First Read

Trading Tech 300 Includes Girls
John Lothian
The first email I received after publishing my piece about Trading Tech 300 was from a concerned female reader inquiring about what I was going to do for girls. A lot, I told her.

Anyone who knows me knows how strongly I feel about women deserving an equal opportunity in our society.

First, let me say that the Boy Scouts of America includes girls. We don’t make a big deal out of it, mostly to avoid annoying our friends in the Girl Scouts, but the BSA has girls.

There are girls in the Venturers, a BSA program for boys and girls above the age of 14 and below 21. Secondly, in the Learning for Life Division of the BSA, there are girls and young women in the Explorer programs. Explorers are normally career-oriented units interested in police work or firefighting, but there are others.

One of the others is a program with Abbott Labs that has run for many years. They sponsor several Explorer Units. A video from 2012 offers highlights and benefits from the program,

This program offers a great example of industry and the Boy Scouts, which includes girls, partnering to offer young people help in developing interests that can help them in college or lead them to careers. It also gives Abbott an opportunity to identify talented participants and offer them internships and eventually perhaps full-time employment.

Keep reading! See the rest on the JLN blog at


Steve Grob, Director, Group Strategy, Fidessa – The Finance Industry: The Case for the Defense

“The truth is that you can’t actually uncouple finance from the real economy…[finance] is the heart of the real economy.”

Steve Grob, director of group strategy of Fidessa, does a bit of role-playing as a “defense attorney” for the financial industry. Grob discusses the importance of the financial industry and its relationship with the global economy, as well as how regulatory matters will affect the future of finance. He brings up the concept of “belief systems” that society has learned to accept as true without thinking about the entire process. For example, when we flick a light switch on, we immediately expect a light to turn on, and we’re not always thinking about the process of how the light is created. The same thought process applies in the financial industry, in the sense that if regulators condone a topic such as HFT, then the general public agrees and sees it in a negative light.

Watch the video »


The ETF That Glitters: An Interview with William Rhind, CEO of World Gold Trust Services
Sarah Rudolph – JLN
Today, November 18, is the 10-year anniversary of the launch of the SPDR Gold Shares ETF (“GLD”), the first physically-backed gold ETF to launch in the US. The ETF was an instant success, gathering $1 billion in the first three days of trading. It became the largest ETF in the world for one day in 2013, and it is currently the largest gold ETF and the largest physical gold fund.


Spoofing Probe of Chicago Firm Revealed in Founder Firing Suit
Matthew Leising – Bloomberg
Chicago proprietary trading firm 3Red Trading LLC and co-founders Igor Oystacher and Edwin Johnson were subpoenaed in a market manipulation probe by the Commodity Futures Trading Commission, as U.S. regulators intensify investigations of the practice of “spoofing.” 3Red, which says on its website that it trades commodities, equities, futures, options and interest rate products, was subpoenaed by the CFTC along with Oystacher and Johnson in 2012, according to filings in Chicago state court. The firm agreed to hand over trading records, and executives were interviewed in 2012 and last year by the regulator’s enforcement division, court papers stated.
(via email)
***** Another spoofing story to watch.


Banks chase trading cheats with ‘fuzzy’ surveillance
Vidya Ranganathan – Reuters
Stung by billion-dollar fines for malpractice on their trading floors, the world’s big banks are using ‘fuzzy logic’ tools such as relationship mapping and behavioural analytics to read the minds of would-be cheats among their traders.

***** What ever happened to looking someone in the eye?


Thomson Reuters Report Highlights Rising Costs Of Non-Compliance
Thomson Reuters today announced the results of its Rising Costs of Non-Compliance report revealing that while monetary fines are still rapidly growing as a result of persistent non-compliance, they are not seen to have changed the underlying behavior, with many firms considering financial penalties to be part of the standard costs of doing business.

***DA: It’s just a simple algebra problem, with fines as one of the variables. Unless criminal charges are added to the equation, little will change.

***** JJL – Putting people behind bars is not algebra, it is geometry. See this cube, it is yours for the next 10 years.


Bill Templer, Managing Director, Faventus Derivatives Consulting – Stretch Beyond Your Desk

“Whatever you do end up doing, find something in it that you can be the best at.”

