First Read

Simon Puleston Jones, CEO of FIA Europe – In Pursuit of Happiness
JohnLothianNews.com

“Try to find someone who does things right that you really aspire to be over the course of your career.”

Simon Puleston Jones, CEO of FIA Europe, gives advice for balancing personal life with career life. Jones begins his presentation with an acronym for “DREAM”, discussing how happiness and achieving your goals is related to Diligence and drive, Relationships and recruitment, Education and ethics, Adjustments and appreciation, and Mistakes and mentors. He stresses that your career should be something you truly enjoying waking up for and how some perks such as fancy cars and large boats can be outweighed by having a family and raising children. Jones shows that happiness is not about materialistic possessions, but rather the relationships you build with others and the experiences you have throughout your life.

Watch the video »
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Kilting for Quid; Kilting for Kids
Doug Ashburn – JLN

You may be asking why we are rerunning the above video from last fall’s MarketsWiki Education event in London. The answer is twofold. First, Simon Puleston-Jones delivered one of the best talks we ever had the pleasure of publishing, and one well worth repeating. Second, we want to give a glimpse of the guy who will be donning a kilt at this year’s IDX Gala Kilt Challenge.

You may recall that at last year’s IDX dinner, FIA CEO Walt Lukken put on the kilt for Futures for Kids, and helped the organization reach a milestone – £2 million raised for the charity since its inception. He then passed the magic sporran to Mr. Puleston-Jones, who on June 10, 2015, will take his place among such illustrious Kilt Challenge alumni as Clive Furness, Simon Rostron, Jeremy Grant and, of course, our own John Lothian, who did the honor in 2011.

Though Simon has just passed the halfway point in his quest to raise £5,000 by the 10th, there is still a long way to go. And consider the sacrifice:

“My Welsh ancestors may well turn in their grave to see a son of Wales wearing a Scottish kilt,” says Puleston-Jones, “but it’s well worth their ire as I strive to reach the goal.”

Regular readers of the John Lothian Newsletter know how much FFK does for a host of children’s charities across the globe including, most recently for the victims of the Nepal earthquake. Please check out the FFK site, and give generously, in the hope that today’s children may participate in the DREAM that Simon Puleston-Jones speaks about so eloquently in his video.

Click here to learn more about Futures for Kids

Click here to donate via Simon’s JustGiving page

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Under New Management: Alan Campbell Looks To Expand Interest In Bloomberg Commodity Index
Jim Kharouf – JLN
Sometimes you just need a change of scenery.
The Bloomberg Commodity Index, or BCOM, was taken on by Bloomberg in a partnership with UBS last July and now has several months as its new administrator.
jlne.ws/1HsZDFZ

**In case you missed this story from last week.

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British-based banks planning for EU “no” stymied by lack of European office space
Reuters
A shortage of prime office space in rival European financial centres may torpedo plans by some of London’s banks to quit the UK capital if Britain opts out of European Union membership. Prime Minister David Cameron has promised to renegotiate Britain’s relationship with the EU and then hold a vote by the end of 2017 on whether to stay in the bloc or leave. But decamping from their expansive London homes to Frankfurt, Paris or Dublin would be no simple task.
jlne.ws/1BmV7Br

***DA: The office space issue is a red herring. The real issue is the lack of adequate curry houses in other financial centers.

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‘Big Short’ Recreates Lehman Bros. Offices in Regulator’s Building
MoneyBeat – WSJ
New York’s top banking regulator, Benjamin Lawsky, walked into the office of Lehman Bros. Friday morning almost seven years too late. Well, not really.
jlne.ws/1BmWLmR

***DA: I assume John Turturro is playing the part of Lawsky. If not, the casting director needs to be replaced.

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The world is drowning in debt, warns Goldman Sachs; Ageing populations mean countries’ debt piles risk growing out of control, warns European head of Goldman Sachs Asset Management
By Szu Ping Chan, The Telegraph
The world is sinking under too much debt and an ageing global population means countries’ debt piles are in danger of growing out of control, the European chief executive of Goldman Sachs Asset Management has warned.
jlne.ws/1J208Wr

***JK: Goldman pushes for more lending, does the mortgage game and student loan game, and government bond game – and now says we’re drowning in debt

