First Read

Derek Sammann, CME Group – The Importance of Electronification and Globalization
JohnLothianNews.com

“The amount of structural change — driven by market regulations, the implosion of the credit markets, events in Greece, the hangover from 2008/2009 — has created an incredible amount of change that’s wrenching the infrastructure from the moorings of the last four years.”

A booming voice, large stature (did you play college football?), the ability to do math quickly since markets were made in minds — these were qualities Derek Sammann of CME Group recalls firms looking for when he became a trader in 1990. After 25 years, Sammann sees a much different landscape. Electronification shifted priorities from the pits to server rooms. Access to global markets no longer requires a central, physical trading hub. Focus rests less and less on the activities of day-to-day trading, but rather on optimizing infrastructure. With those macro examples in mind, Sammann imparts the valuable lesson, “change will not slow down, change will speed up.”

Watch the video at MarketsWikiEducation.com »
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Bernanke: More execs should have faced prosecution for 2008 crisis – USA Today
Reuters
Former Federal Reserve Chairman Ben Bernanke said in a newspaper interview published on Sunday that more corporate executives should have been prosecuted for their actions leading up to the 2008 financial crisis.
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***** Do we have enough room in the prisons?

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The Young People Who Got Screwed by a Strong Economy; Research shows the housing boom dimmed long-term career prospects for some workers.
Patrick Clark, Bloomberg
For one reason or another, the young construction workers and sales agents who skipped college to enter the workforce never went back, opening a schism between the boom-time workers and the college-going generation that came of age after the economy went splat.
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***** I love Monday morning stories, they are so positively negative.

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MarketsWiki Education London 2015
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Are Millennials Financially Screwed?
Bloomberg
Millennials say they are following their dreams despite the financial pressures that face them. A Bloomberg Politics poll conducted this month quizzed the cohort on their financial habits from debt management to retirement goals. And Bloomberg also interviewed a creative pool of people age 18-35 in New York. (Video by Christian Capestany, Dan Madden, Ali Withers, Adam Wolffbrant) (Source: Blomberg)
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***** Someone had a bad weekend.

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The Federal Reserve Has Some Advice for Your Love Life; You’ll never look at “credit unions” the same way again.
Luke Kawa – Bloomberg
Over at the U.S. central bank, the jury’s still out on whether inflation’s set to trend back toward policymakers’ 2 percent target.
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****** One more complication for love?

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Derivatives Collateral Management – Are You On Track?
A complimentary webinar Oct 6th 2015 (10am NY, 3pm UK, 4pm Paris)
With the derivatives industry still in flux, market participants continue to contend with increased margin requirements new regulation impose on both cleared and non-cleared derivatives. Many firms have already invested in collateral management operations to support mandatory CCP clearing of standardised OTC derivatives but will need to make strategic decisions impacting internal practices and external relationships to respond to further market-wide changes such as Basel III.
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***DA: Moderated by DerivSource founder Julia Schieffer, with panelists Virginie O’Shea of Aite Group and my buddy Ted Leveroni, Chief Commercial Officer, DTCC-Euroclear GlobalCollateral Ltd.

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When You Can’t See Singapore, It Looks Like Beijing
By Nisid Hajari, Bloomberg
Singapore is starting to look like Beijing or New Delhi. That’s because you can’t see it through the haze. Smog has disrupted outdoor events, forced schools to close and sent commuters running for their surgical masks.
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****** Bring your surgical mask with you, I guess.

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Crows May Learn Lessons From Death; A new study investigated what crows might understand about death
Carl Zimmer, NY Times
In recent years, a peculiar sort of public performance has taken place periodically on the sidewalks of Seattle.
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****** I thought this was another story about John Snow from Game of Thrones.

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Bloomberg Markets 50 Most Influential
Bloomberg
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****** Media companies love lists, let me count the ways.

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The OCC is now tweeting under @OptionsClearing.

