First Read

RJO Just Getting Started at 100
By Jim Kharouf
It is rare that any company reaches the milestone that RJ O’Brien has this year – its 100th in business.

Joining the 100-year club says something about a company, and not just about its longevity. It begs the simple question – How did they do it?

Beyond the business cliches about them being innovative, better than their competitors, or having the best talent, RJO has been able to use some really personal values to anchor the firm. Of course, these swing into other cliche categories such as “family,” “everyone pitches in,” and a firm that truly likes and respects its employees and customers.

John Lothian Productions spent eight months working on the full-length video documentary for RJO, which can be seen here. As the lead producer on the project, what I found was an amazingly open, caring and thoughtful team of people.

For the rest of the article, visit the JLN blog at


Walt Lukken Congratulates FIA Member R.J. O’Brien On Centennial
Walt Lukken, President and CEO of FIA, released the following statement today congratulating FIA member firm R.J. O’Brien & Associates LLC on its 100th anniversary. R.J. O’Brien began as a small butter and egg merchant run by John McCarthy, and grew to a global presence with 500 employees, more than 100,000 client accounts and more than $4 billion in customer assets.

***SR: It is very impressive – starting out with only butter and eggs, not even any flour.


Tim McDermott, CEO, NADEX – You Can’t Google Map Your Career

“You will find that your career will be all about change.”

Tim McDermott, CEO of NADEX, gives an illustration of the winding road he followed throughout his career. Beginning with his time as a lawyer working for a law firm, McDermott began to take on numerous cases for First Options of Chicago, a large client for his law firm. Participating in cases involving financial markets litigation gave McDermott an introduction to the financial industry, which eventually led him to work at the CME and handle the market regulation area. Moving forward a few years, McDermott joined NADEX and eventually became CEO of the company. His overall message was that where you start isn’t necessarily where you may end up, and that every experience can either help or hurt you down the road.

Watch the video »


Richard Barton Anspacher (1937 – 2014)
Richard Barton Anspacher, 77, of Dallas, Texas passed away October 11, 2014. Born June 14, 1937 in Kansas City, Missouri to Thomas Henry Anspacher and “Bunny” Gillis Anspacher. He grew up in Highland Park, Texas and graduated from the University of Texas. Richard was an exceptionally kind and funny man who loved his family and friends. He spent his life in the financial and trading industry.


CME Group and NAFB Foundation to Award First-Ever Orion Samuelson Scholarship for Agricultural Communications
CME Group and the National Association of Farm Broadcasting (NAFB) Foundation today announced the first-ever recipient of the Orion Samuelson Scholarship. Elizabeth (Liz) Koehler, a senior at the University of Illinois, Urbana-Champaign, has been selected as the recipient of this $5,000 NAFB Foundation scholarship sponsored by CME Group, and named in honor of legendary farm broadcaster, Orion Samuelson of WGN Radio.


DGCX Chief Executive Officer To Step Down Due To Ill Health
It is with deep regret that the board of directors of the Dubai Gold and Commodities Exchange (DGCX) announces that Gary Anderson, Chief Executive Officer, has stepped down from his role due to ill health. Gaurang Desai, Chief Operating Officer, has been appointed as interim CEO and will be ably supported by the wider DGCX management team.

***SR: Very sorry to hear that news. We hope that his health improves.


European Central Bank suffers leak of secret minutes
Claire Jones in Frankfurt – Financial Times
Secret minutes of the European Central Bank’s policy deliberations have been leaked for the first time in the monetary guardian’s history, with the security breach shedding light on the often fraught relationship between policy makers during the eurozone crisis.

***JM: “So precious are these few secret minutes we share…”


Billionaires and Mathematicians Crack Jokes at the Geekiest Event of the Season
Bradley Hope – WSJ
Last week, at a glittering private hall in Manhattan steps from the East River, billionaires and socialites gathered for what one attendee called the “geekiest” event of the season: the Chaos Ball, the fundraiser for the National Museum of Mathematics. But it was also a night in which the nerds celebrated their revenge, as many in the crowd were among a coterie of the most secretive—and successful—money managers on Wall Street.

