First Read

Trade Talk: What’s in the Basket?
Bill Campbell, Fixed Income Solutions Director, Trading Technologies

The March-June 2015 CBOT Treasury bond futures roll is generating a lot of buzz. Most people are used to trading the Treasury calendar spreads 1:1, and the current roll is trading 3:2. How is this possible? The 1:1 was so easy to calculate in your head, and now they say you have to trade it 3:2?

The five-year gap

Between early 2001 and early 2006, the U.S. Treasury did not issue any Treasury bonds. Nine years later, that gap comes into play because now there is a single issuance, stranded at the front-end of the delivery basket, that would have been eligible for delivery. In December 2013, CME Group announced that it would exclude the 5-? percent of February 2031 U.S. Treasury bond from the contract grade for the delivery months June 2015, September 2015 and December 2015.

So what does that have to do with the 1:1 calendar spread?

Read the rest of the post at TradeTalk, the official blog of Trading Technologies


Rule Change Summary – Confirmations, Residual Interest, Corzine Rule

After the twin scandals of MF Global and Peregrine Financial rocked the futures industry in 2011 and 2012, the National Futures Association, underwent a review, not only of its internal procedures, but also of its rules. In Part Two of this two-part John Lothian News exclusive, NFA CEO Dan Roth summarizes the changes made to the agency’s rules to restore customer confidence.
Watch the video »

OCC Announces New Leaders to Enhance Business and Product Development and Communications
OCC announced today that Scot Warren has joined OCC as Executive Vice President, Business Development and The Options Industry Council. Mr. Warren has 25 years of experience in global equity and equity derivatives markets, including index services. In his new role, he will provide oversight to further strengthen OCC’s business and product development efforts as well as its communications programs. Mr. Warren’s responsibilities will also include oversight of The Options Industry Council and investor education. Additionally, to enhance our capabilities and better support the increasingly important role of communications as a systemically important organization, OCC has hired David Prosperi as First Vice President, Public Relations, and Patricia Overstreet-Miller as First Vice President, Corporate Communications, both reporting directly to Mr. Warren.

***** Congratulations to Scot Warren on his new role with OCC and WELCOME BACK to David Prosperi, former CME and CBOT communications executive who has been at AON for the last few years.


MOVES-ICE adds Chris Rhodes, Gordon Bennett to derivatives markets
Exchange and clearing house operator Intercontinental Exchange Inc added Chris Rhodes and Gordon Bennett to its derivatives markets team. Rhodes has been appointed head of interest rates and Bennett has been named managing director of utility markets, both at ICE futures Europe.

****** No word on whether Chris Rhodes is a scholar.


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J.P. Morgan to Start Charging Big Clients Fees on Some Deposits; New deposit fees likely to reduce deposits by billions
By Emily Glazer, WSJ
J.P. Morgan Chase & Co. is preparing to charge large institutional customers for some deposits, citing new rules that make holding money for the clients too costly, according to a memo reviewed by The Wall Street Journal and people familiar with the plan.

****** Give me your money. I won’t charge you, I promise.


Free doughnuts from Krispy Kreme on Tuesday
Bruce Horovitz, USA TODAY
You may want to make time for one extra-sweet stop on your way into work on Tuesday: Krispy Kreme. The indulgent doughnut chain has picked a very consumer-friendly way to celebrate the opening of its 1,000th store — free doughnuts. Specifically, one free, Original Glazed doughnut to the first 1,000 guests at every participating store.

****** Lent is full of many challenges, now this from Krispy Kreme.


Bankers held to higher standards than bishops, claims HSBC chief
Martin Arnold and George Parker in London, FT
HSBC’s chief executive has complained that bankers are being held to a higher standard than bishops as the UK government promised a legal crackdown on banks that facilitate tax evasion.

****** Now we know the low standards that Bishops are held to.


Lead Stories

Singapore Exchange chief Magnus Böcker to leave in June
Philip Stafford, FT
Singapore Exchange is looking for a new chief executive after Magnus Böcker said he would leave the world’s eighth largest exchanges operator by market capitalisation in coming months.

