First Read

The Citadel Conversation; SEC Equity Market Structure Advisory Committee
Are U.S. equity markets operating efficiently? Can improvements be made to benefit investors? Recently the U.S. Securities and Exchange Commission (SEC) created the Equity Market Structure Advisory Committee to advise on potential reforms aimed at improving market integrity and advancing the interests of investors. To learn more about the Committee and the issues it is examining, we spoke with two Committee members, Citadel Securities’ Jamil Nazarali, Head of Execution Services and Joe Ratterman, Chairman, BATS Global Markets Inc.
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***** Inhouse interview with Jamil Nazarali of Citadel and Joe Ratterman of BATS.

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Riskier Times as Futures Brokers Vanish
FT Video Interview by Phil Stafford
Interview with Walt Lukken, CEO of the FIA, about the factors behind the reduction in the number of futures commission merchants.
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****And its worth taking another a look at Carl Gilmore’s Letter To The Editor: “It Ain’t Broke, but We Fixed it Anyway,” on his take about the FCM space.

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CFTC chief rebuts Giancarlo on regulation’s role in broker consolidation
Neil Roland, MLex
Timothy Massad, head of the US Commodity Futures Trading Commission, said the number of derivatives brokerages has been falling for decades – and for reasons that don’t include heightened regulation.
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Opinion: To beat this rigged stock market, stop what you’re doing
By Jeff Reeves, Reuters
Last year the Securities and Exchange Commission charged a New York-based firm in the first-ever case of high-frequency trading fraud. Athena Capital Research made massive trades quickly to “manipulate” closing prices in targeted stocks, the SEC alleged.
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***** Commentaries like this are why MarketWatch is a joke. This is the featured story on MarketWatch this morning. The leaps and claims this writer makes to damn HFT are amazing.

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Felipe Calderon Responds to Pope’s Encyclical
Statement by President Felipe Calderon, Chair of the Global Commission on the Economy and the Climate
“Global warming and climate change may be issues that belong in the realm of science but the human activities with which they are associated must be subject to ethics. When in the book of Genesis we were entrusted with God´s Creation, we were made responsible for its wellbeing. Climate change affects not only Creation, but also our neighbors – our fellow men, women and children – who are already impacted by droughts, hunger, and hurricanes. If we do not act now, it will be them, the poor, the hungry, that will suffer most. In ‘Better Growth, Better Climate’ we showed how we can boost the kind of economic growth that can reduce poverty while combatting climate change. But to achieve this we must take bold decisions. This is why the Papal Encyclical is so opportune and welcome, because we all need its guidance as we face the most important challenges of the 21st Century, particularly climate change and poverty.”
(No Link)
***** Like he said.

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Rival Systems, LLC Formed to Deliver Low-Latency Derivatives Trading and Risk Management Platform in 2015
Press Release
Rival Systems, LLC (“Rival”) is a newly formed trading software company focused on empowering professional traders with the technology and resources required to compete in today’s markets. Rival will officially launch its low-latency derivatives trading and risk management platform later this year.
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***** The talented Sara Goodman is the director of marketing for Rival Systems, which is commercializing the trading platform of Ronin Capital.

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Goldman to Summer Interns: Leave the Office by Midnight
by Jennifer Surane, Michael J Moore, Bloomberg
Goldman Sachs Group Inc. is telling its summer interns to take the night off.
Banking interns were instructed to leave the office by midnight and not return before 7 a.m., while also taking Saturdays off, Michael DuVally, a spokesman for the New York-based bank, said Wednesday.
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**JK – Who says Goldman doesn’t have a heart?

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CBOT Soft Red Winter Options Record
CBOT Soft Red Winter (SRW) Wheat options traded a record 81,061 contracts Tuesday (6/16/15), surpassing the previous record of 79,096 options contracts traded on 5/14/2015.
(No Link)

Swap Meet: Eris Exchange’s Neal Brady Sees Capital Efficiency Driving Growth of Standardized Swap Contracts
JohnLothianNews.com

Basel III and other capital rules are coming into into force, making efficient use of capital a global priority. As Eris Exchange’s swap futures contracts continue to set new volume and open interest records, and as ICE begins listing interest rate and credit derivatives based on the Eris methodology, Eris CEO Neal Brady sat down with John Lothian News editor-at-large Doug Ashburn to discuss the emergence of swap futures as an important tool in the new financial order.
Watch the video »
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MarketsWiki

MarketsWiki Page of the Day
TMX Group Inc.

