First Read

A World of Opportunity Returns To London!
Doug Ashburn – JLN

MarketsWiki Education is headed back to London next month for another round of our World of Opportunity speaker series geared toward “the next generation of market participants” – college students, interns, young professionals and anyone interested in the financial markets.

We will hold three sessions, one on October 14 and two on October 15, all at Nasdaq, Woolgate Exchange, in the heart of the City’s financial district. The events feature executives from the CME Group, Nasdaq, London Metal Exchange and Euronext as well as fintech entrepreneurs, proprietary traders, bankers, regulators and more.

Registration is officially open!

With generous support from CME Group, the global premier sponsor of MarketsWiki Education, the London event comes at the heels of two wildly successful events in New York and Chicago in the summer of 2015. Our MarketsWiki Education talks feature speakers from around the financial industry who give short, 10- to 12 minute presentations that cover the entire scope of our markets.

Read the rest of the article at JohnLothianNews.com

Full info rundown at MarketsWikiEducation.com

Please help us spread the word throughout the U.K. about this FREE event series!

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How to Catch a Spoofer
By Matthew Leising, Mira Rojanasakul and Adam Pearce, Bloomberg
What you just saw was buying and selling in the market for futures based on the U.S. government’s 10-year Treasury bond, which trades on the Chicago Board of Trade. This is where the spoofing alleged in HTG’s lawsuit took place. In that minute, orders were modified or executed more than 5,000 times.
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***** A must read from Bloomberg’s Matt Leising and associates.

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General Mills Warns Climate Change Will Lead To Global Food Shortages; “We believe every company, government and individual has a role to play. Climate change is a shared, global challenge that is best addressed at scale.”
Jo Confino, Executive Editor, Impact & Innovation, The Huffington Post
In a rebuff to climate deniers, the CEO of American food giant General Mills has asserted that global warming is being created by human activity and is threatening to disrupt global food supplies.
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****** If you want to continue to eat Cheerios in the morning you should pay attention.

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Webinar: Evolution of MAC Swap Trading and Swap Futures
CME Group/Clarus Financial Technology
We invite you to join us Wednesday, September 9, 10 am CT/12 pm ET, for a webinar where Jack Callahan, Executive Director at CME Group and Tod Skarecky, SVP Americas at Clarus will discuss the evolution of MAC Swap trading, the swap futures landscape, recent developments in CME Deliverable Swap Futures, and what’s holding back SEF CLOB trading.
jlne.ws/1M7ZHxm

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CME challenges LME in its metals trading heartland
Andy Home – Reuters
When Hong Kong Exchanges and Clearing (HKEx) bought the venerable old London Metal Exchange (LME) back in 2012, it did so with eyes firmly fixed on China. The vision was to leverage the LME’s near monopoly on base metals pricing in the rest of the world to open up the world’s fastest-growing metals market. What HKEx almost certainly wasn’t expecting back in 2012 was a challenge to the LME’s existing franchise outside of China. But U.S. exchange CME has other ideas.
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***DA: Industrial metals are becoming precious.

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Gender Equality an ‘Economic No-Brainer,’ Says IMF Chief
By IAN TALLEY, WSJ
As the global economy risks falling deeper into a long-term malaise, where can policymakers turn to boost growth aside from central bank cash injections? International Monetary Fund Managing Director Christine Lagarde is pushing policymakers to get women into the world’s labor force.
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***** Why we do we run a world with one arm tied behind our backs? There is nothing innovative in holding women back.

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Comment: Give investors top priority in stock markets
Eric Noll, FT
As US stocks ride the third-longest uninterrupted bull run in history, the question of whether equity markets are rigged continues to pervade the industry.
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***** If you don’t read Eric Noll’s letter to the FT, stop complaining about equity market structure.

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Phupinder Gill, CME Group – A Look Into Your FutureEmployment
MarketsWikiEducation.com

“As an employer, we need to understand you in a way that makes sense to us and a way that makes sense to the businesses not just as we currently run, but the businesses we want to continue to run as the world evolves.”

