First Read

Now You See It…
Martin Mosbacher – Intermarket Communications
I want to start off the week by wishing Big John a speedy and complete recovery. While John has accomplished many things in his life I would say his most far-reaching achievement to date has been the founding and nourishing of this newsletter. It serves to inform and illuminate our work lives and adds to the transparency of our industry.

Speaking of transparency, it seems like just about everything in our lives is more transparent these days. If you don’t believe me, just ask Donald Sterling, the soon-to-be-former owner of the Los Angeles Clippers. A WSJ/NBC survey that came out on Friday showed that 68% of Americans now maintain a social media profile of some sort, including a shocking (to me at least) 37% of people over the age of 65. Meanwhile Google knows more about where I’ve been today than my wife does, as do the cameras that line every major intersection in midtown Manhattan.

After decades on the leading edge of transparency – think real-time Level 2 quotes and direct market access – financial markets now find themselves lagging the rest of society, thanks to developments like hidden orders, dark pools, and paradoxically, “staccato signals of constant information” that can only be profitably acted upon by HFT shops and others trading off of “machine-readable” data. Just last week the NYSE was fined $4.5 million for, among other things, offering co-location services for 4 years without SEC authorization and without proper public disclosure. That it took the SEC until 2014 to sanction NYSE for behavior that took place beginning in 2006 shows how difficult it has become to see what’s behind the curtain in today’s super-charged markets.

To be sure, the “Flash Boys” phenomenon may tell us more about how to promote a book than it does about the fairness or unfairness of the equities markets. But the intense public reaction to the book speaks volumes for the sense among today’s investors that someone is hiding something. And the most powerful tool for defusing those emotions and regaining the confidence of investors is transparency.

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12th Annual Midwest Open Your Heart to the Children Benefit
Hedge Funds Care
The Midwest financial communities will unite at the 12th Annual Midwest “Open Your Heart to the Children” Benefit on Thursday, May 8 at the JW Marriott Chicago. A highlight of the Chicago social calendar, the Benefit brings together the hedge fund, proprietary trading, private equity and venture capital communities to provide direct support for local charities that prevent and treat child abuse.
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***MM: It’s great to see the spirit of charity that’s pervasive in the trading community. Just another example of take and give. Or is that the other way around?

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CME creates venture fund for technology start-ups
Lynne Marek – Crain’s Chicago Business
Futures exchange operator CME Group Inc., as much a technology as a trading company today, is on the prowl for tech startups. Like other Chicago-based companies such as rival CBOE Holdings Inc. and Motorola Solutions Inc., CME is looking to develop a pipeline to technology trends that could spark new businesses.
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***MM: The CME is following in the footsteps of other peers and competitors such as NASDAQ, and ICAP to name a few clients. (John said that plugs are good, though he is under the influence of pain medication.) One of my industry buddies is currently serving as the Eminence Grise at just such a startup.

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Record April for E-mini NASDAQ-100 Options
CME Group
E-mini NASDAQ-100 options traded a record 21,753 contracts per day in April, surpassing the previous record month of 17,108 set in February 2014. Market participants turned to our liquid E-mini NASDAQ-100 options to manage April’s substantial increase in realized volatility in the underlying NASDAQ-100 Index, due in large part to the swings reflected in Internet and biotech stocks. Average 20-day realized volatility rose from 11.35% in March to 19.30% in April, hitting a record high of 21.93% for 2014 on April 29. For more info, visit the CME Group Options Volatility Surface Report:
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***MM: The industry — and traders — continuing to regain their mojo after some pretty dour years.

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Quick-buck traders get a spokesman: Meet Keith Ross
Lynne Marek – Crain’s Chicago Business
High-speed trading is under assault for using (or abusing) technology to dart in and out of financial markets faster than ordinary investors. They’re a secretive fraternity, however.
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***DA: How convenient – we just published a video interview with Mr. Ross. See below.

