First Read

Bits & Pieces
by JLN Staff

MarketsWiki just passed the 65 million page view mark. A big thanks to all of our users.

We have added John Kerin, the CEO of the Chicago Stock Exchange, to our list of speakers for the Chicago Summer Intern Education Series. We hope to add another tall speaker who will be spot on.

In case you missed it, we added James Gellert of Rapid Ratings and technology entrepreneur John Edge to our list of speakers for the New York events.

Here is the line up for New York. At 1 PM, we will have Nick Themelis of MarketAxess, Peter Borish from Quad Advisors, James Woods from IMC, Stacy Cunningham from NYSE and Boris Ilyevsky from ISE.

At the 3:30 PM session, we have electronic trader Haim Bodek, Chris White (formerly of Goldman), Chris Ferreri (formerly of ICAP), James Gellert of Rapid Ratings and John Edge

When we planned this series in New York, we expected to see lots of interns from the big banks attend, given that most of them were located in New York. We have yet to see that materialize, for whatever reason. Some blamed the Google Doc sign up form, which could not be accessed by some bank employees behind their networks. Maybe there are other reasons.

In Chicago and London we had interns from banks. I challenge the New York banks to send some interns. We promise to be nice to them and inspire them about the opportunities ahead.

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Innovation Incubation: TriOptima’s Mireille Dyrberg Looks at the Latest FinTech Trends
JohnLothianNews.com

For the past several years, derivatives conferences have been all about regulation. But as Dodd-Frank, MiFID II and other global regulations move through the rulemaking phase to implementation and beyond, the focus has shifted from regulation to innovation.

The 2015 FIA Europe International Derivatives Expo was all about fintech, and the top-to-bottom technology overhaul of the world’s financial markets. Mireille Dyrberg, chief operating officer of post-trade services giant TriOptima, spoke with John Lothian News’ Doug Ashburn at IDX 2015 about the innovation cycle, which technologies to keep an eye on, and the role of fintech incubators such as ICAP’s Euclid Opportunities program.
Watch the video »
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Beijing meets its match in the markets
David Pilling, FT
When it comes to resisting powerful forces, the Chinese Communist party has a pretty decent record. In its nine decades of existence, it has overcome civil war, the disaster of collectivisation (admittedly self-imposed), a student-led uprising and, more recently, the 2008 global financial crisis, which barely put a dent in China’s blistering growth. In recent weeks, however, there is one force the government has failed entirely to hold back: the market.
jlne.ws/1LW5GV7

****** You can’t roll over the market with a tank. On the other hand, you can get rolled over by the market. If you are flat, does that mean you were already rolled over by the market?

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Market Participants Voice Growing Support for Greater Transparency in European Fixed Income
MarketAxess
72% of European capital market participants believe that there is not sufficient transparency in the European fixed income markets today, according to a survey of approximately 200 senior buy- and sell-side market participants conducted at the MarketAxess and Trax European Capital Markets Forum. Support for increased post-trade transparency is up sharply compared to
last year’s forum, where just over half believed further transparency was needed.
jlne.ws/1Harl5C

****** 28% of European capital market participants must have been on summer vacation already.

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FFK Climbers Reach The Summit – Thrice
The Futures For Kids climbing team reached its goal of climbing England’s three highest peaks in 24 hours last Saturday at the Three Peaks Challenge, according to team member Myriam Condon. In that period, they experienced everything from snow along with gale force winds and mountain bikers on Ben Nevis, hail on Snowdon, sleepy sheep on the road to Scafell and a bonus climb over a fence after getting lost in the car park. The FFK team raised more than £10,000 for the charity and sends a warm thank you to all who supported the effort.
***** Templer Lives!!!

