First Read

Steven Schoenfeld

Indexing Israel: Steven Schoenfeld Talks About His Next Index Venture
JohnLothianNews.com
Steven Schoenfeld knows a thing or two about stock indexes as the chief investment officer of BlueStar Indexes and author of the book Active Index Investing. He spoke with John Lothian News editor-in-chief Jim Kharouf about his latest indexes based on Israeli companies and another on Israel’s tech sector. The first is called the BlueStar Israel Invest (BIGI), a comprehensive index launched in 2011 on the top Israeli companies that are traded around the world. The index returned 0.08 percent through September this year. Schoenfeld has also developed a new index focused on Israel’s technology sector, which is among the largest in the world. BlueStar Israel Global Technology Index (BIGTech), features large, mid- cap and small-cap firms listed on the Tel Aviv Stock Exchange, plus those listed on other markets. Through September, BIGTech posted a 13.5 percent gain over the first three quarters of 2013, and was up 12.7 percent over the past five year period. Schoenfeld said there is still much more room for indexes and index growth, despite critics who say the space has been covered.

Watch the video »

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ICAP to hold 21st Annual Global Charity Day on Tuesday, December 3
MarketWatch
ICAP will hold its 21st annual global Charity Day on Tuesday, December 3, 2013. On this day, 100% of ICAP’s revenues and commissions generated globally will be donated to more than 200 charities worldwide. Since the first Charity Day in 1993, ICAP has raised more than $161 million for the benefit of approximately 1,400 well-deserving charities worldwide. Last year’s donation of $18 million was equivalent to approximately 4% of ICAP’s full year pre-tax profit. This year over 40 charities in the US will benefit.
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***DA: We will keep you posted as to which celebrities show up this year. Previous years have featured Bill Clinton, Oprah, Meryl Streep and dozens more.

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CBOE Eyes European And Asian Markets With BT Deal
Jonathan Watkins – FOI
CBOE has allied with BT to offer European clients local access to CBOE’s Volatility Index (Vix) futures contracts and hopes to extend the partnership into the Asian markets.
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***JM: I want to hear Kim Carnes sing, “He’s got Ed Tilly eyes”. No, not really.

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The future of Chicago tech involves options traders in their underwear
MATT PRESENT – Chicago Grid
When Jon Najarian walks into a room, you can tell where he’s been in his life. His handshake testifies to a brief stint as a linebacker for the Bears in 1981. A silver skull ring the size of a half-dollar smacks of the pit trader’s bravado, as Najarian was for much of the eighties. Now a frequent commentator on CNBC’s Fast Money, Najarian has the minor celebrity’s habit of greeting strangers by name, a tendency that’s both warm and a little confusing.
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***DA: I’m one of those guys who needed a change after 20 years trading options on the floor. Now I do this. But John makes me wear pants in the office.

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Object Trading adds OpenMAMA interface to FrontRunner DMA suite
Automated Trader
Object Trading, an independent provider of direct market access, is adding support for NYSE Technologies’ Middleware Agnostic Messaging API (OpenMAMA) to its FrontRunner DMA suite. By adding support for OpenMAMA, Object Trading will enable access to market data via the FrontRunner DMA suite with a single integration into existing OpenMAMA environments.
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***DA: Post merger, NYSE’s OpenMAMA will be combined with ICE’s OpenPAPA platform to create OpenBABY.

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Fines, Without Explaining How They Were Calculated
PETER J. HENNING – NYTimes.com
A standard part of enforcement actions against companies these days is the multimillion-dollar – or even multibillion-dollar – penalty. What can be perplexing is figuring out how those penalties were determined, and whether they have much if any direct relationship to either the gains realized from the violations or the harm inflicted.
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***DA There is a formula, and it involves negotiation, threats of litigation, occasional requests for admissions of guilt, and a dart board.

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Madoff Lieutenant Describes Ploy to Outwit Auditor
WSJ.com
A top lieutenant to Bernard L. Madoff explained in detailed, often colorful testimony the lengths required to maintain the firm’s massive Ponzi scheme, including one incident in which the staff put fake trading records into a refrigerator so an auditor wouldn’t be able to tell they were still warm from having just been printed.
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***JM: The canary’s singing loud and clear, here.

