John Lothian Newsletter: EU unveils infrastructure push in new pensions directive; LSE set to double capital raised amid wave of IPOs; US exchanges quickest out the blocks in 2014

Mar 28, 2014

First Read

Exchange CEO Series – Singaporean shift: SGX’s Magnus Böcker says region is primed for growth
JohnLothianNews.com
SGX CEO Magnus Böcker has seen tremendous growth at his exchange over the past year and the Singapore market is poised to expand further in the coming year.

Bocker, who sat down with JLN editor-in-chief Jim Kharouf at the FIA Boca Conference this month, said SGX has increased its derivatives volume 40 percent in 2013 and is exploring a host of new partnerships and initiating new product launches.

Watch the video »

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Family Matters walk-a-thon needs you
Our friends are Eurex are big supporters of Family Matters and they would ask you to support this event. Family Matters (familymatterschicago.org) is preparing for their 25th annual Walk-a-thon, which will take place on May 17, 2014.

For the past 27 years, Family Matters has supported youth through their educational and personal journeys with after-school, teen, and evening programs. This school year, we have engaged our approximate 100 after-school students in a “college for youth” structure that seeks to excite students about learning, strengthen their social and emotional learning skills, and support them in achieving targeted academic benchmarks along a college-bound trajectory. 100% of funds raised from the Walk-a-thon will support our current programming.

Fueled by Family Matters children and families, our Walk-a-thon is a community-building for the North of Howard neighborhood. The 5-mile walk begins at Gale Academy, proceeds up along Lake Michigan into Evanston, and ends back at Gale Park where a multi-ethnic picnic is provided to participants at no charge.

Family Matters is currently looking for corporate sponsors for their upcoming Walk-a-Thon. Sponsorships start at $1,000 and go up to $5,000. For more information on how you can support Family Matters, please contact Gretchen Nord, Director of Development at gretchen@familymatterschicago.org .
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Patrick Birley appointed Chief Executive Officer of ISDX
ICAP Securities & Derivatives Exchange (ISDX) announces that it has appointed Patrick Birley as Chief Executive Officer. Patrick joins ISDX from 1 April 2014. He takes over the role from Seth Johnson, CEO of BrokerTec, ICAP’s fixed income electronic trading platform, who will focus solely on leading BrokerTec and is now based in New York.
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****** Congratulations Mr. Birley. May your trades be many and your clearing systems swift.

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LME ruling creates ‘perfect storm’ for CME’s aluminum bid
Reuters
A British court ruling that has set back the London Metal Exchange’s sweeping warehouse reforms has handed CME Group an unexpected windfall just weeks before it launches an audacious challenge to the world’s biggest aluminum contract.
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***** Don’t bet against the entrenched interests, but do bet against the entrenched interests is the story of this article.

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JPMorgan defeats appeal in U.S. silver price-fixing lawsuit
Reuters
Silver investors failed to show that JPMorgan Chase & Co conspired to drive down the metal’s price, and an antitrust lawsuit accusing the largest U.S. bank of price-fixing should be dismissed, a federal appeals court ruled.
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***** Another battle lost, but the forces of ultimate belief in price manipulation of metals continues on to fight again and again and again.

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Mini options struggle to maximise potential
Jonathan Watkins – FOW
Mini options based on five of the most liquid US stocks are struggling to match early market expectations one year after launch as the products aimed at retail investors have failed to build traction
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***** If you want to reduce your risk , or at least cost, in options, do a spread or pick another strike price. Options traders are sophisticated.

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European Demand For U.S. Options Continues To Be Strong With Usage Growing More Diversified, New Study Finds
The Options Industry Council (OIC) today presented the results of the study, “Shifting Demand in a Changing Market Landscape,” conducted by TABB Group and commissioned by OIC. The study found European investors continue to be interested in using U.S. options while becoming more sophisticated, shown by an expansion in the use of directional and volatility strategies. There is also a greater use of sector ETFs and options on single stocks.
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**JK – Report estimates that 9 percent of US equity options volumes come from European-based investors.