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STAC/WILD Summer Soiree 2015
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Where Are the Female Fund Managers? For one thing, fewer women than men seek out and earn the necessary credentials
By DAISY MAXEY, WSJ
If your mutual fund is run by a woman, it is a rarity. Among 7,410 portfolio managers of U.S. open-end mutual funds, just over 9% were women as of March 31, a study by investment researcher Morningstar Inc. found. Women manage less than 3% of mutual funds exclusively and less than 2% of the $12.6 trillion in assets.
jlne.ws/1NNUhEt

***** My wife’s grandmother would have been a fund manager had she been of age today. She was a great stock trader. However, she could barely get a stock account open in her own name. Brokerages wanted the husband to open and trade the account, not the “little woman.” Times are changing, but not fast enough or far enough.

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Sealed HSBC Report Shows U.S. Managers Battling Cleanup Squad
by Greg Farrell, Bloomberg
HSBC Holdings Plc, smarting from a $1.9 billion fine for providing banking to money launderers and sanctions-dodgers, promised U.S. officials it would clean up its act.
jlne.ws/1G6ECdH

***** HSBC does need to change their name and their culture. Some people just don’t read the memos.

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Talking Dividend Trades with OCC
The Options Insider
In this episode, Mark is joined by Michael McClain, President and Chief Operating officer at The OCC.
jlne.ws/1LR2xVE

***** We did a video interview with OCC’s Mike McClain so you can’t say he has a face for radio. See his video interview here

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How to Buy a Bordeaux Château; A lovely vineyard will come cheaper than you think, but don’t expect it to come easily
by Elin McCoy, Bloomberg
Over lunch on the stone terrace at Château Fonplégade in St. Emilion, France, owners Stephen and Denise Adams took in the sweeping views of their neat rows of organic vines.
jlne.ws/1dLGzWm

***** Robert, I found a place for you to make your guitars.

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Lead Stories

Corzine, others settle MF Global lawsuit for $64.5 mln
By Jonathan Stempel, Reuters
Jon Corzine and other former MF Global Holdings Ltd officials have reached a $64.5 million settlement of litigation brought by investors seeking to hold them liable for the now-defunct futures brokerage’s 2011 bankruptcy.
jlne.ws/1eFiFMU

***** Insurance pays Corzine’s settlement bill.

Corzine joins $64m MF Global settlement
Ben McLannahan in New York, FT
Jon Corzine, the former head of MF Global Holdings, has agreed to be part of a $64.5m settlement to end litigation brought by investors burnt by the 2011 collapse of the futures brokerage he had tried to turn into the next Goldman Sachs.
jlne.ws/1Cp7u6g

Exclusive: JPMorgan to pay over $125 million to settle U.S. credit card debt probes
BY KAREN FREIFELD, Reuters
JPMorgan Chase & Co has agreed to pay at least $125 million to settle probes by U.S. state and federal authorities that the bank sought to improperly collect and sell consumer credit card debt, according to people familiar with the matter.
jlne.ws/1LW5S6O

****** When you rob a bank, you go to jail. When a bank robs you, they get fined. It is good to be a bank.

Investors Brace for Fewer Winners; As stocks’ returns dry up, some people take more risks. It could be time to save more.
By E.S. BROWNING, WSJ
Americans are getting some tough news from investment advisers these days: U.S. stocks have risen so fast since the financial crisis that future gains are likely to be weaker.
jlne.ws/1HNzFfr

CFTC stays ICE’s plan to raise position limits in power contracts
Gregory Meyer in New York, FT
The US futures regulator has pushed back against an effort by Intercontinental Exchange to give speculators more leeway in electricity markets, a rare move in an area where exchange decisions generally go unchallenged.
jlne.ws/1Hfmbra

Silence descends on Chicago futures pits
Lindsay Whipp in Chicago, FT
There is no back to the futures pit for the traders at the Chicago Mercantile Exchange.
jlne.ws/1S8gOgq

Ex trader Hayes wanted to do job perfectly, Libor trial hears; Defence opens case in trial of alleged Libor manipulator; Defendant Hayes, former UBS, Citigroup trader, takes stand; Hayes denies dishonesty, says wanted to do job well
By Kirstin Ridley, Reuters
Tom Hayes, the first person to face trial by jury over allegations he conspired to rig global Libor interest rates, told a London court on Tuesday he had not acted dishonestly and just wanted to do a good job.
jlne.ws/1eFin8L

