John Lothian Newsletter: For Stock Markets, the Moment When Humans Matter; Strong summer trading boosts Deutsche Boerse and BME; Market Bets Abound, but Where Are the Banks?

Sep 2, 2015

First Read

The Incredible Shrinking WMBAA: ICAP’s Departure from Industry Association a Sign of the Times
Doug Ashburn – JLN

ICAP, the largest inter-dealer broker and operator of two swap execution facilities (SEFs), confirmed yesterday that it is pulling out of the Wholesale Markets Brokers Association, Americas, an industry advocacy it helped form six years ago.

“ICAP and the four founding members of the WMBAA shared many common goals and interests when the organisation was established in 2009,” according to an ICAP spokesman. “The US political system has since created and implemented the Dodd-Frank Act and the bulk of global regulatory reform efforts have now moved to Europe and beyond. We therefore believe ICAP’s efforts are best directed outside of membership of the WMBAA.”

The announcement comes less than two months before the association’s annual conference, SEFCON, casting doubt on the future of the conference itself. Already the conference must continue without previous chairman Chris Ferreri, ICAP’s former head of e-commerce, who retired from the firm this past March after a 30-year career there.

In many ways, Ferreri was SEFCON. He spearheaded the planning and execution phases, wrote most of the speeches and acted as emcee for the event. In the early years of the conference, Ferreri shared these duties with Chris Giancarlo, then executive vice president at rival broker GFI Group. In 2014, Giancarlo left GFI to become a commissioner at the Commodity Futures Trading Commission. Interestingly, GFI was acquired in early 2015 by another WMBAA member firm, BGC Partners. Technically speaking, then, the WMBAA is down to three firms – BCG/GFI, Tullett Prebon and Tradition.

Meanwhile, SEFCON VI is a go, scheduled for October 26, at the Waldorf Astoria New York.

Read the rest of the story at


MarketsWiki Education London 2015

My Summer at TT: An Experience I Wouldn’t Trade for Anything
by Genna Pirrong, TradeTalk
As summer at Trading Technologies is rapidly coming to a close, I wanted to take the time to reflect on my experience as one of TT’s 2015 summer interns. First and foremost, I would like to say that I have no idea where the summer went. To say it went by quickly is an understatement, which I think, in itself, speaks volumes about how much fun I had at TT. Although, like most every college student (especially those who attend IU), I am incredibly excited to go back to school, I feel this excitement at a smaller degree than in years past—solely because that means leaving TT and the people that make it so enjoyable.

**JK – Genna, daughter of the Streetwise Professor, provided valuable help and assistance to our summer intern event in Chicago. I suspect and hope that this will not be the last we see of her in this industry or other interns looking to make a career in it.


A Disruptive Environment: Sidley Austin’s Lisa Dunsky Offers Practical Compliance Tips for Firms and Traders

New rules and guidelines and a couple of recent high profile criminal cases on disruptive trade practices have made compliance and supervision a high priority at trading firms and clearing firms. Lisa Dunsky, derivatives attorney and former counsel at CME Group, shares her insights on what firms and traders need to consider.


Bourses urge EU to speed up rulings on clearing houses
The European Union should speed up recognition of non-EU clearing houses to avoid compounding emerging market volatility and fragmenting the $630 trillion derivatives market, a global exchanges body said on Wednesday. The World Federation of Exchanges (WFE) said delays by Brussels in deciding whether to allow non-EU clearing houses to continue serving European users risk a capital flight from some emerging market economies.

***DA: This was one of the chief issues addressed in Jim Kharouf’s recent video interview with Colombia Securities Exchange CEO and WFE Chairman Juan Pablo Cordoba.


Lead Stories

For Stock Markets, the Moment When Humans Matter; Stock-pricing problems lead to questions about ‘Rule 48’
A string of messy stock-market openings in recent weeks has reinvigorated a debate about the relative effectiveness of humans versus machines in handling moments of extreme volatility and market uncertainty.

Market Bets Abound, but Where Are the Banks?; As Wall Street brims with tales of hedge-fund fortunes made and lost amid recent market gyrations, banks have been stuck on the sidelines, hamstrung by postcrisis rules governing what risks they can take.
The past two weeks of nearly unprecedented stock-market volatility once would have marked ideal trading conditions at the country’s biggest banks. That era is over.

