John Lothian Newsletter: LSE Said in Talks With Singapore Exchange on Clearing Platform; LME enforces tighter floor trade rules on permanent basis; Regulator turns focus on hedge fund relationships

Nov 4, 2013

First Read

Futures industry regulators failed to detect AlphaMetrix’s meltdown
Lynne Marek – Crain’s Chicago Business
Futures regulators just blew it again. After failing to detect massive mismanagement at MF Global Inc. and Peregrine Financial Group Inc. before it was too late, the industry’s self-regulators now have been blindsided by the meltdown of AlphaMetrix LLC, a Chicago-based tech financial company that ceased trading and began an “orderly liquidation” of customer funds last week.
“While I certainly am grateful that this was caught early—it could have been a lot worse—personally I have to wonder if there were warning signs, given that CME and NFA conducted joint due diligence on this company a year ago,” Mr. Hehmeyer says.
***** Could this be the last straw for NFA executive leadership?
***** For some good news, I heard from an MFG creditor, they received a check for 47 cents on the dollar. This was not a customer, but a supplier. And Happy Birthday to that creditor!


Dodd-Frank Is Indeed Taking Root
The slow rollout of the Dodd-Frank Act has left many frustrated, but in reality, much progress has been made in shaking up the financial industry.
***** It is not the seeds that bother me, it is the smell of the fertilizer coming out of Washington.


CME Group chief testifies in long-awaited grain settlement trial
CME Group Inc Chief Executive Phupinder Gill on Friday denied that the exchange-operator changed its settlement rules to give electronic grain traders an advantage over veterans of the Chicago trading floor, who have sued the company, saying its new rules are killing their business.
***** When the CME bought the CBOT, they also bought a bunch of members with an incredible history of litigation.

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Founder of Top India Commodity Exchange Resigns Amid Probe
Swansy Afonso & Rajhkumar K Shaaw – Bloomberg
Jignesh Shah resigned from the board of Multi Commodity Exchange of India Ltd., the nation’s biggest commodity trading platform, amid an investigation into the failure of a related spot bourse.

***** There is nothing fit and proper about this failure at NSEL.


The Options Industry Council Announces October Options Volume Up 24 Percent
The Options Industry Council (OIC) announced today that 401,726,200 total options contracts traded in October, which is 23.86 percent more than the previous October when 324,329,913 contracts were traded.

***** Oh, thank God!!


CBOE Holdings Reports October Volume
CBOE Holdings, Inc. reported today that October trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange totaled 126.24 million contracts. Average daily volume was 5.49 million contracts, a 15-percent increase from September 2013 and a 34-percent increase from October 2012.

***** Yes, volume is up!


Two SEC amendments mean big changes for broker-dealers
The Securities and Exchange Commission (SEC) has changed financial responsibility rules and reporting, audit and notification requirements for broker-dealers. The following articles offer an overview of the changes, and our insight into how your organization can address them.

***DA: Also, McGladrey’s Paul Nockels will be participating in a panel webinar this Thursday, November 7, on new auditing requirements for broker-dealers. Register here:


Nasdaq Error Shuts Options Market for Almost Entire Day
Sam Mamudi & Nikolaj Gammeltoft – Bloomberg
Nasdaq OMX Group Inc. closed the sixth-largest U.S. options exchange more than five hours early because of a technical error, the latest malfunction to disrupt trading this week.

***** Luckily we have more options exchanges than we know what to do with and there was no single point of failure for the industry.


Slow-motion regulatory explosion update
Dan McCrum | FT Alphaville
In the latest instalment in an occasional series — Dodd-Franking — let’s check in on the progress of regulators writing the 398 different sets of rules required by the signature piece of post-crisis financial reform legislation.

***** Someone named McCrum should not make fun of people’s or thing’s names.


Gary DeWaal’s Bridging the Week: October 28 to November 1 and November 4, 2013
As the exchange-traded derivatives industry last week prepared to converge on Chicago this week for the annual FIA Futures and Options Expo, the US Commodity Futures Trading Commission last week fully resumed its frenetic back to work schedule following its October 1 to 16 hiatus by issuing sweeping new rules aimed at enhancing protections for futures customers and their funds as well as augmenting reports filed with the CFTC related to large traders of both swaps and futures.