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OneChicago Announces Trading Volume For November 2013
OneChicago Achieves Exchange History Surpassing The 8.3 Million Mark in Year-To-Date Volumes – Volume Increased 31% Over November Of 2012 Driven By Managed Futures Community Diversifying Holdings Using Single Stock Futures
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***JM: December is hereby declared to be, “The Month of Gravy” for OneChicago

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Maxim Returns To Fidessa – Fidessa Uniquely Positioned To Support Today’s Complex Workflows
Fidessa group plc has today announced that US broker-dealer Maxim Group has rejoined its client base. The firm has re-signed for Fidessa’s fully-managed US trading platform to power its sales, market-making, options and international desks.
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***DA: I can’t wait to see Fidessa’s Hot 100 calendar. Oh, sorry. Wrong Maxim.

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Kynetix and Contango join forces on solutions for commodities and EMIR challenges
Kynetix, the specialist technology solutions provider for physical delivery of commodities and fixed income, has announced a partnership with leading independent commodities and derivatives consultancies Contango. The two firms are jointly committed to provide sound product development & technology solutions that will equip the derivatives market with the tools to tackle some of the more complex administrative and reporting challenges posed by EMIR.
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***DA: So… Kynetix and Contango, are they new members of the X-Men?

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Hedge Fund Association and Asset.tv Launch ‘HFA TV’
The Hedge Fund Association and Asset.tv are proud to announce the launch of “HFA TV,” a new online channel featuring over 2,500 videos by hedge fund managers, institutional and high-net worth investors, industry service providers and Asset.tv content partners. HFA TV is now available to watch on demand via The Hedge Fund Association’s website, Asset.tv, and the Bloomberg and Reuters professional networks.
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***JM: Now that Breaking Ba
d is done, it’s good to know that folks still have something to watch.

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Reward offered in Kentucky case of missing bourbon
BRUCE SCHREINER – Associated Press
Authorities trying to solve a distillery heist that netted cases of prized Kentucky bourbon have monitored websites and interviewed more than 100 people since the pricey whiskey was taken weeks ago. Now a cash reward is getting mixed in.
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***JM: Oh, no. No no no. I want a percentage of the loot if I’m going to help find it.

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MarketsWiki

MarketsWiki Page of the Day
Steven Schoenfeld
jlne.ws/IBwNXw

MarketsWiki Recent Updates

People

Steven Schoenfeld; Ros Krasny; Steffen Gemuenden; Ragnhild Kjetland; Jill E. Sommers

Companies, Organizations and Groups

NYSE Liffe U.S.; ALTSO; IntercontinentalExchange Inc.; CME Group, Inc.; Northern Trust; OANDA Corporation; Standard Chartered Bank

Statistics

45,656,179 pages viewed, 7,713 articles, 169,110 edits
MarketsWiki Statistics

Lead Stories

Japan Exchange Group chief Saito seeks derivatives partners
Michelle Price in Hong Kong – Financial News
The chief executive of the Japan Exchange Group, the third-largest exchange in the world by stock market capitalisation, has told Financial News he is looking for foreign partners to help boost the group’s flagging derivatives franchise.
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Asia regulators attack EU over clearing house standards
Jeremy Grant in Singapore – FT.com
Europe has come under attack from Asian market regulators who are warning that the one-size-fits-all tests for clearing houses will hamper business and liquidity in their region.
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Volcker Rule Said Set for Dec. 10 Approval by U.S. Regulators
Jesse Hamilton – Bloomberg
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.
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European Watchdog Warns of Possible Action Against Ratings Agencies
CHAD BRAY – NYTimes.com
A European financial watchdog on Monday left open the door for regulatory action after it said it discovered a series of “shortcomings” in how the major rating agencies assess risk to sovereign debt.
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RBS apologises for Cyber Monday technology breakdown
Lina Saigol – FT.com
Royal Bank of Scotland was forced to apologise for its fourth technology breakdown in two years that left millions of customers unable to pay for goods using their credit or debit cards on the busiest online shopping day of the year.
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***JM: Not just exchanges that have outages…

