John Lothian Newsletter: CME to launch gold futures contract in Hong Kong by year-end; Montreal Exchange to List First Swap Futures on Loonie; Regulators Weighing New Rules for Private Trading Venues

Sep 11, 2014

First Read

Bits & Pieces
By John J. Lothian
Today is September 11. It is a day that shall forever be in the memories and hearts of those who experienced that terrible day in one manner or another. Whether you were escaping the tragedy in New York, or evacuating buildings in Chicago, or elsewhere, we will alway remember the events of that day. And we remember those we lost.

My most personal memory is having to explain to my son Tim, then in first grade, why I was home early to pick him up from school. Tim is now a sophomore in college.

I hope you all have a good day, this September 11.

I owe an apology to Matt Scharpf for spelling his name wrong yesterday. I omitted the “c.” My apologies, Matt.

It has been pointed out to me by a Chicago Cubs-hating Chicago White Sox fan that the Cubs have not won a game since I published my column titled “The Chicago Cubs, My Ethics and MarketsWiki Education and a World of Opportunity.” My apologies to Cub fans for jinxing the team.

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Riders on the Storm: Orc Group’s Troels Philip Jensen Looks at Consolidation in the Vendor Space
JohnLothianNews.com
The financial sector has been feeling the squeeze over the past few years. Lower trading volume, sustained low volatility and added expense from new regulations have combined to create a precarious situation for independent service vendors serving the listed derivatives space, and has led to a wave of consolidation among its players. Orc Group’s Troels Philip Jensen says the trend will eventually subside, but only the most strategic-thinking firms will survive and thrive.

Watch the video »

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CME Group Appoints Cees Vermaas As Managing Director And CEO Of CME Europe Limited
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it has appointed Cees Vermaas as Managing Director and CEO of CME Europe Limited, its London-based derivatives exchange, effective 2 January 2015.
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***** I hope Mr. Vermaas enjoys his garden leave from Euronext Amsterdam.

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Steve Brodsky, CEO, Spot Trading – My LIFFE: Markets Then and Now
JohnLothianNews.com

“I know this is the most dynamic industry out there…the creative renewal in this industry is like no other.”

During a time when LIFFE was battling for the Bund futures contract, Steve Brodsky, CEO of Spot Trading, remembered sitting in a meeting with Deutsche Börse and talking about how electronic trading was going to become a game changer for the marketplace. Those in the meeting proceeded to laugh. Today, electronic trading has become dominant in the financial industry, and the way futures contracts were traded changed significantly. Brodsky highlights the rise of electronic trading, from its unsure beginnings to today’s world, where high frequency trading has caught the attention of the financial industry and media. Brodsky also discusses the effects of regulation and gives his prediction of what the market structure of the future may look like.

Watch the video »

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Driving Market Decisions with Data
FIA PTG Blog
Last time, we talked about fact versus fiction in today’s markets. Specifically, we talked about the evolution of markets and what that means for market participants: improved transparency, greater access, and lower costs. But as the market has evolved, we’ve also seen increased complexity, which can have negative side effects.
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***** Market complexity has given me negative side effects too, but with diet and exercise I am overcoming them.

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Exchanges, brokers eye tech ventures
Joe Parsons – Futures & Options World
Exchanges are branching out into new businesses through acquisitions, targeting technology firms to provide new opportunities and mitigate the effects of low volatility and regulatory change.
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***** Financial technology startups are the thing.

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Top 10 exchange exec pay packages
Futures
Financial services analyst firm Keefe, Bruyette & Woods Inc. recently studied corporate governance and executive compensation in the exchange world in a report titled, “Big Deals, Big Growth – Big Payouts.”
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***JK: Sprecher earned $17.9m last year, Greifeld, $13.9m, Tilly $5.9m and Gill, $4m

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CFTC Announces Sponsors for Advisory Committees
The U.S. Commodity Futures Trading Commission (CFTC) today announced the sponsors of the agency’s Advisory Committees. The CFTC’s Advisory Committees were created to seek input and make recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets.
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***JM: “This committee’s decision is brought to you by…” Oh, different kind of sponsorship?

