First Read

Mike Cahill Joins Advisory Committee of John J. Lothian & Company, Inc.
By John J. Lothian, JLN
We are pleased to announce that Michael E. Cahill, former senior executive with The OCC, has agreed to join the advisory committee of John J. Lothian & Company, Inc.

Mike, who most recently served as CEO of the OCC, retired from after a 32-year career in 2014.

Mike joins fellow advisory committee members Peter Wind, Ed Boyle, Clive Furness, Bill Templer, Diane Saucier, Thomas F. Cashman and Martin Mosbacher

The advisory committee was created to give our company outside expert advice about how to grow the business and meet our commitment to our readers and industry.

We welcome Mike to the committee.

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BOX Options Appoints New CEO and President; Ed Boyle Named CEO and Lisa Fall Named President
BOX Options (BOX), the all-electronic equity options market, announced today that Ed Boyle has been appointed Chief Executive Officer and Lisa Fall has been named President.
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***** Ed was a consultant when he joined our advisory committee and now look at him. Coincidence?

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Today’s Personality Tests Raise the Bar for Job Seekers;More companies use assessments to hire, with fewer willing to take a chance on anyone who doesn’t measure up
By LAUREN WEBER – WSJ
The Delaware North Cos., a hospitality company whose customer-service representatives help people plan vacations at national parks, sometimes struggles these days to keep 80 or so seats filled at its call center in Fresno, Calif.—a city tied for the 9th-highest unemployment rate in the U.S.
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***** What if you don’t have a personality?

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Exclusive: Wary of natural disaster, NY Fed bulks up in Chicago
BY JONATHAN SPICER, Reuters
The New York branch of the U.S. Federal Reserve, wary that a natural disaster or other eventuality could shut down its market operations as it approaches an interest rate hike, has added staff and bulked up its satellite office in Chicago.
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***** This is really bad timing for this group as City Pizza on Jackson, which offered New York style pizza, seems to have closed up shop.

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Arbitrator Training Opportunity
NFA
NFA is pleased to be co-sponsoring an arbitration seminar entitled, “Securities Arbitration and Mediation Hot Topics 2015,” presented by the CityBar Center for CLE. The seminar will be held at the New York City Bar on Tuesday, May 19, 2015. This year’s seminar starts at 9:00 a.m. and concludes with a working lunch at 12:15 p.m. NFA Members and Arbitrators may attend this seminar at a discounted rate of $132.50.
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****** How many of the 2400 arbitrators sat in on an arbitration in 2014?

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Sponsored Content
Financial Technology Event – Focused on Markets & Trading

April 23 – Chicago

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Sponsored content from:
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NEW YORK 2015 – National Introducing Brokers Association
Join fellow IBs, CTAs, CPOs, APs, regulatory officials and futures industry service providers including the exchanges, FCMs, legal, accounting, compliance, technology, marketing and more for an afternoon of learning, discussion, and networking.
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***DA: The NIBA/CTA Expo one-two punch comes to New York in a couple weeks. CTA Expo on Wednesday the 29th and NIBA on the following day. NIBA is free to attend but you must register. And, it is being held at the New York Athletic Club, John’s favorite place in New York to snore.

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SEC Halts Investment Scheme Targeting Military Personnel
SEC
The Securities and Exchange Commission today announced fraud charges and an asset freeze against a man living in central Texas accused of telling false tales about his stockbroking experience to lure current and former U.S. military personnel into investing with him.
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***** Does the SEC have Summary Execution in their enforcement toolbag?

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Year of the Futures
by Rick Tomsic, Tradovate
We’ve seen many signs in the first quarter of 2015 (and earlier) that favor futures trading. It’s great to see news that brings much-deserved attention to the instrument and we only anticipate that its star will continue to rise, enhancing market opportunities, attracting new participants, and ultimately enriching traders’ lives.
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****** For me, every year is year of the futures.