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JLN/MarketsWiki 2014 Annual Survey – Please Give us 30 Seconds of Your Time
John Lothian News
You still have time to fill out our quick demographic survey and get in the running for your choice of an iPad Mini or a pair of Bose Quiet Comfort Noise-Canceling Headphones. The cost is a mere 30 seconds of your time. Answers will be kept confidential.
jlne.ws/1bOrYYC

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NGX Charity Trading Day Raises $275,000 To Fight Cancer
NGX, a wholly-owned subsidiary of TMX Group Limited, today announced the results of the NGX Charity Trading Day held on March 14, 2014. Jim Oosterbaan, President, NGX and Tom Kloet, CEO, TMX Group presented a cheque for $275,000, representing proceeds from the day’s transactions, to Calgary’s Tom Baker Cancer Centre in memory of Gary Gault.
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***** Nice work NGX.

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Is an SEC and CFTC merger a perfect fit?
Philip McBride Johnson – FOW
From time to time, and repeatedly, a call goes out to combine the Securities and Exchange Commission with the Commodity Futures Trading Commission
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DTCC Survey Reveals Firms Committing Increased Resources To Systemic Risk Activities While Concerns About Near-Term Major Market Event Decrease
Despite an apparent ease in fears of a systemic risk event happening in the next 12 months, a recent survey conducted by The Depository Trust & Clearing Corporation (DTCC) revealed that a vast majority of financial firms have increased spending on systemic risk mitigation.
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**JK – Top risks from the survey are: new regs, cyber security, significant business continuity event, disruption or failure of a key participant, major compliance or governance event.

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Join To Discuss: Replacement by Automation – Can robots really do our jobs?
Wednesday, April 9, 2014 – 6:00 PM to 8:00 PM
Trading Technologies, 222 S Riverside Plaza, Chicago, IL 60606, Phone: (312) 476-1000
A small panel of Trading Technologies Engineers will be presenting an informal discussion on the topic of automation. Additionally highlighting the critical cultural aspects of human engineers in distinguishing our differences between machines in our ever changing environments. Q&A and open discussion to follow. Pizza and Beer provided. This is a GOTO Chicago sponsored event.
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***** They had me at Beer and Pizza provided.

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Exchange CEO Series – World View: Nasdaq OMX’s Bob Greifeld looks at regulation, tech resiliency and partners
JohnLothianNews.com
Nasdaq OMX, like every exchange, is trying to navigate the new regulatory landscape. But Bob Greifeld, CEO of Nasdaq OMX, said there are more opportunities to be had, beyond the new rules.

John Lothian News sat down at the 2014 FIA Boca Conference with six exchange CEOs to talk about their views on four main topics: competition, regulation, growth and technology. Here’s what Greifeld, CEO of Nasdaq OMX, had to say about each.

Greifeld, like other exchange CEOs, believes that regulation is the key driver of competition and change in the financial industry, globally today.

“If you think about the evolving nature of the markets, you have to start first and foremost with the regulation,” he told Jim Kharouf, editor-in-chief of John Lothian News. “We are a creature of the regulatory environment.”

Watch the video »

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MarketsWiki

MarketsWiki Page of the Day
London Metal Exchange
jlne.ws/1m8vFsL

MarketsWiki Recent Updates

People

Arthur Cutten; Seth Johnson; A. Stamford White; William S. Warren; John A. Bunnell; Patrick Birley; Hiram N. Sager; William S. Jackson; Walter Fitch

Companies, Organizations and Groups

Shanghai Stock Exchange; London Metal Exchange; ICAP Securities and Derivatives Exchange; Standard & Poor’s Corp.; McGraw-Hill Financial

