First Read

Futures group board members file election complaint with CFTC
By Lynne Marek
Two board members of the National Futures Association board have filed a complaint with the Commodity Futures Trading Commission alleging that the organization skirted its own rules in selecting candidates for the board and then falsified its records. The complaining board members, James Koutoulas and John Roe, are in hotly contested re-election campaigns for the board that will be decided in January. But their complaint concerns an election that took place early in 2014. Other board members and the NFA staff dispute their assertions.

**** This story makes me uncomfortable.


Diversity Rules in Nature and Maybe in Financial Markets, Too
By Anthony Effinger, BusinessWeek
Diversity safeguards populations from defective genes, stabilizes nature’s ecosystems and fosters innovation in business.
Now, Bloomberg Markets magazine will report in its February issue, research suggests that it may protect financial markets from manic excess. Bubbles form when traders trust others’ judgment without scrutiny, and that happens more in ethnically homogeneous markets, according to a new paper in the Proceedings of the National Academy of Sciences by Sheen S. Levine and David Stark of Columbia University.

***** I have long been a proponent of diverse markets. The more views you have expressed in a market, the better the price discovery.


Opec leader vows not to cut oil output even if price hits $20
Anjli Raval, Oil & Gas Correspondent, FT
Opec will not cut production even if the price of oil falls to $20 a barrel, the cartel’s de facto leader said, spelling out a dramatic policy shift that will have far-reaching implications for the global energy industry.

***** Speaking of price discovery, it is interesting to watch a cartel participate in it.


SEFCON Snapshot 2014, Part III: The New Market Structure

The WMBA Americas hosted SEFCON V on November 12, 2014, and John Lothian News was there. We interviewed 14 SEF operators, regulators and participants and put together this three part series on the state of SEFs one year into the mandate.  Part III looks at the new market structure brought about by the creation of SEFs and the regulations that guide them.  

While many of the pieces are now in place, this structure is still taking shape, and in some cases, the rules have led to uncertainty and unintended consequences in the market structure.

A key aim of Dodd-Frank and other regulations was increased competition, but is a true “all-to-all” market possible? Is there a cost in terms of liquidity from these and other regulations? Is aggregation of separate liquidity pools a viable option?

Watch the video »


INSIGHT-Derivatives exchanges prove resistant to regulatory change
By David Henry, Reuters
In December 2013, Hanmag Securities Corp, a small South Korean brokerage firm, lost 46 billion won ($42 million) in a day after a stock option trading algorithm went bad. It was a fatal blow for a company that had just 15 billion won of capital – Hanmag went bust. What happened next rattled regulators around the world: Hanmag defaulted on its obligations, forcing the Korea Exchange’s clearinghouse to tap its emergency funds.

***** All exchange leaders get shots for regulatory change afflictions. It works pretty well.


ISE Gemini Introduces Flat Pricing for Price Improvement Auctions
ISE Gemini announced the introduction of a new “flat” pricing structure for price improvement mechanism (PIM) auctions as of January 2, 2015, subject to regulatory clearance. With this new model, both PIM auction initiators and responders will pay the same fee of $0.05 per contract. Priority Customers on the originating side of a PIM order will continue to be free. The new structure will create additional transparency and a more level playing field in auction pricing. It also has the potential to deliver a higher level of price improvement to the end customer by increasing competition among auction responders at a fee level substantially lower than competing auction mechanisms.

***** ISE goes all Steve Forbes with its pricing model for PIM.


Japan Firms to Help Establish Stock Exchange in Myanmar
Wall Street Journal
Japan’s Daiwa Securities Group Inc., its research arm and Japan Exchange Group Inc. said Tuesday they signed a joint-venture agreement with Myanma Economic Bank to establish Myanmar’s first-ever stock exchange in Yangon.

***** It is a beautiful thing to see a new exchange brought into this world. It is a miracle that never fails to make my heart warm.


Nicaragua breaks ground with $50bn canal
Jude Webber in Managua, FT
Nicaragua and Chinese billionaire Wang Jing have formally launched work on a $50bn canal across the Central American nation — a megaproject that has raised international questions about whether it will ever be finished, who is really funding it and why.

****** The path between the seas is going to get a new route, maybe.


Sale of Morgan Stanley Oil Trading Business to Rosneft Is Aborted
Morgan Stanley and Rosneft said Monday that they were terminating the agreed sale of a large portion of Morgan Stanley’s oil trading business to the state-controlled Russian oil company. The sale was announced a year ago but regulators declined to clear the arrangement, creating “an objective impossibility to complete the deal,” Rosneft said in a statement on Monday. Morgan Stanley had said that the agreement would expire if necessary approvals were not received by Saturday.

