First Read

Euronext’s Roland Bellegarde Said to Plan Departure Before IPO
Nandini Sukumar – Bloomberg
Euronext NV is poised to lose one of its top executives as the European stock-exchange operator prepares to be spun off, according to three people familiar with the matter. Roland Bellegarde, who was head of markets and international listings, may leave as soon as next month, according to the people, who asked to not be named because the information isn’t public.

***** When information comes from people who shall not be named, we should just call them Voldemort.


BATS Global Markets Announces Executive Team
Joe Ratterman will remain BATS Global Markets CEO with William O’Brien joining as President. Mr. Ratterman, a co-founder of the company, and Mr. O’Brien, who joined Direct Edge as CEO in 2007, will remain based in Kansas City and New York, respectively.

***** And when they want to meet and talk, will they fly to Chicago? They are welcome to use our conference room if they need privacy.


Trading Technologies Appoints Rick Lane CEO – Harris Brumfield Assumes Role As Chairman Of The Board
Trading Technologies International, Inc., a privately held global provider of high-performance professional trading software, announced today that Rick Lane, who has served as Chief Technology Officer since March 2012, has been named CEO effective immediately. Harris Brumfield, majority owner and CEO for the past 11 years, remains with the company as Chairman of the Board.

***** In a cost saving move, Rick Lane will just cross out the T from CTO and replace it with an E on his business cards.

***** Congratulations to Harris Brumfield on replacing himself as CEO. I am sure that is a difficult thing to do ( and don’t get any ideas Kharouf ). And congratulations to Rick Lane. You have a big job with lots of opportunities and risks ahead. I have great trust you will make us say, Harris who?


Sponsored Content
NYSE Liffe US MSCI Index Futures off to a strong start in 2014
MSCI futures listed on NYSE Liffe US broke many new volume and Open Interest records during 2013, with notional average daily turnover in excess of $1.9B. The growth story just keeps getting better, with January 2014 total volume up 90% year-over year.

  • January 2014 was a new record non-roll month for the MSCI futures complex, with over 680K lots traded corresponding to an ADV of 33K. Open Interest reached over 395K lots by month end, corresponding to $22.6B notional
  • The two benchmark contracts MSCI Emerging Markets and MSCI EAFE achieved new volume and OI records, underscoring their liquidity and central role in the marketplace at a time of exceptional global equity market volatility

For more information on our leading international equity futures benchmark contracts please contact NYSE Liffe US:

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CME Group Extends Employment Agreements with Executive Chairman & President Terry Duffy and CEO Phupinder Gill
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it has extended its employment agreement with Executive Chairman and President Terry Duffy through December 31, 2017.

***** This is great news, especially for the new(ish) CEO Phupinder Gill. It should be noted that back in the day, the CME extended the contract of then CEO Craig Donohue right before the NYMEX deal was consummated.


MGEX Breaks All-Time Open Interest Record
MGEX, a Designated Contract Market and Derivatives Clearing Organization, broke the all-time Exchange open interest record with 79,442 open futures and options contracts after Tuesday’s trade date.

***** Minneapolis is a happening place, and not just because of the cold, the snow and one humongous mall.


Shadow banks step out to fund mid-market corporate America
Tracy Alloway and Nicole Bullock in New York –
More than a quarter of the loans extended last year to middle-market US companies – the beating heart of corporate America – were issued by shadow banks that fall outside the realm of traditional finance.

***** I like bricks and mortar myself.


Maintaining Ethics in the Move From Regulator to Regulated
Jesse Eisinger – ProPublica
Sheila Bair took a banking job last week — an occasion for breaking out the axes and giving them a good grinding. Because Ms. Bair has been a persistent critic of the major banks and had spoken out on the perils of the revolving door, the move prompted a bit of outrage in the financial world

***** It can be done, carefully.


Bill Gross Gets Medieval on Your Assets
Paul Vigna – MoneyBeat – WSJ
Bill Gross, now the sole public face of the massive money-manager Pimco, goes really far afield in his monthly note, bringing in references to metaphorical South Sea islands, medieval animal trials (apparently real, who knew?), and butchers limericks for good measure.

