First Read

NFA 2015: Have you Noticed Anything Different?
By Doug Ashburn – JLN

We just wrapped up a two-part video interview with Dan Roth, CEO of the National Futures Association. He offered up an honest assessment, in my opinion, of the state of the agency in the wake of the MF Global and Peregrine Financial Group bankruptcies that rocked the industry in 2011 and 2012.

In Part 1, Roth summarizes the internal changes made at the NFA, from its audit and hiring practices to the delivery of information to NFA members and market participants.

Watch Part 1

Part 2 is a summary of changes made to the agency’s rules to restore customer confidence, namely on audit confirmations, residual interest (which differs from the CFTC‘s residual interest rule), and the treatment of customer segregated funds (the “Corzine Rule”).

Watch Part 2

The role of a self-regulatory organization consists of threading the needle between overall effectiveness and over-burdening members and member firms. While there is always room for improvement, I see today’s NFA as a much different organization than it was five years ago.

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Long-term investor: Irving Kahn, who shorted 1929 Crash, dies at 109
By Wallace Witkowski, MarketWatch
He gave long-term investor a whole new meaning. Contrarian investor Irving Kahn, known for making money in the 1929 Crash by shorting stocks, has died at the ripe age of 109. But he left his mark on Wall Street.
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***** You can’t take it with you, but if you live long enough you can use a lot of it.

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Texas Wyly brothers must pay $299 million in SEC fraud case: judge
By Nate Raymond, Reuters
A federal judge on Thursday ordered Texas tycoon Sam Wyly and his late brother’s estate to pay the U.S. Securities and Exchange Commission $299.4 million for engaging in securities fraud.
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***** I remember hearing Sam Wyly speak at an MFA conference in Chicago.

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‘Feeling Certain’ and Other Mistakes That Trip Up Investors; Surging stocks make investors feel smart. Pay heed to the many ways you can go wrong.
By Morgan Housel, WSJ
With the S&P 500 near an all-time high and the Nasdaq Composite approaching the 5000 mark for the first time since the dot-com bubble, it may feel like investing is easier than ever. It is times like these when paying attention to what not to do becomes crucial.
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***** Robert Crawley, or Lord Grantham, lost a fortune by being certain about an investment in Canadian railway stocks during World War I. Of course, he is just a character on Downton Abbey, but it is a telling story. I loved the part where when he had a second chance, he was interested in investing in an opportunity by Charles Ponzi. Lesson learned was diversification and watch your concentration risk.

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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 TBricks. But Hansbo and his colleagues were brought back to the mothership in January when when Orc purchased TBricks. 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 »
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Financial Times Changes Online Fees to Attract More Subscribers
by Gerry Smith, Bloomberg
The Financial Times newspaper will change the way it makes money online as it joins the New York Times and Rupert Murdoch’s Sun tabloid in the U.K. in stepping up efforts to add Web subscribers. Owned by Pearson Plc, the Financial Times plans to offer unlimited access to its website for 30 days for a small sum — about $1 — before asking readers to subscribe, according to John Ridding, the newspaper’s chief executive officer. While there will still be ways to access some free articles, the FT’s new initiative mimics offers already in place at the New York Times and Murdoch’s Times of London.
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***** It is well worth it to subscribe and pay for the FT.

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Sponsored Content
Financial Technology Event – Focused on Markets & Trading

April 23 – Chicago

Register Today at www.FinTechExchange.com

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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

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BGC Partners And GFI Group Announce Successful Completion Of Tender Offer
BGC
Stockholders Representing 56.3% Percent of GFI Shares Supported BGC’s Offer; Payment for Shares Tendered Expected on March 3; Independent GFI Board Members Resign; BGC Appoints 6 out of 8 Directors on Expanded GFI Board
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners” or “BGC”), a leading global brokerage company servicing the financial and real estate markets, and GFI Group Inc. (NYSE: GFIG) (“GFI Group” or “GFI”), a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, today announced the successful completion of BGC’s tender offer for GFI shares.
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***** It is a done deal.

