First Read

Welcome to 1984: 30 Years of Innovation at SGX
Doug Ashburn – JLN
The Singapore Exchange is celebrating the 30th Anniversary of its forerunner, the Singapore International Monetary Exchange (SIMEX) with a video documentary entitled Founding Futures – The Making of a Global Exchange. If you have 18 minutes to spare, I encourage you to check it out. If not, at least click over and watch the two-minute trailer.

Watch the Video

The video strikes a chord with futures market veterans as we recall the many ways in which SGX/SIMEX was at the forefront of the events that shaped the market these past few decades.

The deal between SIMEX and the Chicago Mercantile Exchange marked the first international exchange link-up, and the September 1984 listing of Eurodollar futures was the first to offer mutual offset – a major innovation that allowed round-the-clock liquidity in the pre-electronic age.

On Friday, October 16, 1987, the U.S. stock market suffered a late afternoon meltdown, and by the weekend, the world knew that Monday, October 19, would be ugly. When other Asian markets decided against opening that day, SIMEX was the only exchange brave enough (or crazy enough, or both) to open. The market took a brutal pounding but, in the end, the price discovery and risk transfer functions worked as intended, a watershed event for SIMEX.

SIMEX maneuvered through another scare eight years later, when Barings Bank’s Nick Leeson accumulated massive positions in Nikkei futures and other SIMEX products, ultimately losing $1.4 billion and leading to the collapse of Barings. SIMEX again was given credit for managing the crisis well.

John Lothian Productions assisted in the making of the video by interviewing a number of people here in the U.S. who shared their involvement with SIMEX, including CME Group chairman emeritus Leo Melamed, Bill Brodsky, who was president and CEO of CME Group in those early days of SIMEX, and Steven Schoenfeld, a fund manager who was a budding young trader in the Nikkei futures pit during the 1987 crash. The video also features numerous current and former SGX executives.

SGXFoundingFutures

Now, here’s the funny part. A copy of the documentary was shipped to us last week, and when we opened the box, we were surprised to see it was sent on a VHS tape. “Welcome to 1984,” we thought. After having a good laugh about the format, given that SGX is on the technological cutting edge, and how we were going to have to blow the dust off of the VCR in the basement, we took the tape out of its sleeve. It turns out that the tape (pictured above) is actually a flash drive with an embedded video screen. It is perhaps the coolest piece of company swag ever.

Well played, SGX. And congratulations on reaching this milestone.

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Chinese stocks slide after Beijing tightens rules on loans
By Shen Hong, Bloomberg
SHANGHAI — China’s stocks, currency and corporate bonds suffered their largest tumbles in years Tuesday after Beijing took fresh steps to rein in growing risks in the country’s debt-laden financial system.
jlne.ws/1Iu8INj

***** Good morning to you too.

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Supervisory board of Eurex Clearing appoints two new members
Deutsche Boerse
Eurex Clearing: Since early December, the supervisory board of Eurex Clearing AG comprises two new members: Roselyne Renel and Clifford Lewis. The new board members replace those members – Richard Berliand, Reto Francioni and William Templer – , who stepped down earlier this year due to regulatory requirements or on own request.
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***** Bill Templer, Richard Berliand and Reto Francioni all exit and the incomparable Cliff Lewis joins, along with Roselyne Renel.

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ICE Announces Pricing for Placement of Residual Euronext stake; Total proceeds of EUR96.8 million
ICE press release
Intercontinental Exchange Inc. announced today the pricing of the placement of 4.2 million shares in Euronext N.V., representing approximately 6% of Euronext’s share capital, by way of an accelerated book-building to institutional investors.
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***** ICE holds Euronext no more.