UBS trader nicknamed Rainman tells court bosses knew of rigging
Lindsay Fortado, FT
Tom Hayes admitted he asked colleagues at UBS as well as traders and brokers at other firms to help him rig Libor rates, but insisted that his managers were fully aware of what he was doing.
jlne.ws/1Hdb1Dp

Germans Forget Postwar History Lesson on Debt Relief in Greece Crisis
Eduardo Porter, NY Times
As negotiations between Greece and its creditors stumbled toward breakdown, culminating in a sound rejection on Sunday by Greek voters of the conditions demanded in exchange for a financial lifeline, a vintage photo resurfaced on the Internet.
jlne.ws/1S8fSZs

City watchdog wants new regulations to cover algorithmic trading
Caroline Binham, Financial Regulation Correspondent, FT
Managers responsible for algorithmic trading should be covered by a new accountability regime as part of a push to include traders working in wholesale markets, the UK’s financial regulator has proposed.
jlne.ws/1Medbnm

Just a Second: How the Futures Industry Association Prepared for the Leap Second
BY ROB STOTT, Associations Now
As the Earth’s rotation continues slowing down, keepers of the network of atomic clocks will add a so-called leap second every so often. The Futures Industry Association made recommendations to help the global marketplaces prepare for these events moving forward.
jlne.ws/1G6aWNV

Manhattan judge opens door for more insider trading convictions
By Kevin Dugan, NY Post
A Manhattan federal court trial judge has totally dissed a powerful appeals court — and by so doing could make it easier to prosecute Wall Streeters accused of insider trading.
jlne.ws/1dLOW4h

Regulatory

Better Finance: European Parliament Once Again Ignores Individual Shareholders Rights
Mondovisione
The new EU Shareholders Rights’ Directive is to be voted tomorrow 8 July. As it stands the proposal grossly ignores all the modest amendments called for by European individual shareholder representatives.
jlne.ws/1UzS3Oe

The World Federation of Exchanges Names FCA’s Gavin Hill as Head of Regulatory Affairs
WFE
The World Federation of Exchanges (WFE), the global industry association for regulated exchanges, today announced the appointment of Gavin Hill as Head of Regulatory Affairs.
jlne.ws/1JTIV0T

US should toughen bank reforms, says IMF
Barney Jopson in Washington, FT
In its first comprehensive assessment of the American financial system in five years, the IMF said the US needed to toughen regulation to ward off a repeat of the last financial crisis.
jlne.ws/1UzQIXR

Obstacles in Regulators’ Push to Reduce Leveraged Loans
By STEVEN DAVIDOFF SOLOMON, NY Times
In its effort to limit leveraged loans, the government is finding once again that regulating the financial industry is like a game of Whac-a-Mole, with new unregulated players popping up to fill the risky gaps.
jlne.ws/1TkWhI3

ASIC warns financial sector on benchmarks
WENDY PUGH, The Australian
The Australian Securities and Investments Commission has warned financial market participants to lift their game to prevent abuses of key benchmarks that are critical to the wider economy.
jlne.ws/1gnrDQ8

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC

    • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1(d)(9), (h) and (i) to Modify the Operation of BATS Post Only Orders on the Exchanges Options Platform (Release No. 34-75360; File No. SR-BATS-2015-51; July 6, 2015); see also Exhibit 5

 

    • C2: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Correct an Inaccurate Rule Reference (Release No. 34-75367; File No. SR-C2-2015-017; July 6, 2015)

 

    • CBOE: Chicago Board Options Exchange, Incorporated; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to Rule 6.53C and Complex Orders on the Hybrid System (Release No. 34-75359; File No. SR-CBOE-2015-045; July 6, 2015)

 

    • FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 4553 and Fees for Access to Alternative Trading System Volume Information Published on FINRAs Website (Release No. 34-75365; File No. SR-FINRA-2015-023; July 6, 2015)

