First Read

DRW to acquire smaller rival Chopper Trading
Gregory Meyer in New York, FT
DRW Trading Group has agreed to acquire smaller rival Chopper Trading in a deal that will fuse two of the best-known companies in Chicago’s proprietary trading community.
jlne.ws/14VtDtk

**JK: “Whose motorcycle is this? It’s a Chopper baby…”

**DA: Wilson upgrades from Divvy bike to chopper

***** This explains Leslie Sutphen’s exit a week ago.

++++

Tradeworx Founder Narang, Industry Defender, Leaves Firm
By John Detrixhe and Sam Mamudi, Bloomberg
Manoj Narang, the co-founder of high-frequency trader Tradeworx Inc. and one of the staunchest defenders of today’s computer-accelerated American equity market, has left the firm.
jlne.ws/1C09j6e

****** Time for Playworx.

++++

SEC Announces Members of New Equity Market Structure Advisory Committee
SEC
Committee Comprised of Experts with Diverse Backgrounds and Viewpoints
The Securities and Exchange Commission today announced the members of a new Equity Market Structure Advisory Committee, which will focus on the structure and operations of the U.S. equities markets.
jlne.ws/1AeAK89

****** It is a who’s who of securities trading.

++++

Today’s Number: More Than $1 Quadrillion Traded in 2014
Evan Peterson, CME Group OpenMarkets
Today’s Number 2014 Volume
At the start of 2014, any discussion about trade volumes usually referenced a “return to volatility.” Futures volumes were relatively low, and most asset classes were not moving much on a daily basis. Fast forward a few months and the market was awash in volatility. The Fed first cut back quantitative easing, then anticipated a rate increase; demand in China continued to slow; conflict in the Middle East and Ukraine emerged; and suddenly the world looked different. Higher volatility contributed to higher volumes across CME Group asset classes, which ultimately led to the highest volume year in the company’s 160-year history — an average daily volume of 13.7 million contracts. To put this in U.S. dollar terms, the total value of contracts traded at CME Group in 2014 added up to more than $1 quadrillion. That’s 15 zeros.
jlne.ws/1wZCYHm

***** That is $1 Quadrillion. Holy volume numbers, Batman!

++++

Spoofers Tricked High-Speed Traders by Hitting Keys Fast
By Matt Levine, Bloomberg
Spoofing, sometimes called “layering,” is a form of market manipulation where you pretend you want to sell a lot of stock, and everyone’s all, “Oh in that case I want to sell a lot of stock too,” and the stock goes down, and you actually buy a bit of stock instead, and you wait like a second and then pretend you now want to buy a lot of stock, and everyone’s all, “Oh well now I want to buy a lot of stock too,” and the stock goes up, and you actually sell back the stock you bought, and you make some money because people are sheep.
jlne.ws/1u63L3O

****** Who are the bad guys?

++++

SEC Charges Canadian Man With Conducting Fraudulent Trading Scheme
SEC
The Securities and Exchange Commission today charged a man living in Ontario, Canada, with orchestrating a lucrative market manipulation scheme that relied on “layering” in which a trader places orders solely to trick others into buying or selling U.S. publicly traded stocks at artificially inflated or depressed prices.
jlne.ws/1xZ0cl5

***** Here is the complaint from the story above.

++++

LME announces plans for enhanced participation and liquidity
LME
The London Metal Exchange (LME) has announced plans to enhance participation and liquidity on its electronic platform, LMEselect. The LME is focusing on increasing liquidity on standard monthly dates to provide a simpler way to trade existing LME futures.
jlne.ws/1u3Y0co

***** If they announced plans for reduced participation and less liquidity, I would really scratch my head.

++++

Pitt, Bale to Star in Film Version of Lewis’ ‘Big Short’
By Anousha Sakoui, Bloomberg
Brad Pitt, Christian Bale and Ryan Gosling are set to star in a film version of “The Big Short,” Michael Lewis’s book about investors who made fortunes in the subprime mortgage crisis, a person with knowledge of the matter said.
jlne.ws/1APwBdD