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The Head Of Russia’s Second-Largest Bank Has Threatened To Punch Anyone Who Accuses His Firm Of Currency Speculation
By Tomas Hirst, Business Insider
The head of Russia’s second-largest bank on Friday threatened to “fist fight” anyone who accused his firm of speculation against the rouble. Andrei Kostin, the head of state-owned VTB bank, told TV channel Russia-24 that he rejected the “completely unfounded allegations” that his company was involved in betting against the currency.
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***** Don’t bring your fists to a knife fight.

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Stuart McClymont, managing director, JDX Consulting – Financial Services Infrastructure
JohnLothianNews.com

“We’ve got lots of people and lots of different technologies, but we’ve got common problems; common issues that try to reduce the amount of duplication and operation processes for a common function.”

Stuart McClymont, managing director at JDX Consulting, explains the infrastructure for financial services. He gives a brief history of how the industry functioned without today’s technology, and then delves into how the technology boom in the 90’s created an influx of new opportunities for the markets and its participants. One key point was how companies needed to collaborate more together in order to use new technology efficiently. McClymont also touches on opportunities for the future and where the industry is headed from here.

Watch the video »

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How the Bankruptcy Code Should Treat All Derivatives
By Stephen J. Lubben, New York Times
The American Bankruptcy Institute released its anticipated report on Monday on how Chapter 11 laws should be reformed and updated.
jlne.ws/1znAK8P

***** With respect and politeness.

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Jack Bogle: I Wouldn’t Risk Investing Outside the U.S.
By Carla Fried, Bloomberg
Michael Jordan’s statue is outside the Chicago Bulls’ United Center Stadium. Willie Mays Jr.’s statute is on the gr
ounds of the San Francisco Giants’ AT&T Park. They are tributes to game-changing careers, both for their teams and for their leagues. Jack Bogle is another game changer. His bronze likeness is on the campus of Vanguard headquarters in Valley Forge, Pennsylvania, testament to his pioneering role in bringing low-cost investing to the masses.
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****** Jack Bogle is an old guy who should be mostly in cash.

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This is why Americans are overweight and broke
By Catey Hill, Marketwatch
If your waistline is expanding while your bank account is shrinking, a new survey may have uncovered the caloric culprit. According to a survey of more than 1,123 American workers released Tuesday by Principal Financial Group, two in three Americans said they blew their budget in 2014 — and it’s Americans’ appetites for food that are the main causes for this budget busting.
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***** What about the booze?

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Clear Skies Ahead: Terry Duffy of CME Group Says Clearing Is Industry Driver
JohnLothianNews.com

With the bulk of US financial reforms now in place, financial markets appear to be pulling out of their doldrums. Terry Duffy, executive chairman and president of CME Group, spoke with Jim Kharouf, editor-in-chief of John Lothian News, about his outlook for the exchange and the strong prospects for growth in the futures markets.

“The industry is really exciting right now,” Duffy said. “We’ve been going through some difficult years like all financial markets have. Now we’re getting some clarity around the rules especially here in the US and that’s very positive.”

Duffy said CME Group stands to gain from the migration of OTC trades onto exchange platforms with centralized clearing, especially in the wake of new rules and capital requirements for banks in Europe.

Watch the video »

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MarketsWiki

MarketsWiki Page of the Day
Shanghai Stock Exchange

MarketsWiki Recent Updates

People

Lee Griggs; Jeff Carter; Miriam Heywood

Companies, Organizations and Groups

Orc Group; Great Wall Futures Co., Ltd.; Shanghai Stock Exchange; London Metal Exchange

Products

Orc Market Maker; Orc Liquidator; Orc Trader; CME Group Wheat

Miscellaneous

Foreign Exchange Professionals Association (FXPA)

Statistics

55,985,386 pages viewed, 8,106 articles, 187,406 edits
MarketsWiki Statistics

Lead Stories

Light-Speed Treasury Trading Governed by Rules Dating to 1998
By Matthew Leising, Bloomberg
The last time regulators took a hard look at how Wall Street trades Treasuries, a little company called Google Inc. was just starting out. That was 1998, and the technological leaps since then — including ones that are now transforming bond markets — have left government overseers in the dust. In particular, executives from three of the biggest market-making firms say an electronic bait-and-switch tactic known as spoofing, which is already the focus of a manipulation allegation at a futures exchange, needs to be investigated in cash Treasuries.
jlne.ws/1G9ALPN

