First Read

Boy Scouts Search for a New Path; Now is not the time for the Boy Scouts of America to recede from its long-standing national role.
By MICHAEL S. MALONE – WSJ
Having passed through the controversy over its acceptance of gay members in 2013 and gay leaders this year, the Boy Scouts of America now finds itself at a crossroads. The path it chooses may have a profound and enduring impact on American culture.
For a century now, the BSA has been, and remains, the largest youth organization in the United States. There are 2.6 million Cub Scouts, Boy Scouts, Venturers and Explorers today (and one million adult volunteers) out of a total of 115 million Scouts of all types in the BSA’s 105 year history.
on.wsj.com/1MTu5pX

**** I wholeheartedly agree. If you are in Chicago, you can support Scouting and the Trading Tech 300 program I began to reconnect the financial district with Chicago Scouts by coming to the LaSalle Trading Tech Awards tomorrow at the CBOT Building. Email me for details or a free ticket.

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Nils-Robert Persson, Cinnober Financial Technology – How to Manage a Challenge
MarketsWikiEducation.com

“You should be prepared to walk on thin ice. It’s not dangerous if you know what you are doing.”

Thirty years ago, Nils-Robert Persson left a job at communications software giant Ericsson to join the financial technology space, where he has been ever since. Back then, when one made a trade, it was a cumbersome process that involved many hands over several hours, and bank settlement took three to five days. Now, that same trade can be placed on a fifth-generation Ericsson smartphone and be matched in 100 microseconds… and bank settlement still takes three to five days.

Persson says he was not wrong to leave Ericsson, just thirty years too early. The center of the tech world has shifted to the financial sector, and as executive chairman of Cinnober, he is now in the right place. He says you do not have to be at a startup to be entrepreneurial in your thinking, but it often requires you to navigate on thin ice.

Watch the video »
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CFTC to Hold an Open Commission Meeting on November 24th to Consider a Proposal on Automated Trading
CFTC
U.S. Commodity Futures Trading Commission (CFTC) Chairman Tim Massad announced today that the Commission will hold an open meeting on Tuesday, November 24, 2015 at 9 a.m.
1.usa.gov/1OeW9rk

****** One of the most important issues in front of the CFTC and the industry.

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NYSE to eliminate “stop orders” from February
Reuters
Investors will not be able to make “stop orders” and “good till cancelled orders” on the New York Stock Exchange and NYSE MKT from Feb. 26, the exchange said, as it looks to reduce risks during choppy trading.
reut.rs/1QMmfV2
****** There are STOP orders, then there are STOP LIMIT orders, and then there are orders that just don’t get filled where you expect them to.

***DA: Like when you go into a bar for “one drink,” and the 1 stop gets filled at 4.

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SEC Charges Pump-and-Dump in Marley Coffee Stock
SEC.gov
The Securities and Exchange Commission today announced fraud charges against several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java, a company that operates as Marley Coffee and uses trademarks of late reggae artist Bob Marley to sell coffee products.
1.usa.gov/1OPkuXT

***JB: We jammin’ til the jam is through… or until we get caught.

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Sponsored Content
CEINEX – Bridging Markets

China Europe International Exchange (CEINEX) provides international investors with efficient and transparent access to the world’s second biggest economy. Founded by three strong partners, the Shanghai Stock Exchange, the China Financial Futures Exchange and Deutsche Börse Group, CEINEX offers trading opportunities in Renminbi-denominated instruments at European trading hours.

Market participants will benefit from the new global liquidity pool for Chinese cash market products initially and derivatives at a later stage. The new marketplace will be based on Deutsche Börse’s proven infrastructure for trading – Xetra for cash market products and in the future Eurex for derivatives contracts.

It all starts today! More details: www.ceinex.com

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New Sector and Specialty Bid-Ask Spread Indexes (BASI) reveal different trading costs for different market segments
David Krein – MarketAxess Research Blog
With the ongoing market-wide focus on liquidity, we’re launching 8 new BASI indexes today. Collectively called the Sector BASI and Specialty BASI, they’re designed to help investors more thoroughly understand their potential trading opportunities and costs.
The 4 new Sector BASIs capture the top four most active U.S. high-grade corporate bond sectors according to BondTicker and TRACE. The 4 new Specialty BASIs capture critical institutional credit market segments. In fact, these new indexes confirm our thesis that different segments of the U.S. high-grade market have different trading costs.
bit.ly/1QKn1Cb

***DA: Krein, head of research at MKTX and a participant in our MarketsWiki Education series this past summer, does a nice job of explaining the methodology behind the indices.