***** They should have hired the bull mentioned below for “Money Ball.”

++++

A Breeder Apart: Farmers Say Goodbye to the Bull Who Sired 500,000 Offspring
Fans Commemorate ‘Toystory,’ a Dairy Legend With a Ravenous Libido
By Mark Peters and Ilan Brat, WSJ
Atop a wooded hill here in the heart of America’s Dairyland, an industry legend was recently laid to rest. It wasn’t some milk magnate or a famed innovator, but an ornery, 2,700-pound bull named Toystory—a titan of artificial insemination who sired an estimated 500,000 offspring in more than 50 countries. “He was a dream bull,” said Jan Hessel Bierma, editor in chief of dairy-breeding magazine Holstein International.
jlne.ws/1C6hPhZ

***** It was good to be this bull.

++++

MarketsWiki

MarketsWiki Page of the Day
Borsa Istanbul

MarketsWiki Recent Updates

People

Christian Nentwich; Michael Marconi

Companies, Organizations and Groups

BATS Global Markets; Global Markets Exchange Group; Borsa Istanbul; Sarajevo Stock Exchange; Macedonian Stock Exchange; Federation of Euro-Asian Stock Exchanges; SIX Swiss Exchange

Products

Convertible securities

Statistics

57,135,390 pages viewed, 8,133 articles, 188,649 edits
MarketsWiki Statistics

Lead Stories

Commodities Slide to 12-Year Low; Stocks Fall, Bonds Rise
By Nick Gentle and Stephen Kirkland, Bloomberg
Copper led commodities to a 12-year low, mining companies dragged stocks lower and currencies from raw-materials exporters weakened as concern deepened slowing global growth will curb demand. The yen gained with government bonds.
jlne.ws/14VroX6

Landmark Ruling Restricting Insider Trading Prosecutions Is Dead Wrong, U.S. Says
By Patricia Hurtado, Bloomberg
A federal appeals court ruling that makes it harder to obtain insider-trading convictions was called “dramatically” wrong in the U.S. government’s first formal response to the sweeping decision.
jlne.ws/1u3SJBz

Pressure Rises on Tax-Trading Strategies; Detailed Trading Records Requested From Bank of America’s London Unit
By Jenny Strasburg, WSJ
Fallout from government investigations into controversial trades used by investors and banks to reduce taxes is mounting, with a London hedge fund recently closing and Bank of America Corp.’s European investment-banking unit being pushed for information about the trades.
jlne.ws/1FVhLrI

BofA Said to Oust 150 Hedge Fund Clients Under New Rules
By Kelly Bit and Michael J. Moore, Bloomberg
Bank of America Corp. cut ties with about 150 hedge funds last year in its prime brokerage group because new regulatory requirements designed to make the financial system safer are forcing lenders to reduce costs.
jlne.ws/14Vq8Db

BGC ups bid for GFI
Neil Munshi in Chicago, FT
BGC Partners has increased its offer to shareholders in rival US interdealer broker GFI Group, as it seeks to head off a deal that would see CME Group, the world’s largest derivatives exchange, take over GFI.
jlne.ws/1DYpRLp

Tullett Prebon Jumps as BGC to Pay $100 Million for Poaching
By Zeke Faux, Bloomberg
Tullett Prebon Plc (TLPR), the British interdealer brokerage, climbed as much as 9.1 percent after BGC Partners Inc. (BGCP) agreed to pay $100 million to resolve claims of broker poaching.
jlne.ws/1xZ1899

Prepare for the largest wealth transfer in history
By Quentin Fottrell, MarketWatch
While most of us are struggling to regain our net worth after the Great Recession, the richest Americans are preparing to transfer $6 trillion in assets over the next three decades.
jlne.ws/1u3UONS

ECB’s bond plan is legal ‘in principle’
Claire Jones in Frankfurt, FT
A top adviser to the European Court of Justice has said the European Central Bank’s crisis-fighting plan falls within the mandate of policy makers, removing a major legal hurdle to purchases of government bonds.
jlne.ws/1CjZMFy