SEC Seeking S&P’s Suspension From Rating Commercial Mortgage Bonds
By Matt Robinson and Dave Michaels, Bloomberg
The U.S. Securities & Exchange Commission is seeking to suspend Standard & Poor’s from grading commercial-mortgage bonds in what would be the agency’s toughest action yet against a major credit rater, a person with knowledge of the matter said.
S&P parent McGraw Hill Financial Inc. (MHFI) is still in talks over a possible settlement with the SEC, which has been investigating whether the firm bent rating criteria to win business in 2011, said the person, who asked not to be named because the talks aren’t public.
jlne.ws/1ufCx9G

Greek shares tumble on snap election
Robin Wigglesworth, FT
The Greek stock market plunged 10.7 per cent on Tuesday — its biggest tumble since 1987 — after investors were spooked by the possibility of the radical left Syriza party coming to power in Athens.
jlne.ws/1vzxuRU

IEX Chief Strategy Officer: Our ‘Magic Shoebox’ Doesn’t Make Us Anti-HFT
Waterstechnology.com
Ronan Ryan, chief strategy officer at aspiring dark pool IEX, gave one of the more colorful keynotes in recent years at today’s Waters USA conference in New York.
jlne.ws/1vzG7Mf

How Much Does My FX Trading Cost?
By Minor Huffman, Wall Street & Technology
The expansion of platforms for trading exacerbates the challenge of understanding where the true market for an instrument stands and how to execute the trade to achieve the lowest total transaction cost.
jlne.ws/1G9JBgA

FENICS Provides FX Options Solutions to MoneyCorp; Currency Exchange Broker to lease FENICS Professional
Finextra
FENICS, a leading provider of FX options software, announced today that TTT MoneyCorp Ltd, the UK’s leading independent foreign currency exchange broker, has licensed FENICS ProfessionalTM, a FX derivatives pricing and risk management system, to support the expanding range of foreign exchange products and services offered to its clients.
jlne.ws/1yZQRsd

India should allow banks to hold gold as reserves: World Gold Council
Reuters
India should allow banks to use gold as part of their liquidity reserves, which would let them make more use of gold inside the country and reduce the need for imports, an industry body said on Tuesday, seeing that as an alternative to import curbs.
jlne.ws/132pPpe

Former Banker to Go on Trial for Allegedly Breaking Swiss Bank Secrecy Law; Rudolf Elmer Could Face Jail Over Case Involving Julius Baer Group and WikiLeaks
By John Letzing, WSJ
Many Swiss bankers are under fire for providing secret accounts. Now one former banker could face a lengthy prison sentence for his bid to poke holes in Swiss secrecy.
jlne.ws/1vJbLfr

Former Madoff Operations Director Sentenced to 10 Years in Prison; Daniel Bonventre Is First of Five Former Madoff Employees Facing Sentencing This Week
By Christopher M. Matthews, WSJ
One of Bernard Madoff ‘s longtime lieutenants was sentenced to 10 years in prison on Monday for aiding one of the largest financial frauds in U.S. history with “his meticulous bookkeeping and averted eye.”
jlne.ws/1z2cSGM

Snapchat poaches Credit Suisse banker who led Alibaba IPO
Arash Massoudi in New York and Tim Bradshaw in San Francisco, FT
Imran Khan, the Credit Suisse banker who led Alibaba’s record-setting initial public offering earlier this year, is leaving the bank for the fast-growing messaging app Snapchat.
jlne.ws/162vRax