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The role of open access in clearing
LCH.Clearnet CEO Martin Pluves, in Futures & Options World
Europe stands on the threshold of a more transparent and competitive landscape. It’s a grand vision that’s been in the making for many years, but its success depends on regulators’ commitment to implementing all aspects of MiFID II. Open Access – between trading venues and clearing houses – strikes at the heart of these rules, but it’s more than a matter of regulatory policy. We see it as an approach that brings choice and economic benefits to customers, encouraging innovation and preventing reliance on vertical silo market infrastructure.
Open Access will also help strengthen the ability of markets to withstand systemic shocks, as advocated by CPSS-IOSCO Principles for financial market infrastructures (FMIs).
bit.ly/1QucFqL

***DA: Open it up to all and let the market decide – that has always been our motto. But remember – open access should not mean mandatory interoperability among clearers.

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Lead Stories

Exchanges and interdealer brokers reshape to face fragmenting market
Philip Stafford – FT
In recent weeks the sector has experienced a wave of asset swaps and consolidation
As regulation clamps down on trading in financial markets, the operators of the world’s financial plumbing are reshaping themselves to capitalise on the fragmentation of the industry.
on.ft.com/1S3XL8o

ICE Futures Singapore Launches with Commodity and FX Contracts Serving Asian Markets
Business Wire
Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced the successful launch of trading and clearing for ICE Futures Singapore and ICE Clear Singapore on Tuesday, November 17, 2015. Total volume of 8,847 contracts traded and cleared on November 17, across energy, gold and FX.
bit.ly/1QuaQdx

GMEX’s CMF granted CFTC approval
Automated Trader
Global Markets Exchange Group (GMEX Exchange) has announced approval from the Commodity Futures Trading Commission (CFTC) to offer its Interest Rate Swap Constant Maturity Futures (IRS CMF) to U.S.-based firms by directly accessing GMEX Exchange. Trade confirmation and clearing of the GMEX IRS CMF takes place at Eurex, the derivatives marketplace of Deutsche Börse.
bit.ly/1Qub8kC

Hotspot Announces Successful Migration of U.S. Matching Engine to Equinix NY5 Data Center; Migration Marks Completion of Two Major Infrastructure Developments for Hotspot This Year
BATS
Hotspot, a leading institutional foreign exchange (FX) market owned and operated by BATS Global Markets (BATS), today announced the successful migration of its U.S. matching engine to the Equinix NY5 data center on Monday, November 9th.
bit.ly/1Nbddl1

Britain reviews value for money in $10 trillion asset management; FCA launches first competition probe into asset managers; Focus on fees, value for money; Initial findings due in summer 2016
By Huw Jones – Reuters
Britain’s markets watchdog is to review the country’s 6.6 trillion pound ($10 trillion) asset management sector, saying that more transparency may not be enough to guarantee investors value for money.
reut.rs/1WYGtjm

**** Also see WSJ related story here

U.S. SEC to consider rules to help investors navigate ‘dark pools’
BY JOHN MCCRANK – Reuters
U.S. regulators on Wednesday will consider new rules that would increase the amount of information that alternative trading systems (ATSs), such as “dark pools,” have to disclose to investors about how their private stock trading venues work.
reut.rs/1Nbj7Ta

Wall Street Is Running the World’s Central Banks
Simon Kennedy – Bloomberg
Research shows financiers more likely to favor tighter policy
Third of district Fed banks to be run by ex-Goldman bankers
Wall Street is again leading to the corridors of central banks.
From Minneapolis to Paris, investors and financiers are increasingly being hired to help set monetary policy less than a decade since the banking crisis roiled the world economy and chilled their public-sector employment prospects.
bloom.bg/1QsVC8w

Another AIG-Style Fed Bailout Is About to Become Less Likely
Ian Katz – Bloomberg
Emergency lending rule reflects tug-of-war with Congress
Yellen reluctant to cede rescue flexibility in case of crisis
The Federal Reserve is on the verge of relinquishing the tools it used to rescue American International Group Inc. and Bear Stearns Cos. That probably won’t appease lawmakers who’ve said they’re still concerned the central bank might abuse its powers as the lender of last resort.
bloom.bg/1WYHUOS

