First Read

Request for Public Director Nominations for NFA’s Board of Directors
The terms of five of NFA’s current Public Representatives – Andrea M. Corcoran, Jim Marshall, Charles P. Nastro, Ronald S. Oppenheimer, and Michael R. Schaefer – are set to expire at the Board of Directors’ (Board) 2015 regular annual meeting. Furthermore, in keeping with NFA’s policy to have 35 percent of its overall Board composition represented by Public Directors, NFA will be seeking an additional Public Representative.

Because public representation on NFA’s Board of Directors is an important matter, we ask that you give serious consideration to submitting a nomination to fill these vacancies. NFA requests that Members submit Public Director nominations prior to January 2, 2015 so that NFA’s Executive Committee can review the potential nominees at its meeting on January 15, 2015. Nonetheless, all nominations must be received at the address below or by fax or email on or before Tuesday, January 20, 2015.

Thomas W. Sexton, Senior Vice President and General Counsel, National Futures Association
Fax Number: 312-781-1467
Email address:
***** This is your chance to get some outside directors, some new blood on the NFA Board of Directors.


KCG Completes Sale of Futures Commission Merchant
Yahoo Finance
KCG Holdings, Inc. (KCG) announced the completion of the sale of certain assets and liabilities related to KCG Futures, its futures commission merchant, to Wedbush Securities Inc. Terms of the transaction were not disclosed.

***** Good luck to CEO Carl Gilmore and crew on their latest move. I can say I knew them back in the Goldenberg Hehmeyer days, the Penson GHCO days, the Penson Futures days and the KCG Futures days.


Wedbush Announces Closing of Transaction with KCG Futures
Wedbush Securities Inc., one of the nation’s leading financial services providers, today announced the closing with respect to an agreement to acquire certain assets of KCG Americas LLC related to its agency futures operations previously doing business as KCG Futures. The transaction continues to build Wedbush Futures’ offerings and enhances the firm’s service by expanding its futures, FX and cross asset class margining clearing, execution and custody capabilities.

***** To contact Carl Gilmore use this new email address: And to contact Mike O’Callaghan, use:


Crain’s 40 Under 40 – Rick Lane
Most Chicago trading industry CEOs are steeped in the city’s market tradition. Not Rick Lane. As a high-schooler in Harrisburg, Pa., he was an all-around athlete, artist and closet coder. “It was kind of a dirty little secret,” says Lane, who operated a bulletin board that connected him with other tech geeks. “I was sort of embarrassed by it, but I loved it.”

***** Harris Brumfield has a big smile on his face today. Choosing Rick Lane to lead TT was a terrific move.


ICAP to Hold 22nd Annual Global Charity Day on Wednesday, December 3, 2014
Yahoo Finance
On Wednesday, 100% of ICAP’s revenues and commissions generated globally will be donated to more than 200 charities worldwide. Since Charity Day was launched in 1993, ICAP has raised more than $176.5 million for over 1,600 charities worldwide. In 2013 alone, $15.5 million was raised by ICAP’s 60 plus offices globally, for over 200 charitable projects. This equates to 3% of ICAP’s full year pre-tax profit for Full Year 2013/2014.

***** Make a donation to some charity tomorrow, or even today. Purge your guilt from Black Friday and Cyber Monday.


Hedge Funds Shut as Managers Struggle in Year of Two Percent Returns
By Katherine Burton, Bloomberg
Hedge funds are shutting at a rate not seen since the financial crisis, as many managers post disappointing returns and an elite group of firms dominate money raising.

***** Anyone want to buy some cool trading desks?


A Jazz Quartet Explains High-Frequency Trading

***** Not Matt Scharpf, but still pretty cool.


Are you left-handed? Bad luck; A new study has discovered that lefties are likely to earn 10pc to 12pc less than their right-handed peers
By Ben Wright, The Telegraph
Leonardo Da Vinci, Michaelangelo, Albert Einstein, Napoleon Bonaparte, Winston Churchill, Henry Ford, Pelé and Shane Richie.

***DA: I am left handed. Plus, I am almost a standard deviation below the median height of an adult male. It was reported last year that short people earn $789 less per month than tall people.