Products

IShares

Miscellaneous

2008 global financial crisis; Mortgage backed securities

Statistics

47,898,554 pages viewed, 7,897 articles, 181,209 edits
MarketsWiki Statistics

Lead Stories

EU unveils infrastructure push in new pensions directive
Mark Cobley – Financial News
The European Union published the long-awaited overhaul of its main pensions regulation this morning, putting a revamp of investment rules–which it says will facilitate investment into long-term assets such as public infrastructure–at its heart.
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LSE set to double capital raised amid wave of IPOs
Philip Stafford – FT.com
The London Stock Exchange Group is likely to double the amount of capital it raised on its share markets in its last financial year as it enjoyed the benefit of an unblocking of the pipeline for new listings.
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US exchanges quickest out the blocks in 2014
Joe Parsons – FOW
Derivatives exchanges in the US have seen improved trading volumes throughout the first two months of this year, in contrast to the activity on the platforms of their European counterparts
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U.S. high-frequency trading ban unlikely: Nasdaq
Reuters
U.S. regulators are unlikely to put rules in place that would harm high-frequency trading (HFT) as doing so would make trading more difficult and expensive for all investors, Robert Greifeld, chief executive officer of Nasdaq OMX Group said on Thursday.
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The FX Probe: Where Are We Now?
Katie Martin – MoneyBeat – WSJ
*Crickets*. Yes, that is the sound of foreign-exchange trading floors at the moment. The roll call of traders fired, suspended, or generally spending more time with their money as a year-old probe into the inner workings of the FX market rumbles on just keeps on rising.
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Cargill energy closures signal focus on competitive markets
Reuters
The 149-year-old company is shutting its power and gas trading desks in Europe 14 years after establishing the business in Geneva, becoming the first traditional commodities firm to step away from a sector hard-hit by falling margins.
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SEC Reviewing Municipalities’ Disclosures
WSJ.com
Regulators have opened investigations into municipalities that may have misled investors about their financial condition, the top official at the Securities and Exchange Commission’s municipal-bond enforcement unit said Thursday.
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Sovereign rating bias, a clanging gauntlet lands
Dan McCrum | FT Alphaville
We’ve featured one study that claimed to find bias in sovereign ratings, written in the measured tones of academia, which was enough to set off some tit-for-tatting between S&P and the authors.
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Regulatory

U.S. Commodity Futures Trading Commission And Canadian Authorities Sign Memorandum Of Understanding To Enhance Supervision Of Cross-Border Regulated Entities
The U.S. Commodity Futures Trading Commission (CFTC) announced today that CFTC Acting Chairman Mark Wetjen and leaders of the Alberta Securities Commission (ASC), the British Columbia Securities Commission (BCSC), the Ontario Securities Commission (OSC), and the Autorité des marchés financiers (AMF) (collectively Canadian Authorities) have entered into a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Alberta, British Columbia, Ontario, or Québec.
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CFTC Staff Issues An Extension Of Time-Limited No-Action Relief To LCH And Nodal
The U.S. Commodity Futures Trading Commission’s Division of Clearing and Risk and Division of Market Oversight today issued an extension of time-limited no-action relief to LCH.Clearnet Limited, a derivatives clearing organization registered under Section 5b of the Commodity Exchange Act, and Nodal Exchange LLC, a designated contract market under Section 5 of the CEA.
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CFTC Staff To Host Public Roundtable To Discuss Dodd-Frank End-User Issues
The U.S. Commodity Futures Trading Commission announced that CFTC staff will hold a public roundtable on April 3, 2014 to discuss issues concerning end-users and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFTC has received a number of comments and requests for clarification from commercial end-users that have been impacted by Dodd-Frank.
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Substituted Complaints fall on deaf ears
Keyser Sose – FOW
So we sat in suspense on a Friday evening awaiting news as to what law we would operate our business under on Monday. As a SEF operator we are getting used to such scenarios and the market is a tad more laissez faire about a situation that would have been unimaginable only a few years ago.
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SEC’s Gallagher seeks reforms to stop activist shareholder proposals
Reuters
U.S. corporate governance rules make it too easy for activist investors to get politically driven shareholder proposals onto public company ballots and should be overhauled, a top U.S. Securities and Exchange Commission official said Thursday.
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Derivatives reform hits a technology and data roadblock
Allan Grody – FOW
Industry standards bodies and regulators have basically asked the industry to help them rethink the data and technology implications of derivatives reform
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State regulators hire outside lawyer for dispute with SEC
Reuters
State securities regulators have hired a former Securities and Exchange Commission lawyer to help them win a rare and high-stakes jurisdictional dispute with the SEC.
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New Zealand’s Financial Markets Authority AFA Update: Issue # 23 – Revised Code Of Professional Conduct Formally Approved By Minister
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Remarks At The 26th Annual Corporate Law Institute, Tulane University Law School: Federal Preemption Of State Corporate Governance – SEC Commissioner Daniel M. Gallagher, New Orleans, LA, March 27, 2014
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A sustainable conduct environment
Speech by Clive Adamson, Director of Supervision, the FCA, at the Association of Professional Compliance Consultants’ annual conference.
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ESMA Issues Good Practices For Structured Retail Product Governance
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Exchanges & Trading Facilities