The Economist: World economy will grow by 2.9% in 2015
Eurex
According to the Economist Intelligence Unit (EIU), sister company of The Economist, the U.S. will be the best-performing rich-world economy in 2015, with growth forecast at 3.3%. But the world economy will be held back by weakness in the euro area and Japan, and by slower growth in emerging markets.
jlne.ws/1IJQfJI

Investing In Integrity Chartermark -“Trust Me” Is No Longer Sufficient; Transparent And Open Approach Is Required To Convince Today’s Public” Says The Lord Mayor
MondoVisione
At a breakfast held today, 14 January, for the Investing in Integrity (IiI) Chartermark, the Lord Mayor, Alderman Alan Yarrow, will call for businesses to not only improve their culture, but reassure the public that they are trustworthy.
jlne.ws/1sxJVD2

HSBC Struggles in Battle Against Money Laundering; Report Is Expected to Criticize British Lender’s Bid to Overhaul Controls After $1.9 Billion Settlement
By Rachel Louise Ensign And Max Colchester
HSBC Holdings PLC has spent hundreds of millions of dollars to overhaul its anti-money-laundering system, including hiring a former British spy and a tobacco-spitting former drug-enforcement official from the U.S.
jlne.ws/1Bpnimn

Cinnober selected to receive EU funding for disruptive client clearing technology
Cinnober
The European Commission recognizes need for real-time risk margining, multi-asset client clearing solution for the banking sector
The European Commission has announced that Cinnober has been chosen to receive financial support to develop a real-time risk margining and multi-asset client clearing system for European and international banks. The system will provide banks, and their clients, with an immediate and complete view of risk exposure across markets, enable more efficient use of capital and impart operational efficiencies across listed and OTC flows.
jlne.ws/14znHoO

Regulatory

Withering regulations will make for shrivelled banks
Simon Samuels, FT
Europe has no Frederica Mac to finance mortgages, writes Simon Samuels
Bankers are not stupid. For all the controversy surrounding the financial sector, everyone can agree on that. For decades banks have shaped their businesses to maximise profits, given the regulatory rules that exist at the time. And when the rules change, smart bankers change what they do.
jlne.ws/1sxCZFT

Regulators Want Data on Bond-Trade Fees; SEC, Others Scrutinize Markups Paid by Retail Bond Investors
By Katy Burne and Aaron Kuriloff
As Sherry Dixon was researching her retirement in 2010, the 63-year-old home builder from Albuquerque, N.M., asked her broker to buy her municipal bonds for safety.
jlne.ws/1sxLbGn

CFTC’s Division of Market Oversight Issues Time-Limited Extension of No-Action Relief Regarding Masking of Certain Identifying Information Required to be Reported
CFTC
The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today issued a letter providing a time-limited extension of the relief provided in CFTC Letter 13-41, regarding masking of certain identifying information required to be reported.
jlne.ws/1xoroVl

JPMorgan hit by $1bn in fresh legal charges
By Tom Braithwaite in New York, FT
JPMorgan Chase’s earnings were hit by $1.1bn in new legal charges as the largest US bank prepares to settle looming charges over foreign exchange manipulation by the Department of Justice.
jlne.ws/1APxu65

CFTC Warns Court against Granting Investor Protections to FX Traders
Forex Magnates
The American Commodity Futures Trading Commission (CFTC) came out in court against a hedge fund’s demand for priority repayment from Lehman Brothers of its OTC FX trading under the Securities Investor Protection Act.
jlne.ws/1u63Rsd

Esma Plans to Proceed With Structured Product Transparency Rules
By Yakob Peterseil, Bloomberg
European authorities are standing firm on new rules to bring transparency to the structured product market after pushback from the industry.
jlne.ws/1yfLQNB

Board Dust-Up at U.S. Futures Overseer Said to Draw CFTC Review
By Silla Brush, Bloomberg
The U.S. derivatives industry’s front-line regulator is entangled in a dispute with one of its board members who says the group held flawed director elections that compromise its independence.
jlne.ws/1u62hGM

