John Lothian Newsletter: NYSE's New Chief Puts Focus on Individual Investors; CME Group hikes transaction fees for 2014; U.S. exchanges outline plans to address Nasdaq trading halt

Nov 13, 2013

First Read

ICE seals $10bn takeover with plan to float Euronext
Philip Stafford in London and Hugh Carnegy in Paris – FT.com
IntercontinentalExchange has given the first indication of its plans for NYSE Euronext as it sealed its $10bn takeover by confirming it would float Euronext, owner of the Paris and Amsterdam stock exchanges.
jlne.ws/1gJlriJ
***** I’ve seen the Euronext buildings in Amsterdam and Brussels, and I don’t think they’ll float.
***JM: I remember seeing ICE seals on a trip to Glacier Bay in Alaska.

++++

Massad’s regulatory skills untested
Gina Chon in New York – FT.com
Timothy Massad’s skills in managing the $700bn fund to bailout troubled banks will come in handy as head of the Commodity Futures Trading Commission, which faces a severe budget crunch. However, his regulatory skills are still untested.
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***** The most important thing, though, is that he looks like Gary Gensler.

++++

Gensler’s Record: Achievements and Disappointments
WSJ.com
The Obama administration’s nomination of Timothy Massad to head the Commodity Futures Trading Commission brings nearer to a close the tenure of Gary Gensler, a tenacious regulator who pushed for stricter rules governing the multitrillion-dollar derivatives market.
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***** I’d send him a congratulatory email on his tenure but I don’t have his email address (either office or personal).

++++

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Europe turns to alternative venues for dark trading
Philip Stafford – FT.com
An increasing amount of share trading in Europe on the controversial off-exchange venues known as dark pools is taking place on alternative trading venues, according to a new study. In spite of the growth in market share, research by Tabb Group, the capital markets consultancy, found that dark pools amounted to only 11 per cent of the total European value traded.
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***** You can spin a dark pool, but that doesn’t make the water any more transparent or appetizing.

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CBOE Russell 2000 Volatility Index Futures And Options Launch Dates Announced
CBOE Holdings, Inc. today announced it will launch futures and options on the CBOE Russell 2000 Volatility Index in coming weeks. CBOE Futures Exchange will begin trading the futures on Monday, November 18, and Chicago Board Options Exchange plans to introduce trading in the options on Monday, December 2.
jlne.ws/1fzvt2N

***** Look for more on this product from JLN in the coming days.

++++

Bharara on His Wealth, Prosecutions and ‘Pulp Fiction’
WILLIAM ALDEN – NYTimes.com
Preet Bharara, the United States attorney in Manhattan, has no plans to retire in the near future. But as Mr. Bharara’s profile has risen with a number of prominent cases — including the recent criminal charges against SAC Capital Advisors — his future has become a topic of speculation on Wall Street. Will he move to a high-paying job in the private sector, as other public servants have done? Or does he not need the money?
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***** I find it ill-advised to say snarky things about Federal prosecutors.

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Derivatives Industry Turns a Corner at FIA Expo 2013
Jessica Titlebaum – The Glass Hammer
Since its inception in 1955, the Futures Industry Association has transformed itself into the leading trade organization for the futures, options, and over-the-counter cleared swaps markets. Each year, the organization has an expo, attended by more than 6,000 people from more than 30 countries, with many attendees serving as senior staff at brokerage firms and exchanges to floor traders, pension fund managers, and corporate treasurers. Last week, while attending the 29th Annual FIA Expo at the Chicago Hilton, I was reminded of my first Expo in 2006.
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***** I find it ill-advised to say snarky things about Jessica. See above.

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Spot Trading Selected as One of The Chicago Tribune’s Top Workplaces for 2013
Spot Trading LLC, a leading proprietary trading firm, today announced that the firm was selected as one of The Chicago Tribune’s Top Workplaces for 2013.
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***** I would expect nothing less from the fine people at Spot.

