New Rules: NFA’s Dan Roth on Confirmations, Residual Interest and the Corzine Rule
After the twin scandals of MF Global and Peregrine Financial rocked the futures industry in 2011 and 2012, the National Futures Association, underwent a review, not only of its internal procedures, but also of its rules. In Part Two of this two-part John Lothian News exclusive, NFA CEO Dan Roth summarizes the changes made to the agency’s rules to restore customer confidence.
Watch the video »
BATS Global Markets Names Chris Concannon CEO, Joe Ratterman becomes Chairman
BATS Global Markets (BATS), a leading operator of U.S. and European markets, announced that President Chris Concannon will be appointed to the additional role of chief executive officer, effective March 31, 2015
***** An expected move, especially considering Mr. Concannon moved from a uber-profitable pre-IPO Virtu to BATS. BATS is in good hands with Chris and Joe and their team.
***DA: In a commentary a few weeks ago, Jim Kharouf wrote that they “are swinging hot BATS in Kansas City.” Worth a read.
CameronTec Strategically Acquires FIX Onboarding Specialist Lasalletech
CameronTec Group, the global standard in financial messaging infrastructure and tools for the Capital Markets industry, today announced it has closed a definitive asset purchase agreement for Lasalletech, the US-based financial protocol operational solutions and professional services firm co-founded by current Senior Partner, Jim Northey. The acquisition brings together some of the best FIX technology and talent in the financial industry, expanding its capabilities and adding valuable operational solutions, engineering and services.
****** Our longtime friend Jim Northey’s firm get acquired by CameronTec.
I Don’t Have a Job. I Have a Higher Calling; Some employees balk as many firms—from motorcycles to accounting—step up talk about changing the world
By Rachel Feintzeig, WSJ
Travelzoo Inc. ‘s 438 employees spend their days trying to find customers a good deal on flight and hotel packages. To hear managers describe their work in meetings, however, booking a customer on a cheap trip to the Caribbean can serve a higher purpose: helping someone get over the death of a loved one or meet a future spouse.
****** There is a higher calling in work. I believe in helping make the markets efficient for the betterment of mankind. The more efficient the markets are, the better we can feed people, clothe people, shelter people and help the save for retirement. See our video about John Lothian News where we talk about the “WHY” of what we do
How an Undocumented Immigrant From Mexico Became a Star at Goldman Sachs; Julissa Arce went from selling funnel cakes in Texas to derivatives at Wall Street’s most profitable securities firm
by Max Abelson, Bloomberg
Sitting at her desk at Goldman Sachs, Julissa Arce is doing her best to keep it together. It’s September?2007. Her father is dying in Taxco de Alarcón, a small and hilly city in Mexico, and she has just hung up after a call from her sister with bad news. Arce stands and leaves the row where she and her colleagues create derivatives and market them to rich people. She walks down the hall, opens the bathroom door, and locks herself in a stall.
****** Good story.
High Flying Investments: Prices for Racing Pigeons Soar on Demand From China
by Jeremy Kahn, Bloomberg
To most city dwellers, pigeons are vermin to be shooed from park benches and warned off window ledges with spikes. Gourmands might contend that spatchcocked squabs can make a nice Sunday lunch. But pay more than 100,000 euros for a pigeon?
***** There have always been pigeons in investing.
| Financial Technology Event – Focused on Markets & Trading
April 23 – Chicago
Register Today at www.FinTechExchange.com
Hear from: IBM, Amazon Web Services, CME Group, Eurex, TT, CQG, Barchart, Orc, Anova Technologies, OptionsCity, Modulus, Gate39 Media, Vertex Analytics and more!
Markets play chicken with Fed over rates
Michael Mackenzie, FT
Volatility to rise if Fed acts sooner than assumed by bond markets
The US bond market may downplay the chance of interest rate rises arriving this summer; not so Janet Yellen.
The chairwoman of the US Federal Reserve has signalled that the central bank desires greater flexibility in terms of ending its current policy of maintaining near zero borrowing costs, introduced more than six years ago during the depths of the financial crisis.