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Lack of sleep found to lower employees’ productivity
FT.com
Do you want to be more productive at work? Make sure you sleep at least seven hours a night — but smoke and drink as much as you want. A study of more than 21,000 employees has found a strong connection between lack of sleep and lower productivity at work. But, to the researchers’ surprise, smoking and alcohol consumption seem to make no difference at all.
jlne.ws/1BmUhVB

***JK – ahem, John, John, JOHN!

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Boy Scouts Yield to Equality’s March
By Noah Feldman, Bloomberg View
It’s official: The Boy Scouts of America, headed by former Secretary of Defense Robert Gates, thinks the U.S. Supreme Court is about to create a right to gay marriage. There’s no other logical explanation for why they chose Thursday to announce that they plan to stop banning gay scoutmasters.
jlne.ws/1HHQGsv

***DA: We try to stay out of social politics in this newsletter, except when it involves the Boy Scouts.

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Lead Stories

LME takes steps to broaden access to electronic trading
LME
The London Metal Exchange (LME) today launched a month-long consultation on proposals designed to broaden access to its electronic trading platform, LMEselect. The changes put forward include opening up LMEselect access to category 3 and category 4 members of the Exchange as well as adding flexibility to the criteria required to apply for LME membership.
jlne.ws/1duwe1J

HKEx Soars With Brokers on Optimism About Influx of China Cash
by Kana Nishizawa, Bloomberg
Hong Kong’s exchange operator headed for a record close and brokerages surged on optimism that policy changes in China will spur inflows into the city’s equities.
jlne.ws/1LERhK1

First trader to face trial in Libor case heads to court
FT.com
Nearly three years after a then-record fine against Barclays sparked a global outcry over the manipulation of benchmarks and billions of dollars in fines, the first trader to face prosecution over allegations that he was involved will go to trial on Tuesday in London.
jlne.ws/1J22d4J

Regulation should be main tool against bubbles: Fed’s Mester
Reuters
Central bankers should be aware of the potentially destabilizing effects of super-easy policy on financial systems, a top U.S. Federal Reserve official said on Monday, even if monetary policy should not be used as a main tool to prevent bubbles.
jlne.ws/1J1XP5K

Whistleblowers Find SEC Rewards Slow and Scarce; The Securities and Exchange Commission offers financial rewards for information on wrongdoing. But many tipsters have found it tough to collect
By JEAN EAGLESHAM and RACHEL LOUISE ENSIGN, WSJ
One Sunday afternoon last spring, a Securities and Exchange Commission investigator called Yolanda Holtzee at her Seattle home, asking for her help in catching an alleged con man the press dubbed “the Wolf of Montreal.”
jlne.ws/1BmVuMn

Most buy-siders feeling bond liquidity pinch
The Trade News
Almost three quarters of buy-siders say dealer risk appetite is having a negative impact on their ability to source corporate bond liquidity, according to research by Woodbine Associates. The research adds weight to speculation that investors are struggling with fixed income liquidity, but also suggests that some of the potential solutions are not effective enough.
jlne.ws/1GA6Jau

G7 finance ministers to address faltering global growth
Reuters
Finance ministers from the world’s largest developed economies meet in Germany this week against a backdrop of faltering global growth, scant inflationary pressures and a bond market in turmoil. High on their agenda — even if unofficially — will be Greece and how it can stay in the troubled euro zone. Figures due on Friday from the United States that will almost certainly show the world’s biggest economy contracted last quarter are also likely to feature.
jlne.ws/1BmWBvy

Basel group faces challenge of ensuring banking rules compliance
FT.com
After seven years of frenetic rulemaking in the wake of the global financial crisis the Basel Committee on Banking Supervision faces a new challenge — making sure banks and countries follow the rules as political support for reform fades.
jlne.ws/1BmXep1

Good times fade away: compliance holds sway in forex trading
Katie Martin and Philip Stafford in London, FT.com
After $10bn in fines for misconduct, multiple releases of humiliating staff transcripts and scores of ruined careers, the currencies trading industry has decided it is time to grow up.
jlne.ws/1J22BAe