***** If you need to read something from a lawyer, pick this one. Gary is very good.



MarketsWiki Page of the Day
Yossi Beinart


44,883,406 pages viewed, 7,692 articles, 167,166 edits
MarketsWiki Statistics

Lead Stories

LSE Said in Talks With Singapore Exchange on Clearing Platform
Nandini Sukumar – Bloomberg
London Stock Exchange Group Plc (LSE) is in talks with Singapore Exchange Ltd. to provide technology to clear cash equities for Southeast Asia’s biggest bourse operator, three people familiar with the matter said.

LME enforces tighter floor trade rules on permanent basis
The London Metal Exchange said on Friday it will enforce tighter rules for “open-outcry” floor trading on a permanent basis following a trial to increase transparency amid regulatory pressure across financial markets.

Regulator turns focus on hedge fund relationships
Sarah Krouse and Harriet Agnew – Financial News
The close relationship between hedge funds and investment banks is to be put under the microscope by the Financial Conduct Authority.

U.S. mutual fund group rejects Treasury report on asset managers
A U.S. Treasury research report that could pave the way for tougher regulation of asset managers lacks empirical evidence to back up its claims and should be scrapped, the head of the largest U.S. mutual fund trade group said.

Probes into forex trading spread across globe
Daniel Schäfer and Caroline Binham in London –
A global probe into the manipulation of foreign exchange markets escalated dramatically on Friday when it emerged that Barclays had suspended six traders and two of the largest US banks revealed they had become embroiled in the investigation.

JPMorgan Discloses Eight DOJ Probes From Asia to Madoff
Dawn Kopecki & Hugh Son – Bloomberg
JPMorgan Chase & Co. said that the U.S. Department of Justice is conducting at least eight separate investigations into the bank’s activities, ranging from recruitment in Asia to its relationship with Ponzi scheme operator Bernard Madoff.

***JM: But you know, eight major investigations isn’t that many, and they are probably all isolated cases and don’t indicate that anything is systematically wrong with the organization.

Blackstone tests waters with first security backed by rented homes
Tracy Alloway and Anjli Raval in New York –
Investors will this week be offered the chance to buy a novel security backed by thousands of foreclosed homes across the US purchased by the private equity giant Blackstone and converted into rental properties.

Corzine can’t use MF Global creditor money to pay damaged customers, CFTC says
Jon Corzine, former head of MF Global Holdings Ltd., shouldn’t be able to use money that would flow to creditors of the bankrupt futures broker to cover the damages he and others caused to former customers, the Commodity Futures Trading Commission told a court.


CFTC’s Division of Market Oversight Issues Extension of Certain Time-Limited No-Action Relief Regarding Swap Execution Facilities Provided by CFTC No-Action Letter Nos. 13-55 (amended), 13-56 and 13-58 for Swaps in the Foreign Exchange Asset Class

CFTC Extending Period for Accepting Public Comment on Certification from Javelin SEF, LLC to Implement Available-to-Trade Determinations for Certain Interest Rate Swaps

FCA gets tough on accountability
Matthew Attwood – Financial News
The Financial Conduct Authority is ramping up its drive to hold financial services executives personally accountable for wrongdoing at their firms.

Fatca fears reach swaps market
Matt Cameron –
Swap counterparties could be caught in the crossfire of controversial new US tax rules – possibly facing a nasty hit – when they come into force next year, lawyers say. A possible answer is to amend swap documentation, but only a fraction of derivatives users have so far made the change, raising fears of market disruption when the rules take effect.

The domino effect: reference data and regulatory reporting
Mark Davies – FOW
Regulatory reporting under the European Market Infrastructure Regulation will begin phased implementation in February 2014, but one area that has still not received due care and attention relates to the internal records institutions hold about their counterparties.

FCA skilled persons reviews ‘a distraction from compliance’, experts warn
Jessica Meek –
Compliance officers in small and medium-sized financial institutions in the UK are struggling to meet their day-to-day commitments when faced with a Financial Conduct Authority (FCA) skilled persons review, industry commentators are warning.

