First Read

MarketsWiki Education Chicago 2015

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MarketsWiki Summer Intern Series, Chicago 2015 – Day Two
Sarah Rudolph – John Lothian News

Technology was the focus on the second day of our MarketsWiki Intern Education Series at IIT.

Joseph Niciforo, managing member, HC Technologies, kicked off the program talking about how, as “time frames in trading have compressed to sub microseconds and we approach the speed of light, perhaps there may be room for a different type of trader.”

Niciforo started out in the industry under the tutelage of Paul Tudor Jones, who taught him to be disciplined and trade slowly, building his account. After one trade went spectacularly wrong and he lost a large sum of money, he learned never to violate his risk management plan again.

Now, at Tudor, he said, “We are seeking to find new macro traders. Returns of macro funds aren’t what they used to be, so people are getting out of the space.”

Read the rest of the Day 2 summary, including speakers Ed Haravon, Mark Haraburda, John Avery, Rick Tomsic and Kapil Rathi, on JohnLothianNews.com.

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Find Industry Job listings on MarketsWiki Education here
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***** We have combined feeds of jobs listing for Interns or Full-Time Positions on www.marketswikieducation.com. Share this link with your interns and friends looking for a job in this industry.

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In Hiroshima, Abe Calls for World Free of Nuclear Weapons
by Isabel Reynolds, Bloomberg
Prime Minister Shinzo Abe reiterated Japan’s call for a world free of atomic weapons at a ceremony in Hiroshima to mark the 70th anniversary of the first nuclear attack.
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***** My daughter Katherine and some fellow scouts at the World Jamboree spent a very solemn day at Hiroshima. According to her Scoutmaster, “The memorial garden and museum were awesome. The entire park was devoted to promoting world peace. During the program we attended a session where poems were read that were written by young children that survived the initial blast. At the end they offered up the opportunity for the scouts to get on stage and speak.”

****** I can only assume we will have more young people with a greater commitment to world peace after this World Scout Jamboree. And that is a really good thing for the future.

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An Invitation from Walt Lukken – FIA Member Study
Futures Industry Association
Dear FIA Members:
In the world of futures and cleared derivatives, relevant, timely and reliable data is vital in making smart decisions. This holds true for FIA’s own operations and decision-making as it pertains to supporting our loyal members. As such, I am pleased to announce that FIA is undertaking an in-depth engagement with our members to better understand how we can continue to evolve and serve you in a rapidly changing and globalizing industry.
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****** If you fill out this survey, you may or may not win a Walt Lukken bobble-head doll.

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Speaking In Code Part 2: Diana Dumitru on Self-confidence, the Lure of Engineering and the Importance of Networking Groups
TradeTalk
Diana Dumitru is a 15-year TT veteran who recently relocated from Chicago to London to lead the expansion of TT’s engineering team into Europe.
Welcome back to “Speaking in Code,” our summer blog series focusing on challenges and opportunities for women in technology and spotlighting a few women here at Trading Technologies. If you missed my introduction to the series, you can read it here.
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****** I have always believed that women speak in code. In fact, I am still trying to figure out my wife’s code and what the things she says really mean.

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Collateral Conference for the Americas

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Goldman estimates China’s ‘national team’ stock rescue at $144bn
Gabriel Wildau in Shanghai, FT
China’s “national team” has probably spent about $144bn to bolster the country’s fragile stock market, Goldman Sachs has estimated, raising questions about how much firepower remains if stocks resume their recent sharp descent.
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****** That is not so bad, for a down-payment.

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Watch Jon Stewart’s Sickest Wall Street Burns
Bloomberg
Bloomberg looks back on some of the most scathing jabs Jon Stewart, the late night comedian, has taken at the world of finance. Stewart has had no problem letting bankers and regulators alike know exactly how he feels about their misdoings. (Source: Bloomberg)
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****** The great Jon Stewart moves on from The Daily Show. Perhaps Thanksgiving dinners will get a little less awkward for the Stewart-Leibowitz family.