World Exchanges Calls on Regulator to Consider Impact on Emerging Markets due to EU CCP recognition delays
Press Release
The World Federation of Exchanges, the global trade association for exchanges, has written to the European Commission to express its concern that delays and a lack of transparency in EMIR equivalence determinations for third country central counterparties present a challenge to economic growth and development in many Emerging Market economies.

Strong summer trading boosts Deutsche Boerse and BME
The Trade News
Deutsche Boerse has seen turnover on its main order book rose by over 50% year-on-year in August, a signal liquidity conditions are improving in Europe.

World faces third deflationary wave
Dominic Rossi, FT
EM crisis means further fall in potential global output is unavoidable
The world economy is bearing the brunt of a third deflationary wave in less than a decade. The first was the US-led housing and financial crisis of 2008-9, the second wave was the eurozone crisis of 2011-12, and now a third, an emerging markets crisis.

China stock probes send shivers through investment community
Investigations by Chinese authorities into wild stock market swings are spreading fear among China-based investors, with some unsure if they are simply helping with inquiries or actually under suspicion, executives in the financial community said.

NYSE invokes Rule 48 to curb early swings
By Nicole Bullock in New York, FT
The New York Stock Exchange on Tuesday again invoked measures meant to promote an orderly opening as the US stock market endured heavy selling in early trading.

Canada Illustrates Plight of Rich but Resource-Dependent Countries; Tepid economy, like those of Australia, New Zealand and Norway, shows perils of commodity swing
For a small group of the world’s most resource-dependent rich countries, the stalling economy of one of its members,Canada, is a stark reminder of how China’s slowing growth stands to shape the coming years.

Citi: Maybe Flash Crashes Aren’t So Bad, After All; Big moves in markets don’t necessarily disrupt the economy
Lananh Nguyen, Bloomberg
Flash crashes—those days when stocks, bonds, and currencies all make big, sudden moves in tandem—may roil financial markets, but they don’t seem to make a big difference to the real economy, according to Citigroup.

India Says New Tax Won’t Apply to Foreign Institutional Investors; Move on minimum alternate tax is aimed at calming investors’ concerns
India said Tuesday that it wouldn’t go through with plans to apply a controversial tax to international portfolio investors, hoping to calm concerns about the country amid global market volatility.

Blockchain for Banks Probably Can’t Hurt
By Matt Levine, Bloomberg
A share of stock is a piece of paper covered with fancy embossing and pictures of eagles and things. The way you sell a share of stock is, you and I meet under a buttonwood tree, and I say I will pay you 10 gold dollars for one share of Amalgamated Pennyfarthings stock, and we shake hands, and then a day or two later you have your clerk bring over the piece of paper to my clerk, and I have my clerk bring your clerk the 10 gold dollars in a little bag labeled “$,” and your clerk bites my gold dollars to make sure that they contain the right amount of real gold, and the clerks make the exchange, and I put the fancy piece of paper into my vaults and bask in my new part-ownership of Amalgamated Pennyfarthings.

**Also, in case you missed it – Blythe Masters Tells Banks the Blockchain Changes Everything,



National Futures Association: Information Systems Security Programs—Proposed Adoption of the Interpretive Notice to NFA Compliance Rules 2-9, 2-36 and 2-49: Information Systems Security Programs

ASIC remakes instruments and updates policy facilitating offers by foreign companies
Following public consultation, ASIC has remade six legislative instruments that facilitate Australian investors participating in foreign scrip offers, when appropriate safeguards are in place.

Japan lawmakers urge bourse, regulators to be tough on Toshiba
Japanese lawmakers on Wednesday called for a tough regulatory response to Toshiba Corp’s (6502.T) second postponement of its annual results over accounting woes, saying the scandal could erode foreign investor confidence.

Sebi might review transfer of 25% exchange profits to SGF; Markets regulator may review stress test model to determine Minimum Required Corpus of Core SGF
BS Reporter
The Securities and Exchange Board of India (Sebi) committee on clearing corporations, headed by K V Kamath, has proposed the current requirement of transferring of 25 per cent of exchange profits to the Settlement Guarantee Fund (SGF) of clearing corporations could be done away with.