Forex probes may lead to further regulation of industry: Saxo Bank CEO
Recent investigations into alleged manipulation of foreign exchange rates could be used by politicians as an excuse for new regulation of the industry, the co-head of Denmark’s Saxo Bank has warned.

[FCA] Outsourcing in the asset management industry
We have published the findings from our review that assessed whether asset managers are effectively mitigating the risks relating to outsourcing.

Exchanges & Trading Facilities

CBOE Futures Exchange Reports October Trading Volume
October trading volume in VIX futures totaled 4.19 million contracts, a 72 percent increase from October 2012 and a 42 percent increase from the previous month. October exchange-wide trading volume at CFE totaled 4.21 million contracts, a 72 percent increase from October 2012 and a 41 percent increase from September. Monthly ADV during October was 182,856 contracts, a 57 percent increase from a year ago and a 23 percent increase from September.

CBOE Holdings, Inc. Reports Strong Results For Third Quarter 2013
CBOE Holdings, Inc. today reported third quarter 2013 net income allocated to common stockholders of $41.0 million, or $0.47 per diluted share, compared with $45.2 million, or $0.52 per diluted share, in the third quarter of 2012. On an adjusted basis, net income allocated to common stockholders was $41.0 million, or $0.47 per diluted share, compared with $37.7 million, or $0.43 per diluted share, in the same period last year. Operating revenue for the quarter was $136.7 million, up 7 percent compared with $128.3 million in the third quarter of 2012.

CME Group Volume Averaged 11.1 Million Contracts per Day in October 2013, Up 12 Percent from October 2012
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that October 2013 volume averaged 11.1 million contracts per day, up 12 percent compared with October 2012. Total volume for October 2013 was more than 255 million contracts, of which 86 percent was traded electronically.

CME Group Inc. Reports Strong Third-Quarter 2013 Financial Results
CME Group Inc. today reported revenues of $715 million and operating income of $401 million for the third quarter of 2013. Net income attributable to CME Group was $237 million and diluted earnings per share was $0.71. Excluding items noted in the reconciliation, adjusted earnings per share would have been $0.75.1

OneChicago Announces Trading Volume For October 2013
Volume Increased 76% Over October Of 2012 Driven By Managed Futures Community Diversifying Holdings Using Single Stock Futures

Turnover At Deutsche Börse’s Cash Markets At 99.7 Billion Euros In October
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at E99.7 billion in October (October 2012: E91.4 billion). Of the E99.7 billion, E90.4 billion were attributable to Xetra (October 2012: E84.1 billion). E4.8 billion were attributable to the Frankfurt Stock Exchange (October 2012: E4.6 billion). Order book turnover on Tradegate Exchange* totalled approximately E4.5 billion in October (October 2012: E2.6 billion).

ISE Reports Business Activity For October 2013
The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.8 million contracts in October 2013 for its two exchanges, ISE and ISE Gemini. This represents 18.0% of U.S. equity options market share.

Average Daily Volume Of 7.9 Million Contracts At Eurex Group In October
In October 2013, the international derivatives markets of Eurex Group recorded an average daily volume of 7.9 million contracts (October 2012: 7.6 million). Of those, 5.1 million were Eurex Exchange contracts (October 2012: 5.3 million), and 2.8 million contracts (October 2012: 2.4 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 117.1 million contracts were traded at Eurex Exchange and 64.2 million at ISE.

BOX Options Exchange Price Improvement Activity For October
In the month of October, price improved contracts on BOX Options Exchange (“BOX”) averaged 160,131 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction, PIP, averaged $278,144 per day, while total savings to investors this month was $6.4 MM.

The Spanish Stock Exchange Traded E91.4 Billion In October, Up 30% – The Highest Monthly Trading Volume Since July 2011

Key figures for SIX Swiss Exchange and Scoach Switzerland: October 2013
October saw a total of 2,988,157 trades with a turnover of CHF 79.7 billion, a month-on-month increase of 7.1%. The number of trades was up by 9.3%.

