John Lothian Newsletter: ICE to launch in Singapore from March; SEC Inches Closer to ‘Five-Cent Tick’ Test; Subsea Cable Route Woos U.S. Speed Traders to ASX Futures

Nov 4, 2014

First Read

It’s Not Over
Douglas Ashburn – JLN
What a difference a year makes.

Last year, on the eve of FIA Expo, we wrote a column (It’s Over – A Dinner Conversation) in which we spelled out the arguments made by a group of industry participants, over wine and grilled meat, who were basically saying that the futures model is old and broken, and new regulations and capital requirements have crippled the industry with little hope of recovery.

The conversation this year, however, was a 180 degree turn. Everyone at the table – a cross-section of industry folks such as CEOs, technologists, consultants and media – had a much more uplifting attitude toward the future of the industry.

Maybe the makeup of this particular group was more positive and forward looking. Maybe this recent spate of volatility reminded us of how dynamic we are as an industry and just how much volume comes through our markets when the risk transfer function is needed most. Or maybe it was the wine. Either way, the message is clear.

Change is coming. Change is here. Change will always be coming. And change is good.

Show me someone who throws up his or her hands and says “it’s over” and I will show you someone who is living off the leftovers of a prior age, and has nothing to add going forward. For such a person, it probably is over.

For the rest of us, let’s embrace the change and make the most of it. Because change is opportunity.


Patrick Birley, CEO of ISDX – Variety is the Spice of Life

“If you’re not happy with what you do, change. Do something else. Take the risk and get out there. “

Patrick Birley, CEO of ISDX, discusses his numerous career path transitions. Starting with an entrepreneurial experience for an exchange in Africa, Birley highlights the success he achieved and how he thought he would be unstoppable in his career. After a life changing event that forced him to reconsider the safety of his family, Birley returned with his family to the UK and ended up switching from several other corporate and entrepreneurial positions, until finally landing where he is today. In between those jobs, Birley became involved in the brewing industry before returning to the financial world. All these various experiences helped shape both Birley’s personality and professional attitude. His overall message is to take advantage of new opportunities and be willing to try something else if you don’t enjoy what you currently are doing.

Watch the video »


The STEM Capital of the World
John Lothian
I want to make Chicago the STEM Capital of the World. If you want to know how WE are going to do that, you should sign up for the LaSalle Street After Hours Event to support the Chicago Area Council Boy Scouts of America.

At this year’s event, which is chaired by OCC Executive Chairman Craig Donohue, I will be the featured speaker and will address this issue. I want to make Chicago the capital of the world for when people think of STEM (Science, Technology, Engineering & Mathematics). This is not a marketing program, I want it to be real.

Read the rest of the article on the JLN blog at


Jim Binder departs OCC/OIC
Jim Binder, longtime director of public relations at OCC and Options Industry Council has left the organization to pursue other opportunities. He served in that role for the past 10 years.


Tons of trading records
October was a busy month! Check the special monthly volume section right below Lead Stories today for links to October results.


Exclusive: CME sees chance to buy GFI units even if takeover fails
Tom Polansek – Reuters
CME Group Inc will likely have a chance to acquire the pieces it wants of GFI Group Inc even if its bid to buy the derivatives broker falls short, the executive chairman of the futures market operator said on Monday.

***DA: There’s more than one way to skin a broker.


Residual interest rule will bring “fundamental change”
William Mitting – Futures & Options World
The US futures industry will “fundamentally change” how it manages client margin with the introduction of the reinterpreted Residual Interest Rule on November 14. Under the controversial rule mandated by the CFTC, FCMs have to capitalise any client positions with a margin shortfall by 6pm the following day.

***DA: I believe we called it a “monumental change” in the video we made on the issue


Bats Chi-X Europe delays Turkey move
Tim Cave – Financial News
Bats Chi-X Europe has delayed plans to offer trading in the most-liquid Turkish stocks, a move that which would see the exchange add its first new market since its 2011 merger.

***DA: Turkey should be ready to go by the end of the month. As will the potatoes, stuffing, gravy and pumpkin pie.


Duco Works With ICAP To Redesign Processes And Deploy New Technology
Duco, a provider of hosted reconciliation services, has worked with ICAP, a leading markets operator and provider of post-trade risk mitigation and information services in a collaboration to help it reap significant benefits as part of its GBP60m cost reduction programme.