Big Banks Face Scrutiny Over Pricing of Metals; U.S. Justice Department investigates price-setting process for gold, silver, platinum and palladium
By Jean Eaglesham and Christopher M. Matthews
U.S. officials are investigating at least 10 major banks for possible rigging of precious-metals markets, even though European regulators dropped a similar probe after finding no evidence of wrongdoing, according to people close to the inquiries.

High costs warning for EU failed trade rules
Philip Stafford and Ralph Atkins, WSJ
Europe’s bond and repo markets could be hit with billions of euros in costs and be forced into a radical reshaping under proposed new rules intended to insure against a breakdown of market infrastructure.

Flash Boys Help Markets, Not Just Themselves, BOE Study Finds
by John Detrixhe, Bloomberg
A year after Michael Lewis’s book brought the supposed menace of high-frequency trading to public attention, researchers at the Old Lady of Threadneedle Street suggest speedy trading may not be so bad for markets after all.

Stifel to Buy Sterne Agee for $150 Million; Deal would expand wealth-management segment
By Julie Steinberg And Katy Burne
Stifel Financial Corp. plans to buy century-old brokerage firm Sterne Agee for $150 million, extending an acquisition spree as it builds up a broker business that generates stable fees.

Meet Wall Street Refugees Running Bonds at Freddie Mac
by Jody Shenn, Bloomberg
Way up in a Manhattan skyscraper, a band of Wall Street refugees is quietly staking billions of dollars on the American mortgage machine.

Best Stock Pickers Say Easy Money Has Made Their Job Harder
by Charles Stein, Bloomberg
Robert D’Alelio has the kind of long-term record every mutual fund manager aspires to, beating 98 percent of his peers over the past 15 years with the $12.6 billion Neuberger Berman Genesis Fund and crushing his benchmark, the Russell 2000 Index.

Smart Trading for Those Who Seldom Trade
By Jason Zweig – Wall Street Journal
Even the most patient stock investors have to buy and sell sometimes, and how you trade can make a big difference in how much money you make.
You could buy or sell a stock using a “market order,” an instruction to your broker to trade as soon as possible at the best price available in the market. Or you could use a “limit order” that indicates the highest price you are willing to pay if you are buying—or the lowest price you will accept if you are selling.

Little hope of ‘Robin Hood’ tax relief for market makers
By Tim Cave, Financial News
An exemption for market makers from the EU’s proposed financial transactions tax would “not fit with the philosophy” of the levy and would “drastically affect” its revenues, according to EU officials finalising the workings of the tax.

UBS Whistleblower Pushed Hard to Help in Paris Probe
By John Letzing
Bradley Birkenfeld isn’t ready to let UBS UBS off the hook. The American whistleblower, who has a track record of creating legal headaches for his former employer, will aid a current French probe of UBS, but had to push hard to win permission to do so, according to correspondence reviewed by The Wall Street Journal.


Swiss market regulator says unlikely to probe HSBC further
Switzerland’s financial markets regulator FINMA is unlikely to look into possible wrongdoing at HSBC’s (HSBA.L) Swiss private bank in the light of leaked information that was published this month, FINMA’s head of enforcement said on Tuesday.

Failed Nominee Weiss Morphs Into Key Debt Official at Treasury
by Ian Katz, Bloomberg
Eight days after joining the Treasury Department as an adviser, Antonio Weiss was the lead U.S. official listed at a meeting with Wall Street executives. It’s a role typically played by the undersecretary for domestic finance — the same post Weiss lost after Democratic senators stymied his nomination.

RBS’s Sir Howard appointment stirs revolving door concerns
Harriet Agnew, City Correspondent, FT
The expected appointment of Sir Howard Davies as the chairman of Royal Bank of Scotland has reignited the debate about the syndrome of the revolving door between different branches of the UK government and the industries they supervise.