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Lead Stories

One of the Few Outspoken Speed Traders Says He’s Leaving IMC
Bloomberg Business
Automated trader IMC Financial Markets is losing an outspoken executive. Remco Lenterman, a managing director, said he’s leaving the Amsterdam-based company and moving to London. He didn’t mention what his future job plans are beyond saying he anticipates staying in the industry. Lenterman spent five years at IMC.
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LSE sale of Russell asset manager stalled
Arash Massoudi and Philip Stafford, FT
The London Stock Exchange Group’s efforts to sell a recently acquired asset management business have stalled, despite a months-long process to dispose of Frank Russell Investments.
jlne.ws/1MQWwZA

ITG record fine further dents trust in US equity market structure
Philip Stafford
For the US equity market, it appears that August is the cruellest month.
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ICE nears Singapore launch as profit tops views
By John McCrank, Reuters
Intercontinental Exchange Inc reported a higher-than-expected quarterly profit on Wednesday, helped by increased market data and listing revenue, and said it plans to launch its Singapore futures exchange and clearing house in the fourth quarter.
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As China Probes Stock Algos, Speed Traders Bet on Commodities
Bloomberg Business
China’s probe of algorithmic trading in the stock market has done nothing to dissuade high-frequency traders from using the nation’s burgeoning commodities exchanges. Virtu Financial Inc., one of the world’s biggest high-speed firms, said on Wednesday it has started buying and selling commodities listed in mainland China. Optiver, which entered the nation’s commodities markets two years ago, said Tuesday it’s growing its business in Greater China. KCG Holdings Inc. said in June it sees opportunities in the region.
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Leucadia Writes Down FXCM Bailout Loan by More Than $100 Million
by Zeke Faux, Bloomberg
Leucadia National Corp. said the value of its bailout loan to online currency-trading firm FXCM Inc. declined by more than $100 million even as the firm more than doubled its money on the deal.
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This is the future: Bitcoin blockchain deal executed, digital stockex works
By Matthew Leising, Bloomberg
When Justin Brownhill wants to check up on one of his latest investments through SenaHill Partners LP, he only needs to check the ledger unpinning bitcoin. The address: block 368396.
jlne.ws/1M6pzYy

US probes Och-Ziff Africa deal tied to Mugabe; Hedge-fund firm is in talks to settle broader investigation into its business dealings in Africa
By Scott Patterson and Michael Rothfeld, WSJ
US authorities are investigating whether Och-Ziff Capital Management knew that part of a $150 million investment in a small African miner would wind up in the hands of Zimbabwe President Robert Mugabe’s government, according to people familiar with the probe.
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Alcoa Asks CFTC to Stop Meddling in Aluminum Market Practice
by Silla Brush, Bloomberg
Alcoa Inc. is calling out U.S. derivatives regulators for overstepping their authority and improperly influencing rules governing the world’s main aluminum exchange.
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Deutsche Bank fires senior trading executives
By Justin Baer, The Wall Street Journal
Deutsche Bank has fired two senior trading executives for alleged lax supervision of a pair of more junior employees whose communications with clients allegedly violated the lender’s policies, a person familiar with the matter said.
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An old objective but a new policy loop in China
David Keohane, FT
Policy banks are apparently the new local local government investment vehicles — and they’re being used to push more stimulus out into a struggling economy. Via infra investment. Shocking, we know.
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For Harvard MBAs, Congrats on a Bank Job Really Means ‘I’m Sorry’; Did Dimon’s Alma Mater Really Send Just One Top Graduate to an Investment Bank This Year?
by Jennifer Surane, Bloomberg
Ruined weekends, PowerPoint drudgery and overnight shifts in Manhattan skyscrapers once were a point of pride for the Harvard Business School graduates who went to Wall Street. Now young stars hold heads high about how lucrative and healthy their lives will be — elsewhere.
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Regulatory

