MFA Updates Equity Market Structure Recommendations, Urges Regulators to Conduct Regular Data-Driven Volatility Control Reviews
Managed Funds Association (MFA) today updated its equity market structure recommendations with the Securities and Exchange Commission (SEC) and other regulators. MFA’s recommendations would help improve critical market infrastructure, reduce operational risk, improve the overall quality of the U.S. equity markets and strengthen investor confidence through greater disclosure and transparency.
**JK: MFA rarely turns to the media for anything, but when it does, we notice.
Managed Funds Association Announces 2015-2016 Board of Directors
Managed Funds Association (MFA) today announced its 2015-2016 Board of Directors and newly elected officers. The new Board and officers will provide governance oversight to MFA and help guide the Association’s advocacy, education and communication efforts on global issues impacting the alternative investment industry.
MFA’s Board unanimously elected David C. Haley, President, Managing Director, HBK Capital Management, as the Board Chair; Michael S. Harris, President, Campbell & Company, Inc., as Vice Chair; Mikael A. Johnson, Senior Lead Partner, Alternative Investments, KPMG LLP, as Treasurer; and Bruce S. Darringer, Member and Chief operating Officer, King Street Capital Management GP, L.L.C., as Secretary.
Joseph Niciforo, HC Technologies – Profiles in Risk: Vision and Discipline
“If you don’t have disciplined risk management, you’re not going to be in the game.”
After earning a law degree in 1988, Joe Niciforo turned down a six-figure offer to join a big law firm, opting instead for a salary at 30 percent of that number, to work as a trader for the legendary Paul Tudor Jones II. He would eventually become a partner and managing director at Tudor Investment Corp, but his trading career almost got cut short once when he violated his own risk parameters and ended up taking a big loss. The next day, he received a phone call from Jones, who said, “If you ever lose more than $15,000 for me, we’ll always be friends; we’ll never do business.”
His latest venture with Tudor, LaunchPad Trading, seeks out and grooms young portfolio managers, who, hopefully, won’t make the same mistakes he did when he was a young, cocky trader.
CME Group Named ‘Global Derivatives Exchange of the Year’ and ‘Derivatives Clearing House of the Year’ by GlobalCapital
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that the company was named ‘Global Exchange of the Year’ and ‘Global Clearing House of the Year’ by GlobalCapital in their Global Derivatives Awards 2015.
***** The only award left is the “Galactic Derivatives Exchange of the Year.”
We are GlobalCapital’s “European derivatives exchange of the year”
The winners were revealed at the 2015 Global Derivatives Dinner at Banking Hall in London. The award honors companies, platforms, services and products that have made an impact on the global derivatives market during the last 12 months.
***** Eurex should set this headline to the music of “We are the Champions” by Queen
LSE promotes Rising Star to UK CEO
By Tim Cave, Financial News
The London Stock Exchange has promoted a former UK Treasury official who worked on the government’s recapitalisation of Royal Bank of Scotland – and a Financial News Rising Star – to chief executive of its UK business. Nikhil Rathi, who joined the LSE as chief of staff and director of international development in May 2014, has been promoted to CEO of London Stock Exchange plc with immediate effect, according to an LSE statement on September 29.
***** Rathi was a Financial News Rising Star, not to be confused with Financial News’ popular “Dancing with Exchange Executives.”
Orc appoints new regional management to support growth in the Americas
Orc, the global market leader in electronic trading technology for listed derivatives, today announced management changes to support growth in the Americas region. Orc has appointed Jesper Alfredsson as President Orc Americas and Oscar Jönsson as Vice President Sales, Orc Americas.
****** Only those Orc executives with double ss in their last names were eligible.
WILD Chicago Symposium
Have you seen the speaker lineup for the upcoming symposium in Chicago? Register at http://www.womeninlistedderivatives.org
****** Funny how their website does not say if men are invited to the symposium.
The Three Major Trends that Shaped the Global Economy for Decades Are About to Change
We’ve reached the inflection point
Luke Kawa, Bloomberg
Demographics can explain two-thirds of everything, University of Toronto professor David K. Foot famously quipped.