 

    • FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend FINRA Rule 7650A Relating to Submission of Billing Disputes by FINRA/Nasdaq Trade Reporting Facility Participants (Release No. 34-75364; File No. SR-FINRA-2015-024; July 6, 2015)

 

    • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by Miami International Securities Exchange LLC to Amend Exchange Rule 612 Regarding Enhanced Aggregate Risk Manager Protections for Exchange Market Makers (Release No. 34-75361; File No. SR-MIAX-2015-44; July 6, 2015); see also Exhibit 5

 

    • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Its Fee Schedule (Release No. 34-75335; File No. SR-MIAX-2015-43; June 30, 2015); see also Exhibit 5

 

    • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Fees assessed under Rules 7015(b) and (g) (Release No. 34-75366; File No. SR-NASDAQ-2015-067; July 6, 2015)

 

    • NMS: Notice of Filing of the Twenty Third Substantive Amendment to the Second Restatement of the CTA Plan (Release No. 34-75363; File No. SR-CTA-2015-02; July 6, 2015)

jlne.ws/1eCTnOv

ASIC Reports on financial benchmarks
ASIC
ASIC today released a report on financial benchmarks. Report 440 Financial benchmarks (REP 440) highlights the importance of key indices to Australia’s markets and the broader economy.
jlne.ws/1JOCJKB

Exchanges & Trading Facilities

CME Group’s Terry Duffy to Appear before the U.S. House Committee on Agriculture to Urge the Repeal of a Decades-Old Crude Oil Export Ban
CME Group
CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture on Wednesday, July 8, to discuss How Lifting the Oil Export Ban Impacts the Rural Economy and Futures Markets.
jlne.ws/1Cp2D5d

Launch of a new product range listed on Euronext Brussels: SOCIÉTÉ GÉNÉRALE (FR) TURBOS INFINIS BEST
Fin Channel
These products are leveraged products, aimed at enhancing returns on the short-term or at hedging investors portfolio on the medium term. The underlying asset can be a single stock, an index or a currency pair, etc. with a tailor-made gearing, according to Euronext.
jlne.ws/1NS1GmO

Euronext Said to Aim to Appoint Its New CEO by Late September
By Geraldine Amiel and John Detrixhe, Bloomberg
Euronext NV plans to appoint a new chief executive officer by late September, according to a person familiar with the hunt for a permanent replacement to Dominique Cerutti.
jlne.ws/1RkcO1q

REGIS-TR and EEX Group establish connectivity for REMIT reporting
BME
REGIS-TR, the joint venture between Clearstream (Deutsche Börse) and Iberclear (BME), has established a new collaboration with the European Energy Exchange (EEX), Gaspoint Nordic and Powernext. In this context, customers of the three energy exchanges are enabled to report data to ACER through the European trade repository to fulfill their obligations according to REMIT. EEX, Gaspoint Nordic and Powernext are members of EEX Group which is part of Deutsche Börse.
jlne.ws/1TkZMOM

SIX Swiss Exchange – June 2015: Excellent First Half-Year
MondoVisione
The statistical monthly report contains the latest trade and turnover figures for SIX Swiss Exchange.
jlne.ws/1HMrQs8

BATS REPORTS CONTINUED STRONG MARKET SHARE IN JUNE; EUROPEAN EQUITIES MARKET SHARE REACHES 25.1%; U.S. OPTIONS MARKET SHARE AT 9.6%; Reports 20.1% U.S. Equities Market Share, Hotspot Reports ADV of $25.7 Billion
BATS
BATS Global Markets (BATS) today reported June data and highlights including the company’s best market share in European equities since November 2012 and the third-best month on record in U.S. options.
jlne.ws/1dLPAyI

Hedge Funds & Managed Futures

Fund managers make record-equalling profit despite fee pressure -study
Reuters
Assets managed by fund firms globally hit a new high last year, helping the industry to record-equalling profits in spite of margins that were squeezed by investor pressure on fees, a study showed on Tuesday.
jlne.ws/1gntpRc