SEC Adopts Rule for Pay Ratio Disclosure
SEC.gov
The Securities and Exchange Commission today adopted a final rule that requires a public company to disclose the ratio of the compensation of its chief executive officer (CEO) to the median compensation of its employees. The new rule, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, provides companies with flexibility in calculating this pay ratio, and helps inform shareholders when voting on “say on pay.”
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SEC Adopts Registration Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants
SEC.gov
The new rules address all aspects of the registration regime for security-based swap dealers and major security-based swap participants, setting forth the extensive set of information required to be provided and kept up to date by a registrant. In addition, the rules require senior officers to make certifications about the registrant’s policies and procedures for compliance with the federal securities laws at the time of registration. The new rules will be effective 60 days after they are published in the Federal Register.
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SEC Tries Flipping Witnesses; The regulator finds a use for a tactic with a long history in law enforcement
By JEAN EAGLESHAM, WSJ
Wall Street traders Ryan King and Thomas Gonnella were online buddies, chatting about college football and the late-season collapse of the Atlanta Braves as they sold each other millions of dollars worth of bonds.
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S.E.C. Approves Rule on C.E.O. Pay Ratio
By PETER EAVIS, NY Times
The chief executive of General Electric raked in a $37.3 million pay package last year, a large sum by any standard.
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Let’s not regulate away the competition fintech can bring
The Conversation
Fintech firms, which are essentially disruptive digital finance models, can help lower barriers to entry in financial services. They are also reducing transaction costs, addressing issues of information asymmetry, empowering consumers and facilitating international linkages. All these contribute to the regulatory goals of efficiency and fairness.
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SIFMA Urges Swift Action to Adopt Information Sharing Legislation in Letter to Senate
SiFMA
SIFMA today submitted the following letter from Kenneth E. Bentsen, Jr., president and CEO, to the Senate calling for action to bring up and adopt the Cybersecurity Information Sharing Act (CISA) and for a quick agreement between the House and Senate to send a bill to the President:
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Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC

  • EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGA Exchange, Inc. (Release No. 34-75593; File No. SR-EDGA-2015-29; August 4, 2015); see also Exhibit 5/li>
  • EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc. (Release No. 34-75594; File No. SR-EDGX-2015-35; August 4, 2015); see also Exhibit 5/li>
  • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Its Fee Schedule (Release No. 34-75603; File No. SR-MIAX-2015-49; August 4, 2015); see also Exhibit 5/li>
  • MSRB: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Consisting of Revisions to the Electronic Municipal Market Access System, Real-time Transaction Reporting System and Short-Term Obligation Rate Transparency System (Release No. 34-75602; File No. SR-MSRB-2015-06; August 4, 2015); see also Exhibit 5/li>
  • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Allow Listed Companies to Opt in to Nasdaqs All-Inclusive Annual Listing Fee (Release No. 34-75601; File No. SR-NASDAQ-2015-087; August 4, 2015); see also Exhibit 5/li>
  • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding NASDAQ Last Sale Plus (Release No. 34-75600; File No. SR-NASDAQ-2015-088; August 4, 2015); see also Exhibit 5/li>
  • NYSE: Order Instituting Proceedings to Determine Whether to Disapprove Proposed Rule Change Amending Sections 312.03(b) and 312.04 of the NYSE Listed Company Manual to Exempt Early Stage Companies From Having to Obtain Shareholder Approval Before Issuing Shares for Cash to Related Parties, Affiliates of Related Parties or Entities In Which A Related Party Has A Substantial Interes (Release No. 34-75599; File No. SR-NYSE-2015-02; August 4, 2015)

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Dodd-Frank at Five: A Capital Markets Swan Song
Commissioner Daniel M. Gallagher, SEC
U.S. Chamber of Commerce, Washington, D.C. – Thank you, David [Hirschmann] for that overly kind introduction. I appreciate the invitation to speak to you today. This will likely be my last formal speech as an SEC Commissioner, and I can think of no better audience than the Chamber’s Center for Capital Markets Competitiveness. The Center has remained a zealous and effective advocate for capital formation and free markets during a period in which these bedrocks of our economy have constantly been under attack, and it is an honor to be here today to share my thoughts with you. It is also special to have Commissioner Piwowar here today. I would like to thank him for his friendship and collegiality during our time together on the Commission.
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Exchanges & Trading Facilities

