First Read

ALTSO Rocktoberfest Chicago, Tonight, City Winery
Doug Ashburn – JLN

After watching an epic baseball season come to an end a few games too soon, Chicago needs a distraction. As there will be no Game 5 between the Cubs and Mets, you may be asking, “what should I do tonight?”

ALTSO to the rescue. Come on out to City Winery tonight and support A Leg to Stand On, a charity that provides free prosthetic limbs, corrective surgery, orthotic devices and rehabilitative care to children who have lost limbs in traumatic accidents or suffer from congenital limb disabilities. Tonight, the charity hosts the 4th annual Rocktoberfest Chicago, which brings together leaders from the financial sector who raise money while rocking the house.

Tickets will be available for $200 (plus – buy 4 and get the 5th free) until noon on Thursday, October 22. Tickets will then be available at the door, beginning at 6pm, for $250. Click the link below and check out the amazing lineup of performances.

And yes, Cub fans, there will be an open bar.

Learn more about the event and purchase tickets here

ALTSO 2015
++++

European officials call for probe into Wall Street messenger
New York Post
European officials are making noise about Wall Street-backed messaging system Symphony, calling on bank regulators to probe how it manages and deletes data.
jlne.ws/1PGNSOO

***DA: http://jlne.ws/1RWpAQ1Read the joint statement by MEPs Elisa Ferreira, Pervenche Berès and Anneliese Dodds. May be good news if your name happens to be Bloomberg, Thomson or Reuters.

++++

Cinnober’s real-time clearing technology awarded Post-Trade Initiative of the Year
Cinnober
Last night turned out to be an unforgettable event for Cinnober at the annual Financial News Trading & Technology Awards. The Swedish tech supplier was awarded the prestigious “Post-Trade Initiative of the year” for its TRADExpress RealTime Clearing technology.
jlne.ws/1MUBRVd

***** The sweet smell of success=Cinnober.

++++

Domino’s creates new delivery car that can carry 80 pizzas at a time and is fitted with a WARMING OVEN; New car has no passenger seats to provide maximum space for pizzas; Gas tank cap of the the modified Chevrolet Spark cautions ‘No pizza sauce’; Vehicle was unveiled at Domino’s HQ in Ann Arbor, Michigan, yesterday
By THOMAS BURROWS FOR MAILONLINE
Domino’s has created a new delivery car that can carry 80 pizzas at a time.
jlne.ws/1OKsxVo

***** This might be a big innovation driver.

++++

Mets, Team of Big Shoulders, Slug Their Way to a Sweep and a Pennant in Chicago
By TYLER KEPNER – NY Times
The baseball globe spins differently now. It obeys the whims of a blue-and-orange team with a hapless history marked by spikes of the amazing. This is the latest, and it is overwhelming in its totality.
jlne.ws/1LHzzo8

***** Congratulations to the NY Mets and their fans. You deserve to be in the World Series after that classy display of baseball prowess. Go Mets!

++++

Canadian mustard farmers relish price spike as supply squeezed; Canada’s crop smallest in 9 years; Mustard buyers paying highest spot prices in years; Bigger plantings needed to replenish supplies; Spillover effect on wasabi for sushi lovers
By Rod Nickel and Luc Cohen – Reuters
From Canada to India, there is a squeeze on mustard that has put producers in a pickle.
jlne.ws/1LHBVn3

***** I love a gooey pun.

++++

Lead Stories

High-Speed Trades Will Face CFTC Policies to Curb Disruption
Silla Brush, Bloomberg Business
The main U.S. derivatives regulator as early as next month will take its biggest step yet to impose new curbs on high-speed trading to limit market disruptions. Timothy Massad, chairman of the Commodity Futures Trading Commission, said on Wednesday that the agency will lay out requirements for testing and supervising automated algorithms to ensure they can be stopped in emergencies. The CFTC’s proposals, more than two years in the making, will also probably mandate registration for standalone trading firms.
jlne.ws/1jTRhgU

