First Read

Exclusive: SEC forms squad to examine private funds – sources
By Greg Roumeliotis and Sarah N. Lynch, Bloomberg
NEW YORK/WASHINGTON – The U.S. Securities and Exchange Commission (SEC) has put together a dedicated group to examine private equity and hedge funds, after the 2010 Dodd-Frank law required the funds to be regulated, according to people familiar with the matter.
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***** I can’t imagine what they will find.

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Bogus Private-Equity Fees Said Found at 200 Firms by SEC
By Alan Katz, Bloomberg
A majority of private-equity firms inflate fees and expenses charged to companies in which they hold stakes, according to an internal review by the U.S. Securities and Exchange Commission, raising the prospect of a wave of sanctions by the agency.
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***** Whoops!!!

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SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds
By Robert Schmidt, Bloomberg
A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics. James Kidney, who joined the SEC in 1986 and retired this month, offered the critique in a speech at his goodbye party. His remarks hit home with many in the crowd of SEC lawyers and alumni thanks to a part of his resume not publicly known: He had campaigned internally to bring charges against more executives in the agency’s 2010 case against Goldman Sachs Group Inc. (GS)
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***** He would bring charges against people doing “God’s work?”

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Harvard adopts ‘responsible investment’ principles
Reuters
Harvard University said on Monday it adopted a set of environmental and social investing principles backed by the United Nations for its huge endowment fund, a move that could add pressure on companies in its portfolio to make more disclosures on areas like carbon emissions.
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***** I liked their old “irresponsible” investment principles.

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CQG and DirectFX add OTC FX with First Derivatives tech
Automated Trader
First Derivatives, the provider of software and consulting services to the capital markets industry has announced that that CQG, a market data and advanced technical analysis provider, has partnered with foreign exchange firm Direct FX to add OTC trading capabilities using First Derivatives Delta Flow trading platform. The new agreement expands CQG’s FX market data and trade routing offering over CQG FX, a platform for foreign exchange professionals.
jlne.ws/1jUMVlU

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Capstone’s Britton Foresees a $10 Billion Volatility Fund
By Katherine Burton, Bloomberg
Capstone Investment Advisors LLC’s Paul Britton, whose volatility hedge-fund firm oversees $2.5 billion, predicts that within five years his small sector of the industry will produce a pool whose size rivals some of the biggest managers today.
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***** When Paul Britton talks, I listen.

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Exchange CEO Series – New Neighbors: Alan Gandelman says ATS Brasil spells trouble for BM&F Bovespa
JohnLothianNews.com
When it comes to competition in the exchange space,Alan Gandelman is at the front line.

As the CEO of Americas Trading System Brasil (ATS Brasil), a joint-venture between Americas Trading Group (ATG) and NYSE Euronext, plans to launch a competitive equity exchange in Brazil early next year. Gandelman’s effort will offer a new alternative to the BM&F Bovespa exchange, the monopoly bourse for equities and derivatives.

Gandelman, who took the reins in June 2013, said his exchange will offer investors a new model, using technology from NYSE Technologies, now owned by ICE Group.

“It’s very hard for us to talk about competition in Brazil because basically it doesn’t exist,” he said to John Lothian News’ Jim Kharouf at the FIA Boca Conference last month. “We are coming into this marketplace to introduce competition again into Brazil. We believe competition is the healthier way to have markets be where they should be.”

Watch the video »

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Cinnober named as one of Sweden’s most attractive employers in 2014
Cinnober
Each year, students at Swedish universities and colleges vote for their dream employer in the country’s largest survey among students FöretagsBarometern (the Company Barometer). Technology supplier Cinnober is among this year’s biggest climbers. The company has advanced fully 24 places to 85th position in the segment ideal employers in data/IT.
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***** I knew Cinnober was a hot employer, but I did not know they were that HOT!