Intercontinental Exchange Reports ICE and NYSE Monthly Statistics for July 2015; Energy Daily Volume up 3%, Ags up 8%, Cash Equities up 23% over Prior July
iCE
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported July exchange traded volume.
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Intercontinental Exchange Declares Quarterly Dividend of $0.75 per Share
iCE
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today a $0.75 per share dividend for the third quarter of 2015. The dividend is payable on September 30, 2015 to shareholders of record as of September 16, 2015. The ex-dividend date is September 14, 2015.
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HOTSPOT TO OFFER FREE TRADING ON NEW LONDON-BASED MATCHING ENGINE; Promotion Effective from September Launch to End of 2015
BATS Global Markets
Hotspot, a leading institutional foreign exchange (FX) market owned and operated by BATS Global Markets (BATS), today announced plans to incentivise customers by offering free trading for all transactions on its planned London-based matching engine to the end of 2015.
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CME Group Announces Quarterly Dividend
CME Group
CME Group Inc., the world’s leading and most diverse derivatives marketplace, today declared a third-quarter 2015 dividend of $0.50 per share, payable September 25, 2015, to shareholders of record as of September 10, 2015.
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Toronto Stock Exchange operator TMX misses estimates
Reuters
TMX Group Ltd, the operator of the Toronto Stock Exchange, reported a lower-than-expected quarterly profit, hurt by a drop in revenue at its issuer services and cash markets trading businesses.
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CME Group and CFETS Sign Memorandum of Understanding
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, and China Foreign Exchange Trade System (CFETS), announced they have signed a Memorandum of Understanding (MOU) in Shanghai today.
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Singapore Exchange to launch iron ore lump swap, futures
Reuters
The Singapore Exchange said on Thursday it will launch iron ore lump premium swap and futures contracts on Aug. 31, hoping to provide more hedging tools for market participants managing risks amid volatile prices of the raw material. SGX already offers iron ore swaps and futures based on 62-percent grade fines, or granular iron ore that must be treated before being fed into blast furnaces.
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SGX securities, derivatives and commodities activities increase in July
SGX
Singapore Exchange (SGX) reported an increase in securities, derivatives and commodities activities in July from a year earlier.
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New User-Defined Spreads for Trading CBOT Treasury Bond and Note Futures Calendar Spreads with Tails via CME Globex
CME Group
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Hedge Funds & Managed Futures

Bank of America Pulling Clients’ Money From Paulson Fund
by Katherine Burton, Hugh Son, Bloomberg
Bank of America Corp. is pulling its wealthy clients’ money from one of billionaire John Paulson’s hedge funds and reviewing another because of concern that large positions may be hard to sell.
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This new fund investment could challenge ETFs
By Lucy Ren, MarketWatch
A much-anticipated fund aimed at individual investors could help boost active managers’ reputation at a time when market conditions are becoming more favorable for stock-picking professionals.
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Noble pays off $735m of its own bonds
Jennifer Hughes in Hong Kong, FT
Noble Group has redeemed $735m of its own bonds in a move that will ease the embattled commodities trader’s debt burden as it seeks to allay concerns about its accounting.
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Buffett’s Celebration Tempered by 50th Anniversary Stock Slump
by Noah Buhayar, Bloomberg
Berkshire Hathaway Inc. shares traded near record highs at the beginning of Warren Buffett’s 50th year running the company. More recently, the stock has begun to sag.
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If History Repeats, Gold Could Soon Get Very Boring; The 2011 gold price spike looks a lot like its 1980 spike
by Lorcan Roche Kelly, Bloomberg
Gold has pretty much been in a $200 range, between $1,050 and $1,250, for the past two years.
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Commodities Slump Slams Rio Tinto Earnings; First-half results weighed by one-time items
By RHIANNON HOYLE, WSJ
Rio Tinto PLC said first-half net profit plunged from a year earlier, as the Anglo-Australian miner grappled with a sharp slump in prices for commodities such as iron ore, coal and copper.
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This Precious Metal Needs a Silver Bullet; In the past 12 months alone, the benchmark silver-futures contract has declined 27%
By CHRISTIAN BERTHELSEN, WSJ
Once prized as a precious metal that could be put to practical use, silver is now getting the worst of both worlds.
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Banks & Brokers