Clive Furness, managing director, Contango Markets – Commodities’ Oddities

“Commodities are now so much part of the infrastructure of the marketplace and the asset classes that buy side investors get involved with…that they are going to continue to look for those opportunities.”

Clive Furness, managing director of Contango Markets, discusses commodities and how the commodities markets function. Starting with a brief history of commodities, Furness illustrates why commodities sit uneasily with other mainstream products and the pros and cons of the situation. He then discusses the evolution of commodities, covering the shift in technology and people’s attitudes then and now. Finally, Furness gives his predictions and thoughts on the future of commodities and discusses a project he is currently working on with an African exchange in order to build the products the exchange will trade.

Watch the video »


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Victor Technologies (VTEK) aims to solve that problem by providing real-time, intraday CPM calculations for users. Its portfolio margin module replicates the TIMS methodology and applies the full suite of OCC CPM rules, making it the only solution in the market today that can provide accurate margin calculations at any time.

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Lead Stories

Intercontinental Exchange to launch in Singapore from March
Jeremy Grant – Financial Times
Intercontinental Exchange, the US energy markets operator, has set a launch date of March 17 next year for its new Singapore-based exchange and clearing house, marking a new era for exchange competition in Asia.

SEC Inches Closer to ‘Five-Cent Tick’ Test
Andrew Ackerman – WSJ
U.S. securities regulators took a step toward establishing a one-year test of trading some stocks in five-cent increments, after more than a decade of trading in pennies.

Subsea Cable Route Woos U.S. Speed Traders to ASX Futures
Eduard Gismatullin and Adam Haigh – Bloomberg
U.S.-based high-frequency traders can buy and sell Australian equity futures two thousandths of a second faster after ASX Ltd. (ASX) in Sydney opened a direct link to CME Group Inc. in Chicago.

IEX Group says to allow visible stock orders in late January
John McCrank – Reuters
IEX Group, which runs an alternative trading system known as a “dark pool,” said on Monday it plans to allow members to begin posting visible orders on its platform as of Jan. 31 as it prepares to become a full-fledged stock exchange.

Banks’ Cycle of Misbehavior
Peter J. Henning – Dealbook – NY Times
The latest round of global banks’ taking reserves for investigations into manipulation of foreign exchange rates calls to mind Ronald Reagan’s famous retort in a debate: “There you go again.” It seems to be a never-ending refrain: Misconduct by traders and bankers is uncovered, multiple regulators mount investigations, and then millions, or even billions, of dollars in penalties are paid, all to little apparent effect.

Peak6 founders Hulsizer and Just mum about next investments
Lynne Marek – Crain’s Chicago Business
Matt Hulsizer and Jenny Just made their money in options trading. Now the power couple wants to make money on something else. Mr. Hulsizer and Ms. Just, who co-founded Chicago-based Peak6 Investments LP in 1997, sold two of their three trading businesses this year, shedding hedge funds and a retail-trading unit for more than $200 million, according to sources familiar with the transactions.

Banks to launch new tool to fight hackers: WSJ
A group of cybersecurity firms funded by big banks plan to launch a platform that will allow financial companies to communicate faster about potential cyber breaches, the Wall Street Journal reported.

Why Women on Boards Does Not Equal Diversity
Juliet Samuel – MoneyBeat – WSJ
Putting women on boards does not necessarily mean more women make it to the top of the executive tree, according to number crunching by New Financial, a London-based think tank.

Monthly Exchange Volumes

CME Group Volume Averaged a Record 17.6 Million Contracts per Day in October 2014, Up 58 Percent from October 2013, and Included Double-Digit Growth in Interest Rate, Foreign Exchange, Equity Index and Agricultural Commodities Volumes
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that October 2014 volume averaged a record 17.6 million contracts per day, up 58 percent from October 2013, and posted year-over-year growth in all six product lines. Total volume for October 2014 was more than 404 million contracts, of which 87 percent was traded electronically, and a record 15.4 million contracts traded on CME Globex during the month. CME Group open interest stands at approximately 104.9 million contracts at the end of the month, up 25 percent year-to-date.

CBOE Holdings, Inc. reported today that trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange set an all-time monthly record of 163.08 million contracts in October. Average daily volume was a record 7.09 million contracts, a 29-percent increase from October 2013 and a 37-percent increase from September 2014. The new ADV record surpasses CBOE Holdings’ previous ADV high of 6.65 million contracts in August 2011.