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Lead Stories

Finance Industry Should Fund Swaps Oversight, CFTC’s Bowen Says
by Silla Brush, Bloomberg
Wall Street banks and other financial firms should pay new fees to bankroll their own government oversight, according to a member of the top U.S. derivatives regulator.
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***DA: The commission doled out $3.3 billion in fines in its 2014 fiscal year, and every penny of it went into the U.S. Treasury. But rather than give the commission a proper level of funding, it is forced to pass the hat? Silly.

The case for active management weakens
John Authers, FT
Can active equity managers log better performance by being more active? An influential study published six years ago suggested that they could. That sparked a mini-revival for the beleaguered active management industry which, as regular readers will know, has been losing out to passive managers for a while. The key, it appeared, was to have the courage to divert from benchmark indices and take high-conviction, concentrated bets.
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Swap futures to reach South African markets
The Trade
The Johannesburg Stock Exchange (JSE) has signed a multi-year licensing agreement with Eris Exchange to list swap futures contracts.
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UK regulator hits BNY Mellon with record fine
Lindsay Fortado, FT
Bank of New York Mellon has been hit by a record £126m fine by the UK finance regulator for failing to comply with rules that require customer accounts to be kept properly ringfenced.
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Johannesburg Exchange Plans to List Rand Swap Futures With Eris
Bloomberg Business
The Johannesburg Stock Exchange will list interest-rate swap futures denominated in South African rand following a deal to use Eris Exchange LLC’s methodology for creating the products. The agreement also allows the JSE the potential to list cross-currency swap futures and credit default swap futures, the bourse said in an e-mailed statement on Wednesday.
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DTCC finalises $400m equity capital raising
Philip Stafford, FT
The Depository Trust and Clearing Corporation, one of the world’s largest clearing and settlement houses, is finalising a $400m equity capital raising from its user-shareholders so it can meet tougher new regulations for market risk managers.
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Citi seeking to sell retail FX arm -source
BY PATRICK GRAHAM, Reuters
Citigroup Inc is looking for a buyer for its retail forex brokerage CitiFX Pro as part of efforts to streamline the banking world’s biggest currency trading operation, a source familiar with the situation told Reuters on Tuesday.
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Wall Street Rebounds for J.P. Morgan, Wells Fargo in First Quarter;Trading, investment-banking businesses are bright spots for banks
By EMILY GLAZER And PETER RUDEGEAIR, WSJ
Round One: Wall Street. Trading and investment-banking businesses boosted earnings of the U.S.’s two most valuable banks in the first quarter, even as consumers failed to keep pace.
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Dubai regulator’s $8.4m fine on Deutsche Bank its largest ever
Simeon Kerr in Dubai, FT
Dubai’s regulator has imposed the largest fine in its history on Deutsche Bank as the emirate’s financial centre gets tougher on wealth management procedures.
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Obama to remove Cuba from terror list
Demetri Sevastopulo in Washington and John Paul Rathbone in Caracas, FT
President Barack Obama is to remove Cuba from the US list of state sponsors of terrorism, in a move that will further normalise relations and ease Havana’s access to financing from international banks.
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JPMorgan shares hit record as outlook brightens
Tom Braithwaite and Ben McLannahan in New York, FT
Jamie Dimon has let it be known over the past few years that JPMorgan Chase is “under assault” from regulators and struggling with “anti-American” capital rules. It faces threats from cyber attacks — “growing every day in strength and velocity” — and competition lurking in new corners — China, say, or Silicon Valley.
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Public Citizen’s Bartlett Naylor on Too Big to Fail and Too Big to Jail
Corporate Crime Reporter
In Washington, D.C., Wall Street and the Big Banks have a slew of corporate lobbyists and a ton of money to push their agendas in Congress.
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Regulatory