Future of London gold market up for grabs
Henry Sanderson – FT
The annual meeting of the London Bullion Market Association usually involves a light-hearted debate on the outlook for precious metals prices. But this year delegates had weightier matters on their minds — a battle for the future of London’s gold market.
jlne.ws/1Mb05vJ

NYSE Pleads for Rules to Make Hedge Funds Reveal Short Positions
Annie Massa – Bloomberg
U.S. lags behind Europe where funds must publish their shorts
The biggest hedge funds pay brokers to estimate short interest
The New York Stock Exchange is prodding its regulator to make hedge funds reveal which stocks they’re shorting, an area where the U.S. lags far behind Europe
jlne.ws/1Kq9nfP

HKEx proposes to build “London-Hong Kong Connect”
HKEx
Hong Kong Futures Exchange Limited (HKFE), HKFE Clearing Corporation Limited (HKCC), the London Metal Exchange (LME) and LME Clear Limited (LME Clear), subsidiaries of Hong Kong Exchanges and Clearing Limited (HKEx) and members of the HKEx Group, today signed a non-binding memorandum of understanding (MOU) for the proposed development of a trading link between HKFE and the LME and a clearing link between HKCC and LME Clear, to be named “London-Hong Kong Connect”.
jlne.ws/1GrZ8g1

LME Agreement to Increase China’s Global Commodities Market Access; Move will bring closer prices paid in China and on international exchanges
By CHIARA ALBANESE – WSJ
The London Metal Exchange said Wednesday that it has signed an agreement with six Chinese and U.K. banks to increase the access of Chinese institutions to global commodities markets, in another step in U.K. efforts to make London the major global offshore trading hub for China’s currency, the yuan.
jlne.ws/1Mb2eaz

Nasdaq Acquires SecondMarket, Profit Rises 12%; Per-share earnings, excluding certain one-time items, and revenue beat expectations
By TESS STYNES – WSJ
Nasdaq Inc. said it has acquired SecondMarket Solutions Inc., expanding the exchange operator’s offerings to facilitate trading in securities of privately held companies.
jlne.ws/1XlVVmm

J.P. Morgan, Motif to Give the Little Guy a Taste of the IPO; New program to allow individuals to invest as little as $250 in initial public offerings
By TELIS DEMOS – WSJ
A new effort is under way to put the public back in the initial public offering.
jlne.ws/1Lpy1ky

John Thain to step down as CIT chief
Ben McLannahan in New York – WSJ
John Thain, the former Merrill Lynch chief who steered CIT Group out of bankruptcy in the wake of the financial crisis, has announced plans to stand down, saying a recent $3.4bn acquisition has put a seal on the group’s recovery.
jlne.ws/1LOgAf5

Massad offers ‘lame’ response to EU on derivatives discord, Chilton says
John Rega, MLex (Subscription Required)
Trans-Atlantic discord over derivatives threatens market safety, financial representatives said today, with former US regulator Bart Chilton criticizing the “lame response” of his previous agency’s chairman, Timothy Massad, to industry concerns. Asian authorities are waiting for the EU and US to finish “throwing things at each other,” an industry leader said.
jlne.ws/1MG7hua

Competition watchdog tells banks to work harder for customers
Emma Dunkley – FT
Banks in the UK will be forced to guide customers to rival current accounts in an attempt to stoke competition, but will not have to abandon free banking for people in credit or face being broken up.
jlne.ws/1hWEn09

US regulator signals bid to curb high-speed trading
Gregory Meyer and Joe Rennison in New York – FT
A major US financial regulator has signalled the first serious effort to curb high-speed automated trading in the futures market, which increasingly influences benchmark assets such as equities, commodities and government bonds.
jlne.ws/1NpjbLC

Inside Swiss Banks’ Tax-Cheating Machinery; Dozens of firms have been spilling their secrets to the Justice Department about how they encouraged U.S. clients to hide money abroad
By LAURA SAUNDERS – WSJ
Some Swiss banks loaded funds onto untraceable debit cards. At another, clients who wanted to transfer cash used code phrases such as “Can you download some tunes for us?” One bank allowed a client to convert Swiss francs into gold, which were then stored in a relative’s safe-deposit box.
jlne.ws/1Xm0Gwt