Regulatory

CFTC’s Massad faults European benchmark plan in advance of talks
Neil Roland, MLex
The US’s top commodity regulator reaffirmed his opposition to a European proposal to regulate benchmarks as EU lawmakers prepare to negotiate final legislation. Timothy Massad, chairman of the US Commodity Futures Trading Commission, expressed concern that the European legislative talks could end up prohibiting European banks and asset managers from trading products tied to US benchmarks.
jlne.ws/1Gzhjyp

CFTC Needs Access to Order Book and Message Data
Mark Wetjen
CFTC’s Wetjen Speaking before the Global Derivatives Trading & Risk Management Conference, Commissioner Mark Wetjen pointed to the CFTC’s inability to monitor real-time message and trade data and lack of resources in explaining its failures in the Sarao case and surveilling the derivatives markets in general. A partnership with exchanges, he added, could help ensure the integrity of the markets.
jlne.ws/1HInO0D

ECB error spurs questions about policy disclosures
MarketWatch
A European Central Bank snafu last week that meant one of its officials gave market-moving information to a private audience including major hedge funds hours before it was made public is raising broader concerns about European policy makers’ behind-closed-doors meetings.
jlne.ws/1BmVdch

In Britain, Libor-Rigging Conspiracy Case Is Also a Test for Regulators
NYTimes.com
Banks have paid billions. Regulators and prosecutors have extracted guilty pleas from financial institutions. Dozens of employees have been fired, and at least one chief executive has lost his job. Now, on Tuesday, the first trader in the sprawling, half-decade-old investigation into the rigging of global benchmark interest rates will go on trial in Southwark Crown Court.
jlne.ws/1J1ZiZO

US Senator Warren calls for hearings into bank waivers
Gina Chon in Washington, FT
US Senator Elizabeth Warren and other lawmakers are calling for public hearings on whether banks accused of rigging foreign exchange markets should be allowed to manage retirement accounts.
jlne.ws/1dutpOc

Regulation round-up May 2015
Financial Conduct Authority
Regulation round-up is our monthly email to all regulated firms, updating you on the latest news which affects the sector you practice in.
jlne.ws/1J1VGXK

NY regulator raises spectre of further forex penalties for banks
FT.com
Wall Street banks risk new penalties over their rigging of foreign exchange markets, as New York’s banking regulator intensifies a probe into computer-driven currency trading.
jlne.ws/1J22J2I

Remarks at Veterans Committee Program: Wrapping Up Panelist Tribute to John P. Wheeler, III and Introducing the 2015 Winner of the John P. Wheeler Veterans Charity Award, by Commissioner Daniel M. Gallagher, May 20, 2105
SEC
jlne.ws/1LEL1lK

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

    • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Delay Implementation of Rule 15.2A (Release No. 34-75029; File No. SR-CBOE-2015-051; May 21, 2015)
    • CBOE: Notice of Filing of a Proposed Rule Change to Amend Exchange Rules Related to Order Tickets (Release No. 34-75026; File No. SR-CBOE-2015-048; May 21, 2015)
    • DTC: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Clarify that Participants Are Required to Participate in Operational Testing by DTC, Including Testing of DTCs Business Continuity and Disaster Recovery Plans (Release No. 34-75030; File No. SR-DTC-2015-006; May 21, 2015); see also Exhibit 5
    • FINRA: Order Approving Proposed Rule Change to Amend the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes to Increase a Fee for the Late Cancellation of a Scheduled Hearing, Lengthen the Notice Period for Cancelling a Scheduled Hearing, and Increase the Amount of Honoraria Paid to Arbitrators Affected by a Late Cancellation of a Scheduled Hearing (Release No. 34-75036; File No. SR-FINRA-2015-003)
    • NASDAQ: Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, to List and Trade the Shares of the Tuttle Tactical Management Multi-Strategy Income ETF of ETFis Series Trust I (Release No. 34-75031; File No. SR-NASDAQ-2015-023; May 21, 2015)
  • NYSE: Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Adopting New NYSE Rule 124 to Conduct a Midday Auction and Amending NYSE Rule 104 to Codify the Obligation of Designated Market Makers to Facilitate the Midday Auction (Release No. 34-75038; File No. SR-NYSE-2015-06)
  • NYSE Arca: Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Modify the Appointment Process Utilized by the Exchange (Release No. 34-75032; File No. SR-NYSEArca-2015-17; May 21, 2015)
  • NYSEMKT: Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Modify the Appointment Process Utilized by the Exchange (Release No. 34-75033; File No. SR-NYSEMKT-2015-17; May 21, 2015)
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Exchanges & Trading Facilities

