John Lothian Newsletter: NYSE Wins Twitter in Blow to Rival Nasdaq; Dutch, French regulators vie for control of Euronext; Bond Investors Said to Mull Consortium in Trade Talks With Banks

Oct 16, 2013

First Read

Regulation leads to exchange regionalisation: NYSE Euronext official
Reuters
Diverging regulation of financial markets will lead to a regionalisation of cash markets and make future consolidation between U.S. and European exchanges unlikely, the Executive Vice President of NYSE Euronext said on Tuesday.
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***** Competition is funny. Where there is a will, there is a way, even if you have to overcome tremendous barriers.

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Machines Trading $400 Billion of Bonds as Humans Retreat
Lisa Abramowicz – Bloomberg
A record share of U.S. corporate-bond trading has moved to computers as buyers who traditionally transacted over the phone seek faster ways to buy and sell in a market where Wall Street’s human traders are retreating.
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***** You should see the computer’s games of liars poker too.

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ISE Trades 20 Millionth Contract Through Implied Order Functionality – Unique Functionality Improves Executions Of Multi-Legged Orders On ISE
The International Securities Exchange today announced that trading of multi-legged strategy orders through its Implied Order functionality has exceeded 20 million contracts. ISE’s Implied Order functionality has accounted for approximately seven percent of all non-crossing, multi-legged contract volume executed on ISE year-to-date.
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***** This is a case of Katz man do!

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Why the U.S. Should Be Downgraded
Michael J. Casey – MoneyBeat – WSJ
The world has lost its faith in the U.S. It no longer deserves to be a Triple-A credit. This was encapsulated in the nods of agreement that were seen in a packed auditorium at a Washington conference of international bankers on Friday when a visibly angry BlackRock Inc. CEO Laurence Fink told the audience that the U.S. is not a “principled nation.” It matters not whether the U.S. is actually forced into a devastating default–still an extremely unlikely event. Triple-A credits do not behave like this.
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***** We are to be downgraded and degregated.

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Tom Regazzi

Single Minded: Tom Regazzi of UBS Finds a Niche with Single Stock Futures
JohnLothianNews.com

Single stock futures in the United States were launched in 2001, but are often forgotten since their big splash introduction twelve years ago.

Quietly, however, single stock futures have been growing nicely at OneChicago, the sole marketplace for the instrument. Through the first nine months of 2013, its volumes are up 49 percent, with 6.96 million contracts traded, topping total volumes posted in all of 2012.

This market has also caught the eye of UBS and Tom Regazzi, managing director at the firm’s Global Synthetic Equity department. He spoke with JLN editor-in-chief Jim Kharouf about how UBS uses single stock futures and the potential for the product going forward.

Watch the video »

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CME Group Awards Bengt Holmstrom CME Group-MSRI Prize in Innovative Quantitative Applications
CME Group and the Mathematical Sciences Research Institute (MSRI) announced Dr. Bengt Holmstrom, economics professor at Massachusetts Institute of Technology (MIT), as the 2013 recipient of the CME Group-MSRI Prize in Innovative Quantitative Applications. He will be honored at an award ceremony at W Chicago-City Center on Monday, October 21, at 10:30 a.m.
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***** CME should create a STEM award.

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Sign Up for John J. Lothian Managed Futures, LLC Trading Signals
Email me at johnlothian@johnlothian.com

For details, see: Managed Futures Gets Bloomberged, 3.0: Starting Over From the Beginning

***** We are scheduled to begin sending the signals on November 1, pending regulatory approval of our format and style. Sign up today and tell your friends. We will be giving away the signals and explaining our system for at least six months.

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Barclays’ openness about Sants’ stress is good for the City
Paul Hodkinson – Financial News
In years gone by, Sir Hector Sants’ leave of absence would probably have been attributed to “personal reasons”. It has never been fashionable to admit exhaustion.
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***** How do you handle stress?

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Investing in ‘sin’ can be good for you
John Authers – FT.com
This is National Ethical Investment Week in the UK. Cynics might suggest that it makes a welcome change from 51 weeks of unethical investing. But it does help to shine a light on a discipline that is now established in the investment landscape, and fast changing. It also shows that ethics are not necessarily loss-making.
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***** I am over invested already thank you.

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Squawker Successfully Completes Initial Roll-Out
Squawker, the world’s first sell-side negotiation platform that is free from algorithms and high-frequency trading, today announced that it has successfully completed its initial Pan-European roll-out.
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***** There is no such thing as free from algorithms.