Infographic: 7 Traditional vs 7 Alternative Assets in 5 Bear Markets
Attain Capital Managed Futures Blog
We tried our hardest to find an easy to read article (or graph) of the major asset classes and how they performed over the various crisis periods in the last 20 or so something, and couldn’t… so we decided to do it ourselves.
jlne.ws/1NPHpyq

Assessing Damage in One of the Stock Market’s Worst Dips of 2015
by Michael P Regan, Bloomberg
It may be surprising that the U.S. stock market isn’t in worse shape, given how the situations in Greece and Puerto Rico have deteriorated, China’s equity market collapsed and Phil Lesh did so much of the singing in the Grateful Dead’s farewell tour.
jlne.ws/1JTHW0E

UBS, Morgan Stanley Lead Wealth Managers With Record $2 Trillion
by Mark Bentley, Bloomberg
UBS Group AG and Morgan Stanley increased the assets they manage for the world’s wealthiest people to more than $2 trillion for the first time, according to a study.
jlne.ws/1HamPEh

Robo-advisor Wealthfront lowers account minimum to $500
Reuters
Wealthfront, one of the biggest of a new breed of investment management firms known as “robo-advisors,” on Tuesday lowered the minimum investment customers must make to open an account to $500 from $5,000.
jlne.ws/1HMoDcj

Australian Ethical Stock Fund Wins With Lasers, Sleep Apnea Tool
by Adam Haigh, Bloomberg
Andy Gracey’s mutual fund is making almost twice the market’s return by buying shares in companies that he says contribute to society and the environment.
jlne.ws/1S8eOot

A performance-linked model for fund fees
John Authers, FT
How should we pay fund managers? At present, we pay them too much, to do the wrong things. But even the least charitable observers must accept that it is difficult to move them to a more rational system.
jlne.ws/1eFtBdi

Banks & Brokers

Wedbush Futures to Provide Day One Access to Nasdaq Futures, Inc. (NFX)
Press Release
Wedbush Futures, a division of Wedbush Securities Inc. and a full-service futures commission merchant, announced today that Nasdaq Futures, Inc. (NFX) will be available to its clients when the platform launches on July 24, 2015. NFX is the exchange group’s U.S.-based designated contract market regulated by the U.S. Commodity Futures Trading Commission, offering futures and options on futures in energy benchmarks, including oil, natural gas, and U.S. power.
jlne.ws/1NPGaz1

Bankers’ View of JOBS Act Improves, Survey Says
By MICHAEL RAPOPORT, NY Times
Investment bankers are warming to the three-year-old JOBS Act, with an increasing number believing it’s boosting the market for initial public offerings, according to a new survey from accounting firm BDO USA LLP released Tuesday.
jlne.ws/1HMpKIW

Goldman Sachs Names Karen Cook Investment Banking Chairwoman in London
By CHAD BRAY, NY Times
Goldman Sachs has named Karen Cook, one of its top bankers in London, as chairwoman of its investment banking division.
jlne.ws/1HfyW1Y

Lehman Case Shows Blurred Lines on Repos
By STEPHEN J. LUBBEN, NY Times
In a little-noticed recent opinion, a distressed debt trader came awfully close to undermining the basis for the repo safe harbors. It did so mostly by making a common sense argument.
jlne.ws/1LRMR4C

BGC Partners’ and GFI Group’s Second Quarter 2015 Financial Results
BGC
BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets and BGC’s majority-owned division, GFI Group Inc., a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, today announced that they plan to issue a joint advisory press release regarding the availability of their consolidated quarterly financial results by 8:00 a.m. ET on Wednesday, July 29, 2015.
jlne.ws/1eFhpJH