***** I don’t see Warren Buffett doing this.


Home Run: Don Davis Talks About Peer-to-Peer Investments
The US financial crisis has wreaked havoc for the past several years on the mortgage lending business, not to mention many homeowners and debtors. It also has created opportunities for innovative firms that are looking for new ways to help homeowners and make a nice return at the same time. Don Davis, president of Novus Investments sat down with Jim Kharouf, editor-in-chief of John Lothian News, to talk about how his firm is profiting from the ongoing fallout from the mortgage crisis and the rise of peer-to-peer lending, at the Emerging Manager Forum in Miami in December.

Watch the video »



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Gary Kemp; Rick Lane; Harris Brumfield; George Hanley

Companies, Organizations and Groups

Trading Technologies International; OCC; NYSE Liffe; CME Group, Inc.; Eris Exchange; MarketAxess Holdings Inc.; Prime Meridian Capital Management; Novus Investments; Minneapolis Grain Exchange, Inc.


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Lead Stories

Nasdaq CEO Sees Winning SEC Approval for Private Market
Sam Mamudi – Bloomberg
Nasdaq OMX Group Inc. (NDAQ) anticipates winning final approval for its market for closely held companies this month and hopes to open the venue in early March, Chief Executive Officer Robert Greifeld said during an interview.

New York’s Top Financial Regulator Investigates Currency Trading
The business of trading currencies is in a state of flux as top executives leave and traders are suspended or fired in the face of investigations into potential manipulation of the $5 trillion-a-day foreign exchange market.

Regulators Again May Clip Volcker
U.S. regulators are again weighing whether to ease the impact of the “Volcker rule,” this time on a $300 billion market for loans to U.S. companies. Federal Reserve governor Daniel Tarullo told lawmakers Wednesday that regulators are considering whether to loosen provisions that could affect collateralized loan obligations, or CLOs

U.S. Said Near Deal With EU on Reprieve for Swap-Trading Rules
Silla Brush and Jim Brunsden – Bloomberg
U.S. and European Union officials are nearing a deal to grant EU swap-trading platforms a reprieve from Dodd-Frank Act rules set to take effect next week, according to two people with knowledge of the negotiations.

ASX To Launch A New Managed Funds Settlement Service
ASX has received regulatory clearance to launch its new managed funds settlement solution – mFund Settlement Service. It will be launched in the first half of this calendar year following the completion of customer connectivity.

How 2014’s upbeat story turned into a scary thriller
Ralph Atkins –
The story seemed so simple at the start of the year. Shares were rallying on optimism about a world economic recovery; US and German bond yields were widely expected to edge higher as the Federal Reserve tapered its asset purchases, or quantitative easing. Investors positioned accordingly.

Most People Still Don’t Know What Bitcoin Is, and Don’t Care to Know
Paul Vigna – MoneyBeat – WSJ
Yes, the media jumped all over the bitcoin story last year, us included. High profile retailers like Overstock got on board. Ben Bernanke talked about it, and even the U.S. Congress showed interest, holding high-profile hearings. But if bitcoin is going to become the kind of mainstream product its biggest acolytes expect it to be, they’ve got a lot of work to do in boosting its profile.


CFTC’s Division of Swap Dealer and Intermediary Oversight Provides Additional Guidance to Futures Commission Merchants and Depositories Regarding Procedures for New Filing Requirements
The U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued a notice today to provide market participants with additional guidance regarding the procedures for submitting to the Commission the notices and reports required under new and amended regulations the Commission adopted November 1, 2013.

CFTC Announces Agenda for Upcoming Global Markets Advisory Committee Meeting
The U.S. Commodity Futures Trading Commission announced today the full agenda for the upcoming CFTC Global Markets Advisory Committee public meeting. The meeting will be held on Wednesday, February 12, 2014 at CFTC’s headquarters in Washington, D.C. from 2 p.m. to 5 p.m. For more information regarding the meeting, view CFTC Press 6842-14. CFTC Acting Chairman Mark Wetjen is the sponsor of this advisory committee.