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Kurt Oeler

Kurt Oeler of OptionMonster Discusses Options Education
JohnLothianNews.com

OptionMonster recently expanded into distance learning and extended their product line with more interactive programs, digital workbooks, and one-on-one mentoring. Kurt Oeler, who was recently promoted to president of OptionMonster from vice president and general manager, spoke with JLN’s Sarah Rudolph about the new developments at the company – a division of OptionMonster Holdings, Inc. – and the challenges of educating traders about options. According to Oeler, clients need a grounding in the basics before they can apply given options strategies, and some don’t fully understand that it takes a lot of time and practice to really learn all the elements involved in trading options. He also discusses the Najarians’ forthcoming book, “How We Trade Options,” a sequel to Jon Najarian’s book “How I Trade Options.” The new book covers topics such as weeklys and other new options products and also takes a personal approach by recounting some of the Najarian brothers’ journey from the Chicago open-outcry pits to the world of algorithm
ic trading.

Watch the video »

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UK Financial Watchdog May Now Publicize Proposed Enforcement Actions — Naming Names — Prior to Enforcement Actions Being Filed
Gary DeWaal and Associates LLC
The UK Financial Conduct Authority announced today that, effective immediately, it may publicize information regarding warning notices issued to potential subjects of FCA disciplinary actions, prior to an enforcement action actually being taken. Disciplinary warning notices – somewhat akin to so-called “Wells Notices” in the US — are issued by the FCA when it proposes to take action against a respondent resulting in a censure, fine, suspension or restriction.
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MarketsWiki

MarketsWiki Page of the Day
Fernando Centelles
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MarketsWiki Recent Updates

People

Fernando Centelles; Tom Regazzi; Garry Jones; Heike Eckert; Robert J. Shiller; Kurt Oeler; Stephen A. Brodsky

Companies, Organizations and Groups

London Metal Exchange; OneChicago LLC; UBS AG; OptionMONSTER Holdings Inc.; NYSE Euronext

Products

Miscellaneous

Single stock futures; High-frequency trading

Statistics

44,359,116 pages viewed, 7,681 articles, 166,453 edits
MarketsWiki Statistics

Lead Stories

NYSE Wins Twitter in Blow to Rival Nasdaq
Jacob Bunge and Telis Demos – MoneyBeat – WSJ
Twitter Inc. will list its shares on the New York Stock Exchange, the Big Board’s strongest blow yet in its bid to become a trading hub for technology companies
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***JM: I hear Bob Greifeld unfollowed them afterwards.

Dutch, French regulators vie for control of Euronext -sources
Reuters
With IntercontinentalExchange’s more than $10 billion takeover of NYSE Euronext expected to close early next month, regulators in the Netherlands and France are scrambling to prevent Euronext from once more falling into foreign hands, according to several sources familiar with the situation.
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Bond Investors Said to Mull Consortium in Trade Talks With Banks
Matthew Leising – Bloomberg
BlueMountain Capital Management LLC, Pacific Investment Management Co. and Fidelity Investments are among money managers that are in discussions to form a consortium that would seek ways to make it easier to buy and sell corporate bonds in the U.S.
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AlphaMetrix Said to Be in Talks to Sell Stake to Fund Managers
Matthew Leising – Bloomberg
AlphaMetrix Group LLC, the Chicago- based firm that last week said it hadn’t paid fees owed to some fund managers amid a cash shortfall, is in talks to sell a stake in itself to some of those managers, according to two people familiar with the matter. AlphaMetrix is also speaking with banks and money managers about selling itself or securing a loan, said one of the people, who asked not to be identified because the information is private.
(via email)

LME’s Chinese warehouse dream is some way off -CEO
Reuters
The London Metal Exchange will not be able to open metal warehousing facilities in commodity consuming giant China any time soon, LME chief executive Garry Jones said on Tuesday, scaling back expectations for its biggest ambition.
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Dark pool stock trading picks up as Europe debates new curbs
Reuters
Fund managers are trading more assets on private exchanges known as dark pools, a growing trend that clashes with regulators’ mission to improve financial market transparency.
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Deutsche Bank rates swap emails refer to customer being ‘screwed’
Reuters
A Deutsche Bank employee referred to a client not liking to know they were being “screwed” in a 2007 email concerning the sale of an interest rate swap which is now at the centre of a landmark UK court case.
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JPMorgan Expected to Admit Fault in ‘London Whale’ Trading Loss
BEN PROTESS and JESSICA SILVER-GREENBERG – NYTimes.com
For JPMorgan Chase, fines totaling billions of dollars are no longer sufficient to placate the government. Now the bank’s regulators want something stiffer: a mea culpa.
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Insight: Three years on, Fed keeps BoA-Merrill waiting on commodity trade
Reuters
In May 2010, one of Wall Street’s biggest banks went to the Federal Reserve with a seemingly straightforward request: permission to expand its physical commodity operations through specialized power contracts.
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The Modern Sell Side: Stories of Buy-Side Values
Marlon Weems – TABB Forum
With today’s near-universal access to information and technology, buy-side firms expect more than they did just a few years ago. There is little room for brokers whose sole value proposition is offering low-priced executions.
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Regulatory