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Member Regulatory Conferences – Houston, Los Angeles and San Francisco
NFA
NFA will hold regulatory conferences in Houston, Los Angeles and San Francisco.
The half-day conferences, presented by NFA staff and other futures professionals, will discuss the current state of the industry; NFA’s examination process, including common deficiencies identified on exams of FCMs, IBs, CPOs and CTAs; performance reporting; and financial reporting requirements, among other topics.
For more information or to register for the conferences, see below:
Houston – March 5, 2015
Los Angeles – March 18, 2015
San Francisco – March 19, 2015
jlne.ws/sNKzEr

***** I would love to see a video recap of one of these meetings.

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MarketsWiki

 

Lead Stories

China takes hard line on taxing foreigners on share gains – sources
Reporting by Michelle Price and Beijing Newsroom; Additional reporting by Pete Sweeney and Samuel Shen in SHANGHAI – Reuters
Chinese authorities have alarmed foreign investors with a tougher-than-expected plan to tax their share-trading profits, raising fears of an exodus before fund managers take from investors’ holdings to pay the tax bills, sources told Reuters.
jlne.ws/1aunk2t

Major Firms Are Saying the Stage Is Set for Another Crisis in the Bond Market; An accident could be on its way.
by Lisa Abramowicz, Bloomberg
The stage is set for another financial crisis to unravel years of relative calm in debt markets. At least that’s how firms from UBS Group AG to Invesco Ltd. see it. Here’s why: Prices in the world’s biggest bond market are swinging and the plunge in oil is sinking the economies of nations from Venezuela to Nigeria.
jlne.ws/1wsLhkI

Saudis’ Oil Price War Is Paying Off
by Grant Smith, Anthony Dipaola, Bloomberg
Three months after Saudi Arabia made clear it was going to let oil prices keep tumbling, the strategy is showing signs of working.
jlne.ws/1AAfbmL

Gas’s Drop Drives U.S. Into Deflation Territory; Consumer-price gauge shows 0.1% year-over-year decline in January, first since October 2009, amid sharp fall in gas costs
By Eric Morath, WSJ
The U.S. in January saw its first dip in overall consumer prices in more than five years. But the economy is far from the precipice of debilitating Japanese-style deflation.
jlne.ws/1DZ6VxJ

U.S. Regulator Questions Banks About Dividend-Arbitrage Trading; Examination focused on a range of industrywide practices in the dividend-arbitrage space
By Jenny Strasburg, WSJ
The U.S. Commodity Futures Trading Commission is examining the role played by a number of large banks in controversial trades that are designed to minimize or avoid taxes, according to people familiar with recent inquiries from the regulator.
jlne.ws/1BGynSk

More than two million traded contracts in Eurex’ European-style equity options
Eurex
Launched in February 2011, our European-style equity options have grown from 11 to 34 products. Now we passed the milestone of 2 million traded contracts.
jlne.ws/1C3Xwpr

SAC Folder Seized by FBI in Fund Searches, Papers Show
by Patricia Hurtado, Bloomberg
The FBI’s warrant for a 2010 raid on Level Global Investors LP in an insider-trading probe was unsealed as one of its founders sued prosecutors over claims the search was wrongful and caused the hedge fund’s demise.
jlne.ws/1AAfEW9

Small Businesses Are Going on a Hiring Binge
by Steve Matthews, Bloomberg
Sterling Risk Advisors, an Atlanta-based property and casualty insurance broker with 86 employees, has added 13 workers since June and will probably hire 10 to 15 more this year.
jlne.ws/1AgvErg