Prop trader throws down gauntlet to regulators on latency
The Trade
Regulators investigating latency and the manipulation of smart order routers are unlikely to ever prevent widespread manipulation, a prop-trading fund manager has warned.
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CFTC’s Wetjen says SEF trade-delay rule should be clarified
MLex
The US Commodity Futures Trading Commission should clarify a rule requiring a swap execution facility to report trades to the general market before disclosing them to its own traders, Commissioner Mark Wetjen told MLex.
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SEC panel calls for a single database to run background checks on all financial professionals
Investment Week from April 9
Recommends making it easier for investors to track securities violations by advisers and brokers
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Testimony of Commissioner J. Christopher Giancarlo before the U.S. House Committee on Agriculture, Subcommittee on Commodity Exchanges, Energy, and Credit
CFTC
Good morning, Chairman Scott, Ranking Member Scott and members of the Subcommittee. Thank you for the opportunity to testify on the reauthorization of the Commodity Futures Trading Commission (CFTC). I am honored to testify alongside my fellow Commissioners Mark Wetjen and Sharon Bowen and provide my perspective on the CFTC’s reauthorization.
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Testimony of Commissioner Sharon Y. Bowen before the U.S. House Committee on Agriculture, Subcommittee on Commodity Exchanges, Energy, and Credit
CFTC
Chairman Scott, Ranking Member Scott, Chairman Conaway, Ranking Member Peterson, and Members of the Subcommittee, thank you for inviting me to testify this morning on the reauthorization of the Commodity Futures Trading Commission, on which I serve as a Commissioner. It is an honor and a privilege to appear before you today.
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Testimony of Commissioner Mark Wetjen before the U.S. House Committee on Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit Subcommittee
CFTC
Good morning Chairman Scott, Ranking Member Scott, and members of the subcommittee. I would like to thank you for inviting me to appear before the subcommittee this morning and allowing me to share some of my thoughts on the reauthorization of the U.S. Commodity Futures Trading Commission (CFTC). It is a pleasure to be here today.
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Speeches and Public Statements
SEC

  • The Dominance of Data and the Need for New Tools by Commissioner Kara M. Stein, before the the SIFMA Operations Conference
  • The Importance of Smart Regulation by Rick A. Fleming, Investor Advocate, in Washington, D.C.
  • Regulators Working Together to Serve Investors by Commissioner Luis A. Aguilar, in Washington, D.C.
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    Exchanges & Trading Facilities