***MM: Hard to be secretive and have a spokesman.

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Speedy Delivery: Keith Ross on HFT, Reg NMS and Dark Pools
JohnLothianNews.com
Today’s financial markets can be summed up in three words – global, fast, and complex. But as the market structure evolves, so must the regulatory structure that oversees it. John Lothian News has spoken with several industry experts to create this series on the evolution of financial market structure.

In Part 3, Keith Ross, CEO of PDQ ATS offers his thoughts on HFT, Regulation NMS, maker-taker arrangements, and dark pools, and voices his concerns that regulatory oversight may give way to legislative overreach.

Watch the video »

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Get Ready for Regulators to Peer Into Your Portfolio
Jason Zweig – MoneyBeat – WSJ
Bad brokers, meet RoboRegulator. In December, the Financial Industry Regulatory Authority, which oversees how investments are sold, proposed what it calls Cards, an electronic system that would regularly collect data on balances and transactions in brokerage accounts.
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***MM: Hopefully this will meet with the same financial, if not critical success as the recent Robocop movie.

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CME Group fines Ontario Teachers’ Pension Plan for hog trades
Reuters
The Ontario Teachers’ Pension Plan Board, which manages investments for Canada’s largest single-profession pension plan, violated speculative position limits in CME Group Inc’s lean hog futures market, the exchange operator said on Friday.
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***MM: I could talk about Canadians going hog-wild but that would just be trite.

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Active management industry in bafflingly good health
John Authers – FT.com
Here are two versions of the future of investment management, both overheard last week. The first came from a fellow journalist. He was exasperated: “What I want to know is, how do active managers even exist? Everyone’s known for years that they don’t earn their money. And yet there are even more of them.”
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***MM: Which explains why so many of the newer ETPs are actively managed. It’s human nature to want to beat the house. I tried last weekend at Harrah’s in New Orleans and failed.

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Bridging the Week by Gary DeWaal: April 28 to May 2, and May 5, 2014 (Exchanges Must Also Comply with SEC Rules; More EFRP and Block Trades Fallout)
Gary DeWaal – Katten Muchin Rosenman
Today may be Cinco de Mayo and a cause for festive partying. However, last week the New York Stock Exchange and two affiliates were not celebrating when they were charged and fined by the Securities and Exchange Commission for acting contrary to certain of the exchanges’ own rules, or for not having certain rules at all. Also not celebrating were respondents who were charged with violating speculative position limits, as well as EFRP and block trade requirements, and sanctioned by the Chicago Mercantile Exchange, and in one case, the Commodity Futures Trading Commission too.
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***MM: Gotta love Gary and his fine publication but this week’s report reads more like a police blotter.

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Recent Publicity Concerning Proprietary Trading: Potential Regulatory Responses
KattenMuchinRosenman LLP
Katten will host the panel discussion “Recent Publicity Concerning Proprietary Trading: Potential Regulatory Responses” at 5:00 p.m. on Tuesday, May 6 in the firm’s New York office. Partners Janet Angstadt, Christian Kemnitz, Scott Resnik and Lance Zinman will be joined by special counsel Gary DeWaal as they address several topics including allegations of unfair trading advantages, maker-taker pricing, Reg. NMS, dark pools, and regulatory and market structure implications. They will also update attendees on enforcement actions and investigations.
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***DA: This is the New York version of the event held in Chicago April 28

***MM: I’ll be there. Love seeing Gary being serious in his tie, fishing vest and baseball cap.

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Meet the sheriff Howard Buffett, Warren Buffett’s heir to Berkshire Hathaway
Anupreeta Das – Wall Street Journal via The Australian
For most of his life, the younger Mr Buffett has indulged many interests far outside his father’s sphere of influence. But the day may not be far off when Mr Buffett will be presiding over the $300 billion conglomerate that his father built into one of the world’s most admired corporate entities.
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***MM: Great interview with Buffett and Charlie Munger on CNBC this morning.

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MarketsWiki

MarketsWiki Page of the Day
Keith Ross
jlne.ws/1nYfqCp

MarketsWiki Recent Updates

People

Keith Ross

Companies, Organizations and Groups

Katten Muchin Rosenman LLP; Coffee, Sugar and Cocoa Exchange; PDQ ATS, Inc.; ITG; New York Mercantile Exchange, Inc.; IntercontinentalExchange Group Inc.

