officials Concerned About Corporate Backlash Against Whistleblowers
By Rachel Louise Ensign – WSJ
The Securities and Exchange Commission is probing whether companies are muzzling corporate whistleblowers.
jlne.ws/1BgBXkb

Remarks of Timothy G. Massad before the Coalition for Derivatives End-Users
CFTC
Since June, when two other commissioners and I took office, we have all been doing a lot of listening. Through individual meetings. Through our Commission open meetings. And through our advisory committee meetings. Today in fact, we have the first meeting of our Energy and Environmental Market Advisory Committee since we took office.
Today I want to review some of the things we have done over the last eight months, and discuss some of the things we will be doing in the upcoming months.
jlne.ws/17B3TDr

Doubts rankle as European Commission races towards MiFID II deadline
Banking Technology
European regulator ESMA is preparing to issue hundreds of pages of MiFID II cost-benefit analysis and Q&A material between now and July – but market participants are concerned about unresolved issues and rushed implementation as the deadline draws ever closer.
jlne.ws/1DZHbms

A test of conscience
UK FCA
Speech by Martin Wheatley, Chief Executive of the FCA, delivered at the British Bankers’ Association 2015 event on consumer vulnerability. This is the text of the speech as drafted, which may differ from the delivered version.
jlne.ws/18p01GG

CBRF response to the IOSCO Consultation report on Cross Border regulation
FIA Europe
The Cross Border Regulation Forum (CBRF) has submitted a response to the International Organization of Securities Commissions (IOSCO) Consultation report on cross border regulation.
jlne.ws/1Gxw9Da

New EU privacy rules to allow challenges to Irish regulator
By Julia Fioretti, Reuters
Ireland will not retain sole control over privacy disputes involving companies such as Facebook and Apple under new rules agreed on Wednesday allowing any of its European peers to challenge Irish rulings.
jlne.ws/1DWoUVo

Finra Fines on the Rise
WSJ
Wall Street’s self-regulator meted out roughly $135 million in fines last year, compared with $60 million assessed in 2013 and more than four times the $28 million assessed in 2008, Financial Planning reports.
jlne.ws/1BZcqgR

Comment: Unbundling rules will get tougher
Richard Balarkas, FT
The most dramatic change to equity markets since deregulation in the 1980s may be driven not by high-frequency trading, dark pools or fragmentation, but by a long-overdue overhaul of the way fund managers pay brokers.
jlne.ws/17B3mBp

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

  • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Eliminate Rule 13.4, “Assigning of Registered Securities in the Name of a Member or Member Organization.” (Release No. 34-74359; File No. SR-BATS-2015-14; February 24, 2015); see also Exhibit 5

 

  • BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Eliminate Rule 13.4, “Assigning of Registered Securities in the Name of a Member or Member Organization.” (Release No. 34-74360; File No. SR-BYX-2015-11; February 24, 2015); see also Exhibit 5

 

  • ICEEU: Notice of Filing of a Proposed Rule Change Relating to CDS Procedures for CDX North America Index CDS Contracts (Release No. 34-74362; File No. SR-ICEEU-2015-005; February 24, 2015)

 

  • NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Fee Schedule under Exchange Rule 7018(a) and (e) with Respect to Transactions in Securities Priced at $1 per Share or More (Release No. 34-74363; File No. SR-BX-2015-013; February 24, 2015); see also Exhibit 5
    jlne.ws/1eCTnOv

Lawsky targets banks with anti-money-laundering proposals
By Kevin Dugan, NY Post
Benjamin Lawsky is just getting warmed up. New York’s top financial watchdog is targeting a slew of new proposals at big banks as part of a regulatory crusade that has already made him one of the most feared men on Wall Street.
jlne.ws/17B531J

Exchanges & Trading Facilities

Bank of England official sees drift to more exchange trading on FX, bonds
Reuters
More business in the world’s giant bond and currency markets may move onto exchanges as part of structural changes underway amid a host of new regulation and official reviews, the Bank of England’s Director for Markets Strategy said on Wednesday.
jlne.ws/1DZHptC

LSE Group & CBOE to launch new index options
The Trade News
The London Stock Exchange and Chicago Board Options Exchange have announced they are to work together on a set of new index options products as part of a wider partnership deal.
jlne.ws/1JnbI0T