Lead Stories

Deaths Draw Attention to Wall Street’s Grueling Pace
By WILLIAM D. COHAN, NY Times
In retrospect, it was around Easter that John Hughes began to think something unusual was going on with his middle son, Thomas, a 29-year-old investment banker.
jlne.ws/1OSAqbg

Global regulators finalize new capital rule for big insurers
BY HUW JONES, Reuters
The world’s nine biggest insurance companies will have to hold more capital under new rules just finalised by global regulators that aim to prevent taxpayer bailouts of the industry in a crisis.
jlne.ws/1OhhYJo

Russell Investments maintains ‘revolutionary’ zeal
Attracta Mooney, FT
When Russell Investments launched of RFX Network, its automated execution platform, it promised a revolution — or at least a “revolutionary” way of trading currency. But nine months on from its introduction in January, there are few signs this is taking shape.
jlne.ws/1LsRLa4

SGX launches index services in Asia
SGX
Singapore Exchange (SGX) today announced the launch of SGX Index Edge, its index business that will create and offer comprehensive index services tailored for issuers, asset managers and investors in Asia. This demonstrates SGX’s intent to build a regional index business, developed on the backbone of the exchange’s leading infrastructure – technology, operations, governance and strong regulatory framework – as well as its deep understanding and on-the-ground insights of the region.
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ICE Clear Singapore Receives Recognition under EMIR; On Track for November 17 Launch
ICE
Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, announced today that ICE Clear Singapore has been recognised as a third-country central counterparty (CCP) in accordance with the European Market Infrastructure Regulation (EMIR).
jlne.ws/1OSx3B3

Central Banks Lose Bond-Market Credibility as Woes Mount
Andrea Wong, Anchalee Worrachate, Bloomberg
Traders’ inflation outlook falls toward financial-crisis lows
`Lack of faith in monetary policy,’ according to State Street
More and more, bond traders are drawing the same conclusion: central bankers globally are coming up short in their attempts to combat the world’s economic woes.
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Repercussions from Swiss currency moves still being felt
Chris Newlands, FT
Shelter from the storm: Swiss queue to swap euros for Swiss francs
The Swiss National Bank’s decision on January 15th to scrap its currency cap with the euro proved there are no certainties in finance.
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Clinton Blames ‘Shadow Banking’ for Financial Crisis
Bloomberg
Bloomberg’s Jesse Hamilton reports on why Hillary Clinton blames “shadow banking” for financial crisis. He speaks on “Bloomberg Markets.” (Source: Bloomberg)
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SEC’s ‘broken windows’ policing of Wall Street ‘deeply flawed’ or necessary?; New study raises questions about whether the agency’s counting of cases it has pursued has made it appear more effective than it may actually be
Suzanne McGee, Reuters
At times, Mary Jo White sounds almost like Wyatt Earp, or some other law enforcer from the Old West – only without the gun.
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A Tax to Curb Excessive Trading Could Be a Boon to Returns
By RON LIEBER, NY Times
Taxes are inevitable. Most people don’t like them. But once in a while, someone proposes a new one that could prompt the sort of behavioral change that may actually save some people money.
jlne.ws/1KVFx6K

