First Read

MarketsWiki Education Chicago 2015

MarketsWiki Education Summer Intern Series – Day One
By Sarah Rudolph, Managing Editor, JLN

Our Chicago Summer Intern Series kicked off with a packed auditorium at IIT and five lively speakers, who all spoke about their passion for the trading industry. Scott Gordon, the CEO of Rosenthal Collins Group, was up first with some tips for interns on success and balance in work and life. These included checking out the view from 30,000 feet – looking beyond your particular job to know the major players, products, drivers and interactions in your industry; asking questions rather than knowing all the answers; pretending you are a taxi, which zigzags around and doesn’t know where it’s going next, rather than a train which has a set route and schedule; and not making assumptions.

“I was a floor clerk at the CME 44 years ago this summer,” Gordon said. “I worked on all the Chicago exchanges, and all were like a taxi ride. There was no way I could have told you what I would do next.”

His top recommended reading was Improvise: Unconventional Career Advice from an Unlikely CEO, by Fred Cook, and The Checklist Manifesto by Atul Gawande.

Read the rest of the Day 1 wrap-up at


Day Two – Chicago Summer Intern Education Series
John Lothian
Yesterday we also had a surprise musical guest play before the event. Andrew Lothian, my nephew and aspiring singer/songwriter, played for 25 minutes prior to the presentations.
Today is Day Two of the Chicago Summer Intern Education series. We are again at IIT Stuart School of Business starting at 3:30 p.m. today. We also have a musical guest today, Matthew Scharpf of Eurex. Matt spoke, played and riffed at last year’s Chicago series. See one of the most popular MarketsWiki Education talks, Trading with a Creative Mind


Obama Didn’t Kill Coal, the Market Did
By Michael R. Bloomberg, Bloomberg
Critics of the Environmental Protection Agency’s new Clean Power Plan are describing it in apocalyptic terms. But much of what they believe about the plan — that it will destroy the coal industry, kill jobs and raise costs for consumers — is wrong. And it’s important to understand why.

***** I want clean air. You can put me in that club.


Unbundling versus Best Ex
By Steve Grob, Fidessa
So, the September date looms for ESMA’s final clarification on unbundling. What seems evident is that payment for research with trading commissions is definitely going to be out. What seems less clear, though, is what can still be bundled into the definition of ‘execution’ and therefore still be paid for in commission dollars. Presumably, post-trade TCA services are included as they could just be thought of as a fancy form of invoice or, in the case of pre- or real-time analytics, as a mechanism that allows customers to monitor what is going on. But what about market data, or the screen and other technical paraphernalia involved in displaying those analytics? What about allocations and trade affirmations that finalise the execution process prior to clearing?

****** Best Ex really depends on how many times you have been married.


Collateral Conference for the Americas

U.S. fund managers tapping into African beer market
Forget Milwaukee and Brooklyn – Lagos and Dar es Salaam are the new brewery hot spots, according to U.S. mutual fund managers as they tap Africa’s emerging beer companies in pursuit of long-term returns on investment.

***** I tell Jim Kharouf to forget Milwaukee all the time. But as the saying goes, you can take the boy out of Milwaukee, but you can’t take Milwaukee out of the boy.


New world of work: digital marketplace reshapes casual labour
Andrew Byrne in Budapest and Richard Waters in San Francisco, FT
Dmitry Melnichenko’s wife had doubts about his plan to quit his stable, nine-to-five job to work from home as a freelance web developer; there was the uncertain income stream, the lack of interaction with colleagues and their young daughter to think about.

***** You can work in the office, you can work at home. You can work at Starbucks, the Library and even the car dealer. I have worked at all of the above during the last month.


MarketsWiki Education Intern Series 2015

The Mondo Visione Exchange Forum 2015
November 12, 2015
Putting Tech to Work

**** My friend Herbie Skeete puts on a good program.


Lead Stories

SEC Set to Approve CEO Pay-Gap Disclosure Rule; Move will mark culmination of yearslong debate and pressure on SEC over Dodd-Frank mandate
Regulators are set to approve a contentious new rule requiring companies to disclose the pay gap between rank-and-file employees and the chief executive, marking the culmination of years of debate and pressure on the Securities and Exchange Commission over a mandate from the 2010 Dodd-Frank law.

An Exchange in Australia Woos Listings From China
Just two companies are listed on the Asia Pacific Stock Exchange in Sydney, and it has to rely on its biggest Australian rival to clear and settle trades.