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Asia stock exchanges and watchdogs grapple with HFT dilemma
Jeremy Grant – FT.com
A curious thing happened recently on SGX, the Singapore exchange. In a matter of hours, about S$8bn (US$6.4bn) was wiped off the combined market value of three little-known stocks. Shares in Blumont Group, Asiasons Capital and LionGold Corp slumped after mysterious trading activity that has been blamed on everything from aggressive short selling to outright market manipulation or insider trading.
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***** It may be any of the above, but HFT gets blamed no matter what.

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Analysis: Wall Street sees social-impact bonds as way to do good and do well
Jessica Toonkel | Reuters
Wall Street banks are eyeing a nascent market that improves their public image at a low risk and still offers them a reasonable return on capital. The market is in so-called social-impact bonds, also known as pay-for-performance contracts, through which private capital can be funneled into philanthropic projects usually funded by governments and charities.
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***** Anything that improves Wall Street’s reputation is a good thing.

++++

MarketsWiki

MarketsWiki Page of the Day
Timothy Massad
jlne.ws/1dptahl

MarketsWiki Recent Updates

People

Mark Ibbotson; Silas Findley; John J. Lothian; Douglas Ashburn; Julian Harding; J. Christopher Giancarlo; Chris Ferreri; Timothy Massad; Kyung-soo Choi

Companies, Organizations and Groups

G.H. Financials; Wholesale Markets Brokers’ Association Americas Inc.; Korea Exchange

Statistics

45,149,364 pages viewed, 7,705 articles, 167,923 edits
MarketsWiki Statistics

Lead Stories

NYSE’s New Chief Puts Focus on Individual Investors
WSJ.com
The New York Stock Exchange’s new boss, Jeffrey Sprecher, said he plans to reorient the exchange back toward individuals and away from the high-frequency traders who play an increasingly large role in the financial markets.
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CME Group hikes transaction fees for 2014
Reuters
CME Group Inc, the largest U.S. futures exchange operator, on Tuesday said it would increase transaction fees for nearly all its major products next year after making investments in resources and technology.
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U.S. exchanges outline plans to address Nasdaq trading halt
Reuters
U.S. stock and option exchanges said on Tuesday they reached a general agreement on how to strengthen securities markets after federal regulators ordered them to come up with new rules in the wake of Nasdaq’s three-hour trading halt in August.
jlne.ws/1gJlrzh

Korea to Lift Five-Year Ban on Short Selling Finance Stocks
Seonjin Cha – Bloomberg
South Korea will allow investors to short sell financial stocks from tomorrow, signaling that regulators believe banks and insurers are strong enough to withstand the lifting of a ban imposed during the 2008 crisis.
jlne.ws/1gJlrPC

U.S. banks may get power to challenge money laundering exams
Reuters
Wall Street banks could get greater power to fight back against bad report cards on their efforts to combat money laundering under a proposal being discussed by U.S. regulators and the financial industry.
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Some U.S. brokers still need buffers against trading errors: regulators
Reuters
Some brokerages still do not have proper buffers in place to protect against technology errors or rogue algorithms which could rile markets, although many have improved their compliance with new rules, U.S. regulators said on Tuesday.
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Corzine, banks fail to win dismissal of MF Global lawsuit
Reuters
A federal judge on Tuesday rejected a bid by former MF Global Holdings Ltd Chief Executive Jon Corzine to dismiss investor litigation seeking to hold him, former colleagues and several banks responsible for the futures brokerage’s rapid collapse.
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ICAP says no reason to believe its brokers linked to forex probes
Reuters
ICAP, the world’s largest interdealer broker, said on Wednesday it had no reason to believe any of its brokers are linked to an alleged manipulation of foreign exchange markets under investigation by financial watchdogs.
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Regulatory