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans

    • NYSE Arca: Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Adopting New Equity Trading Rules Relating to Orders and Modifiers and the Retail Liquidity Program to Reflect the Implementation of Pillar, the Exchanges New Trading Technology Platform (Release No. 34-75801; File No. SR-NYSEArca-2015-56)


    • NYSE Arca: Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Adopting New Equity Trading Rules Relating to Trading Halts, Short Sales, Limit Up-Limit Down, and Odd Lots and Mixed Lots to Reflect the Implementation of Pillar, the Exchanges New Trading Technology Platform (Release No. 34-75800; File No. SR-NYSEArca-2015-58)

Exchanges & Trading Facilities

CME Group Volume Averaged 16.3 Million Contracts per Day in August 2015, Up 25 Percent from August 2014
CME Group
Equity index average daily volume increased 61 percent; Energy average daily volume rose 46 percent, as WTI futures and options reached record 1.8 million contracts on August 31; Eurodollar options average daily volume increased 39 percent, driven by 124 percent growth in options traded electronically; Metals average daily volume increased 36 percent; Foreign exchange (FX) average daily volume rose 33 percent; Agricultural commodities average daily volume rose 25 percent
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that August 2015 volume averaged 16.3 million contracts per day, up 25 percent from August 2014, and included average daily volume of 23 million contracts during the last week of the month, the highest weekly average ever. Total volume was more than 341 million contracts, of which a record 89 percent was traded electronically. Options volume in August averaged 3 million contracts per day, up 27 percent versus August 2014, with electronic options growing 37 percent over the same period to a record 57 percent electronic.

Tokyo Financial Exchange: Release Of The “Principles For Financial Market Infrastructures Disclosure (English Version)”
Following the release of “Principles for Financial Market Infrastructures Disclosure” on July 8, 2015, describing TFX’s compliance with the Principles for Financial Market Infrastructure (“PFMI”), based on the “Principles for Financial Market Infrastructures: Disclosure Framework and Assessment Methodology” published by CPMI-IOSCO. (*1), TFX has released its English translation on September 2, 2015.

DGCX Records Highest Volumes In 2015 With 1.5 Million Contracts In August; Heightened Market Volatility Boosts Trading On The Exchange
Highest average monthly Open Interest recorded with 91,797 contracts, growing 17% from previous high; August volumes up 35% month-on-month and 67% year-on-year; Year-to-date volumes grew by 18%
Increased volatility in global markets over the past month has led trading volumes on UAE’s leading derivatives bourse, Dubai Gold and Commodities Exchange (DGCX), to rise considerably, raking in multiple records.The monthly trading volumes on the Exchange grew by 35%, trading 1,538,636 contracts, recording an all-time high in two years. DGCX also registered a year-on-year growth of 67% and year-to-date growth of 18%.The overall Average Daily Volumes (ADV) witnessed a two-year high, trading 73,268 contracts in the month of August 2015.

Boerse Stuttgart Turnover In The Region Of EUR 7.9 Billion In August – High Level Of Turnover Continues Through Summer – Trading In Leverage Products And Investment Funds Brisk
Based on its order book statistics, Boerse Stuttgart generated turnover of around EUR 7.9 billion in August 2015. In a dynamic market environment, the trading volume was up by more than 3 percent compared with July 2015, and by more than 23 percent compared with August 2014.

Chi-Match Celebrates Its One Year Anniversary And Sets New Trading Record
Chi-X Japan Limited, a wholly owned subsidiary of market operator Chi-X Global Holdings LLC, announced today that Chi-Match VWAP Cross celebrated its first year of trading with another record month, trading JPY 104.1 billion by value traded in August 2015.

CBOE Futures Exchange Reports Jump in August 2015 Trading Volume
VIX Futures ADV Up 34% From July, Up 41% From Year Ago; Total of 6.4 Million VIX Futures Contracts Traded; August Logs 3rd Consecutive Monthly Volume High For Year
CBOE Futures Exchange, LLC (CFE®) today reported that August 2015 was its second-busiest month of all time and its third consecutive monthly gain for 2015. Average daily volume (ADV) in CBOE Volatility Index® (VIX® Index) futures rose 34 percent from July 2015 and 41 percent from August 2014.

CBOE Holdings Reports August 2015 Trading Volume
ADV of 6.0 Million Contracts, Up 23% From July, Up 26% From Year Ago; Total Volume of 125.2 Million Contracts; CBOE and C2 Set Single-Day Trading Volume Records; VIX and SPX Options Establish New Monthly ADV Highs
CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that total trading volume in August for options contracts on Chicago Board Options Exchange® (CBOE®) and C2 Options Exchange (C2) and futures contracts on CBOE Futures Exchange (CFE®) was 125.2 million contracts, an increase of 18 percent from July 2015 and an increase of 26 percent from August 2014.