The Woman Who Got Big Banks to Pay Billions for Breaking Iran Sanctions
Keri Geiger – Bloomberg
At Manhattan DA, Billings set path toward Credit Agricole deal
Nearly $15 billion paid to settle Iran sanction cases
Counting Credit Agricole SA’s $787 million settlement, global banks have now paid nearly $15 billion in fines, penalties and forfeitures in six years for violating U.S. sanctions laws.
jlne.ws/1KoFnkm

Regulatory

SEC to Hold Annual Government-Business Forum on Small Business Capital Formation on November 19
SEC
The Securities and Exchange Commission today announced that it will hold its annual Government-Business Forum on Small Business Capital Formation at its Washington D.C. headquarters on Nov. 19, 2015.
jlne.ws/1OKqyAw

EU Rules Bitcoin is a Currency not a Commodity—Virtually
By SAM SCHECHNER – WSJ
Europeans: Go buy some bitcoins. They’re tax free. Virtual currency bitcoin took another step toward legitimacy Thursday, when Europe’s top court ruled that it must be treated like a currency—not a commodity—for tax purposes.
jlne.ws/1NplPkB

Bitcoin currency exchange not liable for VAT taxes: top EU court
Reuters
Exchanging traditional currency for the digital currency bitcoin online should be exempt from consumption taxes just like other transactions of banknotes and coins, the European Court of Justice said on Thursday.
jlne.ws/1LOlqsO

Smarter Consumer Communications: Removing certain disclosure requirements in our Handbook
UK FCA
We are consulting to remove a number of disclosure requirements which we identified as not being effective in terms of informing consumers about a product or service and to reduce the regulatory burden on firms. This reflects our commitment to create a sustainable regulatory framework.
jlne.ws/1GrYL4Z

FCA proposes changes to encourage better customer communications
UK FCA
The Financial Conduct Authority (FCA) has announced plans to remove a number of ineffective communication requirements from its Handbook.
jlne.ws/1GjKCqR

“Lessons From The Japanese Banking Crisis” – Keynote Speech Given By Nobuchika Mori Commissioner, Financial Services Agency, Japan At Chatham House And Daiwa Joint Seminar “Lessons For And Challenges To Economic Stability In The EU And Japan” 20 October 2015, Tokyo
MondoVisione
I am grateful for Chatham House and Daiwa, two leading policy institutes in the UK and Japan, for the invitation to speak at this joint seminar.
jlne.ws/1LHszYp

Market liquidity and market-based financing; Speech given by Sir Jon Cunliffe, Deputy Governor, Deputy Governor Financial Stability, Member of the Monetary Policy Committee, Member of the Financial Policy Committee and Member of the Prudential Regulation Authority Board
Bank of England
jlne.ws/1MUCRIY

CMA proposes better deal for bank customers
Competition and Markets Authority
Banks must address long-term problems and make it easier for customers to take charge of their accounts, the CMA stated today.
jlne.ws/1LHu0WN

SEC Faces New Attack on In-House Judges
By JEAN EAGLESHAM – WSJ
Legislation to give defendants the right to opt out of the Securities and Exchange Commission’s in-house court is expected to be introduced in Congress on Thursday, ramping up pressure on the agency to further reform its controversial tribunal.
jlne.ws/1jVEudS