Deutsche Börse launches Eurex Order by Order
Mark Kitchen | Hedgeweek
Deutsche Börse Market Data + Services has launched Eurex Order by Order, a new information product that makes available the entire Eurex order book for benchmark futures for the first time.
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MGEX Reaches Number Two On The Daily Open Interest Records
MGEX, a Designated Contract Market and Derivatives Clearing Organization, reached the second highest daily Exchange open interest record after Wednesday’s trade date. Total open interest for Hard Red Spring Wheat and Apple Juice Concentrate futures and options was reported at 79,543 open contracts, number two on the daily open interest records.
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The NASDAQ Stock Market Leads U.S. Exchanges For IPOs In Q1 2014
74 New U.S. Listings Including 45 IPOs – Remains The Leading U.S. Exchange For Healthcare, Technology And Venture Capital-Backed IPOs
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Exclusive: IEX Hires Jay Fraser to Expand Relationships on Buy-and Sell-Sides
Ivy Schmerken – Wall Street & Technology
In a Q&A with Wall Street & Technology, Fraser talks about IEX’s fair access model, buy-side ownership structure, broker neutrality and why it’s different from other venues.
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LME faulted for warehouse review, now faces legal bind
Reuters
A court ruling has faulted the London Metal Exchange for failing to consult users on alternative ways to reduce vexing logjams in its warehousing network, the backbone of the world’s biggest market for copper and aluminum.
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Don’t LME me, bro
Izabella Kaminska | FT Alphaville
There’s big news in the world of commodity inventory. Rusal reports via a press release on Thursday that it has won its case against the LME regarding the exchange’s new load-out rules, which Rusal had argued were unlawful
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LSE reports strong start to the year for UK equities
Anish Puaar – Financial News
The London Stock Exchange has reported a strong start to the year for UK equity trading, with daily volumes up a quarter on the previous year.
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CADES opens trading of Euronext’s European market to celebrate successful bond issue
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NASDAQ OMX Announces 15% Increase Of Quarterly Dividend To $0.15 Per Share
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Hedge Funds & Managed Futures

Falcone Accused of Using Company Assets in Cash Crunch
NYTimes.com
An investor has accused the hedge fund billionaire Philip A. Falcone of using his publicly listed company “to bail himself out” after a reaching an $18 million settlement with the Securities and Exchange Commission.
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Towers Watson completes senior leadership overhaul
Mark Cobley – Financial News
Towers Watson, the investment consultancy, has completed an overhaul of its senior leadership team with the promotion of Steve Carlson, a senior consultant in its US business, to head of investment for the Americas.
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John Richards stages comeback with Invesco
Mike Foster – Financial News
John Richards, former head of investment for UK equities at Mercury Asset Management, has staged a comeback by becoming a product director at Invesco Perpetual.
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Blood and Gore’s Generation lures ex-Pimco 20-year veteran Tammie Arnold
Vivek Ahuja – Financial News
Generation Investment Management, the sustainable investment manager founded a decade ago by the former head of Goldman Sachs Asset Management and ex-US vice-president Al Gore, has hired a former Pimco executive who played a key role in developing the bond giant’s exchange-traded funds business.
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Cargill, Copersucar to form world’s No. 1 sugar trader
Reuters
U.S.-based agribusiness trader Cargill and Brazil’s Copersucar announced plans on Thursday to form a business to create the world’s biggest sugar trader through a 50-50 joint venture.
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Banks & Brokers