It’s not easy to predict much about the future. But Phupinder Gill, CEO of CME Group, is looking forward to see just where the next generation, the so-called Generation Y group, fits into his business.
Watch the video»
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Wikipedia’s struggle to save its soul
Murad Ahmed, FT
Few of Wikipedia’s ubiquitous users treat its articles as gospel. But, given the boast that its pages cannot be bought, many regard the 35m or so entries on the online encyclopedia as at least pretty much neutral.
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****** My soul is an open wiki.

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MODERN TRADER magazine’s debut issue recognized for editorial and design excellence
By Jeff Joseph, Futures Magazine
We are honored to have received notice that the awards committee at FOLIO, which hosts the most prestigious awards competition in magazine media, has nominated the debut issue of MODERN TRADER for an EDDIE award for the BEST ISSUE in the business and finance category.
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****** Congrats to our friends at Futures Magazine for being nominated for this award. On the other hand, being nominated for a print magazine is kind of like being nominated for the best looking Model T.

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MarketsWiki Education London 2015
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Lead Stories

Bats Chi-X Europe to start continuous auctions for share trading
Philip Stafford, FT
Bats Chi-X Europe is to introduce continuous auctions for share trading, allowing investors to trade large blocks of shares without worrying about being fastest to market.
jlne.ws/1IVNvIB

Human decisions blamed for August’s stock market rout
Dan McCrum, FT
Human decisions to sell stocks may have been behind the August rout for equity markets after all, with hedge fund and mutual fund managers selling in response to turbulence and fears for the Chinese economy.
jlne.ws/1OugYhH

China Stock Rout Delaying Market Links With Hong Kong, HKEx Says
Bloomberg Business
China’s stock rout is hampering efforts to link mainland markets to the rest of the world via Hong Kong, said Charles Li, who runs the city’s bourse operator. “Psychologically, this is not the time to talk a lot about mutual market access when you’ve just put out a fire,” Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Li said at a conference in Singapore on Monday. “You’d want to calm down, figure out how to clean up and then move forward.”
jlne.ws/1M80LBf

Exchanges vie for credit swaps trading
Joe Rennison in New York, FT
Intercontinental Exchange is hoping for more luck second time around as it relaunches an electronic trading platform that failed to gain traction at the start of 2014.
jlne.ws/1Lhcx6F

JPMorgan quits LME outcry trading ‘ring’
Emiko Terazono and Henry Sanderson, FT
JPMorgan has become the latest bank to quit the “ring”, the top category membership at the London Metal Exchange that allows companies to trade directly on the open outcry trading floor.
jlne.ws/1Uyl7Im

China Considers Circuit Breaker Tied to Gauge of Biggest Firms
Bonnie Cao, Bloomberg
China is considering a circuit breaker tied to shares of the nation’s biggest companies, following an equities rout that wiped out about $5 trillion.
jlne.ws/1EPQhDR

FENICS Announces the Release of FENICS Dealing Engine; FENICS launches FENICS Professional 12.4 the latest version of its award winning FX Options platform
BGC
FENICS, the market leading provider of FX options software and workflow solutions, today announced the release of FENICS Professional 12.4, including FENICS Dealing Engine, delivering automation of client-specific price generation, distribution and execution. FENICS 12.4 is available for upgrade to all FENICS Professional subscribers.
jlne.ws/1EMdebz

BLOOMBERG AND TRAIANA DEVELOP SOLUTION FOR FX OPTIONS POST-TRADE PROCESSING; Existing infrastructure will accommodate workflows around affirmation, allocation and trade lifecycle management
Bloomberg
Bloomberg STP Solutions, a global cross-asset, post-trade processing provider, and Traiana, the leading provider of pre-trade risk and post-trade processing solutions, today announced a joint effort to develop a straight-through processing infrastructure to further streamline the workflow of foreign exchange (FX) options. The solution integrates Traiana’s Harmony messaging network with Bloomberg’s trade processing tools.
jlne.ws/1XFISgS