CBOE Futures Exchange, LLC today reported that October 2014 was the busiest month all-time for trading of futures on the CBOE Volatility Index. New records were set in monthly average daily volume (ADV) and monthly total volume, as well as for single-day and week-long trading activity.

BATS Sets U.S. Equities, Options October Market Share Records; Europe Has Best Month of 2014
21.4% U.S. Equities Market Share; 6.5% U.S. Options Market Share; 22.3% European Equities Market Share

OneChicago Announces October 2014 Trading Volume
OneChicago, LLC (OCX), an equity finance exchange, today announced its October 2014 volume of 747,797. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,500 equities, including ADRs and ETFs.

Average Daily Volume Of 9.9 Million Contracts At Eurex Group In October
In October 2014, the international derivatives markets of Eurex Group recorded an average daily volume of 9.9 million contracts (October 2013: 7.9 million). Of those, 6.6 million were Eurex Exchange contracts (October 2013: 5.1 million), and 3.3 million contracts (October 2013: 2.8 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 152.7 million contracts were traded at Eurex Exchange and 80.0 million at ISE.

Turnover At Deutsche Börse’s Cash Markets At 141.2 Billion Euros In October
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at EUR141.2 billion in October (October 2013: EUR99.7 billion). Of the EUR141.2 billion, EUR132.0 billion were attributable to Xetra (October 2013: EUR90.4 billion). EUR4.8 billion were attributable to the Frankfurt Stock Exchange (October 2013: EUR4.8 billion). Order book turnover on Tradegate Exchange* totalled approximately EUR4.4 billion in October (October 2013: EUR4.5 billion).

MGEX Continues Streak Of High Volume
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), has concluded the 2nd-best October in its long history. The Exchange reports a total volume of 169,824 for the month, the highest October total since the record-setting month in 2007 and a 38 percent increase over last year’s total.

The Options Industry Council Announces Second Highest Volume Month On Record With October Trading Volume Increasing 22 Percent
The Options Industry Council (OIC) announced today that 491,394,154 total options contracts were exchanged in October, a 22.32 percent increase compared to last October when 401,726,200 contracts were traded. This makes October the second highest volume month on record, following August 2011’s 550 million contracts.

Nordic Growth Market: All-Time-High For The NGM-Exchange In October!
Press Release
Fall and recovery on the stock market. A historical month, from a trading point of view, has passed. The NGM exchange reports the highest turnover in the history of the exchange. In total, the three markets Sweden, Finland and Norway, generated a turnover of closer to 6.4 billion SEK. The earlier record was from August, 2011, when the turnover landed at 6.5 billion SEK.

Oslo Børs: October Busiest Month Ever
October was the busiest month ever recorded for share trading. Big price movements contributed to a new record being set for the total number of transactions in a single month.

Boerse Stuttgart Records Monthly Turnover Of Around EUR 8.2 Billion
Intensive Trading Driven By Sharper Movements In Underlying Markets – Strong Growth In Securitised Derivatives And Exchange-Traded Products

Spanish Exchange Traded EUR95.5 Bn., Highest Monthly Trading Volume Since July 2011 – 8.6 Million Of Equity Trades, A Monthly Record High

Key Figures SIX Swiss Exchange And SIX Structured Products Exchange: October 2014

Trading Overview in October 2014
Japan Exchange Group announced a trading overview (preliminary estimates) in October 2014.

Tokyo Financial Exchange: Trading Volume In October 2014

How Bucharest Stock Exchange (BVB) Trades Evolved In October

EEX Trading Results In October – Highest Volume In Power Derivatives In 2014 – Record Volume In Spanish Power Futures – More Than 10 TWh Traded In French Futures


Senators Urge SEC to Fix Unequal Access to Market Data
Dave Michaels – Bloomberg
The U.S. Securities and Exchange Commission must ensure its system for distributing companies’ financial information doesn’t give unfair advantages to private-feed subscribers, two lawmakers said in a letter today.