5 Takeaways From The U.S. Bank Stress Test Results
Five Things – WSJ
The Federal Reserve’s annual “stress tests” Wednesday echoed in board rooms from New York to Europe, with a number of surprises and noteworthy points for investors. The results reflected the ability of the 30 largest banks to keep lending during a hypothetical severe recession, and the tests looked at how much money they might lose and how well they can predict the risks they face. Here are five things you need to know about the results.
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Gaining from Citi’s Misfortune
David Reilly – MoneyBeat – WSJ
There but for Citigroup may have gone Bank of America and Goldman Sachs.
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Goldman’s Billion-Dollar Mulligan
Justin Baer – MoneyBeat – WSJ
Goldman Sachs Group Inc.’s do-over was worth about a billion dollars. The Wall Street firm won the Federal Reserve’s approval Wednesday for its plan to return capital to shareholders, but not before Goldman tweaked its request in the past week to assure the regulator it would still have enough capital in a hypothetical deep economic recession.
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Fed’s Tarullo defends tough rules for foreign banks
Reuters
A top U.S. regulator gave a spirited defense on Thursday of new rules forcing foreign banks to hold more capital in their U.S. units, after overseas firms and regulators criticized the requirements.
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Judge rules Goldman must face lawsuit over mortgage securities
Reuters
A proposed class action by a Detroit pension fund accusing Goldman Sachs of misleading investors about mortgage-backed securities can go forward, a federal judge has ruled.
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UK lawmakers to quiz Osborne over Lloyds branches sale
Reuters
Britain’s parliamentary treasury committee has asked finance minister George Osborne if he or colleagues put undue pressure on Co-operative Group or Lloyds Banking Group over the sale of more than 600 Lloyds branches.
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Ex-RBS strategic equity head joins Nomura
Matt Turner – Financial News
The former global head of strategic equity at Royal Bank of Scotland has joined a slew of former colleagues at Japanese bank Nomura.
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Indexes & Products

ETFs to tap Edhec multi-strategy smart factor index
Yakob Peterseil – Risk.net
Products that fuse smart beta strategies with factor tilts to provide multi-beta, multi-strategy exposure to global stocks are coming to European exchanges
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db x-trackers II Barclays Global Aggregate Bond ETFs launched on Xetra
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ComStage MDAX ETF launched on Xetra
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[OSE] Change of Component Issues for RN Prime Index
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Tokyo Stock Exchange: New ETFs Included In Real-Time Dissemination Of “TSE Indicative NAV”
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Technology

Atlas ATS First to Announce Options On Bitcoin
The Only FIX Protocol Digital Currency Exchange Sophisticates With ATLAS 2.0 On The Perseus Network
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SunGard Tops Six Categories In Energy Risk Magazine’s 2014 Software Rankings
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Lombard Risk announces REPORTER cloud for COREP / XBRL regulatory submissions
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Enforcement