Volcker rule to usher in 50 trades of grey
Tom Braithwaite in New York, FT
Regulators, like film censors, rely on complicated metrics to decide which trades are legal
Wall Street traders can identify with Fifty Shades of Grey. First, the setting: the “enormous — and frankly intimidating — glass, steel and sandstone lobby” where the book’s main characters meet sounds just like Goldman Sachs’ Manhattan headquarters. And anyone who has worked on a trading desk is no stranger to sadomasochism.

CFTC to hold debate on uncleared swaps
US regulator the Commodity Futures Trading Commission (CFTC) will hold on Monday an open discussion on the increasingly contentious issue of proposed margin rules for uncleared swaps
The derivatives regulator will meet with trade body the Securities Industry and Financial Markets Association (Sifma) to discuss major implementation issues including the timeline, margin requirements between affiliate and international harmonisation.

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
FINRA: Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Adopt FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) (Release No. 34-74340; File No. SR-FINRA-2014-048; February 20, 2015)
FINRA: Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Adopt FINRA Rule 2241 (Research Analysts and Research Reports) in the Consolidated FINRA Rulebook (Release No. 34-74339; File No. SR-FINRA-2014-047; February 20, 2015)
ICC: Notice of Designation of Longer Period for Commission Action on Proposed Rule Change to Revise the ICC Risk Management Framework (Release No. 34-74341; File No. SR-ICC-2014-24; February 20, 2015)
ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Limit Up-Limit Down Obvious Error Pilot (Release No. 34-74335; File No. SR-ISE-2015-07; February 20, 2015); see also Exhibit 5
NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Postpone Implementation of Changes to Rules 4751(h) and 4754(b) Relating to the Closing Proces (Release No. 34-74342; File No. SR-NASDAQ-2015-014; February 20, 2015)
NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Fee Schedule under Exchange Rule 7018(a) with Respect to Transactions in Securities Priced at $1 or More per Share (Release No. 34-74343; File No. SR-BX-2015-011; February 20, 2015); see also Exhibit 5
NYSE Arca: Order Granting Approval of Proposed Rule Change Relating to the Listing and Trading of Shares of the SPDR DoubleLine Total Return Tactical ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-74338; File No. SR-NYSEArca-2014-143; February 20, 2015)

FINRA Investor Education Foundation and United Way Grant $1.5 Million for Financial Education
The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and United Way Worldwide are giving more than $1.5 million in grants to help low-wage families build financial stability, under the Financial Education in Your Community initiative.

ASIC takes action on deficient advice on complex structured investment products
ASIC concerns about financial advice relating to complex products has led to 10 licensees undertaking corrective action.

Canadian Securities Regulators’ Review Finds Medical Marijuana Business Disclosure Deficient
Members of the Canadian Securities Administrators (CSA) today released CSA Staff Notice 51-342 This link will open in a new window Staff Review of Issuers Entering Into Medical Marijuana Business Opportunities, which summarizes the CSA’s findings and disclosure expectations for reporting issuers contemplating involvement in Canada’s medical marijuana industry.

Thomson Reuters To Host The 2nd Annual Japanese Regulatory Summit In Tokyo
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, will host the 2nd annual Japanese Regulatory Summit in Tokyo on 10 March. Building on the success of Thomson Reuters Regulatory Summits in the region and globally, this program will bring together a strong line-up of speakers to explore the ever-changing regulatory landscape whilst sharing best-practice approaches to risk management, corporate governance and compliance, in an effort to enhance Japan’s standing as a robust financial centre which is compliant with international regulations.

Exchanges & Trading Facilities

SGX CEO Bocker leaving end June
The SGX Board of Directors wishes to announce that Mr Magnus Bocker, the CEO, has notified that he is not seeking extension of his appointment beyond his current contract, which will be completed on 30 June 2015. He has been the CEO of SGX since 1 December 2009.

