First Read

Bits & Pieces
By John J. Lothian
Our friends at Fidessa are hiring and have a number of jobs open around the world. You can see the complete list at

My dear friends at the FIA gave me the details of the media campaign they are rolling out to promote the FIA PTG white paper released this week after taking exception to my comments yesterday. They have a letter to the editor of a Washington, DC paper from PTC Chairman Rob Creamer and a series of tweets to promote the white paper. They will also be using the FIA PTG Blog to promote the paper. There is a change in strategy at the FIA PTG, which includes hands on strategy and communications from key FIA staff members assigned to help the PTG get their message out. BTW, my definition of a “dear friend” is someone who will call you up and let you know why you were wrong about something. The good news is I have lots of dear friends. Message received, apology offered.

Doug Ashburn is again out of the office, heading to Boston for the SIBOS conference. On Friday I mentioned that Doug was the glue of our organization. What I did not mention is that I glued a stapler and a coffee cup to his desk while he was away in Europe.

The Chicago Area Council of the Boy Scouts of America will be having their LaSalle Street After Hours event on November 13. OCC Executive Chairman Craig Donohue is this year’s chairman, replacing Advantage CEO Joe Guinan. There is something special about this year’s event that you will want to be a part of if you are in Chicago. For more details on the event, go to

Our London event – MarketsWiki World Of Opportunity on October 14 and 15 is coming together nicely as well. We still have room for students and young professionals. Among our speakers is Veronica Augustsson, CEO of Cinnober, who will be talking about the “Why and How of Technology,” and Patrick Birley, CEO of ISDX, with his talk “Variety Is the Spice of Life.” You can sign up here:

The slate of speakers and topics will be announced shortly. Cost is free.


Eris Exchange Sets New Daily Volume Record and Open Interest High
Eris Exchange, a US-based futures exchange offering capital efficient swap futures, today announced that, on September 5, USD Interest Rate Swap Futures achieved a daily volume record of 21,014 contracts, representing more than $2.1 billion in notional value. The previous daily volume record was 13,252 contracts set on June 21, 2013.

***** Eris set trading volume records in September and open interest hit an all time high. Have you traded on Eris yet?


The Options Industry Council Introduces New Animated Glossary
Press Release
The Options Industry Council (OIC) announced today a new educational offering, Options Glossary Illustrated. OIC’s Options Glossary Illustrated is an ongoing series of short, animated clips that explain basic options terms and key concepts. The series is now available on OIC’s YouTube channel.

***** Let’s just call this version 1.0.


NZX launches step-change in dairy forecasting
Two online tools designed to provide better insights into New Zealand milk production and farmgate milk prices have been launched by NZX Agri. The tools, a Milk Production Predictor and a Farmgate Milk Price Calculator, have been developed by NZX and Massey University with funding support from Callaghan Innovation.

***** There is also an integrated social media tool tool called Teater.


It’s Normal for Regulators to Get Captured
Megan McArdle – Bloomberg
I’m in Chicago this week, preparing to give a seminar on covering the policy process at the Institute for Politics. So I don’t have much time to write about the secret Fed tapes that were released by “This American Life” last week. But I do want to make one point: This is not surprising. It’s normal.

***** It is actually normal to gut them, but catch and release is more humane. Wait, that is fish. Sorry.


Bill Gross, Calpers and the End of the Investment Guru
Neil Irwin – NY Times
The conclusion that the leaders of Pimco and Calpers both seem to have reached is that you are more likely to achieve that with a high-functioning team of people who constantly assess the risk and potential return of various investment strategies and implement them, for a reasonable paycheck.

***** The problem with being a TV star is that you have to be consistent. In the markets sometimes you have to zig and zag.


State Street Operates an Internal Social Network to Spark Innovation
Ivy Schmerken – Wall Street & Technology
At the InformationWeek Leadership Summit at Interop New York, David Saul, chief scientist of State Street, said companies must tap their employees for innovation, or they are wasting resources.

***** Intellectual capital is the most valuable kind.


IPXI Announces Multi-Party Offering for Wireless Communications Standard Essential Patents
Intellectual Property Exchange International, Inc. (IPXI), the world’s first financial exchange for licensing and trading intellectual property (IP) rights, today announced a multi-party offering for standard essential patents (SEPs) involving the world’s most widely adopted standard protocol for wireless technology.

***** You can learn more about IPXI and mobile phones by viewing the video of Gerrard Pannekoek from last year’s MarketsWiki World of Opportunity Summer Intern Education Series session where he was the speaker.


