John Lothian Newsletter: Europe deal will cap ‘dark pools’ trading; EU securities watchdog to keep out of Euronext debate; Bloomberg kicks off electronic MAC swaps trading

Nov 22, 2013

First Read

Dear JLN Readers,

Happy Friday!

Where did the week go? Today is SGX’s last day as guest-editor for the newsletter. It has been fun (too much fun for Mike) and something new for us.

2013 is almost coming to a close but there is never a dull moment in our industry. The past year gave us risk on, risk off, regulatory challenges, and intensified pressure for our industry’s business model to evolve. Here in Asia, the challenge continues to be one of harnessing the secular growth trend, with the futures industry continuing to grow its presence in Asia.

We are keeping busy here in Singapore, with the launch of MSCI Thailand, Philippines and India futures on Monday. Another exciting development recently was the launch of our Asian FX futures which rocked off to a great start in early November. Our 6 currency pairs continue to be well traded and serve to entrench Singapore’s position as the largest FX trading centre in Asia.

Lastly, a reminder on FIA Asia in Singapore from December 3-6. There are many interesting topics and key industry personalities (*** MS: you mean megafauna) from North, South, East and West will converge in Singapore. Please visit our little City in a Garden, here in the heart of Asia!

Now, for my “Oscars” speech – I’d like to extend my personal thanks to John Lothian for letting SGX muck about with his irreverent-but-never-irrelevant treasure.

To Jon Matte, for your patience and tolerance of our humour (of course for your guidance and day-to-day assistance necessary to making the journal possible).

To Doug Ashburn, for checking on us to make sure we behave.

To Jim Kharouf… who?? <Kidding!>

To all the JLN readers, I hope you enjoyed our little editorial stint.

To my co-editor/colleague Mike Syn – now what are we going to do??

–Magnus Böcker, CEO of Singapore Exchange

***JM: You folks were tons of fun to work with! Magnus, Mike, Joan – come back any time. I’ve got John Lothian’s OnStar password and can disable his morning commute long enough for you to write some commentary.

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Day JFK Died We Traded Through Tears as NYSE Shut
Bob Ivry – Bloomberg
Fifty years ago today, on the floor of the New York Stock Exchange, Michael Robbins heard a murmur. It started at the booth of a Texas firm, Eppler, Guerin & Turner Inc., and got louder, until the 30-year-old trader realized what it was: the sound of a selloff.
jlne.ws/1jrZLEL

***JM: This is a really good read. 50 years ago sounds like 500, in a lot of ways.

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SGX Bull Charge raises more than $3 million
Singapore Exchange’s (SGX) The Bull Charge charity run has raised more than $3 million for four charities in 2013, benefitting persons with autism and underprivileged children, youths, the elderly and families.
jlne.ws/1jrZLEO

***MB : A big shout-out to all the corporates in Singapore! A meaningful outreach that brought the financial community together.

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SGX Names New Chief Regulatory Officer And Chief Risk Officer As Part Of Growth Plan
Singapore Exchange (SGX) today said Yeo Lian Sim is retiring as Chief Regulatory & Risk Officer at the end of this year. At the same time, SGX is appointing new heads for its regulatory and risk management units as it prepares for the next lap as a leading international exchange.
jlne.ws/1jrZLEQ

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Threat of currency probes stepping up pace in Asia
Ben McLannahan in Tokyo and Jeremy Grant in Singapore – FT.com
A sprawling probe into alleged manipulation of the $5.3tn a day global foreign exchange markets has sent chills through dealing rooms in London and New York in recent months. But investors and foreign exchange market experts think there is scope for traders further eastward to be equally worried.
jlne.ws/1jrZMbR

***JM: I think it’s a reasonable expectation that probes will step up in intensity pretty much everywhere that hasn’t already started.

