John Lothian Newsletter: Nasdaq’s NLX Grabs Market Share Amid Liffe Shift to ICE; NYSE Builds a Dark Pool; Penny Pricing for U.S. Stocks Said to Get Scrutinized

Dec 4, 2013

First Read

Scott O’Malia

CFTC’s Scott O’Malia Calls for a Plan of Action on Swap Data
JohnLothianNews.com
New Dodd-Frank rules have allowed regulators their first look into swap data repositories, but the quality of swap data is not always up to par. In fact, it has been called “a mess” by CFTC Commissioner Scott O’Malia, who also chairs its Technology Advisory Committee. O’Malia sat down with John Lothian News editor-at-large Doug Ashburn at SEFCON IV to discuss the commission’s data challenges and his “call to action” in early 2014.

Watch the video »

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No, John’s fine
John Lothian isn’t sick or hospitalized or anything, so don’t worry about his lack of commentary yesterday and today. He’s had early meetings, so Jon and Doug have stepped in to make sure you get your recommended daily allowance of snark first thing in the morning. As soon as John can guess my new password to access the newsletter (probably by tomorrow) he’ll be back.

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CBOE Names John F. Deters Chief Strategy Officer and Head of Corporate Initiatives
The Chicago Board Options Exchange, Incorporated announced today that it has appointed John F. Deters as Chief Strategy Officer and Head of Corporate Initiatives. Deters, 42, is based in Chicago and reports to Edward T. Tilly, Chief Executive Officer, CBOE Holdings, Inc. Deters succeeds Richard G. DuFour, CBOE Executive Vice President, Corporate Planning and Development, who is retiring at the end of the year.
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***DA: I used to say that corporate initiative was an oxymoron. CBOE has proven me wrong.

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Duchess of Cornwall is all smiles as she attends annual ICAP charity day
The Daily Express
The Duchess of Cornwall spent her morning mingling with celebrities today as she attended the annual ICAP charity day. The 66-year-old royal was joined by actress Barbara Windsor, TV presenter Gabby Roslin and Strictly Come Dancing judge Craig Revel Horwood as she answered calls at international dealer-broker ICAP for its 21st annual event.
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***DA: All of yesterday’s revenue at ICAP will go to charity. Since 1993 the firm has donated over $161 million.

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AlphaMetrix woes could cost fund managers
Lynne Marek – Crain’s Chicago Business
The decline of AlphaMetrix Group LLC could mean as much as $10 million in losses for fund managers who worked with the Chicago-based company, according to a federal court monitor. The monitor said in an updated report filed Dec. 2 that hedge fund managers, also known as commodity trading advisers, are owed $7 million to $10 million in fees by AlphaMetrix while their investor clients are owed $3 million in rebates.
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***DA: I wonder if the epitaph will read “Here lies AlphaMetrix. They knew how to throw a heckuva party, they just did not know how to pay for it.”

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NYSE’s Jeffrey Sprecher talks about founding ICE (Video)
Atlanta Business Chronicle
In his first public appearance since wrapping up the $11 billion acquisition of the New York Stock Exchange on Nov. 13, IntercontinentalExchange Inc. founder and CEO Jeffrey Sprecher spoke to the Rotary Club of Atlanta on Dec. 2 about ICE’s founding.
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Steven Schoenfeld

Indexing Israel: Steven Schoenfeld Talks About His Next Index Venture
JohnLothianNews.com
Steven Schoenfeld knows a thing or two about stock indexes as the chief investment officer of BlueStar Indexes and author of the book Active Index Investing. He spoke with John Lothian News editor-in-chief Jim Kharouf about his latest indexes based on Israeli companies and another on Israel’s tech sector. The first is called the BlueStar Israel Invest (BIGI), a comprehensive index launched in 2011 on the top Israeli companies that are traded around the world. The index returned 0.08 percent through September this year. Schoenfeld has also developed a new index focused on Israel’s technology sector, which is among the largest in the world. BlueStar Israel Global Technology Index (BIGTech), features large, mid-cap and small-cap firms listed on the Tel Aviv Stock Exchange, plus those listed on other markets. Through September, BIGTech posted a 13.5 percent gain over the first three quarters of 2013, and was up 12.7 percent over the past five year period. Schoenfeld said there is still much more room for indexes and index growth, despite critics who say the space has been covered.