Stress tests needed for European bond funds
Huw van Steenis – FT
Bond markets have been a lifeline for European companies during the banking and sovereign debt crises of recent years. Since 2009, eurozone banks have cut back lending to companies by EUR590bn. Investors, via the bond markets, have stepped in with EUR415bn of new lending to fill this gap. Without this, the eurozone crisis and banking credit crunch would have been far more severe.
on.ft.com/1H8nzQe

Here’s Why the U.S. Is Planning to Fine Barclays Another $100 Million
by Geoffrey Smith – Fortune
The New York DFS thinks it rigged conditions on its in-house electronic trading platform too. Welcome aboard, Mr Staley, please find enclosed Uncle Sam’s latest claims on Barclays Plc.
for.tn/1WYHNTr

High-Speed Firms Add New Perspective to Treasury Advisory Group
Alexandra Scaggs – Bloomberg
Treasury Borrowing Advisory Committee adds electronic traders
High-speed firms now make up about 50% of daily trading volume
The latest meeting of the committee advising the U.S. Treasury on debt management included some new faces — a pair of representatives from electronic trading firms.
bloom.bg/1MSmcFz

Singapore Exchange plans bond trading platform launch in first-quarter
BY ANSHUMAN DAGA AND LISA JUCCA – Reuters
Singapore Exchange Ltd (SGX) (SGXL.SI) is looking to launch a corporate bond trading platform in the first quarter of 2016 as it seeks to expand its product suite in an effort to boost revenue, its CEO said.
reut.rs/1Mm8yZV

Barrow Boy Brokers Were Ignored by Bankers on Libor, Read Says
Liam Vaughan – Bloomberg
Ex-ICAP employee Read is first defendant to testify at trial
`The idea that a bank would listen to a broker’ is nonsense
A former ICAP Plc employee accused of helping rig Libor told a London court that interdealer brokers are second-class citizens in the financial world who are ignored by better-educated bankers.
bloom.bg/1MSmxbh

Wall Street Job Interviews: A Stress Reduction Game Plan
by Anne Fisher – Fortune
A new app helps you bone up on your finance skills.
When David Capaldi joined the Johnson School of Management at Cornell last year, after a long career as an investment banker, he found that MBA students were worried about their Wall Street job interviews.
for.tn/1S3We1T

The Blurring Of The Public And Private Markets
AVC
Five or six years ago, as the USV team was discussing the evolution of late stage financings and secondaries on the venture landscape, our partner Albert described something to us that was, in hindsight, very prescient. He said “there is no reason why there is such a bright line between public and private markets, we should have one market where the more a company discloses, the more liquid their security becomes” (or something like that). His point was that the only thing that really matters is how much information a company is willing to disclose.
bit.ly/1l5v7c0

U.S. Targets RBS, J.P. Morgan Executives in Criminal Probes; Investigations center on mortgage securities sold before the financial crisis; no decisions yet on whether to bring charges
By ARUNA VISWANATHA, DEVLIN BARRETT and CHRISTOPHER M. MATTHEWS – WSJ
Federal prosecutors are actively pursuing criminal cases against executives from Royal Bank of Scotland Group PLC and J.P. Morgan Chase & Co. for allegedly selling flawed mortgage securities, people familiar with the probes said, as the clock ticks down for bringing cases from the 2008 financial crisis.
on.wsj.com/1S3XjXz

Bloomberg Gadfly debuts in bid to shake-up financial commentary space
By JOE POMPEO – Capital New York
With succinct, newsy commentary about the day’s business and financial headlines being churned out by franchises like The Wall Street Journal’s Heard on the Street, The Financial Times’ Lex and Reuters’ Breakingviews, is there room for another player in this space?
politi.co/1Lk8SEx

Regulatory

Debelle Says Australia Should Consider Risk-Free Reference Rate
Bloomberg Business
Reserve Bank of Australia Assistant Governor Guy Debelle said a risk-free rate could be more appropriate than bank bill swap rates — known as BBSW — as a reference for some financial contracts. The Financial Stability Board is encouraging the market to consider switching from credit-based benchmark rates like the bank bill swap rate or Libor to risk-free rates, Debelle said in the text of a speech Wednesday at the Bloomberg Economic Summit. The RBA is working with local regulators to encourage market participants to consider this, he said.
bloom.bg/1Quemo4