Boerse Stuttgart Records Monthly Turnover For October In Region Of EUR 7.6 Billion
Growth In Securitised Derivatives Trading – Equity Trading Maintains High Volume

October Turnover Exceeds 4.6 Billion SEK (531 Million Euro) At Nordic Growth Market NGM

Moscow Exchange October Trading Volumes

MarketAxess joins calls for mandatory CDS trading
Anish Puaar – Financial News
Trading venue MarketAxess has asked regulators to make the trading of some credit default swaps on electronic platforms mandatory, as US market participants prepare for new over-the-counter derivatives rules due to come in early next year.

ISE Granted Stay in CBOE’s Patent Suit
In the case of Chicago Board Options Exchange, Incorporated v. International Securities Exchange, LLC, Case No. 1:13-cv-01339-JMF, the Honorable Jesse M. Furman of the United States District Court for the Southern District of New York issued a ruling yesterday that halted CBOE’s patent suit against ISE while the validity of the patents-in-suit is examined by the U.S. Patent and Trademark Office (USPTO).

MGEX October 2013 Volume Up 15 Percent; OI Up 31 Percent From October 2012
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports year over year volume growth at 15 percent and year over year open interest growth at 31 percent. Total Exchange volume was reported at 122,802 contracts traded, while open interest was reported at 60,893 contracts.

NYSE Euronext and IntercontinentalExchange Announce Preliminary Results of Proration Calculations

NYSE Euronext and IntercontinentalExchange Announce Preliminary Shareholder Merger Consideration Election Results

SIX Swiss Exchange enhances co-location offering
As of today, SIX Swiss Exchange makes X-stream INET, the worlds’ most advanced trading technology, available to all its trading segments. Consequently, co-location is now also available for participants active in ETFs, ETSFs, Sponsored Funds, ETPs, CHF Bonds, International Bonds and Structured Products (on Scoach Switzerland).

New regulation for index data
SIX Swiss Exchange has updated its data access provisions, bringing itself in line with established market standards. The new regulation aims to ensure index data from SIX Swiss Exchange is used expediently by now providing this data only to users with a data license within a closed user group. This harmonization represents the consequent orientation towards industry standards with respect to providing an offering in line with the market.

TOM MTF Statistics Week 44, 2013- High Market Shares

Direct Edge Trading Notice #13-XX: Additional Direct Edge Fee Schedule Changes For November

Hedge Funds & Managed Futures

New hedge funds drop as banks boost pay
Madison Marriage –
New hedge funds have become scarcer as banks fight to retain star traders with bigger pay packages. Only 418 hedge funds have been set up so far this year, compared to 725 and 780 established in the two preceding years respectively, according to Preqin, the data provider.

UPDATE 2-Pimco Total Return Fund rises for 2nd month after patchy summer
Bill Gross’s Pimco Total Return Fund, the world’s largest mutual fund, notched its second straight month of gains in October after a rocky summer period, preliminary data from Morningstar showed on Friday.

How Investors Leave Billions on the Table
Jason Zweig – MoneyBeat – WSJ
Will investors ever stop underperforming their own investments? Consider Pimco Total Return, the giant bond mutual fund run by the renowned investor Bill Gross. In the year ended Sept. 30, its largest share class lost 0.74% — a respectable result, considering that the bond benchmark the fund seeks to beat, the Barclays U.S. Aggregate index, lost 1.89%. But the fund’s investors, who yanked out $7.3 billion in May and June, right before it rebounded, did worse.

Funds of funds to change their game
Brian Bollen – Financial News
The challenges facing the private equity fund of funds industry are well documented. For one, the difficulties of fundraising at a tough time for smaller private equity firms are exacerbated by the growing focus on the additional layer of fees that funds of funds charge.

John Paulson’s asset management bet pays off
Stephen Foley –
John Paulson’s most famous bets are the ones with an apocalyptic tint. His “big short” on the US housing market catapulted his eponymous hedge fund into the big league in 2007, and he has subsequently gambled that the price of gold will skyrocket in an era of central bank money-printing (well, you cannot win them all).