OneChicago Announces Trading Volume for August 2015
Total Volume Up From Prior Month and Year Ago marking the 4th consecutive month of double digit increases.
OneChicago, LLC (OCX), a securities finance exchange, today announced its August 2015 volume of 1,300,536, an increase of 57% year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,500 equities, including ADRs and ETFs.

ISE Holdings Reports Business Activity for August 2015
ISE and ISE Gemini combined represent 16.6% of equity options market share, excluding dividend trades; ISE and ISE Gemini reported a combined ADV of 3.0 million contracts; Dividend trades made up 0.4% of industry volume in August 2015.

Key figures SIX Swiss Exchange and SIX Structured Products Exchange: August 2015
SIX Swiss Exchange
Average trading turnover per day since the start of the year: CHF 5.8 billion
Trading turnover on SIX Swiss Exchange and SIX Structured Products Exchange rose by 3.2% month-on- month to CHF 107.3 billion in August 2015. This represents an impressive increase of 40.9% compared with August 2014. The number of trades increased by 2.5% compared with the previous month (4,236,299 trades).

MGEX Monthly Volume Reaches All-Time High
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), has recorded its highest monthly volume ever, reporting a total volume of 266,043 from August. This breaks the previous monthly record set back in June.

Nadex plans to waive trading, settlement fees for select members
By Maria Nikolova, Leaprate
Fees are poised to be waived for all individuals and entities that become Nadex Members on or after the launch date of a special program, set to start no earlier than September 16, 2015.

Hedge Funds & Managed Futures

Templeton’s Mark Mobius says China’s stock selling curbs “alarming”
Franklin Templeton’s Mark Mobius said China’s action to stop investors from liquidating their stock market bets was “alarming” but the emerging market specialist also said the country had not become so risky that he would walk away.

IMF’s Lagarde warns of spillover risks from recent volatility
Recent volatility in global financial markets shows how rapidly risks can spill over from one economy to the next, the managing director of the International Monetary Fund (IMF) said in Jakarta on Wednesday.

Will Work for Shares: Equity Is King in the Startup Economy
Cash is passé. Lawyers, advertising agencies, lobbyists and other service providers are gunning for stakes in their startup clients, in some cases taking equity in lieu of or in addition to traditional fees, The Wall Street Journal reported today.

The moral hazard created by buckets of start-up funding
Murad Ahmed, FT
East London’s ‘Silicon Roundabout’ is home to many tech start-ups
Here’s a tale that epitomises the absurd times that tech start-ups are currently enjoying (or exploiting, depending on your perspective).

How to Gain From David Einhorn’s Pain; While David Einhorn’s hedge-fund firm has posted big losses, another firm he controls may offer investors a value play on any comeback
David Einhorn may be down. But given his long investing record, he certainly isn’t out. If anything, investors may want to take a page from his value-investing playbook and buy into Mr. Einhorn when he is been momentarily humbled.

5 Forces Driving the Global Stock Selloff
Tuesday’s market selloff comes just as some investors had thought the market tumult of the last week and a half might be behind us. They were wrong.

AQR Managed Futures Fund Attracts $360M As Liquid Alts Remain Popular
Market volatility has apparently not dampened investor appetite for liquid alternatives, at least according to one data point.

Banks & Brokers

Critics Line Up Against Moynihan’s Roles at Bank of America
Bank of America Corp.’s board changed its corporate bylaws last fall and gave Chief Executive Brian Moynihan the additional title of chairman. Now the board is asking shareholders for permission.

Clearing & Settlement

OCC Cleared Contract Volume Rose 33% in August; Securities Lending CCP Activity Grew 27% for August and 14% Year-to-Date
OCC, the world’s largest equity derivatives clearing organization, announced today that cleared contract volume in August was 434,313,474 contracts, up 33 percent from August 2014 volume of 325,548,099 contracts. OCC’s year-to-date average daily cleared contract volume is up 0.15 percent from 2014 with 16,809,864 contracts in 2015.