CFTC Divisions Provide Time-Limited No-Action Relief for Certain Affiliated Counterparties
CFTC
The U.S. Commodity Futures Trading Commission’s (Commission) Divisions of Clearing and Risk (DCR) and Market Oversight (DMO) today each extended previously-issued no-action relief for certain inter-affiliate transactions.
1.usa.gov/1OPkbfJ

UK FCA to scrutinise asset management industry
Caroline Binham, Financial Regulation Correspondent – FT
A sweeping antitrust review of the UK’s £6.6tn asset management industry will scrutinise how well the entire chain of advice gives value-for-money for its clients, from consultants to investment managers.
on.ft.com/1HWAcht

White House threatens veto of rule-based monetary policy bill
BY JASON LANGE – Reuters
The White House on Tuesday issued a veto threat for a Republican-backed bill to make the Federal Reserve set interest rate policy using a mathematical rule, a proposal Fed Chair Janet Yellen said would “severely damage” the U.S. economy.
reut.rs/1QufsQK

Exchanges & Trading Facilities

GMEX swap futures given US approval; GMEX receives approval from CFTC to offer swap futures product to US investors.
By Jonathan Watkins – The Trade News
US-based buy-side firms will now be able to access interest rate swap futures listed on the Global Markets Exchange Group (GMEX) following regulatory approval.
bit.ly/1Nbb6h3

Successful market launch of CEINEX; Launch ceremony with Chinese ambassador and the CEOs of SSE and Deutsche Börse
Deutsche Börse
China Europe International Exchange (CEINEX), the joint venture of Shanghai Stock Exchange (SSE), Deutsche Börse and China Financial Futures Exchange (CFFEX) was successfully launched today in Frankfurt. First trades have already taken place in the first hours of market operations.
bit.ly/1MUGJFi

KRX clears final hurdle in EU recognition
The Korea Times
The Korea Exchange (KRX) cleared the final hurdle in receiving a green light from the European Union for its role as a clearing house, paving the way for drawing more investments from its 27 member countries, the bourse operator said Wednesday.
bit.ly/1Qub5Fb

AGILE CONTENT TO START TRADING ON MAB NEXT MONDAY, 23 NOVEMBER
BME
A technology company specialising in video and big data for the monetisation of digital audiences
(NO LINK)

CBOE, C2 and CFE Trading Schedule For the Thanksgiving Day Holiday
CBOE
CBOE Holdings, Inc. (NASDAQ: CBOE) today announced the following trading schedule for Chicago Board Options Exchange (CBOE), C2 Options Exchange (C2) and CBOE Futures Exchange (CFE) in observance of the Thanksgiving Day holiday…
bit.ly/1kEmxS5

HKEx Announces Group Structure Changes in Preparation of New Strategic Plan
HKEx
Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Wednesday) changes to its Group structure as it prepares to launch and implement its strategic plan for 2016 to 2018, which will be announced in early next year.
bit.ly/1OQam11

HKEx to Introduce New Stock Option Classes and Stock Futures Contracts
HKEx
Hong Kong Exchange and Clearing Limited (HKEx) will introduce two new stock option classes and 34 new stock futures contracts in batches on Monday, 30 November 2015 and Monday, 7 December 2015.
bit.ly/1NDmv3p

MCX allows change of membership class; However, they can now hold only one type of membership;
BS Reporter
Following a directive from markets regulator Securities and Exchange Board of indai (Sebi), commodities exchange MCX has allowed its members to upgrade or downgrade their type/class of membership.
bit.ly/1QMpVGo

Euronext Amsterdam welcomes WDP; Logistics real estate company confirms expansion in the Netherlands with listing on Euronext Amsterdam
Euronext
Today Euronext Amsterdam welcomes the logistics real estate company WDP (ticker symbol: WDP), a market leader in the Benelux.
bit.ly/1PNEQ2o

