First Read

Eris Goes Global with ICE Agreement; CDS and Euro- and Sterling-Based IRS Planned for 2015
Doug Ashburn – JLN
The Intercontinental Exchange (ICE) and Eris Exchange announced a licensing agreement this morning that will allow ICE exchanges in the U.S. and Europe to list futures and options on credit default swaps, as well as euro- and pound-denominated interest rate swaps using Eris’ patented construction methodology.

View the press release

The first product to be launched under the agreement, pending regulatory approval, will be credit futures contracts based on investment grade and high-yield Markit CDX indices. Later in 2015, ICE Futures Europe will use Eris’ product design from its Standard Swap Futures and Flex Swap Futures in euro- and sterling-denominated IRS.

From Eris’ products, CME Group’s deliverable contracts and Eurex’s recently-launched Euro-Swap Futures, to OTC products such as market-agreed-coupon (MAC) swaps, the trend toward standardization continues. As Eris CEO Neal Brady pointed out this morning, as Basel III and other capital regulations come on line, capital and margin-efficient solutions will continue to dot the landscape.

The competition is heating up.

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Small Caps Coming Up Big: Russell’s Pat Fay on the One-Year Anniversary of the CBOE Russell 2000 Volatility Index
JohnLothianNews.com

Investors have been flocking to equities lately, but the interest in small caps is outpacing that in large caps. JLN spoke with Pat Fay, director of listed derivatives for Russell Investments, at FIA Expo, who talked about the “disconnect” between large cap volatility and small cap volatility starting in February, which is also represented in the options volume. Small cap options volume has risen significantly, whereas large cap volume has grown, but not nearly as much.

Watch the video »

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CBOE Launches Enhanced CBOE.com Website
Website Offers Extensive Resources and Enhanced User Experience
CHICAGO, Dec. 3, 2014 /PRNewswire/ — The Chicago Board Options Exchange® (CBOE®) today announced it has released its newly enhanced CBOE.com website, featuring easier navigation and search capabilities, updated and revised educational content, and a responsive design that optimizes desktop, mobile phone and tablet viewing.
jlne.ws/aGEqFv

***** A nice clean and functional look for the CBOE.

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SEC on Alert for Pyramid Schemes Online
WSJ
Regulators say the direct-sales industry is being exploited by Web-savvy con artists who are in fact running pyramid schemes.
jlne.ws/12pjwee

***** Welcome to 1999, SEC.

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Banks Seen Needing More Top Women as U.S. Trails Russia
By Michael J. Moore, Bloomberg
Financial firms are failing to promote women to the ranks of top managers as quickly as they’re adding female directors to their boards, a report from consulting firm Oliver Wyman found.
jlne.ws/1I3IUHy

***** Now this is embarrassing.

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Ken Griffin wins divorce battle over visit to psychologist
Becky Yerak, Chicago Tribune
Griffin’s visit to psychologist not fair game in divorce, judge rules
Wife of hedge fund billionaire loses argument over disclosing joint visit to psychologist
Hearing over billionaire couple’s visit to psychologist lasts about 90 minutes
Billionaire hedge fund manager Ken Griffin scored a legal victory in his divorce case when a Cook County judge ruled Wednesday that his wife may no longer insist she signed their prenuptial agreement under duress after visiting a psychologist with her husband-to-be.
jlne.ws/1wxoFhU

***** The words nasty and divorce are redundant.

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Hirander Misra, CEO GMEX – Exchange Innovation: The Need to Think Outside the Box
JohnLothianNews.com

“The key to that is how technology is used. All too often in the exchange space, we’ve been doing the same thing we’ve essentially been doing for many many years and we haven’t really seen a change.”

Hirander Misra, CEO of GMEX, compares the business model of Netflix and Blockbuster to the exchange space. Misra discusses how technology helped fuel the progress of Netflix and allowed it to overtake Blockbuster in movie rentals. He also touches on the dilemma innovators face in the exchange space due to new regulation, and how it causes disruptions for innovation. Misra says that the existing model is far from optimum from a product and technology standpoint, and he addresses how GMEX addresses adapting the model with new innovation. His key takeaway is that technology is not useful unless it has the proper business model, and that it will take fresh ideas to let the old ways disappear and let new innovation thrive.