Coming soon – mandatory clearing of interest rate swaps under EMIR
The EU IRS Clearing Rules are subject to approval by the European Parliament (Parliament) and Council of the European Union (Council); however, if the Parliament and Council do not act by the end of November 2015, the EU IRS Clearing Rules will enter into force and become effective 20 days after being published in the Official Journal of the European Union. Per the EU IRS Clearing Rules, the clearing requirement will be implemented on a phased-in basis over the next three years, as described further below.

Sebi panel suggests interoperability between clearing corporations
The Economic Times
A Sebi panel, headed by KV Kamath has suggested interoperability between existing clearing corporations. For traders executing trades on more than one stock exchanges, interoperability would help them use funds better

Indexes & Products

Volatility won’t impact China A shares decision – MSCI
U.S. index provider MSCI said recent violent market gyrations in China, and a barrage of interventions by the authorities to stop the rout, will not be a factor in deciding whether to include China-listed shares in its emerging markets index.

Booming Buybacks No Magic Bullet for This U.S. Equity Tantrum
Bloomberg Business
Last week’s histrionics in U.S. equities occurred as one thing remained constant: plentiful share buybacks. For bulls, that’s good and bad news. Evidence that buybacks held up comes from Goldman Sachs Group Inc.’s corporate agency desk, which received record orders from clients for repurchases in the five days ended Friday, according to a note obtained by Bloomberg. The stretch includes two days in which the Standard & Poor’s 500 Index slid more than 1 percent and two in which it climbed more than 2 percent.

Will Housing Be Dealt Another Bad Hand?
Indexology – S&P Dow Jones Indices
We know that the stock market is an important leading indicator, as it reports on the health of companies’ earnings estimates and the health of the global economy. Housing prices can also be considered leading indicators, as a decline in housing prices can be representative of excess supply and inflated prices.
The S&P/Case-Shiller Home Price Indices use the repeat sales methodology, which has the benefit of directly measuring changes in home prices by only including homes that have been sold twice. The indices are calculated monthly, using a three-month moving average. Index levels are published with a two-month lag.


Google Antitrust Inquiries Spread Over Globe, With India the Latest Problem
Google is quickly becoming the company government regulators around the world love to investigate.

Nasdaq Futures Data Now Available on Interactive Data’s Consolidated Feed and FutureSource Services; Expansion Deepens Interactive Data’s Coverage of US Derivatives and Energy Marketplace
Nasdaq announced today that it now supplies futures data to Interactive Data’s product line through Nasdaq Futures, Inc. (NFX), the exchange group’s US-based designated contract market (DCM) that launched on July 24, 2015.

Do not let fear kill the promise of Big Data
Maurice Lévy, FT
Enticed by the promise of “discreet indiscretions”, millions of people sign up to a global website offering extramarital encounters. Last month, legions of those same people found their names, personal preferences and other intimate details sprayed most indiscreetly across the internet. This spectacular incident, the latest in an accelerating tally of hacks and leaks, forces us to take the measure of the rapid evolution of our data-driven world and the far-reaching impact on all our lives.


Bursa Malaysia Securities Reprimands, Fines And Suspends Amran Amir Bin Ismet Amir Mohd Idris For Misconducts/Violation Of Rules
Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded, imposed a fine of RM31,000 and suspended/ restricted (as the case may be) Amran Amir bin Ismet Amir Mohd Idris (Amran) for 6 months as/ from being a Registered Person of Bursa Malaysia Securities, for misconducts/breaches relating to account opening and unauthorised trades in a client’s account (Client A). In addition, Amran was required to undergo training on conduct or professionalism of Dealer’s Representatives (DRs)/market offences (Mandatory Training).

Former Hanlong managing director pleads guilty to insider trading
Hui Xiao, also known as Steven Xiao and Jiayi Xiao, the former Hanlong Mining Investment Pty Ltd (Hanlong Mining) managing director, today pleaded guilty to insider trading.

UBS Unit to Pay More Than $2.9 Million to Investors in Puerto Rico; Bank’s wealth-management unit ordered to pay two investors for losses tied to island’s municipal bonds
UBS AG’s wealth-management unit was ordered to pay more than $2.9 million to two investors in Puerto Rico for losses tied to funds holding the island’s municipal bonds.

Drillers Unleash ‘Super-Size’ Natural Gas Output; Applying newer fracking methods to existing field offers potential for more and cheaper fuel
The U.S. may have far more natural gas than anyone imagined, all reachable at a profit even with today’s bargain-basement prices.

