John Lothian Newsletter: Europe details markets overhaul; US swaps watchdog seeks more comment on proposal to curb speculators; Barclays fined USD 44 million for gold price setting failures

May 23, 2014

First Read

Giving something back
I’ve really enjoyed my time as guest editor this week and I’m very grateful to John and all of his team for giving me this opportunity and making it such an enjoyable process. Great to see John back on today and I’m sure I speak for all of us when I wish him a speedy recovery. It will be a pity not to see him at IDX this year so I suppose we will have to make do with Jim instead.

With IDX speedily approaching I see that Walt Lukken has beaten his fundraising target.Let’s hope exchange rivalry extends to fundraising too. Whilst some of the donors may be very keen to see Walt’s knees my own reason for giving was more to do with the charity. For those who aren’t familiar with it, the Futures for Kids charity was founded in 2008 by futures industry veterans to raise money to support children’s charities around the world. With all the negative press around the financial markets I am pleased to have at least one thing I can be unequivocally proud to be associated with. As well as Walt’s high profile attention seeking there are many more ways to support futures for kids with either time or money. Please do what you can to give something back. So far FFK has raised nearly GBP 2m due to the hard work of Bill Templer, Dave Setters and all the other trustees and supporters.

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Bits & Pieces
JLN Staff
CME Group’s London-based corporate communications executive Allan Schoenberg has submitted his resignation and accepted a new position in New York City with TIAA-CREF as vice president of corporate communications.

Schoenberg is a social media pioneer who shepherded the CME’s very successful social media strategy. He was one of the reasons John Lothian News signed up for Twitter. He appeared at two panel discussions we held in 2009 to educate the industry about how traders are using Twitter and the compliance challenges of social media.

Allan moved to London with his family 3½ years ago and has helped increase the CME’s European media profile greatly. He is arguably the most respected corporate communications and social media professional in the exchange and trading space. His presence will be missed by the CME Group.

Walt Lukken hit his fundraising target yesterday with a $5000 donation from Kim Taylor and the CME Group, according to his JustGiving.com page. He now stands at 120% of his £500 goal with £6,024.66 raised so far.

Forget the “Lothian Bump,” this was the “CME Bump and more.” We thank Ms. Taylor and all at the CME who contributed for their generous donation to Futures For Kids.

So far the donors for Walt’s Kilt Challenge are: Alun Green (yes, the very same!), Barbara Wierzynski, Chuck Mackie, Kevin Foley, Kim Taylor, CME Group, Patrick Thornton-Smith, Toby Taylor, Emily Portney, Chuck Hutchison, Clive Furness, Gerry Corcoran, Guy Sheetz, Christopher Hehmeyer, Mike Dawley, Antoine Babule, Beth Thompson, Jim Kharouf, Douglas and Nancy Ashburn, John Lothian and two anonymous donations.

Maybe with a little help we can get Walt to $10,000. How about it, [fill in the blank other exchanges, brokerages and clearinghouses], can you help Walt double his goal? Here is the link to give: justgiving.com/WaltsKiltChallenge

Jim Kharouf and Doug Ashburn will be in London for the week of IDX June 10-11. Drop them a line if you would like to set up a meeting at jimkharouf@johnlothian.com and dougashburn@johnlothian.com

CME Group has added weekly and end-of-month options on its E-mini Dow and DJIA futures. If memory serves right, they added weeklies and EOMs on its NASDAQ futures in 2010 and the S&Ps several years before that.

Finally, a welcome to Alison Fay, who has joined John Lothian & Co. as a summer intern, working on our video production. Yes, she is the daughter of Russell Index’s director of listed derivatives for the Americas Pat Fay.

Next up for our JLN guest editor series is Gary DeWaal, who will be granted Monday off, just because we’re that kind of a company.

***AG – Does Gary get every Monday off or just next Monday? You guys at Lothian are so powerful.

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A Tale of Two Issues: Zach Ziliak Breaks Down the HFT Debate
JohnLothianNews.com
Today’s financial markets can be summed up in three words – global, fast, and complex. But as the market structure evolves, so must the regulatory structure that oversees it. John Lothian News has spoken with several industry experts to create this series on the evolution of financial market structure.