China Hopes to Defy History of Market Bailouts
By Megan McArdle, Bloomberg
China’s stock market has had a spot of trouble lately. Perhaps you’ve heard? You may also know that the Chinese government has intervened heavily to try to prevent a financial panic. And yet, as the Wall Street Journal notes today, the stock market remains well off its peak.

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.

Investment Banks Are Rewarded by Volume Surge in European Stocks
by Blaise Robinson, Inyoung Hwang, Bloomberg
European stocks have swung this year from a central-bank-fueled rally to a Greece-induced slump and back up. The upshot for investors? A resurgence in volume.

SocGen Soars on Higher Capital Goal as Trading Bolsters Profit
by Fabio Benedetti-Valentini, Bloomberg
Societe Generale SA gained the most in two years after the bank reported the highest profit since the financial crisis, bolstered by equity trading revenue, and raised its capital targets.

‘Pete the Greek’ will not face Libor action
Caroline Binham, Financial Regulation Correspondent, FT
A UBS banker at the heart of the Libor-rigging scandal will have no enforcement action taken against him, after the UK financial watchdog failed to persuade its own legal panel of experts of its case.

Where the U.K.’s Bank Bailout Went Wrong
By Leonid Bershidsky, Bloomberg
The price at which the U.K. government has sold a stake in the nationalized Royal Bank of Scotland suggests it will lose money on the bank bailout it constructed at the height of the financial crisis, something the U.S. has managed to avoid. At the time, though, Britain’s toughness on rogue bankers was praised and the leniency of the U.S. — which didn’t fully nationalize any big banks — was condemned.

LSE says sale of Russell investment unit is on track
Philip Stafford, FT
The London Stock Exchange Group on Wednesday waved away concerns that the sale of an investment management subsidiary was stalling as it reported interim earnings towards the top end of market expectations.

How Jeb Bush Spent His Years on Wall Street; Former governor’s time at Lehman and Barclays sets him apart from other presidential hopefuls
Ten weeks before the collapse of Lehman Brothers Holdings Inc., a financial disaster that ushered in the global economic crisis in September 2008, Jeb Bush was in Mexico City to seek help from billionaire Carlos Slim.

The Mt.Gox Bitcoin bubble
Izabella Kaminska, FT
Come with us on a journey back to March 3, 2014. A time just after the premier bitcoin exchange Mt.Gox suspended operations (on Feb 22) and when nobody really knew why.

Few traders are likely to be deterred by verdict on Tom Hayes
Frank Partnoy, FT
Before his conviction on Monday, Tom Hayes, a 35-year-old former UBS and Citigroup derivatives trader, argued he had merely been taking part in a widespread practice of manipulating the Libor benchmark of interest rates. Sentencing him to 14 years’ imprisonment, Mr Justice Cooke saw things differently. “The fact that others were doing the same as you is no excuse,” he said.

LSE promotes open access over exchange consolidation
By James Rundle, Financial News
London Stock Exchange chief executive Xavier Rolet has hailed the success of the group’s commitment to an ‘open access’ model, and said it is not “proactively” seeking a tie-up, after net profits in the first half of 2015 rose nearly a fifth from a year earlier.

The ‘resource curse’ is worse in a falling market
By Henry Sanderson, FT
If developing countries thought the so-called resource curse was bad when oil and mineral prices were high, they need to prepare for things to get worse now the market has collapsed.

Hedge funds snap up 60% of bargain RBS shares
Alice Rigby, InvestmentWeek
Speculative investors such as hedge funds stocked up on as much as 60% of the shares released in yesterday’s RBS sale as they took advantage of the bargain price offered by the government.


Promontory: out on a limb
Since the financial crisis, weary regulators looking for a quieter, and better-paid, existence have flocked to Promontory Financial. From the consultancy’s headquarters, opposite the White House, the ex-regulators can charge the companies they used to police for advice on how to deal with current regulators. There is no purer manifestation of the “revolving door”.

Innovation Hub: ASIC Update
ASIC’s Innovation Hub has got off to a strong start, with 32 external meetings with new fintech businesses and industry organisations since it was established.