MarketsWiki Recent Updates

People

John J. Grace; Joseph Kamnik; Kimberly McGarry; John Fennell; Steven M. Bylina III; Kellie Ann Togashi; Nicholas Ghanma; Elaine Wyder-Harshman; Michelle M. Comella; Martin Pluves; RJ Roxas; Stephen H. Hurst; Stuart Sloan

Companies, Organizations and Groups

TMX Group Inc.; OCC

Statistics

64,275,661 pages viewed, 8,204 articles, 192,341 edits
MarketsWiki Statistics

Lead Stories

CME Fights ‘John Doe’ Lawsuit About a High-Speed Spoofer
By BRADLEY HOPE, WSJ
CME Group Inc.CME -0.08% yesterday filed a motion to quash an attempt by a high-frequency trading firm from finding out the identity of the firm or firms allegedly “spoofing” its orders in the U.S. treasury futures market.
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Regulators Near Pacts to Settle U.S. Rate Probes; CFTC is weighing punishments against several banks and broker ICAP
By ARUNA VISWANATHA And DAVID ENRICH, WSJ
U.S. regulators are nearing settlements with multiple banks and broker ICAP PLC for allegedly manipulating a financial benchmark used to calculate a wide range of interest-rate products, according to people familiar with the matter.
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Jimmy Lee, Famed J.P. Morgan Deal Maker, Dies; James B. Lee was pioneer in syndicated lending, played leading role on big-ticket deals
By DANA CIMILLUCA And EMILY GLAZER, WSJ
With the passing of James B. Lee Jr., Wall Street has lost one of its most quintessential figures—an archetypal investment banker who for four decades weathered booms, busts and changes in regulations by harnessing the art of deal making, networking with corporate chieftains and promoting his successes.
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ICE Struggles To Get More Banks on Board for Libor
WSJ
Efforts to sign up more banks to help set Libor are proving a tough challenge for the scandal-ridden benchmark’s new administrator. The IntercontinentalExchange ICE -0.04%, or ICE, took over administration of the benchmark from the British Bankers Association in February 2014, with a pledge to restore Libor’s reputation after it was damaged by years of rigging. A key part of the new process was to expand the range of banks who would submit rates, but that’s proved a tall order.
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CME Group Announces First Trade of New European Power Contracts on CME Europe
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the first trade of its new European Power Contracts. The contract traded for the first time on CME Europe, CME Group’s European exchange, on Tuesday, 16 June 2015.
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ICE moves closer to launch of long-awaited global cotton contract
Reuters
IntercontinentalExchange (ICE) moved a step closer to the launch of its long-awaited global cotton futures contract on Wednesday, after a U.S. congressional committee voted to remove one of the last hurdles standing in its way.
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HFT Powerhouse Amsterdam Glimpsed Through Speed-Trader IPO
by John Detrixhe, David De Jong, Ruth David, Bloomberg
Flow Traders BV’s initial public offering will give the world another glimpse into the workings of a high-frequency trading firm. It also shines a light on Amsterdam, a powerhouse in the world of electronic trading.
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‘Let’s Go See the Guy’: The Life and Times of Jimmy Lee
by Jason Kelly, Bloomberg
Few men ever master Wall Street. Jimmy Lee did.
From his table at the Four Seasons and his Park Avenue office, he launched hundreds of deals with five words: “Let’s go see the guy.” That was Jimmy-speak for let’s go cut a deal, let’s go make some money, let’s win them over with a blend of charm and sheer force of will. He was hard to resist. And he didn’t stop until he won.
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Yellen Defends AIG Bailout; Federal Reserve chairwoman says assistance was ‘legal, proper and effective’
By KATE DAVIDSON, WSJ
Federal Reserve Chairwoman Janet Yellen said Wednesday she “strongly” believes the Fed’s unprecedented actions to provide assistance to American International Group Inc. “were proper, legal and effective.”
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Canadian Dealers Say More Regulation May Strangle Bond Trading
by Ari Altstedter, Bloomberg
A push by regulators to reform bond markets may worsen selloffs by hindering the role of the market’s middle men to facilitate trades, the Canadian bond dealers’ association said.
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Libor accused Hayes just wanted to do a good job, court hears
BY KIRSTIN RIDLEY, Reuters
Tom Hayes, the British trader on trial in London on Libor interest rate rigging charges, just wanted to do a “really good job”, according to evidence presented to a London court on Wednesday.
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UBS Gave Out ‘Instruction Manual on Fixing Libor,’ Hayes Said
by Liam Vaughan, Bloomberg
Thomas Hayes, a former trader on trial over charges he manipulated benchmark rates, told prosecutors in 2013 that UBS Group AG distributed “an instruction manual on fixing Libor” to suit their trading positions.
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Regulatory