MarketAxess Launches Axess All – Industry’s First Intra-Day Trade Tape for the European Fixed Income Markets
MarketAxess Holdings Inc. the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, announces the launch of Axess All™, the first intra-day trade tape for European fixed income markets, providing aggregated volume and pricing for the most actively traded fixed income instruments in Europe.
jlne.ws/1woM4TG

CME Group Notices
CME Group
SMART Click Migration: Deal Management System (DMS) 25 Feb 2015
Credit Event Advisory – CME Clearing Credit Event Processing for RadioShack Corporation – March 5, 2015 25 Feb 2015
New Weather Reporting Station for Melbourne, Australia
jlne.ws/1yiRpvt

Hedge Funds & Managed Futures

Noble shares halted after second Iceberg attack
Jeremy Grant in Singapore and Neil Hume in London, FT
Shares in Noble Group, Asia’s biggest commodities group by sales, were suspended at the company’s request on Thursday after it was attacked a second time by anonymous group Iceberg Research.
jlne.ws/17B4k0t

Vanguard Group founder Jack Bogle testifies before the Senate Banking Committee.
By Mitch Tuchman, MarketWatch
Vanguard founder John Bogle, a man who bet his career on the eventual victory of low-cost investing, has joined a White House initiative that would require a fiduciary standard for stockbrokers who invest the retirement savings of millions of Americans.
jlne.ws/1DdWQsT

The 25 Highest-Earning Hedge Fund Managers And Traders
Forbes
A little more than one year ago, Steve Cohen’s SAC Capital Advisors pleaded guilty to insider-trading related charges stemming from a sweeping federal investigation into the hedge fund firm. Cohen’s SAC Capital, one of the most successful hedge fund firms ever, agreed to pay $1.8 billion to the federal government and stop managing money for outside investors. Instead, Cohen, who was never criminally charged, converted SAC Capital into a family office that manages his personal fortune and rebranded it Point72 Asset Management.
jlne.ws/17B4NzP

Managed futures making a come back?
Futures & Options World
Managed futures have not had the best of times in recent years as the sector was hit by a series of losses. To make matters worse some firms tarnished the market by charging excessive fees at a time of declining returns. But a recent turnaround has seen the segment end these declines and could herald a possible revival of the strategy many had viewed as dead.
jlne.ws/17B4PaT

Banks & Brokers

RBS makes $5.4 bln loss after taking hit on value of U.S. business
Reuters
Royal Bank of Scotland reported a 2014 loss of 3.5 billion pounds ($5.4 billion), hit by a writedown on the value of its U.S. business Citizens and new charges relating to foreign exchange investigations and mis-selling.
jlne.ws/1BzYNVM

With 7th Annual Loss, R.B.S. Announces Drastic Restructuring
By JENNY ANDERSON, NY Times
The Royal Bank of Scotland on Thursday reported its seventh annual loss, weighed down by restructuring and litigation costs.

Mizuho acquires RBS North America loan assets for $3bn
Kana Inagaki in Tokyo, FT
Mizuho Financial Group is acquiring North American loan commitments from Royal Bank of Scotland for $3bn in its latest push to expand lending to non-Japanese blue-chips.
jlne.ws/18p1NYl

Citigroup to Back ?Proxy Access’ for Investors; Shareholders to vote on proposal at annual meeting in April
By Andrew Ackerman
Citigroup Inc. is taking steps to more easily allow shareholders to nominate directors at the bank, a spokesman said, joining a group of U.S. companies that have moved to open up their corporate elections this year.
jlne.ws/1LLKqix

Schwab Entry Into ‘Robo’ Advice Gets Closer
By Liz Moyer, WSJ
When Charles Schwab SCHW -0.34% unveiled its much-anticipated roboinvesting offering last fall, it made a big deal about how its Schwab Intelligent Portfolios were going to be free of annual management fees. Investors would pay only the annual expenses of the underlying exchange-traded funds.
jlne.ws/1BgKfsk

Goldman Employees Reaped $2 Billion From 2008 Options Last Year
by Michael J Moore, Bloomberg
While Goldman Sachs Group Inc. employees may get less compensation than in the past, many cashed in last year for a payday they’ve been awaiting since the depths of the financial crisis.
jlne.ws/1BgL18A