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
C2: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amending Rule 8.2(d) (Release No. 34-74038; File No. SR-C2-2014-028)
NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Extranet Access Fee (Release No. 34-74040; File No. SR-NASDAQ-2015-003); see also Exhibit 5
NYSEMKT: Order Approving Proposed Rule Change Amending Rules 311 – Equities and 313 – Equities to Add Limited Liability Companies as Eligible Member Organizations and Delineate the Information Limited Liability Companies Must Submit to the Exchange as Part of the Membership Process; Eliminate the Requirement that a Member Corporation Be Created or Organized, and Maintain its Principal Place of Business, in the United States; and Make Additional Related Amendments to Update Its Membership Rules (Release No. 34-74036; File No. SR-NYSEMKT-2014-97; January 12, 2015)
jlne.ws/1eCTnOv

Scene Set For Next Week’s Asian Financial Forum; Paul Krugman Among Some 100 Prominent Speakers
ACN
More than 2,400 global leaders in government, finance and business are set to join next week’s Asian Financial Forum (AFF) at the Hong Kong Convention and Exhibition Centre. The eighth edition of the AFF, organised by the Hong Kong SAR Government and the Hong Kong Trade Development Council (HKTDC), will take place on 19-20 January.
jlne.ws/1APul63

Massad announces Asia trip on swaps reform | Futures & Options World – Let’s Talk Derivatives
FOW
Timothy Massad, the Commodities Futures Trading Commission chairman, has taken the unusual step of announcing his plan to travel to …
jlne.ws/1DYkXhB

SEC Announces 2015 Examination Priorities
SEC
Priorities Focus on Protecting Retail Investors, Assessing Market-Wide Risks and Using Data Analytics
The Securities and Exchange Commission today announced its Office of Compliance Inspections and Examinations’ (OCIE) priorities for 2015 which focus on three areas: protecting retail investors, especially those saving for or in retirement; assessing market-wide risks; and using data analytics to identify signs of potential illegal activity.
jlne.ws/150UNOW

Exchanges & Trading Facilities

SEFs 2015 outlook: industry sees more flexible execution rules; harmonization
By Henry Engler, Reuters
Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.
jlne.ws/1u3RDWv

New White Paper on Fund use of Options in Portfolio Management Released
CBOE
Number of Options-Based Funds Growing
Options-Based Funds Had Higher Risk-Adjusted Returns, Lower Volatility
The Chicago Board Options Exchange® (CBOE®) announced today the release and publication of a groundbreaking new study: “Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs.” The study analyzed SEC-regulated investment companies (mutual funds, exchange traded funds (ETFs) and closed-end funds (CEFs)) that focus on use of exchange-listed options for portfolio management (options-based funds).
jlne.ws/1xoFKVD

RG15-005 Restrictions on Transactions in Options on iShares MSCI All Peru Capped Index Fund (EPU)
CBOE
jlne.ws/14zfZuM

CME Notices
OTC Holiday Advisory ? Martin Luther King Day
Approved Change in Rates for Precious Metal Depository Manfra, Tordella & Brookes, Inc.
2015 Standard Freight Rate for Live Cattle Carcass Deliveries
Procedures for 2015 Annual Meeting of Members of Commodity Exchange, Inc.
jlne.ws/1yiRpvt

CME to cut live cattle futures carcass delivery freight rater
Reuters
CME Group Inc will reduce the standard freight rate for the live cattle futures contract effective Feb. 2, the exchange said in a letter to its customers on Tuesday.
jlne.ws/14zk9Tx

Hedge Funds & Managed Futures

Boaz Weinstein Said to Post Worst Year in 2014, Down 11%
By Kelly Bit and Katherine Burton, Bloomberg
Boaz Weinstein’s Saba Capital Management posted its worst year in 2014 with a loss of 11 percent, its third consecutive annual decline.
jlne.ws/1515wsQ