In part 6, quant -turned-attorney, Zach Ziliak points out that Michael Lewis’ Flash Boys, like any good novel, gets broken down into good vs. evil, and HFT has become an easy target. He says it is important to separate the debate in two – automated systems’ day to day activities, and issues related to the flash crash and other system failures.

Watch the video »

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Keep Your Eye on the Market Structure Ball
Sal Arnuk and Joe Saluzzi – Wall Street & Technology
The furor resulting from the publication of Michael Lewis’s Flash Boys has predictably focused on the overly simplistic debate on high-frequency trading, and whether HFT is good or bad. It’s not an important debate. HFT is neither good nor bad — it’s merely a symptom of greater market issues that need to be addressed.
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**JK – A level headed voice in the “Jerry Springer-esque” HFT debate.

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Senate Expected to Soon Advance CFTC Nominees
Andrew Ackerman and Michael R. Crittenden – MoneyBeat – WSJ
U.S. Senate lawmakers were expected to move Thursday to set up an early June vote on at least one of President Barack Obama’s three nominees to the Commodity Futures Trading Commission, according to a Senate Democratic aide, in an effort to restore an agency hobbled by vacancies to its full slate of commissioners.
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CBOE Holdings, Inc. Announces 2014 Annual Meeting Results
All 13 board of director nominees received a majority of votes cast, with at least 96 percent of the votes cast “for” each of the nominees. The elected board members will serve one-year terms expiring in 2015:
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**JK – Ed Tilly’s first annual meeting holding the gavel, and no shoes were thrown!

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Market Data Gone Wild
Scott Ignall – Wall Street & Technology
When I first started in this business, the gold standard electronic venue was the Island ECN. It was fast, cheap, reliable, and on the cutting edge. And best of all, Island’s quotes were free. It was a smart business model that incentivized you to take their data and, in turn, trade with them. Market data these days is an entirely different animal.
jlne.ws/1lHN6yk

**JK – What does the market data gone wild video look like? Not sure that one fits with the other series.

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ISE Launches Do Not Trade Through Functionality for Multi-Legged Orders
ISE announced today the launch of Do Not Trade Through (DNTT) functionality, a new price protection for multi-legged orders. Orders marked as DNTT will only trade at or better than the National Best Bid or Offer (NBBO) on each leg of the multi-legged order, including option and stock legs. DNTT orders do not trade through away market prices on any leg. ISE is the only exchange to offer this protection for both incoming and resting multi-legged orders.
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**JK: Let’s call these ISE-icles.

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A Hedge Fund Highflier Comes Back to Earth
NYTimes.com
The chickens of the one percent could roost comfortably here. In this West England village, where sheep seem more abundant than people, a hedge fund manager, Crispin Odey, is close to completing a chicken coop in the style and scale of a small Grecian temple.
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**JK – Pretty good for a point-and-cluck trader. (It’s Friday folks.)

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MarketsWiki

MarketsWiki Page of the Day
Thomas W. Farley
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MarketsWiki Recent Updates