Bond Dealers Catch Break as Safety Demand Boosts Treasury Sale; U.S. debt sales are proving to be ‘liquidity events,’ dealers say
by Daniel Kruger, Alexandra Scaggs, Bloomberg
Bond dealers caught a break and ended up owning the second-lowest percentage of three-year notes sold at a U.S. Treasury auction since 2010 as investors sought safer assets amid the escalating Greek crisis.
jlne.ws/1S8eFkZ

JPMorgan to add 1,000 jobs, keep 2,600 in New Jersey
Reuters
JPMorgan Chase & Co (JPM.N) will create 1,000 jobs and retain over 2,600 workers in Jersey City, and invest more than $76 million in New Jersey under a state tax credit program.
jlne.ws/1gnrJr4

‘Mac the knife’ quick to make mark at Barclays with CEO ousting
Patrick Jenkins, FT
Barclays clearly felt a bit left out. With the boards of three other big European banks — Deutsche Bank, Credit Suisse and Standard Chartered — trying to reinvent themselves with new chief executives, it was only a matter of time until the Barclays board decided to ditch Antony Jenkins.
jlne.ws/1MedzlT

Barclays fires Antony Jenkins as chief executive
Martin Arnold and Naomi Rovnick, FT
Barclays has fired Antony Jenkins as chief executive after he lost the confidence of its non-executive directors, replacing him with chairman John McFarlane on an interim basis.
jlne.ws/1D0j5mU

Clearing & Settlement

Industry coalition plans swaps hub to resolve margin disputes
BY HUW JONES, Reuters
A broad financial industry coalition is working to form a market hub to increase the efficiency of derivatives contract trading and avoid punitive capital charges on disputed margins.
jlne.ws/1Hfouut

Deutsche Bank’s Jim Turley joins DTCC board
Asset Servicing Times
The Depository Trust & Clearing Corporation (DTCC) shareholders have elected Jim Turley to the board of directors. Turley is co-head of group technology and operations for Deutsche Bank, and joins the board as a clearing agency participant director.
jlne.ws/1JTPXCO

Super funds prevented from pledging collateral for derivatives clearing
Sydney Morning Herald
As global regulators push the clearing of over-the-counter derivatives through central counterparties, superannuation funds hedging against currency fluctuations face higher dealing costs unless the government changes the law to allow them to pledge their assets as collateral.
jlne.ws/1JTQ2X6

LCH.Clearnet appoints Head of US Repo Clearing
LeapRate
LCH.Clearnet Group today announces that it has appointed John Vinci as Head of its Repo Clearing Business, North America. John will join LCH.Clearnet on July 13th, 2015 and will be responsible for establishing LCH.Clearnet’s RepoClear service in the US. John will report jointly in to David Weisbrod, CEO, LCH.Clearnet LLC and Bruce Kellaway, Global Head of Fixed Income, LCH.Clearnet Group.
jlne.ws/1JTQ8hv

Indexes & Products

Big ETF shifts in China
By Ari I. Weinberg, Financial News
Emerging markets are, well, continually emerging, and so too is Vanguard Emerging Markets Stock Index fund.
jlne.ws/1NNUVlw

Your Dirt-Cheap ETF Threatens Asset Managers’ Record Profits; Their fee revenue is getting pinched by low-cost exchange-traded funds, while in the U.S. new fund flows are meager
by Suzanne Woolley
Many of the world’s asset managers may need to work harder for their money.
jlne.ws/1HKYk68

Index providers MSCI, FTSE seek feedback on Greek bourse closure, capital curbs
The Economic Times
Index provider MSCI on Tuesday asked for client feedback on whether it should follow its usual practice of waiting 40 days before taking action on Greece’s stock market closure or if different treatment is justified.
jlne.ws/1JTQ9SK

Technology

ICAP announces further investment in AcadiaSoft
Press release
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that it has made a further investment in AcadiaSoft, Inc, a provider of electronic margining for over the counter (OTC) derivatives. The investment is alongside DTCC, Euroclear and four additional banks, for a total of 13 bank investors.
jlne.ws/1NPGVIA