US probe delays Barclays forex settlement
Gina Chon in Washington, Caroline Binham and Martin Arnold in London, FT
A New York banking regulator’s probe of Barclays’ foreign exchange trading business is holding up a settlement of currency rate-rigging allegations that other US and UK authorities are close to resolving, people familiar with the case said.
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SGX names Tan Boon Gin as new Chief Regulatory Officer
SGX
Singapore Exchange (SGX) is pleased to announce the appointment of Tan Boon Gin as Chief Regulatory Officer effective 15 June 2015. Mr Tan is currently Director of the Commercial Affairs Department.
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Regulatory

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 of clearing houses, the head of the agency said on Thursday.
jlne.ws/1wuj8tz

US set to raise uncleared swaps requirements
Philip Stafford, FT
The new head of the main US derivatives regulator has signalled a willingness to break from the agency’s recent past and harmonise swaps rules with Europe and Japan to help police the vast $700tn global derivatives market.
jlne.ws/1MY8WOR

BOE Overhauls Relationship with Financial Markets; Central bank to adopt charter explaining its engagement with market participants
By Paul Hannon and Katie Martin, WSJ
The Bank of England Thursday announced an overhaul of the way it gathers information from and monitors the activities of participants in the financial markets, following a series of scandals involving London’s financial industry.
jlne.ws/185lqUh

Bank of England to boost watchdog role after failing to spot forex rigging; Central bank to tighten controls and raise staff standards but MP fears changes could see firms move to rival finance hubs
By Phillip Inman, The Guardian
The Bank of England plans to beef up its watchdog role after it failed to spot one of the biggest scandals in the City’s recent history.
jlne.ws/1DyNU47

Bank of England banishes ‘fireside chats’
Caroline Binham, Financial Regulation Correspondent, FT
The Bank of England has officially called time on the days when a raise of the governor’s eyebrows sufficed to influence banks’ behaviour.
jlne.ws/1zlrG0m

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC
BATS: Notice of Filing of a Proposed Rule Change to Amend Rules 11.9, 11.12, and 11.13 of BATS Exchange, Inc.; Correction (Release No. 34-74247A; File No. SR-BATS-2015-09)
EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 11.11, Routing to Away Trading Centers, to Delete References to the ROLF Routing Option, Which Routed Orders to LavaFlow ECN (Release No. 34-74380; File No. SR-EDGA-2015-12); see also Exhibit 5
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 11.11, Routing to Away Trading Centers, to Delete References to the ROLF Routing Option, Which Routed Orders to LavaFlow ECN (Release No. 34-74381; File No. SR-EDGX-2015-11); see also Exhibit 5
NASDAQ: Notice of Filing of Proposed Rule Change Relating to the Listing and Trading of the Shares of the First Trust Strategic Floating Rate ETF of First Trust Exchange-Traded Fund IV (Release No. 34-74378; File No. SR-NASDAQ-2015-011; February 25, 2015)
NASDAQ: Notice of Filing of Proposed Rule Change Relating to the Listing and Trading of the Shares of the AlphaMark Actively Managed Small Cap ETF of ETF Series Solutions (Release No. 34-74377; File No. SR-NASDAQ-2015-013; February 25, 2015)
NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule (Release No. 34-74382; File No. SR-NYSEArca-2015-10); see also Exhibit 5
jlne.ws/1eCTnOv

Conflicts, Conflicts Everywhere – Remarks to the IA Watch 17th Annual IA Compliance Conference: The Full 360 View by Julie M. Riewe, Co-Chief, Asset Management Unit, Division of Enforcement
SEC
jlne.ws/1zlnaiG

SEC Salt Lake Office Director Karen Martinez to Retire From Public Service
SEC
The Securities and Exchange Commission today announced that Karen L. Martinez, Regional Director of the Salt Lake office, is leaving the agency and retiring this summer.
jlne.ws/1wpVl8x

Readout of SEC Chair Mary Jo White’s Meeting with European Union Financial Services Commissioner Jonathan Hill
SEC
Securities and Exchange Commission Chair Mary Jo White hosted a meeting this morning with European Union Financial Services Commissioner Jonathan Hill.
jlne.ws/1aug8mS