Regulatory

CFTC Bans Credit Card Use by Retail Foreign Exchange Investors
By David Evans, Bloomberg
The Commodity Futures Trading Commission has imposed a ban on investors using credit cards to pay for their foreign exchange trades placed with U.S. retail currency brokers, effective Jan. 31, 2015.
jlne.ws/1D2VRkI

With Bank of America Order, S.E.C. Breaks the Mold
By Peter J. Henning, New York Times
The recidivism rate among companies caught violating securities laws can be a bit disheartening. Despite settlements that include corporate proclamations of a commitment to compliance, the same names seem to appear again and again in settlements for new violations. The Securities and Exchange Commission has recently taken a small step toward making the cost of a violation a bit steeper by refusing to give companies a free pass.
jlne.ws/1ufM2Wx

SEC Official Proposes Step Toward Global Accounting Rules; Agency’s Chief Accountant Plans Recommendation in Next Few Months
By Michael Rapoport, WSJ
U.S. companies might eventually be allowed to provide financial information under global accounting rules to supplement their main financial statements calculated under U.S. rules, a top regulatory official suggested Monday.
jlne.ws/1wbCgIU

Goldman must pay two brokers $7.6 mln for wrongful termination -panel
By Suzanne Barlyn, Reuters
Goldman Sachs Group Inc must pay $7.6 million to two Los Angeles brokers who said the company wrongfully terminated them, a securities arbitration panel ruled.
jlne.ws/1D39kJq

FCA senior bonuses to be cancelled after insurance investigation
Anna Fedorova, InvestmentWeek
Members of the executive committee at the Financial Conduct Authority (FCA) stand to lose their bonuses over the blunder that caused a collapse in prices of large insurance companies, according to reports.
jlne.ws/162GbiU

SEC Speeches
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Brian T. Croteau
Remarks before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Christopher F. Rogers
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Kevin M. Stout
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Carlton E. Tartar
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Steve Mack
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Dan Murdock
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Julie A. Erhardt
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by Hillary H. Salo
Remarks Before the 2014 AICPA National Conference on Current SEC and PCAOB Developments by James Schnurr
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Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
BOX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adjust the Fees and Credits for Complex Orders Executed Against Orders on the BOX Book (Release No. 34-73753; File No. SR-BOX-2014-26; December 5, 2014); see also Exhibit 5
CME: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Fee Schedule Applicable to its OTC Credit Default Swap Clearing Offering (Release No. 34-73752; File No. SR-CME-2014-55; December 5, 2014)
EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Eliminate Reference to the EdgeRisk Gateway in Rule 13.10 of EDGA Exchange, Inc. (Release No. 34-73761; File No. SR-EDGA-2014-29; December 5, 2014)
EDGA: EDGX Exchange Fee Schedule
EDGA: EDGA Exchange Fee Schedule
EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the EdgeBook Cloud Service on EDGA Exchange, Inc. (Release No. 34-73759; File No. SR-EDGA-2014-30; December 5, 2014); see also Exhibit 5
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Eliminate Reference to the EdgeRisk Gateway in Rule 13.10 of EDGX Exchange, Inc. (Release No. 34-73760; File No. SR-EDGX-2014-29; December 5, 2014)
EDGX: EDGX Exchange Fee Schedule
EDGX: EDGA Exchange Fee Schedule
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the EdgeBook Cloud Service on EDGX Exchange, Inc. (Release No. 34-73758; File No. SR-EDGX-2014-30; December 5, 2014); see also Exhibit 5
FICC: Notice of Filing of Advance Notices, as Amended, to Amend and Restate the Third Amended and Restated Shareholders Agreement, Dated as of December 7, 2005 (Release No. 34-73755; File Nos. SR-FICC-2014-810, SR-NSCC-2014-811, SR-DTC-2014-812; December 5, 2014)
FINRA: Notice of Filing of a Proposed Rule Change to Amend TRACE Rules to Require Members to Identify Transactions with Non-Member Affiliates and to Change How FINRA Disseminates a Subset of Such Transactions (Release No. 34-73762; File No. SR-FINRA-2014-050; December 5, 2014); see also Exhibit 5
ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Penny Pilot Program (Release No. 34-73757; File No. SR-ISE-2014-55; December 5, 2014); see also Exhibit 5
ISEGemini: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Penny Pilot Program (Release No. 34-73756; File No. SR-ISEGemini-2014-29; December 5, 2014)
MSRB: Order Granting Approval of a Proposed Rule Change Consisting of Rule G-18, on Best Execution of Transactions in Municipal Securities, and Amendments to Rule G-48, on Transactions with Sophisticated Municipal Market Professionals (“SMMP”), and Rule D-15, on the Definition of SMMP (Release No. 34-73764; File No. SR-MSRB-2014-07; December 5, 2014)
OCC: Notice of Filing of Advance Notice Concerning Modifications to Back Testing Procedures in Order to Enhance Monitoring of Margin Coverage and Model Risk Exposure (Release No. 34-73749; File No. SR-OCC-2014-810; December 5, 2014)
jlne.ws/1eCTnOv