SAC Capital prepares for a second life
Stephen Foley in New York –
The admission of insider trading that Steven Cohen’s SAC Capital is expected to make later on Monday will bring a symbolic end to his two-decade career managing money for outside investors, but SAC’s fate was already sealed in July when the US Department of Justice first laid criminal charges.

Goldman Sachs Asset Management to Acquire RBS’ Money Market Funds
Goldman Sachs Asset Management announced today that it will acquire the Global Treasury Funds, which are a range of money market funds managed by RBS Asset Management.

High-yield market goes transatlantic
Claire Coe Smith – Financial News
European borrowers are benefiting from high investor demand for access to the debt markets and a shortage of deals, with refinancings dominating the landscape amid a scarcity of sponsor-backed mergers and acquisitions.

Long/short opportunities flow to next level
Harriet Agnew – Financial News
A new generation of European long/short equity managers is in a sweet spot. These managers, armed with strong performance figures, assets of at least $200 million and, generally, a track record of less than five years, are benefiting from a resurgence in appetite for Europe and for equity strategies.

Maybe This Is Why the Stock Market Gets Called a Casino…
Justin Lahart – MoneyBeat – WSJ
Behavioral economists have spent a lot of time sorting out investors differing tolerances for risk. Among factors they’ve identified: Sex, age, culture and childhood experience. Now, research from Chi Liao, a Ph.D. candidate at the University of Toronto’s Rotman School of Management, shows how risk-taking itself can lead to higher risk tolerance.

CFTC Commitments Of Traders Reports Update

Banks & Brokers

U.S. Inquiry Broadens Into JPMorgan’s Asia Hiring
A federal investigation into the hiring practices of JPMorgan Chase has expanded beyond the borders of China, where the bank faces questions about whether it hired the children of powerful Chinese officials to win lucrative business there.

Morgan Stanley’s Gorman: U.S. Banks Aren’t Too Big
Justin Baer – MoneyBeat – WSJ
Five years after it was nearly swept away by the financial crisis, the nation’s banking system is now back on solid ground.

Tradeweb Markets LLC Acquires BondDesk Group LLC
Tradeweb Markets, a leading builder and operator of global fixed income and derivatives marketplaces, announced today that it has completed the acquisition of BondDesk Group LLC, and has rebranded its combined retail fixed income division as Tradeweb Direct.

HSBC Profit Rises; Bank Is Cooperating With Foreign Exchange Inquiry
HSBC, Britain’s biggest bank, said on Monday that third-quarter earnings rose 10 percent from the period a year earlier, helped by its cost-reduction program. The bank also was the latest to admit that it was the subject of an investigation by several authorities into its conduct in the foreign exchange market.

Cantor Fitzgerald Europe Adds To Credit Fixed Income Team
Cantor Fitzgerald Europe, a leading global financial services firm, today announced the expansion of its credit fixed income sales and trading team with the appointment of Jose Contreras and David Coffey in London.

Clearing & Settlement

Markit to Close OTC Equities Reporting Service
Tim Cave – MoneyBeat – WSJ
Markit said Friday it will close an over-the-counter equities reporting system because not enough banks are using it. The service has been snubbed by major banks in favor of a new offering run by Bats Chi-X Europe.

OCC Announces Cleared Contract Volume Rose 24% In October Reaching 400 Million Contracts
OCC announced today that cleared contract volume in October reached 407,220,455 contracts, representing a 24 percent increase from the October 2012 volume of 327,576,945 contracts. This marks the first time since August 2011 that cleared contract volume hit 400 million contracts in a single month and the fourth time in history. OCC’s year-to-date total cleared contract volume is up 4 percent from 2012 with 3,526,716,786 contracts.


BATS Global Markets And Interactive Data Bring New Web-Based Desktop Tools To Investors
BATS Global Markets, a leading operator of stock and options markets in the U.S. and Europe, today announced the availability of two new U.S. market data products for professional traders and retail investors.

Thomson Reuters to Retire 3000 Xtra
Faye Kilburn – WatersTechnology
Thomson Reuters has notified customers that it plans to withdraw support for its Reuters 3000 Xtra legacy market data desktop terminal after Dec. 31, 2013, and has begun the process of decommissioning the platform’s corresponding services and local delivery infrastructure.