European Farmers Demand Aid as Produce Prices Sag
By JAMES KANTER, NY Times
Thousands of farmers snarled traffic and pelted the police with eggs on Monday in a protest to demand emergency aid to offset falling prices for milk, pork and other agricultural products.
jlne.ws/1IVIi3m

EBA data show fall in number of bankers earning EUR1m
Jim Brunsden in Brussels, FT
The number of bankers taking home EUR1m pay packages decreased in 2013, owing to exchange rate movements and declining profitability, according to EU data published on Monday.
jlne.ws/1EQWtM4

G-20 Countries Vow to Refrain From Currency Depreciation; World’s biggest economies agree to resist temptation to weaken currency for trading advantage
By IAN TALLEY and EMRE PEKER, NY Times
The Group of 20 largest economies on Saturday renewed their pledge to avoid depreciating their currencies to gain a competitive trading advantage as the fallout from China’s slowing economy roils international markets and threatens to stall a weakening global economy.
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Man Group China Chief Back From ‘Meetings,’ Denies Police Probe
Bloomberg
Li Yifei said she had meetings, without giving more details
Li was previously said to assist probe into market rout
Li Yifei, chairwoman of hedge fund firm Man Group Plc’s China unit, said she is back from a “series of meetings” and a short vacation, denying a report she had assisted a police probe into market volatility.
jlne.ws/1UDVnFr

When is a cash equivalent not a cash equivalent?
Izabella Kaminska, FT
Banks have been pulling out of direct dealings in physical commodity markets ever since the Senate Report on Wall Street Bank involvement in the market outed a spree of systemic risks, competitive advantages and general concerns last November.
jlne.ws/1hT2cGy

Melting Ice Isn’t Opening Arctic to Oil Bonanza
By STEVEN LEE MYERS and CLIFFORD KRAUSS, NY Times
The warming Arctic should already have transformed this impoverished fishing village on the coast of the Barents Sea.
jlne.ws/1NfnSsu

An Obscure Hedge Fund Is Buying Tens of Billions of Dollars of U.S. Treasurys; Element Capital has been biggest purchaser in several recent auctions
By CAROLYN CUI And GREGORY ZUCKERMAN, WSJ
A little-known New York hedge fund run by a former Yale University math whiz has been buying tens of billions of dollars of U.S. Treasury debt at recent auctions, drawing attention from the Treasury Department and Wall Street.
jlne.ws/1Oa8NZZ

Regulatory

White House Considering Law Professor for SEC Seat; Lisa Fairfax of George Washington University Law School favored by Sen. Elizabeth Warren for post
By ANDREW ACKERMAN, WSJ
The Obama administration is considering a law professor favored by Sen. Elizabeth Warren (D., Mass.) for an open spot on the Securities and Exchange Commission, according to people familiar with the process.
jlne.ws/1K4PYp9

SEC proposes easing foreign regulators’ access to derivatives trading reports
Neil Roland, MLex
The US Securities and Exchange Commission proposed a rule Friday to ease overseas authorities’ access to reports of securities-based derivatives transactions.
jlne.ws/1KcP0Fc

Sebi seeks services of 22 FMC officials post merger; Remaining staff is likely to be part of the surplus pool of the Ministry of Personnel
Press Trust of India
Capital markets regulator Sebi has sought services of 22 employees out of 41 presently working with the Forward Markets Commission (FMC) after the merger of commodities market regulator with itself.
jlne.ws/1NnhzV8

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC
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  • BATS: Notice of Filing of Proposed Rule Change to Amend Rules 1.5(r), 11.1(a), 11.23, 14.6, 14.11, and 14.12 and Adopt Rule 11.1(a)(1) (Release No. 34-75832; File No. SR-BATS-2015-69; September 3, 2015); see also Exhibit 5
    BYX: Notice of Filing of Proposed Rule Change to Amend Rules 1.5(r) and 11.1 and Adopt New Rule 11.1(a)(1) (Release No. 34-75831; File No. SR-BYX-2015-38; September 3, 2015); see also Exhibit 5