A Candid Discussion of Dodd-Frank
RACHEL ABRAMS – NYTimes.com
Gary Parr, the vice chairman of Lazard, called the Dodd-Frank financial overhaul law “broadly the right approach,” but several industry figures still think one of its biggest problems is clarity.
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Obama: More Wall Street regulators needed
David Jackson, USA TODAY
President Obama said Tuesday that new Wall Street regulations are working, but a key enforcement agency needs more money from Congress.
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Sentiment Analysis by Gut Feel: What Doesn’t Kill You Makes You Stronger
Jennifer Costley, Ph.D – Wall Street & Technology
The sentiment toward SEFs has gone fear, to uncertainty, to acceptance, to business opportunity. I have been trying to learn R, the leading statistical analysis language, but haven’t found enough fortitude to put myself through the paces just yet. So you will have to settle for a highly un-scientific but possibly still insightful perspective on how financial services professionals are able to turn the challenges presented by regulatory requirements into opportunities.
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FINRA Releases Enhanced Version of BrokerCheck – FINRA
The Financial Industry Regulatory Authority announced today that it has released an enhanced version of BrokerCheck that allows investors to more quickly access and more intuitively understand the professional background of investment professionals.
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Esma asks banks for more disclosure on bad loans
Matthew Attwood
The European Securities and Markets Authority wants greater disclosure from financial institutions on bad loans and asset encumbrance, as adverse market conditions continue to bite.
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‘Complex’ definition eludes European regulators
Yakob Peterseil – Risk.net
Determining whether a product is too complex to be sold to retail investors remains a challenge in Europe, where competing definitions of “complexity” are still in use from country to country and at the European level, said a panel of regulators and lobbyists at the Structured Products Europe conference in London today.
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Self-Regulatory Organizations Response to SEC for Strengthening Critical Market Infrastructure
Self-regulatory organizations (SROs) for the equities and options markets have been working with the Securities and Exchange Commission (SEC) staff on their collective plans to strengthen the resilience, performance, disaster recovery capability and governance of the critical infrastructure of the US capital markets, including the Securities Information Processors (UTP, CTA and OPRA).
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Federal Regulators Unveil Rules on Their Sometime Proxies, Bank Consultants
BEN PROTESS and JESSICA SILVER-GREENBERG – NYTimes.com
Private bank consultants, long known as Wall Street’s shadow regulators, are now facing some regulation of their own.
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SEF rules slow transition to FX multi-dealer platforms
IFRe
The recent movement of the foreign exchange trading market towards multi-dealer platforms is being stunted by the implementation of swap execution facility rules by the CFTC, according to a report released by Greenwich Associates today.
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[FCA] Trust and confidence – ensuring firms’ ethics are built around their customers
Speech by Clive Adamson, Director of Supervision, at the Insurance Institute of London, London.
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Statement Of CFTC Chairman Gary Gensler On Nomination Of Timothy Massad To Be CFTC Chairman
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“Reasonable Responsibilities” – Speech Of CFTC Commissioner Bart Chilton Before The Ouachita Speakers Series – Introduction – Ponzimonium
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Exchanges & Trading Facilities

ICE boss has eye on interest rate swaps
Neil Munshi in Chicago – FT.com
Jeff Sprecher has long sought an interest rate derivatives business. His first shot at one came in 2007 with an unsuccessful attempt to halt the Chicago Board of Trade’s sale to CME. The ICE head then tried to purchase Liffe in 2011 by combining with Nasdaq OMX in a failed attempt to break up the merger of NYSE and Deutsche Börse, which was later blocked by regulators.
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NYSE’s New Boss Says 221-Year-Old Market Must Act Like Startup
Matthew Leising & Sam Mamudi – Bloomberg
IntercontinentalExchange Inc. completed its purchase of NYSE Euronext at the close of today’s trading session, and its chief executive officer said the deal will usher in a swift shift to a more aggressive culture at the 221-year-old owner of the New York Stock Exchange.
jlne.ws/1gJlsmN