Introduction of T7 Cloud Simulation
Eurex
Effective 1 January 2016, Deutsche Börse AG will offer a new cloud-based, on-demand simulation environment providing access to dedicated, virtual instances of Eurex Exchange’s T7 trading architecture for testing and software development purposes. The new “T7 Cloud Simulation” is available for use immediately.
bit.ly/1l5BJam

Hedge Funds & Managed Futures

Tobey Maguire signs on with $50M Joe Lonsdale fund
By James Covert- NY Post
What’s Joe Lonsdale up to next? Better check your Spidey sense. The controversial tech tycoon — whose powerhouse venture fund Formation 8 abruptly disbanded this month, befuddling Silicon Valley insiders — has bagged “Spider-Man” star Tobey Maguire as an adviser to his new seed fund, The Post has learned.
bit.ly/1kEmWE4

Pimco Dethroned as Emerging-Market Bond King
Ye Xie – Bloomberg
Stone Harbor Fund rises to top of emerging market heap
Strong dollar and weak commodities lead to fund outflows
Pacific Investment Management Co. has lost its title as manager of the world’s largest emerging-market bond fund, battered by ill-timed bets that fueled an investor exodus.
bloom.bg/1j7qNb0

Egg Costs Fall From Record as Chicken Flocks Rebound From Flu
Linly Lin – Bloomberg
Retail U.S. price drops 5% in October as imports increase
Avian influenza drove costs up 52% in previous four months
U.S. retail egg costs fell in October from a record reached after prices soared 52% in the previous four months following the poultry industry’s loss of 48 million birds caused by avian influenza.
bloom.bg/1WYIf41

Exclusive: U.S. executives pledge stock for loans, raise margin call concern
BY TIM MCLAUGHLIN – Reuters
U.S. corporate executives and directors have pledged at least $15 billion of their own company stock holdings to secure personal loans, in spite of recent examples of these arrangements creating bigger losses for other investors during selloffs.
reut.rs/1kEqtlN

Could U.S. Go Back to the Gold Standard?
By STEPHEN GROCER – WSJ
As Republican presidential hopefuls talk up returning to the gold standard as a reaction to current Fed policy, WSJ’s Jon Hilsenrath and Greg Ip discuss why such a move would be problematic.
on.wsj.com/1luxlSK

Banks & Brokers

Large Banks Postpone Debt Sale as Investor Appetite for Riskier Loans Wanes
by MICHAEL J. de la MERCED and ALEXANDRA STEVENSON – NY Times
Lenders involved in the financing of a large leveraged buyout, including Bank of America Merrill Lynch and Morgan Stanley, have decided to delay selling the debt in the face of investor caution.
nyti.ms/1kEm9D0

Fired Citigroup Currency Trader Wins Suit Over Rigging Probe
Kit Chellel – Bloomberg
Perry Stimpson unfairly fired amid currency probe, judges say
Judges also say Stimpson contributed to his dismissal
Former Citigroup Inc. currency trader Perry Stimpson won his lawsuit against the bank over claims he was unfairly fired during an investigation into allegations of market rigging.
bloom.bg/1PzRh3g

Former ICAP broker Darrell Read denies helping rig Libor
Lindsay Fortado in London – FT
A former ICAP broker accused of helping rig Libor told a London court on Tuesday he would never have asked one of his clients to help another client fix the benchmark rate because he would have lost their business.
on.ft.com/1WYIoV4

Clearing & Settlement

Federal Reserve Governor Jerome H. Powell, At The Clearing House Annual Conference, New York, New York, November 17, 2015, Central Clearing In An Interdependent World
Press Release
I am a believer in the potential benefits of central clearing under the right circumstances. But central clearing is not a panacea. Charts similar to that in Figure 1 are often used to illustrate the netting of exposures and simplification that central clearing can bring to an OTC market. The tangled and highly opaque picture of a purely bilateral market is replaced by the neat hub-and-spoke network in which a CCP is buyer to every seller, and seller to every buyer, allowing netting and greater transparency for participants and regulators alike. Of course, reality is not so elegant.
bit.ly/1QuavHM

Leading clearing houses join London Stock Exchange in exploring the Blockchain
Brave New Coin
A new blockchain working group has reportedly been created to explore how blockchain technology could transform the way security trades are cleared, settled and recorded. This group, working under the name ‘Post Trade Distributed Ledger Working Group,’ was created by one of the world’s largest exchanges, major banks and leading trading services firms.
bit.ly/1QuaNyh