 

  • EDGA: Notice of Filing of a Proposed Rule Change to Amend Rules 1.5(s), 11.1(a)(1), 11.6 and 11.8 (Release No. 34-75835; File No. SR-EDGA-2015-36; September 3, 2015); see also Exhibit 5

 

  • EDGX: Notice of Filing of a Proposed Rule Change to Amend Rules 1.5(s), 11.1(a)(1), 11.6 and 11.8 (Release No. 34-75834; File No. SR-EDGX-2015-41; September 3, 2015); see also Exhibit 5

 

  • EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 11.21(d), Relating to the Routing of Retail Orders (Release No. 34-75824; File No. SR-EDGX-2015-40; September 3, 2015); see also Exhibit 5

 

  • ICC: Notice of Designation of Longer Period for Commission Action on Proposed Rule Change to Provide for the Clearance of Additional Western European Sovereign Single Names (Release No. 34-75836; File No. SR-ICC-2015-013; September 3, 2015)

 

  • NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding NASDAQ Last Sale Plus (Release No. 34-75830; File No. SR-BX-2015-054; September 3, 2015); see also Exhibit 5

 

  • NASDAQ OMX BX: Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto to Establish a New Auction, BX PRISM (Release No. 34-75827; File No. SR-BX-2015-032; September 3, 2015); see also Exhibit 5

 

  • NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Section 3 of NYSE Arca Equities Rule 8 to extend the effectiveness of the ETP Incentive Program for additional one-year pilot period, ending September 4, 2016 (Release No. 34-75846; File No. SR-
  • NYSEArca-2015-78; September 4, 2015)
  • OCC: Notice of Filing of a Proposed Rule Change to Amend The Options Clearing Corporations Schedule of Fees to Allow a Clearing Fee Waiver for Exchange New Products (Release No. 34-75825; File No. SR-OCC-2015-014; September 3, 2015)

jlne.ws/1eCTnOv

SEC Member Daniel Gallagher to Leave Agency Next Month; Gallagher had grown frustrated by White House delays in nominating his replacement
By ANDREW ACKERMAN, WSJ
WASHINGTON—Securities and Exchange Commission member Daniel Gallagher said Friday he will leave the agency next month, after nearly four years on the job and four months after he told the White House he planned to step down.
jlne.ws/1JQK3Tx

ASIC reviews transparency information on super websites
ASIC
ASIC has recently surveyed superannuation websites to check industry compliance with the new executive officer remuneration and systemic transparency disclosure requirements introduced as part of the Stronger Super reforms.
jlne.ws/1JQRI42

Exchanges & Trading Facilities

Profits surge at Bats Chi-X Europe
By Tim Cave, Financial News
Revenues at the European stock market run by privately-held US exchange operator Bats Global Markets climbed nearly 10% to more than £60 million in 2014, as the business targets replicating its equities success in other asset classes.
jlne.ws/1QlGJSp

BATS CHI-X Europe Announces Launch of a Periodic Auctions Book; New order book scheduled to go live on Monday, 19th October 2015
BATS CHI-X
BATS Chi-X Europe (BATS), Europe’s largest stock exchange, has announced the creation of a new order book that will allow market participants to access auction functionality throughout the trading day, in a bid to encourage trading in larger size.
jlne.ws/1NfmSoc

New Stallergenes Greer entity lists successfully on Euronext Paris
Euronex
Euronext, the primary exchange in the Euro zone, today announced the successful listing of Stallergenes Greer (currently called Ares Allergy Holding PLC), the world’s leading allergy immunotherapy specialist. Stallergenes Greer was created by the merger of Stallergenes S.A with Greer Laboratories, Inc. The new entity is listed on the Euronext Paris regulated market in compartment A.
jlne.ws/1Nfw5Nj