***SR: A fractal walks into a bar…


Bridging the Week: Marking the Close; CPO Delegation; Clearinghouse Recovery; To Tweet or Not to Tweet
Gary DeWaal – Katten Muchin Rosenman
What should happen when clearinghouses and systemically important global financial institutions have to deal with financial abyss scenarios was the subject of a number of reports and a commentary this past week. Modern technology was also in the news relevant to the financial services industry as an algorithmic trading firm was fined by the Securities and Exchange Commission for marking the close, while a research analyst was penalized by the Financial Industry Regulatory Authority for not being fully transparent in connection with certain of his Twitter posts.


Share Your Secret Sauce! Alan Synder Says Emerging Managers Should Provide More Details
Fund managers are faced with a myriad of challenges from trading and risk management to compliance and operating a business. But the challenge of marketing and raising money can be most daunting of all.

Jim Kharouf, editor-in-chief of John Lothian News, spoke with Alan Snyder, managing partner of Shinnecock Group, who says there are several keys to attracting and keeping institutional investors, and one of them is “sharing your secret sauce.”

Snyder said that providing deeper information about how a fund trades is part of the real key in the sales process – engendering trust.

Watch the video »



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Lead Stories

Five companies in the running to reset gold fix
Clara Denina – Reuters
Five companies have been short-listed to replace the century-old London gold benchmark with a new electronic system, which is expected to be in place within the next few months, the London Bullion Market Association (LBMA) said.

CBOE Futures Halted Earlier Today in Third Delay of Week
Matthew Leising – Bloomberg
The CBOE Futures Exchange shut down for 90 minutes earlier today, the third hitch the market has suffered this week as it handled record volume in contracts that allow investors to bet on stock volatility.

Libor’s New Administrator Outlines Measures to Ensure Accuracy
Max Colchester – WSJ
Ice Benchmark Administration Ltd. Monday proposed a package of new measures to make the London interbank offered rate more accurate and less susceptible to manipulation.

Hong Kong Brokers Left Hanging With No Date for Stocks Link
Kana Nishizawa and Eduard Gismatullin – Bloomberg
Brokers are still waiting to find out when the link between Hong Kong and Shanghai’s stock exchanges will begin as a six-month deadline runs out.

Pension Funds Eye Reducing Hedge-Fund Investments
Dan Fitzpatrick – WSJ
Pension-fund managers across the U.S. are rethinking their investments in hedge funds in the wake of a retreat by the California Public Employees’ Retirement System.

Before a Bailout, E.C.B. Minutes Showed Doubts Over Keeping a Cyprus Bank Afloat
Landon Thomas Jr. – Dealbook – NY Times
As the Cypriot economy reeled from the collapse of its second-largest bank in 2013, the European Central Bank faced a thorny question: Should it keep the institution, Cyprus Popular Bank, alive with short-term loans or pull the plug?

Dark pools boost trade sizes to rise above EU caps
Tim Cave – Financial News
The operators of European dark pools are stepping up efforts to encourage larger institutional orders because forthcoming European Union caps on dark pool volumes will not apply to large trades.

Lack of secondary market liquidity exacerbates sell-off
Peter Lee – Euromoney Magazine
As equity markets have sold off and investors rushed into risk-free bonds, even supposedly liquid US treasuries have seen prices gapping. As volatility rises and investors focus on grim fundamentals, they see a broken bond-market structure.

Behind Private Equity’s Curtain
From New York to California, Wisconsin to Texas, hundreds of thousands of teachers, firefighters, police officers and other public employees are relying on their pensions for financial security.

Goldman Sachs Set to Shun U.K. Banking Standards Review Council
David Wighton – WSJ
The list of major banks signed up to a new U.K. body aimed at overhauling banker behavior is almost certain to be missing at least one major name: Goldman Sachs Group Inc.