Quantitative Brokers and InfoReach Partner to Deliver Relative Value Trading for Futures PRNewswire
Quantitative Brokers (“QB”), a world leading provider of clearer and dealer-neutral agency algorithms for fixed income and futures markets, has partnered with InfoReach, an independent provider of multi-broker, cross-asset, electronic trading technology. InfoReach has integrated QB’s full suite of algorithms, including LEGGER, which supports relative value trading of user-defined, futures versus futures structures. The partnership will allow users of InfoReach’s electronic trading platform to submit and manage outright and inter-commodity futures trades through QB’s best execution algorithms.
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Convergex Introduces Capital Commitment Crossing Algorithm
PRNewswire
Convergex, an agency-focused global brokerage and trading related services provider, today announced its new Capital Commitment Crossing Algorithm for options facilitation trading. This innovative algorithm gives liquidity providers a new level of control over how they manage their own exposure as they facilitate block trades on behalf of their options customers.
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Deutsche Bank shakes up global equities business
By Kevin Dugan, NY Post
Deutsche Bank moved to beef up its equities business with three new appointments on Wednesday as its new chief embarks on an overhaul of the firm, The Post has learned.
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JPMorgan to move 2,150 jobs to New Jersey from New York -WSJ
Reuters
JPMorgan Chase & Co will move more than 2,100 jobs from Manhattan to New Jersey to benefit from an incentive program offered by the state of New Jersey, the Wall Street Journal reported on Wednesday.
***** It there an election coming on?

ITG Faces Fight for Reputation Amid Fallout From Dark-Pool Probe
by Ryan Hoerger, Sam Mamudi, Matt Robinson, Bloomberg
Investment Technology Group Inc. built its reputation as a trustworthy broker. Now that it’s dealing with a government investigation, it must fight to keep that image.
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Clearing & Settlement

ICE Singapore exchange and clearing launch set for Q4 2015
Financial News
The Atlanta-headquartered exchange operator, which also owns the New York Stock Exchange, had initially planned to launch the two facilities in the southeast Asian city-state in March this year, following its acquisition of the Singapore Mercantile Exchange and its clearing arm in November 2013. However, despite receiving the requisite regulatory approvals from the Monetary Authority of Singapore, ICE pushed back the date earlier this year.
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CME plans to clear Brazilian swaps from August 31
FOW
The Chicago Mercantile Exchange will on August 31 begin clearing Brazilian real interest rate swaps (IRS), bringing the number of IRS currencies cleared by the exchange to 19.
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BitBeat: Smart Contracts Land on Wall Street
WSJ
Bitcoin has reached out and touched Wall Street. Two platforms for trading so-called smart contracts launched (quite coincidentally) on Tuesday in New York City, one from Overstock.com Inc. and another from tech-startup Symbiont. Both aim to offer a faster, cheaper, and more trustworthy platform for issuing and trading a range of debt instruments. Both also represent the first bitcoin-related enterprises to directly target a part of Wall Street’s day-to-day business, though neither sees itself as a usurper.
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Indexes & Products