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CME NASDAQ Options Volume Surges on Pullback
JLN
While last Friday’s down move in the U.S. stock market was broad-based, the NASDAQ 100 index fared worst of all, falling 2.7 percent on the disappointing March employment report. According to John Nyhoff, executive director of equity index products at CME Group, traders had been scaling back on tech and biotech shares in recent weeks, and the trend accelerated Friday, leading to the largest single day drop in the NASDAQ since November 2011. CME Group’s NASDAQ 100 options volume surged to a record 38,057 contracts, shattering the previous record of 29,014 set on February 5 of this year.
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***** To put this in perspective, “BUY PUTS”!!!

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Deutsche Börse Publishes Best Practice Guide For Entry Standard Corporate Bonds – Recommendations Serve As A Guide To Issuers, Intermediaries And Investors
MondoVisione
Deutsche Börse today published its recommendations for issuing corporate bonds in the Entry Standard. The best practice guide is based on experience gathered over the past three years in SME bonds. Deutsche Börse published the guide together with several Deutsche Börse listing partners, the German Society of Investment Analysts and Asset Managers (DVFA) and the German Investor Relations Association (DIRK).
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***** Later today I am publishing Even Better Practices. Best Practices are so yesterday.

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JLN/MarketsWiki 2014 Annual Survey – Please Give us 30 Seconds of Your Time
John Lothian News
You still have time to fill out our quick demographic survey and get in the running for your choice of an iPad Mini or a pair of Bose Quiet Comfort Noise-Canceling Headphones. The cost is a mere 30 seconds of your time. Answers will be kept confidential.
jlne.ws/1bOrYYC

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ISDA AGM to Highlight Economic Value of OTC Derivatives
BusinessWire
The International Swaps and Derivatives Association, Inc. (ISDA) today published the results of a survey of end-users on issues and trends in the over-the-counter (OTC) derivatives markets. The release of the survey comes on the eve of ISDA’s 29th Annual General Meeting in Munich, which will feature panels of academics, end-users and market leaders discussing the value and uses of these risk management tools.
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***DA: Lots of good stuff in the survey, but here is my favorite: While 74 percent of end-users believe the new electronic trade execution requirements for OTC derivatives in the US and Europe will have a positive effect on transparency, more end-users believe it will have a negative impact on price, liquidity and ease of use.

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MarketsWiki

MarketsWiki Page of the Day
EuroCCP NV
jlne.ws/1e9z5wj

MarketsWiki Recent Updates

People

Robert Greifeld?; Mary Chung?

Companies, Organizations and Groups

QuikStrike; EuroCCP N.V.?; Bats Chi-x Europe?; European Central Counterparty Limited?; Charles Schwab & Co., Inc.?

Statistics

48,137,654 pages viewed, 7,912 articles, 181,683 edits
MarketsWiki Statistics

Lead Stories

High-frequency trading sees a planet divided
Matt Clinch, CNBC.com
The debate over the use of high-frequency trading (HFT) has reached fever pitch following the publication of Michael Lewis’ latest book “Flash Boys.”
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Brokerages Make Millions Selling Orders To High Frequency Trading Firms
By Linette Lopez, Business Insider
In his book ‘Flash Boys’, Michael Lewis attempts to answer the question — what happens to my trade once I hit ‘execute’ now that high frequency trading firms are in the market?’ Here’s one answer — your broker sells you trade to a high frequency trading firm in a bundle with a bunch of other trades.
jlne.ws/1jqbOVw

Defending the NYSE ‘dinosaurs’
Kenny Polcari, CNBC
In the wake of the debate ignited by Michael Lewis’s “Flash Boys,” I have found some very real support for speaking out against high-frequency trading. On the other hand, I have also found that many think I am wrong and that being a broker on the NYSE is akin to being a “dinosaur.”
jlne.ws/1kG1pof

New York’s Lawsky Investigating Credit Suisse Over Taxes; Regulator Looking Into Whether Bank Helped Clients Evade Taxes
By Andrew R. Johnson
New York’s top financial regulator is investigating whether Credit Suisse Group AG CSGN.VX -1.01% helped clients evade state tax laws, according to a person familiar with the matter.
jlne.ws/1mYhPd1