LCH.Clearnet considering repo lines to pension funds
Risk.net
CCP talking to pension funds about becoming direct repo counterparty LCH.Clearnet is working on plans to offer repo lines to pension funds, as a way to help them source cash collateral to post on cleared derivatives trades. The plans are the most recent step by a CCP towards helping pension funds and other buy-side firms meet heightened collateral demands under the incoming EMIR, but raise concerns about the CCP taking too much risk.
bit.ly/1QucdZI

Keynote speech Euro Finance Week
Yves Mersch, ECB Executive Board
It is my pleasure to welcome you to the Euro Finance Week and to today’s three conferences. Depending on which conference you will be attending, you will be focusing on TARGET2-Securities, payments or the digital revolution in banking. However, clearly, all three of these topics are very closely related and are all big issues right now in Europe and for the Eurosystem.
bit.ly/1Qud9wY

Indexes & Products

South Korea pushes for MSCI advanced stock markets status
The Economic Times
South Korean officials will hold talks later this month with MSCI to press for the inclusion of their country’s stock markets in the equity index compiler’s advanced market index, breaking a link to other more volatile emerging markets.
bit.ly/1QudcJg

Terror Attack On Paris May Shift The Oil War
Indexology – S&P Dow Jones Indices
Geopolitical developments often have a major impact on oil prices since they can affect oil supply directly and since the threat of future supply disruptions can also build a risk premium into oil prices.
While the S&P GSCI Crude Oil only is recorded since 1987, below is a chart that goes back to 1947 by WTRG Economics that shows spikes in oil price jumped more than 2 times on average during critical periods of conflict, including the Iran/Iraq War, Iranian Revolution, Yom Kippur War and Oil Embargo.
bit.ly/1QudvDP

Deutsche Börse: New Van Eck Global Equity Index ETF Launched On Xetra
Press Release
A new exchange-listed index fund issued by Van Eck Global (Europe) has been tradable on Xetra and Börse Frankfurt since Monday. The Market Vectors Morningstar US Wide Moat UCITS ETF will give investors first-time access to companies that Morningstar’s analysis of valuations has identified as having a structural competitive advantage. These promise above-average returns. The 20 US companies in the reference index cover eight different industries, with consumer staples, industry and information technology accounting for some 51 percent.
bit.ly/1QudDDm

Bond Funds: The Pros and Cons of Going Passive
Morningstar
Index funds’ low fees are a big advantage, but investors shouldn’t look at expenses in isolation when picking a bond fund, says Morningstar’s Ben Johnson.
bit.ly/1QudIH4

Technology

Banks and Fintech Firms’ Relationship Status: It’s Complicated; Disrupters and big lenders, often seen as rivals, are finding some success in playing together
By DANIEL HUANG – WSJ
Joshua Reich co-founded mobile-banking app Simple six years ago with an indirect shot at the nation’s largest lenders: “By not sucking,” he wrote after starting the firm, “we will win.”
on.wsj.com/1LlDgOZ

Settrade Launches New Mobile Trading Application “Settrade Streaming” For iPad Pro
MondoVisione
Settrade.com Co., Ltd., has unveiled a new version of “Settrade Streaming” for iPad, the latest equity and derivatives trading application, with modern design for iPad Pro and iPad compatible with iOS 8 version onwards. New functions include “Split View,” “Alert,” and “Settrade Technical Chart,” which are user friendly and responding to the digital era investment lifestyle.
bit.ly/1HWB85p

Google Plus revamped after falling behind in social media
Peter Campbell in London – FT
Google has revamped its social network Google Plus, after the service was left trailing rivals such as Facebook and Twitter. The new Google Plus, which will be rolled out on Wednesday, will focus on shared interests among its users rather than trying to copy a traditional “social network” model centred on personal profiles and friendships.
on.ft.com/1MBbrnI

Upcoming Symposium Will Educate Businesses, Highlight Latest Cyber Security Trends
U.S. Attorney’s Office
On Friday, November 20, 2015, the United States Attorney’s Office will host the Northern West Virginia Cybersecurity Symposium, an educational forum designed to empower businesses and organizations to more effectively anticipate, mitigate, and respond to cyber threats to their technology infrastructures.
1.usa.gov/1Qt1UVy