Opinion: How you can beat David Einhorn and Bill Ackman at their own game; Portfolios with Purpose charity competition lets you do well and do good
By Stacey Asher, MarketWatch
How would you stack up against the world’s best investors? How would you perform against David Einhorn, Bill Ackman and Leon Cooperman, for example?
jlne.ws/1514InC

BofA Hedge Funds, MetLife Challenge, Gallagher Talk: Compliance
By Carla Main, Bloomberg
Bank of America Corp. cut ties with about 150 hedge funds last year in its prime brokerage group because new regulatory requirements designed to make the financial system safer are forcing lenders to reduce costs.
jlne.ws/1IJId3x

New Study Presents First-Ever List of 119 Funds That Use Options
By Matt Moran
A groundbreaking new study — “Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs” — analyzed SEC-regulated investment companies that focus on use of exchange-listed options for portfolio management (options-based funds). Key highlights of the study are summarized below, and for more analysis please visit www.cboe.com/funds.
jlne.ws/151oK1m

Banks & Brokers

Bernhard Walter, Former Dresdner Bank Chief, Dies at 72
By Oliver Suess, Bloomberg
Bernhard Walter, the chief executive officer of Germany’s Dresdner Bank AG during its failed merger with Deutsche Bank AG in 2000, has died. He was 72.
jlne.ws/1Bp9Gr6

J.P. Morgan’s Profit Falls on Higher Legal Expenses; Bank Kicks Off Fourth-Quarter Reporting Season for Financial Services Sector
By Saabira Chaudhuri, WSJ
J.P. Morgan Chase & Co.’s fourth-quarter profit fell 6.6% as the bank posted higher-than-expected legal expenses and climbing reserves for loans that could sour.
jlne.ws/1sxDfVx

Former Goldman Sachs banker joins bond trading venture TruMid
Tracy Alloway, New York, FT
Veteran Goldman Sachs banker Ravi Singh has joined a new electronic bond trading platform in a move that underscores the rush to establish new ways for large investors to exchange debt as banks retreat from trading fixed income.
jlne.ws/1IJLyzJ

Barclays hires former BofA Europe head as COO
Martin Arnold, Banking Editor, FT
Barclays has appointed Jonathan Moulds, former head of Europe at Bank of America Merrill Lynch, as chief operating officer to bolster its top management team ahead of big structural changes needed in the UK and US.
jlne.ws/1u3TLO6

Goldman stung by BES loan
Martin Arnold, Banking Editor, Ft
The collapse of Banco Espirito Santo will take its toll on Goldman Sachs’ quarterly results and on the bonuses awarded to some staff at the US investment bank after it wrote down a loan to the Portuguese lender.
jlne.ws/1AeF6fr

UBS Delists Shares as New-Look Bank Takes Shape; Shares in New Holding Company, UBS Group, Trading Since November
By Neil MacLucas, WSJ
UBS AG has applied to delist its shares from the New York Stock Exchange and the SIX Swiss Exchange, a move which is related to the legal restructuring of the banking group and the creation of a new holding company.
jlne.ws/1Ckj0L7

Deutsche Bank Said to Weigh Job Cuts, Asset Sales
By Nicholas Comfort and Ambereen Choudhury , Bloomberg
Deutsche Bank AG (DBK) is weighing options such as job cuts and the sale of assets, including its Postbank consumer-lending unit, as Germany’s biggest bank reviews its strategy, a person with knowledge of the matter said.
jlne.ws/14z8rZ2

BGC Boosts Offer for GFI as Vote on CME Takeover Approaches
By Zeke Faux, Bloomberg
Howard Lutnick’s BGC Partners Inc. (BGCP) boosted its offer for GFI Group Inc. (GFIG) by 2.8 percent as he seeks to derail a takeover of the interdealer broker by CME Group Inc.
BGC sent a letter today to GFI offering $5.60 a share in cash, 15 cents more than its last proposal, New York-based BGC said today in a regulatory filing.
jlne.ws/1yfM3Ah