ICE ENDEX AND GASTERRA OPEN REGISTRATION FOR GAS STORAGE SERVICE AUCTIONS; FIRST AUCTION ON NOVEMBER 18
ICE
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that ICE Endex has agreed with GasTerra, the international natural gas trading firm, to open the registration for the auctions for the facilitation of natural gas storage services in the Netherlands for the contract year 2016-2017.
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HKEx: China turmoil is delaying Connect schemes
fastFT
Charles Li, chief executive of Hong Kong Exchanges and Clearing, said recent turmoil in China’s equity market will delay future programs to connect with mainland financial markets.
jlne.ws/1NYVZ9J

SGX Securities, Derivatives and Commodities activities saw continued growth in August
SGX
Singapore Exchange (SGX) reported an increase in Securities, Derivatives and Commodities activities in August from a year earlier.
jlne.ws/1EQV7Rn

Hedge Funds & Managed Futures

Maybe Computers Weren’t to Blame for August’s Stock Selloff After All; Pssst. Maybe it was your money manager.
Tracy Alloway, Bloomberg
Risk parity—the “all-weather” investment strategy pioneered by Ray Dalio’s Bridgewater Associates—has been grabbing all sorts of attention in recent weeks, of the wrong kind.
jlne.ws/1NfqDtP

Ken Griffin’s Citadel Is Said to Stop Event-Driven Investing
Katherine Burton, Bloomberg
Joseph Rotter, head of the strategy, has left the firm.
Citadel will still invest in companies going through mergers.
Citadel, the $26 billion investment firm run by Ken Griffin, stopped investing in companies going through events like spinoffs and restructurings, and the head of that business has left, said a person familiar with the firm.
jlne.ws/1PYOqgH

Global concerns may shrink Wall Street’s third-quarter estimates
BY SINEAD CAREW, Reuters
Slowing growth in emerging markets and currency fluctuations in anticipation of a U.S. interest rate hike may push third-quarter revenue and earnings estimates lower this month.
jlne.ws/1Nfqk2b

The Watch Fund: Trading in Passion
By JANE A. PETERSON, NY Times
Dominic Khoo was so besotted with complicated mechanical watches that he turned his passion into a business: The Watch Fund.
jlne.ws/1JQILYr

Crowdfunding a $500 Million Ferris Wheel, With a Wall Street Spin
By RANDALL SMITH, NY Times
Investing in stocks is at times compared to a thrill ride — a rocket ship taking off, or a roller coaster rushing down.
jlne.ws/1K4TbFr

These Hedge Funds Bucked Their Own Trend in August Selloff
By CHIARA ALBANESE, WSJ
Computer driven hedge funds have had a tough time over the past few months, but when the chips were down for global markets in late August, they came into their own.
jlne.ws/1KBAqeE

Man GLG launches unconstrained EM strategy for ex-Carmignac duo; Pickard and Cole to run new long-only strategy
simon-pickard
Laura Dew Laura Dew, InvestmentWeek
Man GLG has launched an unconstrained emerging market equity strategy for new hires Simon Pickard and Edward Cole. Pickard and Cole joined Man GLG from Carmignac in May where Pickard was head of emerging equities and Cole was a portfolio manager.
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Banks & Brokers

Bank of America Board Under Fire for Combining Chairman and Chief Jobs
By MATTHEW GOLDSTEIN and MICHAEL CORKERY, NY Times
Momentum is building toward forcing Bank of America to undo its decision last year to name the bank’s chief executive, Brian T. Moynihan, as chairman as well.
jlne.ws/1XFEfn4

ISS urges shareholders vote to strip BofA CEO Moynihan of chairman title
By Ross Kerber, Reuters
Proxy adviser Institutional Shareholder Services on Friday recommended Bank of America Corp shareholders vote to strip Chief Executive Brian Moynihan of his additional title of chairman, joining a chorus of critics ahead of a Sept. 22 shareholder meeting on the matter.
jlne.ws/1K4VEiY

