Bits & Pieces
By John J. Lothian
We have added our final speaker to the lineup in Chicago for our MarketsWiki Education World of Opportunity Summer Intern Education Series. Ed Haravon of Spot Trading will join our esteemed list of speakers.
We are getting ready for the final preparations for our trip to New York and our events at the NYSE for the series. We are very appreciative of all the help from the staff of the NYSE to make this possible.
We have seen a nice inflow of sign ups for New York in the last day or so, but there is still plenty of room. See details for signing up for New York or Chicago at www.marketswikieducation.com
There is a great buzz about the Summer Intern Education series and we are very appreciative for all our friends, sponsors (including global premier sponsorCME Group) and colleagues who have forwarded information about it, shared it on social media and recommended it to their colleagues and friends. You are a terrific group of people and we are very thankful for your help. Keep it up, there is still room left in New York and Chicago.
Many people joke that I am the bionic man now that I have two new knees, a fused back and a new shoulder. Add a third crown to my set of teeth. I bit into some trail mix and found some of the trails, which chipped a tooth. It is always fun at the dentist.
NYSE/NYSE MKT – OUTAGE DESCRIPTION
On Tuesday evening, the NYSE began the rollout of a software release in preparation for the July 11 industry test of the upcoming SIP timestamp requirement. As is standard NYSE practice, the initial release was deployed on one trading unit. As customers began connecting after 7am on Wednesday morning, there were communication issues between customer gateways and the trading unit with the new release. It was determined that the NYSE and NYSE MKT customer gateways were not loaded with the proper configuration compatible with the new release.
***** If you really want to know what happened, you have to ask a Chicago local trader. They have the inside scoop, always.
Prepare for more cyber attacks on US; Washington needs to answer the question that Kissinger once asked of Europe: ‘Who do I call?’
By Gillian Tett, FT
Another week, another wave of cyber alarm in America. On Wednesday both the New York Stock Exchange and United Airlines suspended activity for several hours due to mysterious computing problems, while the Wall Street Journal’s website briefly went down. All three insisted that the outages reflected technical hitches, not malicious attack. But many are anxious after past assaults on mighty American companies and agencies.
****** My dog has a chip in her. I wonder if her privacy was attacked. She won’t like it.
WEBCAST: Smart Beta: Capturing Economic Output With GDP Weighted Indexes, July 15
In 2014, China overtook the USA as the world’s largest economy by GDP. As the economic size of a country can differ significantly from its market capitalization, especially within faster growing, emerging economies, we explore the implications of a GDP weighted approach to index construction. Join Brendan Ahern, Chief Investment Officer at KraneShares and Brad Zucker, Senior Product Research Analyst at FTSE Group who will be looking at the growth of emerging markets
***** We want to hear more about Smart Beta. Do you have a story to tell?
| How will EU reform impact your business?
On 8 September in London, FOW will host Regulation 2015, a one day event focused on the business implications of regulatory change across Europe. Mifid II and other reforms will reach far beyond the borders of the EU and US firms will be impacted. To find out more on how EU reform will impact your business, join us in London in September. To register and for more information on the event, click HERE. or visit www.fow/events.
Internship Rules Are Still an Unfair Mess
By Stephen L. Carter, Bloomberg
Last week’s federal appellate decision on the employment status of summer interns has excited quite a controversy. In Glatt v. Fox Searchlight Pictures, the U.S. Court of Appeals for the 2nd Circuit softened considerably the impact of the Labor Department’s 2010 guidance on when interns of for-profit companies have to be paid. In particular, the panel ruled that interns need not be paid when they rather than the companies are the primary beneficiaries of the internship.
***** Our interns rule!!! Actually, I have one intern rule and that is for them to work so smart that they make my full time employees nervous.
***DA: As one of the interns is my son, my position is hedged, right?
London’s Financial District Finally Has a Chipotle; The Mexican fast food chain anticipates 30-percent growth in Europe this year
by Richard Vines, Bloomberg
Chipotle Mexican Grill is more than a popular dining chain in the U.S. It’s a $20 billion burrito empire.
***** This is not quite the coup of Interlaken, Switzerland’s main street of Hoheweg having a Hooter’s, but it comes close.