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David Rutter To Join Green Key’s Advisory Board
Digital Journal
Green Key Technologies, provider of voice software solutions for brokers and traders, announced today that David E. Rutter, former CEO of ICAP Electronic Broking, has agreed to join the Company’s strategic advisory board. In addition to Rutter, the board also consists of former CFTC commissioner Jill Sommers, and former General Counsel of ICE Jim Falvey.
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***** Now that is an advisory board.

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Rocktoberfest from A Leg to Stand On is close at hand
JohnLothianNews.com
A Leg To Stand On is a non-profit that provides free prosthetic limbs and corrective surgery to children in developing countries who have lost their limbs in traumatic accidents or suffer from congenital limb disabilities. ALTSO’s annual fundraising benefit, Rocktoberfest Chicago, is moving into its 3rd year after having originated 11 years ago in New York. Rocktoberfest unites leaders from the finance industry for a night of Rock & Roll music performed by industry professionals. Rocktoberfest Chicago will be held on October 8th at City Winery. Hedgefund Rocktoberfest in New York will be on October 22 at Capitale.

Watch the video »

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MarketsWiki

MarketsWiki Page of the Day
Russell Investments
jlne.ws/f3rlAO

MarketsWiki Recent Updates

People

Sara Jean Goodman; Kathleen Taylor; Frank Russell

Companies, Organizations and Groups

Eris Exchange; Holland Clearing House; IntercontinentalExchange Group Inc.; R.J. O’Brien & Associates; Russell Investments; London Stock Exchange Group plc; London Metal Exchange; Women in Derivatives; Royal Bank of Canada

Statistics

52,810,195 pages viewed, 8,033 articles, 185,878 edits
MarketsWiki Statistics

Lead Stories

CME to launch gold futures contract in Hong Kong by year-end
Dominique Patton – Reuters
CME Group Inc will launch a physically deliverable gold futures contract in Hong Kong later this year to capture growing hedging and investment buying in the Asian region, a senior executive of the exchange said on Thursday.
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***** Delivery and storage are key differentiators in gold trading.

Montreal Exchange to List First Swap Futures on Loonie
Matthew Leising – Bloomberg
Montreal Exchange Inc. will list the first interest-rate swap futures denominated in Canadian dollars following a deal to use Eris Exchange LLC’s methodology for creating the products.
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***** What tune do you hum while doing a Loonie swap?

Regulators Weighing New Rules for Private Trading Venues
Scott Patterson – WSJ
Market regulators are considering imposing additional steps to require greater transparency and disclosures by private trading platforms and heightened oversight of computerized trading strategies.
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Eris eyes Europe after Canada deal
Joe Parsons – Futures & Options World
US platform Eris Exchange plans to take its swap futures products global following its deal with the Montreal Exchange (MX) to license the Eris methodology for Canadian dollar swap futures.
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Need for trade execution transparency gains on Wall St
Herbert Lash – Reuters
Executing an order in the stock market may be lightening fast but many investors do not know how trades happen while rules to ensure full transparency are lacking, a potential bonanza for businesses that can fill this hole in the marketplace.
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Goldman: Women Entrepreneurs Find Success Without Outside Investors
Justin Baer – MoneyBeat – WSJ
Many women entrepreneurs who participated in a Goldman Sachs Group Inc. program geared toward helping them build their businesses have succeeded in growing sales and creating jobs – often without the help of outside capital.
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The SEC’s New ‘Thought Crime’
WSJ
As if catching real crooks isn’t hard enough, the Securities and Exchange Commission will now seek to punish credit raters who harbor impure thoughts of financial gain. This really is as bizarre as it sounds. The industry at issue is the oligopoly of credit-rating agencies including Standard & Poor’s, Moody’s and Fitch. The Big Three helped create the financial crisis by slapping triple-A ratings on pools of mortgages—without inspecting the individual loans.
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Regulatory