    CBOE MSCI Index Options to Debut April 21
    CBOE
    CBOE Holdings, Inc. (NASDAQ: CBOE) said today it will launch options on the MSCI Emerging Markets and MSCI EAFE Indexes on Tuesday, April 21. The CBOE ticker symbols are MXEF for options on the MSCI Emerging Markets Index and MXEA for options on the MSCI EAFE Index.
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    JSE and Eris Exchange Announce Swap Futures Licensing Partnership; JSE to Launch Interest Rate, Cross-Currency and Credit Default Swap Futures Based on the Eris Methodology™
    Eris
    The Johannesburg Stock Exchange (JSE), Africa’s largest exchange, today announced that it signed a multi-year licensing agreement with Eris Exchange (Eris), a U.S.-based futures exchange group, to list swap futures on the South African Exchange.The license agreement enables the JSE to launch multiple swap futures products based on the Eris Methodology, Eris’ product design for constructing capital-efficient futures that replicate the economics of OTC swaps, which incorporates intellectual property, expertise and patent-pending innovations.
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    MGEX Sets Top 20 Electronic Volume Record
    MGEX
    MGEX, a Designated Contract Market (DCM) and Derivatives
    Clearing Organization (DCO), recorded its 16th-highest daily electronic volume of alltimeon Monday, finishing the day with 14,361 electronic contracts traded. This marksthe fifth top 25 record day this year for the Exchange, which set a new monthlyelectronic volume record back in February
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    ICE Benchmark Administration Launches Consultation For LBMA Gold Price
    ICE
    Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, announced that ICE Benchmark Administration (IBA) is today launching a market consultation on three aspects of the LBMA Gold Price auction process.
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    ICE Endex Expands Dutch TTF Spot Market; NetConnect Germany to Take up Trading for Balancing Purposes
    ICE
    Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that ICE Endex has added NetConnect Germany GmbH & Co. KG (NCG), the German market area operator, as a trading participant for the Dutch TTF gas spot market.
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    Response to MAS query in relation to reports on market rumour on a possible stock trading link
    SGX
    In response to a query from our regulator, the Monetary Authority of Singapore, on 15 April 2015, Singapore Exchange Limited (SGX) wishes to make a clarification on market rumours in news reports including The Straits Times on 14 April 2015 and The Business Times on 15 April 2015, about a potential stock trading link with SGX along the lines of the Shanghai-Hong Kong Stock Connect. SGX is not currently in the process of establishing such a link, but remains open to future collaborations which benefit our partners and shareholders. SGX will notify the market of any material developments as required under the Securities and Futures Act and the SGX-ST Listing Rules.
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    Performance Bond Requirements: Crude Oil Intra-Commodity Spread Charges- Effective Thursday, April 16, 2015
    CME Group
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    IRGiT Upgrades to Nasdaq’s X-Stream Clearing Technology
    NASDAQ
    IRGiT and Nasdaq (Nasdaq:NDAQ) today announced an agreement to upgrade its post-trade platform to Nasdaq’s X-stream Clearing technology. Under the terms of the agreement, IRGiT (Izba Rozliczeniowa Gield Towarowych S.A.) or the Warsaw Commodity Clearing House, will replace its existing legacy engine (Condico Clearing) with one powered by X-stream technology. The upgrade is expected to be rolled out by mid-2016.
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    Hedge Funds & Managed Futures

    Opinion: 4 ways deflation will change the markets
    By Matthew Lynn, MarketWatch
    A passing dip in prices caused by the collapse in oil prices. A short-term consequence of a depressed economy. The result of fierce price competition between retailers. There are plenty of economists and central bankers across Europe who will dismiss the deflation that is now evident in every major economy as nothing more than a short-term blip.
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    SGH Macro Advisors Expands In Sales, Energy, Mideast, Japan, US, And Europe Coverage
    SGH
    SGH Macro Advisors, LLC, a New York-based macro policy research firm founded in 2009 serving the world’s leading hedge fu
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    Banks & Brokers

    No Rebukes For Regulators? Jamie Dimon Stays Mostly Silent.
    By MAUREEN FARRELL, WSJ
    Jamie Dimon let his 39-page annual letter to shareholders released last week mostly speak for itself Tuesday.
    jlne.ws/1DH3WdL

    Soc Gen signs up to ICE clearing houses
    The Trade
    Societe Generale Prime Services has become a clearing member at ICE Clear Credit and ICE Clear Europe in order to provide clearing services for the credit default swap (CDS) markets.
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    TradeTech: Dark pool caps “probably won’t work”- Ferber
    The Trade
    The double caps on dark pool trading, set to be introduced as part of MiFID II, may not function, MEP Marcus Ferber has admitted.
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    BNY Mellon and an expensive case of spooky commingling action at a distance
    Izabella Kaminska, FT
    The FCA on Wednesday slammed custodian Bank of New York Mellon with an unprecedented £162m fine for failing to comply with its Client Assets Sourcebook rules (the CASS rules) throughout the period of 2007-2013.
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    Barclays investors urged to reject CEO’s pay award
    Reuters
    Barclays Plc (BARC.L) shareholders should reject the British bank’s remuneration policy, as pay for Chief Executive Antony Jenkins is “excessive”, a shareholder advisory group said on Wednesday.
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    Clearing & Settlement