Watch the video »

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Swedish FoHF adopts different approach to CTA manager selection
Emma Cusworth – Risk.net (subscription required)
The team at Swedish firm RPM Risk & Portfolio Management (RPM) has devised a strategy targeting a dynamic subset of evolving CTAs with a shorter measurable track record and smaller assets under management (AUM). RPM believes these managers offer the most attractive risk/return potential. However, shorter track records increase the chances of picking bad apples so manager selection is paramount.
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***JM: There’s more than just trade selection that determines success; it’s interesting when fund selectors notice that, too.

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CFTC commissioner Scott O’Malia calls for tech talent
Michelle Price in Singapore – Financial News
The Commodity Futures Trading Commission is on the hunt for new technology talent to bring the regulator into the 21st century, a leading commissioner at the US watchdog has told Financial News.
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***JM: He even wants to hire Simon Cowell to help find it.

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Software Vendor Brings Transparency to Complex Swaps Data
Ivy Schmerken – Wall Street & Technology
London-based Clarus Financial Technology has created software apps that overlay ICAP’s pre-trade bid-ask levels on top of the aggregated views of post-trade data collected from swap data repositories.
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***DA: I spoke with Clarus CEO Amir Khwaja at SEFCON and he said the firm will offer the snapshot free, but there will also be a s
ubscription-based deep analysis. Powerful and valuable.

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Sanity needed when punishing finance misdeeds
Roy C Smith – Financial News
Libor rate-setting rules are being revised, as they should be. The FX investigation may discover individuals that need to be punished, and maybe some market conduct rules that should be changed. But that does not mean that the FX investigations should be allowed to turn into another instance of vengeance against banks to be settled by a round of multibillion-dollar fines paid by their shareholders.
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***JM: A helpful starting point would be, “What do we want the outcome of regulatory actions to be?” There’s a vague assumption that we want less financial wrongdoing; if that’s really so, then we should be looking at whether large fines are an effective deterrent. If not, we should probably be looking for something that IS an effective deterrent. Does it really have to be more complicated than that?

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This 1 Quote Explains America’s Biggest Problem Perfectly
Huffington Post
Say what you will about Goldman Sachs — and you could say a lot — but its CEO, Lloyd Blankfein, recently boiled down one of America’s most complex problems into a perfectly simple and quotable line. Repeat after Lloyd, folks: “This country does a great job of creating wealth, but not a great [job] of distributing it.”
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***JM: Replace “this country” with “humanity” and I’ll go along with it. Empathy and sharing are both pretty illiquid global markets.

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jlne.ws/1jhKfxV

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Lead Stories

Nasdaq’s NLX Grabs Market Share Amid Liffe Shift to ICE
Nandini Sukumar – Bloomberg
Trading in short-term interest-rate futures on Nasdaq OMX Group Inc. (NDAQ)’s NLX European exchange is increasing, reflecting market share gains while IntercontinentalExchange Group Inc. moves Liffe onto its platform.
jlne.ws/1jkSQjB

NYSE Builds a Dark Pool
Peter Chapman – Traders Magazine
Call it ‘NYSE vs. the Internalizers, Round Two.’ In what amounts to its second stab at competing with broker-dealers that match orders outside of the public markets, the New York Stock Exchange is looking to replicate the functionality of a dark pool under a proposal filed with the Securities and Exchange Commission in November.
jlne.ws/1jkSQjD