Saudi Arabia Cuts Oil Prices Amid OPEC Price War; Reductions follow price cuts by rivals last month
By BENOIT FAUCON, WSJ
Saudi Arabia on Sunday made deep reductions to the prices it charges for its oil, hard on the heels of cuts last month by rival producers in the Gulf.
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Glencore Isn’t Lehman Brothers Part II: It’s Not Economically Significant Enough
Tim Worstall, Forbes
Some of the wilder voices are worrying that if Glencore implodes (not that it is likely to anyway) then this would be a big shock to the world’s financial system as with the failure of Lehman Brothers. And thus another financial crash, another horrible recession for everyone to suffer through and, well, disaster! And this really isn’t what is going to happen whatever happens to Glencore.
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Banks face erosion of business around currency fix
Philip Stafford, FT
The dominant banks in currencies trading face losing market share to independent venues as telephone-based business focused on key industry benchmarks declines in the wake of the forex market rigging scandal.
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New Liquidity Rules Will Make Fund Managers More Chicken-Hearted
By JASON ZWEIG, WSJ
Just about everybody but the pope has been worrying lately about whether mutual funds and exchange-traded funds are equipped to withstand the next stock-market crash or bond collapse: activist investor Carl Icahn, the Federal Reserve, the U.S. government’s Financial Stability Oversight Council, the Bank of England, the International Monetary Fund.
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Gulf Widens Between Fed Forecasts and Signal From Futures Market
Daniel Kruger, Bloomberg
Ten-year yield posts biggest weekly drop since March
Traders push off bets on Fed liftoff into early 2016
The bond market’s doubts about the Federal Reserve’s projections for interest rates are only growing.
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World Bank head opens case over capital
Shawn Donnan in Washington, FT
The World Bank’s president has begun making the case for an increase of the institution’s capital base, arguing that a slowdown in emerging markets and ambitious UN development goals agreed last month mean the bank needs greater resources.
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Fixed income should not look to ‘The Godfather’ for guidance
Andrew Cole, FT
Of the many great films in world cinema, the most memorable are those whose main characters undergo a moral metamorphosis. Think Michael Corleone in The Godfather, the ultimate good guy turned bad.
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What are we to make of the commodity price meltdown?; The ramifications of the turmoil in commodity markets are difficult to determine, says Roger Bootle
By Roger Bootle, The Telegraph
What has recently happened to commodity prices is a key indicator of the strains in the world economy, and perhaps a forecaster of the dangers that lie ahead. Equity markets have been generally weak, while Swiss commodity giant Glencore has seen its share price drop by two thirds. What are we to make of the commodity price meltdown?
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Regulatory

Dodd-Frank’s Effect on Small Banks is Muted; Law has raised costs, but by some measures community banks are quite healthy; low interest rates pose bigger hit to profits, observers say
By KATE DAVIDSON, WSJ
It’s a favorite lament of community banks: The 2010 Dodd-Frank law is squeezing small financial firms and crimping access to credit for Main Street, all in the name of protecting the country from another financial crisis.
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New Fund Rules: What You Need to Know; We explain the series of changes, coming fast and furious from the SEC
By DAISY MAXEY, WSJ
Investors and fund companies should brace themselves for a blizzard of new mutual-fund rules.
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Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC

    • CBOE: Notice of Filing of a Proposed Rule Change Relating to Margin Requirements (Release No. 34-76068; File No. SR-CBOE-2015-077)

 

    • ICEEU: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Clearance of New Natural Gas Futures Contracts (Release No. 34-76069; File No. SR-ICEEU-2015-016)

 

    • NYSE Arca: SEC Submission of NYSE Arca First Trust Heitman Real Estate Amendment No 1 (September 25, 2015)

 

    • NYSE Arca: SEC Submission of NYSE Arca First Trust Heitman Real Estate Amendment No 1 Filing (September 25, 2015)

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Exchanges & Trading Facilities