BoE warns of ‘more intrusive’ regulation
Philip Stafford, FT
UK authorities may introduce “more intrusive” regulation to police markets if asset managers and corporations are unable to shop around for alternatives to counterparties they felt were engaged in abusive market behaviour, a senior Bank of England official will warn on Wednesday.
Euronext brushes off concerns about EU wheat futures competition
Euronext’s 20 years of experience in wheat futures and a planned relaunch of its contracts will help the exchange operator cope if U.S. rival CME Group enters the European wheat market, a senior executive said on Wednesday.
***DA: Full results in press release in “Exchanges” section
CFTC Provides Notice of the Reopened Comment Period for its Rulemaking Proposals on Position Limits for Physical Commodity Derivatives and Aggregation
The U.S. Commodity Futures Trading Commission (CFTC or Commission) has submitted for publication in the Federal Register a notice reopening the comment periods for the two Position Limit rulemakings, in anticipation of questions and comments that may arise from the Commission’s Energy and Environmental Markets Advisory Committee (EEMAC) meeting scheduled for February 26, 2015. The EEMAC meeting was announced in CFTC Press Release 7121-15 on February 12, 2015.
LCH.Clearnet replaces chairman Jacques Aigrain
Futures & Options World
LCH.Clearnet, one of Europe’s top clearing houses, has replaced long-serving chairman Jacques Aigrain after he stepped down due to “extended activities” with a private equity firm. LCH.Clearnet, which is majority-owned by the LSE Group, said on Tuesday Professor Lex Hoogduin, a LCH board member since 2012 and former senior figure at fund manager Robeco, will replace Aigrain on March 5.
World equity index creeps to new high
Jamie Chisholm, Global Market Commentator, FT
Wednesday 12:30 GMT. Global stocks are trading at record highs, the dollar is weaker and gold is rallying on expectations the Federal Reserve will remain patient over the timing of any increase in borrowing costs.
Lure of Wall Street Cash Said to Skew Credit Ratings
by Matthew Robinson, Bloomberg
Michelle Choi, an analyst for Moody’s Investors Service, gave a credit rating to bonds issued by a New Jersey town in September. In October, she switched sides and started working for the town’s underwriter, Morgan Stanley.
Big investors need to take more risk
Ian Goldin and Ashok Gupta, FT
Funds fail to invest long term, reducing finance for industry
Life assurers and pensions funds help supply much needed long-term finance for industry
The effective mobilisation of savings is vital to provide retirement income for the rapidly ageing populations in a growing number of advanced and emerging markets. It also has the potential to supply much needed long-term finance for industry and infrastructure.
Morning Agenda: Power Couple Ties Up S.E.C.
By Sydney Ember, NY Times
Mary Jo White, who leads the Securities and Exchange Commission, and her husband, John, who practices law at an elite old-guard firm, are “a legal power couple that straddles Wall Street and Washington like few others,” DealBook’s Peter Eavis and Ben Protess write. But their careers can at times collide, creating headaches for the S.E.C. as it pursues wrongdoing in the nation’s financial markets, according to interviews with lawyers and a review of federal records.
Dealpolitik: Where Did That Extra 10 Cents Go in the GFI Buyout?
By Ronald Barusch
Shareholders of GFI Group Inc. who sell their shares into BGC Partners Inc.’s now “friendly” tender offer can be forgiven for thinking the check they get in about a week is a little light – to the tune of an aggregate around $13 million. They will get the $6.10 per share BGC is currently offering in its tender offer. But last month, BGC was willing to pay $6.20 for a similar deal. The GFI board, in the midst of questionable governance judgments, let that go to continue pursuing a $5.85-per-share deal with CME Group Inc., under which Michael Gooch, GFI’s Executive Chairman, and Colin Heffron, GFI’s CEO, were to buy GFI’s interdealer brokerage business.
Risks squeezed out of banks pop up elsewhere
Investors are reaching for a toolkit of exchange traded funds, mutual funds and credit derivatives to make up for a dearth of liquidity in parts of the financial system, according to market participants and research from Barclays. Regulations intended to improve the stability of the financial system after the 2008 crisis have sucked liquidity from large swaths of the financial market, making it more difficult to trade assets without affecting their prices.
BOE Launches Search for Theories of Almost Everything
By Paul Hannon, WSJ
The Bank of England Wednesday launched a new research program that seeks answers to most of the big questions facing central bankers, and economics more broadly, in the wake of the 2008 financial crisis.