***** Boy o boy, I don’t like the language of this story.


Chris Hehmeyer, managing member, HTG Capital Partners – Why Cereal Might Be Cheaper On Mondays At 8 AM

“The technologies are changing so fast that you can always jump in to whatever’s next.”

Chris Hehmeyer, managing member at HTG Capital Partners, gives a brief history of the financial markets and discusses his journey from Tennessee to Chicago. Hehmeyer describes the setting of the fledgling Chicago Board of Trade and remembers when technology was really beginning to impact the financial industry. One memory was when Hehmeyer saw an Apple II computer create a spread chart for the first time. Prior, all data was written out and charts were drawn by hand, but Hehmeyer knew that the simple chart was the beginning of something revolutionary.
Watch the video »



MarketsWiki Page of the Day

Credit Suisse
MarketsWiki Recent Updates


Stephen Merkel; Chris Giancarlo; Mark B. Sachs

Companies, Organizations and Groups

Trading Technologies International; Credit Suisse Group



Wholesale Markets Brokers’ Association, Americas


56,430,020 pages viewed, 8,117 articles, 187,711 edits
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Lead Stories

CBOE to pass regulatory duties to FINRA
By Tom Polansek, Reuters
CBOE Holdings Inc, operator of the biggest U.S. stock options market, will cede regulatory duties to the securities industry’s largest independent regulator next week, the company said on Monday.

CFTC fines Deutsche Bank $3 mln over customer fund flaws
By Douwe Miedema, Reuters
The U.S. Commodity Futures Trading Commission on Monday ordered Deutsche Bank to pay a $3 million fine over charges that it had failed to properly invest customer funds and had made other mistakes in the process.

Euronext Announces Record Volumes In Its Cash Markets
Euronext (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX), the leading exchange in the Eurozone, today announced that 19 December 2014 was its most active day in terms of trading in 2014 and the most active day on its market since March 2011. EUR15.986 billion was traded across all its cash products: equities; ETFs; warrants and certificates; and bonds.

CME pursues EU wheat plan as Euronext dogged by harvest fallout
CME Group is moving forward with plans for an alternative European wheat futures market, encouraged by French producers who say incumbent provider Euronext has not fixed shortcomings exposed by poor harvest quality in 2014.

Caught on the wrong side of the ‘vol’ trade
Tracy Alloway in New York, FT
Wall Street already has a reputation for trying to make money on everything. In 2014, investors branched out even further — into betting on nothing happening at all.

Pimco Gets Impaled on a Volatility Spike
Streetwise Professor
This is crazy to me: selling massive quantities of volatility when volatility is at very low levels.

Goldman Sachs Sells Aluminum Business to Swiss Firm; Reuben Brothers Buys Metro International Trade Services for Undisclosed Amount
By Christian Berthelsen And Ira Iosebashvili
Goldman Sachs Group Inc. on Monday ended its four-year ownership of its metal-warehousing unit, unloading it to an investment firm run by two British brothers.

Financial Start-Ups Aim to Court the Anti-Finance Crowd
By William Alden, NY Times
LOS ANGELES — Profit is usually a top priority on Wall Street, but some of the latest ventures into finance by start-ups seem to be inspired more by Karl Marx than John Pierpont Morgan.

Hong Kong securities watchdog starts case against U.S. research firm chief
by Michelle Price, Reuters
Hong Kong’s securities watchdog said on Monday it was taking legal action against the head of a U.S. research firm who it alleges spread false information about a Hong Kong-listed Chinese property developer.

French market regulator opens consultation on grains futures position limits
French market regulator AMF said on Monday it was launching a two-month public consultation on a proposal to introduce position limits and position reporting on Euronext’s Paris-based grains futures and options.

Ho, Ho, Hong Kong
By Alex Frangos, WSJ
“Dear Santa” isn’t how investors typically expect the Hong Kong stock exchange’s chief executive to begin a letter.


FINRA Signs Regulatory Services Agreement with CBOE and C2
The Financial Industry Regulatory Authority (FINRA) today announced that it has signed an agreement with the Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2) to provide market surveillance, financial surveillance, examinations, investigations, and disciplinary services to CBOE and C2, in addition to other regulatory services. FINRA, the independent, non-governmental regulator for all securities firms doing business with the public in the United States, will begin to perform these services on January 1, 2015.