BGC Announces Contingent Increase Of All-Cash Tender Offer To Acquire GFI Group To $5.60 Per Share
BGC Partners
Increased Offer Contingent Upon Determination of Superiority by GFI Special Committee and Board; Four-day Match Period Would Commence January 20, 2015; Urges GFI Shareholders to Vote AGAINST the Inferior $5.25 CME-GFI Management Proposal and Tender Their Shares to BGC
jlne.ws/1C0kagx

Dealpolitik: Where Was the Good Governance at GFI Group?
by Ronald Barusch, WSJ
BGC Partners Inc.BGCP -3.59%’s announcement last week that it would wage a proxy fight to defeat CME Group Inc.CME -0.55%’s deal to buy GFI Group Inc.GFIG +1.85% for $5.25 per share in cash and CME shares should be no big surprise. BGC has made a competing cash tender offer at $5.45 per share, and so far GFI hasn’t shown it much love. More importantly, it looks like GFI’s board and management haven’t been a model of good corporate governance on this deal.
jlne.ws/17HoHcQ

Clearing & Settlement

SPAN Parameter file which will be applicable from January 16, 2015.xls
Japan Commodity Clearing House
jlne.ws/12mHNSA

FINADIUM: Will 2015 be the year of securities lending CCPs?
Eurex
The article in Finadium, commissioned by Eurex Clearing and Pirum, claims that 2015 is shaping up to be the year of the securities lending CCP. Banks, agent lenders and beneficial owners are all preparing themselves for this important market move driven by Basel III, Dodd-Frank and EMIR. Furthermore, the authors predict, market attitudes towards securities lending CCPs have evolved as well, and in 2015, a part of the capital solution will be found on these platforms.
jlne.ws/1AeLDH0

Banking association wants CCP reforms | Securities Lending Times news | Securities Lending Times
An association of top US banks has written to the Financial Stability Oversight Council (FSOC) urging it to take a closer look at central counterparties (CCPs). The Clearing House Association, which is oldest banking trade group in the US, sent the letter to FSOC chairman Jack Lew in a bid to have his agency use its position as an umbrella group of US regulators to coordinate efforts to address and mitigate systemic risk arising from increasing market reliance on CCPs.
jlne.ws/1BppREJ

Indexes & Products

In Vanguard’s Shadow, Small Firm Scores Tweaking Indexes
By Charles Stein, Bloomberg
When Molly Bernet Balunek expressed interest in putting money into mutual funds run by Dimensional Fund Advisors, she didn’t know she was in for a rigorous courtship ritual.
jlne.ws/1Ck7hwc

CBOE Begins Disseminating Volatility Index Values on Three of CME Group’s FX Options Contracts: Dollar/Euro, Dollar/Bp and Dollar/Yen
CBOE
The Chicago Board Options Exchange announced that it began disseminating values for three new volatility indexes that CBOE calculates using the prices of CME Dollar/Euro, Dollar/British Pound and Dollar/Japanese Yen futures options.
jlne.ws/1Blr7Zu

Funds Europe on “Counterparty politics”
Eurex
Despite the growing relevance of CCPs in OTC markets they are yet not common practice in the securities lending market. But the cost-efficiencies that central clearers can provide and a transforming regulatory environment are predicting a changing trend.
jlne.ws/1zbxeAc

Technology

Nasdaq Appoints Salil Donde as Executive Vice President to Lead Global Information Services
NASDAQ.com
Nasdaq today announced the appointment of Salil Donde as Executive Vice President and Head of Global Information Services. In this role, Mr. Donde will be responsible for leading the strategic direction of the business while managing the success and growth of Nasdaq’s current data and index products. Mr. Donde will report directly to Adena Friedman, President of Nasdaq. He will be based in New York and will start on February 5.
jlne.ws/1Bpswyl

IBM turns to Big Iron to revive sagging fortunes
Richard Waters in San Francisco, FT
IBM, known in the tech world as Big Blue, is turning to a familiar mainstay as it tries to revive its sagging fortunes: Big Iron.
jlne.ws/1xZ28dh