Opening Statement Of CFTC Chairman, Timothy G. Massad – Commission Open Meeting

Opening Statement Of CFTC Commissioner Sharon Bowen, Commission Open Meeting

Opening Statement Of CFTC Commissioner Mark Wetjen At Commission Meeting On Releases Related To Forwards With EVO, Residual Interest And Rule 1.35

Opening Statement Of CFTC Commissioner J. Christopher Giancarlo, Open Meeting On Proposed Rule On Residual Interest Deadline For Futures Commission Merchants, Proposed Rule On Records Of Commodity Interest And Related Cash Or Forward Transactions, And Proposed Interpretation On Forward Contracts With Embedded Volumetric Optionality

Exchanges & Trading Facilities

LSE hires former Euronext executive in EU push
Tim Cave – Financial News
The London Stock Exchange Group has appointed a former senior NYSE Euronext executive as head of its operations in France, Benelux and Germany, as it continues to strengthen its senior management roster.

BM&FBOVESPA To Have New Trading Hours As Of November 03, 2014 For Contracts That Reference Commodities
Due to the end of daylight saving time in the U.S. on November 02, 2014, new trading hours will come into effect as of November 03, 2014 for some Futures and Option Contracts and Structured Transactions that reference Commodities.

Results Of 2014 WFE General Assembly And Annual Meeting In Seoul

ASX Establishes New Global Hub Site In CME Group’s Aurora Data Centre
ASX today announced that it has established a point of presence (POP) – or direct connection hub – in CME Group’s co-location facility, to expand and improve the ability of customers in North America to connect to ASX markets in Australia.

ICE reports higher third-quarter net earnings
Intercontinental Exchange Inc on Tuesday reported higher third-quarter net earnings on the back of the exchange and clearing house operator’s $11 billion acquisition of NYSE Euronext in November last year.

Direct Edge Trading Notice #14-46: EDGX To Delay Opening Process And Halt Re-Opening Process

New Trading Segment “Sponsored Foreign Shares” – SIX Swiss Exchange Allows Its Broadly Diversified Customer Base To Trade More Than 500 International Blue Chip Equities

EDGA & EDGX Fee Schedule Changes

Hedge Funds & Managed Futures

Some U.S. hedge funds’ losses blunted by late-month market rally
Svea Herbst-Bayliss – Reuters
A recovery on the stock markets in the second half of October helped some hedge funds bounce back from frightful losses by Halloween, with many posting declines of less than a few percent for the month and some even notching gains.

Bill Gross Is a ‘Philosophical Nomad’ With Some Thoughts on Inflation
MoneyBeat – WSJ
So that’s what they meant by unconstrained! Bill Gross, the legendary bond investor who recently left Pacific Investment Management Co. to run a new “Global Unconstrained Bond Fund” at Janus Capital Group Inc., put out his monthly investment outlook Monday, and the reaction from many readers was one of puzzlement.

Netting problems will restrict pension funds, FCMs warn
Netting is a cornerstone of the over-the-counter derivatives market, but legal uncertainties are making it harder to apply for cleared trades with pension funds. That threatens higher costs for dealers and could see tough limits placed on fund clients.

Baring rebrands multi-asset fund to attract pension savers
Laura Dew –
aring Asset Management has rebranded its multi-asset Portfolio fund as the more flexible Dynamic Capital Growth fund in a bid to make it more attractive to pension savers.

V2 Capital launches liquid alternative fund
V2 Capital, a Securities and Exchange Commission-registered investment advisor, has launch the V2 Hedged Equity Fund, an open-ended single manager mutual fund using the V2 Hedged Equity Strategy.

Banks & Brokers

JPMorgan says justice department probing forex business
JPMorgan Chase & Co said the U.S. Justice Department was conducting a criminal investigation into its foreign exchange business.

JPMorgan Raises Estimate for Legal Costs
Nathaniel Popper – Dealbook – NY Times
JPMorgan Chase recently added $2.4 billion to its estimate of the amount of legal costs it may face, the latest sign that investigations into the possible manipulation of the currency market are gaining momentum.

Eurozone Bank Regulator to Follow Up on Stress Tests
Jack Ewing – Dealbook – NY Times
The eurozone’s new chief bank overseer insisted on Monday that a review of lenders completed by the European Central Bank last month was rigorous and credible. But she conceded that there were shortcomings that would have to be corrected later.

Virgin Money relaunches GBP2bn IPO
Hannah Smith – Investment Week
Challenger bank Virgin Money has relaunched its GBP2bn IPO plan, pointing to more stable market conditions.