Miscellaneous

Sugar; Cocoa; Soft commodity

Statistics

48,714,060 pages viewed, 7,944 articles, 182,407 edits
MarketsWiki Statistics

Lead Stories

Wall Street Embraces a Rule It Hates
PETER EAVIS – NYTimes.com
Wall Street banks have a special loathing for a new and arcane rule, and they have gone to extraordinary lengths — like helping write a bill that is currently in Congress — to neuter it. But in recent weeks, the banks have started to eagerly embrace exactly the sort of changes that the hated regulation demands of them, though it is not because they have suddenly come to believe in the rule.
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Borrowing Cash to Buy Complex Assets Is In Vogue Again
Katy Burne – WSJ.com
Banks again are doling out money to hedge funds and other investors to finance purchases of complex debt securities, returning to a practice that helped fuel the debt boom ahead of the financial crisis.
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Gary S. Becker, 83, Nobel Winner Who Applied Economics to Everyday Life, Dies
ROBERT D. HERSHEY Jr. – NYTimes.com
Gary S. Becker, a Nobel prize-winning economics professor and longtime columnist for Business Week whose research illuminated motivations about such aspects of everyday life as marriage, crime, addiction, racial discrimination and birthrates, died on Saturday in Chicago. He was 83.
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The Market’s Rigged? So What?
Paul Vigna – MoneyBeat – WSJ
MarketWatch’s Chuck Jaffe dropped in on the MoneyBeat show this morning, and said whether or not the market is rigged, investors shouldn’t spend their time worrying about how many pennies are getting skimmed off the top. They should worry instead about their own bottom lines.
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Bloomberg Defends HFT and Dark Pools on CNBC
Ivy Schmerken – Wall Street & Technology
Former New York City Mayor Michael Bloomberg is not against dark pools, nor does he worry about high frequency trading. In a CNBC interview, Bloomberg weighed in on Wall Street and income inequality along with the controversy over HFT.
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Banks Get Break on New Tax-Evasion Enforcement
WSJ.com
The Treasury Department said it would ease enforcement of a sweeping new U.S. law aimed at curbing offshore tax evasion, in a victory for banks worried about the costs and possible disruptions to the financial system.
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Switzerland Urges U.S. to Treat Its Banks Fairly in Tax Probe
WSJ.com
Switzerland’s finance department has urged U.S. authorities to be “fair and balanced” in their treatment of Swiss banks accused of helping Americans evade taxes. The Swiss government wants to ensure the U.S. Justice Department doesn’t treat Swiss banks more harshly than others as the U.S. cracks down on the stashing of money in hidden offshore accounts.
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High-speed traders find bumps in road as they drive into FX
Joel Clark – Financial News
In the recent ruckus kicked up by the Michael Lewis book Flash Boys, high-frequency trading firms found themselves accused of rigging equity markets by front-running investor orders.
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Regulatory

FINRA Rule Change to Limit Self-Trading Approved
The Financial Industry Regulatory Authority (FINRA) is pleased to announce the SEC’s recent approval of a FINRA rule change to limit self-trading. This change to FINRA Rule 5210 requires firms to have policies and procedures in place that are reasonably designed to review their trading activity for, and prevent, a pattern or practice of self-trades resulting from orders originating from a single algorithm or trading desk, or related algorithms or trading desks.
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SEC’s Berman Says Critics Like Schneiderman Misjudge Regulator
Bloomberg
Gregg Berman of the Securities and Exchange Commission has a message for those doubting that the regulator understands the U.S. stock market in the era of light-speed trading: You’re wrong.
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The Investors at War With Political Power
Wall Street Journal
How a once-obscure federal agency targeted two brothers, and what happened when they decided to fight back in the age of Obama.
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Chief Economist and Division of Economic and Risk Analysis Director Craig Lewis to Leave SEC
The Securities and Exchange Commission today announced that Chief Economist and Division of Economic and Risk Analysis (DERA) Director Craig M. Lewis will leave the agency today. He will return to his position as the Madison S. Wigginton Professor of Finance at Vanderbilt University’s Owen Graduate School of Management.
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Barristers’ boycott could threaten Libor cases
Alexander Campbell – Risk.net
Yesterday’s decision by a judge to abandon a fraud trial in London due to legal aid cuts could endanger trials of those accused of rigging the Libor interbank rate.
jlne.ws/1nYdN7F

