The Road Ahead: Donohue Leads OCC In a New and Pricier Era
Sarah Rudolph – John Lothian News
After 40 years as a relatively quiet clearing utility, the OCC has recently been shaken up. In just the past couple of years, the organization has seen dramatic changes in its leadership, staff, board and structure as it responds to new, more demanding regulatory requirements and a changing environment.
Perhaps the biggest change has been the OCC’s new designation in the wake of massive regulatory changes since the financial crisis. In July 2012 the Financial Stability Oversight Council, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, designated the OCC as a “systemically important financial market utility” (SIFMU). OCC was one of several clearinghouses and institutions to be marked as such, a major market structure reform that is designed to help prevent the “too big to fail” financial firms that led to the 2008 crisis.
That also means that the OCC is under increased regulatory scrutiny, overseen by three regulatory entities: Securities and Exchange Commission, Commodity Futures Trading Commission and Federal Reserve
In October 2013, the SEC sent the OCC what Bloomberg called a “hair raising” letter chastising the organization for systemic weaknesses in its risk management and operations and saying it had not done a good enough job managing conflicts of interest on its board. The letter didn’t charge the clearinghouse with any wrongdoing but said its organizational structure had led to a lapse in oversight, according to the Wall Street Journal. Organizational changes have followed.
The OCC was already preparing for its first leadership change since its inception in 1973. Wayne Luthringshausen, who served as both executive chairman and CEO, retired at the end of 2013 after running the OCC for its entire 40 years.
Ray Cahnman, chairman, Transmarket Group – Me, Us & You: How Trading Works
“Opportunities today are even greater. Competition, however…is brutal. “
Ray Cahnman, chairman of Transmarket Group, begins his presentation with a list of books, movies and news stories he recommends that give a glimpse into the financial industry. He then discusses how he entered the financial industry and how the opportunities and challenges facing the industry have evolved. Cahnman remembers how trading used to be about the individual trader and how no one wanted to divulge their secrets to success. Today, trading has turned into a team effort, especially with the role technology is playing. Cahnman says that the trading ecosystem now involves programmers and coders as well as traders. However, while there is an influx in new opportunities in the industry, one still needs to stay persistent and embrace competition in order to strive.
Watch the video »
New FIA PTG Whiteboard Series Will Examine Market Data
The FIA Principal Traders Group announced the release of a new analytical series called Whiteboard. As an advocate for data-driven decision-making, FIA PTG developed Whiteboard to demonstrate how the application of data and rigorous analysis can illuminate the complex questions and issues confronting our industry. The first Whiteboard paper is being released in partnership with the FIA European Principal Traders Association (FIA EPTA). It examines frequent batch auctions and identifies areas where the application of additional data and analysis can help clarify the tradeoffs, benefits and costs associated with this idea.
***** FIA PTG offers data driven opinions about key issues facing the markets.
CFTC Announces Departure of DSIO Director Gary Barnett
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced that Gary Barnett, Director of the Division of Swap Dealer and Intermediary Oversight (DSIO), will depart the agency in January to take a senior position at the U.S. Securities and Exchange Commission (SEC). CFTC Chairman Tim Massad also announced today that Tom Smith, currently Deputy Director for DSIO’s Capital, Margin and Segregation Branch (CMS Branch), will become Interim Director for DSIO upon Mr. Barnett’s departure.
****** I now know more ex-CFTC staffers than current CFTC staffers.
NFA Board Update – November 2014 Meeting
National Futures Association
NFA President and CEO Dan Roth joins Chairman Chris Hehmeyer to review rulemakings and other issues discussed at NFA’s November Board of Directors meeting.
***DA: A nine minute overview of the meeting, filmed and edited by John Lothian Productions.
Merrill Lynch Says Buy Main Street, Sell Wall Street
By David Wilson, Bloomberg
Favoring Main Street over Wall Street “has the potential to be the trade of 2015,” according to Michael Hartnett, chief investment strategist at Bank of America Corp.’s Merrill Lynch unit.
***** If my algebra is right, they are saying go long Main, short Wall.
Swiss firm targets UK retail clients with RDR share class
Anna Fedorova, InvestmentWeek
Swiss asset manager Unigestion is expanding its presence in the UK to retail and intermediary clients by launching an RDR-compliant share class on a range of funds.