Bill Templer, managing director for Faventus Derivatives Consulting, discusses the charitable side of his life and his work with Futures For Kids, an organization that raises money to support children living in poverty. Templer describes how Futures For Kids began with a group of individuals in the financial industry and how his work was able to lead him to new networking and job opportunities. Templer also discusses his career history and creates a list of advice he wished he knew when he was younger.

Watch the video »


Man Group’s Ellis sees computers trumping humans again in 2015
Simon Jessop and Nishant Kumar – Reuters
Computers stole a march on their human trading rivals this year and should continue to do so in 2015 as a much-heralded return to sustained volatility is unlikely to happen, an executive of Man Group, the world’s biggest listed hedge fund, said.

***** Micro-volatility is the new phrase for 2015.


Chairman Massad and Industry Leaders Addressed Progress and Challenges at WMBAA’s SEFCON V
The Wholesale Markets Brokers’ Association, Americas, announced today that SEFCON V, the Association’s fifth annual conference which took place on Wednesday, November 12, 2014, was a successful event with record attendance levels, bringing together some of the industry’s most distinguished experts.

****** SEFCON VI, SEFCON VI, SEFCON VI, come on join the chant.


Women in Derivatives Holds Industry Panel on Shifts in the Liquidity Paradigm
Women in Derivatives (WIND), a nonprofit organization whose core mission is to attract, retain, educate and develop female leaders in the derivatives industry, hosted a November 13 panel discussion titled “Shifts in the Liquidity Paradigm – An In-Depth Discussion of How Risk Takers View Liquidity Pools in Today’s Evolving Market.”

***** This is not WILD, but WIND.


Hunting Guide: Paul McCormick Helps Students Find Financial Jobs
London’s financial industry employs about 250,000 people and the hurdles are high for new graduates and young professionals.

Paul McCormick, of Thomson Reuters in London is trying to help the next generation into the markets with helpful advice about getting a job. His blog,, may assist in bringing the best and brightest to firms.

“There’s a couple hundred companies in this industry,” he said. “All of these companies have got demand for talent each year. But from a graduate point of view, where do you start, you know? How do you find those opportunities?”

Watch the video »


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content from:


Lead Stories

Demand for China’s Stock Connect slumps
Josh Noble in Hong Kong – Financial Times
Demand for a new stock trading scheme linking Shanghai and Hong Kong has fallen sharply just three days after launch, prompting the head of the Hong Kong exchange to admit that the project was overhyped.

Exchange Technology Rules Set for First SEC Upgrade Since 1990s
Dave Michaels – Bloomberg
Technology standards for U.S. stock exchanges are poised to get their first upgrade in more than two decades as securities regulators seek to prevent failures that have undermined investor confidence.

Europe eyes longer respite for U.S. swaps clearers: source
Douwe Miedema – Reuters
The European Union will soon push back a deadline by which U.S. clearing houses need to comply with its rules, a source familiar with the matter said, taking the sting out of a dispute with America over how to regulate swaps.

OCC Announces Kimberly McGarry As New Chief Financial Officer
OCC announced today that Kimberly McGarry has joined OCC as Senior Vice President and Chief Financial Officer. Ms. McGarry joins OCC after serving as Senior Vice President, Chief Accounting Officer at First Midwest Bank.

Europe’s Central Bank Defies Own Rules in Cyprus Bailout
Landon Thomas Jr. – Dealbook – NY Times
In July 2012, a top official at the European Central Bank emailed the head of the central bank of Cyprus with some advice on how to keep the country’s second-largest financial institution from failing.

Cyprus Government Report Points Fingers on Bank Collapse
Landon Thomas Jr. – Dealbook – NY Times
How can a midsize bank torpedo an entire economy? It was the first question asked by the new president of Cyprus, Nicos Anastasiades, on March 1, 2013, when he assumed power and was immediately confronted with the implosion of Cyprus Popular Bank and the rescue package that followed just two weeks later.

Profiting From Volatility in a `New Quant Environment’: Video
Structural changes in volatility are “here to stay,” according to Robert Savage, CCTrack Solutions Chief Executive Officer and a former executive at hedge fund FX Concepts LLC. “In the new quant environment, those people that are set up to take advantage of noise in markets, and find signals in them, and be diligent about it, are going to win,” Savage told Bloomberg’s Ben Priechenfried at the “Battle of the Quants” event in London yesterday.