Standard Chartered Said to Plan Cutting 250 Managing Directors
Dinesh Nair, Stephen Morris, George Smith Alexander, Bloomberg
One-quarter of 1,000 bankers at managing director level may go
Bank may cut some 50 jobs in Middle East, North Africa
Standard Chartered Plc is considering cutting about a quarter of its senior banking positions as part of a plan by Chief Executive Officer Bill Winters to reverse a two-year profit slide at the emerging markets-focused lender, people with knowledge with the matter said.
jlne.ws/1hT41TZ

Barclays Sells Loan Portfolio to Investor Group Led by Goldman Sachs
By CHAD BRAY, NY Times
Barclays said on Monday that it had sold a portfolio of loans that included its secured lending business in Britain to a consortium of investors led by Goldman Sachs.
jlne.ws/1OugaJN

ICAP funds regulatory reporting startup
The Trade News
Interdealer broker ICAP has made a strategic investment in a regulatory reporting specialist, Abide Financial.
jlne.ws/1Oa9vq5

Clearing & Settlement

LCH clears first NDF executed on a SEF
Futures & Options World
LCH.Clearnet’s foreign exchange (FX) clearing division has cleared the first FX non-deliverable-forward (NDF) via a SEF, the latest development in the space, and ahead of a clearing mandate for NDFs. The London-based clearing house’s ForexClear business has cleared the first FX NDF via a swap execution facility (SEF), signifying momentum in FX clearing.
jlne.ws/1M80TAW

Federal Republic of Germany becomes new clearing member of EurexOTC Clear; Active participation in Eurex Clearing’s service for interest rate swaps planned to start in Q4/2015
Eurex
Eurex Clearing: Eurex Clearing, one of Europe’s leading clearinghouses and part of Deutsche Börse Group, has admitted another major participant for EurexOTC Clear – the German Bund represented by the Bundesrepublik Deutschland – Finanzagentur GmbH (the Federal Republic of Germany – Finance Agency). The Finance Agency, which has been responsible for the borrowing and debt management of the Federal Republic of Germany (Bund) and its funds since 2000, plans to be active as a direct clearing member of EurexOTC Clear on behalf of the Federal Republic in the fourth quarter of 2015.
jlne.ws/1M7TBgl

Deutsche Bank merges listed derivatives unit into prime services arm: source
Reuters
Deutsche Bank has merged its listed derivatives and markets clearing unit into its prime services arm following the departure of the unit’s head Michelle Neal last month, a source with direct knowledge of the matter said.
jlne.ws/1M83meE

Indexes & Products

The Best VIX ETFs Are Also the Most Dangerous; Trading volatility can be tricky.
Eric Balchunas, Bloomberg
You know exchange-traded funds have arrived when USA Today starts covering leveraged VIX ETPs.
jlne.ws/1N7K0F6

iShares expands ETF range using MSCI indexes
FTAdviser.com
BlackRock has extended the iShares European smart beta range. iShares has launched three multi-factor ETFs: iShares FactorSelect MSCI World Ucits ETF, iShares FactorSelect MSCI USA Ucits ETF, and iShares FactorSelect MSCI Europe Ucits ETF.
jlne.ws/1M83Ktw

The China-And-Emerging-Markets-Capital-Crisis That Wasn’t
Fortune
The end-of-summer meltdown in emerging markets, when the MSCI stock benchmark collapsed by 9% in August, created a bigger fear than just stock losses—chiefly that emerging countries are experiencing crippling capital outflows.
jlne.ws/1M83LxG

Technology

Greetings From Bitcoin Island; No place on the planet has welcomed digital currencies as warmly as the Isle of Man.
Jeremy Kahn, Bloomberg
The Isle of Man is a strange place. Home to four-horned sheep, cats without tails, and perfectly preserved Victorian-era steam locomotives, this rock in the middle of the Irish Sea is perhaps best known for hosting the world’s most dangerous motorcycle race, the Manx TT.
jlne.ws/1OtePTl