Intercontinental Exchange Reports ICE & NYSE September Statistics
Press Release
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported September exchange traded volume.
ICE’s September 2015 futures and options average daily volume (ADV) decreased 6% compared to September 2014.
Commodity ADV increased 3% led by Brent, gasoil, other oil and sugar ADV up 3%, 20%, 15% and 19% respectively, from the prior September.
Financials ADV declined 16% from the previous September primarily due to low European short-term interest rates.
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MOSCOW Trading Volumes in September 2015
Moscow Exchange
Moscow Exchange announces trading volumes for September 2015. The Derivatives Market and FX Market posted the strongest growth, with volumes increasing 102.5% and 84.7% YoY, respectively.
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LME introduces measures to grow options trading on exchange
LME
The London Metal Exchange (LME) is taking steps to boost liquidity on its traded options market, increasing the transparency of data reporting and providing greater protection for participants placing large options orders on the Exchange.
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Summary of September 2015 Activities
TOCOM
The Tokyo Commodity Exchange announced today that average daily trading volume for
September 2015 was 109,962 contracts, down 4.0% from August 2015. Year-on-year volume
was up 19.5%. TOCOM’s Dubai Crude Oil volume was up 23.8% to an all -time high of 20,325 contracts. In contrast, Gold was down 14.9% to 31,519 contracts and Platinum was down 8.7% to 17,638 contracts.
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Euronext Announces Monthly Trading Volumes for September 2015
Business Wire
Euronext (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX), the leading exchange in the Eurozone, today announced trading volumes for September 2015.
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Nairobi Stock Exchange confident on UK listings strategy
John Aglionby in Nairobi, FT
The head of the Nairobi Stock Exchange is confident a UK property investment company’s listing in Kenya will achieve its fundraising goal as institutions and rich individuals seek exposure to overseas markets and a hedge against the local depreciating currency.
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Hong Kong exchange ditches dual-class share bid
Josh Noble in London, FT
The Hong Kong stock exchange has ditched plans to allow the issue of shares with differing voting rights, dealing a blow to its efforts to attract more high-profile technology companies to list in the territory.
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Singapore exchange to offer custom indices
Jennifer Hughes in Hong Kong, FT
Singapore’s stock exchange will begin offering custom indices in an effort to tap the rapidly growing market for index tracking products as it battles a slowdown in its namesake operations.
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Deutsche Börse launches Intraday Volatility Forecast for Futures of DAX, EURO STOXX 50 and Euro-Bund; New analytic provides key input for trading algorithms and risk methodologies
Deutsche Börse
Deutsche Börse Market Data + Services is launching the new information product ‘Intraday Volatility Forecast’ on 23 November. The new analytic delivers ten-second, one-minute and ten-minute volatility forecasts for the futures of DAX, EURO STOXX 50 and Euro-Bund.
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Some of the biggest investors in the business just endorsed the trading hero made famous in ‘Flash Boys’
Matt Turner, Business Insider
IEX Group, the stock-trading venue at the center of Michael Lewis’ book “Flash Boys,” has just received the backing of a slew of big-name investors.
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Hedge Funds & Managed Futures

Efficient Capital Management Announces Strategic Relationship with Maren, LLC
Efficient Capital Management, LLC, a leading provider of managed futures strategies to institutional investors, announced today that it has launched an initiative to make its sophisticated managed futures strategies and services available to a wider group of investors through its proprietary trading platform. To assist it in implementing this, Efficient has entered into a strategic relationship with Maren, LLC—the principals of which are associated persons of D. H. Hill, a Texas-based financial services group that includes D. H. Hill Securities, LLP, a FINRA member broker dealer—to act as a placement agent for these services.
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Omaha Beached by ConAgra
By SPENCER JAKAB, WSJ
Omaha still punches above its weight in the corporate world, but received a body blow this week from ConAgra CAG +2.25%. By deciding to move to Chicago, the food company reduced the Nebraska city’s number of Fortune 500 companies to four. They include Warren Buffett’s Berkshire Hathaway BRKA -0.12% and Union Pacific.
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Merkel says VW scandal has not hurt Germany’s reputation as good place for business
Reuters
German Chancellor Angela Merkel told a German radio station that the emissions scandal around German carmaker Volkswagen (VOWG_p.DE) was “drastic” but the damage was not so great that Germany was no longer deemed a good place to do business.
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Investment envelopes likely to arrive filled with red ink
Gail MarksJarvis, Chicago Tribute
Beware of the mail that’s arriving from your 401(k) or other investment accounts.
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New chairman sees emissions scandal as threat to VW’s viability -paper
Reuters
Hans Dieter Poetsch, the incoming chairman of Volkswagen (VW), sees the scandal around the rigging of emissions tests as a threat to the firm’s viability albeit a surmountable one, a newspaper quoted him as saying.
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American Apparel files for bankruptcy protection; Struggling fashion retailer will continue trading during its efforts to cut down debts
The Telegraph
American Apparel has filed for bankruptcy protection to wipe out most of its debts and provide more breathing space for its restructuring.
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Glencore shares surge on takeover talk; Stock rockets more than 72pc following Sunday Telegraph story
By Andrew Critchlow, The Telegraph
Glencore shares jumped 15pc in early trade in London, having surged by as much as 72pc in Hong Kong after the Sunday Telegraph revealed that the embattled mining giant would listen to takeover offers.
jlne.ws/1L1uqaa