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

  • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 11.25, Retail Order Attribution Program (Release No. 34-76205; File No. SR-BATS-2015-90); see also Exhibit 5/li>
  • BATS: Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend Rules 1.5(r), 11.1(a), 11.23, 14.6, 14.11, and 14.12 and Adopt Rule 11.1(a)(1) (Release No. 34-76204; File No. SR-BATS-2015-69)/li>
  • BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 11.24, Retail Price Improvement Program (Release No. 34-76207; File No. SR-BYX-2015-45); see also Exhibit 5/li>
  • BYX: Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend Rules 1.5(r) and 11.1 and Adopt New Rule 11.1(a)(1) (Release No. 34-76206; File No. SR-BYX-2015-38)/li>
  • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Disaster Recovery (Release No. 34-76203; File No. SR-CBOE-2015-088; October 20, 2015); see also Exhibit 5/li>
  • EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 19.3 to Allow the Listing of Certain Options Based on International Indexes (Release No. 34-76200; File No. SR-EDGX-2015-48; October 20, 2015); see also Exhibit 5/li>
  • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 404 (Release No. 34-76201; File No. SR-MIAX-2015-59; October 20, 2015); see also Exhibit 5/li>
  • NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Implement An Order Exposure Alert to be Disseminated by the Exchange (Release No. 34-76199; File No. SR-BX-2015-057; October 20, 2015); see also Exhibit 5/li>
  • NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Amex Options Fee Schedule (Release No. 34-76215; File No. SR-NYSEMKT-2015-79); see also Exhibit 5/li>
  • NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Modifying the NYSE Amex Options Fee Schedule Related to the Amex Customer Engagement Program (Release No. 34-76208; File No. SR-NYSEMKT-2015-78); see also Exhibit 5

jlne.ws/1eCTnOv

Exchanges & Trading Facilities

London Stock Exchange revenue rises 12%
MarketWatch
London Stock Exchange Group PLC (LSE.LN) Thursday reported a rise in third quarter revenue and a good start to the fourth quarter. The group, which operates the London Stock Exchange and the Milan-based Borsa Italiana, said third-quarter revenue from continuing operations excluding assets held for sale, were up 12% from the previous year at 326.4 million pounds ($498.9 million).
jlne.ws/1LOiZGF

***DA: Read the entire release HERE

CME looks to boost London FX business with Renminbi futures
The Trade News
CME Group will now be able to offer offshore Chinese Renminbi (RMB) futures contracts in London for the first time.
jlne.ws/1NpinGJ

Hungary central bank eyes majority stake in stock exchange
Reuters
The National Bank of Hungary wants to take a majority stake in the Budapest Stock Exchange and list stakes in state-owned companies and seek better market access for privately held ones, a top central banker was reported on Wednesday as saying.
jlne.ws/1MaZPg3

HKEx Announces Senior Appointment
HKEx
Hong Kong Exchanges and Clearing Limited (HKEx) has appointed Brian Roberts as a senior vice president in its Product Development Department.
jlne.ws/1NpepxJ

London Stock Exchange Welcomes Agricultural Bank Of China
Mondovisione
London Stock Exchange today welcomed Mr. Liu Shiyu, the Chairman of Agricultural Bank of China to open trading on its markets.
jlne.ws/1GW4Lhm

Bats Chi-X Europe and BAML triumph at FN awards
By Tim Cave – Financial News
Bats Chi-X Europe and Bank of America Merrill Lynch emerged as the big winners at last night’s annual Financial News Awards for Excellence in Trading and Technology, Europe.
jlne.ws/1LHuRXr

CME looks to boost London FX business with Renminbi futures
The Trade News
CME Group will now be able to offer offshore Chinese Renminbi (RMB) futures contracts in London for the first time.
jlne.ws/1NpinGJ

Art Collection Deutsche Börse Presents “Traces Of Disorder” Exhibition – Special Exhibition At Deutsche Börse Headquarters From 23 October 2015 – 29 January 2016
Mondovisione
The exhibition “Traces of Disorder” will be on show at Deutsche Börse headquarters in Eschborn from Friday 23 October. The exhibition will display photographic works from the Art Collection Deutsche Börse that deal with traces of political conflict and disrupted or changing social orders.
jlne.ws/1GjNR1j

Nasdaq profit jumps on higher trading volumes, Dorsey Wright deal
Reuters
Transatlantic exchange operator Nasdaq Inc reported a 12 percent jump in quarterly profit, helped by the acquisition of data analytics firm Dorsey Wright and higher equity trading volumes.
jlne.ws/1KqivRy