Regulators to tackle cross-border affiliates
Joe Parsons – Futures & Options World
Global derivatives regulators have pledged to tackle ‘loopholes’ that allow foreign branches of systemically important banks to avoid the G20 rules on clearing, execution and reporting.
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Keeping pace with Europe a ‘challenge’ says FCA chief
Rachael Singh – Financial News
The Financial Conduct Authority will struggle to build software to deal with the raft of changes planned for Mifid II, Martin Wheatley, the regulator’s chief executive, told a parliamentary committee hearing on Tuesday.
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OTC Derivatives Regulators Issue Report to the G20
The Over-the-Counter (OTC) Derivatives Regulators Group (ODRG), which is made up of authorities with responsibility for the regulation of OTC derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland, and the United States, issued a report today that provides an update to the G20 on further progress in resolving OTC derivatives cross-border implementation issues and identifies a cross-border issue that may call for legislative change.
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ASIC Chairman Greg Medcraft Talks About Cyber-Crime And The Importance Of Working With Counterparts Overseas To Tackle The Challenge.
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Investment Industry Regulatory Organization Of Canada Members Approve Board Of Directors – Board Re-Appoints Chair M. Marianne Harris
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Exchanges & Trading Facilities

CME Group monitors bidding war over GFI Group -incoming CFO
Reuters
CME Group Inc is evaluating its next move in a bidding war for derivatives broker GFI Group Inc, the exchange operator’s incoming chief financial officer said on Wednesday.
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R.J. O’Brien & Associates Canada Inc. Joins Montreal Exchange, Expands
R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced that its Canadian affiliate, R.J. O’Brien & Associates Canada Inc. (RJO Canada), has become a clearing member of the Montreal Exchange (MX) as part of the operation’s continued expansion throughout Canada.
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Montréal Exchange And Eris Exchange Announce Swap Futures Licensing Agreement
Montréal Exchange (MX), Canada’s derivatives exchange, and Eris Exchange, a US-based futures exchange, today announced a licensing agreement for MX and Canadian Derivatives Clearing Corporation (CDCC) to offer trading and clearing of Canadian Dollar swap futures and options based on the Eris Methodology, Eris Exchange’s unique product design and intellectual property for constructing swap futures as a capital-efficient alternative to OTC swaps.
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Currency Market ParFX Welcomes First HFT Firms
Lucy Meakin – Bloomberg
The ParFX currency market set up to prevent bad behavior by the fastest traders is now courting their business in an attempt to attract volume. The foreign-exchange market created by Cie. Financiere Tradition SA processed the first orders on behalf of high-frequency traders — New York-based Virtu Financial Inc. and London-based GSA Capital Partners LLP — last month.
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MTS Bonds.Com Appoints Amanda Meatto As Head Of Buy-Side Credit Sales
MTS Markets, a London Stock Exchange Group (“LSEG”) company, today announces that MTS Bonds.com has appointed Amanda Meatto as Head of Buy-side Credit Sales. Amanda joins MTS Bonds.com from Intercontinental Exchange (ICE), where she achieved considerable success in the Credit market, most recently as Head of Credit E-Trading for the Americas. Based in New York, she will serve as a member of MTS US executive team.
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HKEx And LME Host Metals Seminar In Tokyo
Hong Kong Exchanges and Clearing Limited (HKEx) and the London Metal Exchange (LME), a member of the HKEx Group, hosted a seminar in Tokyo today (Wednesday) to update participants on the LME’s markets. The theme of the seminar was the metals marketplace.
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Moscow Exchange Tick Sizes To Change From 1 October
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Annual NZX Listed Issuer Forum
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NASDAQ Announces End-Of-Month Open Short Interest Positions In NASDAQ Stocks As Of Settlement Date August 29, 2014
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Mexican Stock Exchange Releases Monthly Financial Report For August 2014
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FESE European Equity Market Report – August 2014 Figures
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NASDAQ OMX To Host Commemorative Opening Bell Ceremony In Remembrance of 9/11
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Direct Edge To Observe A Moment Of Silence On Thursday, September 11, 2014
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Hedge Funds & Managed Futures