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US banks and exchanges discuss limit to ‘dark pool’ trading
Arash Massoudi in New York – FT.com
US exchanges and banks are discussing a new proposal to limit trading in controversial off-exchange venues such as “dark pools” as part of an effort to reduce tensions over the control of share trading.
jlne.ws/1jrZLES

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Shift for Survival: Data Provides an Evolutionary Path for Exchanges
Stephen Engdahl – TabbFORUM
Exchanges and depositories are being pressured to develop new business models and product focus. For many exchange organizations, the path to revenue and growth is through reference data.
jlne.ws/1jrZMbS

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Pitfalls in a Shifting Landscape: Trade Practice Issues for Futures and Securities
Katten Muchin Rosenman
Financial Services partners Arthur Hahn, Lance Zinman, Lisa Dunsky, Chris Kemnitz and Janet Angstadt will present the panel discussion “Pitfalls in a Shifting Landscape: Trade Practice Issues for Futures and Securities” at 4:00 p.m. on Tuesday, December 3. The session will address issues such as manipulation, block trades, wash trades, HFT requirements in the EU and a position limits update.
jlne.ws/1fmLwDL

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Japan’s Losing Battle Against ’Goldman Sachs With Guns’
William Pesek – Bloomberg
Jake Adelstein’s 2010 memoir, “Tokyo Vice,” is coming to the big screen, starring Daniel Radcliffe of “Harry Potter” fame. Adelstein’s life story as a crusading Tokyo reporter who exposed the yakuza’s infiltration of Japan’s economy has remarkable echoes in current events. Banking giants such as Mizuho Financial Group Inc. are getting busted for making loans to yakuza-linked figures, amid a broadening investigation. It’s long past time Japan stamped out the well-connected gangs Adelstein likens to “Goldman Sachs with guns.”
jlne.ws/1jrZMbW

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Banks ban traders from group chat rooms
Daniel Schäfer, Alice Ross and Philip Stafford in London – FT.com
Several banks including Barclays, Citigroup and Royal Bank of Scotland have banned the use of most group chat rooms as global probes into alleged benchmark manipulations drive a radical reform of trading floors.
jlne.ws/1jrZOAm

***JM: Unfortunately, none of the traders were banned from posting “duckface” pictures to Facebook.

***MB: When there is a will, there will be a way…. referring to the chat rooms here.

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Jim Bennett

Connecting the Data Dots: Sapient’s Jim Bennett Talks Compliance Reporting
JohnLothianNews.com
New financial regulation has
ushered in a host of reporting rules for over the counter and listed markets. Jim Bennett of Sapient Global Markets knows full well how critical it is to properly integrate compliance systems. “Standardized, automated messaging is the key” to reporting says Bennett, but platforms must also be flexible enough to interface with internal systems. Bennett sat down with John Lothian News editor-at-large Doug Ashburn to explain Sapient’s approach to Dodd-Frank and EMIR reporting, and how its Compliance Management and Reporting System (CMRS) is helping firms meet the regulatory challenge.

Watch the video »

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MarketsWiki

MarketsWiki Page of the Day
UBS AG
jlne.ws/9FgN7c

MarketsWiki Recent Updates

People

Calvin T. Wheeler; Timothy G. Massad

Companies, Organizations and Groups

IEX Group; UBS AG; Oslo Børs; Indonesia Commodities & Derivatives Exchange; Tradeweb Markets LLC; Wholesale Markets Brokers’ Association, Americas

Miscellaneous

Central counterparty clearing; Over-the-counter; LIBOR

Statistics

45,398,941 pages viewed, 7,712 articles, 168,777 edits
MarketsWiki Statistics

Lead Stories

Europe deal will cap ‘dark pools’ trading
Philip Stafford in London and Alex Barker in Brussels – FT.com
European policy makers have reached an agreement in principle to cap trading in controversial off-exchange venues known as “dark pools”, a move that threatens to deal a blow to the City of London.
jlne.ws/1jrZOAo

*** MS: Cap and trade.

EU securities watchdog to keep out of Euronext debate
Reuters
The European Union securities market regulator is unlikely to interfere with IntercontinentalExchange Group’s (ICE) planned spin-off of newly acquired Euronext, the watchdog said on Thursday.
jlne.ws/1jrZOAq

Bloomberg kicks off electronic MAC swaps trading
Michael Mackenzie in New York – FT.com
The standardisation of interest rate derivatives has notched a new milestone with the first electronic transaction of a so-called ‘MAC’ swap via Bloomberg, with Goldman Sachs as one of the two parties involved in the trade.
jlne.ws/1jrZOAs