Watch the video »

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Sell TheStreet or Quit CNBC, Mad Investor Tells Cramer
By Sonali Basak, Bloomberg
Jim Cramer has made a career out of doling out advice to investors and companies. Now, a hedge-fund manager is turning the tables on the TV personality.
jlne.ws/1ypHLG1

***** Cramer helps run TheStreet from $1.7 billion in 1999 to about $80 million today. I can understand why the shareholders are upset.

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Activist urges Cramer to sell TheStreet
Ed Hammond in New York, FT
Jim Cramer, the ebullient US television presenter and stock picker, is facing calls from an activist hedge fund to sell TheStreet, the financial news service he founded. Cannell Capital, which has become the second-largest investor in TheStreet with a stake of about 9 per cent, said in a sharply worded letter to Mr Cramer that he should also slash his pay by 70 per cent and help his “fellow shareholders crawl back from Hades”.
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***** Getting Cramer off of CNBC would make the world a better place.

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ICAP Charity Day
What do Prince Harry, George W. Bush and Wayne Gretzky have in common? They all participated in yesterday’s ICAP Charity Day, its annual event in which 100% of revenues and commissions generated globally will be donated to more than 200 charities worldwide.
jlne.ws/1yRLbjM

***DA: Haven’t seen the final tally from 2014, but through last year ICAP has raised over $176 million since it began the tradition in 1993.

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World-Class Runners Chug-and-Run in Beer Mile World Championship
By Michael Buteau, Bloomberg
Chugging beer and racing, an unofficial end-of-season rite for some runners, is going legit. A world champion will be crowned tonight.
jlne.w
s/1zo8m4D

***** If this makes it to the Olympics, I am in, but I think my German friends will still dominate the event.

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MarketsWiki

MarketsWiki Page of the Day
ICE Futures Singapore

MarketsWiki Recent Updates

People

John McPartland; James Koutoulas; George E. Crapple; Lucas Schmeddes; Carl W. Gilmore

Companies, Organizations and Groups

Eurex; ICE Futures Singapore; IntercontinentalExchange

Statistics

55.840,953 pages viewed, 8,099 articles, 187,260 edits
MarketsWiki Statistics

Lead Stories

CTAs riding high on back of tumbling oil
Stephen Foley, New York, FT
The tumbling price of oil may have hurt investors who owned commodities, Russian stocks or oil companies, but has been a boon for hedge funds that use computer programs to follow market trends.
jlne.ws/1tRsfMN

US should consider tougher clearing rules
Philip Stafford, FT
The US should consider fresh rules that prohibit clearing houses from pushing any losses from their failure on to pensioners and endowment beneficiaries, a senior US derivatives regulator has said.
jlne.ws/1yRKsyY

Intercontinental Exchange Completes Acquisition of Majority Stake in Holland Clearing House
ATLANTA & LONDON–(BUSINESS WIRE)– Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, has completed its previously announced strategic investment in the Holland Clearing House, a continental European derivatives clearing house, to support its comprehensive clearing strategy. ABN Amro Clearing has retained a minority interest.
jlne.ws/1pUg9qW

FX regulations doing more harm than good, reveals survey
Euromoney
New market regulations governing the FX industry have done more harm than good for FX trading desks, according to an October survey by TradeTech FX.
jlne.ws/1tJGhRF

DTCC, TriOptima Take Aim at European Repository Matching Rates
Waterstechnology.com
Connectivity between repository and reconciliation service looks to reduce matching failures. European derivatives trading moved a step closer to sorting the myriad issues with derivatives reporting today, as the Depository Trust and Clearing Corporation (DTCC) connected to TriOptima’s triResolve portfolio reconciliation service.
jlne.ws/1rZx7zN

LME announces successful launch of LBMA Platinum and Palladium Prices
LME
The London Metal Exchange (LME) has successfully launched LMEbullion, a custom-built electronic solution to provide reference prices for the platinum and palladium markets.
jlne.ws/1ypPXWX