UK regulator to police seven more benchmarks
Philip Stafford and Sam Fleming, FT
The UK markets regulator is to formally police seven UK-based benchmarks in the wake of the scandal over attempted manipulation of key rates for bank lending and foreign exchange, extending the regulation introduced in 2013 to strengthen Libor.

Banks Face Basel Limits on Risk Models for Capital Rules
The Basel Committee on Banking Supervision, an international group of standard setters, published draft plans to set a capital floor and to reinforce standard, regulator-set methods to measure possible losses. Supervisors say the move is necessary to counter the threat of banks manipulating internal models to reduce their capital requirements to unsafe levels.

CFTC Issues Additional Relief for Family Offices
by W. Scott McGinness Jr., JD Supra
In November 2012, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued a no-action letter stating that the Division would not recommend that the CFTC take enforcement action against a family office for failure to register as a commodity pool operator (“CPO”) if the family office meets the definition of “family office” promulgated by the Securities and Exchange Commission under the Investment Advisers Act of 1940. In order to obtain the protection of this no-action letter, the family office had to make an electronic filing with the CFTC claiming the registration exemption. See our prior bulletin of December, 2012 here.

What’s New on the SEC Website, December 22, 2014
Investment Company Act Deregistration Notices and Orders
Notice of Applications for Deregistration under Section 8(f) of the Investment Company Act of 1940 (Release No. Ic-31387; December 19, 2014)
Other Commission Orders, Notices, and Information
List of Rules to be Reviewed Pursuant to the Regulatory Flexibility Act (Release Nos. 33-9694, 34-73891, 39-2500, IC-31389; IA- 3986; File No. S7-13-14; December 19, 2014)
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
BATS: Notice of Filing of a Proposed Rule Change to List and Trade Shares of the iShares Short Maturity Municipal Bond ETF of the iShares U.S. ETF Trust under Rule 14.11(i) of BATS Exchange, Inc. (Release No. 34-73895; File No. SR-BATS-2014-054; December 19, 2014)
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Convert Direct Edge, Inc., the Parent Company of EDGX Exchange, Inc., from a Delaware Corporation to a Delaware Limited Liability Company (Release No. 34-73893; File No. SR-EDGX-2014-34; December 19, 2014); see also Exhibit 5A, Exhibit 5B, Exhibit 5C
NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Ports (Release No. 34-73894; File No. SR-BX-2014-060; December 19, 2014); see also Exhibit 5

CFTC’s Global Markets Advisory Subcommittee on Foreign Exchange Markets Submits Report
The U.S. Commodity Futures Trading Commission’s (CFTC) Subcommittee on Foreign Exchange Markets (FEM) submitted a report to the Global Markets Advisory Committee (GMAC) regarding a prospective clearing mandate for foreign exchange (FX) non-deliverable forwards (NDFs). FEM is a subcommittee of GMAC.

CFTC Staff Issues Advisory and Time-Limited No-Action Position Regarding the CCO Annual Report
The U.S. Commodity Futures Trading Commission’s (Commission) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a staff advisory that provides guidance for chief compliance officers (CCO) of futures commission merchants, swap dealers and major swap participants (registrants) to comply with the requirement to prepare an annual report on the state of the registrant’s compliance program under Commission Regulation 3.3(e).

Exchanges & Trading Facilities

CME plans new incentive for cocoa launch
Futures & Options World

SGX responds to consultation on greater retail access to bonds
Singapore Exchange (SGX) today issued its response to a consultation paper it published in September 2014 to give retail investors improved access to wholesale bonds1. Wholesale bonds are initially denominated in a board lot size of S$200,000 or above. In the public consultation, SGX proposed that retail investors be allowed to purchase these bonds six months after their listing in smaller board lot sizes (“seasoned bonds”). Issuers can also make subsequent offers of new bonds on the same terms as the seasoned bonds to retail investors directly.

Derivatives: Mandatory changes to Norwegian Single Stock Derivatives (79/14)
Change of the Expiration Day for Norwegian Single Stock Derivatives: As of January 12, 2015, NASDAQ OMX Derivatives Markets will change Expiration Day for standardized options, forwards and futures on Norwegian Single Stock Derivatives to be the third Thursday of the month. Currently the Expiration Day for options, forwards and futures on Norwegian Single Stock Derivatives is the third Friday of the month. New contracts will be listed in parallel with the existing contracts, thus the change will have no effect on the existing contracts. New maturities on the existing contracts will no longer be listed and existing maturities without open interest will be delisted. Successively only the new contracts with the third Thursday as the Expiration Day will be available for trading.