Enforcement

SEC charges Jammin Java former CEO for pump-and-dump scheme
Reuters
The U.S. Securities and Exchange Commission charged Jammin Java former CEO in connection with a $78 million pump-and-dump scheme involving the stock of the company that operates as Marley Coffee and uses trademarks of reggae legend Bob Marley.
reut.rs/1PzPSJR

Florida man linked to JPMorgan hacking case pleads not guilty
BY NATE RAYMOND AND BRENDAN PIERSON – Reuters
A Florida man pleaded not guilty on Friday to charges that he illegally operated a bitcoin exchange owned by an Israeli who U.S. prosecutors say orchestrated a series of massive hacking attacks on companies including JPMorgan Chase & Co.
reut.rs/1QMmsHO

Owner of Wheaton Financial Firm Indicted on Federal Charges of Fraud and Misappropriation of Funds
U.S. Attorney’s Office
The owner of a Wheaton financial firm misused more than $1.2 million in client money to fund his company’s payroll and business obligations, according to a ten-count indictment returned in federal court in Chicago.
1.usa.gov/210hvzR

Barclays faces another heavy forex fine
Gina Chon in Washington, Martin Arnold in London and Kadhim Shubber in New York – FT
Barclays is set to pay at least another $100m to resolve allegations it abused foreign exchange markets through its electronic trading platform by next month, presenting an early test for the bank’s incoming chief Jes Staley.
on.ft.com/1SDtAoo

U.S. pursuing criminal cases against RBS, JPMorgan executives: WSJ
Reuters
Federal prosecutors are pursuing criminal cases against executives from the Royal Bank of Scotland Group (RBS.L) and JPMorgan Chase & Co (JPM.N) for allegedly selling flawed mortgage securities, the Wall Street Journal reported on Tuesday, citing unnamed sources.
reut.rs/1H8p1lF

Environmental & Energy

Senate Challenges Obama Carbon Rules – Energy Journal
By CHRISTOPHER HARDER – WSJ
The U.S. Senate made President Barack Obama’s life more difficult ahead of Paris climate talks by rejecting carbon-emission rules for new and existing power plants, Amy Harder reports. The Senate passed measures nullifying Environmental Protection Agency regulations cutting emissions from mainly coal-fired plants.
on.wsj.com/1O298OU

Courting business, Obama presses for climate action in Asia
Kathleen Hennessey, Associated Press
Aggressive action to fight climate change will be a boon for businesses in Asia and beyond, President Barack Obama has asserted as he reaches for a global climate change agreement he hopes will burnish his environmental legacy.
sfg.ly/1Mm5JrU

Billions of People Depend on Water From Shrinking Snowpacks
By SINDYA N. BHANOO – NY Times
Snowpacks are a vital source of water for humans, but they may shrink in some regions as the climate warms. A new study estimates how changes in showfall will affect water supplies.
nyti.ms/1HXbLee

El Nino Is Causing California Power Prices to Spike
Mark Chediak, Naureen Malik – Bloomberg
Grid operator said it had difficulty forecasting temperatures
California saw price spikes above $1,000 a megawatt hour
California has yet to see the full force of El Nino, and it’s already tripping up the state’s power-demand forecasters.
The state saw “significant” electricity price spikes in the third quarter as El Nino made it difficult to predict how much power would be needed on hot summer and fall days, the California Independent System Operator Corp. said Monday in a report. Record rainfall and regional cloud cover in Southern California also perplexed forecasters, the grid operator said.
bloom.bg/1NDpQ2u

Asia-Pacific

‘Through train’ linking the Hong Kong and Shanghai stock markets will pick up steam once reforms are made
South China Morning Post
When the stock connect scheme linking share trading between Hong Kong and Shanghai was launched a year ago yesterday, it was hailed as just as important as the listing of H-shares two decades before. That remains to be seen.
bit.ly/1QueYKr

After the Crash, One Slice of China’s Stock Market Still Thrives
Bloomberg Business
Three months after China’s $5 trillion stock-market crash, the fallout from unprecedented state intervention is visible almost everywhere you look.
Yet in one corner of the Chinese stock market untouched by the clampdown, business is booming. Options, introduced in China just nine months ago, are now thriving as traders use the derivatives as a substitute for futures and short sales. The number of outstanding contracts on the China 50 exchange-traded fund — the first and only options available on mainland bourses — has more than doubled over the past five months.
bloom.bg/1Quf5FU