Euronext Announces Third Pan-European Days in New York and Boston
Euronext
Amsterdam, Brussels, Lisbon, Paris – 26 May 2015 – Euronext, the primary exchange in the Eurozone, today announced its third pan-European days in the United States aimed at raising the profile of its European listed companies among US investors. It will be attended by nearly 60 large issuers from across all the Euronext countries1, representing above EUR400 billion ($445 billion) in market capitalisation, and more than 350 US investors, over four days from 1- 4 June. The event, which previously took place only in New York, has been extended to cover Boston this year for the first time.
jlne.ws/1FMOxti

China to launch first stock index options soon: state media
Reuters
The China Financial Futures Exchange (CFFEX) will soon launch the country’s first-ever stock index options, state media reported on Monday, giving investors more hedging tools as the government steps up financial market reforms.
jlne.ws/1F84gyr

HKEx: Trading Continues During Black Rainstorm Warning
Press Release
Hong Kong Exchanges and Clearing Limited (HKEx) has announced that the Black Rainstorm Warning has not affected trading in the securities and derivatives markets, which continue to operate as normal. According to the rules, trading will continue until the end of today’s last trading session.
jlne.ws/1BmVgFh

Japan Exchange Group: Start Trading Of Nikkei 225 Weekly Options
Press Release
Nikkei 225 Weekly Option was launched on May 25, 2015.
jlne.ws/1J1XCzI

Hedge Funds & Managed Futures

Hedge Funds Win Through Stock Connect
WSJ
A clutch of Asian hedge funds that seized on a new trading link between Hong Kong and Shanghai are posting outsize returns at a time when other investors remain wary of placing big bets on Chinese companies.
jlne.ws/1BmVpIB

Pensions Drop Annual Targets After Financial Crisis
MoneyBeat – WSJ
More pensions are aiming lower with their annual returns. Nearly two-thirds, or 79, of 126 public pension plans have lowered their return assumption in the years following the 2008 financial crisis, according to a recent report by the National Association of State Retirement Administrators.
jlne.ws/1BmWQ9V

UBS Shutting Australia Wealth Unit Amid Competition From Brokers
Bloomberg Business
jlne.ws/1GAdauf

Gartman says China bull market is still alive
CNBC
Last week, a trio of Hong Kong-listed stocks injected a dose of fear into Chinese markets when they unexpectedly shed billions of dollars off their market caps in a matter of hours. Yet according to Dennis Gartman of “The Gartman Letter,” China’s bull market is still intact.
jlne.ws/1J25mS9

Bond Traders Uncover Secret to Rates That Fed Just Doesn’t Get
by Daniel Kruger, Bloomberg
Forget 2015. The real play for bond traders is 2016.
For years, the $12.6 trillion U.S. Treasury market has signaled — correctly — that the Federal Reserve was too optimistic in its outlook for the economy and interest rates.
jlne.ws/1duwM7U

Banks & Brokers

China brokers’ capital rush fuels margin-fed rally
FT.com
China’s brokers have raised more capital this year than in the past three combined — and more than half the $14bn proceeds are being ploughed straight back into financing the equity boom that enabled them to tap the markets in the first place.
jlne.ws/1J22jcz

Bloomberg Tradebook swoops for Instinet boss
The Trade News
Bloomberg Tradebook has announced the appointment of a senior execution consultant for Asia Pacific equities. Based in Singapore, Peter Sampson will have responsibility for managing the block trading platform Liquidity Cross.
jlne.ws/1Fd1wAV

Big Banks Shut Border Branches in Effort to Avoid Dirty Money; Customers in Nogales, Ariz., Seek New Lenders After Banks Retreat
By Emily Glazer
Chuck Thomas each day ships around 6,000 boxes of tomatoes, squash, cucumbers and other fruits and vegetables to U.S. grocery stores from his third-generation family business, which is a stalwart of this border town’s thriving produce industry.
jlne.ws/1AvkzJU

Banks warn on new risk assessment models for trading operations
Martin Arnold and Laura Noonan in London, FT
The world’s biggest banks are seeking to play on regulators’ fear of another flash crash in debt markets to lobby against new risk-calculation models, which they warn will treble the capital needed in their trading businesses.
jlne.ws/1cfP5Ml