S.E.C.’s Delay on Crowdfunding May Just Save It
Steven Davidoff Solomon – Dealbook – NY Times
While the Securities and Exchange Commission dawdles, states are rushing to adopt their own crowdfunding rules. Ironically, it may just be the thing that rescues crowdfunding from a regulatory death grip.

CFTC Agricultural Advisory Committee to Meet on December 9, 2014
The U.S. Commodity Futures Trading Commission (CFTC) will convene a meeting of the Agricultural Advisory Committee (AAC) on Tuesday, December 9, 2014 at 10:00 a.m., at its headquarters in Washington, DC.

SEC Staff Releases Accounting Bulletin to Update Guidance on Pushdown Accounting
The Securities and Exchange Commission’s Office of the Chief Accountant and Division of Corporation Finance today released a Staff Accounting Bulletin (SAB) to rescind portions of the interpretive guidance included in its SAB Series for what’s known as pushdown accounting.

FINRA Announces New Public Board Members
The Financial Industry Regulatory Authority (FINRA) has named two new Public Governors—Joshua S. Levine and Robert W. Scully—to its Board of Governors.

Increased Operational Risk And Costs Due To Fragmentation Of OTC
Derivatives connectivity and regulation specialist Message Automation Limited, today highlighted major challenges in the industry, with regulatory change and new market practices leading to fragmentation of OTC derivatives processing and data inconsistency, resulting in operational inefficiencies, increased risk and spiralling costs.

CFTC’s Timothy Massad on Forex Settlements, Strategy: Video
Timothy Massad, chairman of the U.S. Commodity Futures Trading Commission, talks about the agency’s recent settlement with five banks as result of its foreign-exchange rigging investigation, the CFTC’s regulatory strategy and the impact of the Dodd-Frank Act on the agency’s authority.

Remarks Of CFTC Chairman Timothy G. Massad At The CME Global Financial Leadership Conference

Remarks Of CFTC Commissioner Mark Wetjen Before The Cumberland Lodge Financial Services Policy Summit – The Next Opportunity For Trans-Atlantic Collaboration: Shaping A New Era For Swap Execution

Exchanges & Trading Facilities

Exchanges Gain as Equity Volumes Hit 3-Year High
Ivy Schmerken – Wall Street & Technology
With the return of volatility last month, exchange volumes surged 29%, off-exchange share slipped, and one dark pool closed up shop, according to analyst market structure reports.

Shares confirmed for Nasdaq pricing experiment
John Bakie – The Trade
Nasdaq has announced the 14 securities it will use to test the effects of reduced exchange fees early next year. The firm’s main US exchange will be introducing a pilot pricing scheme on 2 February 2015 and will cut prices for taking liquidity and significantly reduce rebates.

Global Stock Market Capitalization Chart
Andy Kiersz –
Hong Kong and Shanghai launched a trading link this week, allowing traders in each city’s stock market to buy and sell shares listed on the other city’s market, possibly foreshadowing a greater opening of China’s capital markets. While this is a very exciting development, it’s worth noting that these markets are still tiny relative to the US exchanges.

Montréal Exchange Hosts Canadian Annual Derivatives Conference
Montréal Exchange Inc. (MX), Canada’s national derivatives exchange, is hosting the 15th Canadian Annual Derivatives Conference (CADC), a two-day event beginning today in Québec City. The CADC is Canada’s premier derivatives conference, providing an interactive and lively forum for attendees from across North America and Europe to share perspectives on the latest industry developments.

ISE Signs Memorandum Of Understanding With Shanghai Stock Exchange
The Irish Stock Exchange (ISE) and the Shanghai Stock Exchange (SSE) have signed a Memorandum of Understanding (MOU) with the aim of developing a mutually beneficial relationship between the exchanges.

TMX Group: The MiG Report October 2014

Euronext Announces Calendar and Early Closing Dates for 2015

Direct Edge Trading Notice #14-52: BATS/Direct Edge Integration Update Conference Call On November 25, 2014

Direct Edge Trading Notice #14-53: Holiday Reminder – Closed On Thursday, November 27, 2014 And Closing Early On Friday, November 28

Hedge Funds & Managed Futures

Blackstone eyes longer-life buyout fund
Henny Sender in New York – Financial Times
Blackstone has become the second large buyout group to consider establishing a separate private equity fund with a longer life, fewer investments and lower returns than its existing funds, echoing an initiative of London-based CVC.