Swiss Point Man on U.S. Tax Evasion Issue Heads to Washington
MoneyBeat – WSJ
The Swiss Department of Finance said Monday that Jacques de Watteville, who was recently appointed head of the State Secretariat for International Financial Matters, is in Washington through Wednesday for inaugural visits with the U.S. Department of Justice, Internal Revenue Service and other officials.
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Regulation and equities boost employment in the City
David Thomas – Financial News
Equities and regulatory staff will be looking forward to a more secure Christmas after new roles in those sectors helped to boost the number of new financial sector jobs in London by around 38% in November, compared with a year ago.
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LME IT chief warms to HKEx taskr
Dan Barnes – Techvision – The Banker
Chief technology officer Robin Paine is insourcing the London Metal Exchange’s IT function to fit its future as part of Hong Kong Exchanges and Clearing. He tells The Banker how the complex transformation is taking place.
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Regulatory

Comment: EU derivatives measures worry Asian policy makers
Mark Austen – FT.com
Asian financial market policy makers are becoming increasingly concerned with extraterritorial measures emanating not from the US, but from Europe. While swaps dealer registration, swap execution facilities and the Volcker rule have grabbed the attention, there are a number of developments in Europe that are causing as much consternation – if not more – in Asia.
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ESMA: ‘Get the raters!’
Paul Murphy | FT Alphaville
Having had a preliminary, generalised go at the big three credit rating agencies back in the spring, ESMA has now zero-ed in on sovereign ratings. The findings would appear to be pretty damaging – and comically hypocritical, in great euroland tradition.
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Exemptions in the balance as Volcker debate draws to a close
Peter Madigan – Risk.net
Two years on from its first draft, the Volcker rule is close to being finalised, but some regulators are still trying to close what they see as loopholes – and dealers see as vital freedoms.
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FMA declares full application of ESMA Guidelines on remuneration policies and practices (MiFID)
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Financial Stability Oversight Council (FSOC) To Meet December 9
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Exchanges & Trading Facilities