Rocktoberfest from A Leg to Stand On is close at hand
A Leg To Stand On is a non-profit that provides free prosthetic limbs and corrective surgery to children in developing countries who have lost their limbs in traumatic accidents or suffer from congenital limb disabilities. ALTSO’s annual fundraising benefit, Rocktoberfest Chicago, is moving into its 3rd year after having originated 11 years ago in New York. Rocktoberfest unites leaders from the finance industry for a night of Rock & Roll music performed by industry professionals. Rocktoberfest Chicago will be held on October 8th at City Winery. Hedgefund Rocktoberfest in New York will be on October 22 at Capitale.

Watch the video »



MarketsWiki Page of the Day
Lou Eccleston

MarketsWiki Recent Updates


Lou Eccleston; William Knottenbelt; Thomas A. Kloet

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The Bank of New York Mellon Corp.; TMX Group Limited; IntercontinentalExchange Group Inc.; ICE Futures Europe; Lehman Brothers; International Securities Exchange


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Lead Stories

U.S. SEC’s Piwowar proposes alternative to broker fiduciary rules
Requiring brokers and advisers to provide retail investors with more “concise” disclosures could be a better alternative to adopting uniform fiduciary duty rules for both professions, a top U.S. regulator said on Tuesday.

$617 Billion in Japan Stock Orders Scrapped After Error
Anna Kitanaka and Toshiro Hasegawa – Bloomberg
Japan’s over-the-counter market was bombarded with $617 billion of erroneous stock orders in dozens of Asia’s biggest corporations. They were canceled before they could be executed.

BATS Delays New Feed Launch After SEC Extends Review Period
Max Bowie – WatersTechnology
BATS Global Markets has delayed the launch of its BATS One consolidated feed of data from the four equities markets operated by its BATS and Direct Edge exchange, after the Securities and Exchange Commission extended its 45-day period by a further 45 days to give the commission “sufficient time to consider the proposed rule change and the [two] comments received.”

CME Group’s Nymex must face U.S. regulator’s lawsuit over employee leaks
Joseph Ax – Reuters
CME Group Inc’s New York Mercantile Exchange (Nymex) must face a lawsuit brought by regulators seeking to hold it liable for the actions of two former employees accused of leaking trade details, a U.S. judge ruled on Tuesday.

CFTC provides extended relief for Sef trading
Joe Parsons – Futures & Options World
The US derivatives watchdog has extended relief for firms to carry out pre-arranged trading of certain swaps on the swap execution facilities (Sef). The Commodity Futures Trading Commission (CFTC) originally granted this relief from May 1 to September 30 but it has now extended the exemption to February 16 2015.

Comment: The standard OTC oxymoron
Alex Harborne and Thomas Krantz – Financial Times
Like many businesses, financial service providers grapple with a dilemma. On the one hand, they want to offer standardised products – and benefit from volume efficiency – while also striving to build a tailored service that offers more lucrative margins. But post-crisis we have a new term to juggle; the paradoxically named “standardised OTC”.

JPMorgan to face U.S. class action in $10 bln MBS case
Jonathan Stempel – Reuters
A federal judge on Tuesday said JPMorgan Chase & Co must face a class action lawsuit by investors who claimed the largest U.S. bank misled them about the safety of $10 billion of mortgage-backed securities it sold before the financial crisis.


FINRA Solicits Comment On Proposed Rule To Implement CARDS
The Financial Industry Regulatory Authority (FINRA) today issued Regulatory Notice 14-37 requesting comment on a proposed rule to implement the Comprehensive Automated Risk Data System (CARDS). CARDS would be designed to enhance investor protection and ensure market integrity by allowing FINRA to identify and quickly respond to high-risk areas and suspicious activities that it might not identify through its current surveillance and examination programs.

U.S. Commodity Futures Trading Commission and Australian Securities and Investments Commission Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Regulated Entities
The U.S. Commodity Futures Trading Commission (CFTC) announced today that CFTC Chairman Tim Massad and Chairman Greg Medcraft of the Australian Securities and Investments Commission (ASIC) have signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Australia.

CFTC Staff Announced Extension of No-Action Relief Concerning Certain Straight Through Processing Obligations for SEFs and DCMs from Compliance with Certain Requirements of Commission Regulations for Package Transactions

Forex markets face further regulations
Sam Fleming – Financial Times
Participants in foreign exchange markets have been warned they may face further regulatory change even after implementing a long-awaited series of recommendations aimed at removing the taint affecting the sector.