Regulator Targets Canada’s CIBC; Risk management faulted at Canadian Imperial Bank of Commerce; bank warned on acquisitions
By Rita Trichur And Ben Dummett, WSJ
Regulators are scrutinizing acquisitions by one of Canada’s largest banks after finding fault with its risk management, according to people familiar with the matter, even as a new CEO looks for businesses to buy in the U.S.
U.S. Probes Capital One for Possible Money Laundering; Credit card lender gets information requests from Justice, Treasury departments
By Maria Armental
Capital One Financial Corp. said the U.S. Justice and Treasury departments are looking into possible money-laundering violations at the company.
EU Regulator Wary of Fed Capital Rules; Financial markets chief says banks across the bloc are ‘properly and sensibly capitalized’
By Viktoria Dendrinou And Stephen Fidler, WSJ
The European Union’s new financial-markets chief said he remained concerned about U.S. requirements that force foreign banks to hold extra capital and would continue to press Washington to change the rule.
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. (Release No. 34-74352; File No. SR-BATS-2015-13; February 23, 2015); see also Exhibit 5
CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Chicago Board Options Exchange, Incorporated’s Order Handling System and Order Management Terminal (Release No. 34-74351; File No. SR-CBOE-2015-021; February 23, 2015); see also Exhibit 5
FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adopt FINRA Rule 4517 (Member Filing and Contact Information Requirements) in the Consolidated FINRA Rulebook (Release No. 34-74349; File No. SR-FINRA-2015-004; February 23, 2015); see also Exhibit 5
ESMA Publishes Peer Review On Best Execution Under MiFID
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders.
CFTC Announces Agenda for the Upcoming Public Meeting of the Energy and Environmental Markets Advisory Committee
The U.S. Commodity Futures Trading Commission (CFTC or Commission) announced today the full agenda for the upcoming CFTC Energy and Environmental Markets Advisory Committee (EEMAC) public meeting. The meeting will be held on Thursday, February 26, 2015, at the Commission’s headquarters in Washington, D.C. from 10:00 a.m. to 4:00 p.m. For more information regarding the meeting, view CFTC Press Release 7121-15.
Exchanges & Trading Facilities
Euronext Publishes Full Year 2014 Results
“Over the past 12 months we have been focussed on the execution of our ambitious strategy. Today’s results are evidence of our ability to drive Euronext forward, underscored by continued strong growth in our revenue, a substantial reduction in our expenses and attaining an EBITDA margin of 45.8%. We will continue to optimize Euronext and we are committing to increase our efficiencies to EUR80 million by the end of 2016 on a run-rate basis. We have appointed a number of highly accomplished individuals to Euronext this year and I am extremely proud of the talent that we now have within the group, creating a superior team in this industry. Together we will continue our work to build Euronext into a leading financing centre and thereby position us as a champion in Europe,” said Dominique Cerutti, CEO and Chairman of the Managing Board of Euronext NV.
Informational Session for CBOE Floor Broker Trading Permit Holders
Trading Systems Development (“TSD”) staff will conduct an information session to review functionality related to the new designation requirement for SPX Combo Orders, which becomes effective on February 27, 2015. TSD staff will also review functionality related to the requirement to use a single order ticket to enter complex orders and SPX Combo Orders of twelve legs or fewer, which will be come effective in the near future. The information session will take place on: Wednesday, February 25, 2015 In the 4th Floor Auditorium At 3:30 p.m
CBOE Holdings to present at Raymond James Institutional Investors Conference on Monday, March 2, 2015
CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that Edward T. Tilly, Chief Executive Officer, will present at the Raymond James 36th Annual Institutional Investors Conference in Orlando, Florida, on Monday, March 2, 2015, at 8:05 a.m. Eastern Time.
SPX Combo Indicator Requirement and Amended Rules Related to Order Tickets
Effective February 27, 2015,TPHs that wish to use and receive relief under the special SPX Combo Order trading procedure described in Rule 24.20 will be required to include, upon systemization, an SPX “combo indicator” on the order (or portion thereof which includes the legs comprising the combination pursuant to the proposed rule filing below) . The combo indicator (1) may be entered only on orders for the SPX options class (symbols SPX and SPXW) and (2) may be included only on orders of three or more legs, two of which comprise an SPX combination. The exchange will reject an order that includes the combo indicator but does not meet these requirements.