ASIC crackdown stops another payday lender from overcharging consumers
ASIC
ASIC crackdown stops another payday lender from overcharging consumers

ASIC to investigate interest-only loans
ASIC
ASIC will conduct a surveillance into the provision of interest-only loans as part of a broader review by regulators into home-lending standards.
jlne.ws/12msr0m

Exchanges & Trading Facilities

CME Group Inc. Announces Date of Fourth-Quarter 2014 Earnings Release, Conference Call
CME Group
CHICAGO, Dec. 8, 2014 /PRNewswire/ — CME Group Inc. will announce earnings for the fourth quarter of 2014 before the markets open on Tuesday, February 3, 2015. The company has scheduled an investor conference call that day at 7:30 a.m. Central time.
jlne.ws/1s8x8XG

BME To Open A New Point Of Access To The Spanish Stock Market In London – It Will Increase The Speed Of Access To The Spanish Stock Exchange For Investors In London
MondoVisione
BME, through its technological subsidiary, Visual Trader, will open a new point of access to the Spanish stock market in London, equipped with the necessary communications infrastructure for investors to connect to the Spanish electronic equity (SIBE) and derivatives (SMART) trading platforms. The new gateway will be operational in late January 2015.
jlne.ws/1vJbbOx

CME Group Chief Executive Officer to Present at Goldman Sachs Conference December 9
CME Group
CME Group announced today that Chief Executive Officer Phupinder Gill will present at the Goldman Sachs US Financial Services Conference 2014, in New York, on Tuesday, December 9, 2014, at 2:00 p.m. (Eastern Time).
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CME Group Notices
Product Modification: Suppression of previously listed contract months for a Gasoil Futures on NYMEX
Market Regulation Advisories
Application for Ethanol Regularity
Application for Wheat Regularity
Withdrawal of Regularity in Soybean Meal
Delisting Three (3) Electricity Options
USD Data Refresh Postponed
New CME CDS Margin Model Release Deployment Delay
Delisting of Certain Contract Months of the NY Harbor ULSD vs. Gasoil Futures Contract
jlne.ws/1yiRpvt

Payment systems: the regulatory challenge
Author: Hannah Nixon, FCA
Speech by Hannah Nixon, managing director of the Payment Systems Regulator (PSR), at the European Payments Regulation Conference, 3 December 2014, London. This is the text of the speech as drafted, which may differ from the delivered version.
jlne.ws/1G9wvjh

Hedge Funds & Managed Futures

Goldman Unveils Backup Stock-Market Forecast If Rates Stay This Low
By Alexandra Scaggs, WSJ
Wall Street strategists were caught off-guard by this year’s low interest rates. So for next year, Goldman Sachs Group Inc.GS +0.60%’s David Kostin has a contingency plan.
jlne.ws/132wwHW