BCOM Tables & Charts: July 2015
Bloomberg Indexes
Commodities suffered the biggest monthly decline in almost four years on concern that supplies are rising as demand slows, sending copper to a six-year low and oil into a bear market. The Bloomberg Commodity Index retreated 10.6% in July, the most since September 2011. The prospect of higher borrowing costs in the U.S. strengthened the dollar and drove gold to the lowest in five years. Grains including wheat, corn and soybeans had their worst monthly performance this year.
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Large Cap Funds: Active Versus Passive
Indexology: S&P Dow Jones Indices
n the first half of 2015, investors pulled $22 billion out of large-cap core U.S. equity mutual funds, but added $19 billion to S&P 500 Index-linked mutual funds. While this confirms that active management is losing share to passive, we think there are still strong active large-cap mutual funds to choose from. According to S&P Dow Jones Indices, just 23% of all large-cap core active funds outperformed the S&P 500 Index in the three-year period ended 2014.
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Most Popular New ETF Launches This Year
ETF Trends
As the exchange traded fund universe continues to expand, newer ETFs have become more focused. Among the most popular recent launches, offerings that target popular market segments or provide a customized strategy have been able to attract greater interest.
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How Much the Energy Sector Is Weighing on Dividend ETFs
InvestorPlace
While every index is slightly different, one theme often repeated throughout the high dividend arena is an emphasis on big energy names. Exxon Mobil (XOM) and/or Chevron Corp (CVX) are commonly in the top 10 holdings of these diversified dividend portfolios.
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Technology

Facebook launches feature to allow businesses to privately message users
BY YASMEEN ABUTALEB, Reuters
Facebook Inc (FB.O) rolled out features Wednesday that enable businesses to privately communicate with customers through messages as part of the social networking company’s push to make its Messenger app a stand-alone platform.
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Startups meet investors at Singapore fintech bootcamp’s Demo Day
CNBC
One is a former surfer. Another, a former Goldman Sachs portfolio manager. But both are now in the same boat: they’re entrepreneurs pitching their ideas in front of hundreds of potential investors. Welcome to Demo Day in Singapore, the culmination of a rigorous ‘bootcamp’ for financial technology start-ups.
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Fintech start-ups will create jobs yet they hardly rate a mention
Financial Review
The political focus on the latest unemployment rate is inevitable. The policy focus should always be on the jobs of the future. Yet that is just where there’s such an attention gap in Australia. So even though words such as innovation and technology and disruption are being constantly translated into daily economic realities for businesses and the workforce, they still don’t register much in the feverish national debate about what will drive economic growth.
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Insurance Is The Next Frontier For Fintech
TechCrunch
Given all the money flowing into fintech, it might seem that the biggest, most glaring problems have been solved. And yet, despite the unbelievable amount of financial innovation and technological progress that have transformed other sectors, there are entire swaths of the financial industry that have not changed. The opportunities are still ripe for the picking.
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Enforcement

New York Federal Court Orders New York Financial Advisor Wayne P. Weddington III and His Companies to Pay More than $1 Million for Commodity Pool Fraud and Unregistered Activity
CFTC
The Order stems from a CFTC Complaint filed April 18, 2014 (see Press Release and Complaint 6913-14), and an Amended Complaint filed in December 2014, which together charged the Defendants with solicitation fraud, misappropriating customer funds, making false statements, and acting in unregistered capacities in connection with operating a commodity pool and a proprietary quantitative algorithm developed by the Defendants to trade E-mini S&P 500 futures contracts and other index futures.
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ASIC bans former representative of Macquarie Equities Limited
ASIC
ASIC has banned Mr Shawn Hickman, of Middle Cove, New South Wales, from providing financial services for six years after he engaged in unauthorised discretionary trading on his clients’ accounts and created false records.
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ASIC imposes conditions on Sentinel Private Wealth licence
ASIC
ASIC has imposed new licence conditions on the Australian financial services licence of Queensland-based Sentinel Private Wealth Pty Ltd, following concerns over the company’s compliance with financial services laws.
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The GEM Listing Committee criticises Larry Jewelry International Company Limited (Stock Code: 8351), and censures or criticises a number of its former directors for breaching the GEM Listing Rules and/or the Director’s Undertaking
HKEx
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Environmental & Energy