Innovation Incubation: TriOptima’s Mireille Dyrberg Looks at the Latest FinTech Trends
For the past several years, derivatives conferences have been all about regulation. But as Dodd-Frank, MiFID II and other global regulations move through the rulemaking phase to implementation and beyond, the focus has shifted from regulation to innovation.
The 2015 FIA Europe International Derivatives Expo was all about fintech, and the top-to-bottom technology overhaul of the world’s financial markets. Mireille Dyrberg, chief operating officer of post-trade services giant TriOptima, spoke with John Lothian News’ Doug Ashburn at IDX 2015 about the innovation cycle, which technologies to keep an eye on, and the role of fintech incubators such as ICAP’s Euclid Opportunities program.
Watch the video »
Market Complexity Broke the NYSE Before Saving It
By Matt Levine, Bloomberg
So today the New York Stock Exchange published its explanation of why it shut down for much of yesterday. Here it is. Basically NYSE did a software update, and when it opened up the machine to put the updated software in, some bats got into the machine and flew around breaking stuff, and so NYSE had to open the machine back up and catch all the bats, and that took a while. I may not fully understand how computers work.
China’s Dream of World Class Stock Markets Suffers Intervention Blow
by Belinda Cao, Kyoungwha Kim, Bloomberg
It’s hard for Alex Wolf to believe that the Chinese officials he met four months ago are the same ones running the world’s second-largest stock market today.
Water, Water Everywhere? Caribbean Adds to Global Drought
by Ezra Fieser, Bloomberg
Californians are suffering an historic drought, Brazilians are rationing water and Chile’s Atacama desert is creeping south. Now Caribbean nations from Jamaica to Trinidad that have been praying for rain are counting their losses.
NYSE Upgrade Gone Bad Caused Outage, Allaying Hacking Fears
by Nick Baker, Bloomberg
The New York Stock Exchange said a botched technology upgrade, not a hacking attack as some feared, caused Wednesday’s outage that froze one of the world’s biggest equity markets.
Chinese Investors Pull Back from Margin Financing; Deleveraging accelerates following stock market’s deep dive
By WEI GU, WSJ
Chinese stock market investors have cut their borrowing by a third after a wave of margin calls and panic selling helped drive shares down by more than 30% since mid-June.
Doubts Simmer Despite China’s Gains; Beijing’s frantic rescue casts uncertainty on its financial overhauls, sustainability of recovery
By GREGOR STUART HUNTER, WSJ
China’s stock market snapped a three-week losing streak Friday, as the government’s heavy-handed intervention at last appeared to have to arrested a massive selloff.
Deutsche Bank: What China Can Learn From the 1987 ‘Plunge Protection Team’;Look out below!
After the Shanghai Stock Exchange Composite Index slid 5.9 percent, to 3,507.19, on Wednesday, it bounced back 5.8 percent, to 3,709.33, today.
With the roller coaster ride continuing, Chinese officials have taken action.
London’s domination of precious metal benchmarks at risk; Metals benchmarks administrators start charging for data; Shanghai to set yuan-denominated benchmark by year-end
By Clara Denina, Reuters
Operators of the new precious metals benchmarks, historically run from London, face a challenge to ensure they not only remain relevant globally but are also profitable just as Shanghai is gearing up to launch a rival gold benchmark of its own.
Flow Traders shares soar on debut
Philip Stafford in London, FT
A trader sits and monitors his computer screens as he trades on the financial markets. Chris Ratcliffe/Bloomberg©Bloomberg
Shares in Flow Traders soared more than 12 per cent on its debut as the Dutch group became the first high-frequency trader to list in Europe.
What do rising trade reporting costs mean for your firm?
ISDA Survey – Sapient Global Markets
Sapient Global Markets surveyed broker-dealer, buy-side and sell-side firms to identify the current state of trade reporting. The survey reveals that most firms, despite having already made heavy investments in their internal trade reporting systems, expect their reporting costs to rise significantly. Download the white paper here.
Derivatives traders’ ID tags to be linked to parents in upcoming plan
Neil Roland – MLex
Global authorities plan to take the first step this fall to link identification tags for derivatives traders to their parent firms in an effort to pinpoint banks’ overall risk exposure.