New York State Department Of Financial Services: Report On Investigation Of Promontory Financial Group, LLC
The New York State Department of Financial Services (the “Department”) was created in 2011 to help ensure the safety and soundness of New York’s banking, insurance and financial services industries, to help ensure prudent conduct by providers of financial products and services, and to promote the reduction and elimination of unethical conduct by and with respect to banking, insurance and other financial services institutions. Pursuant to this mandate, on September 4, 2013, the Department undertook an investigation into Promontory Financial Group, LLC (“Promontory”). The conduct in question relates to reports that Promontory prepared and submitted to the Department in 2010-2011 detailing the findings of its review of certain transactions by Standard Chartered Bank (“Standard Chartered” or the “Bank”), an institution regulated by the Department.

Q&A: Pimco and the SEC’s bond ETF probe
Michael Mackenzie and Dan McCrum, FT
Why is the regulator considering action against the investment management company?

Exchanges & Trading Facilities

Eurex Exchange’s T7 Release 3.0: Publication of documents
To further improve and extend the trading infrastructure, the launch of Eurex Exchange’s T7 Release 3.0 is scheduled to take place on 23 November 2015.

Eurex KOSPI Product: No trading at Eurex Exchange on 14 August 2015 due to public holiday in South Korea
The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided, as an exception, not to offer trading on 14 August 2015 in the Eurex KOSPI Product (OKS2).

CME Group Volume Averaged 12.8 Million Contracts per Day in July 2015, Up 5 Percent from July 2014
CME Group
Agricultural commodities average daily volume rose 32 percent; Treasury options average daily volume increased 27 percent, with record weekly treasury options; Foreign exchange (FX) average daily volume rose 26 percent; Metals average daily volume increased 20 percent; Energy average daily volume rose 12 percent
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that July 2015 volume averaged 12.8 million contracts per day, up 5 percent from July 2014. Total volume was more than 282 million contracts, of which 87 percent was traded electronically. Options volume in July averaged 2.9 million contracts per day, up 22 percent versus July 2014, with electronic options growing 36 percent over the same period.

CME lifts force majeure for all Illinois River grain terminals
CME Group
CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery, the exchange said in a notice on Tuesday.

Nasdaq’s Second Error of Day Hobbled Service Dark Pools Use
by Sam Mamudi, Bloomberg
A Nasdaq OMX Group Inc. service that some dark pools need in order to function broke down twice Tuesday, hobbling part of the U.S. stock market.

Bank of America Merrill Lynch joins GMEX Exchange
Asset Servicing Times
Bank of America Merrill Lynch has announced that it will be a participant of GMEX exchange when it launches on 7 August. The bank will offer execution and clearing services for GMEX products to its client base, starting with GMEX’s Interest Rate Swap Constant Maturity Futures (IRS CMF) contracts.

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
Intercontinental Exchange the leading global network of exchanges and clearing houses, today reported July exchange traded volume. ICE’s July 2015 futures and options average daily volume (ADV) increased 1% compared to July 2014. NYSE’s U.S. cash equities ADV increased 23%, while U.S. equity options ADV declined 14% over the prior July. NYSE’s U.S. cash equities market share was 23.8% and NYSE’s U.S. options market share was 19.9%.

Euronext Announces Monthly Trading Volumes For July 2015
Exchange News Direct
The July 2015 average daily transaction value on the Euronext cash order book stood at EUR 7,911 million (+38% compared with July 2014). Activity on ETFs remained particularly dynamic last month with an average daily transaction value at EUR 513 million, up 81% compared to July 2014. Also, July 2015 was the most active commodities derivatives month ever, beating the former record of July 2012 with 1,740,834 lots traded.

MarketAxess Announces Monthly Volume Statistics for July 2015
Press Release
MarketAxess Holdings Inc. (Nasdaq:MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced total monthly trading volume for July 2015 of $81.8 billion, consisting of $48.8 billion in U.S. high-grade volume, $28.1 billion in other credit volume, and $4.9 billion in liquid products volume.

London Stock Exchange lifts interim dividend 11% and beats forecasts
Yahoo Finance UK
London Stock Exchange almost doubled first-half revenues thanks to the contribution of December acquisition Russell Investments, with underlying growth of a more modest 9% thanks to encouraging performance of markets and data. Revenue rose 90% to £1.16bn, with underlying revenues up 9% and up 14% after adjusting for the loss of London Metal Exchange clearing business.

Shenzhen Stock Exchange Amends Rules For Margin Trading And Securities Lending
In a bid to further strengthen its risk management over margin trading and securities lending business and safeguard the normal market order, Shenzhen Stock Exchange has recently announced to amend the Clause 2.13 in the SZSE Implementing Rules for Margin Trading and Securities Lending (2015 version).