FINRA Investor Education Foundation and United Way Worldwide Announce More Than $1.2 Million in Grants to Support Grassroots Financial Education Projects

Asian clearing houses waiting for CFTC to outline DCO exemption process
Viren Vaghela –
Several Asian clearing houses are waiting for the Commodity Futures Trading Commission to outline its proposals to allow non-derivatives clearing organisations to serve US clients – a situation with potentially serious business implication given the imminent start of client clearing in the region.

Alert – Bitcoin virtual currency
The Autorité des marchés financiers (“AMF”) is cautioning Quebeckers about the introduction of the first dispensing machine for virtual currency, such as Bitcoin, at certain businesses in Québec.

Statement On The Commission’s Consideration Of The Public Company Accounting Oversight Board’s Proposed 2014 Budget And Accounting Support Fee, SEC, Commissioner Kara M. Stein, Washington, D.C.

Statement At An Open Meeting Of The Commission To Consider The Public Company Accounting Oversight Board’s Proposed 2014 Budget And Accounting Support Fee – SEC Commissioner Daniel M. Gallagher, Washington, D.C.

Protecting Investors Requires A Strong PCAOB – SEC Commissioner Luis A. Aguilar, U.S. Securities And Exchange Commission, SEC Open Meeting, Washington, D.C.

Exchanges & Trading Facilities

Record Volume Month for S&P 500 Weeklys, VIX Options and VIX Futures
Matt Moran – CBOE Options Hub
In the month of January 2014, monthly volume records were established by S&P 500 Weekly options, and by both options and futures on the CBOE Volatility Index. SPXW options had average daily volume of 278,537 in January.

LME Says Warehousing Reforms Bearing Fruit
The London Metal Exchange said changes it has made to its contentious warehousing system are bearing fruit. The metals bourse, owned by Hong Kong Exchanges and Clearing Ltd., said rule changes announced in November meant to cut wait times for the procurement of aluminum and other metals have started to ease bottlenecks

Euronext Fund Service to launch in France
Euronext, a wholly owned subsidiary of IntercontinentalExchange Group, welcomes the publication in France of the decree authorising active open-end funds to be admitted to trading on regulated markets or multilateral trading facilities.

Signing Of Cooperation Agreement Between Helex Group And Sibiu Stock Exchang
On the occasion of the signing of the cooperation agreement between the HELEX Group and the SIBEX Exchange of Romania, an event was held today, February 5th, 2014 at the Hellenic Exchanges Group Headquarters. During this event, the Chairman of the Board of SIBEX, Mr. Ovidiu Galatanu, declared the start of the trading session by ringing the traditional opening bell.

Ljubljana Stock Exchange: Monthly Statistical Report For January 2014

Warsaw Stock Exchange Derivatives Market In January 2014

Monthly Summary Of The Bulgarian Stock Exchange-Sofia Main Market For January 2014

Nordic Growth Market NGM AB: Record Development On NGM

Moscow Exchange Monthly Market Report: January 2014

CME Group Increases Dividend
CME Group Inc., the world’s leading and most diverse derivatives marketplace, today declared a first-quarter dividend of $0.47 per share

CBOE Holdings Declares First Quarter 2014 Dividend
CBOE Holdings announced today that its Board of Directors has declared a quarterly cash dividend of $0.18 per share of common stock

CBOE Holdings To Present At Credit Suisse Financial Services Forum On Tuesday, February 11

EnterNext welcomes Hamon on Euronext Brussels

OneChicago Holiday Notice – Washington’s Birthday 2014

Hedge Funds & Managed Futures

Emerging markets selloff bruises big-name funds
The plunge in emerging markets is taking a bite out of the performance of funds managed by some of the biggest names on Wall Street, including BlackRock, Brevan Howard and T. Rowe Price.