MOVES-MarketAxess names David Krein head of research
MarketAxess Holdings Inc, an electronic bond-trading platform operator, appointed David Krein as head of its research division. The research division provides market research and analysis for institutional credit markets.
Chicago Board Options Exchange, Incorporated (CBOE) and C2 Options Exchange, Incorporated (C2) (CBOE and C2 collectively referred to as the Exchange), activated new Quote Risk Monitor (QRM) features during January 2015
Firm Regulatory Portal Log In Changes
Effective Friday, February 28, 2015, all Smart Click users logging in to the Firm Regulatory Portal (“FRP”) must perform a secondary authentication, known as Two-Factor Authentication.
HKFE Announces Revised Margins for Futures Contracts
Nasdaq Orders Oniva Online Group Europe AB To Pay A Fine
The Disciplinary Committee of NASDAQ Stockholm AB (“the Exchange”) has found that Oniva Online Group Europe (“the Online Group”) has contravened the regulations of the First North Rulebook (“the Rulebook”) in respect of disclosure of information and has therefore ordered the Online Group to pay a fine corresponding to twice the company’s annual fee to the Exchange.
Nasdaq Nordic Introduces Company Fact Sheet, Powered By Morningstar – Increasing Investor Awareness For Publically Traded Small And Medium-Sized Enterprises
Nasdaq (Nasdaq: NDAQ) announces that it has selected Morningstar, a leading provider of independent investment research, to produce fact sheets for its listed companies in the Nordics* and Baltics**. Through this initiative investors are given access to key financial data for the more than 800 companies traded on Nasdaq’s Nordic and Baltic markets.
Stock Exchange Holdings Inc. Completes Acquisition Of National Stock Exchange, Inc.
National Stock Exchange Holdings Inc. (Holdings) is pleased to announce that it has completed its acquisition of National Stock Exchange, Inc., (NSX) a national securities exchange.
Hedge Funds & Managed Futures
ECB Faces Struggle in Sourcing Enough Bonds for QE; Scant supply of top-rated government bonds poses challenge for asset-purchase program, say analysts
By Christopher Whittall, WSJ
The European Central Bank has pledged to buy hundreds of billions of euros of government bonds to help revive the eurozone economy. Now it will have to find them.
Banks & Brokers
Morgan Stanley wealth advisers pay awkward tribute to ‘Hunger Games’
By Joseph Adinolfi, MarketWatch
Morgan Stanley’s army of wealth managers sure have a lot of free time on their hands. So much so that executives there have apparently crafted a video spoofing The Hunger Games movie.
J.P. Morgan Aims to Get Leaner; Despite Cost Cutting, Dimon says bank’s size and global reach are beneficial
By Emily Glazer, WSJ
James Dimon maintains that J.P. Morgan Chase & Co. doesn’t need to get radically smaller, just much leaner.
Ex Goldman Director Launches Bitcoin Derivatives Brokerage
Crypto Facilities Ltd, a London-based broker run by former Goldman Sachs Executive Director Timo Schlaefer, announced today the launch of its bitcoin derivatives trading platform
Whistleblower in Pilot Flying J Case Claims Wrongful Firing; Morgan Stanley sued by man who says he cooperated with FBI on truck-stop probe
By Laura Stevens, WSJ
A man who identified himself as a whistleblower who tipped off federal agents to criminal conduct by employees of Pilot Flying J, the nation’s largest truck-stop chain, filed suit in federal court claiming retaliation by his employer.
Clearing & Settlement
Insolvency risks under the European Markets Infrastructure Regulation
In the February issue of In Practice, we look at how the European Market Infrastructure Regulation No. 648/2012 (EMIR) dated 4 July 2012 imposes a number of requirements on counterparties to derivative contracts, central counterparties and their clearing members and trade repositories. It introduced the obligation on central counterparties to clear certain classes of over-the-counter (OTC) derivatives under the EMIR framework.