Toyo Securities selects Fidessa for wholesale agency trading
Fidessa
Fidessa group plc (LSE: FDSA) has announced that Toyo Securities, an independent securities company headquartered in Tokyo, has selected Fidessa as its new wholesale agency trading system. Fidessa’s agency trading platform is currently used by six of the top eight domestic brokers in Japan, as well as by many of the country’s mid-tier brokers.
jlne.ws/1HfDsgL

Orient Securities selects Orc for options market making in China
ORC
Orc, the global market leader in electronic trading technology for listed derivatives, today announced that Orient Securities Co. Ltd. (Orient Securities), one of the largest securities firms in China, has selected Orc’s Trading Bricks platform for their options market making operations on Shanghai Stock Exchange (SSE). With the signed agreement, Orc and Orient Securities will be able to take advantage of the opportunity in China’s financial market development.
jlne.ws/1fmZ3hJ

Tech experts in fight for web security
Richard Waters in San Francisco, FT
Prominent technology experts have warned that US and UK government demands for greater powers to crack encrypted private data could weaken internet security and hamper online freedoms.
jlne.ws/1CofqUV

Enforcement

Goldman Coder Goes Free, But Insider Trader Stays in Jail
By Matt Levine, Bloomberg
Monday saw two pretty interesting court decisions about what information you’re allowed to steal from your employer without going to prison. First there is Sergey Aleynikov, whom you might remember as the programmer who was arrested, tried and convicted of stealing high-frequency trading code from Goldman Sachs; was sent to prison; had his conviction reversed; and then was rearrested, retried and reconvicted in state court. Monday he had that conviction re-reversed. That decision can be appealed, and perhaps it will be, though you’d hope that everyone would be sick of trying to put Sergey Aleynikov in prison by now.
jlne.ws/1gnsy33

Case Summary: EDGEVALENCIA LLC
NFA
DECISION: On July 7, 2015, pursuant to a settlement offer submitted by EdgeValencia, Edge and Valencia, EdgeValencia was permanently barred from NFA membership, associate membership and from acting as a principal of an NFA Member. Edge and Valencia were temporarily barred from NFA membership, associate membership and from acting as a principal of an NFA Member for five years. Edge and Valencia were also temporarily barred from acting as a principal of an NFA Member for an additional one year period after either obtains NFA membership or associate membership.
jlne.ws/1J3VfsD

Quarterly Disciplinary Review – July 2015
FINRA
FINRA publishes this quarterly review to provide firms with a sampling of recent July 2015 disciplinary actions involving misconduct by registered representatives. The sample includes settled matters and decisions in litigated cases (National Adjudicatory Council (NAC) decisions and SEC decisions in FINRA cases). These summaries call attention to, and remind registered representatives and member firms of, specific conduct that violates FINRA rules and may result in disciplinary action.
jlne.ws/1HfuuTP

Environmental & Energy

Chicago firm hauls in $2 billion from sale of wind farms
By STEVE DANIELS, Crain’s Chicago Business
In the largest sale it has made to date, Invenergy is divesting seven wind farms in the U.S. and Canada for $2 billion.
jlne.ws/1UzSnfV

General Mills plans major move toward cage-free eggs
Kevin E. Schmidt, AP
Food maker General Mills announced a major move toward cage-free eggs Tuesday as part of an updated animal welfare policy that now extends throughout its global supply chain.
jlne.ws/1NNV7B6

Facebook is building a big wind-powered data center in Texas
By Katie Fehrenbacher – Fortune
Facebook announced on Tuesday that it’s building a large $1 billion data center in Ft. Worth, Texas. The facility, which is already under construction, will be Facebook’s fifth data center, and will be built on land purchased from a real estate company run by the eldest son of former Presidential candidate Ross Perot.
jlne.ws/1IIyUoM

Supreme Court defeat won’t hinder climate push, says EPA chief
By Timothy Cama – The Hill
The head of the Environmental Protection Agency remains confident on the legality of the Obama administration’s environmental agenda despite a Supreme Court ruling against a major EPA regulation.
jlne.ws/1KS0lfT