‘Flash Boys’ Fuels More Calls for a Tax on Trading
By NELSON D. SCHWARTZ, NY Times
It’s not every day that you find a fan club for new taxes, especially among economists and legal experts.
jlne.ws/1ed6czc

Citi to settle legacy securities claims, incur $100 million charge
Reuters
Citigroup Inc said it would pay $1.12 billion in cash to settle legacy securities and other claims and incur a related charge of $100 million in the first quarter.
jlne.ws/1ioQOvf

EU Upholds ABN Amro Acquisition Ban; Dutch Lender Can Appeal the Decision
Matina Stevis, WSJ
BRUSSELS—The second-highest European Union court on Tuesday upheld a decision that Dutch lender ABN Amro is prohibited from acquiring other banks.
jlne.ws/1g3qoOT

Regulatory

Banks Given Two More Years to Meet Volcker CLO Standards
By Cheyenne Hopkins, Bloomberg
The Federal Reserve is giving banks an additional two years to comply with Volcker Rule standards for treatment of collateralized loan obligations after industry complaints that the requirements would lead to big losses.
jlne.ws/1hWOQpj

U.S. regulators to vote on final bank leverage rules
Reuters
WASHINGTON – Financial regulators will vote on Tuesday to finalize tough requirements for U.S. banks’ leverage that are expected to be stricter than the rules overseas firms must follow.
jlne.ws/1e7mucs

Canadian securities regulators advance mutual fund fees review with request [CSA]
BCSC
Toronto – The Canadian Securities Administrators (CSA) announced today a request for proposals (RFP) to conduct research on Canada’s mutual fund fee structure. This marks an important step in advancing a policy decision on mutual fund fees, further to the CSA’s examination of the mutual fund fee structure in Canada.
jlne.ws/R0bTpP

TR14/6: Supervising retail investment firms: being clear about adviser charges and services
FCA
jlne.ws/1isn5CI

FCA review shows too many advisory firms are not yet clear enough with their customers on their charges and services
FCA
jlne.ws/R0b8gz

Capital Market Services, LLC Ordered to Pay $275,000 Penalty to Settle CFTC Charges of Violating Minimum Financial Requirement Rules
CFTC
Washington, DC–The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges that, between March 2009 and October 2012, Capital Market Services, LLC (CMS), a CFTC-registered Futures Commission Merchant (FCM) and former Retail Foreign Exchange Dealer (RFED) headquartered in New York, New York, failed to comply with minimum financial requirements for FCMs and RFEDs. The CFTC Order requires CMS to pay a $275,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act and CFTC Regulations, as charged.
jlne.ws/1qjHYD2

CFTC Seeks Public Comment on Request from ICE Clear Europe for Order Permitting Portfolio Margining of Futures and Foreign Futures Contracts
CFTC
Washington, DC — The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by ICE Clear Europe Limited (ICE Clear Europe) for an order pursuant to Section 4d(a) of the Commodity Exchange Act (Act).
jlne.ws/1lNhU5K

CFTC Staff Issues an Extension of Time-Limited No-Action Relief to Futures Commission Merchants (FCMs)
CFTC
Washington, DC – The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued an extension of time-limited no-action relief to FCMs. The extension of no-action relief will expire on June 30, 2014.
jlne.ws/1lNhVqo

CFTC Releases Rule Enforcement Review of OneChicago, LLC
Washington, DC — The Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) issued the results of a rule enforcement review of OneChicago, LLC (OneChicago) today. The Division found specific areas where OneChicago should improve its trade practice program.
jlne.ws/1kmudGl

Narrative for 0258563 – ASCONA MANAGEMENT LLC
NFA
COMPLAINT: On April 1, 2014, NFA issued a Complaint charging Ascona with failing to maintain required minimum adjusted net capital, failing to file telegraphic notice with NFA, and withdrawing capital after which the firm fell under its equity withdrawal restriction. The Complaint charged Keller with failing to diligently supervise Ascona’s financial operations.
Narrative for 0258564 – KELLER, ANDREW MONTEITH
COMPLAINT: On April 1, 2014, NFA issued a Complaint charging Ascona with failing to maintain required minimum adjusted net capital, failing to file telegraphic notice with NFA, and withdrawing capital after which the firm fell under its equity withdrawal restriction. The Complaint charged Keller with failing to diligently supervise Ascona’s financial operations.
jlne.ws/1eo6WvQ