SEC Issues Partial Stay of Conflict Minerals Rules
The Securities and Exchange Commission today issued an order staying the effective date for compliance with the portions of Exchange Act Rule 13p-1 and Form SD that would require statements by issuers that the Court of Appeals held would violate the First Amendment (see Nat’l Ass’n of Mfrs. v. SEC, No. 13-5252, D.C. Cir., Apr. 14, 2014).
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Exchanges & Trading Facilities

CME looks to Europe for new exchange CEO
Anish Puaar – Financial News
CME Group has started the search for a new chief executive for its new European exchange and is targeting external candidates located within the region.
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CME has delay in matching some Treasuries futures
Reuters
The CME Group had a 10-second pause in some Treasuries futures contracts on Friday, immediately after the highly anticipated U.S. jobs report for April was released.
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[CBOE] Y-T-D Volume in 2014 – SPX Weeklys Up 37.6%; VIX Options Up 28.7%
Matt Moran – CBOE Options Hub
As shown in the charts below, key index products continue to have strong volume trends in 2014; here are the percentage changes for average daily volume in the period of Jan. through April 2014 over the figures for the entire year of 2013
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CME Group Volume Averaged 12.2 Million Contracts per Day in April 2014, Up 6 Percent from April 2013
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that April 2014 volume averaged 12.2 million contracts per day, up 6 percent compared with April 2013. Total volume for April 2014 was more than 256 million contracts, of which 87 percent was traded electronically.
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Average Daily Volume Of 8,7 Million Contracts At Eurex Group In April
In April, the international derivatives exchanges of Eurex Group recorded an average daily volume of 8,7 million contracts (April 2013: 9.8 million). Of those, 6.1 million were Eurex Exchange contracts (April 2013: 7.1 million), and 2,6 million contracts (April 2013: 2.7 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 177.2 million contracts were traded, thereof 122.2 million at Eurex Exchange and 54.9 million at the ISE.
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ASX Group Monthly Activity Report – April 2014
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ASX Compliance Monthly Activity Report – April 2014
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Nordic Growth Market NGM Reports A Turnover Of 5.4 Billion SEK (596 Million Euro) For April 2014
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NASDAQ OMX Nordic Trading Statistics April 2014
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Canadian Securities Exchange: Trade Execution Fees Reduced
The Canadian Securities Exchange (CSE) yesterday announced the implementation of a significant decrease to its trade execution fees for CSE and TSX Venture listed securities. The new fees, detailed below, are designed to reduce costs for the dealer community and encourage greater liquidity for listed companies.
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NYSE to Suspend Trading Immediately in Desarolladora Homex, S.A. de C.V. and Commence Delisting Proceedings
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Key figures SIX Swiss Exchange and SIX Structured Products Exchange: April 2014
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SIX to provide new Swiss money market for SNB and financial institutions
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NZX Equity Derivatives Launch Date Announced
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TOM MTF Statistics Week 18, 2014
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Hedge Funds & Managed Futures

Hedge Fund Asks S.E.C. To Delay Disclosures
MATTHEW GOLDSTEIN – NYTimes.com
Mr. Einhorn’s request to the S.E.C. for confidential treatment illustrates the zealous approach some managers in the $2.7 trillion hedge fund industry take when it comes to keeping their trading positions out of the public eye. But it also reflects the risk that can come with being a money manager like Mr. Einhorn, who has cultivated press coverage over the years when it suits his interests.
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Ares Management Slumps in Trading Debut
WILLIAM ALDEN – NYTimes.com
The stock market is greeting the initial public offering of Ares Management, a private equity and debt investing firm, with a shrug.
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Franklin Templeton Bet on Ukraine Gives Some Investors Pause
WSJ.com
Franklin Templeton Investments fund manager Michael Hasenstab has raised the stakes in his wager on Ukrainian bonds, but investors in some of his funds have folded their cards. Investors are pulling cash from a Templeton fund with a relatively high concentration in Ukraine bonds and from his flagship Global Bond Fund, which also has invested in the Eastern European country’s debt.
jlne.ws/1nYdNor