    DTCC completes move to ca web from legacy systems
    Waters Technology
    DTCC has finished migrating legacy PTS and PBS offerings to Corporate Actions Web, automating more processing parts The Depository Trust & Clearing Corporation (DTCC) has completed its migration from the legacy Participant Terminal System (PTS) and Participant Browser Service (PBS) to the Corporate Actions Web (CA Web) service, which it launched in October. In addition, CA Web has a new inbound instruction message that allows users to respond to the DTCC on election options for corporate actions
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    Asia set for smooth reporting switch – DTCC
    Futures & Options World Asian markets are making a more orderly transition to new derivatives reporting regimes than their European peers, according to global trade repository the Depository Trust & Clearing Corporation (DTCC). Peter Tierney, regional head Asia – DTCC Deriv/SERV, told FOW the lessons learned from the implementation of the European Market Infrastructure Regulation have aided Asian regulators and trading firms move to their resepective new derivatives reporting regimes.
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    Indexes & Products

    Sector Dispersion and Active Management
    S&P Dow Jones Indices Indexology Blog
    Dispersion and correlation not only provide insight into the volatility of sector returns, but offer guidance for active analysts as well.
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    Bye-bye USA: Investors putting money elsewhere
    CNBC
    Funds that focus on global equities have taken in $81.5 billion this year, a pace that, if continued, would break a record for four-month inflows in the category, according to data research firm TrimTabs.
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    Why you should always look under the hood of your ETFs
    Financial Post
    If you’re considering a robo-adviser, you have in effect also decided to use exchange-traded funds, because most of the new online wealth management services use ETFs as their building blocks. As in the glory days of mutual funds in the 1990s, when one role of financial advisers was to help confused consumers pick from among the thousands of funds, so do 21st century robo-advisers relieve investors of the burden of choosing from the growing number of ETFs
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    Technology

    The war for technology talent: banks and Fintechs go head-to-head
    Banking Technology
    New research shows firms in London’s financial district created more than 3,030 new jobs in March 2015, 25% more than the same time last year, as banks continue to look to enhance their technological capabilities and strengthen their deals teams amid strong M&A activity.
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    The times they are a-changin’ – can financial companies keep up?
    NASDAQ.com
    our phone can do just about anything nowadays, including handling most of your money-related needs. Investing, which used to require more money, can be done with a few taps and fewer dollars thanks to several online brokerages’ no minimum policies. Paying back friends is a breeze, though it’s also making it easier to get nabbed for selling drugs . And mobile payment services are trying to put the nail in cash’s coffin.
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    IG Group launches first trading app on the Apple Watch
    IG Group has announced it is one of the first online trading providers to launch an app for the Apple Watch, reflecting the company’s commitment to providing the latest in cutting edge technology to help clients trade international markets.
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    Enforcement

    Boca broker fakes disappearance after allegations of stealing client cash
    By Shawn Langlois
    On his Facebook page, Richard Ohrn wrote: “Take a lesson from your dog. Whatever life throws at you, kick some grass over that s**t and move on.” (h/t Gossip Extra).
    jlne.ws/1E1RRSr

    UK watchdog fines Bank of New York Mellon $185 million
    BY HUW JONES, Reuters
    Britain’s markets regulator has fined Bank of New York Mellon (BK.N) 126 million pounds ($185.30 million) for failing to keep customer money safe during the financial crisis.
    jlne.ws/1FJLPku

    Finra bars owner of B-D that sells equipment-leasing funds
    Investment News
    Regulator charges Kimberly Springsteen-Abbott with misusing investors funds, fines her $100,000
    jlne.ws/1PMuP56

    NFA orders Memphis, Tenn. firm Dow McVean Capital Management LLC and its principal, Charles Dow McVean, Jr., to pay $105,000 fine
    NFA
    National Futures Association (NFA) has ordered Dow McVean Capital Management LLC (Dow McVean Capital) and Charles Dow McVean Jr. to pay a $105,000 fine. Dow McVean Capital is an NFA Member commodity trading advisor located in Memphis, Tenn. McVean Jr. is the sole principal and associated person of the firm. The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint, and a settlement offer submitted by Dow McVean Capital and McVean Jr.
    jlne.ws/1DGQwyo