EU Seeks Transaction Tax as 11 States Meet in Bid to Choose Path
Bloomberg Business
The 11 European nations seeking a financial-transactions tax will meet Thursday in Luxembourg in a bid to decide how to design the measure, according to European Union officials. Participating states are wrangling over which trades to tax and who should collect revenue, according to planning documents obtained by Bloomberg News. Finance ministers and deputies are next slated to meet in Luxembourg with EU Economic and Tax Commissioner Pierre Moscovici before scheduled meetings of all 19 euro-area finance ministers.
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?Fed stress tests to target banks’ internal controls, official says
Neil Roland, MLex
The US Federal Reserve’s annual stress tests will “push hard on” banks’ internal controls in light of surprising results earlier this year, a Fed official said.
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Pensions should take account of derivatives’ specifics in stress test, Eiopa says
MLex
Corporate pensions undergoing an EU stress test should take account of the specifics of their derivatives contracts when determining the simulated impact on those instruments in the stressed scenario, the European Insurance and Occupational Pensions Authority said in a list of questions and answers on the exercise.
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ISDA BRRD Implementation Monitor
ISDA
The European Bank Recovery and Resolution Directive (BRRD) is the European Union’s (EU) implementation of the Financial Stability Board’s Key Attributes on Effective Resolution Regimes for Financial Institutions. The EU directive creates a minimum harmonization regime for resolution of banks and investment firms in the EU. The implementation date for EU member states was January 1, 2015 (with the exception of the part on the bail-in resolution tool, which enters into force one year later).
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Cold calling firm FXTS Guru cut off following ASIC concerns
ASIC
A cold-calling operation promoting FX and binary option products to investors worldwide has agreed to stop contacting Australian investors following ASIC concerns.
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ASIC Reduces red tape for changes of auditors
ASIC
ASIC today announced a fundamental change to its approach to consenting to the resignation, removal and replacement of auditors.
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Proposed guidance on the FCA’s registration function under the Co-operative and Community Benefit Societies Act 2014
UK FCA
The proposed guidance relates to our registration function under the Co-operative and Community Benefit Societies Act 2014 (the Act).
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Confidence To Crisis And Back – Speech By Martin Wheatley, CEO Of The Financial Conduct Authority, Delivered At The IOSCO Conference In London
MondoVisione
Speech by Martin Wheatley, CEO of the Financial Conduct Authority, delivered at the IOSCO conference in London. This is the text of the speech as drafted, which may differ from the delivered version.
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Elizabeth Warren Intervenes in Search for New York Financial Regulator; Democratic senator advises governor’s office to appoint CFPB official
By ERICA ORDEN, WSJ
The search to replace New York’s former top financial regulator, Benjamin Lawsky, has attracted the involvement of one of the banking industry’s harshest critics: U.S. Senator Elizabeth Warren (D., Mass.).
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David Wright to retire from Iosco
By James Rundle and Lucy McNulty, Financial News
David Wright, secretary general of the International Organization of Securities Commissions, is set to retire from the body, its board chairman said today.
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Securities regulators’ group calls for end to ‘safe havens’
Caroline Binham, Financial Regulation Correspondent, FT
Countries such as Venezuela, Ghana and Kazakhstan need to sign up to information-sharing agreements between securities regulators to shut down “safe havens” where wrongdoers can flee to or hide their money.
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Exchanges & Trading Facilities