BGC Responds To CME And GFI Announcement Regarding GFI Transaction; BGC’s All Cash Offer Remains a Superior Proposal
BGC
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” or “BGC”), a leading global brokerage company primarily servicing the financial and real estate markets, today responded to the announcement by CME Group Inc. (NASDAQ: CME) (“CME”) and GFI Group Inc. (NYSE: GFIG) (“GFI Group” or “GFI”) regarding their proposed transaction.
Howard Lutnick, Chairman and Chief Executive Officer of BGC, commented, “Our $5.25 per share all-cash offer remains superior to the CME’s stock and cash proposal. We have made significant progress in receiving the necessary regulatory approvals, including early termination of the HSR waiting period in the US and approval by the FCA in the UK, and our all-cash offer provides immediate liquidity to GFI shareholders upon the close of our tender offer. We are currently evaluating our options with regards to the transaction.”
jlne.ws/1tJOncR

Hong Kong Fund Probed for Stock Manipulation, NHK Says
By Takahiko Hyuga and Kana Nishizawa, Bloomberg
Japan’s securities watchdog is probing whether Hong Kong-based hedge fund Areion Asset Management Co. pocketed as much as $83 million by manipulating a company’s stock price, NHK Television reported.
jlne.ws/1vQ3DrP

Russia facing difficulties over attracting funding from foreign financial markets
TASS
The current financial market volatility is creating certain difficulties for Russian banks to finance infrastructure projects, Sberbank CEO German Gref said
jlne.ws/15Qo4ws

Japan Exchange, SGX to collaborate on new derivatives
Reuters
Japan Exchange Group Inc and Singapore Exchange will enter a letter of intent to collaborate in the development and promotion of markets such as derivatives and commodities and deepen a long-standing partnership.
jlne.ws/12pchTE

This bitcoin alternative is a threat to Wall Street
By David Weidner, Marketwatch
Peer-to-peer loans imperil banks, and cryptocurrencies may finish the job
SAN FRANCISCO (MarketWatch) — Wall Street’s greatest threat isn’t from regulation or another meltdown. As we’ve seen over the past few years, governments and central banks will enable and protect the status quo at any cost.
jlne.ws/1vqVZp9

Flow of Opec petrodollars set to dry up
Anjli Raval, Oil and Gas Correspondent, FT
The flow of Opec petrodollars into global financial markets is set to dry up as the collapse in the oil price delivers a $316bn hit to the cartel’s revenues.
jlne.ws/1rUzYiZ

Regulatory

CFTC delays rules for agricultural traders
By Tim Devaney, The Hill
The Commodity Futures Trading Commission (CFTC) is delaying new hedging rules for agricultural commodity traders.
jlne.ws/1vPUtwU

Swaps Clearinghouses Need Greater Oversight, CFTC’s Wetjen Says
By Silla Brush, Bloomberg
Clearinghouses meant to reduce swaps market risk must face greater oversight to ensure they don’t threaten the financial system, according to a member of the U.S. Commodity Futures Trading Commission.
jlne.ws/1vPYC2y

What’s New on the SEC Website December 3, 2014
SEC
Jordan Peixoto (Release No. AP-2081; File No. 3-16184)
21st Century Telesis II, Inc., et al. (Release No. AP-2080; File No. 3-16208)
Brandeis Holdings, Inc., et al. (Release No. AP-2079; File No. 3-16260)
Phillip Dennis Murphy (Release Nos. 34-73724, IA-3974; File No. 3-16294)
Laurie Bebo and John Buono, CPA (Release No. 34-73722; File No. 3-16293)
WD Clearing, LLC, et al. (Extension Order) (Release No. 34-73723; File No. 3-16209)
Elkhorn Investments, LLC and Elkhorn ETF Trust (Release No. IC-31363; File No. 812-14264; December 2, 2014)
American Century Capital Portfolios, Inc. and American Century Investment Management, Inc. (Release No. IC-31362; File No. 812-14329; December 2, 2014)
Alternative Strategies Fund and Ladenburg Thalmann Asset Management, Inc. (Release No. IC-31360; File No. 812-14328; December 1, 2014)
FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adopt FINRA Rule 2122 (Charges for Services Performed) in the Consolidated FINRA Rulebook (Release No. 34-73714; File No. SR-FINRA-2014-049)
NYSE Arca: Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Remove the Exchange’s Quote Mitigation Plan as Provided by Commentary .03 to Exchange Rule 6.86 (Release No. 34-73720; File No. SR-NYSEArca-2014-117; NYSE Arca: Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of the AdvisorShares Pacific Asset Enhanced Floating Rate ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-73717; File No. SR-NYSEArca-2014-126)
NYSE Arca: Notice of Filing of Proposed Rule Change Relating to Listing and Trading the following Series of IndexIQ Active ETF Trust under NYSE Arca Equities Rule 8.600: IQ Wilshire Alternative Strategies ETF (Release No. 34-73716; File No. SR-NYSEArca-2014-134)
OC: Notice of Filing of Proposed Rule Change Relating to Bilateral Block and Bilateral EFP Reporting Guidance (Release No. 34-73715; File No. SR-OC-2014-06)
Phlx: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Anti-Internalization Functionality for Registered Market Makers on the PHLX Options Market (Release No. 34-73719; File No. SR-Phlx-2014-76)
Bank of America, N.A., Nov. 25, 2014
jlne.ws/1eCTnOv