People

Mike Persico; T. Michael Billings; Thomas W. Farley; Duncan Niederauer

Companies, Organizations and Groups

IntercontinentalExchange Group Inc.; New York Stock Exchange; NYSE Group

Miscellaneous

U.S. Federal Reserve System

Statistics

49,144,090 pages viewed, 7,955 articles, 183,120 edits
MarketsWiki Statistics

Lead Stories

Europe details markets overhaul
Philip Stafford – FT.com
Traders who send an average two orders per second to European markets may be considered high-frequency traders and face tougher regulation under new proposals overhauling the region’s securities market.
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U.S. swaps watchdog seeks more comment on proposal to curb speculators
Reuters
The U.S. derivatives watchdog asked on Thursday for more industry comments on a proposed rule to curb speculators in commodity futures markets.
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Barclays fined $44 million for gold price setting failures
Reuters
Barclays Plc has been fined 26 million pounds ($43.8 million) for control failings over its setting of gold prices, which occurred just a day after the British bank was fined $450 million for rigging Libor interest rates.
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Historic gold fix pricing system criticised as vulnerable
Neil Hume and Xan Rice – FT.com
Unlike other commodities, such as copper or coffee, gold does not trade on an exchange in London. Investors wishing to buy and sell gold wholesale rely on a 24-hour over-the-counter market serviced by a number of investment banks such as Goldman Sachs, JPMorgan and UBS.
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NYSE’s Niederauer Resigns With Plan to Leave ICE in August
Matthew Leising and Sam Mamudi – Bloomberg
Duncan Niederauer resigned from the New York Stock Exchange months sooner than originally planned, citing progress integrating the market with new owner IntercontinentalExchange Group Inc.
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SEC Chief White: Asset Managers Not Overreacting
Andrew Ackerman and Kirsten Grind – MoneyBeat – WSJ
Assets managers’ forceful response to a federal review of risks their industry may pose to the financial system is not unjustified, Securities and Exchange Commission Chairman Mary Jo White said.
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IEX’s Katsuyama: Market Structure Problems Are Everyone’s Fault
Ivy Schmerken – Wall Street & Technology
Although there is a lot of talk about what regulations are needed to improve the current US equities markets, some believe that regulatory change may not be the answer. If regulation isn’t the fix, then what is?
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BNP Fine Shows Need to Be Wary of U.S. Rule Changes, Noyer Says
Mark Deen – Bloomberg
BNP Paribas SA’s possible fine in the U.S. for doing business with sanctioned countries shows that European banks need to ensure their compliance with evolving American rules, Bank of France Governor Christian Noyer said.
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NAFIS 2014: HFT, Managed Services, OTC Derivatives Top Data Industry Trends, Says Aite’s Weiss
Faye Kilburn – WatersTechnology
Market data professionals should be prepared to take the heat for high-frequency trading (HFT), warned David Weiss, senior analyst at Research firm Aite Group, during his speech on current trends in market data at Inside Market Data and Inside Reference Data’s North American Financial Information Summit this week.
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How Timothy Geithner failed his stress test
Mike Konczal | Al Jazeera America
Two books published this month offer radically disparate interpretations of the Great Recession and its aftermath. They each tell a very different story about the housing bubble, the 2008 financial crisis and the weak recovery that has followed. In one version, the bailout of the Wall Street banks is the hero, keeping the Great Recession from becoming a replay of the Great Depression. In the other, the bailout is a sideshow, even a distraction, to the real story about our economy. The interpretation that gains traction will determine how the recession is understood, what went right and wrong, and who is ultimately to praise and blame.
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Geithner and Stewart Don’t See Eye to Eye on ‘The Daily Show’
RACHEL ABRAMS – NYTimes.com
If there was one big takeaway from the former Treasury Secretary Timothy Geithner’s appearance on “The Daily Show” on Wednesday night, it’s that he and Jon Stewart do not agree on many things about the financial crisis.
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Regulatory

SEC chair: Risk panel needs more capital markets expertise
Reuters
The U.S. regulatory risk council should make sure it has enough securities market expertise before deciding whether to designate large financial firms as systemic, Securities and Exchange Commission Chair Mary Jo White said on Thursday.
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Acting Chairman Mark Wetjen Announces Three Actions to Protect Liquidity for Certain End-Users, Further Consider Certain Hedging Practices, and Promote Trading on SEFs and DCMs
The Commodity Futures Trading Commission (Commission) Acting Chairman Mark Wetjen and Commissioner Scott O’Malia today announced three actions to benefit utility special entities, further consider certain hedging practices for commercial market participants, and promote end-user trading on swap execution facilities (SEFs) and designated contract markets (DCMs).
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Canadian securities regulators propose changes to streamline venture issuer disclosure
The Canadian Securities Administrators (CSA) today published for comment proposed amendments that would streamline disclosure by venture issuers.
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Resolving the Order Type Controversy: A Logical Conclusion?
Haim Bodek – TabbFORUM
At some point, it seemed like the order type controversy would die quietly with the securities industry’s continuing cleanup efforts, such as NASDAQ’s efforts to demystify and explain its order types’ functionality and to normalize order types across interfaces, BATS’s revision of the price sliding functionality and its admission of the existence of certain ambiguities and inaccuracies in prior regulatory filings, and NYSE Arca’s comprehensive revision of its rulebook with respect to order types and modifiers.
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Banks breach EU and US reporting rules to avoid privacy clash
Fiona Maxwell – Risk.net
Two dealers have told Risk they are breaching European and US derivatives reporting rules in order to avoid a clash with some countries’ privacy laws, which make it illegal to reveal customer identities.
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NAFIS 2014: ‘Compliance Consumer’ is Drain on Data Resources, Users Say
Max Bowie – WatersTechnology
End-user firms are feeling the pressure of not just complying with new regulations, but also of meeting the data management burden to support compliance, making experienced market data staff and business analysts ever-more valuable, said panelists at this week’s North American Financial Information Summit.
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The Bluffer’s Guide to Mifid II
Tim Cave and Anish Puaar – Financial News
The European Securities and Markets Authority has today published an 800-page consultation on how it intends to turn the revised Markets in Financial Instruments Directive into practical and implementable standards.
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Esma’s Mifid II takeaways
Anish Puaar and Tim Cave – Financial News
The European Securities and Markets Authority today kicked off its consultation on the second version of the Markets in Financial Instruments Directive, a vast piece of reform described by the agency’s chair Steven Maijoor as “the biggest overhaul of financial markets in a decade”.
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ESMA Publishes IFRS Enforcement Report For 2013
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CFTC accord bolsters Ferc drive to catch manipulation
Mark Pengelly – Risk.net
Memorandum of understanding with US Commodity Futures Trading Commission on information sharing has been “extremely useful” for energy regulator, says the Federal Energy Regulatory Commission’s deputy director of surveillance
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ASIC Dark Pool Regulations Positive – CMCRC
The Capital Markets Cooperative Research Centre (CMCRC) has released a new video dealing with the impact of the introduction of the minimum price improvement rule introduced by ASIC on 26 May 2012.
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Exchanges & Trading Facilities