Exchanges & Trading Facilities

CME to tweak wheat price limits to avoid trade disruptions
Reuters
CME Group Inc in May plans to tweak its rules for determining daily price limits for wheat futures out of concern that existing procedures could potentially distort spread trades, the market operator said on Thursday.
jlne.ws/1zMAFsR

EU wheat market stalled by competing futures contracts
By Valerie Parent and Gus Trompiz, Reuters
Euronext to launch second wheat futures contract on March 2
CME launch expected soon to bring third EU wheat futures
Uncertainty over pricing, liquidity curbs new-crop trading
The upcoming launch of two European wheat futures contracts has stalled forward selling of the region’s upcoming 2015 crop, with operators left guessing which of the new products will take off.
jlne.ws/1LPZr0M

CEO exit seen perfect time for Singapore bourse to lose regulatory role
Reuters
Singapore Exchange Ltd (SGX) may have just begun its search for a new CEO but investors and brokers already know what change they want to see: the bourse stripped of its regulatory powers and a rebuilding of its stock market business.
jlne.ws/1Dh6c7l

CBOE sees Vix term curve return to shape
Philip Stafford, FT
Trading patterns on a key futures contract of CBOE Holdings are returning to normal after political and economic uncertainty deterred investors at the turn of the year, the head of the US options exchange has said.
jlne.ws/18tRYsc

MGT Capital Investments to Merge with Tera Group
MGT Capital Investments, Inc. announced today that it has entered into a Letter of Intent (“LOI”) with Tera Group, Inc., owner of TeraExchange, LLC, a Swap Execution Facility regulated by the Commodity Futures Trading Commission . Pursuant to the LOI, both companies will work diligently to finalize and execute a definitive agreement by March 16, 2015. Tera has played a leading role in the development of bitcoin derivatives. In September 2014, Tera launched on TeraExchange the first regulated Bitcoin derivative products, and a spot Bitcoin price index.
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*****With capital infusion, Tera has gotten more firma.

Extended Trading Hours Session Testing
CBOE
jlne.ws/1DyTrHY

RG15-029 Operational Settings for Extended Trading Hours Session – Updated
CBOE
jlne.ws/1DZcwEc

CME Group Notices
CME Group

  • Daily Price Limits Rule Amendments for the Wheat Futures and KC HRW Wheat Futures Contracts 26 Feb 2015
  • Performance Bond Requirements: Electricity, Refined Products Outrights; Crude Oil, Electricity, FX, Natural Gas, Refined Products Intra-Commodity Spread Charges; Interest Rates, NGLs, Refined Products Inter-Commodity Spread Credits – February 27, 2015
  • REGULAR FOR DELIVERY TERMINAL NAME CHANGE 26 Feb 2015
  • 2015 Approved Spot Call Butter and Spot Call Nonfat Dry Milk Warehouses – Update #3

jlne.ws/1yiRpvt

“Prop Idols: The next generation talks cost, competition and opportunity”
Eurex
Prop trading firms have emerged out of the darkness in recent years to become vital liquidity sources. In the latest edition of FOW’s Prop Trading Special Report some of Europe’s top traders talk about the main challenges and opportunities for the industry going forward. Joining the circle of professionals was Stuart Heath, Head of UK Representative Office, Eurex.
jlne.ws/1vFPeBT

Foncière des Régions: Capital increase
Eurex
On 26 February 2015, the company Foncière des Régions announced the details of its capital increase with pro rata subscription rights for Foncière des Régions shareholders. The subscription ratio will be 16:1, subscription price of the new shares will be EUR 65.00.
jlne.ws/1wqerLT