Pensions review threatens to cut GBP420m revenues
Joe McGrath, Mark Cobley and Mike Foster – Financial News
Active fund managers stand to lose out on more than GBP420 million in revenues a year from local government pension schemes if recommendations from a cost-saving review are embraced.
jlne.ws/1nYdNEF

Och-Ziff reports lower profit but beats expectations
Reuters
Och-Ziff Capital Management Group reported a lower quarterly profit, but the hedge fund still beat analysts’ expectations as billions of dollars in new money flowed into its portfolios and helped offset lower earnings by its funds.
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Pimco had $5.5 bln leave U.S. mutual funds in April -Morningstar
Reuters
Pimco posted $5.5 billion in outflows across its U.S. open-end mutual funds in April, extending the company’s record outflow streak to 11 straight months, data from Morningstar showed on Friday.
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Shareholders to go public with Pimco worries at Allianz AGM
Reuters
Allianz shareholders will publicly press its top executives next week to address the underperformance of its Pimco fund management unit in the hope that the German insurer will look more closely at management problems there.
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Norway picks Citi as custodian of wealth fund over JPMorgan: FT
Reuters
Norway picked Citigroup over rival U.S. bank JPMorgan Chase & Co Inc as custodian of its sovereign oil wealth fund, the world’s biggest at $865 billion, the Financial Times reported on Sunday.
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Buffett Displays His Nuanced Side at Berkshire Annual Meeting
WSJ.com
Warren Buffett is widely celebrated for his plain-spoken, straight-shooting manner, but the chairman of Berkshire Hathaway Inc. showed on Saturday before thousands of shareholders that he sometimes values degrees of nuance.
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GBP676k for chief exec of Candover Investment
Becky Pritchards – Financial News
Managing an investment company that no longer makes investments might sound not too taxing, but Malcolm Fallen, chief executive of Candover Investments, received GBP676,700 for this role and related positions last year, according to its annual report.
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Nordic private equity deal activity expected to rise
Mirzaan Jamwal – Financial News
The Nordic market appears to be recovering as an improved economic outlook and IPO listings increased dealmaking over the first quarter of 2014.
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Institutions target direct infrastructure investments
Philip Georgiadis – Financial News
From wind farms to Heathrow Airport, appetite for direct investment has been clear to see over the past year and has now hit an all-time high, according to new research.
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Dutch pension funds grapple with permanent revolution
Mark Cobley – Financial News
The Netherlands’ giant pension funds, already among the largest pools of investment capital in Europe, look set to get even bigger.
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CFTC Commitments Of Traders Reports Update
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Banks & Brokers

Interdealer brokers angle for a more diverse catch
Sarah Spikes – Financial News
The European trading landscape is increasingly littered with misnomers. In the same way that exchanges are no longer just platforms for buying and selling shares, interdealer brokers no longer simply function as brokers.
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Possible Penalties for Bank of America
Ryan Tracy, Michael Rapoport and Christina Rexrode – MoneyBeat – WSJ
A calculation error by Bank of America Corp. could expose it to financial penalties from the Federal Reserve if the central bank decides to pull the trigger on a little-used weapon in its arsenal.
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Goldman Sachs Jobs: How Graduates Get Hired
Stephen Grocer – MoneyBeat – WSJ
Goldman Sachs only accepts around 3% of job applicants. Who gets hired? How much are they paid? WSJ’s Jason Bellini has #TheShortAnswer on what college students considering investment banking should know.
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More Senior Departures Expected From Barclays in Upheaval at British Firm
MICHAEL J. DE LA MERCED – NYTimes.com
Three senior executives of Barclays are expected to leave the firm, in the latest wave of departures from the British firm as it prepares to reduce the size and ambitions of its investment bank while battling concerns about its bankers’ compensation.
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JPMorgan sees markets revenue declining 20 pct in 2nd quarter
Reuters
JPMorgan Chase & Co expects second-quarter revenue from bond and equity trading to decline by about 20 percent from a year earlier, the biggest U.S. bank by assets said on Friday.
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HSBC to Rejig Structure at Head of Investment Bank
WSJ.com
HSBC is rejigging the structure at the head of its investment bank to better cover the different regions in which it operates, according to an internal memo seen by The Wall Street Journal. Jose-Luis Guerrero is becoming head of global banking and markets for Europe, the Middle East and Africa.
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Clearing & Settlement