Energy companies facing ‘intrusive’ CFTC special calls
Alexander Osipovich –
The US Commodity Futures Trading Commission is stepping up its market surveillance activities, issuing special calls to numerous firms that trade over-the-counter swaps. That is causing headaches for smaller energy companies tangled up in the dragnet.

FSB backs derivatives crisis-clause
Philip Stafford – Financial Times
Global regulators have backed a plan by the global derivatives industry to allow authorities more time to decide on a resolution plan if a bank gets into financial difficulty.

The FSB’s Swaps Data Aggregation Report, a Technical Review
Allan Grody – Wall Street & Technology
The Report discusses legal, technological, and regulatory issues to be resolved in order to obtain a complete view of swap transactions around the world.

Esma trying to avoid commodities rerun of forex spat
Fiona Maxwell –
The European Securities and Markets Authority (Esma) is trying to ensure Europe’s reporting and clearing obligations are applied consistently by establishing a shared definition for certain commodity derivatives. A legislative fix is not possible until 2017, so proposed guidance was issued on September 29 to cover the interim period.

SEC Fee Rate Advisory #2 for Fiscal Year 2015
When fiscal year 2015 starts on October 1, 2014, the Securities and Exchange Commission expects to be operating under a continuing resolution that will extend until December 11, 2014. Accordingly, the fees paid under Section 31 of the Securities Exchange Act will remain at their current rate until 60 days after the enactment of a regular appropriation for the SEC.

The Commission’s Production And Use Of Structured Data Mark J. Flannery, SEC Chief Economist And Director, Data Transparency Coalition’s Fall Policy Conference, Washington, DC, Sept. 30, 2014

[NFA] Risk Exposure Report Filing Requirements for Swap Dealers and Major Swap Participants
As indicated in Notice I-14-20, NFA recently amended NFA Compliance Rule 2-49 to specifically provide that NFA is authorized to require swap dealers (SDs) and major swap participants (MSPs) to submit identified reports or other documentation to NFA and the CFTC in the form and manner prescribed by NFA. This amendment is effective today, September 30, 2014.

[NFA] Effective Date of Amendments to NFA Financial Requirements Section 14 Regarding Use of Technology to Monitor FDM Forex Customer Liability Requirements
NFA Financial Requirements Section 14 requires FDMs to calculate daily the amount owed to customers for forex transactions and hold assets equal to or in excess of that amount in a qualifying institution in the U.S. or money center country (forex funds depository). NFA recently amended NFA Financial Requirements Section 14 to require FDMs to instruct any forex funds depository holding these funds to report the balances in these accounts on a daily basis to NFA or a third party designated by NFA.

IOSCO Issues Report On Market-Based Financing For SMEs And Infrastructure

Exchanges & Trading Facilities

US options market set for changes and new entrant
Jon Watkins – The Trade
The US options market is set for an overhaul after the Options Clearing Corporation (OCC) along with all 12 exchanges agreed to the adoption of new risk control standards.

CME hands European CEO Asia remit
Tim Cave – Financial News
CME Group, the world’s largest futures exchange, has handed the head of its European business a wider remit including responsibility for Asia and Latin America in the latest of several leadership changes in recent weeks.

Intercontinental Exchange Completes First Phase of the Liffe Transition to ICE Futures Europe; London Soft Commodities Now on the ICE Platform alongside ICE Futures U.S. Softs Contracts
Intercontinental Exchang, the leading global network of exchanges and clearing houses, announced that it has successfully completed the transition of the Liffe London soft commodity futures and options contracts to ICE Futures Europe. These products are now listed on the ICE trading platform, which is also home to the ICE Futures U.S. soft commodity futures and options that include Sugar 11, Cocoa, Coffee, Cotton and Frozen Concentrated Orange Juice contracts. For the first time, global soft commodities contracts are available for trading side by side on the same widely distributed, feature rich trading platform.

Deutsche Börse Joins The UN’s “Sustainable Stock Exchanges Initiative”
Deutsche Börse has joined the United Nations’ Sustainable Stock Exchanges initiative (SSE). The aim of the initiative, founded by the UN Secretary-General in 2009, is to increase exchange-listed companies’ transparency and commitment to environmental, social and corporate governance issues and to make the capital market more aware of these issues.

IEX CTO Runs 10-Month Marathon
Ivy Schmerken – Wall Street & Technology
The most influential time in Rob Park’s career was the 10 months it took to take IEX from conception to production.