IPXI Announces Dec. 16 Webinars for Multi-Party Offering of Standard Essential Patents Related to 802.11n Wireless Technology
IPXI
CHICAGO, Dec. 9, 2014 – Intellectual Property Exchange International, Inc. (IPXI), the world’s first financial exchange for licensing and trading intellectual property (IP) rights, announced today that it will conduct three public webinar presentations on Dec. 16 to provide important details on its recently announced Unit License Right (ULR) offering of patents essential to the world’s most widely adopted standard protocol for wireless technology. The WFN1 offering of ULR contracts includes patent rights owned by eight leading organizations whose patents have been independently determined to be essential to the IEEE 802.11n standard used in wireless local area network (WLAN) communications.
jlne.ws/1z2qDVQ

How Fund Investors Can Play the Rising Dollar; Some Funds With Currency Protection Could Be a Good Bet Now
By Chana R. Schoenberger
The U.S. dollar is poised to get stronger next year. And fund investors should make sure their portfolios are prepared for it.
Currency swings can make a big impact on funds and ETFs, even if they’re invested in stocks. A strong dollar can weaken the sales numbers for domestic companies that do a lot of business overseas—and potentially drive down their share price. And a rising U.S. currency can affect international holdings in a number of ways, such as making shares worth less when exchanged into dollars.
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Banks & Brokers

Large Banks Face U.S. Tougher-Than-Global Capital Rule
By Jesse Hamilton, Ian Katz and Yalman Onaran, Bloomberg
Eight of the biggest U.S. banks are about to find out just how risky the Federal Reserve thinks they really are.
jlne.ws/1yvU450

Wealth Adviser: Raymond James Takes on the Big Brokerages
by Patrick Graham, WSJ MoneyBeat
Raymond James Financial opened its first New York City office last week as it seeks to transform itself from a regional brokerage into a serious competitor to giants such as Merrill Lynch and Morgan Stanley Wealth Management, Wealth Adviser at WSJ.com reports. The plan includes exploiting the disillusionment of wirehouse advisers who bemoan a culture change ever since their firms were taken over by the big banks during the financial crisis. For example, Pennsylvania-based adviser Samuel Spanos and his team defected from Merrill to Raymond James last week, noting his dislike of management pushing advisers to offload less wealthy clients. “The first 29 years were great,” he says of his career at Merrill prior to its acquisition by Bank of America. “But I believe the goals of the bank and the goals of my clients were going in different directions.”
jlne.ws/1z2mfGz

Deutsche tests investor patience with no-surrender strategy
By Thomas Atkins and Kathrin Jones, Reuters
Deutsche Bank’s (DBKGn.DE) determination to be the last European in the upper echelons of global investment banking is an expensive waiting game for investors.
jlne.ws/1s8reWK

U.S. Sues Deutsche Bank Over Tax Payments; Justice Department Says German Bank Owes More Than $190 Million in Taxes
By Saabira Chaudhuri And Christopher M. Matthews, WSJ
The Justice Department has sued Deutsche Bank AG over allegations of tax fraud, saying the German lender owes taxes and penalties amounting to more than $190 million over a transaction that took place more than a decade ago.
jlne.ws/1G9yzYC

Clearing & Settlement

Eurex Clearing welcomes new supervisory board members
ISE-Mag
The Eurex Clearing supervisory board has appointed Roselyne Renel and Clifford Lewis to replace Richard Berliand, Reto Francioni and William Templer.
jlne.ws/1D36X9t

HKFE Announces Revised Margins for Futures Contracts
HKEx
jlne.ws/1nMsKqI

HKEx Explains Daily Quota Balance Calculations and Turnover under Shanghai-Hong Kong Stock Connect
HKEx
In response to media enquiries about the daily quota balance under Shanghai-Hong Kong Stock Connect going above the daily quota, Hong Kong Exchanges and Clearing Limited (HKEx) wishes to explain how the quota balance is calculated.
jlne.ws/1wbyG1C