UK regulator drops case against London Whale trader
BY KIRSTIN RIDLEY, Reuters
Bruno Iksil, the former JPMorgan trader dubbed the London Whale for his outsized trades, has escaped a fine and possible industry ban in Britain after an investigation into a scandal that cost the bank $6.2 billion in 2012, his lawyers said on Thursday.
US House Financial Services Chief Keeps Hammering Dodd-Frank
House Financial Services Committee Chairman Jeb Hensarling continued Thursday his years-long assault on the landmark Dodd-Frank financial regulatory law, arguing that on the eve of its fifth anniversary the law has failed on multiple levels.
The Financial Conduct Authority publishes new referral criteria for enforcement investigations
The Financial Conduct Authority (FCA) has updated the criteria and outlined the process it uses when deciding whether to refer a firm or individual to its enforcement division for a formal investigation.
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
- EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Market Data Section of its Fee Schedule (Release No. 34-75395; File No. SR-EDGA-2015-25; July 8, 2015); see also Exhibit 5
- EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc. (Release No. 34-75390; File No. SR-EDGA-2015-26; July 8, 2015); see also Exhibit 5
- EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Market Data Section of its Fee Schedule (Release No. 34-75397; File No. SR-EDGX-2015-28; July 8, 2015); see also Exhibit 5
- EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc. (Release No. 34-75393; File No. SR-EDGX-2015-29; July 8, 2015); see also Exhibit 5
- FINRA: Notice of Filing of a Proposed Rule Change to Establish the Securities Trader and Securities Trader Principal Registration Categories (Release No. 34-75394; File No. SR-FINRA-2015-017; July 8, 2015); see also Exhibit 5
- ICC: Notice of Withdrawal of Proposed Rule Change to Provide for the Clearance of an Additional Standard Emerging Market Sovereign Single Name (Release No. 34-75396; File No. SR-ICC-2015-006; July 8, 2015)
- NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Volume-Based and Multi-Trigger Thresholds (Release No. 34-75391; File No. SR-NASDAQ-2015-061; July 8, 2015); see also Exhibit 5
- NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to the Designated Liquidity Provider Program under Rule 7018(i) (Release No. 34-75389; File No. SR-NASDAQ-2015-071; July 8, 2015); see also Exhibit 5
- NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX BX, Inc. Relating to the Volume-Based and Multi-Trigger Threshold (Release No. 34-75392; File No. SR-BX-2015-036; July 8, 2015); see also Exhibit 5
- NYSE Arca: Order Approving Proposed Rule Change Amending Rule 6.35 to Modify the Appointment Process Utilized by the Exchange (Release No. 34-75323; File No. SR-NYSEArca-2015-17; June 29, 2015)
- NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 995NY by Deleting the Prohibition on ATP Holders from Entering Customer Limit Orders to Buy and Sell the Same Option Series, for the Account or Accounts of the Same or Related Beneficial Owner (Release No. 34-75398; File No. SR-NYSEMKT-2015-46; July 8, 2015); see also Exhibit 5
Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”
The FSA updated the list of issuers who are repaying, have completed repaying or have announced the termination of use of prepaid payment instruments, as defined in the “Payment Services Act” (e.g. gift vouchers, gift certificates, and prepaid cards).
Exchanges & Trading Facilities
Euronext Amsterdam welcomes Flow Traders
On July 10 Flow Traders celebrated its listing on Euronext Amsterdam. Trading in Flow Traders shares started this morning after its strong IPO.
NYSE outage fails to speed up IT upgrade
Philip Stafford in London and Robin Wigglesworth in New York, FT
The New York Stock Exchange has no immediate plans to speed up a planned technology upgrade, despite revealing that it was a software update that halted trading on some of its markets for more than three hours.
Market volatility won’t hit HK-Shenzhen stock scheme launch – Fin Sec
Hong Kong Financial Secretary John Tsang said on Friday that the launch of a much-anticipated Hong Kong-Shenzhen stock market link will not be affected by recent volatile in China’s stock markets.
NYSE President Farley: ‘Wasn’t my best day’
by Fox Business Videos
NYSE Group President Thomas Farley on what was behind the more than 3-hour NYSE outage.