Penny Pricing for U.S. Stocks Said to Get Scrutinized
Sam Mamudi – Bloomberg
Securities executives are trying to determine if the 12-year-old decision to narrow the price increments for American stock trading has harmed investors, according to two people with knowledge of the matter.
jlne.ws/1jkSSru

LME Reviewing Future of London’s Last Open-Outcry Trade Pit
Chanyaporn Chanjaroen & Nandini Sukumar – Bloomberg
The London Metal Exchange, the biggest industrial-metals market, is considering the future of floor trading and may make a decision in 2014, said Charles Li, chief executive officer of Hong Kong Exchanges & Clearing Ltd.
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Hong Kong, Singapore Exchanges to Cooperate on Yuan
Enda Curran and P.R. Venkat – MoneyBeat – WSJ
Two of Asia’s biggest exchanges have agreed to swap notes on China’s currency. Hong Kong Exchanges & Clearing Ltd. and Singapore Exchange Ltd. will promote the yuan’s internationalization by working together on areas including new technology, products and regulatory matters.
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EU fines six financial institutions record 1.7 bln euros
Reuters
EU antitrust regulators fined six financial institutions including Deutsche Bank, Royal Bank of Scotland and Citigroup a record total of 1.71 billion euros ($2.3 billion) on Wednesday for rigging financial benchmarks.
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Deutsche Bank bans online chats for FX and fixed income staff
Reuters
Deutsche Bank has prohibited its foreign exchange and fixed income staff from using online chatrooms, joining a growing band of lenders who have halted the use of such forums over concerns of mounting scrutiny from regulators.
jlne.ws/1jkSQzZ

Wall Street Sweats Out Volcker Rule With 18% of Revenue in Play
Michael J. Moore & Dakin Campbell – Bloomberg
Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
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Regulatory

CFTC to Hold an Open Meeting to Consider Proprietary Trading Rule and Other Business
U.S. Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced the Commission will hold a public meeting on Tuesday, December 10, 2013 at 9:30 a.m.
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With IPOs, SEC Focuses on Cheap Stock and Weird Revenues
Telis Demos – MoneyBeat – WSJ
Are you giving away stock cheaply to investors? That is one of the top questions posed by the Securities and Exchange Commission to tech companies going public, according to an analysis of comment letters from the agency by consulting and accounting firm PricewaterhouseCoopers LLP.
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Footnote 513 exceeds CFTC’s statutory brief: O’Malia
Aaron Woolner – Risk.net
The recent clarification of footnote 513 of the Dodd-Frank Act which significantly widened the geographical scope of US regulatory oversight has been criticised by CFTC commissioner Scott O’Malia as being outside of the organisation’s statutory brief.
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Regulators Set to Approve Toughened ‘Volcker Rule’
Scott Patterson – WSJ.com
U.S. regulators are expected to approve next week a toughened version of the Volcker rule, ushering in an era of stricter oversight for Wall Street with restrictions on the trading banks can do with their own money.
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The value of blowing that whistle
Dan McCrum | FT Alphaville
However late you might decide to come clean, it pays to be first to ‘fess up.
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Esma hunts for first Mifid II working group
Anish Puaar – Financial News
Europe’s securities regulator is looking to establish an industry working group specifically created to design rules and guidance to accompany the second version of the Markets in Financial Instruments Directive.
jlne.ws/1jkSQQA