BNP Paribas harmonises forex and equities pricing
BNP Paribas has harmonised the system on which it prices equities and foreign exchange, while also boasting excellent risk systems for the development of forex-linked structured products, and is the Structured Products foreign exchange house of the year

RPT-Deutsche Bank debt trading head to take new role – source
The co-head of fixed-income trading at Deutsche Bank in London, Zar Amrolia, has stepped down and will assume a new role in the bank, a person close to the situation said on Tuesday.

Clearing & Settlement

Collateral management survey 2014
Rob Mannix –
The results of the third Insurance Risk collateral management survey in conjunction with BNY Mellon show that many insurers still have work to do as they transition to central clearing of OTC derivatives

Buy-side firms not ready for clearing – The TRADE Poll
John Bakie – The Trade
The majority of European buy-side firms are still not ready for the mandatory central clearing of interest rate swaps expected to come into force in early 2016, according to’s October poll.

Australia Among Most Expensive for Equity Clearing, Report Says
Adam Haigh – Bloomberg
Australia is among the world’s most expensive markets for clearing equity trades, according to a report commissioned by brokerages from Citigroup Inc. to Deutsche Bank AG.

Indexes & Products

LGIM suffers UK index outflows while LDI business grows
Anna Fedorova – Investment Week
Legal & General Investment Management has seen significant outflows from its UK index funds in the first nine months of the year, which had a negative impact on overall inflows into the business.

No. 1 gold ETF sees biggest monthly outflow this year in October
Jan Harvey – Reuters
The world’s largest gold-backed exchange-traded fund, New York’s SPDR Gold Shares, saw an outflow of over $1 billion of metal last month as investors lightened holdings in anticipation of a further price drop from current four-year lows.

UPDATE 1-U.S. exchange-traded products drew $27.5 bln in Oct. -BlackRock
Ashley Lau – Reuters
Investors poured $27.5 billion into U.S.-listed exchange-traded products in October, with a large part of that money going into fixed-income funds for the biggest monthly inflow so far this year, according to data from BlackRock Inc.

Guest post: Russia ETF inflows strong in spite of turmoil
Relte Stephen Schutte, Markit – Financial Times
In spite of what you might expect to be a “perfect storm” scenario for Russian stocks, inflows of investment capital into Exchange Traded Funds (ETFs) – investment funds traded on stock markets much as a stock would trade – have remained strong.


Tokyo Commodity Exchange Establishes Market Data Access Points In Chicago Via CQG’s Continuum
The Tokyo Commodity Exchange, Inc., (TOCOM), Japan’s largest commodity futures exchange and one of the most prominent in Asia, announced today that it will provide its market data through futures order execution and analytics provider CQG, Inc.’s Continuum enterprise API division at two Illinois locations. CQG already brings TOCOM data to its customers, and now a customer can connect to TOCOM in the US via Continuum’s Quotes Direct product.

Azul Systems And Orc Partner To Enable Smarter Real-Time Trading
Orc’s Zing-Optimized Trading Engine Allows Derivatives Traders To Capture New Opportunities Thru Smarter Strategies

Standard Chartered Bank goes live with Euroclear’s Collateral Highway
At the Euroclear Asia Collateral Conference held today in Singapore, Euroclear Bank and Standard Chartered Bank commemorated the launch of their joint collateral optimisation initiative.

TeraExchange Ups Security with BitGo
Dan DeFrancesco – WatersTechnology
In an effort to increase security in bitcoin derivative trading, TeraExchange, a swap execution facility (SEF) for bitcoin, is partnering with bitcoin security platform BitGo.

Thomson Reuters Survey Reveals Increased Cybersecurity Risk To Boardroom Communications
Annual Corporate Governance Survey From Thomson Reuters Accelus Reveals Company Boards Lack Security Structures To Protect Board Information

SunGard Leverages Risk Innovations to Develop Advanced Analytics Engine for High Speed Risk Analysis
To help banks address evolving counterparty risk requirements, SunGard has developed an advanced analytics engine that enables rapid, credit risk reporting and analysis.

Metamako builds smarter trading networks with MetaMux
Metamako continues its leadership in ultra-low latency devices for exchanges and the trading community with the launch of MetaMux. MetaMux combines the features of an FPGA with Metamako’s 4 nanosecond MetaConnect switching technology to provide the ultimate deterministic speed for a range of critical trading and risk management applications.


SEC Sanctions 13 Firms for Improper Sales of Puerto Rico Junk Bonds
The Securities and Exchange Commission today sanctioned 13 firms for violating a rule primarily designed to protect retail investors in the municipal securities market.