Wealth Adviser Daily Briefing: It’s Prime Time for Roth IRAs
By MICHAEL WURSTHORN, WSJ
Roth individual retirement accounts are gaining appeal as falling markets present tax-savings opportunities for both owners of those accounts and savers who would like to be, writes The Wall Street Journal. The main drawback of a Roth IRA is often the tax hit affluent savers take when they put money into one, writes Tax Report columnist Laura Saunders, so depressed asset values minimize this downside. And some Roth IRA owners who transferred assets into their accounts last year when values were higher still have a chance at a do-over. The deadline to undo such transfers made in 2014 is Oct. 15. For would-be Roth IRA owners, one option is to convert small sums at opportune times to avoid a higher tax bracket, says Natalie Choate, a lawyer who specializes in estate planning for retirement benefits at Nutter, McClennen & Fish in Boston.
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Stock pickers fail to shine in downturn
Stephen Foley, FT
Are hedge fund ‘two and 20’ fees justified for failing to beat market?
It is easy to look smart when the equity market is soaring. The time when stock pickers really shine is when markets take a turn for the worse — or so they claim.
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British Government to Sell $3 Billion Stake in Lloyds Banking Group
By CHAD BRAY, NY Times
The British government said on Monday that it planned to sell a 2 billion pound, or $3 billion, stake in the Lloyds Banking Group to retail investors in the spring, as it prepares to exit ownership of the lender.
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Banks & Brokers

MarketAxess Announces Monthly Volume Statistics for September
MarketAxess Holdings Inc., the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced total monthly trading volume for September 2015 of $82.4 billion, consisting of $47.6 billion in U.S. high-grade volume, $29.6 billion in other credit volume, and $5.3 billion in liquid products volume.
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ICAP’s EBS buys funds-focussed Molten Markets
Reuters
ICAP-owned trading platform EBS took another step into the asset management sector with the announcement on Monday it had purchased Molten Markets, a specialist in foreign exchange trading technology for funds and other investment managers.
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ICAP says Sept EBS volumes down 24 pct
Reuters
* US Treasury average daily volume in September fall 7% to $157.4 billion
* US repo average daily volume in September 2015 down 13% to $210 billion
* European repo average daily september volume down 2% to 180.7 billion euros
jlne.ws/1VAP3yT

Scottrade Discloses Data Breach Potentially Targeting 4.6 Million Clients; Breach happened between late 2013 and early 2014, brokerage says
By DANIEL HUANG, WSJ
Discount brokerage Scottrade Inc. disclosed a data breach Friday that appeared to target the names and street addresses of about 4.6 million clients.
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Clearing & Settlement

LSE to Proceed With Link Plan Delayed by Swiss-Franc Shock
John Detrixhe, Bloomberg
London Stock Exchange Group Plc will take a major step forward in its policy of giving more choice to customers when it starts a link with European Central Counterparty NV later this month after overcoming regulatory scrutiny in the aftermath of the extraordinary volatility in the Swiss franc.
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Buy side: central clearing ‘a mess’ as sell-side dialogue hits ‘fever pitch’
Risk.net
Central clearing is a “mess” as a result of the impact of the leverage ratio on clearing brokers, according to buy-side market participants, but in limited circumstances asset managers may consider clearing earlier than they have to. These are some of the views expressed by three buy-side participants at a Eurex and Global Markets Exchange Group (Gmex) panel discussion held in London on September 30.
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ICE Singapore approved for European clearing while US blocked, Banking & Finance
The Business Times
Intercontinental Exchange’s Singapore clearing house, which acts as an important firewall between traders, has been recognized by the European Securities and Markets Authority as meeting the continent’s standards, while its US and European units have yet to gain that status.
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Europe finalises draft rules on CDS clearing
Futures & Options World
The European Securities and Markets Authority (Esma) on Friday finalised draft rules to enforce mandatory clearing of credit default swaps (CDS), marking the latest step as Europe edges towards mandatory clearing of its over-the-counter derivatives markets.
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Indexes & Products