Director Business Development – Market Technology & Data Services
CME Group
Locations: London
CME are currently recruiting for a Business Development Director to cover Market Technology (Fin Tech) and Data Services within our London office. The Director will be primarily responsible for generating new revenue streams across prop firms, hedge funds, banks, intermediaries, asset managers, commercials, and a wide range of service providers on a global basis. The role will be focused in market technology and data services which includes co-location, data center services, connectivity, market data analytics, and other financially focused technologies to interact with CME markets. The Director will be required to help develop new product ideas and define the needs of our customer base through field research and direct customer and vendor interaction. The Director will engage in customer negotiations and define guidelines for the team to sell the market technology and data services available. The Director will need to interact with senior level contacts both internally and at customer firms to achieve goals.
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BME TO SUBMIT TO THE GENERAL SHAREHOLDERS’ MEETING FOR APPROVAL THE DISTRIBUTION OF EUR0.89 SUPPLEMENTARY DIVIDEND, UP 38%
BME
BME will submit to the General Shareholders’ Meeting for approval the distribution of a gross EUR0.89 per share supplementary dividend, which, if approved, will be effective on 8 May.
(NO LINK)

BME POSTS A NET PROFIT OF EUR164.9 MILLION IN 2014, UP 15.2% YEAR ON YEAR
BME
THE BEST ANNUAL RESULT SINCE 2008
The net profit for the fourth quarter was EUR42.7 million, the best quarter in 2014
Revenue grew 14.2% in the fourth quarter and 11.3% in 2014
ROE climbed 5 points during the year to 40.9%
The efficiency ratio improved 2 points during the year to 30.2%
The total amount of investment flows channelled into the Exchange was EUR36.1 billion in 2014, a 12.5% surge, positioning the exchange second in the European rankings in terms of funds placed
BME reported net profit for the year 2014 of EUR164.9 million, an increase of 15.2% year-on-year. This is the highest annual net profit since 2008. Results in the fourth quarter outstripped those of the other quarters in the year, with EUR42.7 million in net profit, up 12.4% compared to the same period in 2013, and 10.9% higher quarter on quarter.
(NO LINK)

Hedge Funds & Managed Futures

No, New Broker Rules Won’t Strand Investors
By Paula Dwyer, Bloomberg
Wall Street is wasting no time revving up its lobbying machine now that President Barack Obama has said his administration soon will propose a rule to require brokers to act as fiduciaries when advising clients on their retirement savings.
jlne.ws/1JUphFb

Prices From Germany to Italy Signal Weakening Deflation Risks
by Maria Tadeo, Bloomberg
Consumer prices from Germany to Italy and Spain signaled an easing of deflation risks in the euro area as the European Central Bank prepares to unleash quantitative easing.
jlne.ws/1DyMvdS

Financial Anxiety is a Constant for Many Families
By Liz Moyer, WSJ
Several years after the financial crisis, many Americans are still deeply concerned about the state of their personal finances.
jlne.ws/1wpZBop

As Hedge Fund Returns Falter, Money Continues to Flow In
By JAMES B. STEWART, NY Times
Another year, and another mediocre performance by hedge funds, to put it kindly. The Barclay Hedge Fund Index gained a meager 2.89 percent in 2014, while the Standard & Poor’s 500-stock index gained over 13 percent and the Barclays United States Aggregate Bond Index rose over 5 percent.
jlne.ws/1C3YWQQ

Banks & Brokers

J.P. Morgan Emerges as CEO Breeding Ground; Bill Winters is latest former deputy to chief James Dimon to helm a large financial firm
By Robin Sidel And Emily Glazer, WSJ
Another former top executive of J.P. Morgan Chase & Co. is getting a corner office of his own.
jlne.ws/1FDUciw

BGC Partners Gains Control of GFI Group
By CHAD BRAY, NY Times
BGC Partners said on Friday that it had successfully gained a control of the GFI Group, the New York brokerage firm and clearinghouse, after a long takeover battle.
jlne.ws/185seB8