The European Union Benchmark Fines: A Breakdown
Phillipa Leighton-Jones – MoneyBeat – WSJ
Well here’s a complicated picture. The European Union’s antitrust regulator on Wednesday slapped fines on eight financial institutions for alleged collusion to fix benchmarks affecting yen and euro interest rate derivatives.
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FinCEN, Federal Reserve Finalize Rule Amending Definitions In The Bank Secrecy Act
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Remarks At The 10th Annual Transatlantic Corporate Governance Dialogue, SEC Chair Mary Jo White, Washington, D.C., Dec. 3, 2013
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Keynote Address By CFTC Commissioner Scott D. O’Malia, Setting Priorities And Fixing Broken Rules Must Be Commission’s First Order Of Business In 2014, 9th Annual FIA Asia Derivatives Conference. The St. Regis, Singapore
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Remarks At Transatlantic Corporate Governance Dialogue Conference: The Realities Of Stewardship For Institutional Owners, Activist Investors And Proxy Advisors, SEC Commissioner Daniel M. Gallagher, Washington, DC, Dec. 3, 2013
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ASIC Finds Advice On Complex Capital Protected Products Needs To Improve
ASIC’s assessment of advice provided by financial services firms to investors about capital protected products found many advisers did not make adequate enquiries into their clients’ personal circumstances.
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Exchanges & Trading Facilities

TAIFEX And Eurex Announce Launch Date Of Joint Product Cooperation
TAIFEX, the Taiwan Futures Exchange, and Eurex Exchange, the international derivatives marketplace and part of Deutsche Börse Group, today announced their plan to launch the Eurex/TAIFEX Link on 15 May 2014. With this link, Eurex Exchange will list TAIEX futures and options as daily expiring futures on Eurex Exchange. Derivatives on the TAIEX index are one of the most heavily traded Asian equity index contracts.
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HKEx plans to list monthly, cash-settled LME-based contracts -CEO
Reuters
Hong Kong Exchanges and Clearing Ltd (HKEx), which owns the LME, plans to list monthly, cash-settled products based on its suite of London Metal Exchange (LME) contracts in Hong Kong, CEO Charles Li told Reuters on Wednesday.
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ICE Reports 5% Increase In November Daily Futures Volume
IntercontinentalExchange Group, the leading global network of exchanges and clearing houses, today reported increased futures volume for November 2013. ICE’s average daily volume for futures and options was 3.37 million contracts, up 5% from the prior November. Year to date through November, ADV for oil and agriculture were up 9% and 6%, respectively, versus the prior year and total ADV was in line with the prior year at 3.40 million contracts.
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Bats Global Markets Announces November Highlights
BATS Global Markets (BATS) today reports that its pan-European trade reporting service, BXTR, became the industry leader in its first month of operation while BATS Chi-X Europe remained Europe’s largest stock market in November.
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BOX Price Improvement Activity For November
In the month of November, price improved contracts on BOX Options Exchange (“BOX”) averaged 145,352 per day. Overall average daily trading volume on BOX in the month of November was 347,185 contracts.
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ASX Group Monthly Activity Report – November 2013
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ASX Compliance Monthly Activity Report – November 2013
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Summary Of November 2013 Activities At Tokyo Commodity Exchange – TOCOM November 2013 Volume Averaged 74,712 Contracts Per Day, Down 7.2%
The Tokyo Commodity Exchange announced today that November 2013 trading volume averaged 74,712 contracts per day, down 7.2% from October 2013. Average daily volume increased for some key commodities such as Crude Oil; which was up 13.1% to 3,881 contracts; Kerosene, which was up 29.7% to 4,387; and Rubber, which was up 10.2% to 8,116 contracts. However, the most actively traded Gold contract fell 21.9% to 26,553 contracts.
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Nordic Growth Market NGM AB: November Turnover Exceeds 4.1 Billion SEK (465 Million Euro) At NGM
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Vienna Stock Exchange Monthly Statistics – November 2013
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Vienna Stock Exchange Monthly Statistics: Derivative Market – November 2013
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Irish Stock Exchange Statistics November 2013
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IntercontinentalExchange Sets February 11 For Fourth Quarter And Full Year 2013 Earnings Announcement
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TMX Group Holiday Operating Schedule
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Hedge Funds & Managed Futures