Top Exchange And Clearinghouse Leaders To Assemble In Moscow, Russia For WFE-IOMA Annual Derivatives Conference
Exchanges and clearinghouse leaders will assemble in Moscow next week for the World Federation of Exchanges’ (WFE) 31st annual derivatives conference, the International Options Market Association (IOMA). The conference, which will take place 26-28 May, will be a forum for the discussion of key regulatory issues affecting the global derivatives landscape.
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NASDAQ OMX Launches Weekly Options On Swedish Shares
NASDAQ OMX announces that trading in weekly options on Swedish shares starts on NASDAQ OMX Stockholm on May 26. The introduction of weekly single stock options is an extension of the successful weekly index options offering that NASDAQ OMX launched in 2012, and that today represent around 5 percent of the total Swedish index options volumes.
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FIF Capacity Statistics For April 2014: Two New Record Peaks: SIAC OPRA & BATS Options MCASTPITCH AGG
This month’s bulletin from the Financial Information Forum (FIF) finds that SIAC OPRA was up 18% to 7,945,060 mps over the 1 second interval. BATS Options MCASTPITCH AGG was up 6% to 3,194,645 mps over the 1 second interval.
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Semapa lists EUR150 million Bond on Euronext Lisbon
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Oslo Børs: Brage Finans Lists Its First Bond Issue On Nordic ABM
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NZX IPO Masterclass – SLI Systems
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Hedge Funds & Managed Futures

BlackRock calls for international fund redemption rules
Stephen Foley in New York – FT.com
BlackRock, the world’s largest asset manager, is calling for international rules that could impose redemption fees for some kinds of funds, to cut the chances of damaging runs during times of market panic.
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Some Private Equity Investments Just Won’t Leave The Nest
Amy Or and Hillary Canada – MoneyBeat – WSJ
Private equity firms are supposed to shuffle off investments around the same time a parent would send a child to pre-school or kindergarten. But a recent ABRY Partners investment stuck around so long that as a human it could have applied for a driver’s license.
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Goldman Sachs: Here Are 50 Stocks Most Loved by Hedge Funds
Steven Russolillo – MoneyBeat – WSJ
Goldman Sachs’ quarterly analysis of hedge-fund holdings shows the industry continues to struggle keeping pace with the broad market.
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BlackRock recruits former DrKW banker as MLIM veteran departs
Vivek Ahuja – Financial News
BlackRock’s head of the trading and liquidity strategies group in Europe, the Middle East and Africa, Nigel Foster, is retiring after more than 25 years at the world’s largest asset manager and its predecessors Mercury Asset Management and Merrill Lynch Investment Managers.
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Archer Daniels Midland Doubles 2014 Cost-Savings Target
WSJ.com
Archer Daniels Midland Co. said it has doubled its cost-cutting target for 2014, aiming for $400 million in run-rate savings by year’s end.
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Entrepreneurs Top Private-Equity Firms on European Leveraged Deals
WSJ.com
Entrepreneurs and wealthy families are beating private-equity firms in Europe at their own game. Leveraged buyouts—takeover deals funded by debt secured on the acquired company—are booming here, but the likes of KKR & Co., Carlyle Group LP and Apax Partners LLP aren’t at the forefront. Instead, entrepreneurs are taking advantage of cheap debt finance and doing deals themselves.
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Banks & Brokers