***** I am not ready for more change. Please stop!
The Financial Times and the Future of Journalism
BY JOHN CASSIDY
In a generally depressing decade for newspapers, the Financial Times, a global business publication based in London, has provided something of a bright spot. In emphasizing digital distribution early on and setting up a metered paywall, which allowed readers to access a limited number of posts each month before they had to purchase a (pricey) subscription, the F.T. pioneered a business model that was widely adopted elsewhere, including at this magazine. Today, the F.T. has almost three quarters of a million paying readers, more than at any point in its hundred-and-twenty-seven-year history. Roughly two thirds of those readers are digital subscribers, who pay high prices: as much as four hundred and eighty dollars a year.
***** Any media company with Jeremy Grant writing for it has a bright future. And I would add Phil Stafford and several other FT colleagues in the mix. They are a very talented bunch.
How Congress May Have Saved Goldman Sachs From Itself
Michael J Moore, Bloomberg
Hearings led banks to scale back before commodities plunge
`It’s a dangerous business,’ Goldman’s Viniar said in 2007
In October 2011, things were looking bleak at Goldman Sachs Group Inc.’s commodities business. Revenue was down, competition was up, employee attrition was at an all-time high and new regulations were on the horizon.
Cargill to wind down $7bn hedge fund arm
Gregory Meyer in New York, FT
Cargill plans to part ways with most of its hedge fund business as it grapples with tough conditions in markets and flagging investor interest. The world’s biggest agricultural trading house said on Monday that it would spin off to employees three fund businesses in its Black River Asset Management division, while two remaining funds that trade agriculture and energy will be folded into Cargill. Black River had $7.4bn under management as of June.
Forex Scandal Drives Shift to Algo Trading
By CHIARA ALBANESE, WSJ
After paying billions in fines to settle allegations that traders tried to rig a key currency benchmark, banks are increasingly turning to computer programs to carry out foreign exchange trades.
The Perils of Forcing a Sale of Illiquid Assets
By ANDREW ROSS SORKIN, NY Times
Boaz Weinstein, the hedge fund manager famous for betting against the JPMorgan Chase trader known as the “London Whale,” is being accused of his own accounting chicanery.
Fraud probe into BoE guidance in emergency auctions
Caroline Binham and Lindsay Fortado in London, FT
The Serious Fraud Office is investigating whether Bank of England officials told lenders to bid at a particular rate to minimise questions about the health of their balance sheets, thereby rigging emergency auctions at the onset of the financial crisis.
Wall Street Is Desperate for a Better Credit Hedge; Building a better CDS index.
Tracy Alloway, Bloomberg
In one segment of the market—where the cash bonds sold by companies are traded—spreads rose sharply as investors fretted over the impact of lower oil prices on energy companies. In a more obscure corner of the market, the spread on an index comprising a type of derivative known as a credit default swap (CDS) was falling.
Credit Suisse in SEC Pact Over ‘Blue Sheet’ Submissions; Bank to pay $4.25 million to settle charges
By TESS STYNES, WSJ
The U.S. arm of Credit Suisse Group AG agreed to pay $4.25 million and admitted that it provided deficient customer stock-trading data—commonly referred to as “blue sheet data”—over a two-year period in a settlement with the Securities and Exchange Commission.
`Cold Fusion’ Needed as Central Banks Look for Help With Growth
Simon Kennedy, Bloomberg
Central banks have cut rates more than 600 times since 2008
Citigroup suggests governments and central banks unite forces
It’s time for central bankers to ask for help.
As the International Monetary Fund prepares to downgrade its outlook for the world economy again, monetary policy makers are running low of ammunition to fight a fresh downturn. Bank of America Merrill Lynch calculates they have reduced interest rates more than 600 times since the 2008 collapse of Lehman Brothers Holdings Inc. with the Reserve Bank of India extending the run on Tuesday by cutting its benchmark more than expected.