SEC chief concerned investors face ‘information overload’
Reuters
U.S. securities regulators are reviewing whether public companies overwhelm investors with “information overload” and should instead streamline disclosures about financial data, executive pay and dozens of other issues.
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UK watchdog checks on commodity warehouses, prepares for EU abuse rules
Reuters
Britain’s financial watchdog said officials are visiting commodity warehouses in Europe to see how they operate, in preparation for tough new EU market abuse rules as regulators focus unprecedented scrutiny on physical trading practices.
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ECOFIN Ministers Approve Bank Supervision, Discuss Steps Towards Banking Union
EU finance ministers have on October 15 in Luxembourg approved legislation setting up the Single Supervisory Mechanism and exchanged views on backstop arrangements for bank resolution funds, including in the context of upcoming asset quality review and stress test exercises to be undertaken next year.
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IOSCO Launches Its First Securities Markets Risk Outlook
The International Organization of Securities Commissions (IOSCO) today published the IOSCO Securities Markets Risk Outlook for 2013-2014. The report highlights important trends, vulnerabilities and risks in securities markets that may be of concern from a systemic perspective.
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The Path Forward On Disclosure, SEC Chair Mary Jo White, National Association Of Corporate Directors – Leadership Conference 2013 In National Harbor, Md.
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The FCA publishes data on complaints and redress for the first half of 2013
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Exchanges & Trading Facilities

Wells Fargo Joins Eris Exchange as Liquidity Provider for Swap Futures
Ivy Schmerken – Wall Street & Technology
Wells Fargo has joined Eris Exchange, a U.S.-based futures exchange offering interest-rate swap futures, to provide liquidity and clearing services to the bank’s global client base.
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CME raises margins on swap trades on U.S. default fears
Reuters
CME Group Inc raised the margins on some products traded on its platform, citing likely market volatility in the wake of the U.S. debt ceiling debate.
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London Stock Exchange Hosts Major Russia And CIS Investor Conference
London Stock Exchange today welcomed over 400 delegates to its inaugural Russia and CIS Investor Conference. The event includes international investor presentations from listed and private Russian and CIS companies; and high level panel discussions on topics including the outlook for IPOs, derivatives trading and the post trade environment.
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New Trading Hours – BM&F Segment As Of October 21, 2013
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Hedge Funds & Managed Futures

BlackRock’s third-quarter profit rises 15 percent
Reuters
BlackRock Inc , the world’s largest money manager, said on Wednesday that its third-quarter profit rose 15 percent, citing market growth and strong global demand from its retail and institutional clients.
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Vanguard to Streamline Fund Lineup with Planned Mergers
EON
Vanguard plans to streamline its investment offerings by merging five funds, including two index funds, an actively managed growth fund, and two retirement income funds.
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JP Morgan’s EM funds chief goes cold on sellside research
Joe McGrath – Financial News
JP Morgan Asset Management is reducing its reliance on sellside research by building a larger, in-house team of analysts for its global emerging markets funds.
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Liontrust moves into multi-asset funds
Sophie Baker – Financial News
Independent manager Liontrust Asset Management has acquired investment firm North Investment Partners and will launch a multi-asset offering, an increasingly popular strategy among investors.
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Norway sovereign fund partners with Axa in real estate
Mark Cobley – Financial News
Norway’s E586 billion sovereign wealth fund, the Government Pension Fund Global, has signed a deal with the real estate arm of French insurance giant Axa to lend money to property companies — a strategy aimed at taking on banks’ role as lenders of choice in this market.
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Deutsche Börse: Subscription Launch Of Gebr. Sanders GmbH & Co. KG Bond
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Banks & Brokers