Experts To Study HFT Impact On Market Quality And Integrity
The Investment Industry Regulatory Organization of Canada (IIROC) today announced the selection of the fourth and final project team to assess the impact of high frequency trading (HFT) and related activity on Canadian equity markets as part of the last phase of its HFT Study.

Availability of Staff Analysis on Reporting and Dissemination of Security-Based Swap Information
The staff of the Securities and Exchange Commission today made available analyses of data on the reporting and dissemination of security-based swap transaction information.

The Securities And Exchange Commission—The Next 80 Years, SEC Commissioner Daniel M. Gallagher, Fordham Law School New York, N.Y., Oct. 16, 2014

ESMA Publishes Responses Received To Consultation Papers On MAR

Competition in the interests of consumers: Speech by Martin Wheatley, CEO, the FCA, at Mansion House, London.

AMF Advisory Board – Three new appointments

ASIC’s Strategic Outlook

Exchanges & Trading Facilities

Interview: Xavier Rolet, London Stock Exchange – A Frenchman with British interests at heart causes me to take stock
Chris Blackhurst –
Downstairs at the London Stock Exchange building a sea of people is making its way through the security barriers. Upstairs, there is an eerie calm.

Things can only get better in HKEx and LME’s marriage?
Andy Home – Reuters
“In short, this is not a takeover; it is a marriage”. That’s how Charles Li, chief executive of Hong Kong Exchanges and Clearing (HKEx), described the 1.38 billion sterling ($2.2 billion) purchase of the London Metal Exchange (LME) back in 2012.

LME week loses some lustre as belts tighten, focus shifts East
Melanie Burton and Harpreet Bhal – Reuters
As metals executives fly into London for the industry’s most glamorous week, its best years may be over as sinking metals prices and rising costs tear holes in budgets, and the industry epicentre heads east.

Lending Club picks NYSE for landmark IPO
Tracy Alloway – New York, Arash Massoudi – London – Financial Times
Lending Club, the world’s biggest peer-to-peer lender, has chosen the New York Stock Exchange for its hotly-anticipated initial public offering, say people familiar with the planned listing.

TOM MTF Statistics Week 42, 2014

Hedge Funds & Managed Futures

Europeans gear up for second act in the US
Sarah Krouse – Financial News
As one of the world’s largest and wealthiest countries, the US has obvious appeal for European asset managers. What has proved less clear, however, is how the Europeans can become household names able to compete with well-known domestic American managers.

Ethical investing attracts small change
Peter Davy – Financial News
Virtue doesn’t have to be its own reward and putting money in investments that adhere to sound environmental, social and governance practices can bear returns.

Old Mutual to Acquire British Wealth Manager for $936.6 Million
Chad Bray – Dealbook – NY Times
The insurer Old Mutual said Friday that it had agreed to acquire Quilter Cheviot, the private equity-backed British wealth manager, in a deal worth up to 585 million pounds, or about $936.6 million.

Fees Can Trickle Into Private Equity Firms After Stakes are Sold
Mike Spector – MoneyBeat – WSJ
After private-equity firms sell stakes in companies, do fees keep trickling in? In some instances, it appears, they do, according to correspondence between a fund investor and an array of private-equity firms.

Franklin Templeton launches multi-manager alternatives fund
Dan Jones – Investment Week
Franklin Templeton has launched its first multi-manager alternatives fund for European investors following its acquisition of K2 Advisors in 2012.

Banks & Brokers

LGIMA further expands LDI Solutions team with four key hires
Legal & General Investment Management America, Inc. (LGIMA), a Chicago-based registered investment advisor specializing in fixed income strategies with an emphasis on liability driven investing (LDI) derisking solutions, today announced the addition of four senior hires to support its expanding LDI business. In the last year, LGIMA has added 27 LDI clients with over $4.6 billion in assets bringing their total LDI base to over $26 billion, and firm AUM to over $47 billion.