Hong Kong allows firms to list on LSE
Global Investor Magazine
Hong Kong’s Securities and Futures Commission has given regulatory approval to allow Hong Kong firms to become members of London Stock Exchange. Membership of the London Stock Exchange will allow trading firms to connect directly to the orderbook, and to trade central counterparty cleared securities.
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FESE Announces Winner Of The Josseph De La Vega Prize 2015
MondoVisione
The Federation of European Securities Exchanges (FESE) is delighted to announce that this year’s winners of the De la Vega Prize 2015 are Dion Bongaerts and Mark Van Achter fromthe Rotterdam School of Management, Erasmus University, for their paper “High Frequency Trading and Market Stability”.
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SIX Swiss Exchange fines LifeWatch AG
SIX Swiss Exchange
The SIX Swiss Exchange Sanction Commission has fined LifeWatch AG CHF 100,000 for breaches of the rules on ad hoc publicity.
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CME declares force majeure for corn, soy shipping stations due to floods
Reuters
CME Group Inc declared force majeure for all corn and soybean shipping stations because of flooding on the Illinois River, according to a notice from the exchange operator on Wednesday.
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MGEX Reports Top 25 Electronic Daily Volume Record
MGEX
MGEX, a Designated Contract Market (DCM) and Derivatives
Clearing Organization (DCO), recorded the 23rd-highest electronic daily volume in its history on Tuesday, totaling 14,048 electronic contracts traded.
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Hedge Funds & Managed Futures

JPMorgan’s Jimmy Lee leaves dealmaking legacy
Tom Braithwaite and Henny Sender in New York, FT
Jimmy Lee, the vice-chairman of JPMorgan Chase, was best known for making deals, from IBM’s first syndicated loan in the 1990s to Facebook’s initial public offering to General Electric’s ongoing $200bn asset sale of its finance arm.
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Liquidnet To Launch Institutional Dark Pool For Corporate Bonds With Connectivity To Seven Major OMS Providers – Dark Pool To Centralize Critical Mass Of Corporate Bond Liquidity Currently Unavailable In The Market
MondoVisione
Liquidnet, the global institutional trading network, today announced that it is integrating with seven Order Management Systems (OMS) to provide direct connectivity into the first dark pool for corporate bonds which is scheduled to launch in Q3. Through these integrations, Liquidnet is centralizing a critical mass of corporate bond liquidity to market participants so that they can take advantage of corporate bond trading opportunities that are currently not available in the marketplace.
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Will A.I.G. Decision Affect the Next Bailout? Don’t Bet on It
By PETER J. HENNING and STEVEN DAVIDOFF SOLOMON, NY Times
A judge’s tone and harsh words in his ruling this week related to the taxpayer bailout of the American International Group seems to have put the government on notice that its tactics in rescuing the insurer during the 2008 financial crisis were improper and illegal.
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No, pensions didn’t “miss the rally” because of hedge funds
FT Alphaville
There are many good reasons not to invest in hedge funds. But there are also bad reasons, one of which was highlighted today in the Wall Street Journal
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Alternative Investors are Asking the Wrong Questions
Jeff Malec – WealthManagement.com
Marketers, take note: keeping it simple is how you sell a complex idea to investors. Investors, take note: it’s a lot more complex than that—you have to ask the right questions.
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Banks & Brokers

Banks That Failed to Fix Mortgage Services Face Restrictions
By NATHANIEL POPPER, NY Times
JPMorgan Chase, Wells Fargo and four other large banks have failed to make long-promised improvements to their mortgage operations, a federal regulator said on Wednesday.
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Lloyds CEO to call for British banks to accept new ring-fencing rules
BY MATT SCUFFHAM, Reuters
Lloyds Banking Group’s (LLOY.L) Chief Executive, Antonio Horta-Osorio, will on Thursday call for British banks to accept new rules designed to protect their domestic retail customers from riskier parts of their operations.
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Clearing & Settlement