Patrick L Young about merger mania
Cinnober
“It’s very interesting looking into what‘s been going on in terms of merger mania. In many senses, I think we really have reached a logical end for the time being. However, we do have a couple of massive deals pending”, says Patrick and refers to the ongoing mergers between Nyse and ICE as well as BATS and Direct Edge.
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NYSE Euronext U.S. Options Exchanges to Begin Trading Options on TWTR Friday, November 15
NYSE Euronext U.S. Options today announced that its NYSE Amex and NYSE Arca options exchanges intend to begin trading options on Twitter at the market open on Friday, November 15.
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ICE completes takeover of NYSE
Reuters
IntercontinentalExchange Inc’s takeover of NYSE Euronext is complete and stock of the combined company will begin trading under the symbol ICE on Wednesday, said the head of ICE, an exchange and clearing house operator.
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Direct Edge Selects Greenline for Automated Testing Solution
Ivy Schmerken – Wall Street & Technology
Direct Edge, the third largest US stock exchange operator, has chosen Greenline Financial Technologies, a CameronTec Company, to deliver a comprehensive automated testing solution.
jlne.ws/1gJlsmW

Third Anniversary Of Warsaw Stock Exchange’s Exchange Listing
It has been three years on 9 November 2013 since the exchange listing of Warsaw Stock Exchange, which attracted more than 320 thousand individual investors and more than 1.1 thousand institutional investors.
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Boerse Stuttgart: Social Media Monitoring For The Financial Markets
Attitudes and opinions expressed in social networks, online forums and blogs are referred to every day to support countless investment decisions. Information on sentiment enables early identification and evaluation of events that have an impact on the financial markets. However, the difficulty is in collecting the unstructured content from the Internet and sorting and analysing it quickly. Suitable software is needed in order to enable financial market participants to use the data directly to support their decision processes.
jlne.ws/1gJlsDc

London Stock Exchange Group: Announcement Of Interim Results For The Six Months Ended 30 September 2013
Good overall financial performance with headline revenue growth across all of the Group’s main business areas
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TMX Group Supports Relief Efforts In The Philippines
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Hedge Funds & Managed Futures

South Korea, Russia to Create $500 Million Joint Investment Fund
Kanga Kong – MoneyBeat – WSJ
South Korea and Russia agreed Wednesday to create a $500 million joint fund with their sovereign wealth funds, aimed at increasing cross-border investments in various companies and projects.
jlne.ws/1gJlvyQ

Hedge funds raise $100bn in new money this year
Sam Jones, Hedge Fund Correspondent – FT.com
Hedge funds have raised more than $100bn in new capital from investors so far this year in spite of underperforming most equity markets, according to the latest industry figures.
jlne.ws/1gJlsTU

How Hedge Funds are Trading Muniland
Matt Wirz – MoneyBeat – WSJ
What’s a distressed-debt fund manager to do in this Goldilocks credit market? The answer for many is to play municipal bonds. But the vulture-fund strategies don’t translate perfectly in the municipal market and the hedge funds hunting for bargains there are trying out new tactics.
jlne.ws/1gJlsTW

Hiring Talks Pick Up as SAC Prepares to Close London Office
Harriet Agnew and Jenny Strasburg – WSJ.com
SAC Capital Advisors LP portfolio managers and analysts here have held discussions with rival hedge funds, including Moore Capital Management LP, about moving to those firms as SAC prepares to close its London office, according to people familiar with the matter.
jlne.ws/1gJlsTX

Rubenstein Not Planning a Retirement Party Just Yet
NYTimes.com
David M. Rubenstein, the co-founder and co-chief executive of one of the world’s largest private equity firms, the Carlyle Group, may be 64 years old, but he says he doesn’t plan to retire soon.
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Pimco’s Gross Boosted U.S. Government-Related Holdings in October
Min Zeng – MoneyBeat – WSJ
High-profile fund manager Bill Gross boosted U.S. government-related holdings at the world’s largest bond fund he runs in October amid a price rally in Treasury bonds.
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Loeb Sees No Mistakes in His Strategy
RACHEL ABRAMS – NYTimes.com
Despite a public scolding from George Clooney, the hedge fund manager Daniel S. Loeb does not have too many regrets about his activist investment strategy.
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Balyasny comes to Europe in search for hedge fund talent
Harriet Agnew – Financial News
Balyasny Asset Management, a $3.7 billion US hedge fund manager, wants to re-establish a presence in London to take advantage of the investing environment in Europe, and a buyers’ market for hiring talent.
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Banks & Brokers