SWENSON INVESTMENTS &COMMODITIES INC
COMPLAINT: On April 1, 2014, NFA issued a Complaint charging Swenson Investments and Wieting with exercising discretion over customers’ accounts without written authorization. The Complaint further charged Swenson Investments with failing to observe high standards of commercial honor and just and equitable principles of trade. Finally, the Complaint charged Swenson Investments and Teslow with failing to diligently supervise.
Narrative for 0415165 – TESLOW, MIKE
COMPLAINT:On April 1, 2014, NFA issued a Complaint charging Swenson Investments and Wieting with exercising discretion over customers’ accounts without written authorization. The Complaint further charged Swenson Investments with failing to observe high standards of commercial honor and just and equitable principles of trade. Finally, the Complaint charged Swenson Investments and Teslow with failing to diligently supervise.
Narrative for 0413014 – WIETING, ANDREW
COMPLAINT: On April 1, 2014, NFA issued a Complaint charging Swenson Investments and Wieting with exercising discretion over customers’ accounts without written authorization. The Complaint further charged Swenson Investments with failing to observe high standards of commercial honor and just and equitable principles of trade. Finally, the Complaint charged Swenson Investments and Teslow with failing to diligently supervise.
jlne.ws/1qfQiFX

Narrative for 0471148 – WYNN, SPERGON
NOTICE OF INTENT TO DENY REGISTRATION: On March 20, 2014, NFA issued a Notice of Intent to deny Wynn’s AP registration. The Notice of Intent charged that Wynn willfully failed to disclose on his application the material fact that he had pled guilty to a felony offense involving fraud in 1998.
FINAL ORDER GRANTING CONDITIONAL REGISTRATION: On March 20, 2014, NFA’s Membership Subcommittee issued a Final Order accepting Wynn’s settlement offer and granting him registration subject to conditions for a period of two years.
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Banks Given Two More Years to Meet Volcker CLO Standards
By Cheyenne Hopkins, Bloomberg
The Federal Reserve is giving banks an additional two years to comply with Volcker Rule standards for treatment of collateralized loan obligations after industry complaints that the requirements would lead to big losses.
jlne.ws/1hWOQpj

ASIC’s Submission To The 2014 Financial System Inquiry
jlne.ws/1ho1ChU

Exchanges & Trading Facilities

‘Flash Boys’ IEX trading system looks to become full exchange
NY Posts
The upstart stock trading venue featured in Michael Lewis’ book “Flash Boys: A Wall Street Revolt,” may apply to become a fully registered stock exchange sooner than planned, according to IEX Group’s chief executive.
jlne.ws/1lNnmFO

CBOE Statement On Today’s Court Ruling In Favor Of CBOE In ISE Patent Litigation
PRNewswire
The Chicago Board Options Exchange, Incorporated® (CBOE®) announced today the United States Court of Appeals for the Federal Circuit ruled in its favor in a seven-year-old patent litigation with the International Securities Exchange (ISE), in which ISE claimed that CBOE’s Hybrid system infringed ISE’s patent for an automated exchange.
jlne.ws/1ho8rjp

LME to offer hedging tool for aluminum buyers
Laura Clarke, The Wall Street Journal
The London Metal Exchange Monday said it would offer a new way for aluminium buyers to protect themselves from the rising cost of accessing metal from the exchange’s storage network.
jlne.ws/OwmLtk

LME Week Asia 2014 to be held in Hong Kong in late April
HKEx
Hong Kong Exchanges and Clearing Limited (HKEx) and the London Metal Exchange (LME), a member of HKEx Group, will host LME Week Asia 2014 in Hong Kong during the week of 21 April. This year’s theme is global connectivity.
jlne.ws/1mYswfH