Bloomberg Commodity Index (BCOM), Q3 2015
Bloomberg
The Bloomberg Commodity Index lost 14.5% in Q3 amid forecasts for the slowest economic growth since 1990 in China, the biggest user of energy, metals and grains.Oil led the Q3 collapse as OPEC producers pumped near record levels while everything from corn to copper was down more than 10% on speculation that supplies are outpacing demand.
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It’s Turning Into a Brutal Game of Survivor for ETFs; Just ending the year up will be a challenge. Five offbeat standouts to watch.
Eric Balchunas, Bloomberg
Only 10 percent of exchange-traded funds are in positive territory, after market selloffs in the U.S., Europe, and Asia, and a plunge in commodity prices.
jlne.ws/1L1uMgN

Goldman Joins the ETF Fray; Will addition of new ‘smart-beta’ index funds help bring down costs?
By TANZEEL AKHTAR, WSJ
The ETF party has a dramatic late arrival: Goldman Sachs Group Inc.
jlne.ws/1KVFWWJ

Fertile ground for diversifying assets
FTAdviser.com
The performance of agriculture is almost entirely dependent on forces outside the control of fund managers. This is what makes its inclusion in portfolios an interesting diversification strategy for some investors, but also a risky one.
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Technology

Orc introduces Market Structure Strategy group led by Christer Wennerberg
by: Jessica Darmoni, Orc
Orc introduces Market Structure Strategy group led by Christer Wennerberg
Providing customers with an arsenal of new functionalities and flexibilities is one of the goals of the recently created Market Structure Strategy group at Orc. Led by former SEB Bank’s CTO, Christer Wennerberg, and with former Nasdaq OMX’s Head of Development in Stockholm, Magnus Hedin, the team is dedicated to helping Orc clients meet regulatory demands and thrive in a new landscape.
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Duco Establishes U.S. Subsidiary, Opens First North American Office in New York to Meet Global Client Needs
Press Release
Duco, a London-based fintech provider of hosted reconciliation services, announced that it has established a U.S. subsidiary, Duco Technology, Inc., and opened its first North American office in New York. The office is located in midtown Manhattan.
jlne.ws/1LduE1r

Celoxica adds hardware-accelerated EUREX ticker plant to product set
Press Release
Celoxica, the leading provider of accelerated market data, order entry and pre-trade risk solutions for the electronic trading community, today announced the extension of its Celoxica Ticker Plant (CTP) portfolio to include EUREX EMDI and EOBI Eurex feeds.
jlne.ws/1kFNIbz

Blockchain eyed as boost for cross-border investment
By Anna Irrera, Financial News
Some senior finance executives are warming to the idea that blockchain technology could be a catalyst for greater integration of Europe’s financial markets by helping break down some of the long-standing barriers to cross-border investment.
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Amazon Web Services to Add Analytics; Cloud-computing division enters field designed to make better use of collected data
By ELIZABETH DWOSKIN and ROBERT MCMILLAN, WSJ
Amazon.com Inc.’s cloud-computing division, Amazon Web Services, will wade into a hotly contested new territory this week when the company is expected to announce a new service to help businesses analyze their data, according to people familiar with the matter.
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13 of the most impressive professors at Stanford
Tanza Loudenback, Business Insider
Stanford is one of the most prestigious universities in the world.
jlne.ws/1MTW8bu

SunGard helps UKAR improve treasury and risk management
SunGard
UK Asset Resolution Limited (UKAR), the holding company established to combine the government-owned businesses of Bradford & Bingley plc (B&B) and NRAM plc, has replaced its treasury and risk platform with SunGard’s Ambit Treasury Management solution. SunGard’s solution is helping UKAR to integrate two distinct businesses into a consolidated infrastructure and provide a single view of treasury and risk.
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Enforcement

First brokers stand trial over Libor
By Lindsay Fortado, Legal Correspondent, FT
The first brokers to face prosecution in the global Libor investigation over allegations they helped traders from various panel banks to manipulate the rate by acting as middlemen will go on trial this week in London.
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Environmental & Energy

Saudi Aramco Cuts Crude to Asia, U.S. Amid Weak Demand
Anthony Dipaola, Bloomberg
Aramco trims November pricing amid competition among suppliers
Discount on Medium oil to Asia widens by most since Feb. 2012
Saudi Arabia cut pricing for November oil sales to Asia and the U.S. as the world’s largest crude exporter seeks to keep its barrels competitive with rival suppliers amid sluggish demand.
jlne.ws/1MTX2oD