Goldman Hired to Manage $2 Billion of New York Public Pension Fund
NATHANIEL POPPER – Dealbook – NY Times
Goldman Sachs got its largest-ever assignment to manage money for New York State’s largest pension fund.
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Threadneedle bond manager Stevens exits to take career break
Dan Jones – Investment Week
Threadneedle’s Richard Stevens is to leave the firm at the end of the month, handing over his trio of government bond funds to other members of his team, Investment Week can reveal.
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Hedge funds see fund admin offering divergence
Luke Clancy – Risk.net
A survey carried out by Hedge Funds Review’s sister title Custody Risk of hedge fund administrators with a collective $2.2 trillion in assets under administration shows the sector to be in rude good health. In the crucial hedge funds business, almost all administrators saw robust double-digit increases in assets entrusted to them.
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John Hyman returns to Cheyne
Vivek Ahuja – Financial News
John Hyman, the former Morgan Stanley capital markets veteran who joined Cheyne Capital Management in late 2010 only to return to investment banking, has rejoined the $7 billion UK hedge fund manager to run its equities business.
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Buy-side moving towards central collateral desks – report
The Trade
Buy-side firms are lagging behind the sell-side when it comes to creating centralised collateral management desks, but this is beginning to change, according to a report from consultancy Finadium.
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CTAs Bounce Back To Post Positive Performance In August
All Newedge Managed Futures Indices Showed Strong Positive Performance Over The Month
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Fidelity overhauls Khan and Spreadbury’s Global High Yield fund
Nick Paler – Investment Week
Fidelity Worldwide Investment has overhauled the remit of Peter Khan and Ian Spreadbury’s Global High Yield fund in order to diversify away from the US and increase exposure to emerging markets.
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Pimco Total Return Fund reduces US gov’t-related holdings to 41 pct in Aug
Reuters
The Pimco Total Return Fund, overseen by Bill Gross, decreased its U.S. government-related holdings for a third straight month in August to 41 percent from 45 percent in July, Pimco’s website said on Wednesday.
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Most Hedge-Fund Managers Are Overpaid, Unigestion Says
Klaus Wille – Bloomberg
Nine out of 10 hedge-fund managers are overpaid as management fees don’t reflect declining interest rates and fund returns, according to Unigestion Holding SA, which invests $2 billion in hedge funds.
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Banks & Brokers

Botín’s Swashbuckling Style Hid a Cautious Streak
PETER THAL LARSEN – Dealbook – NY Times
Emilio Botín transformed Banco Santander from a regional Spanish lender into a global giant. He was a merger mastermind who usually got the upper hand. With slicked-back hair and red tie, he flew in a private jet, conferring with presidents and prime ministers as easily as bankers and chief executives. Yet unlike many of his peers during European banking’s boom years, Mr. Botín also had a cautious streak.
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Like Father, Like Daughter at Banco Santander
RAPHAEL MINDER – Dealbook – NY Times
Banco Santander decided on Wednesday to keep its leadership in the family by appointing Ana Patricia Botín as executive chairwoman to succeed her father, Emilio Botín, who died the night before.
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Santander’s Ana Botín Joins a Very Exclusive Club
David Enrich – MoneyBeat – WSJ
With Banco Santander’s appointment of Ana Patricia Botín as the Spanish bank’s new chairman, the number of women atop major banks anywhere in the world just grew substantially.
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Senior director Andrew Chart leaves Newedge
Luke Jeffs – Futures & Options World
Andrew Chart, one of the top derivatives experts at Newedge, has left the French broker in a blow to the firm as it works to align itself more closely with owner Societe Generale.
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Wayne promoted to lead KCG electronic trading
John Bakie – The Trade
Graham Wayne has been appointed as head of EU electronic trading at KCG Europe.
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HSBC names Luxembourg securities services head
Rachael Singh – Financial News
Former JP Morgan fund services head of Luxembourg Chris Edge has taken a similar role at HSBC, after being hired by European fund platform Allfunds Bank in April to head its regional business.
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ICAP voted “Overall Interdealer Broker Of The Year” In Risk Magazine’s 2014 Interdealer Rankings
Voted Number One Broker In 31 categories
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Yes, You Too Can Have a Swiss Bank Account
John Letzing – MoneyBeat – WSJ
A Switzerland-based firm calling itself Where Americans are Welcome plans to launch a website later this month listing the banks and advisers here eager to manage U.S. funds in the offshore wealth haven.
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Clearing & Settlement