ISE Gemini Introduces Flat Pricing for Price Improvement Auctions
Press Release – International Securities Exchange, LLC
ISE Gemini announced the introduction of a new “flat” pricing structure for price improvement mechanism (PIM) auctions as of January 2, 2015, subject to regulatory clearance. With this new model, both PIM auction initiators and responders will pay the same fee of $0.05 per contract. Priority Customers on the originating side of a PIM order will continue to be free. The new structure will create additional transparency and a more level playing field in auction pricing. It also has the potential to deliver a higher level of price improvement to the end customer by increasing competition among auction responders at a fee level substantially lower than competing auction mechanisms.

Group applauds CME emergency action unlocking stalled Cattle futures
Last week, the Chicago Mercantile Exchange Inc., (CME) took emergency action to unlock the stalled feeder cattle futures market that had been locked the limit down for an unprecedented five consecutive days. In response to the lockdown, cash feeder cattle prices fell approximately $15 per hundredweight, or about $120 per head for an 800 lb. steer, in just two weeks.

Toronto Stock Exchange Sets New Trading Records
TMX Group today announced that Toronto Stock Exchange (TSX) set a new daily volume record on December 19, 2014 with 1,535,887,985 shares traded. This surpassed the previous record of 895,769,152, which was set on December 19, 2008.

Hedge Funds & Managed Futures

Hedge fund industry’s top performers mainly small, little-known
By Svea Herbst-Bayliss,Reuters
The hedge fund industry’s biggest performances in 2014 came from some of its smallest, least-known players, according to data from research firm Simplify.

Cheap Oil Is Dragging Down the Price of Gold
By Debarati Roy, Bloomberg
Gold, the ultimate inflation hedge, isn’t much use to investors these days.

A large loss but not a financial shock
Robert Reoch and Alex Ciravegna, Directors, New College Capital, London, FT
Sir, It could only be a matter of time before the banks, derivatives and worse — credit derivatives — were going to be responsible, again, for the next catastrophe. Peter Lewis’s letter (December 19) treads the well-worn path of highlighting how credit derivatives can be a major source of systemic risk. There are, however, some flaws in his arguments.

Oil drop hits Bakken as Continental cuts
Ed Crooks in London and Richard Blackden in New York, FT
Continental Resources, one of the largest oil producers in the Bakken field in North Dakota which has been at the centre of the US shale resurgence, has cut its 2015 capital spending plans for the second time and intends to reduce the number of rigs it has operating by nearly 40 per cent.

Banks & Brokers

Goldman metal warehouse sale to Reuben Brothers
By Henry Sanderson and Neil Hume, FT
Goldman Sachs has completed the sale of its controversial metal warehousing business to the British Reuben Brothers as Wall Street investment banks continue to retreat from physical commodities.

A Grand Bargain? Not So Fast …
By Dave Lauer, KOR Group on Tabb Forum
The agreement to overhaul market structure reached by the Intercontinental Exchange and Credit Suisse at first appears to be a victory for fairness and transparency. But on closer examination, the ‘grand bargain’ is nothing more than marketing mumbo-jumbo.

UBS loses StanChart corporate broking mandate
Harriet Agnew, City Correspondent, FT
Standard Chartered has dropped UBS as corporate broker and hired Bank of America Merrill Lynch, as the emerging markets bank tries to reassure investors unsettled by regulatory scrutiny and three profit warnings in the past year.

Entry Point of JPMorgan Data Breach Is Identified
By Matthew Goldstein, Nicole Perlroth and Michael Corkery, NY Times
The computer breach at JPMorgan Chase this summer — the largest intrusion of an American bank to date — might have been thwarted if the bank had installed a simple security fix to an overlooked server in its vast network, said people who have been briefed on internal and outside investigations into the attack.

Clearing & Settlement

Derivatives exchanges prove resistant to regulatory change
Yahoo Finance UK
While regulators have recently talked about efforts to make clearinghouses stronger, they are finding it’s not easy, according to bankers and former regulators who are working with global rulemakers on this issue.