Asia-Pacific

Goldman Sachs Says There’s No China Stock Bubble, Sees Rally
by Cindy Wang, Bloomberg
China’s biggest stock-market rout since 1992 has done nothing to erode the bullish outlook of Goldman Sachs Group Inc.
jlne.ws/1HKY5Iq

China’s Stock-Market Rout Puts Car Sales in ‘Meat Grinder’
Bloomberg
Automakers in China are finding themselves in a “lose-lose situation” after a world-beating stock-market boom that diverted funds away from purchases turned into a bust, further denting demand in the world’s largest car market.
jlne.ws/1HMo6ac

China Stock Slump Spreads as Alibaba to JD.com Whipsaw Investors
by Elena Popina, Aleksandra Gjorgievska, Bloomberg
U.S.-traded Chinese stocks tumbled the most on an intraday basis in at least four years before rebounding in late trading as the rout that’s wiped $3.2 trillion from the value of mainland equities spreads.
jlne.ws/1Cp172W

China ramps up efforts to halt stock market rout
Josh Noble in Hong Kong and Gabriel Wildau in Shanghai, FT
China’s central bank stepped up state support for sinking stocks on Wednesday, as investors rushed to sell what they still could after a fresh wave of share suspensions that has halted trading in half the market.
jlne.ws/1LRL3IQ

Chinese Trading Suspensions Freeze $1.4 Trillion of Shares Amid Rout
by Fox Hu, Bloomberg
Chinese companies have found a guaranteed way to prevent investors from selling their shares: suspend trading.
jlne.ws/1CmIuwj

HOTTER ON METALS: Forget Greece; look at China’s stocks scare
Metal Bulletin
The eyes of the financial markets world have been glued on Greece, but they were very clearly diverted yesterday. Now it was China’s turn to hog the limelight.
jlne.ws/1NRSijd

Frontier Markets

Moscow Exchange: The Additional Trading Session Starts Later On 14, 15 And 17 July 2015
Mondovisione
Please note that the Derivatives Market evening trading session will begin five minutes later, i.e. at 7:05 pm MSK, on 14, 15 and 17 July 2015, as these are the last trading days for options contracts (in accordance with clause 7.2 of the Rules of organized trading for the Moscow Exchange Derivatives Market).
jlne.ws/1Cp2zCm

PAK: Your Ticket To The Hidden Gem In Emerging Or Frontier Markets –
Seeking Alpha
Pakistan may very well be, in the words of Renaissance Capital’s chief economist Charlie Robertson, “the best, undiscovered investment opportunity in emerging or frontier markets.”
jlne.ws/1IIY46E

Investors eye Iranian opening
FT.com
Interested in a stock market trading on a price/earnings multiple of 5.35 and with a dividend yield of 13.7 per cent? A market that has less than 1 per cent foreign ownership but could become the largest frontier market with a weighting of 20-25 per cent in the next few years?
jlne.ws/1IIY6vf

More Millionaires And A Shift In Consumer Behaviour In Emerging Markets Present Opportunities For Luxury Brands
MarketWatch
A surge in the number of millionaires and a shift in luxury consumer behaviour in emerging markets in the coming decade present opportunities for brands that serve the wealthy, according to Decades of Wealth: The Next 10 Years In Wealth & Luxury, a new report released by Wealth-X today.
jlne.ws/1IIYav2

Miscellaneous

New York Times to Revamp Its Video Unit
By RAVI SOMAIYA, NY Times
The New York Times announced on Tuesday a broad revamping of its video operation and said it would seek new leadership for what it described as an increasingly vital part of the newsroom.
jlne.ws/1NRX7Jo

Cargill expands agronomy services at Alberta; Project follows upgrade of grain storage facility
Cargill
Cargill is investing $4 million to expand its ability to serve farmer customers with crop inputs, such as seed and fertilizer. The project is expected to be completed in time for the 2016 crop year.
jlne.ws/1HNzxg1

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