SEC Charges California-Based Bio-Rad Laboratories With FCPA Violations
The Securities and Exchange Commission today charged a clinical diagnostic and life science research company based in California with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand in order to win business.

SEC Sanctions 13 Firms for Improper Sales of Puerto Rico Junk Bonds
The Securities and Exchange Commission today sanctioned 13 firms for violating a rule primarily designed to protect retail investors in the municipal securities market.

SEC Charges Two Canadian Citizens With Penny Stock Fraud Involving Tennessee Coal Mining Company
The Securities and Exchange Commission today charged a pair of Canadian citizens with conducting an international microcap fraud scheme by stockpiling shares in a coal mining company and funding a multi-million dollar promotional campaign to hype the stock while simultaneously dumping their shares and routing the proceeds through offshore accounts.

Ex-U.B.S. Executive Raoul Weil Acquitted in U.S. Tax Cheating Trial
A former top banker who headed global wealth management at UBS AG was found not guilty on Monday on U.S. charges of conspiring with wealthy Americans to hide $20 billion in secret offshore accounts.

Environmental & Energy

Effects of climate change ‘irreversible,’ U.N. panel warns in report
Joby Warrick and Chris Mooney, The Washington Post
The Earth is locked on an “irreversible” course of climatic disruption from the buildup of greenhouse gases in the atmosphere, and the impacts will only worsen unless nations agree to dramatic cuts in pollution, an international panel of climate scientists warned Sunday.

Panel’s Latest Warming Warning Misses Global Slumber Party on Energy Research
Andrew C. Revkin, The New York Times
The year-long rollout of the latest assessment of climate change science and solutions by the Intergovernmental Panel on Climate Change ended today in Copenhagen with the release of a final synthesis report offering an overview of the world’s climate trajectories and choices.

Businesses urged to digest latest IPCC climate science report
Jessica Shankleman, BusinessGreen
Business leaders have been urged to draw on the latest climate science report when mapping out their future investments, by selecting from a “menu” of clean technologies and solutions that will help them cope with a changing climate.


China gears up for options launch
William Mitting – Futures & Options World
“I’ve been coming to China for over a decade and heard talk about the launch of options ever since my first visit, but for the first time today I get the sense that the market is serious about the launch,” said a delegate at last month’s FOW Derivatives World China Options Forum in Dalian, China.

TRADE Asia event to support autism and animal charities in Hong Kong
Simon Osborne – The Trade
The TRADE Asia’s annual awards event takes place in Hong Kong at the Conrad Hotel in one week’s time. The venue is the Conrad Hotel. This year, in a new aim for our awards, we plan to raise money for two charities that operate locally.

South Korea battling for RMB spoils
Rob Hartley – Euromoney Magazine
Backed by its robust trading relationship with China, the east Asian nation is the latest fledgling offshore renminbi hub. Market participants shed light on South Korea’s renminbi bid as internationalization of the Chinese currency gathers pace.

Shenzhen Stock Exchange Signs MOU With Korea Exchange
The Shenzhen Stock Exchange and the Korea Exchange signed a Memorandum of Understanding (MOU) on 27 October, 2014 in Seoul. Mr. Wu Lijun, Chairman of the Shenzhen Stock Exchange and Dr. Kyungsoo Choi, Chairman and CEO of the Korea Exchange signed the MOU representing each exchange.

HKEx: Listing Nominating Committee Seeks Listing Committee Candidates

Taiwan Stock Exchange Invests US$90mln In State-Of-Art, Earthquake Proof Data Center

Thai Bourse Signs MOU With KOFIA On Capital Market Education

Shenzhen Stock Exchange Held 5th Session Of ‘Foreign Investors Approaching Companies Listed On The ChiNext Board’ Activity

Frontier Markets

Cracks in the Brics start to show
Gideon Rachman – Financial Times
Historians may record that Brics mania reached its height during the 2014 football World Cup in Brazil. President Dilma Rousseff used the occasion to host a summit of the leaders of the five Brics: Brazil itself, Russia, India, China and South Africa. The formation of a new Brics development bank was announced, with its headquarters in Shanghai.

Cairo Amman Bank Flash Comment: Financial Statements Of The Third Quarter 2014 For Listed Companies At The Amman Stock Exchange

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