JPMorgan to pay $100 million to settle with CFTC on Whale trades -reports
Reuters
JPMorgan Chase & Co has reached an agreement with the Commodity Futures Trading Commission to pay $100 million to settle charges related to the bank’s “London Whale” trading scandal, according to media reports.
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Cooke joins HSBC as global head of operational risk
Jessica Meek – Risk.net
Mark Cooke will be joining HSBC as its new global head of operational risk. Cooke is set to take up his new role on January 1, 2014.
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Premature dissemination, Bloomberg style
Bryce Elder | FT Alphaville
Bloomberg News prides itself on market-moving scoops. Today its reporters excelled themselves, getting Citigroup’s Q3 earnings out a full 29 minutes before they were due.
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Independent research head at Marex Spectron to retire
Harriet Agnew – Financial News
The head of independent research at Marex Spectron, who works with some of Europe’s biggest hedge funds, is to retire after nearly 30 years in the City.
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BNY Mellon’s profit beats estimates on higher fees
Reuters
BNY Mellon Corp on Wednesday reported a higher-than-expected quarterly profit on rising fees from managing money, increased mutual fund balances and strength in foreign currency trading.
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Interactive Brokers Group Announces 3Q2013 Results
Interactive Brokers Group, Inc. an automated global electronic broker and market maker, today reported diluted earnings per share on a comprehensive basis of $0.39 for the quarter ended September 30, 2013, compared to diluted earnings per share on a comprehensive basis of $0.30 for the same period in 2012.
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Schwab Third Quarter Revenues Rise 15%, Reach Highest Level in 13 Years
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Clearing & Settlement

LCH.Clearnet’s Cleared Freight Volumes Rise on Commodities Demand from China
LCH.Clearnet Limited announced that cleared freight volumes more than doubled in September from a year earlier as traders increased their hedged positions to mitigate their exposure to freight prices. Rising iron ore imports by China and declining availability of shipping in the Atlantic Basin, which was due to an increase in transatlantic shipments, pushed freight prices to three year highs.
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BATS Chi-X Europe Launches Suite of Pan-European Trade Reporting Services “BXTR”
BATS Chi-X Europe, a pan-European Recognised Investment Exchange, today announced the rollout of BXTR, a suite of on-and-off Exchange Trade Reporting Services, which offers the pan-European trading community a comprehensive solution to report trades with the option to centrally clear and multi-laterally settle their off order book trades.
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DTCC Sheds Light As Swap Execution Facilities Meet CFTC Reporting Requirements
The DTCC Data Repository (DDR) is once again leading the market in facilitating comprehensive derivatives datareporting, helping ensure that its clients meet their regulatory reporting requirements under the Dodd-Frank Act. Virtually all provisionally registered swap execution facilities (SEFs) are now reporting to DDR’s data repository, leveraging the fact that their customers already report their derivatives transactions to DDR.
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CPSS And IOSCO Issue A Consultative Document On Quantitative Disclosure By Central Counterparties
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative document on the Public quantitative disclosure standards for central counterparties.
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Indexes & Products

ETF assets to top $9.5 trillion by 2020, says Principal Financial
ETF Strategy
The Principal Financial Group has published a report, entitled ‘A 360 Degree Approach to Preparing for Retirement’, assessing innovations, gaps and trends within the US retirement system. Among its findings, the report identifies key areas of innovation in lifecycle investing and paints a rosy picture for the exchange-traded funds industry.
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Technology

Check the Time: Majority of Firms have Time Synchronization Errors
Becca Lipman – Wall Street & Technology
Automated trading and historical analysis depends on knowing the time of of events and the order in which they occur. With inaccurate time stamp many enterprises are at risk of unsuccessful trading strategies, even falling out of compliance. Unfortunately, the problem is all too common, and many firms would be surprised at the extent of the damage.
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Real-Time Monitoring Solution Gives More Control For HFT
Zarna Patel – Wall Street & Technology
A new release of Corvil’s compliance monitoring solution for automated trading promises to identify the risks of trading anomolies, flaws and threats, giving firms more control over high-speed trading. CorvilNet attaches to the client’s current e-trading infrastructure to capture trading activity data for off-line analysis and reporting, according to a release.
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Asset Control Acquires New CEO – Appointment Signals New Momentum At Financial Data Management Specialist
Asset Control, the worldwide supplier of high-performance financial data management systems, is pleased to announce the appointment of Richard Petti as Chief Executive Officer.
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Lombard Risk announces interim results for the six months ended 30 September 2013
Lombard Risk Management plc, a leading global provider of collateral management, liquidity and regulatory reporting and compliance solutions for the financial services industry, is pleased to announce its interim results for the six months ended 30 September 2013.
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First Derivatives launches Australian centre of excellence
First Derivatives, a leading provider of software and consulting services to global investment banks, brokers, hedge funds and exchanges, today launched its Global Centre of Excellence for Financial Market Analytics and Surveillance in Sydney, Australia.
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Yorkshire Building Society Implements Sungard’s Ambit Liquidity Risk To Help Meet UK Regulatory Reporting Requirements
Yorkshire Building Society (the Yorkshire), the UK’s second largest building society, has implemented SunGard’s Ambit Liquidity Risk solution to help meet its liquidity risk reporting needs, including UK regulatory frameworks.
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NICE Actimize Selects Ullink To Provide Transparent Data Delivery For Its Cloud Trade Surveillance Customers
NICE Actimize, a NICE Systems business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, today announced a partnership with Ullink, a leading global provider of connectivity and trading solutions for the financial community, to provide NICE Actimize’s regulated capital market customers transparent data acquisition capabilities that further enrich its cloud-based regulatory and business surveillance platforms.
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Enforcement