LME considers High Court appeal
Metal Bulletin
The London Metal Exchange has not ruled out appealing the recent UK High Court decision that forced it to delay the implementation of planned changes to its warehousing rules, it said in a notice on Monday April 7.
jlne.ws/1lHMKdA

ASX cooks up a sweet foreign ownership plan to lick the competition
By Michael West, Sydney Morning Herald
The ASX is at it again: having its cake, eating it and asking government to enact legislation that ensures nobody else gets a slice.
jlne.ws/1edqc4D

NIBC lists €500 million bond on Euronext Amsterdam
Euronex
Amsterdam, Brussels, Lisbon, Paris – 8 April 2014 – Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), today announced that NIBC Bank listed its successfully launched EUR 500 million conditional pass through covered bond on Euronext Amsterdam (ISIN XS1054163347).
The issue followed the inaugural and innovative EUR 500 million transaction of October 2013, that gained worldwide recognition and won the IFR Covered Bond of the Year Award.
(by email)

Hedge Funds & Managed Futures

Fink looks to show off BlackRock’s bench strength
By Henny Sender and Stephen Foley, FT
BlackRock’s top clients include the world’s largest sovereign wealth funds and pension funds. When they want insight into markets and capital flows, the person they want to speak with is Larry Fink, who built BlackRock into the world’s largest asset manager. ..
jlne.ws/1hz9KWZ

Autonomous partner to join funds giant
Matt Turner, Financial News
One of the founding members of financial research boutique Autonomous is to join $2 trillion fund giant JP Morgan Asset Management, in the latest high-profile switch from the sellside to the buyside.
jlne.ws/1qfNAjJ

Banks & Brokers

Goldman keeps its ‘Flash Boys’ under wraps
By John Crudele, NY Post
Yep , the stock market is rigged. I’ve been explaining this to you for nearly 20 years. But thanks to best-selling author Michael Lewis’ intriguing book “Flash Boys,” which comes to the same conclusion, a much wider slice of America is talking about it now.
But Lewis’ book — as well-written and riveting as his best-seller “Moneyball” — only touched on one way the stock market was rigged: through high-frequency traders (HFTs).
jlne.ws/1ip3Ski

Banks Set to Report Lower Earnings as Debt Trading Slumps
By Hugh Son, Bloomberg
Surging stocks, booming initial public offerings and rising employment all pointed to a feast of first-quarter bank profits. Debt markets crashed the party.
jlne.ws/1hWNFWN

ISDA AGM to Highlight Economic Value of OTC Derivatives
Survey Finds Derivatives Are Important to Almost 90% of End-Users’ Risk Strategy
MUNICH, April 8, 2014 – The International Swaps and Derivatives Association, Inc. (ISDA) today published the results of a survey of end-users on issues and trends in the over-the-counter (OTC) derivatives markets. The release of the survey comes on the eve of ISDA’s 29th Annual General Meeting in Munich, which will feature panels of academics, end-users and market leaders discussing the value and uses of these risk management tools.
jlne.ws/1oJcQkW

Clearing & Settlement

Eurex Clearing moves closer to resolving Emir issues
Anish Puaar, Financial News
Deutsche Börse’s clearing house is close to resolving a key issue related to the protection of assets that has delayed its authorisation under sweeping EU derivatives reforms.
jlne.ws/R0c7xg

Jill Considine Appointed to the LCH.Clearnet Group Board of Directors
LCH.Clearnet
LCH.Clearnet Group (LCH.Clearnet) today announced that Jill Considine has been appointed to the Board of Directors of LCH.Clearnet Group. Jill will join the Board on April 25, 2014. She will also serve as Chair of the Board Directors of LCH.Clearnet LLC, the Group’s US-based entity. Mr. Aigrain remains Chairman of LCH.Clearnet Group.
jlne.ws/1mYcJgP