Legion of Tech Volunteers Lead a Charge for Bernie Sanders
By NICK CORASANITI, NY Times
Dawn crept into Daniela Perdomo’s Brooklyn apartment, her bleary eyes still focused on her bright computer screen. The founder of a nearly three-year-old communications start-up, she had been up all night again, orchestrating the work of more than 100 other developers, web designers, researchers and writers.
jlne.ws/1LUT66r

Amazon to Release $50 Tablet as It Struggles to Sell Pricier Devices; New device has 6-inch screen and is half the price of cheapest Fire tablet
By GREG BENSINGER, WSJ
Amazon.com Inc. has struggled to draw customers to its pricier tablets. So it’s going further down-market.
jlne.ws/1M7VfPh

Enforcement

Flash crash trader’s indictment shines light on strategy of spoofing
Bloomberg via Crain’s Chicago Business
The British day trader accused of contributing to the 2010 flash crash enlisted a computer programmer to help him work out a system to manipulate stock prices, e-mailing pleas for help perfecting his “spoofing” efforts, U.S. prosecutors said in an indictment.
jlne.ws/1M7WYUu

Judge Orders Credit Suisse to Pay Highland $287.5 Million in Suit Over Loan; Ruling a victory for James Dondero’s hedge-fund firm in fight with Swiss bank over luxury developments
By JOSEPH CHECKLER, WSJ
A judge on Friday said Credit Suisse must pay a unit of Highland Capital Management $287.5 million over a soured real-estate loan, a win for James Dondero’s hedge-fund firm in its multipronged fight against the Swiss bank over luxury developments.
jlne.ws/1FvrEaL

Former Citi FX trader set to challenge dismissal in London court
Reuters
A former Citigroup foreign exchange trader is to challenge his dismissal at a London court on Tuesday, potentially the first of many such cases in the wake of the currency market rigging scandal.
jlne.ws/1iu31Gm

ASIC bans broker from financial services and credit activities
ASIC
Following an investigation, ASIC has banned Mr Raghwa Nand Prasad of Chipping Norton, NSW, from providing financial services and from engaging in credit activities for four years.
jlne.ws/1M815A9

Environmental & Energy

Carbon Cuts So Sharp Even California Democrats Are Divided
By ADAM NAGOURNEY, Ny Times
With President Obama back from a trip to Alaska in which he portrayed the fight against climate change as an urgent international priority, California is showing how hard it can be — even in a state overwhelmingly controlled by Democrats — to get an ambitious carbon reduction bill passed.
jlne.ws/1IVL0pu

US shale oil industry hit by $30bn outflows
Ed Crooks in New York, FT
US shale producers reported a cash outflow of more than $30bn in the first half of the year, in a sign of the challenges facing the US’s once-booming industry as the slump in oil prices begins to take effect.
jlne.ws/1iu4i0f

‘Strippers’ Pose Dilemma for Oil Industry; A cut in output could take investors by surprise
By NICOLE FRIEDMAN, WSJ
Steve Plants, vice president of Plants & Goodwin Inc. in Shinglehouse, Pa., still pumps crude oil from wells drilled in the 1890s. But with the price of crude below $50 a barrel, some of those low-producing wells, known as stripper wells, don’t turn a profit. Mr. Plants has permanently closed 10 wells, he says, and plans to plug another 10 by the end of the year.
jlne.ws/1EMefQG

Miners have dug themselves into a hole
James Mackintosh, FT
Supply reductions could support prices, but lower output means less money left over for shareholders
Glencore was an exquisitely timed float, as the London-listed miner sold $8bn of shares shortly after commodity prices peaked in 2011. Now the traders running the company intend to buy a fifth of the $2.5bn they hope to raise in a new sale designed to reduce debt and save its credit rating.
jlne.ws/1JQIvbS