NDF Traders to Benefit from Advanced Liquidity and Sophsiticated Order Book at SwapEx LLC
Forex Magnates
SwapEx, a US-based Swap Execution Facility (SEF), has extended its core functionality for currency traders. The firm, which is an affiliate of leading ECN Currenex, will offer users Executable Streaming Prices (ESP) and limit order book execution. The SEF offers access to swaps and NDFs, as per the Dodd-Frank Act.

CME Group Notices
CME Group

  • Performance Bond Requirements: Agriculture Outrights; Agriculture Intra-Commodity Spread Charges – February 24, 2015 23 Feb 2015
  • Discontinuation of CME Globex Electronic Trading of Certain CBOT Equity Index Futures and Options Contracts 23 Feb 2015
  • Discontinuation of CME Globex Electronic Trading of Certain CME Equity Index Futures and Options Contracts 23 Feb 2015
  • New Product Summary: Crude and Refined Mini Products – March 9, 2015 23 Feb 2015
  • Amendments to E-mini CNX Nifty Index Futures and E-micro CNX Nifty Index Futures Contracts 23 Feb 2015
  • Block Trades

CME to launch Europe and Asia benzene swaps
Exchange operator CME Group is preparing to launch two petrochemical futures swaps that will be settled against Argus physical prices and will allow downstream consumers to hedge against the significant volatility in their feedstock markets.

Hedge Funds & Managed Futures

Metal Manipulation and Negative Rates
By Matt Levine, Bloomberg
Metal manipulation.
You can distinguish two types of benchmarks, which are subject to two types of manipulation. There are benchmarks that are defined as observed prices at some instant or period of time in active markets — currency fixes, for instance — which you can manipulate only through actual risky trading behavior that moves prices. And then there are benchmarks where you just make up numbers — Libor, preeminently — which you can manipulate by just making up the wrong number. I’m no expert on precious-metals pricing, but the system where a small number of banks hop on the phone to hash out a benchmark price, while simultaneously trading in electronic markets with people who aren’t on the call, sounds uncomfortably close to the second category. It’s changing, of course:

Here’s a New, Cheaper Way to Invest With Bond King Jeffrey Gundlach; Actively managed exchange-traded funds have underwhelmed investors. Will DoubleLine’s star manager change that?
by Eric Balchunas, Bloomberg
The last of the rock star portfolio managers is about to see how big his name really is.

Best Stock Pickers Say Easy Money Has Made Their Job Harder
Bloomberg Business
Managers say they haven’t changed, the market has. The easy money climate of near-zero interest rates engineered by the Federal Reserve has artificially inflated prices of lower-quality U.S. stocks, they say, punishing those who focus on businesses with the best fundamentals. At the same time, the relentless climb of prices across equity markets has left them with few chances to sniff out bargains or show what they can do in more-volatile times.

Hedge Funds Take a Bigger Bite Out of Apple, Says Goldman
By Kristen Scholer, WSJ
Hedge funds are banking on solid returns from Apple Inc. this year as they seek to finally outperform the overall market after lagging for several years.

Copper Tells Two Stories on Global Economy; Copper’s gyrations have left analysts unusually polarized over where its price will go next
By Biman Mukherji, WSJ
It is often claimed that copper prices are a reliable barometer of the global economy’s health. Those who monitor the metal closely are sharply divided over its condition.

Banks & Brokers

Banks Face U.S. Manipulation Probe Over Metals Pricing
by David McLaughlin, Tom Schoenberg, Bloomberg
The U.S. Justice Department is investigating whether the world’s biggest banks manipulated prices of precious metals such as silver and gold, according to people with knowledge of the matter.

CFTC subpoenaed HSBC Bank USA for documents on metals trading
By Jan Harvey, Reuters
The Commodity Futures Trading Commission issued a subpoena to HSBC Bank USA in January seeking documents related to the bank’s precious metals trading operations, HSBC said in its annual report and accounts statement on Monday.

Bank of Montreal reports smaller first-quarter profit
Bank of Montreal posted a smaller first-quarter profit on Tuesday, largely due to the impact of declining long-term interest rates on its insurance unit and lower investment and corporate banking revenues.