November Redemption Sets Up Gross’s Pimco Fund for Bruising Year
Min Zeng – MoneyBeat – WSJ
The world’s biggest bond fund, run by Bill Gross, saw clients cash out $3.7 billion–an unprecedented seventh consecutive monthly redemption–in November, keeping the fund on pace to post its biggest-ever yearly outflow.
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Billionaire Portfolios: They’re Just Like Ours!
Joshua M Brown | The Reformed Broker
Had some fun playing with the Bloomberg Billionaire tool this morning, located here. Some of the data I was able to pull about YTD dollar and percentage gains in billionaire net worth tells an interesting story about what’s worked this year (tech and activism) and what has not (emerging markets and commodities). It’s amazing how this mirrors what’s worked and not worked in a typical investor’s portfolio.
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Carlyle in talks over new technology fund
Alec Macfarlane – Financial News
Global private equity firm Carlyle Group is in talks with existing investors about raising a third European technology-focused fund, according to two people familiar with the situation.
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Hedge fund Taconic Capital co-founder Brody to retire
Reuters
Kenneth Brody, who co-founded Taconic Capital Advisors LP after spending decades at Goldman Sachs, told clients on Tuesday that he plans to retire from day-to-day management at the $8.2 billion hedge fund at the end of the year.
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BlackRock star reunited with Schwab money
Mike Foster – Financial News
BlackRock’s US large-cap growth manager Lawrence Kemp has won back a $1.8bn mandate from adviser Charles Schwab, which he managed when he worked at UBS Global Asset Management.
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BNY Mellon launches liquidity administration service for FoHFs and pension plans
The service will provide clients across BNY Mellon’s alternative fund administration and traditional custody segments with enhanced liquidity monitoring, reporting and analysis, plus advanced portfolio modelling capabilities.
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Risk management sweatshops? Number-crunchers move to satellite offices
Joe Rennison – Risk.net
From Berlin to Birmingham, from Tampa Bay to Dallas, banks have tried to boost their risk management resources – while keeping a lid on expense – by building teams in relatively low-cost cities. But do these far-flung offices improve performance?
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An Unexpected Apology Stokes the Embers of a Feud
SUSANNE CRAIG – NYTimes.com
When it comes to Wall Street grudge matches, this one is sure to rank right up there.
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Banks & Brokers

Morgan Stanley amps up lending to boost wealth margins
Reuters
Just a few years ago, Morgan Stanley (MS.N) lacked the expertise, infrastructure or desire to do a lot of lending, but today it is making a big push into loans to bridge a profit gap with rivals.
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SIX Payment Services: More Than 1,000,000 e-banking Customers Using e-bill – The One Million Mark Was Reached In November This Year
The e-bill is maintaining its successful growth again this year: more than 1,000,000e-banking customers of Swiss banks and PostFinance had signed up for e-bill by the end of November 2013. Over 15,000 new e-banking customers are registering for e-billing each month. Year-on-year growth is more than 20 percent.
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Clearing & Settlement

Hong Kong Exchanges And Clearing Limited’s New CCP, OTC Clear, Clears First OTC Derivatives Trade Using Calypso Technology
Central Counterparty, OTC Clear, Now Live On Calypso OTC Derivatives Clearing, Risk Management & Collateral Management
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Indexes & Products

Exchange-traded fund strategists make hay on industry boom
Reuters
As the $2.2 trillion exchange-traded fund industry grows at a rapid clip, a group of investment consultants who specialize in creating portfolios of the funds – so-called ETF strategists – are reaping high returns.
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Commodity trackers flee for surging stocks
Gregory Meyer in New York – FT.com
Index-tracking commodity investors are fleeing the strategy at a record pace as surging stock markets leave raw materials in the dust.
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Corporate treasurers seek alternatives to money-market funds
Rebecca Brace – Euromoney magazine
Corporate treasurers are diversifying away from using money-market funds (MMFs) to manage short-term liquidity in response to low rates and proposed regulatory changes that are threatening to impair the MMF industry.
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MTS Launches RFQ Trading For ETFs
MTS, Europe’s premier fixed income trading venue, is to launch Request-for-Quote (RFQ) trading for ETFs via its multi-dealer-to-client MTS BondVision platform. The new service will offer liquidity providers access to a diverse community of global institutional investors.
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FTSE China 25 Index Will Become The FTSE China 50 Index From 19 September
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Technology