Markit mulls sale of trade reporting service
Anish Puaar – Financial News
Financial data firm Markit is exploring a sale of its over-the-counter equity reporting service to Swedish technology firm Cinnober and is currently gauging client interest in keeping the service running. The move marks a u-turn from Markit, which said last November that it would close the trade reporting service – formerly known as Boat — in September, citing diminished demand for off-exchange data.
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OCC Wins Gold For The Best Annual Report At The FCS Portfolio Awards
OCC announced today that its 2012 annual report won top honors taking the Gold for the best annual report at the 2014 FCS Portfolio Awards presented by the Financial Communications Society in New York City on May 1, 2014.
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Indexes & Products

Market in a Nutshell: Value Stock ETFs See Big Inflows in April, Growth Gets Whipped
Chris Dieterich – MoneyBeat – WSJ
April’s exchange-traded-fund money trail highlights the wildly divergent performance between large stocks and their “momentum” counterparts as investors found renewed demand for value.
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ETFGI: Assets Of ETFs And ETPs Listed In The United States Reached $1.73 Trillion, A New Record High, At The End Of Q1 2014
Flows into ETFs and ETPs listed in the United States rebounded in March gathering net inflows of $10.9 billion which, when combined with a small positive market performance in the month, pushed assets in the global ETF/ETP industry to a new record high of $1.73 trillion, according to ETFGI’s Q1 2014 Global ETF and ETP industry insights report.
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Singapore Fixed Income Indices (SFI) Weekly
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BM&FBOVESPA: 3 Previews For The Ibovespa Theoretical Portfolio Valid From May/Aug. 2014
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Qatar Exchange Organizes New York And London Forums To Coincide With Inclusion Of Qatar In MSCI Emerging Markets Index
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Enforcement

U.S. prosecutors to drop two of seven charges against Rajaratnam’s brother
Reuters
U.S. prosecutors plan to drop two securities fraud charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, the younger brother of Raj Rajaratnam, who founded the firm and was convicted of insider trading in 2011.
jlne.ws/1nYdObI

Kraft says U.S. probing wheat trades by Mondelez-owned businesses
Reuters
Kraft Foods Group Inc said in a filing on Friday that U.S. regulators were probing wheat futures trading by businesses now owned and operated by Mondelez International Inc, which it spun off in 2012.
jlne.ws/1nYdObM

SAC’s Steinberg asks for two-year sentence
Reuters
Michael Steinberg, a portfolio manager at Steven A. Cohen’s SAC Capital Advisors who was found guilty last year on insider trading charges, has asked for a two-year sentence, far shorter than the term recommended by probation officials.
jlne.ws/1nYdLgc

Federal Court Freezes Assets of EJS Capital Management, LLC, Alex Vladimir Ekdeshman and Edward J. Servider and Relief Defendants in CFTC Action Charging Misappropriation of Nearly $2 Million in Ongoing Forex Fraud Scheme
The U.S. Commodity Futures Trading Commission (CFTC) today announced that The Honorable Kevin P. Castel of the U.S. District Court for the Southern District of New York, on May 1, 2014, entered a restraining order freezing assets and prohibiting the destruction or concealment of books and records of Defendants EJS Capital Management, LLC (EJS), Alex Vladimir Ekdeshman of Holmdel, N.J., and Edward J. Servider of Staten Island, N.Y (collectively Defendants), and of Relief Defendants Alisa Ekdeshman of Holmdel, N.J. (Ekdeshman’s wife), Executive Services of Florida LLC, Executive Management Services of Montana Inc., and Michael Vilner of Sunny Isles Beach, Fla.
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NFA Regulatory Actions: Wealthbuilder Capital Advisors
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Environmental & Energy