Global data harmonisation of derivatives reporting gains ground with new DTCC submission
FTSE Global Markets
The US Depositary Trust and Clearing Corporation (DTCC) today issued its recommendations that the industry focus on harmonising roughly 30 credit derivatives fields across trade repositories; Fields deemed critical to financial stability and systemic risk analysis and has submitted its proposals on global data harmonization to the CPMI IOSCO The DTCC is essentially creating a global data dictionary; these fields are viewed as critical to financial stability and systemic risk analysis.
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G.H. Financials accepted as participant of HKFE and HKCC
Automated Trader
G. H. Financials, the independent clearing provider of exchange-traded derivatives, has been accepted as a Participant of the Hong Kong Futures Exchange (HKFE) and the Hong Kong Clearing Corporation (HKCC), which are owned by the Hong Kong Exchanges and Clearing Limited (HKEx). Market access to the HKEx will be through Trading Technologies International.
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Murex revamps offering for collateral management
IBS Intelligence
The solution is touted as providing a single framework for OTC, OTC-cleared and securities finance margin process and collateral optimisation. It is made up of a margin engine for pre-trade margin calculations, a real-time collateral inventory, and an optimisation engine for cheapest-to-deliver determination and collateral assets rebalancing. There is also automatic portfolio reconciliation and connectivity with the likes of AcadiaSoft, Swift’s collateral messaging suite and TriOptima. Links to other services will be added as they emerge, with this likely to include that stemming from collaborative efforts between the DTCC and Euroclear.
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The Debate: real-time payments
Asset Servicing Times
With a global move to real-time payments, market infrastructure and financial service firms need to re-engineer their systems and processes to keep up pace with customers. Do you think that banks can be dependent on legacy systems and batch processes to successfully digitise the core of their operations in order to operate in a real-time world?”
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Indexes & Products

MSCI Completes Barra U.S. Total Market Equity Model Suite
MarketWatch
MSCI Inc. has completed the roll-out of its range of next-generation equity risk models, with the release of the Barra U.S. Total Market Medium-Term Equity Model. The latest model joins MSCI’s new Barra U.S. Total Market Equity Model Suite, which was built to include factor structures that are aligned with multiple investment horizons, marking a new era for advancing the standard for measuring and managing risk.
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Take two – volatility, variance and higher levels thereof
By Rex Jones and Axel Vischer, Eurex
In our first article of our “VSTOXX series” we highlighted VSTOXX Futures and Options and the properties of “vol of vol”, stressing the differences to equity volatility in relation to skew and kurtosis. This second article takes a step back to present the different forms of volatility. We then take two steps forward to show how these tools can be applied to measure volatility of volatility, and review products along their merits and nuances.
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Risk On, Risk Adjusted: Retail and Institutional Money View Markets Differently
Indexology – S&P Dow Jones Indices
The yield-to-worst of the S&P U.S. Investment Grade Corporate Bond Index was relatively flat for the week, closing Friday, June 12, 2015, at a 3.15%. For the previous week, Lipper data reported positive flows into investment-grade corporate bonds (June 3, 2015), which appeared to be buying on the dip, as the index moved from a yield of 2.89% on May 29, 2015, to the June 3, 2015, level of 3.10%. The move into investment-grade corporate bonds may be opportunistic buying that resulted from the USD 2.6 billion of outflow in the high-yield market during the week of June 10, 2015.1 Current performance of the index is down, with the index having returned -1.60% month to date (MTD) and -0.51% year to date (YTD).
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Emerging Markets Through a Factor Lens: FTSE Factor Index Analysis Suggests Value in Emerging Markets Year-to-Date
MarketWatch
An analysis of the six market factors influencing performance for the FTSE Developed Index and FTSE Emerging Markets Index over the last five years suggests that the value factor may be emerging in 2015 as a key differential between developed and emerging markets.
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Cheap and cheerful: Your quick guide to low cost passive investments
City A.M.
More and more people are shunning active fund managers and choosing to buy cheap “passive” market-tracking investments instead. The amount of money invested in these low cost alternatives has nearly doubled over the last ten years. Now 12 per cent of all money put into funds is invested in passives, according to the Investment Association.
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Technology