****** These new RDR shares are nothing to laugh about.
China Merchants Securities and Three Major FCM Banks Sign for Duco at End of Year
Duco, a London-based technology provider of hosted reconciliation services, announced today that the firm has, in the past five weeks, signed four financial institutions as new customers. China Merchants Securities (UK) Limited is the latest to select the award-winning Duco Cube for a range of reconciliation and matching needs, signing last Friday. The others are two North American-based global banks and a major Japanese financial institution, along with their listed and over-the-counter futures commission merchant (FCM) business areas.
***** FinTech is the place to be.
SEFCON Snapshot 2014, Part I: Technology and Innovation
The WMBA Americas hosted SEFCON V on November 12, 2014, and John Lothian News was there. We interviewed 14 SEF operators, regulators and participants and put together this three part series on the state of SEFs one year into the mandate.
Part I looks at the state of innovation in SEF technology and market structure. The creation of the swap execution facility really forced a collision of the bilateral and listed worlds, and necessitated an entirely new workflow. Some of the technology is still being invented. Furthermore, the need for capital efficiency and product standardization have led to new product design.
TheSkimm, an Email Newsletter, Draws Fans Like Oprah Winfrey – and Investors
By Michael J. de la Merced
Online news start-ups have garnered buzz, and millions of dollars, over the last few years. But few can boast of vocal fans like Oprah Winfrey, especially while focusing on the least sexy of media: email.
***** It is a good thing this is not a newsletter about the markets.
MarketsWiki Page of the Day
MarketsWiki Recent Updates
Companies, Organizations and Groups
56,240,331 pages viewed, 8,112 articles, 187,534 edits
Market Turmoil Will Test the Post-Crisis Financial System
By Peter Eavis, New York Times
Washington has been trying to bolster the financial system for the last five years so it can deal with mayhem in the markets. The turmoil this week will test those rebuilding efforts.
Top Democrat says regional banks key to Wall Street win on derivatives
By Amanda Becker and Emily Stephenson, Reuters
A top Democrat in the U.S. House of Representatives on Tuesday said unpopular Wall Street banks got a long-sought rollback to Dodd-Frank reforms through Congress last week partly by leveraging the influence of smaller banks that hold greater sway with lawmakers.
NYSE to eliminate fees for some retail stock orders
Intercontinental Exchange Inc’s NYSE Group unit said on Tuesday it would eliminate the fees the exchange operator charges for certain retail stock orders in an effort to take back business from over-the-counter trading platforms.
NYSE plans to slash costs for retail investors
By Bradley Hope, The Wall Street Journal
The new owners of the New York Stock Exchange are planning to slash costs for some orders coming from retail investors in a bid to bring more trading back from “dark pools” and other off-exchange venues, according to a rule change filed Tuesday.
Man Group steps up U.S. presence with Silvermine deal
By Carmel Crimmins and Nishant Kumar, Reuters
Man Group to spend up to $70 mln for Silvermine Capital
Fourth U.S. acquisition this year
Lifts total assets close to 2008 peak, shares rise 2.4 pct (Adds background, analyst, share price performance)
Man Group plans to buy U.S. fund manager Silvermine Capital for up to $70 million, picking up $3.8 billion of assets under management to further strengthen its presence in the United States.
Trading Gets Expensive as Oil, Ruble Foster Stresses: Currencies
By Anchalee Worrachate and Andrea Wong, Bloomberg
The fallout from the plunge in oil and high-yield debt prices is seeping into the $5.3 trillion-a-day foreign-exchange market, where the cost of trading has soared to the highest in more than a year. The difference between the price at which traders are willing to buy and sell major currencies has widened in recent weeks to the most since 2013, rising above the six-year average of about 0.11 percent, according to JPMorgan Chase & Co. Bid-ask spreads are expanding even as the trading volumes climb amid increasing financial-market volatility.
U.S. Senator Levin aims to clamp down on physical commodity trading
By Michael Flaherty, Reuters
U.S. Senator Carl Levin has introduced a bill seeking to crack down on trading on inside information in physical commodities, the first U.S. legislation limiting Wall Street banks’ ability to deal in physical markets from crude oil to aluminum.