Exchanges & Trading Facilities

FOURTH ANNUAL EXCHANGE CONFERENCE EVENT ATTRACTS LEADING MEMBERS OF FINANCIAL COMMUNITY
Euronext
Paris – 3 December 2014 – Euronext, the primary exchange in the euro zone, today celebrated the success of its fourth annual conference for exchange professionals. Nearly 800 members of the capital markets community took part, with over 40 prominent speakers offering constructive discussions of recent developments, followed by a unique awards ceremony.
Euronext’s Annual Exchange Conference was launched to enable issuers, banks, listing sponsors, investors, auditors, accountants, lawyers, financial communications agencies and private equity professionals to share their expertise, debate current events, and analyse present and future trends.
The 2014 event marked the end of a remarkable year during which Euronext’s European markets made a major contribution to business finance, raising nearly EUR93 billion by November 30 Funds raised in primary and secondary market transactions (shares and bonds) from 1 January 2014 through 30 November 2014., including EUR65 billion in France alone. The same eleven months saw 44 new listings, raising a combined total of almost EUR10.8 billion Funds raised in stockmarket listings from 1 January 2014 through 30 November 2014— exceeding the total amounts raised between 2008 and 2013.
jlne.ws/1I3Tm1I

Deutsche Börse Adds Options Liquidity Indicator to Eurex Analytics
Waterstechnology.com
Deutsche Börse Market Data + Services, the data arm of German exchange group Deutsche Börse, has introduced a new analytics product for options contracts, dubbed Eurex IOC Liquidity Indicator for Options, to provide trading participants with greater insight into the liquidity of the most widely traded options on its Eurex derivatives exchange.
jlne.ws/1vr5xAE

Borsa Italiana Monthly Update November 2014
MondoVisione
jlne.ws/1zUD70Y

Eurex to launch Asian product suite in 2016
Risk.net
Frankfurt-based firm’s Asian ambitions not limited to setting up a CCP, explains chief executive as he outlines plans to boost headcount in Singapore from 2015
jlne.ws/1CIvPDp

CME Group Notices
Performance Bond Requirements- Agriculture Intra-Commodity Spread Charges and Inter-Commodity Spread Credits-Effective Thursday, December 4, 2014 03 Dec 2014
Reminder: Amendments to Two (2) Natural Gas Futures Contracts 03 Dec 2014
Large Trader Requirements. Listing of Three (3) Light Louisiana Sweet (LLS) (Argus) Crude Oil Futures Contracts 03 Dec 2014
Large Trader Requirements. Listing of Iron Ore 58% Fe, Low Alumina, CFR China (TSI) Futures Contract 03 Dec 2014
Expansion of Contract Month Listing Schedule for Indonesian Coal (McCloskey sub-bituminous) Futures Contract
jlne.ws/1yiRpvt

WIG20TR Has Historically Gained Nearly 100%
PRESS RELEASE
• WSE has published the WIG20TR (WIG20 Total Return) index for two years.
• The index has since gained 10.25%; it has gained 98.32% since the end of 2004, the start date of calculation of the index historical value.
• Publication of WIG20TR reflects the Exchange’s efforts aiming to build a culture of long-term investments.
jlne.ws/1FSBkNR