Clearing & Settlement

CFTC Requests Public Comment on Application Submitted by CME Clearing Europe Limited for Registration as a Derivatives Clearing Organization
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) is asking for public comment on an application submitted by CME Clearing Europe Limited for registration as a derivatives clearing organization.
jlne.ws/1zlmgT7

Fed Gives Banks Another Month to Influence Surcharge
WSJ
The Fed on Thursday announced it would give the banks until April 3 to submit comments “due to the range and complexity of issues addressed in the proposed rulemaking.” The proposed rule, which the Fed unveiled in December, would impose on the eight largest U.S. banks a so-called capital surcharge of roughly 1% and 4.5% of risk-weighted assets, scaled to each bank’s relative riskiness as measured by the Fed’s formula.
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Don’t be late to the party: The CSA releases proposed rules relating to mandatory central counterparty clearing
Borden Ladner Gervais
The Canadian Securities Administrators’ (CSA) proposed National Instrument 94-101 Mandatory Counterparty Clearing of Derivatives (the Clearing Rule), which was published by the CSA for comment on February 12, 2015, is set to introduce significant changes to the Canadian over-the-counter derivatives landscape, as it will require the clearing of certain derivatives. If you don’t want to be late to the party, comments on the Clearing Rule, and its related companion policy, are due by May 13, 2015. The CSA expects that the Clearing Rule will be finalized and in place by the end of 2015 or the beginning of 2016.
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Indexes & Products

Alibaba Group And Baidu Inc (ADR) To Be Listed On MSCI China Index
Bidness ETC
Baidu Inc (ADR) (NASDAQ:BIDU), the Chinese Internet search engine is all set to experience a significant increase in its investors, courtesy of its inclusion in the Morgan Stanley Capital International (MSCI) Index. The company is expected to join ranks and compete with e-commerce giant, Alibaba Group Holding Ltd (NYSE:BABA) in the market.
jlne.ws/1E3y9oD

Small-Cap ETFs: Look Beyond the Russell 2000
ETF Trends
Investors should consider small-cap exchange traded funds beyond ones that reflect the Russell 2000 Index as the popular benchmark’s shortcomings may cause it to underperform other indices.
jlne.ws/1Dh93gq

7 ways the Nasdaq’s changed since the tech crash
MarketWatch
About 15 years ago, tech stocks started to come screaming back to earth after surging to sky-high peaks. Some market watchers might be thinking: “Uh oh. Here we go again.” But the Nasdaq has changed in many ways.
jlne.ws/1Dha9J3

CBOE sees Vix term curve return to shape
FT.com
Trading patterns on a key futures contract of CBOE Holdings are returning to normal after political and economic uncertainty deterred investors at the turn of the year, the head of the US options exchange has said. The Chicago exchange this year reported a softening of trading volumes on index futures and options contracts as the Vix futures term curve had flattened. The curve used by investors as a gauge and a bet on the probable future volatility in the stock market. It had last been flat six years ago.
jlne.ws/1Dhaj3h

STOXX LIMITED NAMED “MOST INNOVATIVE INDEX PROVIDER” BY ETFEXPRESS
STOXX
STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced that it has been named “Most Innovative Index Provider” in 2015 by ETFExpress. STOXX has won this award in 2010, 2011, 2012 and 2013. Award winners are chosen based on votes cast by readers of ETFExpress. The newsletter’s readership consists of index and exchange-traded fund (ETF) users.
jlne.ws/1Ex6H1m

Technology

Women of FinTech: Claire Cockerton, CEO Innovate Finance
Finextra
In our continuing series, in association with the Breaking Banks radio show, looking at accomplished and interesting women working and changing the FinTech sector, Liz Lumley sits down with Level 39 co-founder and Innovate Finance CEO Claire Cockerton.
jlne.ws/1E3AHmC