Mandatory buy-ins will cause trouble, says ICMA
Securities Lending Times
The International Capital Market Association (ICMA) has released a report strongly criticising the mandatory buy-in provision in the Central Securities Depository Regulation (CSDR).
Buy-ins act as additional security for the buyer of securities in a trade. If the counterparty fails to deliver the securities agreed, the buyer has the right to appoint an agent to purchase the securities at market value for guaranteed delivery.
Indexes & Products
The Russell Midcap Style Indexes: Potential opportunities in the middle
Since their introduction in 1984 and 1987, Russell’s size and style indexes have been widely adopted as industry standard. In recent years, midcap style indexes have emerged as a way to help diversify the passively managed equity portions of investment portfolios. Learn more about Russell’s Midcap Growth and Value indexes and how they may offer additional opportunities for passively managed portfolio construction based on investors’ objectives and tolerance for risk.
U.S. home prices rise in December: S&P/Case-Shiller
U.S. single-family home prices rose in December, led by strong increases in the western half of the United States, a closely watched survey said on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.5 percent in December from the prior year. This was above a Reuters poll of economists that forecast a rise of 4.3 percent, as well as the 4.3 percent growth rate in November.
Investor Confidence Falls in February by 1.4 Points to 105.2
State Street Global Exchange today released the results of the State Street Investor Confidence Index (ICI) for February 2015. The Global ICI decreased to 105.2, down 1.4 points from January’s revised reading of 106.6. Confidence among European investors declined the most, with the European ICI falling 8.2 points to 105.9, down from January’s revised reading of 114.1, while in Asia the ICI fell by 5.3 points to 93.8. However, the North American ICI rose by 3.1 points to 104.3.
Active Indexing: Being ‘Passive-Aggressive’ With ETFs
Dramatic growth in recent years in the number of exchange-traded funds (ETFs) and their total assets may suggest that investors have become more committed to indexing. It’s important to recognize, however, that not all index-oriented investments, such as most ETFs, are used simply to capture the returns of the broad market.
The Russell 2000 Index’s Achilles’ Heel
While low expense ratios make index funds appealing, indexes can incur meaningful transaction costs that are often overlooked. Changes in an index’s constituents force the funds that track it to buy and sell the affected securities around the same time. These concentrated trades can move prices away from the index fund managers, creating a drag on their performance.
Indexology: Sustainability Indices: Investment Solutions For Future Generations
Ever since the launch of the first ethical investment fund by Friends Provident in 1984, socially responsible investing has continued to grow. Global assets under management reached EUR 13.6 trillion in 2012, and mutual fund assets in Europe increased by 19% over just two years, from EUR 199.9 billion in 2010 to EUR 237.9 billion in 2012.
Ex ICAP Led VC Fund Illuminate Financial Management Invests in CloudMargin
Illuminate Financial Management (IFM), a fintech focused venture capital firm founded by former ICAP executive Mark Beeston, announced that they have invested in CloudMargin. A cloud-based collateral and margin management technology provider, CoudMargin markets its solution to buy-side and non-bank institutions such as corporates, hedge funds, insurers, pension funds and asset managers.
Citi and IBM Align to Accelerate Digital Banking Innovation Through Citi Mobile Challenge – MarketWatch
Citi and IBM today announced a collaboration to work with developers and build the next generation of financial technology (FinTech) through the Citi Mobile Challenge. IBM will offer mentorship tutorials, and access to Bluemix, IBM’s digital innovation platform, to help developers participating in the Citi Mobile Challenge build, test and deploy their FinTech solutions.
Introducing the European FinTech RUDEscape
Wow, the appetite for FinTech in Europe is booming, with VC funding reaching dizzying heights. It’s not just Europe, by the way. A recent visit to Bangkok confirmed that even in the emerging startup ecosystem of Thailand, FinTech is hotter than a spicy som tam salad (more on that later).
Xignite Works with MSCI to Target Growing Fintech Market with Benchmark Data
Xignite, the leading provider of market data from the cloud, announced today that it has become a distributor of the MSCI Global Equity Indexes via its cloud API platform.
Ouch: FINRA Fines Doubled Last Year
by Margarida Correia, Bankinvestmentconsultant
FINRA slammed registered reps and their firms with hefty fines in 2014, the stiffest they’ve seen since the financial crisis, according to an analysis by law firm Sutherland Asbill & Brennan.