Coming to a Post Office Near You: Banking?
MoneyBeat – WSJ
The U.S. Postal Service should further boost its offerings beyond snail mail and get bigger in banking, a new report recommended this week. The Postal Service’s inspector general, in a report issued Thursday, said the agency should enter or boost offerings in certain parts of the banking business.
jlne.ws/1BmWEaG

Deutsche Bank bucks trend but to little advantage
FT.com
European banks have spent the years since the financial crisis distancing themselves from investment banking. Encouraged by regulators and tighter rules on everything from capital to leverage, bosses have emphasised their more down to earth activities. Anything involving risky securities has been slimmed — or closed outright.
jlne.ws/1J22rZG

Goldman’s New Cop Is FBI Agent Who Put Away Madoff, Rajaratnam
by Patricia Hurtado, Bloomberg
The FBI agent who oversaw the Bernard Madoff investigation and helped pioneer the use of wiretaps that yielded dozens of insider-trading convictions is now working for Goldman Sachs Group Inc.
jlne.ws/1cXBpq5

JPMorgan’s Guilty Plea Puts Wealth Unit in Spot With Regulators
by Neil Weinberg, Bloomberg
JPMorgan Chase & Co. put allegations of currency-fixing largely behind it with a guilty plea, but it’s not out of the woods yet.
jlne.ws/1erNyoa

Clearing & Settlement

What does the future hold for FX clearing?
The Trade News
Many had been expecting the move to make enforce the mandatory clearing of non-deliverable forwards (NDFs) to be a fait accompli for 2015. Far from it. The announcement from the European Securities and Markets Authority (ESMA) also puts into doubt the Commodity Futures Trading Commission’s (CFTC) likelihood of implementing central clearing in the US, at a time when FX markets have seen huge volatility and volumes. Indeed, according to figures from settlement company CLS, global daily turnover hit over $9 trillion in January, a massive jump from the last Bank for International Settlements’ survey which had average daily volumes at $5.3 trillion in 2013.
jlne.ws/1GA6A6Y

LCH.Clearnet launches buy-side clearing of FX derivatives in Europe
Finextra
LCH.Clearnet Limited, the global clearing house, today announced that ForexClear has extended its client clearing offering to include European model account structures. End-users trading Non Deliverable Forwards (NDFs) are now able to connect to four clearing brokers offering the service, including HSBC, Société Générale and Standard Chartered Bank.
jlne.ws/1J23Jnm

ABN AMRO Clearing Clears EURO STOXX 50 Variance Futures On Eurex
Press Release
As of Wednesday, May 27th, ABN AMRO Clearing will offer clearing services for the EURO STOXX 50 Variance Futures on Eurex. This future on the EURO STOXX 50 Index volatility is the one xchange complement to OTC variance swaps. These innovative contracts replicate the payoff profile of OTC variance swaps. The new contract offers exposure to the difference between implied versus realized volatility. It allows users to expand their equity portfolio hedging strategies. This hedging can now take place in a centralised order book, which gives greater price transparency.
jlne.ws/1BmUhoq

CLS shareholders elect four new board directors
LeapRate
UBS COO Peter Healey, Goldman Sachs Global Head of Regulatory Operations Ericka Leslie, Co-CIO of Morgan Stanley Steven Lieblich and RBC Senior Vice President Bruce McLaren have joined the board of directors at CLS
jlne.ws/1J23yIQ

Indexes & Products

FTSE Russell unveils transitional indexes that include China A shares
Yahoo Finance UK
FTSE Russell, one of the world’s largest index providers, said it will launch two transitional indexes that include China A shares, paving the way for local Chinese shares to be included in its emerging markets benchmark in two to three years.
jlne.ws/1J23QPW

Russell Rebalancing May Give Markets a Kick This Summer
MoneyBeat – WSJ
With more than $4.4 trillion invested in products linked to various Russell indexes, their rebalancing is “the biggest trade of the year,” and touches more than 95% of the U.S. stock market by capitalization, says Nicholas Colas, chief market strategist at New York brokerage Convergex.
jlne.ws/1J24xJ3