Jury to begin deliberations in Mark Cuban insider trading trial
Reuters
Jury deliberations begin on Wednesday to decide whether Dallas Mavericks basketball team owner Mark Cuban engaged in insider trading when he sold his stake in an Internet search firm in June, 2004.
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NFA Regulatory Actions: Interbank FX LLC
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NFA Regulatory Actions: Santhosh Kumar
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NFA Regulatory Actions: Sreekrishna Holding Corp.
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Ex-Countrywide exec denies fraud at BofA trial over mortgages
Reuters
A former executive of Bank of America’s Countrywide unit told a federal jury on Tuesday that she did not knowingly sell toxic mortgages to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
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New Zealand’s Financial Markets Authority Cancels Prospectus
The Financial Markets Authority (FMA) has cancelled the combined offer document of FMP Medical Services Limited (FMP) because it believes it is false or misleading.
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Environmental & Energy

High court will review EPA global warming rules
AP
The Supreme Court agreed Tuesday to decide whether to block key aspects of the Obama administration’s plan aimed at cutting power plant and factory emissions of gases blamed for global warming.
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EPA Greenhouse-Gas Rules Draw U.S. Supreme Court Scrutiny
Bloomberg
The U.S. Supreme Court said it will scrutinize the Environmental Protection Agency’s first-ever push to curb greenhouse-gas emissions, agreeing to hear appeals from industry trade groups and Republican-led states.
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Cracking the Energy Puzzles of the 21st Century
The New York Times
Not long ago, Chevron’s exploration teams were stuck. Several years earlier they had struck oil at a place called Rosebank, 9,000 feet below the surface of the Atlantic Ocean west of Britain’s Shetland Islands. But the usual seismic surveys could not make out the location of the field clearly enough for Chevron to decide where to place wells, which can cost $100 million or more apiece.
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Asia-Pacific

High hopes for private banking in Japan
Ben McLannahan in Tokyo – FT.com
Wealth managers eyeing opportunities in Japan could have done without last week’s dressing-down of Tokyo-based Abraham Private Bank. No client money went missing, and the funds it recommended were genuine. Yet Abraham stepped outside the terms of its investment advisory licence by receiving commissions on fund sales to about 3,000 clients. As a result, Japan’s Financial Services Agency barred it from doing any business at all for six months, except to give clients their money back.
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HKEx Upgrades Its Derivatives Trading And Clearing Systems To Genium INET
Hong Kong Exchanges and Clearing Limited has upgraded the trading and clearing systems for its derivatives market – HKATS (Hong Kong Futures Automatic Trading System) and DCASS (Derivatives Clearing and Settlement System) – to Genium INET, a new technology platform that provides better performance and supports the further development of the market.
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Dalian Commodity Exchange: Iron Ore Futures Contract To Be Listed On October 18
Dalian Commodity Exchange released the “Notice on Relevant Matters over Trading of Iron Ore Futures Contract” and the iron ore futures contracts will be listed for trading since October 18, 2013.
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Singapore Shows Asia How To Crack Down on Housing Bubble
Pooja Thakur – Bloomberg
Singapore, the city-state that banned chewing gum to curb litter, is showing the rest of Asia how to cool a housing bubble.
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Frontier Markets

No permanent board seats, FMC tells MCX
Business Standard
The Forward Markets Commission (FMC) has directed Multi Commodities Exchange (MCX) not to have a permanent seat on its board for Financial Technologies promoter Jignesh Shah. It has asked MCX, and all other commodity exchanges not to have any permanent director on its board.
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NSEL borrowers got 50:50 profit share
Business Standard
The relationship between National Spot Exchange (NSEL) and its borrowing members was a little more intricate and indulgent than between a typical exchange and its members.
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E&Y may be roped in the NSEL probe over a warehouse report, firm says it had flagged risks
The Economic Times
Ernst & Young, one of the world’s largest audit and consultancy firms, could find itself in an awkward position in the National Spot Exchange Ltd fiasco.
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