Orc Group Ab: Sberbank CIB[1] Selects Orc Trading and Market Making Solutions Supported by Orc Professional Services
MarketWatch
Orc, the global market leader in electronic trading technology for listed derivatives, today announced a contract with Sberbank CIB – the corporate and investment banking business of Sberbank, which is Russia’s largest bank and one of the leading global financial institutions.
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The Fintech 2.0 Paper: Rebooting Financial Services
ValueWalk
Banks can boast of some important innovations. ATMs, credit cards, securitisation, swaps and mobile banking are now taken for granted, but each was ground-breaking when first launched.
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London reported to be global capital for fintech
Startups.co.uk
London has increased its lead as the world’s best city for financial technology (fintech), according to a survey conducted by Startupbootcamp FinTech.
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Pearson to sell school software provider Powerschool for $350m
Henry Mance, Media Correspondent, FT
Pearson is to sell Powerschool, a back-office software provider to schools, to private equity group Vista Equity Partners for $350m.
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Enforcement

SEC Charges Investment Adviser and Mutual Fund Board Members With Failures in Advisory Contract Approval Process
SEC.gov
Richmond, Va.-based advisory firm Commonwealth Capital Management was charged with violating Section 15(c) of the Investment Company Act of 1940 for providing incomplete or inaccurate information to two mutual fund boards, and the firm’s majority owner John Pasco III was charged with causing the violations. They and former trustees J. Gordon McKinley III, Robert R. Burke, and Franklin A. Trice III have agreed to settle the SEC’s charges.
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SEC Announces Enforcement Action for Illegal Offering of Security-Based Swaps
SEC.gov
An SEC investigation found that Silicon Valley-based Sand Hill Exchange was offering and selling security-based swaps contracts to retail investors outside the regulatory framework of a national securities exchange and without the required registration statements in effect. The violations were detected shortly after the offering process began, and with cooperation from the company the platform was shut down before any investor harm occurred. Sand Hill agreed to settle the SEC’s charges.
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SEC Charges Investment Adviser With Fraudulently Funneling Client Assets to Companies in Owner’s Interest
SEC.gov
The SEC alleges that clients at Interinvest Corporation may have lost as much as $12 million of their $17 million investment based on the recent trading history of shares in the penny stock companies, some of which are purportedly in the business of exploring for gold or other minerals. Interinvest’s owner and president Hans Peter Black has served on the board of directors of these companies, which have collectively paid an entity he controls approximately $1.7 million. Black’s involvement with these companies and his receipt of payments from them created a conflict of interest that he and Interinvest failed to disclose to their advisory clients.
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FCC to Fine AT&T $100 Million for Slowing Mobile Data
by Todd Shields, Bloomberg
AT&T Inc. will be fined a record $100 million for misleading customers about unlimited mobile data plans under a U.S. regulator’s proposal.
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Milford Asset Management To Pay $1.5 Million Following New Zealand’s Financial Markets Authority Investigation
MondoVisione
The Financial Markets Authority (FMA) has completed its investigation into certain trading activity between December 2013 and August 2014 by a trader employed by Milford Asset Management Limited (Milford). The FMA considers that the trading conduct breached the market manipulation prohibitions in s11B of the Securities Markets Act 1988. The FMA also concluded that the Milford Board failed to ensure that there was the requisite degree of monitoring of the trading activity.
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Illegal operation of money services business – AMF takes action against Bureau de change Montréal-Nord
AMF Canada
The Autorité des marchés financiers (the ?AMF?) announced today that it recently launched penal proceedings relating to the operation of the Bureau de change Montréal-Nord, a money services business that is operating without a licence issued by the AMF, and that it has also filed a motion for an injunction to put a stop to its activities.
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Ex-U.S. Agent Charged With Bitcoin Theft to Plead Guilty
by Joel Rosenblatt, Bloomberg
One of two former U.S. agents charged with pocketing hundreds of thousands of dollars in digital money during the investigation of the illegal Silk Road Internet drug emporium reached a plea agreement with prosecutors.
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Environmental & Energy