***** I don’t discriminate against short people. I can hardly see them to discriminate against them. Doug who?


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Lead Stories

U.S. CFTC reopens comment period for ‘position limit’ proposal
The U.S. Commodity Futures Trading Commission on Monday again extended the amount of time the public can comment on its prop

***DA: For a summary of the proposed rule and a brief history of the rule, visit the Position Limits Regulation page in MarketsReformWiki

‘Too big to fail’ worries reach clearing houses
Philip Stafford, FT
Clearing houses, which sit between two sides of financial trades, have become risk managers for global markets in the post 2007-crisis era. But they are having to defend their role in a growing debate over what would happen if one of them failed.

Fed Leak Tipped Traders to Historic Stimulus Move, Prompted Secret Inquiry
By Craig Torres, Bloomberg
Alarms went off inside the Federal Reserve: the Fed’s innermost secrets had leaked to Wall Street.

NLX switches rebates, warns over abuse
By Luke Jeffs, FOW
NLX replaced two controversial rebates that have been in place for over a year

Globalization Is in Peril, Bankers Say
By Peter Coy
A group of international bankers says in a new report that the pendulum of financial markets has swung too far away from globalization. “There is a danger that the profound benefits of globally integrated financial markets are being frayed and even reversed,” the Institute of International Finance says.

Exchange row brews over ICE’s Libor fees
Financial News
LCH.Clearnet and Nasdaq are unhappy with the licensing fees for the trading and clearing of Libor-linked derivatives

Islamic banks grow but may miss out on global footprint: study
By Bernardo Vizcaino, Reuters
Islamic banking is growing faster than its conventional counterpart but is focused in a few core markets and risks missing an opportunity to build a global footprint, the EY consultancy said in a report on Tuesday.

Bernanke orders probe of possible information leak
By Joshua Zumbrun, Marketwatch
Then-Federal Reserve Chairman Ben S. Bernanke in late 2012 ordered an investigation into a potential leak of sensitive information from one of the central bank’s policy meetings, according to a report Monday by ProPublica.

Money Supply – Dudley, the Fed & financial markets
Robin Harding, FT
Could unexpectedly low levels of Treasury yields, pushed down by monetary policy in Europe and Japan, lead the Fed to raise interest rates earlier and faster than it otherwise would? That’s the prospect raised by an intriguing and important speech today by New York Fed president William Dudley. He makes dovish arguments about when rates should lift off, but forecasts they actually will rise by mid-2015, in line with consensus. He then breaks new ground by suggesting the pace of rate rises will depend on how financial markets respond to them.

SGX sees volume growth in November
Singapore Exchange (SGX) reported growth in securities and record volumes in derivatives and commodities for November.
Securities daily average value grew 8% month-on-month to S$1.1 billion and 20% year-on-year. Total value of securities traded in November increased 3 % month-on-month to S$22.3 billion and 15% year-on-year. The number of trading days in November 2014 was 20 days whereas October 2014 and November 2013 were 21 days.
November saw 4 listings which raised about S$ 42 million. There were 47 bond listings that raised about S$19.4 billion in November, compared with 57 bond listings raising S$11.3 billion a year earlier.


Time Is Running Out for Banks to Change Culture, FCA Chiefs Say
By Suzi Ring, Bloomberg
Banks have to change their cultures so employees ask whether something is ethical, as well as legal, to maintain credibility and overcome scandals tied to misconduct, according to Martin Wheatley, the U.K. Financial Conduct Authority’s chief executive officer.

What’s New on the SEC Website
Advisory Committee on Small and Emerging Companies (Notice of Meeting) (Release Nos. 33-9683; 34-73709; File No. 265-27)
CBOE: Notice of Filing of Amendment Nos. 1 and 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, to Adopt Extended Trading Hours for SPX and VIX (Release No. 34-73704; File No. SR-CBOE-2014-062; November 28, 2014)
NYSE: Notice of Filing of Proposed Rule Change Amending Rule 13 and Related Rules Governing Order Types and Modifiers to Clarify the Nature of Order Types (Release No. 34-73703; File No. SR-NYSE-2014-59; November 28, 2014); see also Exhibit 5
NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Reflect a Change to the Process for Determining the Benchmark Values Used by the ETFS Platinum Trust, ETFS Palladium Trust, ETFS Precious Metals Trust and ETFS White Metals Basket Trust (Release No. 34-73701; File No. SR-NYSEArca-2014-135; November 28, 2014)

Multilateral Trading Facilities (MTFs) – Dear CEO Letter and FCA Good Practice Observations on MTF Rulebooks
The FCA has undertaken a thematic review of MTF operators’ rulebooks. A sample of UK MTF operators responded to a questionnaire which sought to assess compliance with those areas of the FCA’s Handbook relating to an MTF operator’s rules.