Citadel Defied a Market Slump in January
In a dismal month for the stock market, one big hedge fund company in Chicago managed to record gains.

How Bill Ackman Won January
For many money managers, 2014 got off to a difficult start. With emerging markets getting slammed and general turbulence in global financial markets, like the strengthening yen in Japan, January appears to have been tough on hedge funds managers, who are richly paid to deliver strong returns in good markets and bad.

Asset Management Outshines Advisory at Lazard
Sarah Krouse – MoneyBeat – WSJ
Full-year revenues at Lazard’s asset management division topped $1 billion for the first time in 2013, and in doing so, outstripped the bank’s traditional advisory and restructuring business – another first.

The ‘Widow Maker’ Proves Tricky for Natural-Gas Traders
Nicole Friedman – MoneyBeat – WSJ
Natural-gas trading patterns are predictable: Prices rise in the winter, when demand for gas-fueled indoor heating increases, and fall in the spring. But in a market famous for large swings based on changing weather forecasts, correctly predicting the extent of the winter rise and the spring retracement can fell traders or even entire funds.

With El-Erian Leaving, Pimco Says It Is ‘Better’
Wall Street was stunned when Mohamed A. El-Erian announced last month that he would step down as chief executive and co-chief investment officer of Pimco, the giant asset manager where he was considered the heir apparent. But on Wednesday, Pimco appeared to be already moving on.

New contract to hedge high aluminium premium
Xan Rice in London –
Aluminium traders and the London Metal Exchange are in advanced discussions over a new contract that will allow consumers to protect themselves against the cost of the surging premiums for the metal.

Banks & Brokers

Citi FX Chief To Exit: The Memo
MoneyBeat – WSJ
The man who helped Citigroup claw back ground lost to competitors in foreign exchange is exiting. Anil Prasad, the global head of foreign exchange and local markets, is departing for “other interests,” as we explain over on this story on

Legal Costs Weigh on Credit Suisse Earnings
The Swiss bank Credit Suisse said on Thursday that it barely turned a profit in the fourth quarter after it set aside more money to cover legal costs.

Clearing & Settlement

Clearstream And VPS Norway To Cooperate On A Collateral Management Solution For Norway
Verdipapirsentralen ASA (VPS), the Norwegian central securities depository (CSD), and Clearstream, the post-trade services provider of Deutsche Börse Group, have signed a letter of intent aimed at developing new collateral management services for Norway.

Quadriserv Selects Cinnober To Provide Equity Repo Solution For US
Quadriserv is broadening its long-term relationship with Cinnober in a new equity repo initiative for the US market. Cinnober is currently a major technology supplier to Quadriserv’s AQS securities lending platform.

Markit adds Emir to its global trade reporting solution
Markit, a leading global diversified provider of financial information services, today announced that MarkitSERV is reporting over-the-counter derivative trades in rates, credit and equities for customers subject to the European Market Infrastructure Regulation (Emir).

Indexes & Products

Schwab rolls out 401(k) platform using exchange-traded funds
Charles Schwab Corp is taking broader aim at the retirement market with a new 401(k) platform that will allow participants to invest 100 percent of their plan in low-cost exchange-traded funds.

Tokyo Stock Exchange: 2 New ETFs To Be Listed On Mar. 7, 2014 (Fri.) – Norinchukin Zenkyoren Asset Management, “NZAM ETF J-REIT Index, NZAM ETF TOPIX Ex-Financials”-

Tokyo Stock Exchange: New ETFs Included In Real-Time Dissemination Of “TSE Indicative NAV”

Moscow Exchange Indices Monthly Review: January 2014


Safe haven: Why Managed Services are a Natural Fit for an Evolving Financial Industry
Mike Powell – Wall Street & Technology
Despite the security concerns surrounding managed services, bank CIOs, IT directors and market data managers would reveal a reassuring and possibly surprising picture Nabs ex-Bloomberg Commodities Head as CEO
Faye Kilburn – WatersTechnology
New York-based low-cost financial data display provider has hired Morgan Downey as chief executive, responsible for all lines of business and functional groups within the company.