Half a Billion Dollars Gets You a Gentler Climate Plan
By Isaac Arnsdorf – Bloomberg News
There could be half a billion reasons for the concessions President Barack Obama’s clean-power plan made to a defiant energy industry.
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States seek delay of EPA climate change rule
By Timothy Cama – The Hill
Sixteen states have formally asked the Environmental Protection Agency (EPA) to delay its new climate rule for power plants.
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Making cold drinks lower carbon: US Department of Energy proposes new vending machine efficiency standards
By James Phillips – BusinessGreen
The US Department of Energy (DOE) has announced a major review of energy efficiency standards for vending machines, as part of the government’s wider efforts to reduce greenhouse gas (GHG) emissions.
jlne.ws/1MRC8rt

Gas Just Another Fossil-Fuel Loser in Obama Renewables Push
By Naureen Malik and Harry Weber – Bloomberg News
Natural gas, once seen as a clear winner in President Barack Obama’s push for cleaner power, isn’t looking like much of a champ these days.
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Asia-Pacific

How big is your bailout? China stock market edition
David Keohane, FT
Estimates of how much cash China has flung at its stock market, in the hope that some sticks, vary.
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How Much Has Beijing Bought In The Stock Market?
Barrons.com
According to Goldman Sachs, the Chinese government has spent around 860 to 900 billion yuan ($138 billion to $145 billion) to support the stock market in July. But is that enough? This amount is equivalent to about 1.6% of China’s total market cap, or 2.2% of its free float. This is not the first time governments in Asia poured billions to prop up the stock market. Japan, Korea and Taiwan have all done it, but Hong Kong Monetary Authority was the only successful case, fending off short sellers in August 1998. Back then, Hong Kong spent 118.1 billion Hong Kong dollars to support the market, or 5.9% of total market cap.
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Tokyo, Beijing will get torched by the Olympics
The Japan Times
Prime Minister Shinzo Abe likewise hopes to recreate some of the 1964 Olympics magic that propelled Japan into the ranks of the Group of Seven nations. After 20 years of deflation and sliding geopolitical relevance, Abe sees the Tokyo 2020 Summer Games as an ideal opportunity to reintroduce a resurgent Japan to the international community.
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Virtu Starts Trading in China as Regulator Cracks Down on Algos
by John Detrixhe, Sam Mamudi, Bloomberg
Virtu Financial Inc., one of the world’s biggest high-speed trading firms, has started trading in its 35th country: China.
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Frontier Markets

FTIL says it devised auto response system; Denies MCA charges that responses were ‘concerted’ and ‘stereotyped’
N Sundaresha Subramanian, Business Standard
Financial Technologies (FTIL) has told the Bombay High Court that it had devised an automated system to route shareholder responses to the ministry of corporate affairs (MCA) on a draft order to merge it with its subsidiary, National Spot Exchange (NSEL). Last year, the ministry had passed the draft order as a solution to the Rs 5,600 crore payment crisis at NSEL. After an interim stay on the order was lifted in February, the ministry had given a month’s time for public feedback.
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The old labels no longer apply | Asia-Pacific
Business Day
WHEN Matteo Ricci, the Italian 16th century Jesuit missionary, travelled to China to win converts to his faith, he found that his European maps — which showed China relegated to the cartographical margins — failed to endear him to his hosts. So he redrew them.
The resulting world map of 1602 placed China at its centre, an accommodation that helped Ricci win influence among the Middle Kingdom’s elite.
Now, commentators say, it is the world’s mental map that needs an overhaul, particularly when categorising countries as “emerging” or “developed” markets.
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Securities market needs an overhaul
News VietNamNet
Vietnam needs to accelerate the restructuring of the stock exchange by enhancing hedging instruments and diversifying products to drive more foreign capital into the securities market, a member of the board of directors of HOSE has said.
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