Hedge Funds & Managed Futures

Anglo American hit by oversupply in global diamond market
James Wilson – FT
De Beers Diamond sorting at Harry Oppenheimer House in Kimberley
Anglo American showed how the mining slowdown has hit diamonds by making a deep cut to quarterly production.
jlne.ws/1kuKY3Z

Delaware judge rules against hedge funds in BMC buyout
BY TOM HALS – Reuters
A Delaware judge on Wednesday rejected hedge fund Merion Capital’s attempt to wring an extra $150 million from the 2013 sale of BMC Software Inc by going to court and arguing that a fair deal price should have been much higher.
jlne.ws/1Mb3qe0

Wall Street’s Biggest Billionaire Activist Investor Targets Washington With $150 Million Super PAC
Nathan Vardi ,FORBES
For decades, billionaire Carl Icahn has shaken up corporations across America by buying their stock and forcing them to change. Now at 79, Icahn is targeting Washington by committing $150 million of his own money to launch a Super PAC that will push for tax reform.
jlne.ws/1PCmK4w

Why the Bank of England May Move Before the Fed; Signs are clearer in Britain that inflation may soon pick up.
By Tomas Hirst – Bloomberg
The latest rounds of data in the U.S. and the U.K. are pointing to a conclusion that few thought likely a few months ago: The appropriate time for the first post-crisis rate rise by the Bank of England may be reached before the Federal Open Market Committee votes to move.
jlne.ws/1Mb7viu

Banks & Brokers

MarketAxess Reports Third Quarter 2015 Revenues of $74.2 Million, Pre-MarketAxess
MarketAxess Holdings Inc. (Nasdaq:MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced results for the quarter ended September 30, 2015.
jlne.ws/1LHqBHt

BNP Paribas snaps up buy-sider to head up equity derivatives strategy
The Trade News
BNP Paribas has appointed Edmund Shing from BCS Asset Management to oversee its equity derivatives strategy in London.
jlne.ws/1jCJog8

Bank jobs rise above London in provincial ‘hotspots’
Emma Dunkley – FT
Move over, Disgusted of Tunbridge Wells, the bankers are coming.
jlne.ws/1W78swM

The Rise and Fall and Rise of John Thain
By LIZ MOYER – NY Times
John A. Thain, who will retire as chief executive of the CIT Group in March, has had plenty of ups and downs in his career on Wall Street. After guiding CIT’s transformation into more of a commercial bank, he will apparently be stepping down on a high note.
jlne.ws/1OKqbGe

Goldman adding data scientists, marketers in consumer lending push
BY OLIVIA ORAN
Goldman Sachs Group Inc is looking to hire engineers, data scientists, operations staff, and customer service professionals as it builds up its online lending business, according to people contacted by the bank and online job postings.
jlne.ws/1MG6JUU

Credit Suisse loses hedge fund hire
By Lawrence Delevingne – Reuters
Ted Seides, a hedge fund executive who was due to join Credit Suisse on Oct 1, sent an email to contacts on Wednesday saying he decided not to
work at the Swiss bank after all.
jlne.ws/1M7TU5f

Credit Suisse’s new chief plays an old tune
Kate Burgess – FT
That time is cyclical is no surprise to bankers, farmers or francophiles.
jlne.ws/1LHxrwD

Transferring Your Skills: Stocks to Futures
By Laura Taylor , RJ O’Brien
I have had the opportunity to speak to many potential traders who have traded stocks for years but they do not know a thing about trading futures. Many people know the basic concept of buying stocks. You try to buy when the stock is at its lowest then hold and hold and hold until someone or something indicates the stock may have peaked. Some stock traders will tell you they still hold AT&T stock given to them by their grandfather.
jlne.ws/1QWLXEh