Teen Who Said He Made Millions on Wall Street Admits to Hoax; New York Magazine Says It Was ‘Duped’
By Colleen Wilson, WSJ
A New York City high-school student who became an overnight sensation after a magazine article said he had made millions trading oil and gold stocks on Wall Street apologized Tuesday for making up the story.
Crowd-pleasing is no substitute for wise judgment
John Kay John?Kay, FT
It is in the nature of a crowd to turn on anyone who dissents from average opinion
The wisdom of crowds” has become a modern cliché. And a strange one — the crowds that attended the Nuremberg Rallies, or cheered the tumbrils of the Reign of Terror, were anything but wise. Many adjectives might be applied to the assemblies that gather to applaud Dear Leader Kim Jong Un or cheer Chelsea Football Club — but “wise” is not one. Anyone standing back from these events must ask themselves a question: how could large numbers of people, so similar to ourselves, behave like that? What on earth were they thinking?
The year the Flash Boys came into the firing line
By Anna Irrera and Tim Cave – Financial News
Ask any trading practitioner when the defining moment of 2014 was and almost all will say “31 March”: in other words, the day Michael Lewis published his new book, Flash Boys: A Wall Street Revolt.
Clearinghouses Face EU Push on Too-Big-to-Fail Risks
The European Commission will propose legislation next year to toughen regulation of clearinghouses in a bid to prevent financial turmoil should one of them fail. Jonathan Hill, the European Union’s financial-services chief, said in a Dec. 15 interview in Brussels that the bill will be a priority.
What’s New on the SEC Website
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Credit Option Margin Pilot Program through January 15, 2016 (Release No. 34-73837; File No. SR-CBOE-2014-091; December 15, 2014)
NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Changes to Amend Rule 7018 to establish Fees and Rebates in Connection with BX’s Retail Price Improvement (“RPI”) Program (Release No. 34-73836; File No. SR-BX-2014-059; December 15, 2014)
ASIC releases the first Australian Financial Attitudes and Behaviour Tracker
ASIC today released the Australian Financial Attitudes and Behaviour Tracker (the Tracker), a new piece of research that explores some key financial attitudes and behaviours of Australian consumers and investors.
CFTC Staff Issues Time-Limited No-Action Relief from Certain Recordkeeping Requirements under Commission Regulation 1.35(a)
The U.S. Commodity Futures Trading Commission’s (CFTC or Commission) Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight today issued a no-action letter providing relief from certain recordkeeping requirements under Commission Regulation 1.35(a).
Exchanges & Trading Facilities
London Stock Exchange
Facilitates order book trading in more than 4,000 securities
Allows investment firms and retail intermediaries to trade a stock universe from 18 European countries
Customers can utilise their existing FIX 4.2 trading interface
Proquote, London Stock Exchange’s market data and trading system for intermediaries today announces a direct connection to Turquoise, the European Multilateral Trading Facility (MTF), giving investors access to over 4,000 shares, Depository Receipts, and ETFs admitted to trading from 18 European countries. The new connection requires no infrastructure upgrade for existing customers, with the Proquote Trading Platform FIX 4.2 interface seamlessly transitioning to Turquoise’s FIX 5.0.
Jeff McCarthy joins Nasdaq from Citigroup
Nasdaq appointed Jeff McCarthy as vice president, head of ETP Listings & Services.
December 2014 Final Foreign Currency Settlement Prices REVISED 16 Dec 2014
Migration of the Open Interest for and Subsequent Delisting of Certain NYMEX Low Sulphur Gasoil Futures Contracts 16 Dec 2014
HOLIDAY SCHEDULE- December 25, 2014 16 Dec 2014
Product Modification Summary: Delist Power Options – December 8, 2014
From 8:35 to 8:42 am CT the CBOE did not disseminate quotes and last sales to OPRA in a timely fashion in a limited number of series. This issue has been corrected and all CBOE systems are now functioning normally..
CBOE, C2 and CFE Trading Schedule For the Christmas and New Year’s Holidays
Euronext: Methorios Capital Lists On Alternext – Market Capitalization Of EUR84.1 Million
Euronext today congratulated Methorios Capital, an Italian based independent financial services company, on its listing on the Alternext market in Paris(ticker code: ALMTH).