Markit Lands BBVA Asset Management for EDM
Anthony Malakian – WatersTechnology
BBVA Asset Management has selected Markit’s enterprise data management (EDM) platform in an effort to cut costs by streamlining its operations, while minimizing operational risk, according to Daniel Simpson, managing director and head of enterprise software at Markit.
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Risk software survey 2013
Max Chambers and Lukas Becker – Risk.net
Regulatory change continues to be the focus for technology development, with vendors adapting their offerings to reflect alterations and clarifications to Basel III, Dodd-Frank and Emir. But speed, ability to process large volumes of data and real-time analytics have also been important themes this year.
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Bloomberg Vault Adds Jefferies Group to Growing Client List
Becca Lipman – Wall Street & Technology
Jefferies uses Vault to monitor and manage all enterprise-wide communications including Microsoft Exchange email as well as mobile, social and Bloomberg messaging.
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Metamako: Introducing First Ultra-Low Latency Intelligent Switch – Metamako Takes Physical Layer Switches To Next Level
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SunGard Acquires Softputer Technologies Financial Reporting and N-SAR Filing Solutions
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Investment Client Reporting Software Provider, Varden Technologies, Announces Causeway Capital Management’s Committee Seat on Independent Advisory Board | Reuters
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Deven Software Automates the Merger and Acquisition Due Diligence Process by Announcing the Availability of Its New Web-based Due Diligence Application
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Enforcement

SEC Charges Miami-Based Trader With Insider Trading and Short Selling Violations
The Securities and Exchange Commission today charged a Miami-based trader with insider trading in the stock of a Chinese company and conducting illegal short sales in the securities of three other companies.
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FINRA Bars Two Brokers for Stealing $300,000 From Elderly Widow With Diminished Mental Capacity
The Financial Industry Regulatory Authority (FINRA) announced today that it has barred brokers Fernando L. Arevalo and Jimmy E. Caballero from the securities industry for wrongfully converting approximately $300,000 from an elderly widow with diminished mental capacity, and for failing to fully cooperate with FINRA’s investigation.
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Trader’s Defense Lawyer Challenges Memory of a Crucial Witness
MATTHEW GOLDSTEIN – NYTimes.com
Jon Horvath has been positioned as a star witness for federal prosecutors in the insider trading trial of Michael S. Steinberg, his former boss at SAC Capital Advisors. But under questioning by the defense on Tuesday, Mr. Horvath, a former analyst at SAC, acknowledged having some memory lapses, potentially undercutting some of his credibility.
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Madoff Behaved Like a Lunatic Over Fund Probe, Jury Told
Erik Larson – Bloomberg
Bernard Madoff demanded his inner circle rush to recreate years’ worth of fake account documents for a feeder fund that in 1992 attracted unwanted attention from regulators, the con man’s ex-finance chief told a jury.
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Environmental & Energy

Quebec set to launch carbon market with first permit auction
Reuters
Some of Quebec’s biggest polluters will be able to buy carbon permits at the Canadian province’s first such auction on Tuesday, a key step toward linking its cap-and-trade program next year to a similar effort in California.
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**RKB — The floor price for the Quebec auction is C$10.75/t (US $10.10). It is set to rise 5 percent plus inflation next year. California’s floor price during 2013 was US $10.71/t and is set to increase to US $11.34/t in 2014, the state announced on Monday. California and Quebec are expected to hold their first joint allowance auction next year, although the exact date for that sale has yet to be announced.