REGIS-TR TO BECOME A REGISTERED REPORTING MECHANISM (RRM) IN THE EUROPEAN WHOLESALE ENERGY MARKET
BME
REGIS-TR, the European trade repository owned by Clearstream – a subsidiary of Deutsche Börse Group – and Iberclear (BME), is applying to the EU Agency for the Cooperation of Energy Regulators (ACER) to become a Registered Reporting Mechanism (RRM) to ensure the required coordination and consistency in monitoring activities under the Wholesale Energy Market Integrity and Transparency (EU) Regulation (REMIT).
(By Email)

BM&FBOVESPA publishes November market performance
Trading value in the equity market (BOVESPA segment) totaled BRL 130.20 billion in November, compared with BRL 250.16 billion the previous month. Average daily trading value was BRL 6.85 billion, from BRL 10.87 the previous month. Total volume reached 17,014,495 trades, from 30,418,509 the previous month. Average daily volume was 895,500 (1,322,544 in October).
(By Email)

Hedge Funds & Managed Futures

SAC, Och-Ziff Alumnus Said to Start $300 Million Asia Hedge Fund
By Bei Hu, Bloomberg
Ken Xu, a former managing director at SAC Capital Advisors and Och-Ziff Capital Management Group LLC, raised almost $300 million for his own Hong Kong-based hedge fund, said two people with knowledge of the matter.
jlne.ws/12zmj5t

World’s Richest Families Warned of Impact-Investing Hype
By Margaret Collins, Bloomberg
The World Economic Forum has a message for wealthy families thinking about impact investing: don’t buy on the buzz.
jlne.ws/1BgFQWP

Vanguard’s November inflows top $21bn
Stephen Foley in New York, FT
An annus horribilis for US active fund managers drove a further $21.3bn into Vanguard, the leading provider of low-cost index tracker funds, in November
jlne.ws/1wxirP9

Extreme oil bears bet on $40 crude
Gregory Meyer in New York, FT
The oil market rout has made ome investors so bearish they are buying contracts that pay out if prices drop below $40 a barrel — a level last traded during the bleakest chapters of the financial crisis.
jlne.ws/1ypCU7J

Banks & Brokers

Crédit Agricole Launches Derivatives Post-Trade Utility with FIS
Waterstechnology.com
The solution will allow investment banks to share IT services and resources, reducing costs and increasing efficiency. Crédit Agricole Corporate and Investment Bank (CA CIB) has externalized its post-trade platform to FIS, a banking and payments technology provider, in order to launch a derivatives post-trade utility platform.
jlne.ws/1zojmz1

The Real Reason Why High-Powered Brokers Are Leaving Merrill Lynch
By Linette Lopez, Business Insider
Shutterstock Veteran Merrill Lynch brokers have been leaving Bank of America Merrill Lynch and taking billions in assets elsewhere, and it’s not just because they don’t want to drink wheatgrass shots and meditate.
jlne.ws/1vQ4Dfv

Madhu Satyanarayana, J. Goldman & Co. Money Manager, Dies at 33
By Simone Foxman, Bloomberg
Madhu Satyanarayana, who in 2011 joined hedge fund firm J. Goldman & Co. in New York as a money manager specializing in distressed companies and their debt, has died. He was 33. He died on Nov. 29 at his home in Cresskill, New Jersey, according to his friend, Amar Tanna. The cause was an apparent heart attack.
jlne.ws/1pXw9Zb

Dark-Pool Trading Sets Records in Europe as Rules Change
By John Detrixhe, Bloomberg
Some European dark pools are setting records for volume as the operators and users of the markets await regulations aimed at increasing transparency.
jlne.ws/1BgSoNJ

Buyside seeks standards for dark pool scrutiny
By Tim Cave, Financial News
The Investment Management Association, Europe’s largest buyside trade body, is in the early stages of an initiative to help dealing desks scrutinise the trading practices of their brokers, following several high-profile US regulatory investigations into the operation of bank-owned dark pools.
jlne.ws/11ZlOAZ

Clearing & Settlement

LCH.Clearnet makes executive changes
Securities Lending Times
LCH.Clearnet Group has appointed two new senior executives, with Michael Davie becoming group COO and Martin Pluves taking up the role of central counterparty CEO. The new roles will become effective from 1 January.
jlne.ws/1rUElKW