Wiener Borse 2014 Stock Market Review: Lots Of Fresh Capital, But Geopolitical Crisis Is Weighing On Markets
Four billion euro in fresh capital and record volume of corporate bond issues
Geopolitical crisis weighs down ATX
Equity trading volumes up by 22%
Potential for upswing in 2015
Hedge Funds & Managed Futures
Jefferies Pursues Alternatives for Bache Commodities Business
Jefferies Group, the investment bank owned by Leucadia National Corp. (LUK), said it’s pursuing “strategic alternatives” for its Jefferies Bache commodities business and posted a loss of $92.4 million.
Straits Financial Premier (Offshore Feeder) Fund I, LTD.
Offered in relatively small investing amounts, the Premier Fund I will enable investor participation in alternative investment strategies, which has been recognized as a component of a diversified and balanced investment portfolio. We believe that the Premier Fund I’s trading program will be uncorrelated to equities, bonds or other alternative investments and will allow exposure to liquid, transparent markets through an experienced, licensed commodity trading advisor.
Traders Betting Russia’s Next Move Will Be to Sell Gold
By Debarati Roy, Bloomberg
Russia’s surprise interest-rate increase failed to stop the plummeting ruble. Another tool available to repair economic havoc caused by sanctions and falling oil prices: selling gold.
Throwing Money at Start-Ups in Frenzy to Find the Next Uber
By Steven Davidoff Solomon< New York Times
The $41 billion valuation for the ride-sharing service Uber may or may not be a bubblicious number, but it certainly shows that the venture capital industry is in a bad place.
‘You’ve got to be obtuse’: The trade which made Hendry 25% in two months
by Dan Jones, Investmentweek
In an exclusive interview, Hugh Hendry explains his ‘out of the box’ thinking, analyses a policymaking pivot, and responds to critics who claim he has ‘gone over to the dark side’.
Banks & Brokers
TABB Group finds equity prime brokerage in transition
Securities Lending Times
TABB Group has claimed that prime brokerage is in the midst of a large-scale change, according to its latest report, Equity Prime Brokerage: Exploring Uncharted Territory.
Citigroup Said to Keep Trading Bonus Pool Flat Amid Revenue Drop
By Dakin Campbell, Bloomberg
Citigroup Inc. traders will be spared the full pinch of this year’s market slump, while investment bankers won’t get bonus boosts as big as their surge in dealmaking.
Wells to raise minimum stock commission size for FAs
By Jed Horowitz, Reuters
When the almost 11,000 financial advisers in Wells Fargo & Co’s branch brokerage system get their 2015 compensation plan on Wednesday they may grimace at one change that could hit their pay, or cost their customers a little more.
BAML names new co-heads of FICC trading
By Christina Rexrode and Jenny Strasburg, WSJ
Bank of America Merrill Lynch has picked Bernard Mensah and James DeMare to be the co-heads of global fixed-income, currencies and commodities trading, according to people familiar with the situation.
UBS nominates former JPM prince Staley to board
UBS has nominated former JPMorgan banker Jes Staley for election to its board.
Clearing & Settlement
Getting value out of protection
Clearing houses were selected as the lynchpin of global derivatives reforms, but now regulators need to heed the advice of those they have entrusted, says Kim Taylor, president, global operations, technology and risk, CME Group. Mandating that all standardised swaps will be subject to central clearing, regulators recognised the resilience clearing houses showed throughout the financial crisis. However, those same authorities are now piling the pressure on central counterparties (CCPs) to commit increasing amounts of their own financial resources to default funds.
UnaVista Wins European Trade Repository of the Year
London Stock Exchange Group
UnaVista was announced as the European Trade Repository of the Year at the FOW International Awards ceremony. The nominations were judged by a panel of independent brokers who allocated points to all of the trade repositories across a number of categories such as customer service, education, responsiveness and performance.
***DA: The EMIR reporting category was a crowded field from what I hear.
Indexes & Products
Eurepo index coming to an end
Securities Lending Times
The Eurepo index will be published for the last time on 31 December due to concerns over its usefulness. The index, which is run by the European Money Markets Institute (EMMI) and the International Capital Market Association’s European Repo Council (ERC), was created in March 2002 as the benchmark for secured money market transactions in the Eurozone.