Violent Storms Kill at Least 16 People Along the Cote d’Azur
Angeline Benoit, Bloomberg
Violent storms killed at least 16 people and left another three missing along the Cote d’Azur, one of France’s most popular tourist destinations, according to the latest update from President Francois Hollande’s office.
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India Announces Plan to Lower Rate of Greenhouse Gas Emissions
By ELLEN BARRY and CORAL DAVENPORT, NY Times
Under growing pressure to join in an international accord to battle climate change, India on Thursday announced its long-term plan to reduce its rate of planet-warming greenhouse gas pollution and to aggressively ramp up its production of solar power, hydropower and wind energy.
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Asia-Pacific

Chinese devaluation divides observers
Roger Blitz, FT
Commentators analysing China’s decision in August to devalue its currency and shift its exchange rate policy divided into three camps: those who thought its policymakers had acted logically and rationally, those who thought they had panicked and those who concluded: “I just don’t know.”
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Frontier Markets

India took a drastic step to curb gold imports
Frank Holmes, U.S. Global Investors
Gold tends not to leave India once it enters. As the world’s largest importer, the country consumes massive quantities of the yellow metal — it’s on track to take in 900 tons of the stuff this year — where it remains in private families’ coffers, mostly in the form of jewelry and decorative heirlooms.
jlne.ws/1M6tpSu

New Emerging-Market Woes; Companies’ U.S.-dollar debt could be hurt as commodities and currencies fall
By CAROLYN CUI And JULIE WERNAU, WSJ
One of the last havens in emerging markets is showing signs of strain.
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Emerging market turmoil flashes warning lights for global economy
Chris Giles in London, FT
Emerging economies risk “leading the world economy into a slump”, with lower growth and a rout in financial markets, according to the latest Brookings Institution-Financial Times tracking index.
jlne.ws/1MaLPx8

Glencore CEO sees massive commodities destocking around the world
Reuters
The head of commodities giant Glencore Ivan Glasenberg said on Monday he saw a “massive commodities destocking happening around the world”, with copper stocks being the lowest in many years.
jlne.ws/1Q0mcT4

DGCX pursues two-pronged strategy to re-define priorities
Exchange aims to deepen its membership pool and spice up product mix as it targets 100% growth in volumes
Gulf News
Gaurang Desai, the chief executive officer at Dubai Gold and Commodities Exchange (DGCX), has a two-pronged strategy to re-define priorities as it readies for the next wave of growth.
jlne.ws/1Z35VTm

Miscellaneous

Kenneth Griffin Goes on a Record-Setting Real Estate Spending Spree
By ROBERT FRANK, NY Times
The billionaire hedge fund manager Kenneth Griffin is known as an aggressive trader who waits for prices to fall before buying. But when it comes to personal real estate, Mr. Griffin appears to be less price-sensitive.
jlne.ws/1QU6jOf

Buying a Diploma Is Easy if You Can Pay Up; Around the world, the sale of degrees is hurting economies.
Carol Matlack, Bloomberg
Mariam Malak, a 19-year-old from a village in southern Egypt, had near-perfect grades in high school and dreamed of becoming a doctor. But when the results of the nationwide graduation exam were released in July, the honor student was told she had scored zero, failing to answer a single question on all seven tests she took.
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This Investment Banker Doesn’t Care if You ‘Don’t Get’ His Art Collection; Lots of Wall Streeters drop huge sums on art. Paul Leong is doing something more challenging.
James Tarmy, Bloomberg
It definitely doesn’t look like an investment banker’s apartment. In Paul Leong’s Tribeca home, there’s a three-foot-long plastic army tank mounted above his bedroom door and, leading up to it, tread tracks embedded in the wall. “We had to channel the wall, put plaster in, run the tank through the plaster, and then refinish the wall,” Leong says proudly.
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10 things you can tell about a Wall Streeter by looking at them on the morning train
Gus Lubin and Julia La Roche, Business Insider
The movie based on Michael Lewis’ best-selling book “The Big Short” will be coming out in December.
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