Clearing & Settlement

Work In Progress: Reconciling US And EU Derivatives Rules
Law360
As the Commodity Futures Trading Commission completes the derivatives regulations mandated by the Dodd-Frank Act,[1] the European Union continues to develop its own derivatives rules. Both sets of regulations seek to fulfill the G-20 derivatives reform agenda, which includes regulating dealers, clearing and trading (including trade reporting), mitigating systemic risk, and protecting against market abuse.
jlne.ws/1aoNS5g

EU calls for treaty to avoid transatlantic regulatory spats
Interactive Investor
Transatlantic spats over regulating banks and markets could be avoided under a treaty-based system of cooperation, the European Union’s financial services chief said on Wednesday.
jlne.ws/1aoNWlu

LCH.Clearnet board changes
Automated Trader
LCH.Clearnet Group Limited has announced that Professor Lex Hoogduin will succeed Jacques Aigrain as Chairman of LCH.Clearnet Group Limited Board and LCH.Clearnet Ltd Board. This follows Jacques Aigrain’s decision to step down from both Boards, as a result of his extended activities with Warburg Pincus. Jacques has been Chairman since 2010 and has played an integral part in shaping LCH.Clearnet’s growth as a leading global clearing house.
jlne.ws/17B0Aft

Indexes & Products

ETF Report UK: An Expert’s View On Smart Beta
ETF.com
MSCI has been a market leader in indexes for 45 years, but it was the acquisition of Barra, seven years ago, that brought MSCI to the forefront of factor investing. Barra brought its analytical and pure factor modelling pedigree, which includes ways of isolating and analysing the drivers of stock risks and returns. This, combined with MSCI’s long history of creating equity indexes, has produced investible factor indexes, or what people increasingly term “smart beta”.
jlne.ws/1aoRLHd

NZX and S&P Dow Jones enter indices deal
The National Business Review
NZX, New Zealand’s only licensed stockmarket operator, has entered into an agreement with S&P Dow Jones Indices, the international market indices firm, to produce and commercialise new indices across equity markets and fixed income securities.
jlne.ws/17B2YCV

ETF Chart of the Day: Market Neutral
ETF Trends
The index itself is likely not well known across ETF model portfolio builders and advisors, but Dow Jones of course rings a loud bell and “Market Neutral” and “Anti-Beta” are of course terms that those whom invest in hedge funds are likely familiar with. Institutional consultants and the plans that they advise for in terms of asset allocations and managers (think municipalities and tax exempt organizations, employees’ pension plans, endowments and foundations and the like) also would no doubt have familiarity with such a strategy from having dealt with it on the hedge funds due diligence side for some time.
jlne.ws/17B2ZXx

Nasdaq Lists the Tuttle Tactical Management U.S. Core ETF
NASDAQ.com
The tactical nature of TUTT’s objective is a pre-determined, active strategy that responds to market indicators rather than attempts to use them as predictors of market direction. Under normal market conditions, TUTT will invest no less than 80% of its total assets in shares of ETPs listed on U.S. exchanges. The total annual fund operating expenses will be 1.34%. Tuttle Tactical Management, LLC, the Fund’s investment sub-adviser, manages the assets using a tactical approach.
jlne.ws/1MSc1jq

Active Indexing: Being ‘Passive-Aggressive’ With ETFs
NASDAQ.com
Dramatic growth in recent years in the number of exchange-traded funds (ETFs) and their total assets may suggest that investors have become more committed to indexing. It’s important to recognize, however, that not all index-oriented investments, such as most ETFs, are used simply to capture the returns of the broad market.
jlne.ws/1DTR7hc

The Russell 2000 Index’s Achilles’ Heel
Morningstar
While low expense ratios make index funds appealing, indexes can incur meaningful transaction costs that are often overlooked. Changes in an index’s constituents force the funds that track it to buy and sell the affected securities around the same time. These concentrated trades can move prices away from the index fund managers, creating a drag on their performance.
jlne.ws/17y2Y6H