Mortgage House rebuked over ‘MoneySmart’ loan offer
ASIC has censured Mortgage House after it inappropriately used an ASIC trademark to sell one of its products.

Effective Date of Interpretive Notice to NFA Compliance Rules 2-4 and 2-36: Prohibition on the Use of Certain Electronic Funding Mechanisms
The Commodity Futures Trading Commission recently approved NFA’s Interpretive Notice entitled “NFA Compliance Rules 2-4 and 2-36: Prohibition on the Use of Certain Electronic Funding Mechanisms.” The Interpretive Notice, which becomes effective on January 31, 2015, prohibits NFA Members from permitting customers to fund their futures or forex accounts with a credit card or other electronic methods tied to a credit card (e.g., using a payment facilitator such as PayPal that draws funds from a credit card).

CFTC to Reopen Comment Period for Position Limit Rulemaking
Washington, DC — The U.S. Commodity Futures Trading Commission (Commission) today submitted to the Federal Register a notice reopening the comment period for Position Limit Rulemaking. The notice will appear in the Federal Register on Wednesday, Dec. 3.

Notice to investors in the matter of Justin Maisonneuve-Strasbourg / Justin Jonathan Service Financier
Montréal – The Autorité des marchés financiers (“AMF”) wishes to advise investors in the matter of Justin Maisonneuve-Strasbourg / Justin Jonathan Service Financier that investors will be filing a request to lift freeze order with the Bureau de décision et de révision (the “Bureau”) so that certain funds frozen in an account are disgorged to them.

Warning – 1,000% return in 21 days – Too good to be true?
Montréal – Further to analyses under its cybersurveillance program, the Autorité des marchés financiers (the “AMF”) is warning Québec investors about the website and the firm Galaxy Investment Management Limited, which administers the site. The firm and the website have been soliciting Québec investors through classified Web ads proposing various investment plans in specialized “portfolios” offering extremely high guaranteed returns of up to 1,000% in 21 days.

Credit broking and fees
We have significant concerns about the practices of some credit brokers who charge upfront fees to consumers. Some 41 per cent of all the complaints received since 1 April by the FCA’s Consumer Credit Department relate to credit broking, and around 80 per cent of these are about online brokers charging upfront fees.

New rules will protect consumers from harmful fee-charging credit broking practices, says FCA
The rules will ban credit brokers from charging fees to customers, and from requesting customers’ payment details for that purpose, unless they comply with new requirements ensuring that customers are given clear information about who they are dealing with, what fee will be payable, and when and how the fee will be payable. The rules come into force on 2 January 2015.

FSCS claws back £100m from Keydata collapse; returns half to fund managers
Laura Miller, Investment Week
The Financial Services Compensation Scheme (FSCS) has recovered £100m from the estate of failed traded life settlement firm Keydata, and the advisers who mis-sold it, and will rebate half the sum to fund management levy payers.

Exchanges & Trading Facilities

CME Group Volume Averaged 13.0 Million Contracts per Day in November 2014, Up 7 Percent from November 2013
-Options average daily volume increased 16 percent, with electronic options growth of 24 percent
-Foreign Exchange (FX) average daily volume rose 29 percent
-Metals average daily volume rose 26 percent
-Energy average daily volume rose 25 percent

Performance Bond Requirements: Agriculture, Coal, Crude Oil, Ethanol, FX, Metals, Natural Gas, NGLs, and Refined Products Outrights; Natural Gas Intra-Commodity Spread Charges – Effective Tuesday, December 02, 2014
CME Group

CME Boosts Crude Futures Margins to Near Two-Year High
By Lynn Doan, Bloomberg
CME Group Inc. (CME) is raising the margins on the world’s most actively traded crude futures contract for the fifth time in two months.

Average daily volume of 7.8 million contracts at Eurex Group in November
In November 2014, the international derivatives markets of Eurex Group recorded an average daily volume of 7.8 million contracts (November 2013: 7.5 million). Of those, 5.3 million were Eurex Exchange contracts (November 2013: 5.0 million), and 2.5 million contracts (November 2013: 2.5 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 107.0 million contracts were traded at Eurex Exchange and 39.0 million at ISE.