CME raises summer 2015 initial margins for natgas
CME raises natural gas Henry Hub future (NG) initial margins for summer 2015 for specs by 4.2 percent to $2,063 per contract from $1,980
CME lifts force majeure for most Illinois River grain terminals
CME Group on Thursday said force majeure was no longer in effect at a majority of Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery.
Investigation against Accu Holding AG
SIX Exchange Regulation is opening an investigation against Accu Holding AG regarding a potential violation of reporting obligations
AMOEBA LISTS ON EURONEXT PARIS; Raises EUR13.2 million, market capitalisation EUR44.5 million
EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for small and medium-sized companies (SMEs), today celebrated the listing of Amoeba, a company producing a green biocide that eliminates bacterial risk in water. Amoeba is listed on the regulated market of Euronext Paris (Compartment C).
Appointment of Listing Committee Members
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announces the appointment of members to the Listing Committee of the Main Board and Growth Enterprise Market (GEM) (together, the Listing Committee1).
Hedge Funds & Managed Futures
U.S.-based stock funds attract biggest inflows of year – Lipper
By Sam Forgione, Reuters
Investors in U.S.-based funds poured $14.1 billion into stock funds in the week ended July 8, marking the biggest inflows into the funds since mid-December, data from Thomson Reuters’ Lipper service showed on Thursday.
The inflows were the first in three weeks. Funds that specialize in U.S. shares attracted most of the new cash, at $12.6 billion, while funds that specialize in foreign shares attracted $1.6 billion to reverse the prior week’s $1.1 billion
D.C. Joins Athens as Major Threat to Bull Market in U.S. Stocks
by Michael P Regan, Bloomberg
Is it possible that the biggest threat to the bull market in U.S. stocks lies not in Greece, or China, or Puerto Rico, but rather in the quiet little college town of Washington, D.C.?
Greylock Partners Q&A: ‘There’s Too Much Money Out There Right Now’
David Sze and John Lilly talk bubbles and burn rates
by Emily Chang, Bloomberg
This year, venture-capital firm Greylock Partners celebrates its 50th anniversary. The company has backed some of the biggest successes in technology history, including Facebook, Instagram, LinkedIn and Workday. How does the firm ensure that the next 50 years are as successful? Emily Chang sat down with partners David Sze and John Lilly on Bloomberg Television’s Studio 1.0, which airs July 9 at 7:30 p.m. ET/PT. As the valuations of so-called tech “unicorns” soar, they said investors are taking on significant risk and burn rates are high, but that doesn’t mean the next Google isn’t being built somewhere.
The Man Who Must Fund the Retirement of the Oldest Wealthy Nation; Hiromichi Mizuno runs Japan’s $1.1 trillion public pension fund
By ELEANOR WARNOCK, WSJ
Hiromichi Mizuno arrived at Japan’s $1.1 trillion public pension fund this January with orders to shake up one of the world’s most-conservative financial institutions.
Banks & Brokers
EBS Direct adds Metallinvestbank and Standard Bank as liquidity providers (LPs)
EBS BrokerTec, ICAP’s market-leading electronic foreign exchange (FX) and fixed income business, announces today the addition of Metallinvestbank as the first Russian liquidity provider (LP) and Standard Bank as the first South African LP on the EBS Direct platform. This brings the total number of LPs on EBS BrokerTec’s fully disclosed, relationship based FX platform to 24 and expands its LP portfolio to include local market providers.
Barclays Faces Toughest Test in Investment Banking
By DOMINIC ELLIOTT, NY Times
Barclays faces the biggest test in retooling its investment bank. Chief executives at Barclays, Credit Suisse and Deutsche Bank have now all left, meaning new leaders will tackle their respective divisions’ futures. All three have lost market share to Wall Street over the last few years. But Barclays’ shrinking broker-dealer revenue makes it the top contender for further slippage.
Citi ordered to pay Mercuria $14 million in China metals financing suit: report
Citigroup Inc has been ordered to pay Swiss-based commodities merchant Mercuria almost $14 million as part of prolonged legal wrangling over Chinese metals financing deals hit by suspected fraud, a report on Wednesday said.