Indexology: Sustainability Indices: Investment Solutions For Future Generations
ETF Trends
Ever since the launch of the first ethical investment fund by Friends Provident in 1984, socially responsible investing has continued to grow. Global assets under management reached EUR 13.6 trillion in 2012, and mutual fund assets in Europe increased by 19% over just two years, from EUR 199.9 billion in 2010 to EUR 237.9 billion in 2012.
jlne.ws/17y39yZ

Technology

Fidessa hires Biancamano to head US product development
TheTradeNews
Technology specialist Fidessa has appointed Jay Biancamano to the new role of head of equities product marketing for the Americas, a new role intended to develop new products and grow its US business.
jlne.ws/17YKrAi

First Derivatives acquires Prelytix for up to $20m to boost presence in marketing technology sector
By Andrew Saks-McLeod, LeapRate
The initial consideration for the acquisition is US$7.5m (£4.9m), of which US$6m (£3.9m) is payable in cash and US$1.5m (£1.0m) through the issue of 74,572 FD new ordinary shares. Deferred consideration of up to US$12.5m (£8.1m) is payable on the achievement of agreed revenue targets over the period to 28 February 2018
jlne.ws/1DZHn52

Enforcement

Morgan Stanley pays $2.6bn to settle mortgage claims
Ben McLannahan in New York, FT
Morgan Stanley has reached a $2.6bn settlement with the US Department of Justice, drawing a line under claims that it mis-sold mortgage-backed securities in the run-up to the financial crisis.
jlne.ws/1DtQBUA

Environmental & Energy

GOP battles with EPA over rules
By Timothy Cama – The Hill
House Republicans used a Wednesday hearing on the Environmental Protection Agency’s (EPA) budget to attack various regulations being pursued by the agency.
jlne.ws/1ESIDUM

California carbon permits fetch $12.21 a tonne at auction
By Rory Carroll – Reuters
California said on Wednesday that carbon allowances fetched $12.21 a tonne at the cap-and-trade program’s first auction of the year, a rate below market expectations even though all of the permits offered were sold.
jlne.ws/1ByqXAn

Carbon Tracker debuts Capex Tracker in latest bid to uncover carbon bubble risk
By James Murray – BusinessGreen
The Carbon Tracker Initiative (CTI) has this week launched a service for investors, designed to provide them with up-to-date information on how fossil fuel companies are changing capital expenditure plans in response to the collapse in the oil price.
jlne.ws/1AuhszL

Cameron’s climate envoy blames big six energy firms for green deal’s failure
By Karl Mathiesen – The Guardian
The big six energy companies undermined the government’s flagship programme to upgrade the energy efficiency of Britain’s housing stock, according to the former climate minister who is now David Cameron’s climate envoy.
jlne.ws/1Fw3LA5

Asia-Pacific

Tokyo’s Stock Bubble: Revisiting the First Signs of a Burst in 1990
Japan Real Time – WSJ
The Japanese stock market hit its all-time high on Dec. 29, 1989, reaching 38916, more than twice its current level. In hindsight, it’s clear that one of history’s great bubbles was at its bursting point, but at the time – and even for a few weeks afterward when the market began to slide – confidence reigned.
jlne.ws/1DZIbXD

Global uncertainty to weigh on Hong Kong’s economy, finance chief says in budget
South China Morning Post
The city’s economy faces a “challenging” year ahead amid global economic uncertainty, Financial Secretary John Tsang Chun-wah warned as he unleashed a host of measures intended to electrify economic growth.
jlne.ws/1DZIimc

How Singapore Became an Entrepreneurial Hub
HBR
That was the predominant sentiment I heard a little more than five years ago when I told U.S.-based venture capitalists about my plans to move my family out to Singapore to oversee Innosight’s nascent investment and incubation arm. Since I had never done venture investing before, I was trying to get advice from as many people as I could. The conversations all went pretty much the same.
“Why Singapore? You’ll never find any interesting deals there.”
jlne.ws/1DZIl1e

Short Selling of A Shares through Stock Connect to Start on 2 March
HKEX
Beginning 2 March 2015, short selling of certain Shanghai-listed A shares (Eligible SSE Securities for Short Selling) will be allowed under Shanghai-Hong Kong Stock Connect (Stock Connect), Hong Kong Exchanges and Clearing Limited’s (HKEx) mutual market access programme with the Shanghai Stock Exchange (SSE).
jlne.ws/18pdA8Z