NLX shows early signs of liquidy spreading out
by Luke Jeffs, FOW

Futures exchanges look set for record year

Vienna Stock Exchange Monthly Statistics – November 2014
Please click here to download Vienna Stock Exchange’s monthly statistics for November 2014.

Statistics From The Baltic Securities Market For November, 2014

Warsaw Stock Exchange: No place like home
The WSE should pursue local opportunities, rather than chasing new listings from foreign firms. After months of speculation and deliberation, the new management team at the Warsaw Stock Exchange has finally revealed its plans for the bourse’s future.

CBOE Futures Exchange Reports November 2014 Trading Volume
– VIX Futures ADV Up 11% Over 2013
– VIX Futures YTD Volume 24% Ahead of Year Ago
CHICAGO, IL – December 1, 2014 – CBOE Futures Exchange, LLC (CFE®) today reported that November 2014 monthly average daily volume (ADV) and monthly total volume in trading of futures on the CBOE Volatility Index® (VIX® Index) rose over year-ago levels.

December 1, 2014
CHICAGO, IL – December 1, 2014 – CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that trading volume for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE®) totaled 85.57 million contracts in November. Average daily volume (ADV) was 4.50 million contracts, a two-percent decrease from November 2013 and a 36-percent decrease from October 2014, the busiest month ever in CBOE Holdings’ history.

ISE Holdings Reports Business Activity for November 2014
NEW YORK, December 1, 2014 – ISE and ISE Gemini combined represent 14.9% of equity options market share, excluding dividend trades.

USD and EUR Interest Rate Swap Futures – Delivery Process, December 2014
CME Group
Please be advised that the following delivery process and schedule will be in effect for the December 2014 delivery cycle. All times are Central Standard Time unless otherwise noted.

The Options Industry Council Announces November Options Trading Volume Down 6 Percent
CHICAGO (December 1, 2014) – The Options Industry Council (OIC) announced today that 294,770,356 options contracts traded in November, down 6.26 percent compared to last November’s 314,465,376 contracts.
Year-to-date trading volume stood at 3,910,760,808 contracts, up 3.16 percent compared to the 3,791,066,303 contracts traded in the same period last year. 2014 looks to be on track to be the second highest volume year on record. With one less trading day than last November, average daily volume was 15,514,229 contracts, 1.33 percent less than last November’s 15,723,269 contracts.
Year-to-date equity options volume (options on individual stocks and ETPs) was up with 3,526,952,540 contracts traded, which is 2.65 percent more than the 3,435,868,801 contracts traded at the same point last year. Equity options for the month came in at 269,965,859 contracts, 6.23 percent less than last November when 287,887,380 contracts were exchanged. Average daily volume for equity options in November came in at 14,208,729 contracts, off of last year’s 14,394,369 contracts by 1.29 percent.

– Year-to-Date 2014 Trading Volume jumps 18% as Compared to the First 11 Months of 2013
– Average November Block Trade Size was 457 (45,700 share equivalent)
CHICAGO – December 1, 2014 – OneChicago, LLC (OCX), an equity finance exchange, today announced its November 2014 volume of 1,121,688, an increase of 78% year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,500 equities, including ADRs and ETFs.

Hedge Funds & Managed Futures

Harold Hamm loses $10 billion from oil shock
This summer, analysts were predicting that Harold Hamm could lose half of his $20 billion fortune in his divorce. Since then, Hamm’s fortune has indeed been cut in half. But the reason is oil prices, not his divorce.

Shuttered Brevan Commodities Fund Caught Out on Derivatives; Commodities Strategies Fund With $630 Million in Assets Suffered Worst Hit in September
By Laurence Fletcher
Brevan Howard Asset Management LLP’s commodities hedge fund, which is being shut, suffered heavy losses on derivatives contracts despite correctly betting that the oil price would fall.

Best Books for Investors: A Short Shelf
By Jason Zweig
I’m often asked, especially as the holiday gift-giving season approaches, which books I recommend for investors. I haven’t kept exact count, of course, but over the past quarter-century I have surely read (or tried to read) a couple thousand books on investing. Nearly all of them were a tragic waste of good trees. Most weren’t worth reading even a few pages of.