Indexes & Products

China Stocks, Currency and Corporate Bonds Fall; Lower-Graded Corporate Bonds Banned as Short-Term Collateral
By Shen Hong, WSJ
SHANGHAI—China’s stocks, currency and corporate bonds suffered their largest tumbles in years Tuesday after Beijing took fresh steps to rein in growing risks in the country’s debt-laden financial system.
jlne.ws/1ufQpSg

NZX: Smartshares To Launch 2 New Etfs, Appoints ETF Market Maker
Mondovisione
Smartshares, NZX’s funds management business, is pleased to announce that it has registered a prospectus for the launch of two new Smartshares Exchange Traded Funds (ETFs).
jlne.ws/1z2svOr

Technology

SunGard Completes Insurance BI Tool with the Release of Investment Performance Capabilities
SunGard Financial Systems
SunGard has released the performance component of its iWorks Investments business intelligence (BI) dashboard solution, a cloud-based and mobile-enabled BI tool that gives insurers’ chief investment officers and chief financial officers the ability to transform raw financial data into actionable insights and timely analysis for investments, risk and compliance.
jlne.ws/1ufPRef

Enforcement

SEC Sanctions Operator of Bitcoin-Related Stock Exchange for Registration Violations
SEC
The Securities and Exchange Commission today sanctioned a computer programmer for operating two online venues that traded securities using virtual currencies Bitcoin or Litecoin without registering the venues as broker-dealers or stock exchanges. The programmer, Ethan Burnside, also was sanctioned for conducting unregistered offerings. He significantly cooperated with the SEC’s investigation and agreed to settle the case by paying more than $68,000 comprising his profits from the unregistered venues plus interest and a penalty. He also is barred from the securities industry.
jlne.ws/12mtRYM

SEC Sanctions Eight Audit Firms for Violating Auditor Independence Rules
SEC
The Securities and Exchange Commission today sanctioned eight firms for violating auditor independence rules when they prepared the financial statements of brokerage firms that were their audit clients.
jlne.ws/1wuPKTj

Environmental & Energy

What might carbon markets post 2020 look like?
By Gareth Brydon Phillips – Eco-Business
Post 2020 carbon markets are a very exciting space with much to contribute to achieving our global emission reduction targets.
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***LB: Also in this story “These are likely to undergo significant structural changes by the conclusion of the Paris climate summit in December 2015.”

New Climate Deal Could Tap Existing Offset Programs
By Gloria Gonzalez – Ecosystem Marketplace
The Clean Development Mechanism (CDM) has its share of critics and is in serious need of reform, but can still play a valuable role in supporting national climate policies and facilitating the flow of carbon finance, according to market observers.
jlne.ws/1G7Ms9E

Debate on emissions to heat up week 2 of Lima climate talks
By Sunita Narain – The Economic Times
Ministers began arriving today and more huddles are expected to break the deadlock over climate change. The most important agenda is to determine how the world will cut emissions to stay below the 2°C increase guardrail.
jlne.ws/160uZmP

EU raises the pressure on COP 20 conference
EurActiv
As the UN Climate Conference got under way in Lima last week, the EU set out its stall with an ambitious call for “quantifiable and comparable” national commitments on the reduction of CO2 emissions; a position refuted by some developing countries, who see the odds stacked against them.
jlne.ws/1w6vTIg

Asia-Pacific

SGX welcomes mm2 Asia Ltd to Catalist
SGX
Singapore Exchange (SGX) today welcomed mm2 Asia Ltd to Catalist under the stock symbol “41C”.
jlne.ws/1z2n7Le

SPAN Parameter file which will be applicable from December 16, 2014.xls
Japan Commodity Clearing House
jlne.ws/12mHNSA