Millionaires are picking Singapore over Hong Kong, News, News
AsiaOne Business News
Hong Kong’s social unrest may be prompting globe-trotting millionaires to locate to Singapore instead, according to a wealth-tracking report out on Tuesday. The two cities are locked in a struggle for supremacy as Asia-Pacific financial hubs, attracting financial professionals and investors away from London and New York.
bit.ly/1QufcB7

Fear Spreads as China’s Finance Firms Face Arrests
Bloomberg Business
The high-drama highway arrest of a prominent hedge fund manager. Seizures of computers and phones at Chinese mutual funds. The investigations of the president of Citic Securities Co. and at least six other employees. Now, add the probe of China’s former gatekeeper of the IPO process himself.
bloom.bg/1QufeZR

Forum boost for S’pore-Shanghai ties, Business News & Top Stories
The Straits Times
Financial industry experts from Singapore and Shanghai met here yesterday to exchange views and explore possible partnerships. The first Singapore-Shanghai Financial Forum, an event to be held regularly, offers a platform for market participants from the two leading Asian financial centres to discuss trends and developments.
bit.ly/1QufpUX

Japan And China Unveil Aircraft To Compete With Boeing, Airbus, Bombardier, Embraer
Forbes
In two or three years, air passengers in Asia and the U.S. – I hope including me – will be flying in Japanese-made Mitsubishi Regional Jet (MRJ) aircraft. A year or two after that, I hope to fly in a Chinese-made C919.
onforb.es/1QufuIo

HKEx Announces Group Structure Changes in Preparation of New Strategic Plan
Press release via Commodities Now
Hong Kong Exchanges and Clearing Limited (HKEx) today announced changes to its Group structure as it prepares to launch and implement its strategic plan for 2016 to 2018, which will be announced in early next year.
bit.ly/1OeYDG0

Frontier Markets

Bond trading takes a hit as investors stay off the market
ET India
Bond trading has taken a hit on Wednesday as apprehensive investors/traders have stayed off from the market in absence of payment settlement clarify as the central bank unions are going on a mass leave protesting against certain government interventions.
bit.ly/1S3TAt3

Kenya holds rate, stance anchors inflation expectations
CountingPips Forex Trading
Kenya’s central bank left its Central Bank Rate (CBR) unchanged at 11.50 percent, as expected, saying the current policy measures “are appropriate to maintain market stability and anchor inflation expectations.” The Central Bank of Kenya (CBK), which has raised its rate by 300 basis points this year, said recent “turbulent conditions” in financial markets had now abated and a decline in 3-month annualized non-food, non-fuel (NFNF) inflation indicated “moderating demand pressures.”
bit.ly/1QufGHA

Miscellaneous

Cargill surpasses 10 million hours without a lost time accident at Friona, Texas beef plant
Cargill
The process of producing a hearty steak is more complex than many may think. At Cargill’s beef processing facilities across the nation, producing cuts of meat requires many intricate steps, in the hands of an army of employees who work with surgical precision.
bit.ly/1H8ltQo

Yahoo a new target in NY daily fantasy sports probe -source
Reuters
A probe by New York State’s attorney general into the fast-growing, multibillion-dollar daily fantasy sports industry has been expanded to include online media giant Yahoo Inc, a person familiar with the matter said on Tuesday.
reut.rs/1X7lHZP

ConAgra Foods to split into two public companies
Reuters
ConAgra Foods Inc said it would separate into two independent public companies, one of which would focus on its consumer brands and the other on its frozen potato products business.
reut.rs/1OQ9Sbl

Cargill Shakes Up Leadership Structure; Agriculture company to replace two-tiered management with single team of 10 executives
By JACOB BUNGE – WSJ
Cargill Inc. said it is streamlining its leadership team, as Chief Executive David MacLennan’s steers a shake-up of the 150-year-old agricultural conglomerate to make it nimbler and more focused.
on.wsj.com/1MAzkeZ

These presidential candidates depend on Wall Street the most
By Rick Newman – Yahoo Finance
Ted Cruz may win the Wall Street hypocrisy award.
yhoo.it/1HWEoZd

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