Pope attacks political and business leaders for destroying planet
James Politi and Giulia Segreti in Rome, FT
Pope Francis has called for a “new dialogue on how we are shaping the future of our planet” as he released a nearly 200-page document that attacks the world’s political and business leaders for failing to protect the environment.
jlne.ws/1K0bXNu

One-Third Of The World’s Largest Groundwater Sources Are In Serious Trouble: Study
By Hilary Hanson, The Huffington Post |
The earth’s biggest groundwater basins are being depleted far more quickly than previously believed, according to two new studies by the University of California, Irvine (UCI).
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Small U.S. frackers face extinction amid drilling drought
BY EDWARD MCALLISTER, Reuters
Oil field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of U.S. drilling.
jlne.ws/1eq3kAk

California carbon revenue tops $2 billion after latest auction
By Rory Carroll – Reuters
California’s carbon permit auction last month fetched more than $626 million for the state, bringing the total raised by the cap-and-trade program to more than $2.2 billion, the California Air Resources Board said on Wednesday.
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Does your superannuation fund invest in fossil fuel companies?
By Nick Evershed – The Guardian
With high-profile additions to the divestment movement that include the Rockefeller Brothers Fund and Norway’s sovereign wealth fund, the international divestment movement seems to be gathering momentum.
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Asia-Pacific

The 300% Instant Gains on China IPOs Are Suddenly Vanishing
by Fox Hu, Bloomberg
For months, it’s been a no-brainer for Chinese investors: buy shares of newly-listed companies, sit back and watch your money grow. A limit-up gain of 44 percent on opening day was all but guaranteed, thanks to regulatory pressure on companies to keep offering prices low, and it didn’t stop there. Half of the initial public offerings this year through mid-May jumped more than 300 percent in their first month.
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Hedging A-Shares Bets? There’s an ETF for That
ETF Trends
Saying exchange traded funds holding China’s A-shares, the stocks trading on mainland exchanges in Shanghai and Shenzhen, have been hot this year is an understatement.
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The Great Era Of Financial Transformation: Financial Times Investment Management Summit – Ms Julia Leung, Executive Director, Investment Products, Mondovisione
A speech entitled “The Great Era of Financial Transformation” delivered by Ms Julia Leung was posted on the SFC website today.
jlne.ws/1fjigQV

Frontier Markets

New act to make it easier to start new business; The act will allow traders to get a provisional trade license upon application
Press Trust Of India
Making it easier to start new businesses, the West Bengal Assembly today passed a bill which will allow traders to get a provisional trade license upon application.
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Qatar Stock Exchange And Qatar University Sign A Memorandum Of Understanding For Cooperation In The Fields Of Education And Training
MondoVisione
In light of keenness to enhance the development of the national economy based on Qatar 2030 National Vision, Qatar Stock Exchange (QSE) and Qatar University signed today a Memorandum of Understanding (MoU) to promote future collaborations between the two organizations.
jlne.ws/1FoqEDB

Vietnam may widen foreign investor scope
Finance Asia
Vietnam’s Law on Investment is due to come into effect on July 1, which will make it simpler to make changes to foreign ownership limits. Coming on top of one of the region’s healthiest economies, with reasonable valuations, any such reforms could spark a rally for stock investors.
jlne.ws/1K0azdK

Sebi to initiate fresh proceedings in NSEL scam; Examining adjudicating and disgorgement provisions for entities
Jayshree P Upadhyay
The securities and exchange board of India (SEBI) is going after the guilty in the National Spot Exchange (NSEL) scam in a more concerted way, as the securities market regulator’s merger with the commodities market regulator gets closer to completion.
jlne.ws/1Rcfzwp

Miscellaneous

 

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