Frontier Markets

DCE & DGCX Seek To Deepen Product Development Ties
MondoVisione
Dubai Gold and Commodities Exchange (DGCX) and Dalian Commodity Exchange (DCE) announced today that they are taking steps to further deepen product development cooperation to enhance the derivatives marketplace in Middle East and Asia.
jlne.ws/1w90EfA

Bullion Board Seen by Council as Way to Manage India Gold Demand
By Swansy Afonso, Bloomberg
India, the world’s largest gold consumer after China, should start a bullion board to regulate trade and a spot exchange to offer uniform prices across the country, the World Gold Council said.
jlne.ws/1sf8jDW

‘Payment systems bill to increase stability in financial markets’
Business Standard
Finance Minister Arun Jaitley Tuesday told the Lok Sabha that the bill on payment and settlement systems will increase stability of financial markets in the country in line with the globally accepted norms.
jlne.ws/1yymkip

Qatar Stock Exchange conducts successful industry-wide BCP test
Qatar Stock Exchange
As part of its regular BCP procedures, Qatar Stock Exchange, brokers and business partners successfully conducted an industry-wide BCP exercise at QSE premises. The proposed scenario involved a major disaster striking QSE premises and primary data centre during the pre-opening phase of the trading session. During the simulated outage, QSE moved all critical IT and business operations to the secondary DR and BCP operations site while all brokers and business partners shifted their connectivity to the same, allowing for the resumption of a safe and orderly trading session. At the end of the BCP test, post-trading procedures were securely undertaken and connectivity moved back to the primary site, thereby ensuring the normal resumption of trading on the next day following the exercise.
(by email)

Securities and Exchange Board of India Releases
Adjudication Order in respect of Shri Kahaan Vasa and Shri Karan Vasa in the matter of Contech Software Ltd.
Interim Order in the matter of Midas Touch Assets and Securities Limited
PR – Interim Order in respect of Moneyworld Research and Advisory Pvt. Ltd. and its Directors, Mr. Chhatrpal Singh Lodhi and Mr. Pradhumn Agrawal
PR – Interim Order against Mr. Ravi Chouksey, proprietor, Gravita Research Company
In the matter of Zenith Infotech Ltd and others
jlne.ws/12kCz9E

Miscellaneous

Todd Hall named to Cargill Leadership Team
Cargill
MINNEAPOLIS — Todd Hall, a 32-year veteran of Cargill, has been named to the Cargill Leadership Team (CLT), the executive group in charge of Cargill’s strategic direction, growth and capital allocation.
jlne.ws/1znM70w

Inside the Koch data mine; Meet the guys building the right’s new machine.
By Mike Allen and Kenneth P. Vogel, Politico
The Koch brothers and their allies are pumping tens of millions of dollars into a data company that’s developing detailed, state-of-the-art profiles of 250 million Americans, giving the brothers’ political operation all the earmarks of a national party.
jlne.ws/1D33xUk

Australian Wheat Exports Seen at 5-Year Low as Output Drops
By Phoebe Sedgman, Bloomberg
Wheat shipments from Australia will probably drop to the lowest in five years as dry weather curbs supplies in the world’s fourth-biggest exporter, according to a government forecaster, which cut its outlook 6.1 percent.
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Cotton farmers hit hard as prices drop to lowest since 2009
Emiko Terazono and Gregory Meyer, FT
Evelyn Nguleka fears for Zambia’s cotton growers. The head of the farmers union in the southern African country says a dramatic fall in incomes as prices plummet to a five-year low is causing serious pain in a sector that employs 21 per cent of the population. Life is becoming “increasingly difficult”, she says.
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Leadership of Cornell’s Medical College to Stay in Sanford Weill’s Family
By Michael J. de la Merced, New York Times
By his own admission, Sanford I. Weill could have handled his last major effort at succession planning better. After all, his handpicked successor at Citigroup presided over multibillion-dollar losses that led to a $45 billion taxpayer-financed bailout.
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