IBM Debuts New Mainframe in a $1 Billion Bet on Mobile
By Alex Barinka, Bloomberg
IBM is introducing a new mainframe in a bet that clients will need its souped-up speed and security to handle a surge in consumers using smartphones for everything from banking to checking health-care records.
jlne.ws/1sxByYc

Enforcement

Trial of Alleged Silk Road Mastermind Begins; Ross Ulbricht Concedes for First Time His Involvement in Setting Up Silk Road
By Nicole Hong
Lawyers for the man accused of being the mastermind behind Silk Road conceded for the first time Tuesday that he was involved in setting up the online drug marketplace, but argued he was being framed by a villain who might still be on the loose.
jlne.ws/1xozY6z

Federal Court in Florida Enters Order Freezing Assets in CFTC Foreign Currency Anti-Fraud Action against Allied Markets LLC and its Principals Joshua Gilliland and Chawalit Wongkhiao
CFTC
CFTC Charges Jacksonville, Florida, Defendants with Operating a Fraudulent Forex Pool and Misappropriating Customer Funds to Pay Personal Expenses
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a civil enforcement Complaint in the U.S. District Court for the Middle District of Florida, charging Defendants Allied Markets LLC, and its principals Joshua Gilliland and Chawalit Wongkhiao, all of Jacksonville, Florida, with operating a fraudulent foreign currency (forex) commodity pool in violation of the Commodity Exchange Act (CEA) and CFTC Regulations. In addition, none of the Defendants has ever been registered with the CFTC, as required.
jlne.ws/1wZi4rS

NFA orders Lake Forest, Ill. firms Aspirant Management LLC and Luckow Group, Inc. to permanently withdraw from NFA membership and sanctions the firms’ principal, Paul D. Luckow
NFA
National Futures Association(NFA) has ordered Aspirant Management LLC, an NFA Member commodity pool operator (CPO) and commodity trading advisor (CTA), and Luckow Group, Inc., an NFA Member CTA, both located in Lake Forest, Ill., to permanently withdraw from NFA membership. NFA also has ordered the firms’ sole principal and associated person (AP), Paul D. Luckow, not to register as an AP or be principal of an NFA Member CPO or CTA. Finally, Aspirant Management, Luckow Group and Luckow also were ordered to pay a total fine of $20,000.
jlne.ws/17Hk1n7

Environmental & Energy

Melting Glaciers Imperil Kathmandu, Perched High Above Rising Seas
By Natalie Obiko Pearson, Bloomberg
A month’s walk from the nearest sea, Kathmandu — elevation almost a mile — is as vulnerable to climate change as the world’s coastal megacities.
The capital of the poorest Asian country after Afghanistan already is feeling the effect: Rising temperatures are crimping power and food supplies as rural migrants stream to a city of 1 million that’s among the world’s most crowded.
jlne.ws/1Bp1o2w

Obama Is Said to Be Planning New Rules on Oil and Gas Industry’s Methane Emissions
By Coral Davenport – The New York Times
In President Obama’s latest move using executive authority to tackle climate change, administration officials will announce plans this week to impose new regulations on the oil and gas industry’s emissions of methane, a powerful greenhouse gas, according to a person familiar with Mr. Obama’s plans.
jlne.ws/1sxvyPh

Arctic Explorers Retreat From Hostile Waters With Oil Prices Low
By Mikael Holter, Bloomberg
When Statoil ASA (STL) acquired the last of three licenses off Greenland’s west coast in January 2012, oil at more than $110 a barrel made exploring the iceberg-ridden waters an attractive proposition.
jlne.ws/1xZ1dcK

Oil Collapse of 1986 Shows Rebound Could Be Years Away
By Mark Shenk, Bloomberg
The last time excess supply caused a plunge in oil, it took almost five years for prices to recover.
The CHART OF THE DAY shows how West Texas Intermediate, the U.S. oil benchmark, tumbled 69 percent from $31.82 a barrel in November 1985 to $9.75 in April 1986 when Saudi Arabia, tiring of cutting output to support prices, flooded the market. Prices didn’t claw back the losses until 1990. Oil has dropped 57 percent since June and OPEC members say they’re willing to let prices sink further.
jlne.ws/1B0AGhB