CME Group Volume Averaged 12.1 Million Contracts per Day in November 2013, Up 9 Percent from November 2012
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that November 2013 volume averaged 12.1 million contracts per day, up 9 percent compared with November 2012. Total volume for November 2013 was more than 241 million contracts, of which 87 percent was traded electronically.
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CBOE Holdings Reports November Volume
CBOE Holdings, Inc. reported today that November trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange totaled 91.90 million contracts. Average daily volume was nearly 4.60 million contracts, a six-percent increase from November 2012 and a 16-percent decrease from October 2013.
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CBOE Futures Exchange Reports November Trading Volume
Over 2.5 Million Contracts Traded – Phase II Of Extended Trading Hours Launched – Futures On Russell 2000 Volatility Index Listed
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ISE Reports Business Activity for November 2013
The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.6 million contracts in November 2013 for its two exchanges, ISE and ISE Gemini. This represents 18.2% of U.S. equity options market share. ISE Gemini ADV increased by 3.2% from October 2013 to November 2013.
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Average Daily Volume Of 7.5 Million Contracts At Eurex Group In November
In November 2013, the international derivatives markets of Eurex Group recorded an average daily volume of 7.4 million contracts (November 2012: 7.5 million). Of those, 4.9 million were Eurex Exchange contracts (November 2012: 5.0 million), and 2.6 million contracts (November 2012: 2.5 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 103.4 million contracts were traded at Eurex Exchange and 51.2 million at ISE.
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Turnover At Deutsche Börse’s Cash Markets At 92.9 Billion Euros In November
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at E92.9 billion in November (November 2012: E87.9 billion). Of the E92.9 billion, E83.4 billion were attributable to Xetra (November 2012: E80.8 billion). E4.8 billion were attributable to the Frankfurt Stock Exchange (November 2012: E4.4 billion). Order book turnover on Tradegate Exchange* totalled approximately E4.7 billion in November (November 2012: E2.8 billion).
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The Options Industry Council Announces November Options Volume Decreased 6 Percent
The Options Industry Council (OIC) announced today that 314,465,376 total options contracts traded in November, down 6.28 percent compared to last November when 335,527,473 contracts were traded.
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MGEX Hits Top 15 Record Electronic Volume Month – Record AJC Volume
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports November was a top 15 record electronic volume month. Additionally, November was the 22nd highest volume month in the history of MGEX. Total Exchange volume was reported at 164,845, with 132,930 of that being electronic. This volume represents a 28 percent increase over November 2012. Open interest came in at 58,739, a 32 percent increase over November 2012.
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SGX derivatives trading and clearing volumes grow
Derivatives trading and clearing activities on the Singapore Exchange (SGX) grew in October from a year earlier while securities trading declined. Record-high open interest was achieved in the derivatives market during the month. A total of 48 bonds raising USD16.5bn were listed. The biggest debt listed was Origin Energy Finance’s EUR800m bond. Derivatives volume rose 20 per cent year-on-year to 8.5 million contracts.
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NASDAQ OMX Trading Statistics November 2013
NASDAQ OMX today publishes monthly trade statistics for the Nordic and Baltic markets. Below follows a summary of the statistics for November 2013:
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The Spanish Stock Exchange Traded E67 Bn. In November, Up 59% Year On Year
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Key figures for SIX Swiss Exchange and Scoach Switzerland: November 2013
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Moscow Exchange November Trading Volumes
Turnover on Moscow Exchange increased 2.8% YoY in November to RUB 33,736 bln.
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Trading On WSE: November 2013
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New Zealand Bourse Hiring on Surge in Share Sales, Trading
Adam Haigh – Bloomberg
NZX Ltd. (NZX) plans to hire five people in Auckland next year, expanding amid record trading volume on New Zealand’s stock exchange and a surge in capital raising.
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Direct Edge Trading Notice #13-49: Introducing New Enhancements To EdgeRisk Controls For EDGA And EDGX Exchanges
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SIX Swiss Exchange Practice Of Disclosure Office
Two new notices have been issued clarifying the disclosure requirements for financial instruments and in relation to groups.
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Hedge Funds & Managed Futures

Hedge funds go mainstream
Harriet Agnew – Financial News
Hedge funds, once the province of the super rich chasing benchmark-beating returns, are going mainstream.
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A Second Act for a Top Wall Street Strategist
NYTimes.com
J. Tomilson Hill was a well-known Wall Street deal maker in the 1980s, a skilled merger tactician whose work on the bidding war for RJR Nabisco earned him a role in the book “Barbarians at the Gate,” which memorably said he came across to enemies as “an oiled-back Gordon Gekko haircut atop 5 feet, 10 inches of icy Protestant reserve.”
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Clifford Asness: Top 10 Investing Pet Peeves
Steven Russolillo – MoneyBeat – WSJ
Clifford Asness, founding principal at AQR Capital Management, a Connecticut hedge fund, has a myriad of investing pet peeves he’d love to see fade into oblivion. “Saying I have a pet peeve, or some pet peeves, just doesn’t do it,” Mr. Asness wrote in in the Financial Analysts Journal. “I have a menagerie of peeves, a veritable zoo of them.”
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Blackstone hand wins to investors with 2013 IPOs
Maureen Farrell – MoneyBeat – WSJ
Blackstone’s 2013 IPO track record might be a good sign for investors in Hilton’s public offering. The private-equity giant has sold shares of five portfolio companies to investors in 2013, and in four of five of those IPOs, public investors have seen double digit gains.
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CalPERS Launches Search For General Counsel
The California Public Employees’ Retirement System (CalPERS) is seeking a visionary in the legal profession for the role of General Counsel to serve as a critical member of the organization’s Executive Team in support of CalPERS pension and health care programs.
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CFTC Commitments Of Traders Reports Update
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Banks & Brokers