NASDAQ Leads U.S. Exchanges For IPOs In Third Quarter Of 2014
Surpasses 100 IPO Milestone And Exceeds 2013 IPO Total During The Quarter

Moscow commits to latest exchange upgrade
Luke Jeffs – Futures & Options World
The Moscow Exchange has taken another step in the ongoing modernisation of its infrastructure by committing to a programme of corporate actions reforms. The Russian exchange group said on Wednesday the new project is aimed at implementing new corporate action technology and adopting international standards for processing these complex transactions.

The Trading Volume On The Spanish Exchange Reached In September EUR62.06 Bn., Up 29%

Direct Edge Trading Notice #14-39: BATS One Feed Release Postponed Pending SEC Approval
The production release of the BATS One Feed has been delayed pending SEC approval. BATS has completed work on all versions of the BATS One Feed and is prepared for a production release once final approval has been received.

CME Group Inc. Announces Date Of Third-Quarter 2014 Earnings Release, Conference Call

NASDAQ OMX Holds Third Quarter 2014 Investor Conference Call

Warsaw Stock Exchange: Fifth Anniversary Of Catalyst

Hedge Funds & Managed Futures

BlackRock Faces Possible Fine for Misrepresenting German Investments
Eyk Henning – WSJ
BlackRock Inc. faces a possible fine in Germany for misrepresenting its stakes in almost 50 of the country’s largest companies over several years, after the asset manager restated its holdings Tuesday.

Ackman Fund Raises More Than $3 Billion in Amsterdam I.P.O.
Chad Bray – Dealbook – NY Times
The investor William A. Ackman said Wednesday that one of his funds had raised more than $3 billion in an initial public offering ahead of its debut in Amsterdam this month.

KKR’s dealmaking failures are testing market’s patience
Richard Gluyas – The Australian
THE private equity, business and advisory communities are growing weary of Kohlberg Kravis Roberts’ failure to clinch a succession of deals, saying resources are wasted as companies like Treasury Wine Estates respond to non-binding offers that end up going nowhere.

New Pimco Captain’s Style: More Teamwork, Fewer TV Cameras
Katy Burne, Kirsten Grind and Tom Lauricella – WSJ
Few people can fill Bill Gross’s shoes. Daniel Ivascyn isn’t going to try. Mr. Ivascyn, who was named Pacific Investment Management Co.’s group chief investment officer last week after Mr. Gross abruptly quit, said he is still sitting among his colleagues in the middle of the trading floor, rather than at the head of the room

Daniel Ivascyn: the straight talking portfolio manager
Stephen Foley in New York – Financial Times
The last chief investment officer of Pimco wrote a paean to his dead cat. The new one is a straight talking dog lover. A love of the Kerry blue terrier, a breed originally reared to control vermin, in particular.

Morningstar adds income portfolios to DFM service
Anna Fedorova – Investment Week
Morningstar has launched two income portfolios to be actively managed by its Morningstar OBSR Managed Portfolios team.

KKR hires Blake Shorthouse for family office push
Becky Pritchard – Financial News
Kohlberg Kravis Roberts has hired a former Credit Suisse banker to lead its push to raise money from rich European families.

Lansdowne Partners plans energy hedge fund
Joe McGrath and Mark Cobley – Financial News
Lansdowne Partners is to launch an energy-focused hedge fund, having recruited a portfolio manager from Norges Bank Investment Management to build a team, according to a person familiar with the hire.

Hedge Funds Embracing the Web
Joshua M Brown –
My friend Chris Gillick at Peppercomm sent this over. It depicts the nascent trend of hedge funds taking to the web and socializing with the public.

Hedge funds, securitisation and leverage change P2P game
Kris Devasabai –
Overwhelming institutional demand, hedge funds with a double-digit share of the market’s assets, trendy approaches to underwriting, a nascent securitisation market – these are the forces shaping the peer-to-peer lending business in the US, and some observers are starting to worry. Kris Devasabai reports

Banks & Brokers

Deutsche Bank withholds bonuses from co-chiefs and top executives
Daniel Schäfer in London – Financial Times
Deutsche Bank is withholding several million euros in bonuses from its co-chief executives and other current and former top managers as it seeks to hold senior staff responsible for a host of costly legal and regulatory problems.

Banks curtail services as financial crime rules set in
Anna Irrera in Boston – Financial News
Banks have scaled back the scope of services they offer because of increasing regulatory pressure, clashing with a global push for financial institutions to do more to help unbanked markets, senior compliance officers have warned.