CFTC Staff Extends Time-Limited No-Action Relief to Japan Securities Clearing Corporation and Its Qualifying Clearing Participants and Affiliates
The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (Division) today extended the no-action relief granted in CFTC Letter 13-73 to Japan Securities Clearing Corporation (JSCC) and its qualifying clearing participants and affiliates.

Indexes & Products

Deutsche Börse announces compliance of DAX index family with IOSCO Principles for Financial Benchmarks
Deutsche Börse
Deutsche Börse: Deutsche Börse, the official Index Administrator of the DAX index family and other leading financial market indices, today announced that the indices comply with the International Organisation of Securities Commission’s (IOSCO) Principles for Financial Benchmarks. Deutsche Börse has published the Letter of Compliance on the company’s website.


And 2014’s Worst Currency Was…Bitcoin
By Mark Gilbert, Bloomberg
It’s been a bad year for the Russian ruble and a terrible 12 months for the Ukrainian hryvnia. But it’s been a catastrophic 2014 for Bitcoin, the virtual currency. While acknowledging that my currency forecasting prowess means I’m driving a desk rather than tanning on a beach, the gyrations do seem to offer some valuable lessons .


F-Squared Settles SEC Charges; Firm to Pay $35 Million; SEC Says It Overstated Record of Flagship Index
By Corrie Driebusch
F-Squared Investments Inc., which builds investment portfolios out of exchange-traded funds, admitted it misled clients about its track record and agreed to pay $35 million in a settlement with regulators.

FINRA bars ex-Wells Fargo broker for life for theft from client
A former Wells Fargo Advisors broker in Chico, California, has been permanently barred from the industry for stealing almost $89,000 from an elderly customer, the U.S. securities industry’s principal regulator of brokers said on Monday.

SEC Charges Two Traders in Chile With Insider Trading
The Securities and Exchange Commission today charged two business associates in Chile with insider trading on nonpublic information that one of them learned while serving on the board of directors of a pharmaceutical company. The agency obtained a court order to freeze assets in the U.S. brokerage accounts used to conduct the trading.

SEC Charges Corporate Attorney and Wife With Insider Trading on Client’s Confidential Information
The Securities and Exchange Commission today charged a California-based attorney and his wife with insider trading on confidential information obtained from a corporate client.

SEC Charges Investment Manager F-Squared and Former CEO With Making False Performance Claims; F-Squared Settles Case by Paying $35 Million and Admitting Wrongdoing
The Securities and Exchange Commission today announced that investment management firm F-Squared Investments has agreed to pay $35 million and admit wrongdoing to settle charges that it defrauded investors through false performance advertising about its flagship product.

CFTC Orders Deutsche Bank Securities Inc. to Pay $3 Million to Settle Charges of Improper Investment of Customer Segregated Funds, Reporting and Recordkeeping Violations, and Supervision Failures
The U.S. Commodity Futures Trading Commission (CFTC) today issued an order filing and simultaneously settling charges against Deutsche Bank Securities Inc. (DBSI), a registered Futures Commission Merchant (FCM) based in New York, N.Y., for failing to properly invest customer segregated funds, failing to prepare and file accurate financial reports, failing to maintain required books and records, and for related supervisory failures. None of the violations resulted in any customer losses, according to the CFTC’s Order. The Order requires DBSI to pay a $3 million civil monetary penalty and to cease and desist from violating the CFTC Regulations, as charged. DBSI is an indirect, wholly-owned subsidiary of the parent company, Deutsche Bank AG.

Federal Court in Texas Orders Dallas-based Steven Lyn Scott to Pay $766,625.30 in Restitution and a $700,000 Penalty to Settle Charges of Solicitation Fraud, Misappropriation, and Registration Violations in Connection with a Forex Commodity Pool Scheme
The Court earlier entered a Consent Order against Scott, permanently banning him from the commodities industry
The U.S. Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Northern District of Texas issued a supplemental Consent Order of Permanent Injunction requiring Defendant Steven Lyn Scott (a/k/a Stevon Lyn Scott) of Dallas, Texas, to pay a $700,000 civil monetary penalty (CMP) and restitution of $766,625.30, plus post-judgment interest on both the CMP and restitution obligation. An earlier Consent Order of the Court, entered on May 5, 2014, imposes a permanent trading and registration ban against Scott and prohibits him from violating provisions of the Commodity Exchange Act (CEA) and CFTC regulations, as charged. Scott has never been registered with the CFTC in any capacity.