Ruble Feels Fresh Pain With Oil Still in the Driving Seat
By Chiara Albanese, WSJ
The tide against the ruble is showing no signs of turning. In a single-day move not seen since the 1998 crisis, the ruble lost more about 6% Monday, to trade at almost 54 against the dollar. The currency is, of course, highly correlated with oil prices. So while oil remains under pressure — and the prognosis doesn’t look good — the ruble is unlikely to gain back any strength for weeks to come.

Romer-Lee: IMA fails to represent active managers
Jenna Towler, Investment Week
The Investment Management Association (IMA) is failing to represent the interests of active fund managers, according to Richard Romer-Lee.

Franc Defenders Who Subdued Gold Bugs Face ECB Next

Banks & Brokers

Wedbush secures KCG’s futures arm
by Luke Jeffs

UBS names global equity derivatives head
By Matt Turner, Financial News
UBS has promoted a former global head of equities structuring at RBS to the role of global equity derivatives head, following the appointment of its new co-head of global equities in September.

Societe Generale banker Eric Litvack to head up International Swaps and Der­iv­atives Association
by Tim Wallace, City A.M.
Societe Generale’s Eric Litvack is to head the derivatives and swaps industry body, it was announced yesterday.

ICAP Electronic Broking Volumes – November 2014

Bankers can soon cash in on deferred recession era bonuses
By James Covert, NY Post
When it comes to bonuses, the waiting on Wall Street is about to pay off. A rash of bonuses that were deferred in the wake of the financial crisis will begin to vest in the coming weeks, resulting in vastly larger paydays than if bankers and traders had been paid in cash, according to a report by Crain’s New York Business.

BGC Announces Offering Of Senior Notes
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “BGC” or “the Company”) today announced its intention to commence an offering, subject to market conditions and other factors, of senior unsecured notes. The notes are to be offered and sold in a private offering exempt from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”).

Clearing & Settlement

Managers Using More OTC Derivatives
Greg Bresiger, Financial Advisor
The often exotic hedging strategies used in over-the-counter (OTC) derivatives swaps contracts are back in favor with portfolio managers.

Clearing House Risk Internship – New York
CME Group Jobs
Description: The Market Risk Management Intern will be responsible for assisting the risk department in data analysis, data entry, and testing efforts.

ESMA Gets Tough on Trade Reporting
Profit & Loss
The European Securities and Markets Authority (ESMA) is tightening up the trade reporting requirements from today (1 December), with trade repositories (TRs) now required to reject trade submissions if reportable fields have not been supplied

Indexes & Products

Oil’s Demise a Drain on Frontier Markets ETFs
by Todd Shriber, ETF Trends
Although it is home to just two members of the Organization of Petroleum Exporting Countries (OPEC), the iShares MSCI Frontier 100 ETF (NYSEArca: FM) has not been immune to slumping oil prices.


IBM Signs Cloud Agreement with ABN AMRO
IBM (NYSE: IBM) and ABN AMRO have signed a 10-year, multibillion-dollar services agreement to manage the IT infrastructure that supports the bank’s operations globally. The agreement includes the implementation of a private IBM cloud together with further standardization and simplification of the existing IT landscape, from mobile computing to mainframe infrastructure.

Hackers With Apparent Investment Banking Background Target Biotech
SAN FRANCISCO — For more than a year, a group of cybercriminals has been pilfering email correspondence from more than 100 organizations — the vast majority publicly traded health care or pharmaceutical companies — in apparent pursuit of information significant enough to affect global financial markets.

Cyber ring stole secrets for gaming U.S. stock market: FireEye
Security researchers say they have uncovered a cyber espionage ring focused on stealing corporate secrets for the purpose of gaming the stock market, in an operation that has compromised sensitive data about dozens of publicly held companies.


FINRA fines Merrill Lynch
Securities Lending Times
The Financial Industry Regulatory Authority (FINRA) has censured and fined Merrill Lynch Professional Clearing Corp $3.5 million for violating Regulation SHO, a Securities and Exchange Commission (SEC) rule that established a regulatory framework to govern short sales and prevent abusive naked short selling.

Environmental & Energy

EEX Registers First Trades After Greek Power Futures Launch
On Monday, the European Energy Exchange (EEX) launched the Trade Registration service of financially fulfilled Greek Power Futures. First trades were registered yesterday for delivery in January 2015, concluded between Ezpada s.r.o. and Gunvor International B.V., Geneva Branch, and matched by the broker ICAP. The volume comprised 744 megawatt hours each, traded at a price of EUR 59.00 per MWh and EUR 59.25 per MWh.