July turnover at Boerse Stuttgart around EUR 7.7 billion
ETP trading delivers biggest increase // Equities generate higher turnover
Boerse Stuttgart GmbH
Based on its order book statistics, Boerse Stuttgart turned over roughly EUR 7.7 billion in July 2015. The total volume of trading was therefore unchanged on the preceding month and 9 percent up on the figure for July 2014.

July Volume Averaged 109,677 Contracts per Day, Up 18.5% M-on-M
The Tokyo Commodity Exchange announced today that average daily trading volume for July 2015 was 109,677 contracts, up 18.5% from June 2015. Year-on-year volume gained 43.2%. TOCOM’s most actively traded product, Gold increased 11.1% to 31,836 contracts. Platinum volume gained 38.9% to 19,530 contracts and Corn increased 49.6% to 3,235 contracts. Gold Daily Futures continues to build up with the increase in average daily volume of 35.1% to 15,335 contracts and in its month-end open interest of 11.1 % to 66,586 contracts.

Hedge Funds & Managed Futures

Scott Bessent to Start His Own Hedge Fund With $2 Billion From Soros
by Katherine Burton, Bloomberg
Scott Bessent, who’s been overseeing George Soros’s $30 billion fortune for the last four years, will leave at the end of 2015 to start his own hedge-fund firm.

Billionaire Ken Griffin Might Bring Back The Hedge Fund IPO
By Nathan Vardi, Forbes
Billionaire Ken Griffin has rebuilt his Citadel, the Chicago hedge fund firm that nearly collapsed during the financial crisis and now manages $26 billion. Now, Griffin is once again thinking about taking his hedge fund firm public.

Wealth Adviser Daily Briefing: Investors Betting on the Farm
Investors from institutions to retail clients are putting cash in farmland as they look to diversify assets and capitalize on an agriculture-industry slump that has pushed down land prices, writes The Wall Street Journal. Investors are betting farmland will offer long-term returns as growing populations and wealth in Asia, Africa and elsewhere boost the global demand for food. Meanwhile, the amount of arable land is expected to increase only modestly. One of the attractions is “these are assets that are producing an essential need for society and, in many cases, into perpetuity,” says Jose Minaya, a senior managing director at TIAA-CREF Asset Management. TIAA-CREF raised $3 billion for its second global farmland-investment partnership on Tuesday.

Time to move beyond ’emerging markets’
Alternatives must be found for a phrase that has lost use and meaning
Under one flag: Brazil, Chile, India, Qatar, China and Thailand are among the vast range of ’emerging market’ countries
“As we are?.?.?.?prisoners of the words we pick, we had better pick them well,” said Giovanni Sartori, the Italian political scientist. For a long time since they were first coined in the 1980s, the words “emerging markets” appeared to have been well-chosen, such was their popularity as a description for a big chunk of the planet. As the world evolves, the term is progressively losing its purchase over the collective consciousness because it imprisons perceptions within parameters that are increasingly false or unhelpful.

Pimco Investors Withdrew $2.5 Billion From Total Return
by Mary Childs, Bloomberg
Investors pulled $2.5 billion from Pacific Investment Management Co.’s flagship fund in July, the 27th consecutive month of outflows from what used to be the world’s largest mutual fund.

Portcullis Asset Management launches in Malta as third-party AIFM and announces new CEO
Press Release
Portcullis Asset Management Limited (“Portcullis”), licensed by the Malta Financial Services Authority (“MFSA”), today announces it is launching as a Malta based Alternative Investment Fund Manager (“AIFM”) to assist alternative investment funds to comply with the Alternative Investment Fund Management Directive (“AIFMD”).

Banks & Brokers

ICAP’s EBS daily volumes fall 19% MoM in July 2015
ICAP’s EBS electronic Forex platform registered average daily volumes of humble $82.1 billion in July 2015, a result which is 19% lower than the $100.8 billion in ADV recorded in June 2015. The summer is obviously taking its toll on trading activity, as most Forex companies have so far reported declines in trading volumes for July 2015.

Société Générale’s Profit Jumped 25% in Second Quarter
Société Générale said on Wednesday that its profit rose 25 percent in the second quarter, bolstered by gains in its equity trading business as markets remained volatile in the quarter and by robust activity in its mergers and acquisitions advisory business.