EURO STOXX 50 Variance Futures: Tradability for U.S. participants
As of 22 December 2014, variance futures on the EURO STOXX 50 index can be traded by participants that are located in the U.S.
Updated Listing Schedule for SPX EOM Options that Expire Quarterly
Former NYSE Tech exec hired to open New York office for Metamako
Metamako, supplier of ultra low-latency devices to exchanges and the trading community, has announced today that former Wombat (NYSE Technologies) COO, Ciaran Kennedy, has been hired to run the Metamako team at the company’s new Wall Street offices.
TriOptima Completes First Cross Currency Swap Compression In USD/Turkish Lira
TriOptima, a leading provider of OTC derivative post trade risk management services, announces today that 17 financial institutions eliminated $213 billion in the first USD/TRY (Turkish Lira) cross currency swap triReduce compression cycle.
Asset Manager Union Investment Adds OTAS Technologies To Its Trading Processes – Union Investment’s Implementation Of OTAS Marks OTAS Technologies’ First Client In The German Market
Union Investment, one of Europe’s leading asset managers, has successfully added the OTAS platform to its portfolio management process. OTAS Technologies is a decision support partner to the world’s largest global institutions. OTAS delivers intelligent decision support through a secure provide cloud platform, adding to Union Investment’s trading processes.
SEC Announces Charges Against Owner of Equity Research Firm Accused of Manipulative Trading
The Securities and Exchange Commission today announced charges against a Phoenix-based equity research firm owner who allegedly manipulated the market for a publicly traded stock he was soliciting investors to purchase.
Avestra Asset Management fined for breaching takeover laws
Avestra Asset Management Limited has been convicted and fined for breaching takeover laws.
Federal Court Orders Missouri Resident Daniel K. Steele and His Missouri Company, Champion Management International, LLC, to Pay over $2.5 Million in Monetary Sanctions
Order Also Requires Relief Defendant Judy D. Steele to Disgorge Ill-Gotten Gains
The U.S. Commodity Futures Trading Commission (CFTC) today announced that the Honorable Ronnie L. White of the U.S. District Court for the Eastern District of Missouri entered a Consent Order for permanent injunction against Defendants Daniel K. Steele and Champion Management International, LLC, (Champion Management), a Missouri limited liability company. The Court’s Order requires Defendants jointly to pay $1,544,722.81 in restitution to defrauded investors, imposes a $1 million civil monetary penalty, and requires Relief Defendant Judy D. Steele to disgorge ill-gotten gains totaling $187,083.58. The Order also imposes a permanent trading and registration ban on the Defendants and prohibits them from further violations of the anti-fraud provisions of the Commodity Exchange Act (CEA), as charged.
FINRA Fines Merrill Lynch $1.9 Million and Orders Restitution of $540,000 for Fair Pricing and Supervisory Violations Related to Purchases of Distressed Securities
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.9 million for fair pricing and supervisory violations in connection with more than 700 retail customer transactions in distressed securities over a two-year time period. Merrill Lynch was also ordered to pay more than $540,000 in restitution, plus interest, to affected customers.
Bursa Malaysia Securities Publicly Reprimands TH Heavy Engineering Berhad For Breach Of Main Market Listing Requirements
Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded TH Heavy Engineering Berhad for failing to ensure that the company’s announcement dated 28 February 2014 on the fourth quarterly report for the financial year ended (FYE) 31 December 2013 (4th QR 2013) took into account the adjustments which were made in the annual audited accounts for the FYE 31 December 2013 (AAA 2013) announced on 30 April 2014.
SEC Announces Charges in Alleged Gold Mining Investment Scheme
The Securities and Exchange Commission today announced charges against two individuals and their companies behind an alleged gold mining investment scheme based in Miami.
New Zealand’s Financial Markets Authority Closes South Canterbury Finance Limited Inquiries
The Financial Markets Authority (FMA) has closed its inquiries into potential civil claims relating to South Canterbury Finance Limited (SCF). After careful consideration the FMA has decided not to take any further action.
Environmental & Energy
2014 warmest year in Europe since 1500s
Pilita Clark in London, FT
Climate change is very likely to have helped make 2014 Europe’s warmest year since the 1500s, scientists have found.