FINRA Fires Up Fines, With Focus On Elder Abuse
By Arthur D. Postal, InsuranceNewsNet
Fines imposed by the Financial Industry Regulatory Authority on firms and individuals for alleged wrongdoing “increased significantly” in 2014 with a sharper focus on cases involving seniors and retirees, according to a new study.
Equity Trustees Limited and Como Financial Services each pay $20,400 penalty for misleading website
As a direct result of ASIC scrutiny Equity Trustees Limited and Como Financial Services Pty Ltd, both Australian financial services licensees, have each paid $20,400 in penalties. This followed ASIC’s issuing of infringement notices for potentially misleading conduct. The notices related to a website promoting the Good Super superannuation fund.
SEC Charges Goodyear With FCPA Violations
The Securities and Exchange Commission today charged Goodyear Tire & Rubber Company with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries paid bribes to land tire sales in Kenya and Angola.
Judge in Batista’s Insider Trading Case Acknowledges Driving Seized Porsche
By DAN HORCH, NY Times
The insider-trading trial of the troubled Brazilian businessman Eike Batista could be thrown into disarray after the judge in charge of his case was found to have been driving one of Mr. Batista’s seized cars.
Environmental & Energy
European carbon market reform set for 2019 Environment
Reforms to strengthen the EU’s flagship policy for cutting carbon, the emissions trading scheme (ETS), will start at the end of 2018 following a vote by MEPs on Tuesday. The carbon market is supposed to drive Europe’s transition to cleaner sources of energy, but a cocktail of recession, free allocations to polluters and over-achievement on green energy targets have created a flood of 2bn allowances.
EU politicians back 2018 reform of carbon market in preliminary vote
European politicians voted on Tuesday to launch reforms to strengthen the EU carbon market by the end of 2018, earlier than a European Commission proposal of 2021 but later than traders had anticipated, depressing carbon prices.
How I know China is serious about climate action
Environmental Defense Fund
A new, incentives-based environmental protection law just went into effect, and China is preparing to roll out the world’s largest carbon market. This is a country with a can-do attitude, a society I believe is headed in the right direction
Obama rejects Keystone XL bill
President Barack Obama, exercising his veto power for the first time in five years, rejected on Tuesday a measure green-lighting the construction of the controversial Keystone XL pipeline.
PhillipCapital announces the hire of David Klotz as Vice President, Head of Electronic Trading, and PhillipCapital
PhillipCapital Inc., a member of the Singapore-based PhillipCapital Group, is proud to announce the hire of David Klotz as Vice President and Head of Electronic Trading, PhillipCapital. David formerly ran the Global E-Trading Services Team at Mizuho Securities which was responsible for the on-boarding and ongoing support of futures clients. He brings seventeen years of industry experience in retail and institutional trading, including stints at GNI, ABN AMRO, and Born Technology. At Phillip he will report to Lynette Lim, CEO. “I am looking forward to helping Phillip grow their client base across asset classes and stay ahead of the ever changing technology landscape of the industry.” – David Klotz
Securities and Exchange Board of India Notices
ADLABS Entertainment Limited
Frequently Asked Questions (FAQs) on SEBI(Investment Advisers) Regulations, 2013
Adjudication Order in respect of Shri Bikramjit Ahluwalia and Others in the matter of Ahlcon Parenterals (India) Ltd.
PR – Frequently Asked Questions (FAQs) on the applicability of SEBI (Investment Advisers) Regulations, 2013
HDFC Equity Opportunities Fund
WSE Group to open a commodity-based financial market within a year
FTSE Global Markets
Yesterday, the Polish Ministry of Finance issued a decision authorizing the start of trading commodity derivatives on the Financial Instruments Market (RIF) to be operated by the Polish Power Exchange (PolPX). According to the decision of the Minister of Finance, the new market should be opened within a year. Electricity futures will be the first instrument to be introduced to trading.
WSE profits up on commodities strength
Warsaw Stock Exchange (WSE) Group saw profits increase by more than 14% in 2014 after achieving a record high in revenues, driven by activity on its commodities market.