Indexes & Products

New UBS Bond Index ETF Launched On Xetra – ETF Offers Access To Liquid US Corporate Bonds
MondoVisione
A new bond index fund issued by UBS Global Asset Management on liquid US corporate bonds has been tradable in the XTF segment on Xetra since Thursday.
jlne.ws/1yiUuLR

Wealth Adviser: Some Doubts About ETF Managed Strategies
By Kevin Noblet, WSJ
Financial advisers have embraced exchange-traded funds even as the funds have grown in complexity and variety. ETF strategists who package managed portfolios also have become popular, offering a convenient way to sort through this ever-expanding universe. Lately, however, the strength of the S&P 500 index has some advisers reconsidering the value of these strategists, who of course tack on their own fees, Wealth Adviser at WSJ.com reports. Assets in Good Harbor’s U.S. Tactical Core, for example, once the largest strategy among ETF managed portfolios, fell 36.7% in the third quarter due to poor returns and outflows, according to investment-research firm Morningstar Inc.
jlne.ws/11ZajcM

BlackRock China ETF’s Derivatives Strategy Faltering
By Boris Korby and Ye Xie, Bloomberg
BlackRock Inc.’s pioneering China exchange-traded fund is at risk of losing its market-leading status as returns trail its benchmark index and competitors take advantage of reduced government curbs on foreign investors.
jlne.ws/1vQ2Kj1

Technology

TickSmith Makes Tick Data Analysis Tools Available on Amazon Cloud
Waterstechnology.com
The move will make it easier for clients to deploy data analytics in their existing Amazon cloud platforms. Montreal-based tick data and Big Data analytics provider TickSmith has ported its TickVault and FIXVault platforms to Amazon Web Services’ cloud, to support an additional development option for firms that already use AWS in their data and IT infrastructures.
jlne.ws/1zUFkcL

Enforcement

SEC Announces Fraud Charges Against Two Executives in Scheme Involving Fake Occupants at Senior Residences
SEC
The Securities and Exchange Commission today announced fraud charges against two former top executives at a Wisconsin-based assisted living provider accused of listing fake occupants at some senior residences in order to meet the requirements of a lease to operate the facilities.
jlne.ws/1yiSD4I

CFTC Orders Pennsylvania Resident Christopher A. Engel and Pinnacle Forex Group LLC to Pay Restitution and a Civil Monetary Penalty Totaling More than $819,000 for Engaging in Commodity Pool Fraud and Misappropriation
CFTC
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order requiring Respondents Christopher A. Engel and Pinnacle Forex Group LLC (Pinnacle), both of Glen Rock, Pennsylvania, jointly to pay a $414,000 civil monetary penalty and restitution totaling $405,378 to defrauded customers for committing fraud and misappropriation in connection with operating a commodity pool that traded leveraged or margined off-exchange foreign currency contracts (forex).
jlne.ws/1I3A3pk

Environmental & Energy

This Process Averts Climate Change. Now the Bad News
By Jeremy van Loon, Bloomberg
Scientists know only two credible ways to prevent temperatures from rising to dangerous levels: stop burning fossil fuels or capture and bury the carbon dioxide byproduct before it gets into the atmosphere.
jlne.ws/12ziH3o

Asia-Pacific

Hong Kong advances on OTC derivatives compliance
TheTradeNews.com
Hong Kong’s Securities and Futures Commission and the Hong Kong Monetary Authority have issued their findings following a joint public consultation on the mandatory reporting and record keeping obligations.
jlne.ws/1wxBit7

Release Dates of the Data of “Trading by Type of Investors” for the End of the Year and for the Beginning of the Year
Osaka
jlne.ws/11ZaOUc

Monthly Market Highlights for November 2014
HKEx
jlne.ws/1nMsKqI

HKFE Announces Revised Margins for China Life, CNOOC and Sinopec Corp Futures Contracts
HKEx
jlne.ws/1nMsKqI

Chinese Stocks See Best One-Day Gain Since 2012; Small Investors Rushing Back Into Stocks, Driving The Rally
By Shen Hong, WSJ
After years of estrangement, China’s small investors are rushing back into stocks, driving a rally that has made Shanghai the top-performing major market in the world this year.
jlne.ws/1BgEXgJ