JPMorgan Reclaims Place Among U.S.’s Top 10 Biggest Stocks
by Lu Wang, Bloomberg
Don’t look now, but megacap financial companies are creeping back onto the list of the biggest U.S. companies.

Clearing & Settlement

Waters Rankings 2015: Best Sell-Side Clearing Provider ? The DTCC
Once a sleepy vestige of capital markets infrastructure, clearing has received its rare share of spotlight in the past few years, thanks to regulatory pressure and operational challenges far greater than any one single financial institution can handle on its own.

CLS Readies Settlement Service for Cleared FX Products
Traders Magazine Online News
Traders of cleared foreign exchange products are about to get a new service designed for clearing and settlement. CLS, a provider of settlement services for the global foreign exchange (FX) market, along with LCH.Clearnet, a multi-asset clearing house, are developing this new clearance and settlement process.

Swisscom AG : SIX and Swisscom join forces with Swiss banks to promote Paymit and create added value for customers and retail
For SIX and the participating banks, such as UBS, Zürcher Kantonalbank, Banque Cantonale de Genève, Banque Cantonale Vaudoise, Luzerner Kantonalbank and Raiffeisen, the main benefit of the planned collaboration with Swisscom is that Paymit will spread more rapidly in the Swiss market. Swisscom will ensure that smaller banks too will be able to get connected to Paymit

JCCH volume report for July 2015

Indexes & Products

S&P Dow Jones Indices Launches Spin-Off, IPO and Activist Interest Indices
In an effort to meet the evolving needs of the investment community, S&P Dow Jones Indices (S&P DJI) has announced the launch of the S&P U.S. Spin-Off index, the S&P U.S IPO and Spin-Off index and the S&P U.S. Activist Interest index. These three new indices broaden S&P DJI’s event driven index family which includes merger arbitrage indices.

London Stock Exchange Group profit soars on integration of Russell Investments
City A.M.
In December last year LSEG bought the Russell business – and in May it launched FTSE Russell, the new integrated name for the combined businesses of the FTSE Group and Russell indexes. Today is said it was making “good progress with integration and development” with this.

ETF assets at large securities firms surge
By Daisy Maxey, The Wall Street Journal
Individual investors’ holdings of exchange-traded funds grew by more than their mutual-fund investments over the past year, and the largest securities firms were responsible for a large chunk of that growth, according to an analysis by Broadridge Financial Solutions.

Emerging market investors dominated by indices
International investors are slaves to indices. Most of the time, they limit themselves to buying only stocks and bonds that are included in indices put together by index providers such as MSCI and JPMorgan.

Rising Dispersion and the Value of Stock Picking
Indexology: S&P Dow Jones Indices
We’ve long argued that the market’s low dispersion in 2014 was a major contributor to the failure of most active managers to outperform their index benchmarks. So if dispersion remains high, other things equal, active stock pickers might benefit. But there are at least three cautions to offer before concluding that the long-sought “stock-picker’s market” has finally arrived.

TSX is the worst-performing developed market this year
Financial Post
Canada’s equity market woes continued in July with the S&P/TSX composite index falling 4.2 per cent during the month. The country’s premier benchmark is now down 12.2 per cent for the year, representing the worst performance of any developed market in the world.


Cloud-Computing Kingpins Slow to Adapt to Own Movement; Services like Amazon, Google and Microsoft have the same worries as their customers: reliability and security
For nearly a decade, Amazon Web Services, the giant retailer’s cloud computing division, has told prospective customers: Ditch your data center and trust us to run your applications, store your data and host your internal software development.

What Video Games are Teaching Banks About Your Habits
by Dakin Campbell, Bloomberg
Wells Fargo & Co., lagging behind its rivals in mobile-banking prowess, is turning to an unlikely source for advice: the video-game industry.

Blockchain venture targets high-speed securities settlement
The Trade News
A new blockchain technology venture, headed by the founder of pan-European equities platform Chi-X, plans to deploy an infrastructure that will rapidly speed up securities settlement.

Fintech’s future is fast and furious
Fintech is hotter than ever with investment tripling to $12.21 billion in the past year, according to Accenture’s 2015 report. Recent Jobs Act legislation is fueling this trend, with deregulation of crowdfunding leading the surge of investments from retail and institutional participants.