Wall Street Bets on Bond Revival in Trader Hiring Spree
Lisa Abramowicz – Bloomberg
Wall Street firms are starting to bet on an end to the profit-eroding boredom in credit markets by building their trading desks.
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Financial Advisers Need to Improve at Serving Women, Study
Sara Murray – MoneyBeat – WSJ
Women hold the purse strings to $11.2 trillion in assets in the U.S., and financial institutions are failing to capitalize on it, according to a new report.
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Citigroup Reaches For Bigger Slice of Mortgage Pie
John Carney – MoneyBeat – WSJ
Mortgage-refinancing activity has plummeted. Home-sales activity has weakened. Fannie MaeFNMA -0.69%’s chief economist is warning that the housing market is “worrisome.”
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Deutsche Bank Co-CEO Pleads for Shareholders’ Support
WSJ.com
Deutsche Bank AG co-Chief Executive Anshu Jain urged shareholders at the bank’s annual meeting to be patient and supportive of management’s course but was rebuked by investors angry at a recently announced capital increase and mounting legal costs.
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Tullett Prebon Information Named Best Data Provider at Inside Market Data Awards for Fourth Consecutive Year
Tullett Prebon Information, a leading provider of independent real-time price information from the global OTC financial and commodity markets has been named Best Data Provider (Broker) at the Inside Market Data Awards.
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Clearing & Settlement

CME Group Clearing: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (HHQ) Effective Thursday, May 22, 2014
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Indexes & Products

Checking out of the ETF hotel could be costly
Tracy Alloway in New York – FT.com
Hotel California by the Eagles is one of the best known soft rock songs from the seventies. But its lyrics – about a seemingly welcoming guesthouse revealed as a ghostly limbo – offer a partial analogy for an important part of modern financial markets: exchange traded funds.
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U.S.-based stock funds post $7.6 bln outflows – Lipper
Reuters
Investors in U.S.-based funds pulled $7.6 billion out of stock funds in the week ended May 21 on weak U.S. economic data and disappointing corporate results, data from Thomson Reuters’ Lipper service showed on Thursday.
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Europe set to be key battleground for index providers
David Wigan – Risk.net
The evolution of the European ETF market has lagged behind its US counterpart as retail investors have been slow to follow institutional investors into the asset class. But shifting market dynamics mean index providers are now jostling to take advantage
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How Big is the Global Stock Market?
Joshua M Brown | The Reformed Broker
The below chart comes to us from Bank of America Merrill Lynch’s recent global equity strategy report. You’re looking at a table listing the world’s equity markets (in billions) along with some fundamental and valuation data.
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Deutsche Börse: First ETF On FTSE China A50 Index Launched On Xetra – New Source ETF Enables Access To A-Shares Of The 50 Largest Chinese Companies
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Technology

SIX Financial Information wins Incisive Media awards for best corporate actions and market data innovation
Readers of Incisive Media’s Inside Reference Data have once again voted SIX Financial Information the ‘Best Corporate Actions Data Provider,’ at the annual awards ceremony in New York on May 21st. In addition, distribution of its Market Data Feed (MDF) with Bloomberg’s data distribution platform was recognized in the vendor initiative categories of the Inside Market Data awards.
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Markit & Genpact Launch Centralized KYC Data Service
Becca Lipman – Wall Street & Technology
In an effort to streamline client onboarding across financial markets, the enterprise data provider Markit and the business processing technology firm Genpact announced the launch of Markit | Genpact KYC Services, a centralized know-your-customer (KYC) data management service.
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TMX Group’s TMX Quantum XA Trading Engine Wins Outstanding Product Achievement Award
TMX Group is proud to announce that its new high performance equity trading engine, TMX Quantum XA received the “Sprott School of Business at Carleton University Outstanding Product Achievement Award” at the 29th Annual CATAAlliance Innovation and Leadership Awards last night in Ottawa.
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Enforcement