Is the index that performs better really the better Index?
ETF Trends
What makes a great index? A typical response might be “performance” – particularly with reference to smart beta indexes which may offer the potential for enhanced index returns over traditional market capitalization indexes.
jlne.ws/1J24BZh

Newly Launched STOXX International Exposure Indices Licensed To Source
STOXX
STOXX Limited, a leading provider of innovative, tradable and global index concepts, today announced the launch of the STOXX International Exposure Indices. The new indices provide exposure to companies that generate a substantial portion of their revenue outside their home region, allowing market participants to express views on those companies that are well positioned to profit from currency depreciation and higher growth in non-domestic markets. The EURO STOXX International Exposure and STOXX Japan International Exposure indices have been licensed to Source, one of Europe’s largest issuers of ETFs, and the initial fund launches are expected in June 2015.
(No Link)

FTSE Includes China Shares in Transitional Emerging Indexes
by Kyoungwha Kim, Lisa Pham, Kana Nishizawa, Bloomberg
FTSE Group will include China’s stocks in two new emerging-market indexes, laying the groundwork to include the world’s best-performing equities in benchmarks tracked by international money managers.
jlne.ws/1F81mdf

Technology

Virtual Payment Soon To Take Over Paper Transactions In India
SiliconIndia
Virtual payment that recently stationed its position in India has brought down the effectiveness of Paperless transactions through all resources which includes the internet, ATM, cards and mobile devices.
jlne.ws/1J2449F

Fintech might be hot right now, but banks are still winning
The Conversation
The term “fintech” – the marriage of financial services with technology companies – has only recently come into vogue in Australia, with venture capital starting to flow into the sector.
jlne.ws/1J24NaQ

Disrupters face uphill battle, Spotcap warns
The Australian
Lachlan Heussler, the country head of the nation’s newest ­financial technology company to open its doors, has a warning for the hordes of start-ups aiming to disrupt the financial services space.
jlne.ws/1J24RHD

Enforcement

First trader to face trial in Libor case heads to court
Lindsay Fortado, Legal Correspondent, FT
Nearly three years after a then-record fine against Barclays sparked a global outcry over the manipulation of benchmarks and billions of dollars in fines, the first trader to face prosecution over allegations that he was involved will go to trial on Tuesday in London.
jlne.ws/1erJO6b

ASIC: Alleged Ponzi Scheme Operator Faces Court
Following an ASIC investigation, an Adelaide man has faced court accused of deception totalling $12 million. Former mortgage broker Michael Samra faced Adelaide Magistrates Court on 22 May 2015 charged with 12 counts of deception.
jlne.ws/1BmVhsP

Environmental & Energy

Calpers and Calstrs urge G7 to back emissions goal
FT.com
The chief executives of US public pension giants, Calpers and Calstrs, have taken the unusual step of urging G7 finance ministers to back a firm goal for cutting greenhouse gas emissions in the global climate change deal due to be sealed in Paris this year.
jlne.ws/1J20jkG

World leaders missed chance to tackle climate change, says economist
By Jessica Elgot – The Guardian
World leaders missed the perfect opportunity to tackle climate change during the global economic crisis, according to the influential economist and academic Lord Stern.
jlne.ws/1EunHkw

Oil Companies Look to Join Climate Debate
WSJ
Oil companies are ratcheting up their involvement in the debate over climate change as governments, activists, churches and some big investors gear up for a global summit on the issue at the end of the year in Paris.
jlne.ws/1J1ZkRB

Canada regulator says northern oil shale may hold 200 bln barrels
Reuters
Two prospective shale-oil fields in Canada’s Northwest Territories may contain more than 200 billion barrels of crude, according to a study released on Friday by the country’s energy regulator, but only a fraction of that amount will be recoverable.
jlne.ws/1BmWIaC

China prepares to launch cutting-edge national carbon market to fight climate change
By Jack Chang – Associated Press
At first, the numbers and company names flashing on a big board in Beijing’s financial district suggest a booming market. A closer look indicates otherwise: The scrolling list rotates the same dozen or so trades, all from last year.
jlne.ws/1FAD6DS