Ausbil to pay $18 million in compensation to investors
Ausbil Investment Management Limited (Ausbil) in its capacity as responsible entity of the Ausbil Investment Trusts – Australian Emerging Leaders Fund (Fund) is in the process of remediating a fee error to affected investors. An overcharging of fees of approximately $18m occurred between December 2004 and January 2014 due to an inconsistency between the fees outlined in the Fund’s Product Disclosure Statement and the fees permitted under the Fund’s constitution.

Proceeds of crime seized following account hacking
The Supreme Court of New South Wales today ordered more than $77,000 to be restrained following a joint ASIC-Australian Federal Police (AFP) operation into the hacking of online accounts of retail investors.

ASIC releases enforcement report for the first half of 2015
ASIC today released its enforcement report for the period 1 January 2015 to 30 June 2015.
In the last six months, ASIC achieved 323 enforcement outcomes to protect financial consumers and enhance the fairness and efficiency of Australia’s financial markets. This included criminal as well as civil and administrative (e.g. banning or disqualification) actions, and negotiated outcomes, including enforceable undertakings.

Environmental & Energy

Green ETFs Unfazed by Obama’s Stringent Clean Energy Plan
ETF Trends
President Barack Obama and the Environmental Protection Agency have called for tougher rules on greenhouse gas emissions and a greater target for renewables. However, clean energy exchange traded funds continued their downward slide as cheap fossil fuels weigh on the industry’s outlook.

Bankruptcies and Regulation — A One-Two Punch for Coal Producers
Investors in coal companies are feeling the burn. Shares of coal producers have been tanking, walloped by bankruptcy filings and Monday’s announcement of federal carbon-emission limits on the power industry.

Oklahoma regulators impose water injection cut to stem earthquakes
By Yeganeh Torbati, Reuters
Oklahoma regulators are imposing new restrictions on energy companies injecting wastewater underground as they produce oil and natural gas, in the latest effort to stem a sharp increase in earthquakes.

The Oil Crash Has Caused a $1.3 Trillion Wipeout; Energy shares have taken a huge hit
by Asjylyn Loder, Bloomberg
It’s the oil crash few saw coming, and few have been spared as it erased $1.3 trillion, the equivalent of Mexico’s annual GDP, in little more than a year.

Obama’s Clean Power Plan: give them a cap and the trade will follow
ABC Environment (Australian Broadcasting Corporation)
Barack Obama’s Clean Power Plan works around a hostile political opposition and avoids the carbon tax headache. Will it provide inspiration for further Australian climate action?


Barclays: Forget the Wild Stock Market Swings, China’s Real Estate Sector Is What’s Most Worrisome; And it accounts for 15 percent of Chinese gross domestic product
by Julie Verhage, Bloomberg
The plunge in Chinese equities has grabbed all the attention in recent weeks, but a team at Barclays suggests we should be watching something else.
Analysts led by Ajay Rajadhyaksha say that Chinese real estate is the sector to focus on, not Chinese stocks.

IMF Says More Work Needed on Yuan Reserve-Currency Decision
by Andrew Mayeda, Bloomberg
The International Monetary Fund said the yuan trails its global counterparts in major benchmarks and that “significant work” in analyzing data is needed before deciding whether to grant the Chinese currency reserve status.

All Those China Stock Bears Give SocGen More Reasons to Buy
by Kana Nishizawa, Bloomberg
Societe Generale SA’s Vivek Misra says bears are getting it all wrong on the Chinese stock market.

Frontier Markets

Moscow Exchange Trading Volumes In July 2015
Moscow Exchange (ticker: MOEX) announces trading volumes for July 2015. The Derivatives Market and FX Market posted the strongest growth, with volumes increasing 83.5% and 42.4% YoY, respectively. Bond volumes also performed well.

A Pleasant Surprise Among Emerging Market ETFs
Broadly speaking, these are not the best of times for emerging market exchange traded funds. Things are so bad that 22 emerging markets funds hit 52-week lows on Monday. Since the star of the current quarter, the iShares MSCI Emerging Markets ETF has bled nearly $2.5 billion in assets. However, there is some light among the darkness and it comes courtesy of Indian small-caps.


Plentiful South American harvests hit Archer Daniels Midland
Emiko Terazono, FT
Strong crop flows from South America hit Archer Daniels Midland’s second-quarter profit margins, but the US agricultural group’s shares rallied on an improved outlook for the second half.

Up for Sale, The Economist Is Unlikely to Alter Its Voice
Journalists at The Economist speak, half-jokingly, of a mythical, perfect sentence for the news and business weekly. It is some version of this: “Wrong.”

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