BNP Paribas Securities Services prepares for Basel III liquidity crunch
The Trade
BNP Paribas Securities Services has launched its Liquidity Access solution that aims to help banks and broker-dealers to keep an eye on their liquid assets.

Barclays Traders Charged in Libor Probe Seek Legal Fees
Bob Van Voris – Bloomberg
Three former Barclays Plc (BARC) traders charged in the U.K. with manipulating Libor sued the bank in a U.S. court claiming it’s obligated to keep paying their legal fees under a law protecting whistle-blowers.

UPDATE 2-ICAP sees signs of improvement for interdealer brokers
Clare Hutchison – Reuters
ICAP, the world’s biggest interdealer broker, reported a pick-up of trading in September and said a potential tie-up between rivals could bring further relief to an industry battered by retrenching investment banks and subdued markets.

Karen Cook: Goldman Sachs’s queen of M&A
Nick Kostov and Matt Turner – Financial News
Karen Cook, a key figure in almost every major UK takeover battle of the past decade, was given the chance to fast-forward her career in banking in part because Schroders, then almost exclusively male, was keen to hire female bankers in an effort to modernise.

Karen Cook’s heirs apparent: Mark Sorrell and Anthony Gutman
Matt Turner – Financial News
If Karen Cook is queen of UK M&A at Goldman Sachs, Mark Sorrell and Anthony Gutman are the princes.

Nothing to see at Santander, move along now
Paul Murphy – Financial Times
The disclosure of “material” information tends to generate a bit of discussion in corporate and financial circles, unless of course we’re talking Spanish banks. Note this announcement from Santander on Tuesday:

Senior sponsors banker Mark Gallagher to exit UBS
Matt Turner and Nick Kostov – Financial News
The former co-head of the UBS unit catering to private equity clients in Europe, who became chairman of financial sponsors late last year, is to become the latest senior investment banker to leave the Swiss group.

SocGen says ‘nothing to expect’ soon on U.S. sanctions probe
Societe Generale said it plans to finish an internal investigation into dollar transfers made on behalf of entities based in countries subject to U.S. sanctions, linked to talks with the U.S. Office of Foreign Assets Control, by the end of next year.

Clearing & Settlement

CME Group – Clearing: FECPlus Phase 2: Electronic Trade Migration (ETM) *UPDATE*

Indexes & Products

Short and leveraged ETP assets hit nearly $60 billion
Global assets under management in short and leveraged exchange-traded products reached $59.7bn in August; global listed ETFs and ETPs reached $2.7tn in assets at the end of August; Source launches first ETF for US market

Vanguard expands ETF range with four more launches
Julia Rampen – Investment Week
Vanguard has expanded its exchange-traded fund range with four funds offering exposure to the UK, European and developed world equity markets.

Ireland on a high in Russell Developed Europe Index
Ireland is the top performer in the Russell index; Nearly half of S&P 500 benchmark products sold outside US; FTSE launches Frontier Market Index Series; Solactive launches hedge fund replication index

NASDAQ OMX Lists Compass EMP Developed 500 Enhanced Volatility Weighted Index ETF – An International Large Cap Stock Fund With Downside Hedging Abilities

FTSE And Research Affiliates Debut FTSE RAFI Low Volatility Index Series

S&P Dow Jones Indices: DJIA 2014 Q3 Report Card

S&P Dow Jones Indices Market Attributes: U.S. Index Dashboard


BOAT introduces MMT standard in trade reporting
BOAT has announced the implementation of Market Model Typology (MMT) in its OTC trade reporting platform. This will further contribute to improved data quality and granularity aligned with market standards.

Financial technology start-ups spy buyside opportunities
Peter Davy – Financial News
The path to innovation on the buyside is not always straight but an increasing number of technology start-ups have their sights firmly set on the asset management industry.


Poker-Playing Hedge Fund Manager Sued Over Premature Bet
Silla Brush – Bloomberg
If a U.S. regulator has its way, Daniel Shak will soon have more time to focus on gambling at poker tables and none at all to spend betting on derivatives. Shak, founder of SHK Management LLC and a competitor in the World Series of Poker, has been sued by the Commodity Futures Trading Commission over allegations that he violated a two-year ban from some trading included in a 2013 accord settling claims that he tried to manipulate oil futures prices.

Investment adviser charged with GBP1m fraud
Investment Week
A financial adviser has been charged with 12 counts of fraud which is said to have netted him over GBP1m worth of clients assets.