JPMorgan tells clearers to build bigger buffers
Sam Fleming and Philip Stafford – Financial Times
Clearing houses – which guarantee the smooth completion of financial transactions ranging from derivatives trades to commodities deals – should be required to line up larger financial buffers to prevent triggering a future market disaster, a top investment bank has argued.
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SEFs: The Damn Dogs Won’t Eat It!
Streetwise Professor
There’s an old joke about a pet food manufacturer that mounts an all out marketing campaign for its new brand of dog food. It pulls out all the stops. Celebrity endorsements. Super Bowl Ad. You name it. But sales tank. The CEO calls the head of marketing onto the carpet and demands an explanation for the appalling sales. The marketing guy answers: “It’s those damn dogs. They just won’t eat the stuff.”
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European banks stop clearing Korean won swaps at KRX
Viren Vaghela – Risk.net
Doubts over European recognition of KRX’s over-the-counter derivatives clearing house and the robustness of its risk management procedures are forcing European banks to reduce trading of Korean won interest rate swaps or move to non-standard products.
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Forward-starting swap volumes fail to surge, says Isda
Peter Madigan – Risk.net
Derivatives users have not flocked to forward-starting swaps to avoid having to execute trades on swap execution facilities (Sefs), despite claims to the contrary, according to data presented by the International Swaps and Derivatives Association on September 9.
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DTCC Emir backlog “resolved”
Luke Smolinski – Risk.net
All problems with the Depository Trust & Clearing Corporation’s (DTCC’s) trade repository onboarding process have been “fully resolved”, according to a spokesperson for the firm.
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CFTC Swaps Report Update
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Moscow Exchange: Expected Changes To NCC’s Clearing List
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Indexes & Products

Euronext Launches Southern European Banks Index NR
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Technology

Learning from the Pros at the U.S. Open
Trade Talk – Trading Technologies
“If something’s not working, change it up.” When a frustrated coach said this to an even more frustrated player during a regular season Division III collegiate tennis match, she had no idea she was giving this student-athlete a guiding principle for a future career in the user experience (UX) design of software. At the time, I certainly didn’t recognize this as a pearl of wisdom, but it has helped immensely in the way I approach almost everything including software design.
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FCM360 Expands ETRM/CTRM Managed Services
FCM360, the global foreign exchange (Forex) infrastructure company, has named Ron Villarin to head its expanded Energy Trading & Risk Management and Commodity Trading & Risk Management (ETRM/CTRM) operations.
jlne.ws/1qN7vr4

OTC connectivity initiative receives buy-side backing
John Bakie – The Trade
An ambitious project to simplify connectivity for OTC trades has received the backing of 25 market participants, including major institutional asset managers, and expects to begin its first phase of implementation before the end of the year.
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DataArt Acquires AW Systems, Will Open New Development Center in Argentina
Anthony Malakian – WatersTechnology
DataArt says it has bought South American consulting specialist AW Systems.
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Misys Creates Customers For Life With Misys Connect
Suite Of Complimentary Value-Added Programmes, Driving ROI And Competitive Advantage For Misys Clients
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Enforcement

SEC Announces Charges Against Corporate Insiders for Violating Laws Requiring Prompt Reporting of Transactions and Holdings
The Securities and Exchange Commission today announced charges against 28 officers, directors, or major shareholders for violating federal securities laws requiring them to promptly report information about their holdings and transactions in company stock. Six publicly-traded companies were charged for contributing to filing failures by insiders or failing to report their insiders’ filing delinquencies.
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SEC Announces Fraud Charges Against Biotech Company and Former Executive Who Failed to Report Insider Stock Sales
The Securities and Exchange Commission today charged a Massachusetts-based biotech company and its former CEO with defrauding investors by failing to report his sales of company stock.
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Abusive Activities On Over-The-Counter Markets: Autorité Des Marchés Financiers Takes Steps Against Market Manipulation
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British Columbia Securities Commission Panel Finds That Five B.C. Residents Engaged In Market Manipulation
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New Zealand’s Financial Markets Authority: Directors Fined For Not Filing Financial Statements
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Environmental & Energy

World Bank to Expand Plan to Rescue Emission Projects
Mathew Carr, Bloomberg
The World Bank seeks to expand a plan to buy emission credits from projects including those that capture heat-trapping gas at garbage dumps, underpinning demand in the carbon markets for the first time in nine years.
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***LB: Also in this story “The proposal would initially use options to help spur about $100 million in government donations to a World Bank methane-reducing facility.”