Clearing & Settlement

Clearinghouses warn against seizing traders’ collateral in case of crisis
MLex
Seizing the collateral of derivatives traders when a clearinghouse collapses would deepen a financial crisis, LCH.Clearnet, CME Group, ABN Amro and other clearing providers have warned, as authorities around the world prepare measures to deal with market emergencies.
jlne.ws/1Rqe8eF

PENCIL Elects DTCC Chief Financial Officer Susan Cosgrove to its Board of Directors
PENCIL, one of New York’s leading education nonprofits, today announced the election of Susan Cosgrove, Managing Director and Chief Financial Officer of The Depository Trust & Clearing Corporation, to its Board of Directors.
Ms. Cosgrove leads DTCC’s global finance and treasury teams where she oversees the company’s efforts to further strengthen its financial processes and capital position..
jlne.ws/1Xl3Joq

From October’s Trading Places: MiFID II Is Coming, How Ready Are You? – Cleartrade Exchange CEO, Richard Baker, Gives His View
Mondovisione
With the imminent announcement of new MiFID II rules, Cleartrade Exchange CEO, Richard Baker, gives his view on how best to prepare and what role exchanges can play in adapting to the new trading landscape.
jlne.ws/1LOkioV

Payments platform Ripple inks partnership with Accenture
Consultancy.uk
Accenture has struck an alliance with Ripple, a developer of a cryptocurrency-based payments system. Through the use of the firm’s low overhead and fast ledger systems, banks can, according to the firm, considerably decrease their costs in the payment domain while increasing oversight and transaction reliability. As part of the deal, Accenture will integrate Ripple’s products in its advisory services to clients.
jlne.ws/1LOkCnH

Indexes & Products

Smart beta: Mapping usage across investor types
FTSE Russell
FTSE Russell recently launched its 2015 U.S. ADVISOR SMART BETA SURVEY report. The findings provide baseline for determining trends in advisor use and understanding of smart beta index tools, further mapping this space as a counterpart to our Annual Global Asset Owner Smart Beta Survey.
jlne.ws/1KoD9l5

World’s Biggest Wealth Fund Calls for Rules to Fight ETF Risks
Mohammed Sergie – Bloomberg
The $860 billion fund is concerned over the growing impact ETFs have on the underlying securities they are connected to, said Oeyvind Schanke, chief investment officer for allocation strategies at Norges Bank Investment Management, the department in the central bank in Oslo that runs the fund.
jlne.ws/1PCoyKT

‘Smart beta’ funds have performed well in SA market over past year
Business Day
INDUSTRY jargon for exchange-traded funds tracking alternatives to traditional market capitalisation-based indices is “smart beta” – a buzzphrase which William Sharpe, the Nobel prize winning economist who originally picked the Greek letter beta to describe a market’s average performance, told the Financial Times makes him “definitionally sick.”
jlne.ws/1LOkS64

S&P Dow Jones Indices to Calculate Two New Custom Indices for RIA W.E. Donoghue
PRNewswire
W.E. Donoghue & Co., Inc. (WEDCO), an independent wealth advisor, has selected S&P Dow Jones Indices (S&P DJI) to be the custom calculation agent for two new custom hybrid indices – W.E. Donoghue’s Power Dividend Developed International Index and W.E. Donoghue’s Power Dividend Mid-Cap Index. Custom hybrid indices are client-owned, white label custom indices that use an S&P Dow Jones Indices index to screen for constituents and/or as an actual constituent of their index.
jlne.ws/1LOkWmo

Technology

Algomi Wins “Most Innovative Trading Product/Service” At Financial News Awards In Trading And Technology For Second Year Running – Buy-Side Product Adoption Reaches New Heights
Mondovisione
Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, has won the “Most Innovative Trading Product/Service” category, for the second consecutive year, at this year’s Financial News Awards in Trading & Technology.
jlne.ws/1GrZtiN