World needs a financial early warning system says Nouriel Roubini
Recent market volatility – in emerging and developed economies alike – is showing once again how badly rating agencies and investors can err in assessing countries’ economic and financial vulnerabilities. Rating agencies wait too long to spot risks and downgrade countries, while investors behave like herds, often ignoring the build-up of risk for too long, before shifting gears abruptly and causing exaggerated market swings. Given the nature of market turmoil, an early-warning system for financial tsunamis may be difficult to create; but the world needs one today more than ever, writes Nouriel Roubini in an article for the World Economic Forum.
Axel Springer buys Business Insider for $343m
Henry Mance, Media Correspondent, FT
Axel Springer has taken control of Business Insider in a deal valuing the news site at $442m, marking one of the biggest bets yet on a digital media upstart.
Liquidnet launches buyside-only bond platform
By Anna Irrera, Financial News
Buyside-only dark pool operator Liquidnet has launched its much-anticipated bond trading platform in the US and Europe, the latest in a series of initiatives targeting the liquidity crunch in fixed income markets.
A Small Step in Changing S.E.C. Administrative Proceedings
By PETER J. HENNING, NY Times
The Securities and Exchange Commission has been pestered with complaints over its move to file more administrative proceedings before in-house judges, including proceedings involving complex matters like insider trading and accounting fraud that used to be brought in federal district courts.
Commodity traders express caution on Mifid II
Emiko Terazono and Philip Stafford, FT.com
Under the Markets in Financial Instruments Directive, or Mifid II, position limits on commodity derivatives, or the cap on the number of contracts that can be held, will range between 5 and 35 per cent depending on the market. In earlier drafts limits were set at 10 to 40 per cent. That is the positive news, although it was more or less expected.
EU watchdog finalizes biggest securities reform in a decade
BY HUW JONES, Reuters
More light on bond markets, caps on “dark pool” or anonymous share trading, and limits on commodity holdings were the objectives of reforms put forward by European Union regulators on Monday to improve transparency for investors.
CFTC’s Division of Market Oversight Issues Additional Time-Limited No-Action Relief from Electronic Reporting Requirements in the OCR Final Rule
The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (DMO) today issued a no-action letter (CFTC Letter No. 15-52) that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule (OCR Final Rule).CFTC’s Division of Market Oversight Issues Additional Time-Limited No-Action Relief from Electronic Reporting Requirements in the OCR Final Rule
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
- FINRA: Notice of Filing of a Proposed Rule Change to Amend FINRA Rule 8312 (FINRA BrokerCheck Disclosure) to Reduce the Waiting Period for the Release of Information Reported on Form U5 (Release No. 34-75988; File No. SR-FINRA-2015-032; September 25, 2015); see also Exhibit 5
- ICEEU: Order Approving Proposed Rule Change Relating to CDS End-of-Day Price Discovery Policy (Release No. 34-75983; File No. SR-ICEEU-2015-013; September 25, 2015)
- MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the MIAX Options Fee Schedule (Release No. 34-75986; File No. SR-MIAX-2015-55; September 25, 2015); see also Exhibit 5
- NASDAQ: Notice of Filing of Proposed Rule Change to Amend Rule 4758 (Release No. 34-75987; File No. SR-NASDAQ-2015-112; September 25, 2015); see also Exhibit 5
- NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adding to The Rules of the Exchange the Third Amended and Restated Certificate of Incorporation of NYSE Market, Inc., and the Eighth Amended and Restated Operating Agreement of New York Stock Exchange LLC (Release No. 34-75984; File No. SR-NYSEMKT-2015-71; September 25, 2015)
- NYSEMKT: Exhibit 5B (Release No. 34-75984; File No. SR-NYSEMKT-2015-71; September 25, 2015)
- NYSEMKT: Exhibit 5A (Release No. 34-75984; File No. SR-NYSEMKT-2015-71; September 25, 2015)
Exchanges & Trading Facilities
Deutsche Börse partners with REGIS-TR to support clients in meeting MiFID II requirements
Comprehensive reporting systems for on and off-exchange transactions will cover various regulations/ Regular workshops with regulators and clients
Starting immediately, Deutsche Börse, together with the European Trade Repository REGIS-TR, is helping clients to meet regulatory requirements under the new MiFID II European financial directive. REGIS-TR is jointly run by Deutsche Börse’s subsidiary Clearstream and Iberclear (BME Group). The Markets in Financial Instruments Directive (MiFID II) will enter into force in 2017.