OSE Wins Exchange of the Year – Asia at the FOW International Awards
Osaka Exchange, JPX
Osaka Exchange, Inc. (OSE), Japan’s Largest Derivatives Exchange and mother market of Nikkei 225 Futures and Options, has been Voted as Best Asian Derivatives Venue, At the FOW International Awards 2014.
Survey shows H-shares index products get strong support from all investor types
Hong Kong Exchanges and Clearing Limited’s (HKEx) Derivatives Market Transaction Survey 2013/14 (covering July 2013 to June 2014) found that trading of all investor types – local and overseas, retail and institutional – in H-shares index (HHI) products increased in the period.
Asia’s agribusinesses enter new fields
Jeremy Grant in Singapore, FT
For more than a century, the trading of crops that go into food products consumed around the globe has been controlled by companies based in the US and Europe. These include the so-called ABCD group — Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus — that dominate global flows of food commodities.
Dalian Commodity Exchange , DGCX Reach Consensus On Deepening Cooperation In Products
During China (Shenzhen) International Derivative Forum, Dalian Commodity Exchange (DCE) and the Dubai Gold and Commodities Exchange (DGCX) held talks on deepening cooperation in the market, and the two sides reached the consensus on deepening the cooperation in research and development of products when the time is ripe in the future.
JPX Become A Partner With New Vendors To Provide “arrownet-Global”
TSE is pleased to announce the participation of new “arrownet-Global” partner vendors for the provision of external connectivity services from the JPX Co-Location area.
Dalian Commodity Exchange Interprets Designing For Delivery Sites, Premiums, Discounts Of Corn Starch Futures – Determination Of Delivery Sites For Corn Starch Futures In Line With The Distribution Of Trade And Logistics
An official of the agricultural products business department of Dalian Commodity Exchange (DCE) said recently in an interview that considering the distribution of trade and logistics in the spot market, the price representativeness, the delivery costs and the trend of industrial development as well as other factors, DCE has set delivery areas in the seven provinces and regions of Shandong, Jilin, Hebei, Heilongjiang, Henan, Inner Mongolia and Liaoning, which feature high production and convenient transportation, selected Jilin as the benchmark delivery region, and set delivery factory warehouses in main production provinces and regions with convenient transportation as well as delivery warehouses at transit points in logistics.
Securities and Exchange Board of India Notices
Order in the matter of UMS Technologies Limited
PR – Order in the matter of M/s Just-Reliable Projects India Limited
Order in the matter of Pushpsons Industries Limited
Canara Robeco Capital Protection Oriented Fund Sr. 4
PR – Order in the matter of M/s Adorable Agrotech Limited
Order in the matter of M/s Mondal Construction Company Limited
PR – Order in the matter of M/s Mondal Construction Company Limited
Order in the matter of M/s Ken Infratech Ltd
PR – Order in the matter of M/s Blessing Agro Farm India Limited and its directors
Adjudication Order against VSB Investments Ltd. in the matter of Asian Oilfield Services Ltd
Adjudication Order against Consolidated Securities Ltd. in the matter of Asian Oilfield Services Ltd.
Adjudication Order against Ms.Manju Gupta in the matter of Asian Oilfield Services Ltd
PR – Order in the matter of M/s Skylark Land Developers and Infrastructure India Limited and its directors
Order in the matter of M/s Skylark Land Developers and Infrastructure India Limited and its directors
Monte Carlo Fashions Limited
RBI steps up effort to improve co-ordination with law enforcement agencies
Move aimed to prevent recurrence of Saradha-like chit fund scam
The Reserve Bank of India (RBI) is engaging with state governments across the country to prevent recurrence of Saradha-like chit fund scam. The banking regulator has held meeting with chief secretaries of states and is making efforts to improve co-ordination between regulators and law enforcement agencies for early identification of financial malpractices by some fly-by-night operators.
Nanhua Futures Joins DGCX As Broker Member
The Dubai Gold and Commodities Exchange (DGCX) announced today that Nanhua Futures (Hong Kong) (NANHUA HK), a wholly-owned subsidiary of Nanhua Futures (China), the leading Chinese overseas futures company, has been approved as a Broker Member of the Exchange.
Time Inc. Begins Accepting Bitcoin Payments
By Sydney Ember, New York Times
A large magazine publisher is trying to stay on the digital cutting edge.