Update: TT Support for CME MDP 3.0 Market Data
TradeTalk by Trading Technologies
Over the course of the last year, CME Group has worked to transition its price feed from FIX/FAST to MDP 3.0. This new protocol replaces FAST compression and implements Simple Binary Encoding (SBE), which is optimized for low-bandwidth, very-low-latency, direct-data access.
jlne.ws/1MG5Go1

70% Of Bankers See Fintech Making Significant Impact On Banking
Benzinga
A new survey of bankers and Fintech executives highlighted the impact that Fintech is having on the banking world. Nearly three out of every four bankers foresee some form of major disruption from Fintech. Fintech executives expect the deposits and small business loan segments to be most impacted.
jlne.ws/1LOl4SP

Andy Yee: How technology and finance can get along
Nikkei Asian Review
The potential for digital technologies to disrupt entire industries appears to be limitless. We all live in the shadow of mechanisms such as Joseph Schumpeter’s creative destruction and Charles Darwin’s natural selection. A whole new league of online competitors has upended industries including journalism, music and movies.
jlne.ws/1LOl8lB

Enforcement

U.S. Prosecutor Subpoenas DraftKings; Fast-growing fantasy sports industry has been under fire from state and federal lawmakers
By ALEXANDRA BERZON and MATTHEW FUTTERMAN – WSJ
DraftKings Inc. has received a subpoena from U.S. Attorney Preet Bharara’s office asking for information about an employee’s activities and potential misuse of inside data, according to people briefed on the matter.
jlne.ws/1KqccNV

Has It Become Impossible to Prosecute White-Collar Crime?; Financial crimes might be too complicated to take to trial.
Sheelah Kolhatkar – Bloomberg
For close watchers of the interactions between the Justice Department and the financial industry, the mistrial in the Dewey & LeBoeuf case was about more than just the fact that a handful of jurors were too overwhelmed by the evidence presented to reach a verdict. The mistrial, after a four months in court and 22 days of deliberations, hints at a much deeper problem: Perhaps most financial crime has reached a level of such complexity that it’s beyond the reach of the law.
jlne.ws/1Kqe2yj

Ex-JPMorgan traders, citing arrest risk, avoid SEC deposition in N.Y.
BY NATE RAYMOND
Two former JPMorgan Chase & Co traders living abroad who face U.S. charges over the bank’s $6.2 billion “London Whale” scandal won a bid on Wednesday to avoid sitting for a deposition in New York, where their lawyers say their arrest is likely.
jlne.ws/1M7TOKS

CFTC Charges Colorado Resident Gregory L. Gramalegui, Doing Business as Emini Trading School, with Fraud and Other Violations Involving a Futures Trading System and Advisory Service
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil enforcement action in the U.S. District Court for the District of Colorado, charging Defendant Gregory L. Gramalegui of Vail, Colorado, with fraud, making false statements to the CFTC, failure to make required advertising disclosures, and violation of an administrative Order (CFTC Order) entered by the CFTC on July 12, 2001 (see CFTC Order and Press Release 4544-01, July 12, 2001). Gramalegui has never been registered with the CFTC.
jlne.ws/1Gs4NTe

Environmental & Energy

MIT unveils plan to fight climate change but will not divest from fossil fuels
University’s five-year plan does not include divesting $12.4bn endowment
The Guardian
The Massachusetts Institute of Technology announced a five-year plan on Wednesday to combat climate change but said it will not divest its $12.4bn endowment from fossil fuels, despite pressure from students and a campus committee.
jlne.ws/1PIE7Qm

Fund manager David Herro criticises corporate ‘climate appeasers’
Stephen Foley in New York – FT
A top US fund manager has accused multinational companies that signed a White House-sponsored pledge to tackle climate change of “appeasing environmental extremism”.
jlne.ws/1LHxY1G

Trudeau to Reset Canada’s `Crystal Meth’ Approach to Climate
By Jeremy Van Loon – Bloomberg News
Trudeau, who swept to power in elections on Monday, has vowed to set a national carbon standard — but not a target — and give provinces the flexibility to meet it as they wish through cap and trade, a carbon tax or emissions standards.
jlne.ws/1MTRcoX