Why A Tax On Carbon Can Help Climate Change – And The Economy
Victor Lipman, Forbes
I recently read a thought-provoking interview with Harvard professor of economics Dale Jorgenson, “Time To Tax Carbon,” the cover story in the September issue of Harvard Magazine.
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Hawaii’s energy efficiency auction challenges innovators
Sustainable Business News
To boost innovations in energy efficiency, Hawaii Energy is conducting what may be the first efficiency auction.
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***LB: Also in this story “Open to companies that offer efficiency services and property managers and developers, the program will compete for $2.1 million in funding that offsets project costs.”

Asia-Pacific

Japan to fire up first LNG trading hub
Ben McLannahan in Tokyo – Financial Times
Japan is launching its first trading hub for liquefied natural gas, as it seeks to chip away at the rigid price-setting system that has driven up its energy bills in the wake of the Fukushima nuclear crisis.
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4-Party Agreement On Shanghai-Hong Kong Stock Exchanges Connectivity Mechanism Signed On Sep 4
The agreement, a fundamental document about the cooperation of the SSE, the Stock Exchange of Hong Kong Ltd. (SEHK), China Securities Depository & Clearing Corp., Ltd. (CSDC), and Hong Kong Securities Clearing Company Ltd.
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TOCOM Platinum Futures Open Interest Exceeds 100,000 Contracts
Open interest for the Platinum futures standard contract reached 100,277 lots at TOCOM today. It is the first time since January 8, 2008 that the open interest goes beyond 100,000 contracts. (It was 101,042 contracts that day.)
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Latest Update of Deliverable Bonds and Conversion Factors of JGB Futures
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Thai Bourse Market Report For August 2014
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HKEx: Forfeiture Of Unclaimed Interim Dividend For 2008
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Frontier Markets

Hong Kong raises $1bn in debut Islamic bond
Josh Noble in Hong Kong – Financial Times
Hong Kong has raised $1bn in its debut Islamic bond issue, the city’s latest move to broaden its markets amid increased competition from rival financial centres.
jlne.ws/1qN4XJB

QNB stake in Ecobank signals new dawn for African banking
Kanika Saigal – Euromoney Magazine
Qatar National Bank’s stake in Ecobank will be a boost to the pan-African lender, after being plagued by governance issues since last year, while signalling a battle for ownership in the pan-African lender.
jlne.ws/1lVBhek

Angola’s sovereign wealth fund sets sights on alternatives
Kanika Saigal – Euromoney Magazine
Africa’s second-largest oil producer – is set to deploy up to a third of the country’s $5 billion sovereign wealth fund (SWF) in alternative assets, targeting sectors including real estate, tourism, agriculture and mining, says José Filomeno dos Santos, chairman of the SWF, the Fundo Soberano de Angola (FSDEA).
jlne.ws/1paaypl

Tullett Prebon Enters Nigeria With Parthian Venture
Emele Onu – Bloomberg
Tullett Prebon Plc (TLPR), a London-based inter-dealer broker, started a joint-venture with Nigeria’s Parthian Partners Ltd., to expand in Africa’s largest economy.
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Bangladesh Broker LankaBangla Taps DirectFN for Data-Trading Platform
Giulia Lasagni – WatersTechnology
Dhaka, Bangladesh-based broker LankaBangla Securities has enlisted Dubai-based data provider DirectFN to integrate datafeeds from Bangladesh’s Chittagong and Dhaka stock exchanges into a trading platform to enhance the firm’s online trading capabilities, vendor officials say.
jlne.ws/1pabx9c

Argentina’s Congress passes debt restructuring law
Reuters
Argentina’s Congress gave final approval on Thursday to a law proposing to restructure the country’s debt to skirt a U.S. court ruling that forced it into its second default in 12 years.
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Cairo Amman Bank: Jordan Capital Market Development
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ADX Receives NYUAD CTED Delegation
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