Barclays fined GBP26m for failings surrounding the London Gold Fixing and former Barclays trader banned and fined for inappropriate conduct
The Financial Conduct Authority has fined Barclays Bank Plc (Barclays) GBP26,033,500 for failing to adequately manage conflicts of interest between itself and its customers as well as systems and controls failings, in relation to the Gold Fixing. These failures continued from 2004 to 2013.
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CFTC Wins Fraud Trial against Hunter Wise Related Precious Metals Firms and Their Owners
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on May 16, 2014, a federal court in Florida entered an Order finding in the CFTC’s favor following a trial against four Hunter Wise related companies and their owners on charges that they had fraudulently misrepresented the nature of precious metals transactions that resulted in millions of dollars in customer losses.
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SEC Charges Vitamin Company’s Former Board Member and Brothers With Insider Trading
The Securities and Exchange Commission today charged a former director of a Long Island-based vitamin company and others in his family circle with insider trading ahead of the company’s sale to a private equity firm.
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SEC Announces Latest Charges in Joint Law Enforcement Effort Uncovering Penny Stock Schemes
The Securities and Exchange Commission today announced the latest in a series of cases against microcap companies, officers, and promoters arising out of a joint law enforcement investigation to unearth penny stock schemes with roots in South Florida.
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Illegal distribution and illegal practice as a dealer – AMF files 28 charges against three individuals
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[AMF Canada] Freeze and prohibition orders against Asim Ahmed and Mahmood Ahmed
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Environmental & Energy

ICAP Energy voted “Overall Broker of the Year” in the 2014 Energy Risk Awards and Commodity Rankings
ICAP Energy, the energy business of ICAP plc, announces that it has been voted “Overall Broker of the Year” in Energy Risk magazine’s annual awards. In addition, ICAP Energy has also been voted “Overall Broker of the Year” in the publication’s annual commodity rankings for the ninth year in a row.
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Asia-Pacific

China’s economy entered ‘manageable slowdown’ – central bank chief
Reuters
China’s economic slowdown is “manageable” as the country is in a stage of development where reforms and environmental protection take precedence in policy considerations, Central Bank Governor Zhou Xiaochuan said.
jlne.ws/RZDlUA

KKR urges Japan’s pension fund to invest in private equity as reforms loom
Reuters
KKR & Co is calling on Japan’s public pension fund, the world’s largest, to start investing in private equity funds to boost returns and encourage other institutional investors to seek higher-yielding alternative investments.
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FIA Japan Newsletter May 2014 Edition Released
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Hong Kong’s Securities And Futures Commission Reprimands And Fines Deutsche Bank Aktiengesellschaft $1.6 Million For Regulatory Breaches
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Frontier Markets

BSE to take over struggling currency bourse United Stock Exchange
The Economic Times
Bombay Stock Exchange (BSE) has agreed to merge United Stock Exchange (USE) with itself in a share-swap deal. Under the merger terms, a USE shareholder will get 1 share of BSE for every 385 shares held. The merger will lead to dilution of around 3.2% for BSE.
jlne.ws/1nj6sAz

China’s central bank chief admits difficulties with Africa
Javier Blas in Kigali, Rwanda – FT.com
Beijing has made a rare and candid admission of the difficulties in its economic relationship with Africa, with one of the country’s top financial officials describing some Sino-African deals as “not so good, not so satisfactory”.
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eVestment New Report: Foundations, Endowments Up Emerging Markets Investment Exposure, Seek Higher Returns
jlne.ws/1nj99Ca

Malawi Stock Exchange Weekly Trading Report- 23rd May, 2014
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Dubai Financial Market Market Holiday
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John Lothian Newsletter

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CEO, Trading Technologies

Past JLN Newsletters

CME to permanently close most trading pits

CME to permanently close most trading pits

First Read $40,626/$300,000 (13.5%) Anonymous ++++ Hits & Takes John Lothian & JLN Staff Without fanfare or amplification from its executives, the CME Group shut the books on most -- but not all -- of its floor trading history Tuesday afternoon with the...

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