Clouds Hang Over Strong Quarter for Banks
Saabira Chaudhuri – WSJ
Banks may not be finished tightening their belts. Trading made a solid comeback during the quarter, while lending continued to pick up at the big U.S. banks that reported earnings last week. But with interest rates looking like they could stay low for even longer, banks likely will struggle to increase the profitability of their lending units. And trading continues to be a volatile source of revenue, leaving banks to keep looking to…

Barclays eyes ‘discretionary direct’ service as part of 2015 platform revamp
Dan Jones – Investment Week
Barclays is seeking to include a D2C discretionary investment service offering model portfolios to clients in its relaunched consumer platform proposition, Investment Week understands.

JPMorgan seeks incentives to build new headquarters in Manhattan – NY Times
City and state officials are negotiating with JPMorgan Chase & Co over a potential deal involving the bank building a vast $6.5 billion corporate campus with two high-rise towers in the new commercial district on the Far West Side of Manhattan, the New York Times reported.

An Oops for Goldman Sachs in Its Advice on Vista-Tibco Merger
David Gelles – Dealbook – NY Times
When Vista Equity Partners last month decided to acquire Tibco Software, an enterprise computing company, it agreed to pay $4.3 billion, making the deal the largest technology buyout of the year. But it turns out Vista will only wind up paying about $4.2 billion for Tibco.

HSBC hires ex-SocGen global healthcare research head Stephen McGarry
Matt Turner and Nick Kostov – Financial News
HSBC has hired the former head of global healthcare research at Societe Generale, who worked for the UK bank for a short period in the 1990s, in what is the latest addition to its equities business.

E-Trading Vet Lilien Joins Tradier Board
Max Bowie – WatersTechnology
Electronic trading veteran Jarrett Lilien has joined the board of Tradier, which operates a cloud-based brokerage platform and a supporting environment of data, trading and analytics applications as an independent director.

ICAP Announces Further Investment In ENSO LP

Clearing & Settlement

Disaster contingency plans from the clearing house geeks
John Dizard – Financial Times
Over the past month, and particularly in the past week, the action in the financial markets has shown that our commanders in the central banks and governments of the world’s leading economies have been busy preparing to deal with a crisis, as long as it is exactly like the last one. Unfortunately, their efforts could be making the next crisis worse, and its effects more prolonged, than the 2008 crash.

Would-be Sefs fear ability to access market
Michael Watt –
Platforms planning to become swap execution facilities (Sefs) fear they will be blocked out of the market by unsustainable start-up costs and the predominance of existing competitors.

DTCC creates committee to lead effort in US move to T+2
The Trade
While 23 European markets moved to T+2 earlier this month, the US has come one step closer to doing the same.

SEFs still looking for the buy-side to bite
Jon Watkins – The Trade
New ways of attracting buy-side participation on swap execution facilities (SEFs) are emerging after a year of relatively slow progress for the US electronic trading platforms.

Clearstream: REGIS-TR Reaches Milestone With Over 1 Billion Transaction Reports
More Than 200 Million Transaction Reports Processed In September 2014 – REGIS-TR Reaches More Than 1,000 Customers – Onboarding Continues – Elena Carnicero: “We Are Ready For Higher Volumes”

ICE Benchmark Administration (IBA) Publishes Position Paper On The Evolution And Enhancement Of ICE LIBOR (“LIBOR”)

Indexes & Products

Depositary receipt structures open ETF horizons
Deborah Fuhr – Financial News
Stock exchanges across the world are competing to attract cross-border exchange-traded fund listings, and depositary receipt structures might yet prove to be an easy, less expensive, way to win business.

Koris International Launches Trackinsight.Com – First European ETFs Analysis Platform


Numerix Preps for IPO, Mulls Acquisitions
Max Bowie – WatersTechnology
Over-the-counter derivatives pricing, analytics and risk management software vendor Numerix is gearing up to go public, and is weighing potential acquisitions that will help the vendor boost its scale ahead of an IPO, officials say.