*** MS: If that’s where the buyside wants to go, then that’s where the market may want to follow.

U.S. Should Watch Australia Dark Pool Laws, Schapiro Says
Eleni Himaras – Bloomberg
U.S. regulators seeking to increase the efficiency of anonymous trading platforms should monitor the progress of counterparts in Australia and Canada, the former chairman of the Securities and Exchange Commission said.
jlne.ws/1jrZOAx

U.S. regulators say credit raters can manage some conflicts
Reuters
Credit-rating agencies that also offer consulting and risk-management services are taking proper steps to mitigate potential conflicts of interest and should not face additional regulations, the Securities and Exchange Commission said on Thursday.
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CFTC’s Chilton Says He Would Vote Against Current Volcker Rule
Silla Brush – Bloomberg
The Volcker rule that U.S. regulators are trying to complete this year doesn’t do enough to limit banks’ ability to make speculative bets, said Bart Chilton, a member of the U.S. Commodity Futures Trading Commission.
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Regulatory

Finra Is Cracking Down on ‘High-Risk’ Brokers
Jean Eaglesham and Rob Barry – WSJ.com
Under pressure from Washington to crack down on rogue stockbrokers, the Financial Industry Regulatory Authority is highlighting a fast-track program it began earlier this year to go after what it calls “high-risk brokers.”
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Regulators clash on Mifid waivers
Tom Osborn – Risk.net
There are growing concerns a series of waivers included in the revised Markets in Financial Instruments Directive (Mifid) may mean European rules on trade execution are deemed to be less stringent than the US equivalent, creating a compliance headache for electronic trading platforms and their users.
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*** MS: Asia will be watching closely to learn from Mifid and Mad

[AMF Canada] Canadian Securities Regulators Propose New Exemption for Distributions to Existing Security Holders
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Exchanges & Trading Facilities

CME cuts initial margins for crude oil, gold futures
Reuters
The CME Group, parent of the Chicago Board of Trade, has lowered the initial margin for crude oil for the second time in a month and cut margins on a range of other futures contracts.
jlne.ws/1jrZMIJ

LSE to Consolidate Data, FTSE Contracts
Faye Kilburn – WatersTechnology
The London Stock Exchange Group is embarking on a project to simplify contracts within its Information Services division, which will see customers’ existing real-time market data contracts combined with licensing agreements from index provider subsidiary FTSE.
jlne.ws/1jrZMIK

LME warehouse shake-up to spur competition, new locations
Reuters
Sweeping warehouse rule changes proposed by the London Metal Exchange will spur a resurgence of independent storage firms after several years of dominance by big groups such as Goldman Sachs and Glencore Xstrata.
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[SIX] Swiss final of the Traders Trophy
Following preliminary rounds at universities in Lausanne, St. Gallen, Winterthur and Zurich, the 26 best students participated in the national final of the Traders Trophy Worldwide, which took place in Zurich on 15 November 2013.
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NZX Emerging And Mid-Cap Companies Conference
NZX hosted a conference in Auckland this week featuring presentations from a diverse group of NZX listed emerging and mid-cap companies. Talks from CEOs and senior executives provided real insights into a dynamic segment of NZX’s market and the economy.
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Small Cap Conference 2013: Listed SMEs Meet Investors At Borsa Italiana
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Program Trading Averaged 26.4 Percent Of NYSE Volume During Nov. 11-15
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TSX Markets: Top 20 Largest Consolidated Short Position Report – November 15, 2013
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Hedge Funds & Managed Futures

Money funds at risk of big drop in assets
Christopher Thompson in London and Stephen Foley in New York – FT.com
Global money market funds are projected to lose around a third of their assets under management next year as the combined forces of record low interest rates and new regulations batter the multi-trillion dollar industry.
jlne.ws/1jrZMIW

Taylor, Jamison Outpace Commodity Hedge Funds Seeing Losses
Chanyaporn Chanjaroen & Matthew Brown – Bloomberg
Commodity hedge funds run by George “Beau” Taylor and Stephen Jamison are posting gains this year as peers lose money and investors.
jlne.ws/1jrZOR5