Environmental & Energy

Future Super And Thomson Reuters Launch Australia’s First Fossil Fuel Free And Sustainability Leaders Indices – New Indices Offers Responsible Investors Greater Transparency And Access To ASX-Listed Companies Deemed Fossil-Fuel Free And Ethical
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, and Future Super, Australia’s first fossil fuel-free superannuation fund, today announced the launch of two ‘first-of-a-kind’ indices, the ‘Thomson Reuters/Future Super Australia Fossil Free Index’ and ‘Thomson Reuters/Future Super Australia Sustainable Leaders Index’. For the first time in Australia, investors can gain improved access and investment transparency to companies listed on the Australian Securities Exchange (ASX) considered to be fossil-fuel free and superior in environmental, social and governance (ESG) practices.

America’s Most Unlikely Energy Project Is Rising From a Louisiana Bayou
Bloomberg Business
From a mile away, at the distant end of a flat, two-lane road, the Sabine Pass Liquefied Natural Gas terminal materializes like an alien city from the haze of the Louisiana bayou. Five white cylinders with domed tops, each 140 feet tall and 225 feet in diameter, rise from the empty horizon. Set on the Texas border 4 miles from the mouth of the Sabine River on the Gulf Coast, the terminal is one of the largest industrial energy facilities under construction in North America. The domes, made of nickel alloy and wrapped in a layer of carbon steel, are essentially giant freezers, each capable of holding 81,000 tons of liquefied natural gas (LNG) at -260F.

El Niño Sends Strong Signal as Pacific Temperatures Soar; Level is near that hit during 1997-98 El Niño, which brought drought to Southeast Asia, flooding to North America
A strong El Niño has sent sea temperatures in parts of the Pacific Ocean to their highest level since the late 1990s, Australia’s government weather watchdog said Tuesday.


China brokerages pledge $4.7 bln more to buy shares -China Sec Journal
Nine Chinese brokerages have pledged additional funds worth over 30 billion yuan ($4.71 billion) to buy shares, the China Securities Journal said on Wednesday, answering fresh government calls to support a wobbly stock market.

China needs to learn how to talk to markets
Mohamed El-Erian, FT
The Chinese leadership is discovering that financial markets have a tendency to punish governments for doing the right thing at the wrong time. And it is not the only one dealing with the repercussions. The consequences are being felt around the world.

China Boosts Efforts to Keep Money at Home; Efforts include cracking down on underground banks, money-transfer agents
China is imposing fresh controls to prevent too much money from leaving its shores, escalating its battle against a deepening slump in the world’s No. 2 economy.

Frontier Markets

The Saudi Stock Exchange Announces The Publication Of The Monthly Stock Market Ownership And Trading Activity Report (By Nationality And Investor Type)
The total value of shares traded for the month ending 31 August 2015 amounted to SAR 116.28 billion, increasing by 37.76% over the previous month; while total stock market capitalization reached SAR 1,685.51 billion at the end of this period, decreasing by 16.37% over the previous month.

Financial services to be hit by tomorrow’s nationwide strike; Around 13 lakh employees from 25 public sector banks, 11 private sector banks and nine foreign banks will be on strike
Press Trust of India
Financial services may be hit tomorrow as 13 lakh employees from the public, private and foreign banks are joining the nationwide strike called by trade unions to protest the “anti-labour” policies of the Modi government.

Questions about China’s bad banks and bad debt will not go away
Henny Sender, FT
Were this a more perfect world — and China’s a more perfect stock market — then Huarong, the bad bank of ICBC would be listing its shares in October, raising more than $1bn for its current backers, including Warburg Pincus, KKR and ICBC itself.

MCX: Out of the Jignesh Shah shadow
by Salil Panchal, Forbes India
Commodity bourse MCX appears to have moved beyond the Jignesh Shah-scandal hangover. New credible investors, fresh associations and a clear direction is giving India’s only listed exchange a fresh lease of life

NSEL investor group asks Sebi to probe FTIL role in NSEL scam
Issues related to the firm siphoning off funds along with insider trading and stock price manipulation need to be probed by Sebi, the group says


Bloomberg News, Refocusing Its Coverage, Will Lay Off About 90
Bloomberg News laid off as many as 90 journalists on Tuesday in its newsrooms in New York, Washington and across the world, part of a plan to refocus the organization’s coverage on business, finance, economics, technology and politics.

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