Asia-Pacific

China to Reduce Import Taxes to Spur Spending and Growth
NYTimes.com
China announced Monday that it would cut import taxes on clothing, cosmetics and some other goods by half as a new tactic to generate more consumer spending and economic growth. Beijing is in the midst of a long effort to reduce reliance on trade and investment to drive economic growth by nurturing domestic consumption.
jlne.ws/1J1Xi3U

China invites private investors to help build $318 billion of projects
Reuters
China’s state planning agency on Monday released a list of more than 1,000 proposed projects totalling 1.97 trillion yuan ($317.75 billion) that it is inviting private investors to help fund, build and operate.
jlne.ws/1J1ZecL

China’s yuan currency ‘no longer undervalued’: IMF
The Economic Times
China’s yuan currency, which Washington has long alleged was manipulated, is “no longer undervalued”, the International Monetary Fund said Tuesday.
jlne.ws/1J20hJq

Update: China’s Richest Man Bet On His Own Company’s Stock Crashing
The Higher Learning
The story of Chinese billionaire Li Hejun and the epic collapse of his solar panel company Hanergy Thin Film Solar just got a shade more shady. On Wednesday (5/20), Hanergy stock lost a staggering 47% of its value in just 24 minutes. Hejun, who owns 80% of the company’s stock, was estimated to have lost $15 billion during the crash. But new reports indicate that Hejun may have actually profited off of the epic collapse of Hanergy stock.
jlne.ws/1Q6a55K

Hanergy secured $200m loan ahead of solar group stock tumble
FT.com
Li Hejun, the solar tycoon and controlling shareholder in Hanergy Thin Film Power Group, took a US$200m loan pledging millions of shares in the Hong Kong listed company as collateral just two days before its share price crashed last week, dethroning him as China’s richest man.
jlne.ws/1Q6betV

When Predicting China Stocks There’s Only Wrong and Very Wrong
Bloomberg Business
jlne.ws/1cXAExe

Frontier Markets

International Shari’ah Research Academy for Islamic Finance (ISRA) And Securities Commission Malaysia (SC) Launch Joint Publication On “Islamic Capital Markets: Principles And Practices”
Press Release
The Islamic capital market textbook was launched by the SC Deputy Chief Executive Dato Dr. Nik Ramlah Mahmood at the IFN Asia Forum in Kuala Lumpur on 26 May 2015. Khazanah Nasional Berhad is a co-sponsor of this initiative.
jlne.ws/1BmUnfP

FTSE To Upgrade Palestine Exchange To Frontier Market Status
Press Release
FTSE group recently informed the PEX of its possible upgrade to frontier market status during the next classification review on September 2015. Palestine Exchange was informed by a letter from FTSE group that it meets the five quality of markets criteria, including: regulatory environment, capital controls, clearing & settlement, and market transparency.
jlne.ws/1BmUXKq

Warsaw Stock Exchange (GPW): New Opening Of NewConnect Market
NewConnect 2.0 is the new opening of the market to ensure that it continues to play a key role in financing of small and medium-sized enterprises. The goal of the Management Board of GPW is to restore confidence in NewConnect and to make the market attractive to diverse investor groups.
jlne.ws/1J1XRL2

African Economies to Grow 4.5% on Average in 2015
WSJ
frica’s fitful and uneven economic growth will gain momentum this year and next, three prominent organizations said in a joint report released on Monday.
jlne.ws/1J1ZdoX

FTIL’s income slumps to a fourth in two years; However, the legal and professional fee crossed Rs 100-cr due to NSEL-related litigations
Business Standard
Financial Technologies’ (FTIL’s) consolidated operating income slumped to a fourth in 2014-15 from 2012-13, when its spot commodities trading subsidiary National Spot Exchange Ltd (NSEL) shut shop.
jlne.ws/1EuGxrA

Emerging markets ready themselves for Fed’s acid test
FT.com
Just like footballers before the World Cup final, central bankers in emerging markets are readying themselves for the biggest test of their careers: the first rate increase in nearly a decade by the US Federal Reserve.
jlne.ws/1BmYsAE

Miscellaneous

Roger Ver and OKCoin at War Over Bitcoin.com Domain Name
Stan Higgins, Coindesk.com
One of the most recognizable bitcoin-related domain names is at the heart of a dispute between Chinese bitcoin exchange OKCoin and bitcoin entrepreneur Roger Ver.
jlne.ws/1Ar7Vfs

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