    NFA orders Memphis, Tenn. firm K&M Trading, LLC and its principals, William Kaelin and John Morrissey, to pay $105,000 fine
    NFA
    National Futures Association (NFA) has ordered K&M Trading, LLC (K&M), William Kaelin and John Morrissey to pay a $105,000 fine. K&M is an NFA Member commodity trading advisor located in Memphis, Tenn. Kaelin and Morrissey are the only principals and associated persons of the firm. The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint, and a settlement offer submitted by K&M, Kaelin and Morrissey.
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    NFA orders Memphis, Tenn. firm McVean Trading & Investments LLC and two of its principals, Charles Dow McVean Sr. and Llewellyn Hall, to pay $625,000 fine
    NFA
    National Futures Association (NFA) has ordered McVean Trading & Investments LLC, Charles Dow McVean Sr. and Llewellyn Hall to pay a $625,000 fine. McVean Trading is an NFA Member futures commission merchant located in Memphis, Tenn. McVean Sr. and Hall are both principals and associated persons of the firm. The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint, and a settlement offer submitted by McVean Trading, McVean Sr. and Hall.
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    NFA orders Memphis, Tenn. firm Wharton Asset Management LLC and its principal, Michael J. Wharton, to pay $105,000 fine
    NFA
    National Futures Association (NFA) has ordered Wharton Asset Management LLC (Wharton Management) and Michael J. Wharton to pay a $105,000 fine. Wharton Management is an NFA Member commodity trading advisor located in Memphis, Tenn. Wharton is the sole principal and associated person of the firm. The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint, and a settlement offer submitted by Wharton Management and Wharton.
    jlne.ws/1CJlBxq

    NFA orders Memphis, Tenn. firm BLS AG Futures LLC and its principal, Brian L. Swords, to pay $105,000 fine
    NFA
    National Futures Association (NFA) has ordered BLS AG Futures LLC (BLS) and Brian L. Swords to pay a $105,000 fine. BLS is an NFA Member commodity trading advisor located in Memphis, Tenn. Swords is the sole principal and associated person of the firm. The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint, and a settlement offer submitted by BLS and Swords.
    jlne.ws/1FT591g

    NFA takes emergency enforcement action against Houston, Texas firm RNS Holdings LP and its principal, Raja Michael Mawad
    NFA
    National Futures Association (NFA) announced today that it has taken an emergency enforcement action against RNS Holdings LP (RNS), an NFA Member commodity pool operator (CPO) located in Houston, Texas, and Raja Michael Mawad (Mawad), a principal and sole associated person (AP) of RNS.
    jlne.ws/1PMsQ0N

    NFA orders Memphis, Tenn. firm CDM Investment Management LLC and its principal, Charles Dow McVean Sr., to pay $105,000 fine
    NFA
    National Futures Association (NFA) has ordered CDM Investment Management LLC (CDM Management) and Charles Dow McVean Sr. to pay a $105,000 fine. CDM Management is an NFA Member commodity trading advisor located in Memphis, Tenn. McVean Sr. is the sole principal and associated person of the firm. The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint, and a settlement offer submitted by CDM Management and McVean Sr.
    jlne.ws/1NHZGRZ

    ASIC bans former securities dealer
    ASIC
    ASIC has banned Anton Kerstens of North Sydney from providing financial services for five years, after an investigation found dealings by his company had manipulated the price of shares in Cauldron Energy. Mr Kerstens, 56, worked as a securities dealer in Sydney and Perth from the late 1970s and had a long standing relationship with Cauldron Energy, a West Australian uranium exploration company.
    jlne.ws/1PMrq6d

    Environmental & Energy

    4 Ways To Invest In The Low-Carbon Economy
    Environmental Defense Fund Energy Exchange Blog
    Citigroup Inc. recently pledged $100 billion for lending, investing, and facilitating deals related to sustainability, renewable energy, and climate change mitigation.
    jlne.ws/1FPFppb