As SAC Shrinks, Its Operations Chief Departs
PETER LATTMAN – NYTimes.com
In 2007, before the financial crisis and before federal authorities began listening to traders’ phone calls, the hedge fund SAC Capital Advisors was in aggressive expansion mode. And a charismatic young executive named Sol Kumin played an important role in its rise.
jlne.ws/1jrZOR6

European FoHFs celebrate outstanding performance
Hedge Funds Review editorial – Risk.net
Despite a challenging environment for European fund of hedge funds, many have bucked the trend. The 12th European FoHF Awards 2013 recognised the achievements of a wide range of asset managers
jlne.ws/1jrZOR7

Blackstone taps Nielsen CEO Calhoun to help run its companies
Reuters
Blackstone Group LP said Thursday it had hired David Calhoun, chief executive of television ratings company Nielsen Holdings NV, to work with the bosses of the private equity firm’s companies in order to deliver more value.
jlne.ws/1jrZMJ1

Banks & Brokers

KCG eyes Europe for outsourced trading
Philip Stafford – FT.com
KCG Holdings, the high-speed electronic market maker, is looking to take trading business in Europe in coming years that has been outsourced by local banks struggling with rising compliance and IT costs.
jlne.ws/1jrZMZe

UBS reaches immunity deal with EU over Libor: WSJ
Reuters
UBS AG has reached an immunity deal with European Union authorities that will protect the Swiss bank from further penalties for alleged manipulation of key interest rates, the Wall Street Journal reported, citing people familiar with the matter.
jlne.ws/1jrZMZi

Exclusive: JPMorgan plans to keep pay roughly flat from last year – sources
Reuters
JPMorgan Chase & Co plans to keep overall compensation roughly flat this year from last year, in a sign that employees will feel at least some pain from the bank’s recent legal settlements, according to two sources familiar with the matter.
jlne.ws/1jrZP7p

Goldman defends currency trading performance
Tom Braithwaite in New York – FT.com
Goldman Sachs “did not suffer a loss in our currencies business” in the third quarter, the bank said on Thursday, seeking to reassure investors after reports that it had racked up more than $1bn in trading losses.
jlne.ws/1jrZMZj

America’s Biggest Banks: JPMorgan, Wells Fargo Keep Growing While BofA, Citi Shrink
Forbes
Just how big are the nation’s biggest banks? Well, the top four alone manage roughly $8 trillion in assets. At the top of the list sits JPMorgan Chase with a whopping $2.46 trillion in assets followed by Bank of America with $2.12 trillion. The two banks are the only ones with assets exceeding $2 trillion.
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Clearing & Settlement

EU watchdog pushes for clearing house resolution plans
Reuters
Europe’s top securities watchdog has urged swift action on plans to wind down central derivatives clearing houses (CCPs) that run into trouble to help limit potential damage to the global financial system.
jlne.ws/1jrZMZp

LME Clear to provide trade reporting service
Cinnober
LME Clear has now officially announced the selection of The Depository Trust & Clearing Corporation (DTCC), an approved trade repository, as its strategic partner for the new LME reporting service, LMEwire.
jlne.ws/1jrZP7r

NASDAQ OMX Nordic will implement T+2 settlement on 6 October 2014
NASDAQ OMX exchanges in Stockholm, Helsinki and Copenhagen will introduce a shorter settlement cycle starting on October 6th 2014. The present settlement cycle is three days (T+3). From October 6th 2014 the settlement cycle will be two days (T+2).
jlne.ws/1jrZMZr

OpenGamma Debuts Margining Platform
Anthony Malakian – WatersTechnology
Risk management technology and analytics provider OpenGamma has launched the Platform for Margining, a new platform to address margining requirements related to new over-the-counter (OTC) market structure changes being pushed through in the US through the Dodd–Frank Act and overseen by the Commodity Futures Trading Commission.
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*** MS: Hat tip to Hugh Stewart and his team at OpenGamma