Growth and investment: The unintended victims of financial crime regulation
City A.M.
It is perhaps the starkest example of the unintended consequences of regulatory reform that it is now so difficult to open a bank account at any UK financial institution, particularly for foreign investors. What began as a challenge to money launderers is now a palpable threat to the City’s position as one of the world’s financial centres.
jlne.ws/1E3AXSr

Alibaba’s online payment firm Ant Financial eyes 2017 IPO, Technology
The Business Times
Ant Financial Services Group, Alibaba’s affiliate which runs online payment platform Alipay, is seeking to raise up to US$4 billion in a private placement of shares and is looking at a domestic IPO in 2017, the state-run Shanghai Securities News reported.
jlne.ws/1E3BfbW

Citi Mobile Challenge Looks to Ramp Up Financial Technology Development
Payment Week
It’s not hard to look around and see a host of developments in the financial technology (FinTech) sector. Everything from mobile wallets to e-commerce platforms to biometric security and beyond has a dog in this particular fight, and with plenty of cash at stake, there will be many more such developments to come.
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Enforcement

Kevin G. White Sentenced to over Eight Years in Federal Prison for $7.4 Million Commodity Pool Investment Scam
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Kevin G. White of The Woodlands, Texas, who orchestrated a $7.4 million commodity pool investment scam during which he misappropriated approximately $1.7 million from pool participants, was sentenced to over eight years in federal prison for charges related to his fraudulent misconduct. Earlier, on December 11, 2013, White pleaded guilty to committing mail fraud for his actions in connection with the scam.
jlne.ws/1Bhlf4k

Environmental & Energy

New European Carbon Exchange Bets On Revival Of Spot Trading
By Kelley Hamrick – Ecosystem Marketplace
Watch out, European compliance traders – there’s a new player in town.
jlne.ws/1E2AHTQ

Google Is Making Its Biggest Ever Bet on Renewable Energy
by Christopher Martin, Bloomberg
Google Inc. is making its largest bet yet on renewable energy, a $300 million investment to support at least 25,000 SolarCity Corp. rooftop power plants.
jlne.ws/1aururc

Eiffel Tower Turns Green With Windmills Ahead of Climate Confab
by Helene Fouquet, Bloomberg
Windmills on the Eiffel Tower? Yes. Two windmills on the Paris landmark will next week start producing energy as the French capital looks to use the iconic iron structure to promote its environmental policies ahead of a climate summit it will host in December.
jlne.ws/1E3EXlT

Manufacturers: Even with costs halved, ozone reg could still be most expensive
By Lydia Wheeler – The Hill
Though a new study commissioned by the National Association of Manufacturers cuts the compliance cost of the Environmental Protection Agency’s new ozone standards by half, the trade group said the proposed rule could still be the nation’s most costly.
jlne.ws/1Afdxlv

Bipartisan Senate duo pushes for repeal of ethanol mandate
By Laura Barron-Lopez – The Hill
A bipartisan Senate duo is pushing to repeal a piece of the renewable fuel mandate that requires refiners to blend a certain amount of ethanol into the nation’s fuel supply.
jlne.ws/1E2DMn0

Ford’s F-150 Helps Rescue Aluminum From Commodities’ Bear Plague
by Joseph Deaux, Bloomberg
Ford Motor Co. is helping to pull aluminum from the bear markets afflicting most commodities by adding to an increase in industrial use.
jlne.ws/1MYel8E

Asia-Pacific

China plans Shanghai-HK gold link-up in ’15
Gulf Times
China is set to launch a link between gold markets in Shanghai and Hong Kong this year following a landmark stock connect scheme, aiming to enhance its pricing power of gold contracts and ultimately challenge its competitors in the West. While China is the world’s largest consumer of the precious metal, having surpassed India, daily trading of gold in financial centre Shanghai is small compared with London.
jlne.ws/1E3uBTg

Derivatives boom seen as rules change
Bangkok Post
Thailand’s money managers may boost their holdings of derivatives and structured notes after rules that restricted their purchases were loosened.
jlne.ws/1G0yc51