Redline Preps Asian Feeds, HK Presence
Max Bowie – WatersTechnology
Woburn, Mass.-based low-latency ticker plant vendor Redline Trading Solutions is adding support for datafeeds from Asian exchanges, and has established an office in Hong Kong to provide technical support to clients in the region.


SEC Obtains Asset Freeze in California-Based Real Estate Investment Scheme
The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze against a group of Pasadena, Calif.-based companies at the center of an ongoing real estate investment scheme.

SAC Nears an Insider Trading Guilty Plea, but Legal Cases Aren’t Shut
The criminal case against the hedge fund SAC Capital Advisors has reached a conclusion, people briefed on the matter said, with the government expected to announce Monday that SAC will plead guilty to insider trading charges and pay a fine of roughly $1.2 billion.

Morgan Stanley sues former adviser, claims he falsified records
Morgan Stanley’s (MS.N) wealth management division sued former financial adviser Denis O’Brien on Thursday, claiming that he falsified 206 client telephone numbers just before leaving the firm.

[AMF Canada] Matter of Henri Lemieux and Financière Hélios Capital – Service of hearing notice

[AMF Canada] AMF sues Robert Morin

[AMF Canada] Preventive Measures – Prohibitions relating to DBSG Fonds d’investissements inc.

Environmental & Energy

Alberta Says ‘Quid Pro Quo’ With U.S. Required on Carbon Rules
Alberta won’t raise its levy on greenhouse-gas emissions unless the U.S. acts on the issue, Premier Alison Redford said.

Q&A with Canadian climate expert PJ Partington
Climate Spectator
The Climate Institute’s Erwin Jackson asked a few questions of PJ Partington, technical and policy advisor for climate change at Alberta-based Pembina Institute a research and advocacy non-profit organisation.

Press Release: Quantifying the benefits of a national emissions trading system in China
MIT News
Earlier this year, China took a major step in combating climate change by launching a pilot CO2 emissions trading system within some of its provinces. This is the first step in a series of planned reforms and part of a larger effort to reduce CO2 intensity by 17% in 2015, relative to 2010 levels.


Asian hedge funds show signs of maturity
Paul J Davies in Hong Kong –
“The Asian hedge fund industry has all the hallmarks of a teenager,” says Rob Appleby, co-founder of ADM Capital, one of Asia’s longer-lived hedge funds. “From the outside it looks extraordinarily ugly, but it works.”

INSIGHT-Won for the money: North Korea experiments with exchange rates
In a dimly-lit Pyongyang toyshop packed with Mickey Mouse picture frames and plastic handguns, a basketball sells for 46,000 Korean People’s Won – close to $500 at North Korea’s centrally planned exchange rate.

HKEx Publishes Post-Launch Review Of Its After-Hours Futures Trading
Hong Kong Exchanges and Clearing Limited (HKEx) today published the results of its review of the first six months of After-Hours Futures Trading (AHFT) at HKEx.

SGX welcomes Viva Industrial Trust to Mainboard

HKFE Announces Revised Margins For Esprit Holdings Futures

International Capital Market Association (ICMA) Opens Asia Pacific Representative Office In Hong Kong

Frontier Markets

IDB to launch $10 billion Islamic bond program in Dubai
The Islamic Development Bank (IDB) ISDBA.UL will set up a $10 billion sukuk issuance program on the Nasdaq Dubai exchange, a boost to Dubai’s efforts to become a top center for Islamic finance in competition with other cities.

Saudi Stock Exchange (Tadawul) Monthly Statistical Report – October 2013

Dr. Mohamed Omran, Chairman Of The Egyptian Exchange Discussed Feasibility Of Creating Futures Market With A Number Of Exchanges’ CEOs At The World Federation Of Exchanges Annual Meeting

Tehran Stock Exchange Weekly Digest – 30 October 2013

Omani Market Authority Rings Tehran Stock Exchange’s Opening Bell

Malawi Stock Exchange Monthly Market Performance Report-October, 2013

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