Federal Reserve Governor Jerome H. Powell At The Clearing House 2013 Annual Meeting, New York, New York November 21, 2013 – OTC Market Infrastructure Reform: Opportunities And Challenges
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CME Group Margins: Performance Bond Requirements: Coal, Crude Oil, Electricity, Ethanol, Freight, FX, Metals, Natural Gas, and Refined Products Outrights; Crude Oil Inter-Commodity Spread Credits- Effective Friday, November 22, 2013
jlne.ws/1jrZNfL

Indexes & Products

Volatility indexes are poor hedge against tail risks, say managers
Yakob Peterseil – Risk.net
Active strategies are more effective hedges than passive strategies when it comes to guarding against tail-risk events, said a panel of portfolio managers at the Inside Indexing Europe conference on Tuesday
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BATS Exchange Welcomes ProShares ETF
jlne.ws/1jrZP7y

Technology

Tabb Builds Practice to Map DnA (Data and Analytics)
Max Bowie – WatersTechnology
Research firm Tabb Group has set up a Data and Analytics practice to advise financial firms on opportunities to leverage emerging data management and analysis technologies and processes across their business.
jlne.ws/1jrZNfO

EOX Readies Near-Real-Time OTCGH Data
Faye Kilburn – WatersTechnology
EOX, the technology and data division of energy and commodities broker consortium OTC Global Holdings, is planning to make the entire universe of over-the-counter data from its parent company’s 16 brokerages available in near-real time to support risk managers’ intra-day risk calculations.
jlne.ws/1jrZNfR

McObject Preps eXtremeDB Financial Edition V2
Faye Kilburn- WatersTechnology
Issaquah, Wash.-based in-memory database provider McObject is preparing to launch a new version of its high-performance eXtremeDB Financial Edition database, featuring an enhanced library of vector-based statistical functions.
jlne.ws/1jrZP7C

Broadridge And TwoFour To Deliver Front- To Back-Office Process Efficiencies For FX And Money Markets Operations
Broadridge Financial Solutions, Inc. and TwoFour Systems LLC have today announced their cooperation to provide an end-to-end solution for treasury-based instruments, combining the strengths of Broadridge’s global multi-asset post-trade solution and TwoFour’s leading cross-product solution for orders, trading, front-office position keeping and treasury risk assessment.
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Enforcement

SEC Charges Colorado Man in Scheme Targeting Elderly Investors
The Securities and Exchange Commission today charged a self-described institutional trader in Colorado with defrauding elderly investors into making purported investments in government-secured bonds as he used their money to pay his mortgage.
jlne.ws/1jrZP7F

SEC Charges Another Tipper in Galleon Insider Trading Scheme
The Securities and Exchange Commission today charged a former employee at a Silicon Valley-based semiconductor company for his role tipping nonpublic information used in connection with Raj Rajaratnam’s massive insider trading scheme.
jlne.ws/1jrZNfY

Witnesses in Trading Trial Give Peek at SAC’s Operations
ALEXANDRA STEVENSON – NYTimes.com
The insider trading trial of Michael S. Steinberg, a former senior employee of SAC Capital Advisors, offered a glimpse inside the wildly successful hedge fund on Thursday as the first two witnesses took the stand.
jlne.ws/1jrZPnV

Former Hedge Fund Manager Corey Ribotsky Settles With SEC By Paying $14.5 Million
Forbes
Corey Ribotsky, the controversial Long Island hedge fund manager who once managed as much as $876 million, has settled his long-running case with the Securities & Exchange Commission, agreeing to pay $14.5 million in discouragement and penalties. Ribotsky has also been barred from the investment advisory business for at least four years.
jlne.ws/1jrZNg0

Settlement talks between Madoff trustee, investor collapse: WSJ
Reuters
A planned $800 million settlement between Kingate Management, one of the largest investors in Bernard Madoff’s fraud, and a court-appointed trustee recouping money for the swindler’s victims has broken down, The Wall Street Journal said on Thursday, citing people familiar with the matter.
jlne.ws/1jrZPnY

Environmental & Energy

China Clashes With U.S., EU on Roles in New Climate Deal
Bloomberg
China clashed with the U.S. and European Union over the commitments each should take in a new climate change agreement that envoys aim to reach by 2015.
jlne.ws/1bFWSvR