Indexes & Products

FTSE TMX Global Debt Capital Markets acquires MTS’ indices business
TMX
Expands FTSE TMX Global Debt Capital Markets’ offering in fixed income
MTS is a leading provider of benchmark indices for European fixed income
Broadens FTSE TMX Global Debt Capital Markets’ complementary product portfolio
Client demand for fixed income indices continues to grow rapidly
FTSE TMX Global Debt Capital Markets has confirmed that it has acquired the indices business of MTS, whose indices track the performance of the largest and most widely traded government issued securities in European bonds. MTS is one of Europe’s premier electronic fixed income trading markets and is majority owned by London Stock Exchange Group (LSEG). FTSE TMX Global Debt Capital Markets is a joint venture between FTSE Group and TMX Group’s information services division, TMX Datalinx*.
jlne.ws/1qfRGIG

STOXX Updates Rules On Country Classification
Monodvisione
STOXX Limited, a leading provider of innovative, tradable and global index concepts, today announced an update of its country classification rules. The announcement follows a meeting of the STOXX Advisory Board. The updated rulebook is introduced with immediate effect.
jlne.ws/1e7nNrW

Technology

Quick FIX as new technology accelerates time-critical financial trading
By Greg Barnes, CMO
Since seconds count in the automated trading of financial instruments, some of the more canny operators are turning to new high performance application services gateway (ASG) solutions that optimise, accelerate and secure their FIX messaging.
jlne.ws/1lNqzFe

Trading Tech Talk 6: Interview with Blair Hull
The Options Insider
jlne.ws/1eod1Ze

ZuluTrade integrates with X Open Hub’s trading environment
PRWeb
The collaboration with popular FX technology provider ZuluTrade is expected to prove very popular with brokers and banks already using X Open Hub’s multi-asset trading technology solution.
jlne.ws/1kG7ml5

Enforcement

UBS unit must pay $5.4 million to ex-broker who sold Lehman notes: panel
By Suzanne Barlyn, Reuters
A unit of UBS AG must pay $5.4 million to a former broker who said the firm misled its advisers about the financial health of Lehman Brothers Holdings Inc while recommending they sell its structured notes to clients, a securities arbitration panel ruled.
jlne.ws/1qfTRMl

Barclays Settles U.K. Libor Case Weeks Before Start of Trial
By Jeremy Hodges and Kit Chellel, Bloomberg
Barclays Plc (BARC) settled the first U.K. lawsuit filed over allegations the bank manipulated Libor, weeks before the trial was scheduled to start.
jlne.ws/PY1yte

Environmental & Energy

EEX: Order Book In Italian Power Futures Successfully Launched
MondoVisione
The European Energy Exchange (EEX) successfully launched the exchange order book for Italian Power Futures yesterday. The new Italian products complement the existing Trade Registration service which enables participants to register OTC trades on EEX for clearing via European Commodity Clearing (ECC).
jlne.ws/1hbx41H

China, Brazil Sign Corn-Supply Deal
By Chuin-Wei Yap, WSJ
Country Is Trying to Lower Dependence on U.S., Which Supplies More Than 90% of Its Imports
BEIJING—China said Tuesday it will allow sizable imports of Brazilian corn, marking another step in the Asian giant’s moves to lessen its dependence on the U.S. for the vital grain.
jlne.ws/1lHLLtX

Brownfield Remediation Proposal Wins First Place in Morgan Stanley Sustainable Investing Challenge
Morgan Stanley
Graduate school student teams from around the world propose innovative investment vehicles to tackle social and environmental challenges
A proposal to create an investment vehicle to remediate brownfields using poplar trees has taken first place in the 2014 Morgan Stanley Sustainable Investing Challenge. A team of students from the Kellogg School of Management at Northwestern University presented the investment strategy behind the proposed Fresh Coast Forest Fund last week at Morgan Stanley’s New York City headquarters. The team proposed leasing contaminated land from municipalities to plant poplar tree farms that have remediation properties and can be harvested for use as biomass or wood product.
jlne.ws/PKS84M

Oklahoma Swamped by Surge in Earthquakes Near Fracking
By Jim Efstathiou Jr., Bloomberg
There have been more earthquakes strong enough to be felt in Oklahoma this year than in all of 2013, overwhelming state officials who are trying to determine if the temblors are linked to oil and natural gas production.
jlne.ws/1mYhg2K