Commodity Traders Exploit Crude Crash to Make Oil Storage King
By Andy Hoffman and Rupert Rowling, Bloomberg
The key to surviving and thriving amid the carnage in global oil markets is having a place to store the stuff.
jlne.ws/1wc1rbe

MEPs set to vote on EU delay to waste and air pollution plans
By Jessica Shankleman – BusinessGreen
The European Commission could face a battle with MEPs this week over its plans to delay new air pollution and waste regulations, after the Liberal group announced it was seeking to launch a cross-party campaign against the controversial proposals.
jlne.ws/17Gb25z

Asia-Pacific

Courses on ethics needed in China
Mike Bastin, FT
Students are not being taught enough about corporate governance and social responsibility
After several months of speculation, it was announced publicly that Zhou Yongkang, China’s former chief of security and member of the all-powerful Politburo Standing Committee (PBSC) had been officially placed under investigation on corruption charges. Some $14.5 billion in assets were seized from Zhou’s family members and close associates, reportedly, along with the arrest and questioning of more than 300 of them.
jlne.ws/1B0QqBp

ICAP’s EBS And SGX Collaborate On Asian FX Initiatives
EBS
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, and Singapore Exchange (SGX), one of Asia’s leading exchanges and clearinghouses, announce today a strategic partnership to boost the growing Asian currency market. EBS, ICAP’s market-leading electronic foreign exchange (FX) business, and SGX will collaborate and develop a new range of Asian currency products and services that complement the FX OTC and futures markets in Asia.
jlne.ws/1wZF2zd

Frontier Markets

Post-War Ukraine ‘Natural’ as Warsaw Bourse Looks East
By Konrad Krasuski and Maciej Martewicz, Bloomberg
The Warsaw Stock Exchange, home to a dozen traded Ukrainian companies, is betting on more listings from the former Soviet republic once the conflict there recedes and will offer to help develop Kiev’s nascent capital markets.
jlne.ws/1wZvsfV

Malaysian bank merger plan close to collapse
Jeremy Grant in Kuala Lumpur and Jennifer Hughes in Hong Kon, Bloomberg
A plan to combine three Malaysian banks to create one of Southeast Asia’s biggest financial groups is on the verge of collapse, dealing a blow to efforts to create banking champions in one of the few areas of the world still enjoying relatively strong economic growth.
jlne.ws/1wc3wUw

Securities and Exchange Board of India Notices
Order in the matter of Utkarsha Plotters & Multi Agro Solutions India Limited
Adjudication Order dated January 14, 2015 in respect of Elara India Opportunities Fund Limited in the matter of Austral Coke and Projects Limited
Public Issue Data of Corporate Debt
Order in the matter of Micro Finance Limited in respect of 11 entities
Peerless Midcap Fund
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Miscellaneous

Wild Parties, Secret Cash Drops, Offshore Accounts: Meet Brazil’s Black-Market Central Banker
By Francisco Marcelino and Sabrina Valle, Bloomberg
He was known to authorities as Brazil’s black-market central banker, a career criminal who smuggled cash for the rich and powerful by private jet and armored car.
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As Bitcoin’s Price Slides, Signs of a Squeeze
By Sydney Ember, NY Times
The price of Bitcoin slid further on Tuesday, dipping to its lowest level since the spring of 2013. The downward spiral, which began early last year, suggests that confidence in the virtual currency may be dwindling.
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With Hotel Purchase, Investor Aims to Bring Back Atlantic City; Glenn Straub Buys Revel Hotel After Its Bankruptcy; Plans for Family-Friendly Fun
By Tom Corrigan and Craig Karmin
Glenn Straub has an eye for distressed assets. The Florida real-estate developer has salvaged a golf community, a polo club, even a 155-foot-long yacht called Triumphant Lady.
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