Bankers Aims to Bring Veterans to Wall Street Ranks
Mike Spector – MoneyBeat – WSJ
These days, the banks and economy are on the mend. But many veterans are grappling with an outsize jobless rate among their ranks. Some banks are trying to help veterans transition to the private sector, directing them toward jobs in finance.
jlne.ws/1gJlvPr

Nomura to Add More Bankers to Its Americas Arm
MICHAEL J. DE LA MERCED – NYTimes.com
With more Manhattan office space at its disposal, Nomura of Japan seems intent to keep trying to fill it.
jlne.ws/1gJltam

Goldman’s Blankfein says he regrets troublesome pre-crisis trades
Reuters
Goldman Sachs Group Inc Chief Executive Lloyd Blankfein said on Tuesday that he regrets collateralized debt obligation trades the Wall Street bank made in the run-up to the financial crisis that later caused a firestorm of public criticism.
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Big bonuses in good times help Goldman cut pay in bad times -CEO
Reuters
Goldman Sachs Group Inc can cut pay dramatically and maintain staff when times are tough because it pays so well in good times, Chief Executive Lloyd Blankfein said on Tuesday.
jlne.ws/1gJltar

Citi names Germany head
Matthew Attwood – Financial News
Citi has promoted the co-head of its Emea financial institutions group to serve as its chief country officer in Germany, according to a memo seen by Financial News.
jlne.ws/1gJlvPy

Bank results: stranger than fiction?
William Wright – Financial News
The opening credits to the 1996 movie Fargo declare “this is a true story”. But when the two Coen brothers who wrote and produced it were challenged on why they had claimed that the fictional plot of a failed car salesman having his wife kidnapped to cash in on the ransom from his wealthy father-in-law was true, they said they could claim anything they wanted. It’s the movies, after all.
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ICAP plc Interim Results
ICAP plc, a leading markets operator and provider of post trade risk mitigation and information services announces today its results for the six months ended 30 September 2013
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Indexes & Products

CBOE Russell 2000 Volatility Index Futures And Options Launch Dates Announced
CBOE Holdings, Inc. today announced it will launch futures and options on the CBOE Russell 2000 Volatility Index in coming weeks. CBOE Futures Exchange will begin trading the futures on Monday, November 18, and Chicago Board Options Exchange plans to introduce trading in the options on Monday, December 2.
jlne.ws/1fzvt2N

4 New ETFs To Be Listed On Tokyo Stock Exchange On December 5, 2013 – Blackrock Group, “iShares®” Series
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Technology

Nittan Capital licenses Fenics Professional
Fenics, a leading provider of FX options software, announced today that Nittan Capital, a leading inter-dealer broker in the Asia-Pacific region specializing in financial derivatives between banks and authorized financial institutions, has licensed Fenics Professional, a pricing and risk management system for foreign exchange options.
jlne.ws/1gJlw5V

Edgar Online Eyes ‘Rebirth’ of Data Biz with Mashery APIs
Max Bowie – WatersTechnology
Filings and company data provider Edgar Online is seeking to open up its content to a new audience of end-users and application developers, by enlisting integration software vendor Mashery to build custom APIs (application program interfaces) around its datasets, enabling developers to more easily access the data for use in third-party applications.
jlne.ws/1gJlw5X

Kensho Chooses NASDAQ OMX FinQloud to Build Their Professional-Grade Analytics Platform
Kensho, a provider of next-generation data analytics for investment managers and research analysts, announced today that they will be the first professional-grade analytics platform built completely on NASDAQ OMX FinQloud
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Enforcement