Why the Oil Rout Isn’t Over; In today’s upside-down oil market, even cuts aren’t always what they seem
By HELEN THOMAS, WSJ
What jumps up will slowly come down. Some variant of Newton’s law still applies in the oil market.
jlne.ws/1JP9kLE

Asia-Pacific

G20 tries to dispel China fears with sunny economic outlook
Sam Fleming in Washington and Chris Giles in Ankara, FT
Finance ministers from the G20 nations have insisted the global economy has nothing to fear from a China slowdown as they tried to dispel the pall of gloom that has been cast by sagging growth and market turmoil.
jlne.ws/1EQZ4W5

China’s Forex Reserves Fall by Record $93.9 Billion on Yuan Intervention; PBOC has been selling its dollar holdings to prevent the yuan from sliding further
By LINGLING WEI and ANJANI TRIVEDI, WSJ
China’s foreign-exchange reserves plunged by a record amount in August, underscoring the strain endured by the country’s central bank as it intervened intensely to prop up the yuan.
jlne.ws/1iu3h8d

Communist China Now Has A More Free Market, Right Wing, Sensible Even, Tax System Than The US
Tim Worstall, Forbes
Here’s a little turn up for the books. China has just announced a change in its taxation system. A step along the road to what many economists think is a reasonable and sensible taxation system for any country to have. And yet this is happening in what is still nominally at least Communist China and not in the supposedly free market United States. Indeed, recent US tax changes have been moving in the opposite direction, towards a worse taxation system. It does have to be said though that the Chinese change is most unlikely to be as a result of thoughtful and careful economic planning. It’s a near panic reaction to the state of the stock market nothing more. But, still, interesting that it is in that free market direction all the same.
jlne.ws/1EMdtDo

Asian Shrimp Imports Are Chewing Up U.S. Suppliers
Lydia Mulvany, Bloomberg
Sea-farm boom makes shrimp more popular than tuna and salmon
Prices down by a third mean loss for shrimpers, processors
The most-popular seafood in the U.S. isn’t very American anymore, but it sure is getting cheaper.
jlne.ws/1i90SA5

Frontier Markets

Currency traders shun offshore bets after yuan devaluation
By Saikat Das, ET Bureau
Traders who bet and benefit from trading currency in offshore markets are shying away from such activity this time.
jlne.ws/1NYXTXE

Companies Struggle to Comply With Rules on Conflict Minerals
By LYNNLEY BROWNING, NY Times
A pink My Little Pony balloon does not usually evoke images of rifle-toting warlords in the Democratic Republic of Congo. Still, Party City Holdings, the decorations and costumes retailer, recently disclosed a possible link to securities regulators, helping to put it near the bottom of a list ranking companies on their compliance with laws against using minerals mined in war-torn regions across Africa.
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Platts Introduces New Price Assessments To Bring Transparency To West African Gasoline Market
Mondovisione
Platts, a leading global provider of energy and commodities information, has launched two new price assessments that will bring greater transparency to the daily value of gasoline imported into West Africa.
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Miscellaneous

It’s official: money can buy you happiness
Emily Cadman, FT
Forget what your parents, your self-help guides or your religion may have told you: money can buy you happiness. That, at least, is the conclusion from the number crunchers at the UK’s Office for National Statistics, who have combined data from surveys on household wealth and personal wellbeing.
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Cost of Skyscraper Glass Hits Dizzying Heights; Earlier manufacturing cutbacks create delays, add to price tag as construction rebounds
By ROBBIE WHELAN, WSJ
A shortage of glass is taking a toll on the nation’s commercial building boom, adding millions of dollars to the cost of new skyscrapers and halting some projects midway through construction.
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Divorcing hedge funder quietly buying home in ‘billionaires’ bunker’
By Emily Smith, NY Post
Billionaire hedge fund titan Ken Griffin is quietly buying a $200 million-plus home in the so-called “billionaires’ bunker” at 220 Central Park South.
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