TOCOM November Volume Averaged 132,880 Contracts Per Day, Up 19% M-on-M
The Tokyo Commodity Exchange announced today that average daily trading volume for November was 132,880 contracts, up 19% from October. TOCOM’s leading commodities saw substantial increases in volume: Gold was up 49.1% to 67,789 contracts and Crude Oil was up 16.3% to 5,594 contracts. The average daily volume recovered to levels last seen in April 2013. Volume on November 17 was 211,301 contracts, the highest since July 2013.

Thai Bourse Announces 2015 Plan, Gearing Towards To Digital Exchange With Sustainability
The Stock Exchange of Thailand (SET) has revealed its 2015 plan focusing on improving product and service with quality, growing liquidity, increasing diversification and internationalize product and service, continuously working closely with capital markets in Greater Mekong Subregion (GMS), as well as enhancing infrastructure and capability. It will pave way for a Digital Exchange to accommodate new business and meet future demands, further leading the Thai capital market towards sustainable growth.

Frontier Markets

Securities and Exchange Board of India Actions
Order against Mr. Ravi Chouksey, Prop. Gravita Research Company
Settlement Order against Brady & Morris Engineering Company Ltd and 5 Others
Interim Order in the matter of Bharatiya Real Estate Development Limited
Interim Order in the matter of Swarnabhumi Developers Limited
PR – Order in the matter of Prism Infracon Limited
Sundaram World Brand Fund-Series IV-VI
Interim order in the matter of Arise Bhoomi Developers Limited
Issuance of partly paid shares and warrants by Indian companies
Fortune Financial Services (India) Ltd
Recognised Investors Associations
UTI Fixed Income Interval Fund Sr.III
Interim Order in the matter of Vee Realties India Limited

Navigating Africa’s disparate markets
by Kanika Saigal, Euromoney
Illiquid markets, limited exchanges and sometimes vague institutional information make Africa’s securities landscape difficult to navigate. Firms such as Imara are in a good place to act as guides.

India Govt reduces import tariff value on gold and silver
The Economic Times


Cargill Beef Recalled in Canada on E.coli Concerns
By Simon, Bloomberg
Cargill Inc., one of the largest beef processors in North American, is recalling ground-beef products sold in western Canada because of possible contamination with E.coli O157 bacteria.

Barclays May Be Outbid as Premier League Sponsor
By Tariq Panja, Bloomberg
Barclays Plc (BARC) may be outbid after 15 years as main sponsor of soccer’s most-popular domestic competition after England’s Premier League started discussions with other potential backers.

How Mt. Gox Debacle Won Over a Bitcoin Convert; Tim Draper Became One of World’s Largest Holders of Virtual Currency, and Is Angling for More
By Robin Sidel, WSJ
SAN MATEO, Calif.—One event that inspired venture capitalist Tim Draper to amass a huge stash of bitcoin was the same one that turned other investors away.

Market Structure Analyst, TABB Group CEO Larry Tabb Penning Multi-Part Series Beginning With “Best Execution”
Talking about “best execution” is easy, warns global securities market structure analyst Larry Tabb, founder and CEO of research firm TABB Group, “but defining it, putting it into context and actually determining best ex isn’t. While markets are governed by fairness, the brokers’ job isn’t to be fair to others; it’s to perform their fiduciary obligation of obtaining the best outcome for their clients.”

Australia probes bitcoin crime links as currency craves legitimacy
By Byron Kaye, Reuters
A top Australian law enforcement agency is investigating bitcoin’s role in organized crime, a senior official said, just as politicians and financial regulators embrace the digital currency as a legitimate part of modern business.

Buick Dealership Offers A Free Car — And A Lesson In The Derivatives Market
by Ben Walsh. Huffington Post
Bill Kay Buick GMC is promising a complete refund to anyone who buys a new car on Friday or Saturday if it snows more than 6 inches on Christmas Day in Chicago.

Louis Dreyfus Chooses a CEO
Agricultural trading giant Louis Dreyfus Commodities said it has appointed Mayo Schmidt as chief executive officer, ending a year-and-a-half-long search.

Greenpeace looks to pressure financial markets
Financial News

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