James Marcus, Opera Benefactor and Ex-Goldman Partner, Dies at 85
By SAM ROBERTS, NY Times
James S. Marcus, who fell in love with opera at a student performance of Wagner’s fairy tale “Lohengrin” when he was 9 years old and who went on to become a board chairman and benefactor of the Metropolitan Opera, died on Sunday in Manhattan. He was 85.
Citi and Morgan Stanley take top honours at Euromoney Awards for Excellence 2015; US firms named best bank and best investment bank; Hourican takes banker of the year award; ICBC’s Jiang rewarded for outstanding contribution to global financial services.
A sold-out Natural History Museum in London welcomed 600 bankers from across the globe on Thursday to celebrate Euromoney’s Awards for Excellence 2015, the most prestigious awards in global financial publishing.
Rise of in-house banks
by Paul Golden, Euromoney
The benefits of in-house banks are evident to companies with businesses in multiple countries and substantial FX exposure, although implementation challenges can be considerable. In recent years, a number of high-profile corporations have sought to develop their own corporate treasury infrastructure through the creation of in-house banks.
Barclays may not name new CEO until 2016
Chairman John McFarlane could remain in charge for up to eight months as search for Antony Jenkins’ replacement begins
Brokerage Firm Sidoti Tightens IPO Pricing Guidance; New York firm intends to sell 3 million shares at $9 to $11 a share
By LISA BEILFUSS, WSJ
Brokerage firm Sidoti Co. tightened the pricing guidance for its initial public offering and now expects to raise up to $33 million, the company said in a regulatory filing Friday.
Clearing & Settlement
Japan Commodity Clearing House Made Citibank Japan General Clearing Participant
As a General Clearing Participant of JCCH, Citibank Japan is eligible to clear trades on TOCOM’s markets for precious metals, oil and Chukyo-oil as well as rubber, agricultural products and sugar. They are able to clear on behalf of their customers as well as non-clearing participants.
Crypto Facilities and Elliptic Set Up Bitcoin Clearing System
Traders Magazine Online News
Two firms have joined together to bring standardization to bitcoin trading, clearing and settlement. Bitcoin analytics and security firm Elliptic and bitcoin derivatives exchange Crypto Facilities announced their union and development of a settlement and clearing mechanism that separates bitcoin custody from all other exchange functions.
Indexes & Products
Deutsche Says China Volatility Not Enough To Preclude MSCI Inclusion
Beijing’s massive intervention in China’s stock markets has rightly raised questions about the country’s progress on market reforms. The heavy hand of government has also left many investors scratching their heads about whether Beijing’s actions have imperiled the chances of getting the mainland’s A shares included in the closely watched MSCI Emerging Markets Index.
Beijing’s Stock-Plunge Response Dims Index Hopes
Hopes that Chinese shares would soon be included in major global indexes turbocharged their sharp run-up this year. Since one major index provider decided last month to keep them out, the Shanghai market has lost nearly a quarter of its value. Beijing’s frantic response to the bust dims those index hopes, investors say.
An Index Provider’s Perspective on the Growing Australian ETF Market
Indexology: S&P Dow Jones Indices
The Exchange Traded Fund (ETF) landscape in Australia continues to grow and mature in assets under management (AUM) and in number of ETF products offered. As of June 2015, the Australian ETF Market was reported to be at A$18.1 Billion in AUM and 107 ETFs traded on the ASX. As an index provider with deep roots in the Australian market, S&P Dow Jones Indices takes interest in this, because Exchange Traded Funds which are index-trackers are the delivery vehicles of index effectiveness and index-based innovations.
Interactive Data to provide evaluated pricing data to Algomi’s Honeycomb network
Interactive Data will provide evaluated prices to the Honeycomb platform for high-yield and investment-grade US and European corporate bonds. The data will be available to help Algomi buy-side clients to achieve increased pre-trade transparency and price discovery.
Algomi Wins “Fintech Innovation Of The Year” In Euromoney’s Global Awards For Excellence
Algomi, the network company providing information-matching solutions for the optimisation of fixed income liquidity, has won the “FinTech Innovation of the Year” in the 2015 Euromoney’s Global Awards for Excellence.
Ex-accounting executive avoids prison in Madoff fraud case
BY JOSEPH AX, Reuters
A former associate of Bernard Madoff avoided prison on Thursday for his role in perpetuating the fraudster’s massive Ponzi scheme because of his extensive cooperation with prosecutors.