FINRA Bars Broker for Stealing $89,000 From an Elderly Customer
The Financial Industry Regulatory Authority (FINRA) announced today that it has permanently barred Jeffrey C. McClure from the securities industry for converting nearly $89,000 from an elderly customer’s bank account while working for Wells Fargo Advisors, LLC and an affiliated bank in Chico, California. The affiliated bank has made the customer whole for her losses.

NFA orders Las Vegas firm Wealthbuilder Capital Advisors and its principal, Courtney D. Smith, to permanently withdraw from NFA membership
National Futures Association (NFA) has ordered Wealthbuilder Capital Advisors (WB Capital), formerly known as Global Arena Trading Advisors LLC (GA Trading), an NFA Member commodity trading advisor, commodity pool operator and designated forex firm, and its sole principal and associated person (AP), Courtney D. Smith, to permanently withdraw from NFA membership and CFTC registration.

Environmental & Energy

EEX: New Monthly Record On Power Derivatives Market
On 19 December, the volume traded in December 2014 so far has already exceeded the previous record volume on the EEX Power Derivatives Market. As of Friday, the total volume amounted to 181.4 TWh. The previous record of 177.9 TWh was traded in September 2013. Furthermore, new daily records were registered in French (2.5 TWh) and Italian Power Futures (2.6 TWh) on 18 December.

China must switch to low-carbon investment in Latin America
By Guy Edwards and Sophie Purdom (contribution) – Thomson Reuters Foundation
The U.N. climate negotiations in Lima ran over by two days before governments finally reached an agreement.

Analysts: Oil price slump will have ‘modest’ impact on renewables prospects
By James Murray – BusinessGreen
The recent slump in oil prices will only have a ‘modest’ impact on renewables development in many key markets, although the implications of a 45 per cent in oil prices will vary significantly by geography and technology.

Natural Gas Glut Isn’t Deterring Southwestern Energy
By Clifford Krauss – The New York Times
Across the giant Fayetteville shale gas field here, country roads that were clogged by truck traffic just a few years ago are empty again.


Ruble Swap Shows China Challenging IMF as Emergency Lender
By Ye Xie, Bloomberg
China is stepping up its role as the lender of last resort to some of the world’s most financially strapped countries.

Self-Discipline Supervision Committee Of Shenzhen Stock Exchange Board Of Directors Founded
On December 19, the founding meeting of Self-discipline Supervision Committee under the Board of Shenzhen Stock Exchange (SZSE) was held. At the meeting, the founding background was briefed, the working rules were approved, the working situation and thoughts of work on future self-discipline supervision were introduced and opinions and advice were solicited. Regulatory departments and industry associations were also invited to introduce the supervisory situations over securities agents, fund companies and listed companies.

Frontier Markets

Kenya: NSE Allowed to Set Up Futures Market
The Nairobi Securities Exchange has received a provisional licence to set up a derivatives exchange, setting the stage for investors to start trading in futures contracts and options.

Sebi leads multi-agency probe into black money scam by listed companies; A multi-agency probe, including Sebi, IT department and black money SIT, is underway into an alleged scam that could run as high as Rs 20,000 cr
Jayshree P Upadhyay, Business Standard
The Securities and Exchange Board of India (Sebi), income-tax department and special investigative team (SIT) on black money are learnt to be spearheading a multi-agency probe into an alleged flow of unaccounted money through some 100 listed companies.

Ukraine Probes Gold Swapped for Lead in Central Bank Storage
By Daryna Krasnolutska, Bloomberg
Ukraine opened a criminal probe after several gold bars at the central bank’s storage in the southern city of Odessa turned to be painted lead.

Ukraine Cuts Gold Reserve to Nine-Year Low as Russia Buys
By Phoebe Sedgman and Jasmine Ng, Bloomberg
Ukraine reduced gold reserves for a second month to the lowest since August 2005 as Russia bought bullion for an eighth month to take its holdings to the highest in at least two decades, according to the International Monetary Fund.

Know Your Customer: A challenge for banks and their customers; Customers accuse banks of repeatedly asking for KYC documents even after submission of the same
Somasroy Chakraborty & Nupur Anand, Business Standard
Banks are often criticised for using Know Your Customer (KYC) rules as an excuse to complicate account opening process for customers.


Natural Gas: Abundance of Supply and Debate
Natural gas is the Rorschach test of energy policy. Depending on one’s point of view, it can be either an essential tool for meeting the challenge of climate change or another dirty fossil fuel that will speed the planet down the path to calamitous warming.

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