Investment bankers braced for lower bonuses
Daniel Schäfer and Camilla Hall – FT.com
Investment bankers are bracing themselves for another drop in bonuses as their employers continue to shift resources from staff to shareholders.
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Investment Banking’s 2013 Rising Stars
Darren Lazarus and Matt Turner – MoneyBeat – WSJ
What does it take to be a rising star in the capital markets? After a prolonged period of redundancies, restructurings and retrenchment, as investment banks have begun to see a revival in the capital markets, who are the bright young things who’ll be front and center during the comeback?
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Goldman and JPMorgan Satisfy Fed With Capital Plans
PETER EAVIS – NYTimes.com
Goldman Sachs and JPMorgan Chase have finally overcome a regulatory rebuke that had been hanging over both banks since the Federal Reserve performed stress tests this year on large financial firms.
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Lloyds Bank Names New Chairman
CHAD BRAY – NYTimes.com
The Lloyds Banking Group, the bailed-out British bank, said on Monday that Norman Blackwell would become its chairman next year, succeeding Winfried Bischoff, who is scheduled to retire in April.
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Bank of America to pay Freddie Mac $404 million in mortgage settlement
Reuters
Bank of America Corp will pay $404 million to Freddie Mac to resolve all repurchase liabilities on home loans sold to the government-controlled mortgage company from 2000 to 2009, the bank said on Monday.
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Citigroup’s Keefe moving to Japan
Reuters
Citigroup’s head of origination and banking of the securitized products business, Gerald Keefe, has been appointed as the bank’s new corporate bank head in Japan, effective January 1, according to an internal memo seen by IFR.
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OANDA Corporation Appoints New President And Chief Executive Officer
OANDA Corporation, the global pioneer in foreign exchange trading services, today announced the appointment of industry veteran Edmond Eger III as President and CEO.
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Clearing & Settlement

OCC Cleared Contract Volume Declined 6% In November While Year-To-Date Volume Is Up 3%
OCC announced today that cleared contract volume in November reached 318,233,056 contracts, a 6 percent decrease from the November 2012 volume of 339,206,527 contracts. Despite this monthly volume decline, OCC reported a year-to-date increase in options, futures and securities lending activity. OCC’s year-to-date total cleared contract volume reached 3,844,949,842 contracts in November, up 3 percent from 2012.
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Javelin SEF Narrows MAT Filing, Citing Operational and Buy-Side Readiness
Ivy Schmerken – Wall Street & Technology
Based on feedback from buy-side institutions and operational issues with pre-trade credit checking, Javelin SEF has simplified its CFTC filing to focus on the most obvious kinds of swap transactions, known as benchmarks.
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UK share settlement to be cut to two days
Philip Stafford – FT.com
Settlement times for equities traded in the UK and Ireland will be shortened to two days in preparation for incoming European regulations intended to harmonise the region’s settlement cycles. Euroclear UK & Ireland, which runs the UK settlement house Crest, said on Monday it would cut the standard securities settlement cycle for the UK and Ireland by a day from October 6.
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DTCC Establishes Requirements For Registered Investment Companies To Become Members Of Its Government Securities Division (GSD)
Buy-Side Market Participants To Benefit From Reduced Counterparty And Systemic Risk As Members Of GSD
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CME Group Clearing: December 2013 Currency Delivery Reminders
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Indexes & Products

Bond Investors Aim to Break Index Chains
WSJ.com
As the bond market falters, investors are seeking shelter in funds that aren’t tied to indexes. These bonds funds are known as “unconstrained,” “go-anywhere,” “absolute return” or “flexible” funds, and they are gaining in popularity on both sides of the Atlantic as investors anticipate the Federal Reserve reducing, or tapering, its bond-purchase program.
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S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – A Deletion From The S&P/TSX Composite Index
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Component Change Made In STOXX Asia/Pacific 50 Index – Changes Are Due To Fast Entry Rule
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Revised Lists Of The Moscow Exchange Indices Announced
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Technology