Japan bourse wipes out 2015 gains as sell-off hits ‘global ATM’
Patrick McGee and Leo Lewis, FT
Japanese equities have wiped out all of their 2015 gains as fears of a commodities slump weigh on global markets, renewing concerns that the Abenomics growth story may have lost its sparkle for foreign funds.
CBOE Holdings To Launch New Options On Three FTSE Russell Indexes October 20
In remarks made at CBOE’s Risk Management Conference Europe (RMC) in Geneva, Switzerland, CBOE Holdings President and Chief Operating Officer Edward Provost announced the company’s planned launch of options on the Russell 1000 Index (ticker symbol: RUI), the Russell 1000 Value Index (ticker symbol: RLV) and the Russell 1000 Growth Index (ticker symbol: RLG).
NIKHIL RATHI APPOINTED CEO OF LONDON STOCK EXCHANGE PLC
London Stock Exchange Group
Today London Stock Exchange Group announces that Nikhil Rathi has been appointed CEO of London Stock Exchange Plc(“LSE Plc”), effective immediately. Mr. Rathi succeeds Alexander (“JJ”) Justham who informed the Group of his decision to leave the Group earlier this year. Mr. Justham will ensure a seamless transition to Mr. Rathi.
Euronext hosts 4th Pan-European IR conference in Amsterdam
European IR community shares best practices at the world’s first stock exchange
Euronext hosts the 4th edition of the Pan-European Investor Relations (IR) Conference in Amsterdam today, bringing together Investor Relations Officers and IR associations from all over Europe to share insights and expertise. Euronext organizes the yearly event with the IR Associations of Belgium (BIRA), France (CLIFF), the Netherlands (NEVIR), Portugal (FIR) along with Tradinfo.
HKEx Holds Stock Connect Workshop in Chongqing
Hong Kong Exchanges and Clearing Limited (HKEx) held a workshop in Chongqing, one of the Mainland’s four direct-controlled municipalities, today (Tuesday) with the Shanghai Stock Exchange (SSE) to explain the trading of Hong Kong-listed stocks through the Shanghai-Hong Kong Stock Connect programme to Mainland securities firms.
HKFE Announces Revised Margins for Futures Contracts
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Friday, 2 October 2015, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
Hedge Funds & Managed Futures
Charting the Markets: Glencore Ripples are Felt Across the World; Global mining stocks slump, India rebounds, while Europe sinks toward a January low.
Mark Barton, Bloomberg
Stock markets dropped across the world on Tuesday, sending the MSCI All Country World Index to its lowest in two years. Glencore is at the epicenter of the sell-off: shares in the miner and commodity trader sank a record 29 percent in London on Monday, the latest leg of a slump that’s seen 77 percent wiped from its value this year. Glencore shares did rebound as much as 10 percent on Tuesday. Asian stocks, as measured by the MSCI Asia Pacific Index, sank to a November 2012 low, led by a 4 percent decline in Japan.
Qatar Fund Loses $5.9 Billion on Holdings in VW, Glencore
Charles Stein, Bloomberg
Qatar’s sovereign-wealth fund lost $5.9 billion on paper in 10 days from its stakes in Volkswagen AG and Glencore Plc.
Sequoia Fund Managers Suffer $1.2 Billion Loss as Valeant Falls
Charles Stein, Bloomberg
Drugmaker plunges as U.S. Congress asks for price data
Valeant represents almost 30 percent of Sequoia’s assets
Ruane Cunniff & Goldfarb, managers of the $7.8 billion Sequoia Fund, suffered a paper loss of about $1.2 billion after shares of Valeant Pharmaceuticals plunged.