CFTC Charges New York-Based SK Madison Commodities, LLC and its principals, Michael James Seward and Yan Kaziyev, with Commodity Pool Fraud and Other Violations
The U.S. Commodity Futures Trading Commission today announced that on March 24, 2014, Judge Sidney Stein of the U.S. District Court for the Southern District of New York issued an emergency Order freezing and preserving the remaining pool participant assets under the control of Michael James Seward, Yan Kaziyev, and their company SK Madison Commodities, LLC, a Commodity Pool Operator based in New York City.
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CFTC Orders Morgan Stanley Smith Barney LLC to Pay $490,000 to Settle Charges Relating to Rules and Regulations Pertaining to Segregated and Secured Amount Funds
The U.S. Commodity Futures Trading Commission today announced the filing and simultaneous settlement of charges against Morgan Stanley Smith Barney LLC, a registered Futures Commission Merchant, for violating CFTC rules governing secured funds of foreign futures and option customers, commingling customer and firm funds, failing to prepare accurate daily computations of its segregated and secured funds, failing to properly title account statements for four customer segregated accounts, and failing to diligently supervise its employees handling of matters related to its business as a CFTC registrant
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U.S. fines Morgan Stanley for not segregating client funds
Reuters
The Commodity Futures Trading Commission on Thursday fined Morgan Stanley $490,000 for violating rules that require futures brokers to protect clients by keeping their money segregated from other funds on the bank’s books.
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SEC Announces Fraud Charges Against Coal Company And CEO For False Disclosures About Management
The Securities and Exchange Commission today announced fraud charges against a Seattle-headquartered coal company and its founder for making false disclosures about who was running the company.
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Appeals Court in Gupta Case Chooses Not to Admonish Bad Behavior
NYTimes.com
It was never going to be easy for Rajat K. Gupta, the former managing director of McKinsey & Company and board member of Goldman Sachs, to overturn his criminal conviction for insider trading. But the opinion of the United States Court of Appeals for the Second Circuit was muted, suggesting that the judges did not seem to want to use the case to make a statement about the conduct they expect from businesspeople.
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‘Remorseful’ SAC Asks Judge to Approve Settlement
WSJ.com
A lawyer for SAC Capital Advisors LP said in a filing Thursday that the hedge-fund firm is “deeply remorseful” and asked a U.S. District judge to approve SAC’s pending insider-trading settlement with the government.
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Environmental & Energy

Cargill exits coal trading, European power and gas
David Sheppard – Reuters
Cargill Inc will stop trading coal and dealing in gas and power in Europe, the global commodities giant said, becoming the first traditional commodities trading firm to step away from a sector hard-hit by falling margins.
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Musk Joins Designer Westwood Taking Crowdfunding to Clean Energy
Louise Downing – Bloomberg
E-commerce visionary Elon Musk and British punk-fashionista Vivienne Westwood see eye-to-eye on a new wave in clean energy: You need to find investors online.
Musk is chairman of SolarCity Corp., a U.S. provider of solar energy to homes and businesses that plans this year to start seeking individuals to invest in solar projects via the Internet. Westwood is backing Trillion Fund, a web platform that seeks cash for wind and solar plants in the U.K.
jlne.ws/1dyfndb

U.S. Oil Boom Shifts Alliance as Obama Visits Saudi King
Tara Patel and Maher Chmaytelli – Bloomberg
When Barack Obama sits down tomorrow with Saudi Arabia’s King Abdullah, he’ll do so knowing the U.S. is importing the least crude in two decades, a shift changing America’s strongest relationship in the Arab world.
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Asia-Pacific

China Grants France $13 Billion Investment Quota
WSJ.com
China will grant France-based investors an 80 billion yuan ($12.88 billion) investment quota to invest in mainland capital markets, marking the latest step to promote the Chinese yuan abroad and open up the country’s capital account.
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Citic Group to Sell Beijing Property to Banking Unit for $1.7 Billion
Ned Levin and Yvonne Lee – MoneyBeat – WSJ
As Citic Group gears up to move both its assets and its headquarters to Hong Kong, the Chinese conglomerate is also selling part of a signature Beijing property to its banking unit.
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Hong Kong banks brace for new antitrust regime
Michelle Price in Hong Kong – Financial News
Europe’s antitrust watchdog brushed off its finest china earlier this month to play host to a delegation of Hong Kong officials. Their mission: a crash course in competition law from one of the world’s most experienced antitrust regulators.
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HKEx: Exchange Publishes Results Of Its Latest Review Of Disclosure In Issuers’ Annual Reports
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HKEx: Legal Proceedings Involving A Subsidiary
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HKFE Announces Revised Margins For Futures Contracts
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Frontier Markets

Malawi Stock Exchange Weekly Trading Report- 28th March, 2014
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G. H. Financials Joins DME As Clearing Member
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MCX Weekly Market Report – March 21, 2014 To March 27, 2014
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John Lothian Newsletter

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