Hedge Fund Casualties from Fannie, Freddie Multiply
Rob Copeland and Juliet Chung – MoneyBeat – WSJ
More hedge funds are joining the ranks of those injured from a September court decision that slammed shares in mortgage giants Fannie Mae FNMA +0.98% and Freddie Mac.

Blackstone-Backed Senrigan Fund Said to Return 15% in 2014
Bei Hu – Bloomberg
Senrigan Capital Group Ltd., the Asia event-driven hedge fund backed by Blackstone Group LP, returned 15 percent in the first 10 months of this year, said two people with knowledge of its performance.

Calpers Reviews Its Timber Holdings – MoneyBeat
Dan Fitzpatrick – MoneyBeat – WSJ
The California Public Employees Retirement System is reviewing its timber holdings following a period of poor performance and questions about whether the investments are large enough to impact overall returns for the nation’s largest public pension fund.

Myron Scholes on Bill Gross, CDS Market, Dodd-Frank: Video
Myron Scholes, chief investment strategist at Janus Capital Group Inc., talks about the impact of Bill Gross’s arrival on the company, Deutsche Bank AG’s decision to stop trading credit-default swaps, financial risk and implementation of the Dodd-Frank Act.

Pimco’s October Outflows Set a Record in Europe
Sarah Krouse – MoneyBeat – WSJ
Investors pulled EUR11.2 billion ($14 billion) from Pacific Investment Management Co.’s European funds in September and October on the heels of Bill Gross’s sudden departure, according to new figures from investment research firm Morningstar.

ICG plans to raise EUR4bn every year
Jennifer Bollen – Financial News
Intermediate Capital Group has launched a flurry of fundraising campaigns as it aims to raise EUR4 billion of fresh capital each year over the next three years.

ECM To Launch European Infrastructure Debt Fund
Press Release
ECM Asset Management Ltd (‘ECM’), the multi-asset class traditional and alternative credit management specialist owned by Wells Fargo Asset Management (‘Wells Fargo AM’), announces the launch of a unique infrastructure debt investment platform including pooled vehicles and segregated accounts.

Banks & Brokers

British lawmakers to quiz bankers after forex fines: source
Kirstin Ridley – Reuters
British lawmakers will quiz top bankers in the wake of last week’s $4.3 billion (3 billion deal with regulators to settle allegations of collusion and manipulation in the foreign exchange market, a source familiar with the matter said on Tuesday.

Wells Fargo unit to launch Europe infrastructure fund, target $1 billion
A unit of Wells Fargo is launching a European infrastructure debt fund with a target size of 750 million euros ($940 million) as pension funds look to longer term investments, the company said on Wednesday.

Optiver seeks Europe, market structure heads
Luke Jeffs – Futures & Options World
Optiver, the Amsterdam-based market-maker, is seeking replacements to two of its top European managers after it emerged its European chief left last month and its head of market structure will leave early next year.

ICAP leans on electronic units amid slowdown
Philip Stafford – Financial Times
ICAP, the interdealer broker, on Wednesday said that more than 80 per cent of its first-half operating profits had come from its electronic businesses, illustrating the depth of the market slowdown and a company restructuring.

ICAP chief sees signs of market revival
Jon Watkins – The Trade
ICAP’s revenue for the first half of the financial year dropped by 14% compared to 2013, however the interdealer broker’s CEO has seen signs of a resurgence in recent weeks.

ICAP to Merge Ship Broking Arm
Ed Ballard – WSJ
ICAP PLC confirmed Wednesday that its ship-broking arm plans to merge with Howe Robinson & Co. as the London-based interdealer broker reported a recent uptick in activity in its markets.

ICAP says not under investigation in FX market probe
ICAP, the world’s largest interdealer broker, said on Wednesday it is not being investigated as part of a global probe into allegations of manipulation in the $5.3 trillion-a-day currency market.

Mecane Joins Barclays as Managing Director in Equities
Bradley Hope – MoneyBeat – WSJ
Joseph Mecane, a former top New York Stock Exchange executive, is joining BarclaysPlc as a managing director in the equities and credit products division.