Report on Initial Public Offering Applications, Delisting and Suspensions
HKEx
jlne.ws/1EU9v6M

Frontier Markets

Sebi, exchanges tighten vigil for Budget day trading
Business Standard
Surveillance systems on high alert on fears of manipulation; huge market turnover likely, including by foreign entities. Anticipating huge volatility during the special stock market trading on Budget day tomorrow, regulator Sebi and stock exchanges have enhanced vigil to keep manipulators at bay and ensure smooth operations.
jlne.ws/1MYdVPI

FTIL in talks to sell stake in ATOM, DGCX; Chairman asks shareholders to oppose govt pressure for merger of NSEL with parent
Business Standard
Financial Technologies (FTIL) has indicated it is exiting from its mobile transaction and payment gateway company, ATOM Technologies, by selling 95 per cent stake in it.
jlne.ws/1vC2CXP

Turkish Lira Declines to Fresh Record; Slump comes amid wave of criticism directed at central bank
By Yeliz Candemir, WSJ
Turkey’s lira slumped to a fresh record against the dollar Friday, with losses outpacing most emerging-markets peers amid a broader selloff on mounting political pressure on the country’s central bank.
jlne.ws/18tSK8m

Securities and Exchange Board of India Notices
SEBI
Adjudication Order in respect of M/s Freedom Industries Limited
Adjudication Order in respect of M/s Kanha Vanaspati Limited
Adjudication Order in respect of M/s Montari Industries Limited
Order in the matter of MCX Biz Solutions
PR – Order in the matter of Sahara Asset Management Company Private Limited
Order in the matter of Sahara Asset Management Company Private Limited
PR – Order in the matter of M/s Dreamland Industries LimitedPR – Order in the matter of M/s Tribhuvan Agro Project Limited
Adjudication order against Essem Coated Steel (J&K) Ltd.
Adjudication order against Rainbow Steel Ltd.
Adjudication order against Indian Magnetics Tapes Ld.
Corrigendum – RHP of ORTEL COMMUNICATIONS LTD-
In the matter of Vasantlal Mohanlal Vora
Adjudication order against Sanjay Agro Industries Ltd.
Adjudication order against Jai Rapid Roller Ltd.
Adjudication order against Jai Mata Industries Ltd.
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Miscellaneous

Housing associations face £2bn bill for derivatives losses
Kate Allen, Property Correspondent, FT
Housing associations have had to find more than £2bn to cover losses on complex derivatives products taken out before the financial crisis, according to the social housing regulator.
The situation has worsened considerably in recent months, according to figures published this week by the watchdog.
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When the commodity rents stop flowing…
Izabella Kaminska, FT
Ever wonder what the collapse of a commodity means for the hegemonic order that controls access to it? Look no further than the sugar trade of the 1800s.
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Can a Stock-Trader-Turned-Convict Start a New Life?
By ANITA RAGHAVAN, NY Times
One day in the middle of 2008, Sakhawat Khan, a Silicon Valley chip engineer, walked into a small house near the back of his two-acre property that his wife, Roomy, a stock trader, used as a home office. Roomy and Sakhawat met when they were electrical-engineering students at Columbia University. After graduating, Sakhawat started inventing, eventually gathering some 30 semiconductor patents to his name. Roomy, who was more outgoing in social situations and more restless in her appetite for risk, was drawn to Wall Street and joined Galleon Group, a New York hedge fund run by the charismatic, bullish trader Raj Rajaratnam. In 1999, she struck out on her own to trade technology stocks. She thrived. Riding the Internet boom, she said, she had amassed a paper fortune of $50 million.
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Pearson Confident of Bright Future After Completing Restructuring Plan; Financial Times publisher expects sales to increase for the first time in five years
By Simon Zekaria, WSJ
Pearson PLC is increasingly confident of the company’s prospects despite enduring a difficult 2014.
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