Firms question how carbon levy will fund California rail project
By Robin Respaut and Rory Carroll – Reuters
Private firms looking to build California’s $68 billion high-speed train system have concerns about the state’s ability to finance some of the project’s cost through an untested ‘cap-and-trade’ carbon trading levy.
jlne.ws/1RqgUR7

Ecotricity to marry sun and wind in ‘hybrid’ clean energy parks
By Madeleine Cuff – BusinessGreen
Ecotricity has today announced plans for three new “hybrid” renewable energy parks featuring a mix wind and sun generation on the same site, in a bid to encourage a more efficient system of renewable energy generation.
jlne.ws/1QUA6GQ

Asia-Pacific

China says outflows normal, no panic capital flight
Reuters
Recent outflows of money from China are “normal” and not a sign of panic capital flight, a senior official at the foreign exchange regulator said on Thursday, downplaying fears over growing outflows as the economy slows.
jlne.ws/1MG59T8

HK should diversify its securities markets, industry group says
EJ Insight
Hong Kong Securities Association chairman Benny Mau has urged Hong Kong Exchanges and Clearing Ltd. to develop more diversified securities markets in the city. The capital market in Hong Kong is too focused on equities, instead of the variety of financial products that it is capable of developing, Mau was quoted as saying in a report by the Hong Kong Economic Journal Thursday.
jlne.ws/1LOletD

Global markets calm before the storm
Nikkei Asian Review
Financial markets are getting back on an even keel after the turmoil that swept the globe this summer. But those who weathered the worst of the storm — particularly in Chinese and other Asian markets — are bracing for more headwinds.
jlne.ws/1LOlitg

The new normal: China’s holistic development of its economy moves beyond long-time focus on GDP
South China Morning Post
China has grown rapidly for more than a quarter of a century by following a strategy of high investment, strong export orientation and resource-intensive manufacturing. While this growth has lifted hundreds of millions out of poverty, it has also increased income disparity through unbalanced growth, environmental degradation (including air, water and soil pollution), corruption and unsustainably high local government debt.
jlne.ws/1LOlloT

Frontier Markets

Higher frontier debt yields test issuers
FT.com
From Pakistan to Egypt to El Salvador, issuers were guided through the morass of sovereign bond markets by experienced international banks and enthusiastic investors encouraging them to sell larger amounts of bonds at lower rates, culminating in the near $23bn record issuance by so-called frontier countries last year.
jlne.ws/1LOlqJn

Few frontier markets will see credit quality improve greatly over next 2-3 years
Moody’s
Moody’s Investors Service says that while the potential for economic expansion in frontier markets is strong when compared to emerging markets; only a select group of these countries is well-placed for credit improvements.

The analysis is contained in its just-released report titled “Sovereigns – Frontier Markets, A Challenging Climb to Investment Grade”.
jlne.ws/1LOlsAM

Pakistan emerging market for foreign investment: PM
PakObserver
Prime Minister Nawaz Sharif has said that Pakistan is emerging a lucrative market for foreign investors with the improving security situation and actions taken against terrorism and improve economy. He was addressing a luncheon hosted in his honour by the US-Pakistan Chamber of Commerce and US Chamber of Commerce here Wednesday afternoon.
jlne.ws/1LOlwAA

Proposed banks make a beeline for equity markets
Big institutions plan IPOs, smaller ones seek alternative fundraising
Namrata Acharya – Business Standard
As foreign-owned microfinance institutions seek to become domestic-owned small finance banks, garnering fresh equity is becoming a mammoth task, especially for big institutions.
jlne.ws/1NVP5mb

Sebi issues new risk management norms for regional comexes
Business Standard
Stock market regulator Securities and Exchange Board of India (Sebi) on Wednesday issued a new set of regulations for regional commodity exchanges. At present, three such exchanges are active. Most of the regulations relate to margins, and exchanges shall implement these by April 1 next year.
jlne.ws/1RnGI0m

 

Pin It on Pinterest

Share This Story