Federal Court in Massachusetts Orders Lyndon Parrilla to Pay over $17 Million in Disgorgement, Restitution, and a Penalty in Forex Fraud Scheme
The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order awarding restitution for defrauded customers, disgorgement, and a civil monetary penalty totaling more than $17 million against defendant Lyndon Parrilla, of California, in connection with an off-exchange foreign currency (forex) fraud scheme in which Parrilla and his company, Green Tree Capital (Green Tree), defrauded over 50 customers in the United States of over $4 million.
jlne.ws/1gJltHf

S.E.C. Tries New Tack in Hedge Fund Fraud Case
ALEXANDRA STEVENSON – NYTimes.com
The Securities and Exchange Commission has for the first time employed a new tool to encourage individuals involved in fraud investigations to cooperate by deferring their prosecution.
jlne.ws/1gJltHg

SEC Announces First Deferred Prosecution Agreement With Individual
Press Release
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Swiss prosecutors probe former UBS banker turned U.S. informant
Reuters
Switzerland’s prosecutor said it is investigating former UBS banker Renzo Gadola, who received a light sentencing in the U.S. two years ago in return for becoming a informant on wealthy American tax cheats.
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Environmental & Energy

How the Copenhagen Climate Talks Succeeded
Council on Foreign Relations
Negotiators are gathering in Warsaw this week and next for the nineteenth annual UN climate talks (COP19). Their job will be to prepare the groundwork for a big summit in Paris in 2015 where countries are supposed to ink a new climate agreement. Many diplomats and observers are likely to warn against repeating what they see as the disastrous 2009 Copenhagen summit. That meeting merely produced a voluntary pact, but only legally binding commitments, many will insist, can do the job.
jlne.ws/1a2W1Zg

China to Build More Renewables Than EU, U.S. Combined, IEA Says
Bloomberg
China is expected to build more renewable power plants through 2035 than the U.S., European Union and Japan combined, according to the International Energy Agency.
jlne.ws/183Cx6l

Developing world’s firm ‘no’ to market-based mechanism
The Hindu
Poland, the hosts for the U.N. Climate talks this year, and the EU came in for some harsh opposition from many developing countries, including India, for promoting the idea that the talks must deliver a new carbon market mechanism even before countries make their emission reduction targets.
jlne.ws/1aoKJxG

Asia-Pacific

HKEx Donates $300,000 To Hong Kong Red Cross To Help People Affected By Typhoon Haiyan
jlne.ws/1gJltHm

SGX welcomes Pacific Radiance to Mainboard
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Thai Bourse Market Report For October
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Supporting SME Development, Economic Restructuring And Upgrading – Shenzhen Stock Exchange Chairman Chen Dongzheng Spoke At The 53rd WFE Annual Conference On 29 October, 2013
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Seize The Opportunity For Reform, Strive To Lead Economic And Social Transition – Speech By Madam Song Liping, President & CEO Of Shenzhen Stock Exchange, At The 2013 Annual Meeting Of China Association For Listed Companies
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Frontier Markets

Erbil Stock Exchange Taps NASDAQ OMX’s X-Stream Trading Technology
The NASDAQ OMX Group and the Erbil Stock Exchange have signed an agreement to power the ESX with NASDAQ OMX’s X-stream trading technology to increase market participant involvement, in the region and internationally. X-stream will provide ESX with a solution to trade equities and debt instruments, and position ESX to move into other asset classes as its market expands.
jlne.ws/1gJlwmy

Securities Commission Malaysia: Malaysia’s Royal Award For Islamic Finance Calls For Global Nominations
jlne.ws/1gJltXP

Qatar Exchange Holds Its 2nd IPO Advisory Group Meeting And Explores Market Participants Opinions
jlne.ws/1gJlwmC

Lahore Stock Exchange: Public Holidays On Account Of ‘Ashura’
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Glencore Xstrata Lists On The Johannesburg Stock Exchange
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Dubai Financial Market (DFM) Accredits “Vision Capital Brokerage Company” For Margin Trading
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