Japan’s Largest Online Broker SBI Securities Selects MarketPrizm’s Ultra-Low Latency Market Data For Smart Order Routing
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Eze Software Group upgrades portfolio management system
Eze Software Group, a premier provider of global investment technology, today announced a new release of the Tradar PMS, its award-winning portfolio management system for global buy-side institutions.
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Enforcement

Witness Tells of Pressure From SAC Trader to Get More Insider Data
NYTimes.com
Between 2007 and 2009, Jon Horvath developed a regular routine as a trader at SAC Capital Advisors: obtaining confidential information about Dell Inc.’s financial results well before the computer company’s quarterly disclosures. And those efforts, Mr. Horvath detailed for a jury on Monday in a Manhattan federal district courtroom, were made with the full knowledge of his boss, Michael S. Steinberg.
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Environmental & Energy

PGE joins as a new Liquidity Provider at EEX
The European Energy Exchange (EEX) welcomes Polska Grupa Energetyczna S.A. (PGE) as a new Liquidity Provider on the Spot Market for EU allowances (EUA). PGE, which recently joined as a trading participant on EEX, will quote on the EUA Secondary Spot Market and support liquidity in this market.
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Asia-Pacific

KRX to launch gold exchange in March 2014
Kang Yoon-seung – Yonhap
South Korea’s bourse operator said Tuesday it plans to launch an easily accessible gold exchange market in March of next year to improve transparency in trading and generate new financial opportunities.
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Dalian Commodity Exchange: Fiberboard, Blockboard Futures Contracts To Be Listed On December 6
On November 29, Dalian Commodity Exchange (DCE) released the “Notice on Relevant Matters over Trading of Fiberboard and Blockboard Futures Contracts” and decided that the fiberboard and blockboard futures contracts will be listed for trading since December 6 (Friday), 2013. The listing of the “two boards” will add the number of Chinese futures products to 40 and will fill in the product gap, making domestic agricultural futures products expand to the brand new field of forestry.
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Profile: Hans Sicat Philippine Stock Exchange
Alex Davis – Risk.net
PSE chief Hans Sicat views cross-border partnerships as vital for development of Asean exchanges, although domestic regulation creates some obstacles
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Markit Selected by ASIFMA for Hong Kong Electronic Equities Compliance
WatersTechnology
The financial information provider’s Counterparty Manager technology will be deployed by buy-side and brokerage members of the Asia Securities Industry and Financial Markets Association ahead of new Hong Kong Securities and Futures Commission (SFC) rules requiring supervision and risk management of electronic trading systems.
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China’s Yuan Rises to Second Spot in Trade Finance
Anjani Trivedi – MoneyBeat – WSJ
China’s yuan is now second only to the U.S. dollar in global trade finance, overtaking the euro.
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Korea Securities Depository (KSD) And Clearstream Agree On Investment Fund Cooperation
Cross-Border Fund Distribution Support Services Will Be Expanded By Linking Fund Processing Platforms Fundnet And Vestima – Cooperation To Facilitate Investments From International Investors Into Korean Domiciled Investment Funds – Link To Go Live In 2014
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Hong Kong’s Securities and Futures Commission Publishes Annual Review Of SEHK’s Performance In Regulating Listing Matters
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Frontier Markets

Bursa Malaysia Derivatives Surpasses All Time Historical High Of 10 Million Annual Volume Mark
Bursa Malaysia Derivatives (BMD), a subsidiary of Bursa Malaysia Berhad, surpassed 10 million annual contracts yesterday (Monday, 2 Dec 2013), an all time historical high record for the Malaysian derivatives market.
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DME sets new trading records
DME (Dubai Mercantile Exchange) today announced record average daily trading volumes of 7,450 lots in November 2013, equivalent to almost 7.5 million barrels of crude oil per day.
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Jignesh Shah cannot plead ignorance of NSEL fraud: MMTC
Ashmit Kumar – Moneycontrol.com
State-owned MMTC, which had loaned Rs 228 crore on the scam-hit National Spot Exchange, has argued before the Bombay High Court that Jignesh Shah cannot plead ignorance, reports CNBC-TV18.
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