Louis Dreyfus interim profits halve on high inventories
Neil Hume, Commodities Editor, FT
More doom and gloom from the trading world. Louis Dreyfus Commodities, one of the world’s biggest traders of agricultural commodities, has announced a 50 drop in half year profits as high stock levels around the world reduced moneymaking opportunities for its trading arm.
Cargill’s Black River Asset Management to split into three separate firms
Cargill Inc said on Monday that it will spin off Black River Asset Management LLC and split the hedge fund arm into three separate employee-owned firms.
Glencore Is Having a Terrible Day, Credit Default Swap Edition; Big banks are now quoting Glencore CDS ‘upfront.’
Tracy Alloway, Katie Linsell, Bloomberg
Glencore shares fell 31 percent on Monday. Its bonds are trading like junk and the cost of insuring them is soaring. Five-year credit default swap spreads on the commodities giant’s debt jumped from 550 basis points on Friday to 757 bps today, indicating investors are willing to pay more for protection against default.
Overreaching Catches Up to Glencore
Leonid Bershidsky, Bloomberg
Marc Rich, commodity trader extraordinaire, once gave this advice to an employee: “As a trader you often walk on the blade. Be careful and don’t step off.” Glencore, the world’s biggest commodity trading company, which Rich founded, now seems to be falling off the edge, its business model in question.
Bond King Is Gone. Long Live Pimco.
Lisa Abramowicz, Bloomberg
Pimco may have won as much as it lost after its co-founder Bill Gross left a year ago.
Banks & Brokers
BGC Partners Updates Its Outlook for the Third Quarter of 2015; GFI Groups’ Results Will Be Consolidated with Those of BGC
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “BGC,” or the “Company,”) a leading global brokerage company servicing the financial and real estate markets, today announced that it has updated its outlook for the quarter ending September 30, 2015. The results will include the consolidation of those for BGC’s majority-owned division, GFI Group Inc. (OTC: GFIG) (“GFI Group” or “GFI”), a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets.
Junior Bankers Risk Being Fired by Wary Bosses, Lawyers Warn
Patrick Gower, Bloomberg
U.K. rules seen triggering wave of unfair-dismissal lawsuits
From March 2016, U.K. managers will be accountable for juniors
Lower-ranking bankers could be the unintended victims of new U.K. rules that make bosses responsible for regulatory lapses caused by their junior colleagues, a London firm of employment lawyers warned.
Morgan Stanley Has Given Up on Energy Stocks; Here’s why.
Luke Kawa, Bloomberg
Toward the beginning of 2015, with crude oil prices in free fall, Morgan Stanley’s equity strategy team made a bold call, upgrading the energy sector to overweight.
Clearing & Settlement
LSE/DTCC regulatory reporting tie-up shows the way for collaboration
The London Stock Exchange and The Depository Trust & Clearing Company are partnering to provide clients with a connection to the LSE’s UnaVista Approved Reporting Mechanism. The service will allow DTCC clients to comply with the Markets in Financial Instruments Regulation through their current connection from DTCC’s Global Trade Repository.
What’s Hot at Sibos 2015?
In this complex global market, all participants face common challenges. Industry issues such as the heavy impact of regulation, the adoption of new standards, and the role of compliance, are some of the change drivers that will be debated in the Securities stream at Sibos 2015; held this year at the Marina Bay Sands in Singapore, it is on track to be one of the biggest of its kind to date. Fabian Vandenreydt, SWIFT’s Head of Markets Management, Innotribe and SWIFT Institute, gives an insight into what should be some of the most interesting areas and latest trends that will be covered at this year’s conference.
The Morning Download: Blockchain Is on the Agenda at State Street
The CIO Report – WSJ
Good morning. Blockchain, once dismissed as a quirky technology for tech enthusiasts, is the subject of serious experimentation at State Street Corp. The asset manager is just the latest financial institution to consider ways in which the technology, which is the basis for the online ledger behind the bitcoin digital currency, might be used in a range of ways to make finance more efficient, and secure.