Seven advice firms declared in default by FSCS
Jenna Towler – Investment Week
Seven advice firms have been declared in default by the Financial Services Compensation Scheme (FSCS).

S.E.C. Accuses 2 of Insider Trading in Herbalife
Ben Protess and Alexandra Stevenson – Dealbook – NY Times
The hedge fund world occasionally crosses a legal line when gleaning information from corporate insiders. Now, a federal investigation into Herbalife and the traders who traffic in the company’s stock reveals that hedge funds themselves produce insider secrets.

CFTC Charges Florida Company International Monetary Metals, Inc. and Florida Resident Martin Sommers with Engaging in Illegal, Off-Exchange Precious Metals Transactions

CFTC Files Complaint Charging Daniel Shak of Las Vegas with Violating a CFTC Order Settling Charges of Attempted Manipulation of NYMEX Crude Oil Futures Contracts
The CFTC Order entered in November 2013 prohibits Shak from trading futures contracts during the closing period for a two-year period

CFTC Orders Utah Resident Scott A. Beatty and his Company, Peak Capital Management Group, Inc., to Pay over $1.6 Million for Forex Fraud and Making False Statements to the CFTC During an Investigation
The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order requiring Scott A. Beatty of Roy, Utah, individually and doing business as Peak Capital Group, Inc., and his Ogden, Utah-based company, Peak Capital Management Group, Inc. (Peak Capital), jointly to pay restitution of $641,000 and a $1 million civil monetary penalty for committing fraud and misappropriation, making false statements to the CFTC, and failing to register with the CFTC in connection with operating a leveraged or margined off-exchange foreign currency (forex) scheme.

CFTC Seeks to Deny Registrations of Ronald E. Fisher and Zero Chaos Advisors LLC
The U.S. Commodity Futures Trading Commission (CFTC) today filed a Notice of Intent (Notice) to deny the application of Zero Chaos Advisors LLC (Zero Chaos) to register with the CFTC as a Commodity Trading Advisor (CTA) and the application of Ronald E. Fisher to register with the CFTC as an Associated Person of Zero Chaos. Zero Chaos and Fisher filed these applications for registration on March 2, 2014 (March 2, 2014 registration applications).

Environmental & Energy

Investors asked to reveal climate risk strategies
Jessica Shankleman, BusinessGreen
More than 1,000 of the world’s leading asset owners, including pension funds, insurance companies and sovereign wealth funds, will today be called on to reveal exactly how they are managing their exposure to climate-related risk.

Why India Isn’t So Keen to Fight Climate Change
Rebecca Leber, New Republic
When President Barack Obama said “nobody gets a pass” on fighting climate change in a speech last week, he might as well have been speaking directly to India.

***LB: Also in this story “Indian emissions are still low, per person, is that 400 million living there still lack power. Not surprisingly, India notes its “top priority” is expanding electricity to its population.”

Delhi Metro makes a profit by reducing its carbon footprint
Sumegha Gulati, The Indian Express
After earning carbon credits through regenerative braking, the Delhi Metro Rail Corporation (DMRC) is now making profits from its second project — Modal Shifts — by successfully reducing its carbon footprint and selling the credits thus earned in the international market.


Tokyo Financial Exchange: Trading Volume In September 2014

Slow boat to China’s currency
Joel Clark – Financial News
The success of CLS, says its chief executive David Puth, can not be measured in weeks or even months, but only in years.

Guest post: Is China serious about liberalising the renminbi?
Eswar Prasad, Karim Foda, and Abhinav Rangarajan – Financial Times
China continues to gradually open up its capital account, make offshore renminbi liquidity more easily available, and sign up more renminbi trading centers (London and Frankfurt most recently). To become a reserve currency, China also needs to let the renminbi’s value be market-determined rather than being tightly managed relative to the US dollar.

Japanese Commodity Markets Summary for September 2014

[OSE] Price Limits for DJIA Futures and CNX Nifty Futures (from October 6, 2014)

SGX: Highlights Of The Largest Capitalised Industrial Stocks

SGX: Features And Developments In Fixed Income

Frontier Markets

Argentina defies U.S. court order by depositing debt payment
Jorge Otaola – Reuters
Argentina deposited a $161 million bond interest payment with a newly appointed local trustee on Tuesday, the Economy Ministry said, defying a U.S. judge who held it in contempt a day earlier for taking illegal steps to meet its debt obligations.

A Second Custodian Bank At Palestine Exchange

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