Nomura’s CEO in Europe Resigns
Matt Turner – MoneyBeat – WSJ
The chief executive of Nomura’s operations in Europe, the Middle East and Africa has stepped down after just 18 months in the job.

Goldman Hits Motherlode on Deals
Dana Cimilluca And Gillian Tan – WSJ
Goldman Sachs Group Inc. has cemented its position as the top Wall Street bank for mergers and acquisitions in one of the busiest years in the business.

Clearing & Settlement

CLTX Provides Access To Exchange Risk Management Tool For Clearing Members
Cleartrade Exchange (CLTX) today launched another initiative to increase transparency and aid risk management for organisations trading freight and related commodity derivatives. Clearing members of any of CLTX’s clearing house partners will now be able to access its Trade Depository tool without charge and without the requirement to become a direct member of the exchange.

Liquidnet forced to seek new clearer
Tim Cave – Financial News
Liquidnet, the buyside-only equities trading platform, is one of the firms that has been impacted by JP Morgan’s decision to close its broker-dealer clearing business, forcing the operator to look for an alternative post-trade provider.

LCH. Clearnet plans Japan clearing expansion
Philip Stafford – Financial Times
LCH.Clearnet is working on an application to clear over-the-counter derivatives in Japan as it expands its Asian operations and exploits new global rules designed to curb systemic risk.

Indexes & Products

China A-Share Appetite Sends ETF Assets Toward Record
Belinda Cao, Meng Meng and Boris Korby – Bloomberg
As traders in Hong Kong take advantage of a new exchange link to scoop up mainland Chinese shares, U.S. investors eager to join in the action are piling into the largest New York-traded A-share ETF (PEK), sending assets to a near-record.

Columbia Joins Blackstone in Retail Hedge Fund Initiative
Laura Davison – Bloomberg
Columbia Management, which oversees more than $350 billion, is joining with Blackstone Group LP (BX) to increase retail investors’ access to hedge fund strategies.

Gauges for Portfolio Protection – VIX, SPX, SKEW, and Term Structure
Matthew Moran – LinkedIn
When I deliver presentations on portfolio risk management to groups of financial professionals, one of the most frequent questions is “What is a better hedge for a portfolio – VIX calls or SPX puts?” A 30-page paper by Morgan Stanley in June 2014 suggested that “VIX calls are best used to hedge large selloffs, while SPX puts outperform in moderate declines. …”

STOXX Limited Wins Index Innovation Award


Fix fines fuel technology gold rush
Euromoney Magazine
Technology companies are gearing up for a potential gold rush around FX benchmark trading, amid expectations the multi-billion dollar fines imposed on banks last week will accelerate appetite for solutions to boost transparency, oversight and pricing, analysts say.

Integral Launches FX Yield Manager, Empowering FX Banks and Brokers to Deliver World-class Market Making Services
Integral Development Corp. (, a leading FX trading network, today announced the launch of FX Yield Manager, the first FX risk management suite delivering all the functionality needed for FX banks and brokers to offer world-class market making services to their customers.

Press Release: Martin Leibowitz Selected as the Recipient of the 2014 IAQF/SunGard Financial Engineer of the Year Award
The International Association for Quantitative Finance (IAQF) (formerly the IAFE) and SunGard have named Martin Leibowitz, managing director in the global strategy team at Morgan Stanley, the 2014 IAQF/SunGard Financial Engineer of the Year (FEOY). The award will be presented to Dr. Leibowitz on February 5, 2015, at the Museum of American Finance in New York City, during the IAQF/SunGard FEOY Award Gala Dinner.

EGAR Technology Partners With Misys To Implement Solutions For The Securities, Treasury And Risk Management Sectors In Russia And The CIS

REDI Adds Evercore ISI to Multi-Broker Network
REDI Holdings LLC, the independent, industry-backed provider of the REDIPlus trade management platform, today announced the addition of Evercore ISI Institutional Equities’ electronic execution platform to the REDI multi-broker network.


U.S. judge accepts broker’s guilty plea in IBM insider trading case
Joseph Ax – Reuters
A U.S. judge on Tuesday accepted the guilty plea of a former stockbroker to participating in an insider trading scheme, one week after expressing concern about whether the defendant’s explanation of the crime was legally sufficient.