NYSE Tech’s O’Sullivan Sets Up USAM Outsourced Data/Tech Sales Agency
Max Bowie – WatersTechnology
Feargal O’Sullivan, a former sales and solutions executive at NYSE Technologies, Tervela, Reuters and Tibco Software, has set up USAM Group, a New York-based sales agency to represent startup financial technology and data vendors seeking to gain a foothold in the US markets.

TMX Atrium Signs Distribution Agreement With NPL
TMX Atrium, TMX Group’s global capital markets infrastructure provider, today announced that it has signed a distribution agreement with the National Physical Laboratory (NPL), the United Kingdom’s National Measurement Institute, to distribute NPLTime.

MTS Preps Adds to MTS Data
Waters Technology


SEC Charges Staten Island Man With Conducting Fraudulent Offerings and Stealing Investor Funds
The Securities and Exchange Commission today charged the operator of an online stock recommendation business with conducting several fraudulent securities offerings and siphoning some of the money raised from investors for a Caribbean vacation and plastic surgery.

CFTC Revokes Registrations of Abdul Sultan Walji and His Company, Arista LLC, Based on Court’s Permanent Injunction Order Prohibiting Them from Committing Further Fraud and on Walji’s Conviction for Criminal Commodities Fraud

Environmental & Energy

Renewables not shale biggest driver in US emissions cuts, study finds
Renewable energy, not shale gas, has played the biggest role in reducing US emissions, according to new analysis from Greenpeace’s Energydesk site.

***LB: Also in this story “Analysis by Greenpeace’s Energydesk says clean energy accounted for 40 per cent of emissions decline since 2007, compared to 30 per cent from shale.”

Western states looking at regional carbon program: Colo. governor
Zack Colman, Washington Examiner
Democratic Colorado Gov. John Hickenlooper said western states are considering a regional program to comply with a proposed Environmental Protection Agency rule to slash power plant emissions.

***LB: Also in this story “California’s cap-and-trade system officially took off last year. That could expand to Oregon and Washington, where states have talked about collaborating with British Columbia in a West Coast carbon market.”

EU climate chief says energy, climate deal ‘feasible’
Barbara Lewis, Reuters
EU leaders are likely to agree a new decade of climate and energy policy (this) week despite the “legitimate concerns” of several nations, Europe’s climate boss said.


TFEX’s derivatives volume up 88 pct in the first nine months
Thailand Futures Exchange PCL (TFEX), part of The Stock Exchange of Thailand group, has reported a positive development for the first nine months with derivatives volume up by 88%. The total trading volume was slightly more than 23 million contracts with mini SET50 futures and stock futures being the most popular products.

Still no Stock Connect date, but regulators strike accord
Simon Osborne – The Trade
Expectations were high that a start date for the Shanghai-Hong Kong Stock Connect would be announced in a press conference held by the China Securities Regulatory Commission last Friday afternoon. It wasn’t. The reason for the continued delay is also unknown.

KSEI, Indonesia’s Central Securities Depository, Selects Nasdaq’s X-stream CSD Solution – KSEI is Nasdaq’s First CSD Customer In The Southeast Asia Region

Shenzhen Stock Exchange Released Measures On Trial of Short-Term Corporate Bonds Of Securities Companies

Frontier Markets

JSE Equity Market Posts Record Number Of Trades
A record number of 395 969 trades took place on the JSE’s Equity Market yesterday. The total value of these trades was just over R24,6 billion.

155 Billion Free Float Shares At Tehran Stock Exchange

Cairo Amman Bank Weekly Economic Monitor

The Egyptian Businessmen’s Association (EBA) Hosts The Egyptian Exchange (EGX) To Spread Awareness About EGX Role In The Enterprises’ Growth

Tehran Stock Exchange Bulletin- September 2014

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