EU wants one price for Russian gas for all member states
Dmitry Zhdannikov and Jakub Iglewski, Reuters
European Union member states should reject Moscow’s “divide and rule” tactics on pricing its natural gas exports and forge closer gas and power ties with Ukraine and Georgia, EU Energy Commissioner Guenther Oettinger said on Friday.
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***LB: Also in this story “EU member states buy Russian gas under bilateral contracts with Moscow and pay different prices. Common purchases would improve EU’s negotiating power and likely lower prices.”

U.S. senators push to force approval of Keystone pipeline
Timothy Gardner and Thomas Ferraro, Reuters
In the latest effort by U.S. lawmakers to breathe life into the long-delayed Keystone XL oil pipeline, Senator John Hoeven re-introduced legislation on Thursday that would force congressional approval of the controversial project.
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***LB: also in this story “In an abrupt turnaround on Tuesday, Senate Majority Leader Harry Reid said he was considering allowing a vote on Keystone in some form, if it could also help push through a bipartisan bill on energy efficiency.”

Keystone vote coming soon?
Laura Barron-Lopez and Timothy Cama, The Hill
To be or not to be: Proponents of the Keystone XL pipeline are on the clock if they want to get a vote on binding legislation that would immediately approve the pipeline next week.
jlne.ws/1iK1ELU

Asia-Pacific

China wakes up to growing pension problem
Demetri Sevastopulo in Gaobu town, Dongguan – FT.com
Local governments are allowing manufacturers to pay lower pension contributions than required as they worry about companies leaving, particularly as factories face double-digit wage rises each year.
jlne.ws/1nYdObU

China’s half-year report card on economic reform: slow, safe and steady
Reuters
Six months into China’s grand economic makeover, Beijing is playing it safe, choosing gradual progress on many fronts over game-changing, riskier reforms such as removing all controls over bank interest rates.
jlne.ws/1nYdLgi

China unleashes yuan bears, but can it cage them again?
Reuters
Beijing’s attack on yuan speculators has proven extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum.
jlne.ws/1nYdOsc

Smaller China banks step up shadow lending activity
Simon Rabinovitch in Shanghai – FT.com
Smaller Chinese banks have ramped up their shadow lending activity, adding to the financial risks that threaten to trip up the world’s second-biggest economy.
jlne.ws/1nYdLwz

Through train’s exclusive use of yuan a hurdle for Hong Kong investors
Enoch Yiu | South China Morning Post
Beijing obviously wants to use the through-train cross-border trading scheme to encourage investors to use the yuan to trade stocks. To succeed, however, it has to do more to make it easier for international investors to obtain the yuan they need.
jlne.ws/1nYdOsd

HKEx: New Articles of Association Approved
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Fire Evacuation, Anti-terrorism Drills Staged At Dalian Futures Building
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Frontier Markets

Frontier markets ahead as Qatar and UAE ‘promoted’
Emma Dunkley – FT.com
Emerging markets have had a torrid time since the US Federal Reserve hinted at reducing monetary stimulus a year ago. But companies in frontier markets have enjoyed quite different fortunes, and a rejig of the key indices this month provides investors with an opportunity to take stock.
jlne.ws/1nYdLwG

India opens door to foreign investors
Andrew Pearce – Financial News
India has never been famous for the lightning speed of its bureaucracy, and the rules for foreign investors in its financial markets are no exception. One market participant described them as “cumbersome”.
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Dubai Financial Market Performance – April 2014
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Dubai Financial Market Enrols “Delma Brokerage” To Margin Trading Members
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Nigerian Stock Exchange Weekly Report For The Week Ended 2 May 2014
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