    German backlash grows against coal power clampdown
    By Arthur Neslen – The Guardian
    German energy companies say that construction of over half the country’s planned power plants could be scuppered if the country goes ahead with a leaked plan to set emissions budgets for the country’s biggest polluters.
    jlne.ws/1auykwc

    California’s water problems go way deeper than almonds
    By Brad Plumer – Vox
    Policy debates are always easier when there’s a clear villain. And as California grapples with a brutal drought, a truly diabolical one has emerged: almonds.
    jlne.ws/1CMnM23

    Norway’s oil fund backs more focus on climate change at BP, Shell
    Reuters
    Norway’s oil fund, the world’s biggest sovereign wealth fund, said on Wednesday it would back a proposal from shareholders of BP and Royal Dutch Shell for further information from the companies on risks and opportunities associated with climate change.
    jlne.ws/1DH1VOS

    Castleton Emerges as Leading Bidder for Morgan Stanley Oil Business;Trading firm is offering more than $1 billion as big banks unload physical-commodity operations
    By CHRISTIAN BERTHELSEN and JUSTIN BAER, WSJ
    Morgan Stanley is nearing a deal to sell its oil-trading and storage business, potentially bringing to a close the bank’s lengthy effort to jettison the unit.
    jlne.ws/1yuyE9O

    Oil Layoffs Hit 100,000 and Counting; Roughnecks feel brunt of cuts as tumble in price of crude ripples through energy industry
    By DAN MOLINSKI
    Like many other oil-field workers, Chris Sabulsky spent years working a schedule known as “14 on, 14 off:” two weeks at an oil or gas well somewhere followed by another 14 days at home in East Texas, fishing for bass and crappie.
    jlne.ws/1FT9a5R

    Asia-Pacific

    China and Hong Kong May Relax Stock-Connect Rules
    WSJ
    Regulators from China and Hong Kong are considering loosening rules that have blocked small mainland investors from putting their cash in the Hong Kong stock market, marking another step in Beijing’s plan to make it easier for funds to flow in and out of the country.
    jlne.ws/1DH1cNq

    China’s stock market is poor proxy for its economy
    Reuters
    China’s economy is growing at its slowest rate in six years. Yet the Shanghai stock market is at seven-year highs. The disconnect seems strange, but is not unusual. Until equity starts to play a bigger role in financing Chinese business, the link between share prices and the broader economy will remain hard to discern.
    jlne.ws/1DH1nZe

    A Chinese Paradox: Slow Growth Is Good, Stock Bubbles Welcome
    Bloomberg Business
    The world’s second-biggest economy is decelerating. The government reported Wednesday that first-quarter gross domestic product grew 7 percent, the slowest pace since the 2009 global recession. The International Monetary Fund, meanwhile, sees Chinese expansion slowing even further to 6.8 percent this year and 6.3 percent in 2016. India is now the rock-star emerging market, tipped to grow 7.5 percent this year.
    jlne.ws/1DH1Ryz

    Frontier Markets

    Grand Central: A Gloomy Outlook for Emerging Market Growth As IMF Convenes – Real Time Economics
    WSJ
    The world’s leading central bankers, descending on Washington D.C. this week for semiannual meetings of the International Monetary Fund, have a long-run growth problem to address. In the World Economic Outlook prepared in advance of the meetings, IMF economists argue that the global economy’s capacity to grow will be hamstrung for years, weighed down by slowing population growth, declining productivity and a dearth of investment.
    jlne.ws/1aU95ns

    Nigeria: A New Way Forward For The Country?
    Value Walk
    Not only is Nigeria Africa’s largest economy and a major consumer market, but the outcome of Nigeria’s presidential election in March proved its people are ready for change—hopefully for the better.
    jlne.ws/1DH2fgt

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