Book Excerpt: A Look Inside America’s Fracking Boom; A Journal Reporter Visits a Bakken Shale Site in His New Book ‘The Boom’
By Russell Gold, WSJ
Fracking has revolutionized the energy industry and changed geopolitics. But what does the process of removing natural gas and oil from rock actually look like? As part of his new book, “The Boom,” Wall Street Journal reporter Russell Gold visited a frack site. Here’s what he found:
jlne.ws/1ioPDvD

Asia-Pacific

SGX Welcomes UOB Kay Hian As Catalist Full Sponsor
SGX
Singapore Exchange (SGX) is pleased to welcome UOB Kay Hian Private Limited as a Full Sponsor on Catalist, the sponsor-supervised board for growth companies.
jlne.ws/1jYeVVE

SGX Launches Clearing Of Non-Deliverable Interest Rate Swaps
MondoVisione
Singapore Exchange (SGX) is pleased to launch the clearing of Non-Deliverable Interest Rate Swaps (NDIRS) in Malaysian Ringgit and Thai Baht on 7 April 2014. This new asset class, which will be settled in US dollars, further augments SGX’s current suite of Over-the-Counter (OTC) Financials clearing which includes Interest Rate Swaps (“IRS”) in Singapore Dollar and US Dollar and Non-Deliverable Forwards (“NDF”) in seven Asian currencies.
jlne.ws/1svBHYU

Japan Exchange targets return of foreign listings
By Ben McLannahan in Tokyo
Hong Kong may have turned up its nose at Alibaba’s initial public offering, but Tokyo – stripped of foreign issuers by years of deflation – would have welcomed an application to offer shares, according to the head of new listings at Japan Exchange Group.
jlne.ws/1eo3AZR

Tokyo Stock Exchange: Announcement Of “Nadeshiko Brand” For FY2013
MondoVisione
Tokyo Stock Exchange has announced the “Nadeshiko Brand” companies for FY2013. The “Nadeshiko Brand” aims to highlight TSE 1st Section companies in each industry that are pro-actively utilizing female employees, such as by providing an environment conducive to women continuing their careers. Specifically, companies are scored according to (1) Career Support for Women and (2) Support of Work/Life Balance. After scoring, the top companies in each industry that satisfy ROE-based financial criteria are selected for the “Nadeshiko Brand.”
jlne.ws/1hWL9jq

HKEx Announces Asia Commodities Appointment
HKEx
Hong Kong Exchanges and Clearing Limited (HKEx) has appointed Cecelia Zhong as Head of China Derivatives Business Development for its Asia Commodities Department. Ms Zhong joined HKEx on 7 April 2014 and reports to Rebecca Brosnan, HKEx’s Head of Asia Commodities.
jlne.ws/1g19xjo

US warns China after renminbi depreciation
By Robin Harding in Washington and Josh Noble in Hong Kong, FT
The US has warned Beijing not to go back to manipulating its currency, following a sharp depreciation of the renminbi since the start of 2014.
jlne.ws/1jYculY

Frontier Markets

Dubai says agreement in principle on UAE bourse merger; no final word on bond issue
Reuters
A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalised.
jlne.ws/OwMJgt

Miscellaneous

Banker Dumps Wall Street to Boost Taxes on New York Rich
By Max Abelson, Bloomberg
The reason Gus Christensen looks like an investment banker is that he was one until four months ago. A handshake reveals a shirt monogram over the wrist, an Omega watch and lapis cuff links he got on a JPMorgan Chase & Co. (JPM) trip to Chile.
jlne.ws/1gHdOEB

The Glencore X Factor: Who Will Be Mining’s Next Top Chairman?
WSJ MoneyBeat by Alex MacDonald
It has taken Glencore Xstrata nearly a year to find a new full-time chairman. The mining and trading giant has, though, finally got its version of the X Factor down to three finalists, namely former BP boss Tony Hayward, ex-Vale chief Roger Agnelli and the former head of BG Group Sir Frank Chapman — as the WSJ first reported last week.
jlne.ws/OwoPBK

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