Frontier Markets

RBS to shut down its banking operations in India, retains its back office business
Business Standard
At the end of Dec 2014, net balance sheet exposure of their operations in India fell by £1.7 bn to £2.0 bn
jlne.ws/1DtNADC

CEO Of Qatar Stock Exchange Participates In WFE Working Committee And Board Meetings In London
MondoVisione
Mr. Rashid Bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, today participated in the Working Committee and Board meetings of the World Federation of Exchanges (WFE), taking place in London for 2 days. Mr. Al-Mansoori participates in these meetings in his capacity as a member of the WFE Working Committee and Board of Directors after he was elected as a Board Member of the WFE to represent Europe-Middle East-Africa region for three-year term.
jlne.ws/1JQeFaj

Securities and Exchange Board of India Notices
SEBI

  • Adjudication Order in respect of M/s Karnawat Hire Purchase Pvt. Ltd, Mr. Kailash Karnawat, Ms Meena Karnawat, M/s Nakul Builders & Developers Pvt. Ltd., Laxman Singh Karnawat, M/s
  • Circle View Estate Pvt. Ltd., M/s Vardhaman Fincon Pvt. Ltd., Kailash Karnawat & Family HUF, Dungar Singh Karnawat, Pushpa Devi Karnawat and Dhruva Karnawat in the matter of M/s. Dhruva Capital Services Ltd
  • Adjudication Order with respect to DLF Limited and 7 others in the matter of DLF Limited and Sudipti Estates Limited
  • Adjudication Order with respect to Sudipti Estates Limited and 33 others in the matter of DLF Limited and Sudipti Estates Limited
  • PR – Order in the matter of M/s GBC Enterprise Limited
  • Adjudication Order in the matter of Envair Electrodyne Limited
  • SEBI (Employees’ Service) (Amendment) Regulations, 2015
  • Adjudication order against Vidiani Engineers Ltd.
  • Adjudication order against Crystal credit Corporation Ltd.
  • Adjudication order against Arihant Cotsyn Ltd.
  • Adjudication Order in respect of Shri A K Chowdhury in the matter of ITC Ltd.
  • jlne.ws/12kCz9E

    FTIL in talks to sell stake in ATOM, DGCX;
    Chairman Chary asks shareholders to oppose merger of NSEL with itself
    Business Standard
    Financial technologies has indicated that it is exiting it mobile transaction and payment gateway company ATOM Technologies by selling 95% stake in it. ATOM is a subsidiary of FTIL forms 7-8 years back. The FTIL has also indicated that the process to sell its global exchanges like Boursa Africa, Bahrain Financial Exchange (BFX), 27.3% holding in Dubai Gold and Commodity Exchange (DGCX) and has signed a share purchase agreement to sell 25.64% stake in Indian Energy Exchange at the exchange valuation of Rs.2250 crore.
    jlne.ws/1vC2CXP

    Miscellaneous

    Peak6 founder Hulsizer takes stake in Minnesota Wild
    Crain’s
    The Minnesota Wild have swapped minority owners, with Chicago financier Matthew Hulsizer replacing New York hedge fund manager Philip Falcone on majority owner Craig Leopold’s board of directors.
    jlne.ws/1LINREH

    Cargill invested $7.8 million dollars in Puebla to promote the growth of aquaculture in the south of Mexico
    Cargill
    As part of the celebrations for its 150th global anniversary and 50 years of operations in Mexico, Cargill Mexico inaugurated the expansion of its animal feed facility. The expansion is the result of a $7.8 million dollar investment, informed Gerardo Quintero, Managing Director of Cargill’s Feed & Nutrition business for Mexico and Central America.
    jlne.ws/1AvxN7m

    Porsche May Win Dismissal of Hedge-Fund Appeal, Court Says
    by Karin Matussek, Bloomberg
    Porsche Automobil Holding SE shares rose as much as 2.9 percent after a German court said the company was likely to win the first appeal over claims the carmaker lied during its failed 2008 bid to acquire Volkswagen AG.
    jlne.ws/1EusV49

Pin It on Pinterest

Share This Story