Perseus is First Fintech Company to Recognise Bitcoin; Sets the Tone for 2014 with GoCoin
Perseus Telecom, a leading provider of high-speed global connectivity, High Precision Time and market-to-market networks announced today the virtual currency called Bitcoin may be used to pay for Perseus services worldwide.
(via email)


Federal Court in Florida Orders James Burbage, Frank Gaudino, and Their Companies to Pay over $5 Million in Restitution and Penalties to Settle Charges Related to Illegal, Off-Exchange Precious Metals Transactions

NFA orders California futures firm Newport Private Capital LLC and two former principals, Jonathan M. Hansen and David M. Giunta, to permanently withdraw from NFA membership

NFA permanently bars New York commodity trading advisor SK Madison LLC and its principal Michael James Seward
National Futures Association has permanently barred SK Madison LLC, a commodity trading advisor member of NFA located in New York City, from NFA membership. The Decision, issued by NFA’s Business Conduct Committee, is based on a Complaint filed against SK and Seward on November 7, 2013.

FINRA Fines Brown Brothers Harriman A Record $8 Million for Substantial Anti-Money Laundering Compliance Failures
The Financial Industry Regulatory Authority announced today that it has fined New York-based Brown Brothers Harriman & Co. $8 million for substantial anti-money laundering compliance failures including, among other related violations, its failure to have an adequate anti-money laundering program in place to monitor and detect suspicious penny stock transactions.

Jury in SAC Case Requests Documents Related to Defense Witness
Deliberating for a second day, jurors in the insider trading trial of Mathew Martoma, a former top portfolio manager at SAC Capital Advisors, on Wednesday requested documents supporting the defense’s claim that he is not guilty.

Hong Kong’s Securities And Futures Commission Bans Lo Hoi Luen For Life

Environmental & Energy

EEX And EPEX SPOT Call For Enhanced Market Integration Of Renewable Energies
Joint Position Paper Regarding The EEG Revision: Renewables Should Become More Demand-Driven

EU Parliament calls for three binding climate targets for 2030
Members of the European Parliament on Wednesday voted in favour of three climate and energy targets for 2030, rebuffing a Commission plan for just one fully binding goal.

France launches probe into EU carbon market reform plan
The European Commission’s proposed carbon price stabilisation mechanism is a “masterpiece of Brussels technocracy” that could fuel greater market volatility, says a group of academics on the proposed package of 2030 climate legislation, reports.


Record surge in yuan trade may mask a darker truth
The record surge in cross-border yuan trade settlement may be glossing over an uncomfortable truth — arbitrage fund flows that seem to point to other factors at play.

Thai Effort to Control Rice Market Backfires
Attempts to steer markets seldom end well. In this village in northeast Thailand, Thongma Kaisuan’s family and neighbors are trying to come to terms with the death of the 64-year-old farmer, who slipped out into his backyard and hanged himself from a tree late last month. The suicide, they say, is in large part due to the Thai government’s bid to control the world’s price for its best-known export: rice.

First Derivatives Opens Singapore Office, Consolidates Asian Expansion
First Derivatives, a leading provider of software and consulting services to global investment banks, brokers, hedge funds and exchanges, today announced the opening of their new Singapore office.

Frontier Markets

South Africa pleads for global coordination amid Fed backlash
Dominic O’Neill, Sid Verma – Euromoney magazine
South Africa’s finance minister Pravin Gordhan added his voice to the growing chorus of Bric policymakers sounding the alarm over the negative spillover effects of US monetary policy.

Dubai Gold & Commodities Exchange (DGCX) Records Robust Start To 2014

Egyptian Exchange Approves Capital Increase of Qatar National Bank In Less Than 24 Hours

Non Jordanian Investment At The Amman Stock Exchange During January 2014

Palestine Exchange Monthly Investor Newsletter – January 2014

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