China shadow bank collapse exposes grey-market lending risk
Gabriel Wildau in Taiyuan, FT
A sign in parchment above the locked door of Shanxi Platinum Assemblage Investment, written in calligraphy, reads “Honesty is fundamental”. Until recently a police notice below it directed investors to report to the local station to submit evidence against the company.
jlne.ws/1rUAeOY

Japan Commodity Clearing House Co. Volume and Open Interest for November
JCCH
jlne.ws/1FPsFvC

Frontier Markets

Vladimir Putin promises ‘harsh’ measures to fight ruble traders as currency crashes; Russia’s President has announced plans to curb rising capital flight from the country, as the economy faces recession in 2015
By Peter Spence, Economics Correspondent, The Telegraph
As Russia hurtles towards a recession, Vladimir Putin, the country’s President, has slammed speculators for the decline of the ruble.
jlne.ws/1yiYF5m

Banks lose N21.7b to fraud in one year
Written by Chijioke Nelson, The Guardian
THE Nigeria Deposit Insurance Corporation (NDIC) said the nation’s banking sector recorded a total number of 3,756 fraud cases worth N21.79 billion within the 2013 financial period.
jlne.ws/1FSpwLD

BSE seeks clarification from FTIL on MCX-SX stake to 13 entities
Business Standard
The exchange has raised questions over the viability of warrant sales after they had been treated as extinguished by the company earlier this year
BSE has sought clarification from Financial Technologies (FTIL) on the sale of warrants in the MCX-SX stake-sale to 13 entities, including ace investor Rakesh Jhunjhunwala, conducted last month. The exchange has raised questions over the viability of warrant sales after they had been treated as extinguished by the company earlier this year in August.
jlne.ws/1zUxIal

Qatar replaces head of $300bn fund
Arash Massoudi and Kate Allen in London and Simeon Kerr in Dubai, FT
The Qatar Investment Authority, which manages as much as $300bn including significant stakes in Barclays, Credit Suisse and London department store Harrods, has appointed a member of the Qatari royal family to replace its chief executive.
jlne.ws/1yUtYY2

Miscellaneous

Thomson Reuters Eikon Scoops Commodity Business Award – Commodities Team Earns Award For Excellence In Commodity Logistics Plus Two Further Commendations
MondoVisione
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has earned the award for “excellence in commodity logistics” at this year’s Commodity Business Awards for its flagship desktop for financial services professionals, Eikon, and scooped a two further special commendations for technology and data management.
jlne.ws/1yRKHKr

Latest Derivatives Market Research Reports for November 2014
HKEx
jlne.ws/1nMsKqI

Google should pay authors for scanned books, U.S. appeals court told
By Joseph Ax, Reuters
Google Inc’s massive effort to scan millions of books for a digital library violates copyright law, illegally depriving authors of licensing fees, royalties and sales, a lawyer for a group of authors told a U.S. appeals court on Wednesday.
jlne.ws/1rZtV77

Ease of use will decide ewallets’ fate
Stephen Pritchard, FT
It can take a long time for new ideas to catch on in the payments world. Plastic debit and credit cards, for example, account for half of payments in the UK and US, but it has taken more than 60 years to get there. Globally, cash is still dominant.
Despite being 15 years old, online payment system PayPal only accounts for about 10 per cent of online payments, says Bob Graham, senior vice-president for banking and financial services at consulting firm Virtusa.
jlne.ws/1CInxv3

Freepoint Commodities and Merchant Capital Solutions Form Strategic Alliance
Seek to Provide Corporate Financing Solutions in the Energy and Commodities Sector
Freepoint Commodities
Stamford, CT, and New York, NY, December 4, 2014 – Freepoint Commodities LLC (“Freepoint”), a leading physical commodities and merchant finance firm capitalized by its management, employees and funds managed by Stone Point Capital (“Stone Point”), and MCS Capital Markets LLC (“MCS”), a broker dealer and capital solutions provider capitalized by affiliates of Stone Point, KKR & Co. L.P. (NYSE: KKR) and CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board (“CPPIB”), announced today that they have entered into a strategic alliance through which the firms intend to pursue opportunities to provide debt and equity financing solutions for clients in the energy and commodities sector.
t.co/8jDxgdXHDk

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