Judge Lets Off Madoff Associate Without Prison Time
Paul Konigsberg, a former associate of Bernard Madoff, avoided prison on Thursday for his role in perpetuating a multibillion-dollar Ponzi scheme. Mr. Konigsberg, 79, a lawyer and accounting firm executive, pleaded guilty last year to charges of conspiracy and falsifying books and records. At the time, his cooperation deal was seen as a signal
Former trader Hayes denies trades were bribes for brokers, Libor trial hears
BY ESTELLE SHIRBON, Reuters
Tom Hayes, the former trader on trial over rate-rigging charges, denied on Thursday that fake trades he had performed to generate commissions for brokers amounted to bribes for their help in manipulating benchmark interest rates.
Environmental & Energy
Shell buys Morgan Stanley’s Europe gas and power trade book
By Ron Bousso, Reuters
Royal Dutch Shell has acquired Morgan Stanley’s European gas and power trading book as the U.S. bank continues its exit from the sector.
Carbon price, social push needed to curb emissions: economists
By Laurie Goering – Thomson Reuters Foundation
China’s climate-changing emissions from producing the energy it needs will be as large as the rest of the world’s emissions put together over the next 25 years, the incoming director of the International Energy Agency predicted on Thursday.
They’re all about free-market competition — unless it hurts the power companies
By John Romano – Tampa Bay Times
The attorney general and Florida’s Chamber of Commerce have both joined with mega utility companies to fight a constitutional amendment on solar power that embraces a competitive marketplace.
California Farms Are Using Drilling Wastewater to Grow Crops
By Alex Nussbaum and David Wethe – Bloomberg News
California’s epic drought is pushing Big Oil to solve a problem it’s struggled with for decades: what to do with the billions of gallons of wastewater that gush out of wells every year.
The Chinese Stock Meltdown That Makes the Greece Saga Look Trivial; The bear market by the numbers, below.
by Ye Xie, Bloomberg
The Shanghai Stock Exchange Composite Index has lost 28 percent since its peak on June 12, the worst selloff in two decades. About $3.9 trillion in market valuation has evaporated, more than the total annual output of Germany—the world’s fourth-largest economy—and 16 times Greece’s gross domestic product. The benchmark is still up 82 percent in the past year, the most among the world’s major markets.
Why China’s Stock Market Bailout Just Might Work
By JAMES B. STEWART, NY Times
Outside of China, the consensus among economists is overwhelming: The country’s efforts to prop up its plunging stock markets are doomed, the financial equivalent of King Canute trying to halt the incoming tide. But this being China, the conventional wisdom may turn out to be wrong.
China’s President Faces Rare Backlash; Market turmoil in China invites doubts over Xi Jinping’s autocratic leadership style
By MARK MAGNIER and JEREMY PAGE, WSJ
BEIJING—President Xi Jinping got the credit as China’s stock markets revved up. Now their unraveling is inviting rare finger-pointing at his forceful rule and putting his far-reaching economic goals at risk.
Suspended Shares Leave China Market Hanging; With half the shares on the Shanghai and Shenzhen markets not trading, doubt is cast on rebound
Half of the Chinese stock market has rebounded strongly the past two days. The other half remains stuck in time at days-old prices.
Madras HC stays CLB’s order which prevented FTIL from selling assets; MCA filed a petition at CLB seeking removal of the FTIL Board
T E Narasimhanf, Business Standard
The 1.37 lakh people who will benefit from NSEL-FTIL merger
Financial Technologies (India) Ltd (FTIL) has got breather today from the Madras High Court, which quashed Company Law Board (CLB’s) Order which prevented FTIL from selling its assets.
EOW struggles for forensic auditors in the NSEL case
Mateen Hafeez, TNN
The economic offences wing (EOW) of the Mumbai police, which is probing the Rs 5,600 crore cheating case involving the National Spot Exchange Limited (NSEL), has for the third time written to the home department demanding the appointment of forensic auditors for this case.
FTIL gets relief from Madras high court for sale of assets
The court set aside an earlier ruling by the Company Law Board that barred FTIL from disposing any of its assets till 2 September