Australia Plans Carbon Fund to Cut Investor Risk, Survive Attack
Bloomberg
The government will design a new carbon-abatement fund in Australia as a long-term vehicle, minimizing the uncertainty plaguing clean-energy projects, the environment minister said.
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Green Climate Fund May Lure Investors Seeking Bond Alternatives
Bloomberg
The Green Climate Fund, set up by the United Nations to help direct clean-energy funding to developing countries, may lure investors including PensionDanmark A/S seeking higher-yielding bond-market alternatives.
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Asia-Pacific

China’s free trade zone plans herald quicker FX reforms
Reuters
China plans to roll out financial sector reforms in the Shanghai special economic zone in the next three months and most will be implemented in a year, suggesting authorities are accelerating the pace of dismantling capital account controls.
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Japan regulator to sanction Deutsche Securities for excessive client entertainment: sources
Reuters
Japan’s securities market watchdog will recommend that a Tokyo-based unit of Deutsche Bank be sanctioned for excessive entertainment of pension fund executives considered public employees under the law, sources with knowledge of the matter said on Wednesday.
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Japan readies $182 billion economic package, no new debt needed: sources
Reuters
Japanese Prime Minister Shinzo Abe is readying a $182 billion economic package this week in his latest bid to pull the economy out of deflation, but the new measures will not require the government to sell more debt.
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From Iron Ore to Eggs, Asia Builds Commodity Pricing Clout
Reuters
From iron ore to eggs, Asia’s new commodity derivatives are drawing in global exchanges eager to profit from rising trade volumes and a likely shift of pricing benchmarks from the West.
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Cavendish inks pact with Chinese bank
Richard Partington – Financial News
A UK mergers and acquisitions boutique has partnered with a Chinese investment bank during a trade mission to China led by Prime Minister David Cameron.
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Ex-RBS trader fired over Libor drops wrongful dismissal case
Reuters
A former trader for Royal Bank of Scotland Plc who was fired for allegedly trying to manipulate the London interbank offered rate (Libor) has dropped a wrongful dismissal case against the British lender.
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Vice President Xu Ming Of The Shanghai Stock Exchange: Change Mode Of Statutory Listing Conditions, Usher In New Listing Systems
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Gui Minjie Governor Of The Shanghai Stock Exchange: Launching More Convenient, Flexible Trading Mechanism For Big-cap Blue Chips
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Hong Kong’s Securities And Futures Commission, Hong Kong Monetary Authority And The Royal Bank of Scotland N.V. Reach Agreement On Lehman Brothers-Related Equity-Linked Notes Sold To Professional Investors
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Dalian Commodity Exchange: Intra-group Factory Warehouse Receipts Swap Business Piloted For Soybean Meal Futures
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Tokyo Commodity Exchange Year-end / New Year Business Schedule
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Frontier Markets

Philippines to designate sharia-compliant companies
Jeremy Grant in Singapore – FT.com
The Philippine Stock Exchange is poised this month to designate its first sharia-compliant companies, in a bid to persuade Muslim savers in the country’s southern Mindanao province to invest in the Philippines rather than send funds to Islamic markets abroad.
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Islamic liquidity project faces Saudi hurdle
Chris Wright – Euromoney magazine
Inaugural sukuk issued; key constituent quietly leaves.
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BSE currency futures face uncertainty in ‘overcrowded’ market
Garima Chitkara – Risk.net
The new currency futures launched by the Bombay Stock Exchange (BSE) on November 29 may fail to attract necessary broker interest in a low volume market, according to market participants.
jlne.ws/1jkSVni

Police attach assets of Jignesh Shah, NSEL directors
Livemint
The Mumbai police’s economic offences wing (EOW) on Tuesday seized the assets of Jignesh Shah, chairman and managing director of Financial Technologies (India) Ltd (FTIL), and other directors on the board of FTIL-controlled National Spot Exchange Ltd (NSEL) in connection with the Rs.5,574.35 crore payment crisis at the commodity spot exchange.
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Malawi Stock Exchange Monthly Market Performance Report-November 2013
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