*** MS: Black cat, white cat … as long as it catches mice with the Invisible Hand

Beijing Looks to Markets to Fix Pollution
The Wall Street Journal
China’s leaders are taking aim at the cheap use of resources that has let its industries boom but has choked its air and tainted its soil, looking to markets to play a larger role in commodity prices as a way to fix pollution.
jlne.ws/1baYvXv

Climate Finance Battle Shows Expectation Gap at UN Talks
Bloomberg
A debate over climate aid is widening the rift between richer and poorer nations at United Nations climate talks in Warsaw, creating another obstacle in the fight against global warming.
jlne.ws/1jlb5m5

Asia-Pacific

Singapore Says Money-Mule Cases Increase as Residents Swindled
Sanat Vallikappen – Bloomberg
Singapore police and banks urged the city-state’s residents to be wary of fraudsters seeking to use their bank accounts to funnel illegal funds after an increase of reported cases this year.
jlne.ws/1jrZPnZ

China’s ‘rejuvenation index’ greeted with derision
Jamil Anderlini in Beijing – FT.com
Chinese president Xi Jinping has pledged to reduce the role of central planning in the economy and usher in the “great rejuvenation of the Chinese nation”. But if the latest pronouncement from a senior state planning official is anything to go by then Mr Xi has a long way to go on both counts.
jlne.ws/1jrZNwh

Tokyo Commodity Exchange Foreign Customer Trades Comprised 42.8% Of Total Volume In October – All-Time High
The Tokyo Commodity Exchange, Inc announced today that the October 2013 monthly volume of customer trades (combined sell & buy orders) originating overseas accounted for 42.8 percent of the total trades, which renewed the all-time high ratio for the third consecutive month.
jlne.ws/1jrZNwj

Banking industry calls on Asia regulators to speak up
Michelle Price in Hong Kong – Financial News
The international banking industry has urged Asian regulators to speak out against aggressive US and European rules which threaten to disrupt the region’s financial markets.
jlne.ws/1jrZNwn

China regulator orders more disclosure on shadow bank products
Reuters
China’s bank regulator will require banks to report detailed information on their holdings of wealth management products beginning in 2014, four sources with direct knowledge of the new regulations told Reuters on Friday.
jlne.ws/1jrZNwp

Listing regime in Hong Kong under review
South China Morning Post
The government’s top financial advisory body has begun a review of the city’s stock listing regime, Financial Services Development Council member Joe Ngai told the South China Morning Post.
jlne.ws/1jrZPo5

Dalian Commodity Exchange, MCX Sign MOU On Cooperation
On November 20, Dalian Commodity Exchange (DCE) and Multi Commodity Exchange of India Ltd (MCX) signed a memorandum of understanding on cooperation in Mumbai, India to explore new areas of cooperation, promote the global strategic cooperation and pave the way for potential business cooperation between the two sides.
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[OSE] Price Limits for Futures and Options Trading
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Frontier Markets

ICICI Bank’s bond offering shows global investors again buying India story – The Economic Times
ICICI Bank completed a successful $750 million bond offering last Monday that proved international investors were no longer shunning securities from the country as they did just two months ago.
jlne.ws/1jrZPEq

*** MS: Governor Rajan bringing more of his magic to Indian capital markets. We hope to see him with the other FSB chiefs in December in Singapore.

NCDEX to introduce gold contracts with option to hedge more
Business Line
The National Commodity and Derivatives Exchange(NCDEX) has sought the approval of commodity market regulator Forward Market Commission for newly-designed gold contract.
jlne.ws/1jrZNwr

*** MS: Samir Shah is bringing renewed energy to NCDEX

NCDEX re-launches Steel Long Futures contract
The Hindu
National Commodity & Derivatives Exchange Ltd. (NCDEX) on Thursday said it has re-launched its steel long contract based on the BIS 2830 grade. NCDEX is the only exchange which offered steel long futures, which had become a benchmark price reference for the long products segment in the Indian steel industry.
jlne.ws/1jrZPEr

MCX Weekly Market Report November 15, 2013 – November 21, 2013
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Malawi Stock Exchange Weekly Trading Report- Week Ending 22nd November, 2013
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John Lothian Newsletter

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CEO, Trading Technologies

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