SEC Charges Unregistered Broker in Tampa Area With Stealing From Investors in Fraudulent Day Trading Scheme
The Securities and Exchange Commission today charged an unregistered broker living outside Tampa, Fla., with stealing investor funds as part of a fraudulent day trading scheme.

Goldman Sachs FX trader suspended over rate rigging probe -WSJ
Goldman Sachs Group Inc, which was not part of last week’s international settlement over allegations of manipulation in the foreign exchange market, dismissed a former HSBC trader for his alleged involvement in the manipulation, the Wall Street Journal reported.

Ex-Jefferies trader seeks to void TARP fraud conviction
Jonathan Stempel – Reuters
A former managing director at Jefferies Group Inc asked a federal appeals court on Tuesday to overturn his conviction for defrauding mortgage bond investors after the 2008 financial crisis.

NFA Regulatory Actions: NORD CAPITAL ADVISORS LLC, Yakov Shlyapochnik

Environmental & Energy

Senate votes down Keystone XL legislation
The Senate on Tuesday failed to pass legislation to approve the Keystone XL pipeline, which would carry oil from Canada to the Gulf of Mexico. The final vote tally was 59-41, one shy of the 60-vote threshold the measure needed to advance.

Keystone XL chances dim in Senate as King says ‘no’
Keystone XL supporters in the U.S. Senate faced tough odds for passing a bill to approve the oil pipeline from Canada on Tuesday after one lawmaker they hoped might be a “yes” said he would vote against the project.

Why the Senate Keystone vote is important
The fate of the controversial Keystone pipeline isn’t the only thing at stake during a crucial vote in the Senate on Tuesday.A vote to move forward on legislation approving the pipeline’s construction would usher in a new era of animosity between resurgent Republicans in Congress and President Barack Obama. It could also determine the fate of embattled Democratic Sen. Mary Landrieu of Louisiana, who is pushing the legislation in an uphill battle to fend off a GOP challenger in a runoff election next month.


China: Stock Connect through train steams ahead
Euromoney Magazine
The eagerly awaited Stock Connect system connecting Hong Kong to the mainland is up and running to relief all round. While traditional long-only funds and southbound flows have lagged, market players foresee a new dawn in Chinese equity trading.

Renminbi closer to trading on ASX
The Australian
THE possibility of China’s renminbi being used in trades on Australia’s stock market has moved a step closer. The Australian Securities Exchange and Bank of China have signed an agreement to develop the Chinese currency for use on local financial markets.

ASX And Bank Of China To Expand Cooperation Bank Of China Appointed RMB Clearing Bank
ASX and the Bank of China have signed a Heads of Agreement to expand their strategic cooperation to develop the Renminbi (RMB) as a currency in Australia’s financial markets.

Thai Bourse Appoints New TFEX Managing Director
Press Release
The Board of Governors of Thailand Futures Exchange pcl (TFEX), under the Stock Exchange of Thailand (SET) group, has appointed Rinjai Chakornpipat as Managing Director of TFEX, effective November 20, 2014.

Gui Minjie, Chairman Of The Governors Of The Shanghai Stock Exchange : Shanghai-HK Stock Connect Bound To Succeed

SGX welcomes Regal International Group to Mainboard

Thai Listed Firms Post 6 Pct Sales Growth In First 9 Months Of 2014

Frontier Markets

Turkish Bank’s Star Fades Amid Political Spat
Emre Peker And Yeliz Candemir – WSJ
Twelve months ago, Asya Katilim Bankasi AS was riding high. A rapidly-growing Turkish bank with powerful friends in government, it was leading the county’s charge to expand its Islamic banking sector, notching large increases in profit.

Mexico breaks new ground with issuer-friendly bond
Davide Scigliuzzo – Reuters
Mexico is poised to become the first Latin American country to sell a bond with new-style collective action clauses (CACs) that make it harder for holdout creditors to fight restructurings.

Leading Qatari Bank Drives Strategic Risk Management With SunGard
Ahli Bank Q.S.C, a leading Qatari bank specializing in retail and corporate banking, has deployed SunGard’s risk solutions to enhance its regulatory capital calculation. As part of a strategic initiative to drive and maintain solid capital adequacy ratios and improve compliance, the bank needed to modernize its calculation capabilities.

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