Indexes & Products
New FTSE Russell survey measures financial advisor use of smart beta
Two thirds of financial advisors using ETFs using smart beta. Advisors utilising smart beta younger with more AUM in ETFs and alternatives. More than 70% of advisors adopting more than one smart beta approach.
Frenzy for Currency-Proof ETFs Fizzles as Dollar Rally Expires
Rachel Evans, Bloomberg
Investment flows into products shrinks to least in 11 months
Hedged funds trail naked versions on foreign-exchange shifts
Some of this year’s hottest exchange-traded funds are starting to look like a flash in the pan.
VW’s Stock to Be Removed From Dow Jones Sustainability Indexes
Volkswagen AG’s stock will be removed from the Dow Jones Sustainability indexes after the automaker cheated on emissions tests. The stock will be pulled after the close of trading Oct. 5 from the DJSI World, DJSI Europe and all other related indexes, according to the statement.
FIA To Feature Duco In New Innovators Pavilion – Duco Among First Firms Selected As FIA Innovator For New Showcase
Duco, a London-based fintech provider of hosted reconciliation services, announced that FIA has selected the firm as one of the first eight awardees to its new Innovators Pavilion, a showcase for startup companies providing forward-thinking solutions for the listed derivative and cleared swaps industry. Innovators Pavilion is a new feature at the annual FIA Futures and Options Expo in Chicago this November. Duco and other Innovators were selected on the basis of applications reviewed by a committee of industry experts assembled by FIA. Awardees must be firms that have been in business for no more than five years and that can make a positive impact on the industry with an innovative product or service.
AQMetrics Announces Agreement with Exchange Data International
AQMetrics incorporates Exchange Data International’s Market and Corporate Actions data into its integrated Risk and Compliance Service
AQMetrics, a leading provider of integrated risk and compliance software for the investment management industry, announced today an agreement with Exchange Data International (EDI), a well-established provider of reference and corporate actions data. EDI will provide Market and Corporate Actions data to AQMetrics clients through AQMetrics cloud based risk and compliance software.
Irish Asset Manager Mediolanum Chooses Options As Its New Managed Application and Hosting Provider
Options, the leading managed service and IT infrastructure provider to the investment management sector, has announced that Mediolanum Asset Management, the Dublin-based asset management arm of the Mediolanum Banking Group, has chosen the private financial cloud provider as its new managed application and hosting provider.
Hedge fund manager Kyle Bass escapes sanctions in drug patent case
BY ANDREW CHUNG, Reuters
Hedge fund manager Kyle Bass has been given the green light to try to profit from efforts to wipe out drug patents, a move that could fuel similar strategies by other deep-pocketed investment firms.
SEC Charges Five With Insider Trading, Including Two Attorneys and an Accountant
The Securities and Exchange Commission today charged five Florida residents – including two lawyers and an accountant – with insider trading in advance of the acquisition of Pharmasset Inc. by Gilead Sciences Inc.
Credit Suisse to Pay $4.25 Million and Admits to Providing Deficient “Blue Sheet” Trading Data
The Securities and Exchange Commission today charged Credit Suisse Securities (USA) LLC with submitting deficient information to the agency over a two-year period about trades done by its customers, commonly referred to as “blue sheet data.”
SEC Charges Trinity Capital Corporation and Former Bank Executives With Accounting Fraud
The Securities and Exchange Commission today announced that Trinity Capital Corporation and its wholly-owned subsidiary, Los Alamos National Bank, have agreed to pay $1.5 million to settle accounting fraud charges.
CFTC Orders Georgia Resident Michael E. Simmons and His Company Global Consortiums, LLC to Pay Restitution and a Civil Monetary Penalty Totaling More than $589,000 for Engaging in Foreign Exchange Commodity Pool Fraud
The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order requiring Respondents Michael E. Simmons and Global Consortiums, LLC, both of Fayetteville, Georgia, jointly to pay a $360,000 civil monetary penalty and restitution totaling $229,660 for committing fraud and misappropriation in connection with operating a commodity pool that offered leveraged or margined off-exchange foreign currency (forex) transactions. Simmons was the sole owner, president, and chief executive officer of Global Consortiums. Neither Respondent has ever been registered with the CFTC.
Environmental & Energy
New carbon trading market unlikely to come in December: IEA
Major talks on climate change this December are unlikely to yield an agreement to create a new global carbon trading market, the head of the International Energy Agency (IEA) said on Monday. Speaking at an event in Mexico City, IEA Executive Director Fatih Birol said he did not expect a breakthrough during the Paris talks on efforts to establish a global carbon price
China’s 2017 Carbon Timetable May Be Hit by Slowing Economy
A slowing Chinese economy threatens to undermine the deadline outlined last week by President Xi Jinping to introduce a nationwide carbon market by 2017.
The Real Estate Crisis in North Dakota’s Man Camps
Jennifer Oldham, Bloomberg
Local officials worry about filling new residential units
As migrants leave, castoff RVs pile up in local scrap yards
Chain saws and staple guns echo across a $40 million residential complex under construction in Williston, North Dakota, a few miles from almost-empty camps once filled with oil workers.
Many Conservative Republicans Believe Climate Change Is a Real Threat
By CORAL DAVENPORT, NY Times
A majority of Republicans — including 54 percent of self-described conservative Republicans — believe the world’s climate is changing and that mankind plays some role in the change, according to a new survey conducted by three prominent Republican pollsters.
GOLDMAN: China’s economic slowdown will be bumpy and last for years
David Scutt, Business Insider Australia
The economic outlook for China points to a bumpy deceleration that will last for a prolonged period with a large debt overhang, over-capacity and a generally weak external environment, likely to weigh on growth prospects in the years ahead.
China should take advantage of Hong Kong’s legal system in building financial markets
South China Morning Post
Hong Kong’s common law system endows China with a most important strategic competitive advantage in reforming and developing its financial system and finance industry. Common law practiced here is based on an entirely different tradition from the civil law on the Chinese mainland, and is more conducive to fostering robust financial market developments. It could provide China with a unique opportunity to strategically experiment with opening up its financial markets internationally on an alternative platform.
What if China’s economic stats aren’t as dodgy as we like to think
Australian Financial Review
That China’s official economic data cannot be trusted is now received wisdom among western economists, investors and policymakers. To treat the numbers as authoritative is to invite ridicule: believers are naive at best and, at worst, stooges for Communist propaganda.
Hong Kong’s Property Boom at Risk With Stocks Flashing Warning Signs
Hong Kong home prices are the highest relative to shares of the city’s publicly-traded developers in almost two decades. For Bocom International Holdings Co. analyst Alfred Lau, that’s a sign that the property market’s about to drop as much as 20 percent.
Volatility: An equal opportunity offender
How do wealthy individuals react when the market turns jittery? Do they take it in their stride or get shaky like the average retail investor?
They may have money to lose, but, like any other investor, they hate to lose it.
Sebi pitches for allowing FPIs in commodities derivative mkt; But refuses to give time frame for entry of FPIs
Press Trust of India
Taking charge of commodities derivatives trading, Sebi Chairman U K Sinha today favoured allowing foreign portfolio investors in this market.
Commodity participants keep fingers crossed; Sebi’s new transaction charges will increase the cost of trading and hedging, say brokers
Rajesh Bhayani, Business Standard
It was a packed gathering at the Trident, Nariman Point, at an event to mark the subsuming of the commodity markets regulator, the Forward Markets Commission, with its capital markets counterpart, the Securities and Exchange Board of India (Sebi).
Wages surge as financial services lead jobs recovery; Employers are paying more to hire professionals as the economic recovery powers ahead
By Tim Wallace, Telegraph
Salaries are up 5.7pc this year for professionals such as accountants, IT staff and marketing executives, as the economic recovery translates into more jobs and more competition to hire the best workers. Recruiters have 8pc more vacancies on their books now than they did at the same point in 2014, according to the Association of Professional Staffing Companies (Apsco).