Deutsche Bank signs multi-billion-dollar IT deal with HP
Deutsche Bank signed a multi-billion-dollar agreement to outsource its wholesale banking IT infrastructure to U.S.-based Hewlett-Packard (HP), the two companies said in a joint statement on Tuesday.

Clearing & Settlement

OCC hires two from Merc in latest senior changes
Futures & Options World
The Options Clearing Corporation has continued to ring the management changes at the main US options clearing firm, by hiring two former senior managers from the Chicago Mercantile Exchange. The OCC said on Monday it has hired as executive vice president for business development Scot Warren, the former senior managing director of equity products and index services at the Merc.

Derivatives sound practices – final Guideline released for federally-regulated financial institutions in Canada
On January 30, 2015, the Office of the Superintendent of Financial Institutions (OSFI) published the final version of Guideline B-7 – Derivatives Sound Practices (the Guideline), replacing the 1995 Guideline B-7 – Derivatives Best Practices. Although the final version of the guideline was only just recently released, the Guideline came into effect on November 1, 2014 following the release of the draft of the Guideline issued on October 1, 2014. The draft of the Guideline, which included updates to reflect the over-the-counter (OTC) derivatives market reforms initiated by G-20 leaders, reflects OSFI’s expectations for central clearing of standardized OTC derivatives and reporting derivatives data to a trade repository.

Indexes & Products

Cattle Hides Replace Entrails as Dark Omens of Economy
by Luzi Ann Javier, Bloomberg
Two thousand years ago, the haruspices of ancient Rome peered at animal entrails to divine the future. Today’s seers have refined the technique, searching for clues to the fate of the global economy — and the modern omens aren’t promising.
A gauge of growth rates for raw materials including cattle hides, tallow, plywood and burlap has been signaling economic contraction since September. The last time the growth rate of the JoC-ECRI Industrial Materials Price Index was falling to these levels, the world was mired in recession. At the same time, the price-tracking Bloomberg Commodity Index is near a 12-year low, with bear markets for more than half of the 22 items it measures.

Tauriga Sciences, Inc. Shares Included in The Marijuana Index
Tauriga Sciences, Inc.announced today that it has been selected by The Marijuana Index for inclusion in its MJIC Reporting Company Index. The Marijuana Index is the leading equity tracking index featuring public companies involved in the cannabis industry. The Marijuana Index provides the most robust data set in the industry with a perpetually expanding assemblage of information available to brokers, analysts, investors and media.

S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian Indices – MarketWatch
S&P Dow Jones Canadian Index Services will make two changes in the S&P/TSX Canadian Indices due to redemptions by Toronto Dominion Bank

Hedgies all-in on stocks; here’s how to play it
Yahoo7 Finance Australia
Jumping on the equities bandwagon hasn’t helped turn around the group’s waning fortunes, however. The average fund has returned just one percent in 2015, lagging major indexes like the S&P 500 (INDEX: .SPX), which is up 2.4 percent so far, and the Russell 3000 (Exchange: .RUA), which has risen 2.6 percent. The reason is a “poorly timed” move that came as the index slid 3 percent in January, the analysis said.

Rejigging of heavyweight indices like Nifty or MSCI India may serve as good investment opportunity
The Economic Times
Rejigging of heavyweight indices (Nifty or MSCI India) may serve as a good investment opportunity if one considers the past trend. Since 2008, it has been observed that investors which held stocks to be included in MSCI India index made higher returns than the ones which were added to CNX Nifty.


Sapient Global Markets’ CMRS wins ‘Best Risk Management Solution – Innovation’ at 2015 Wall St Letter Awards
Sapient Global Markets, a part of Publicis.Sapient, and leading global provider of business technology and consulting services for the capital and commodity markets, today announced that its Compliance Management Reporting System (CMRS) has been named ‘Best risk management solution – innovation’ in the 2015 Wall Street Letter Institutional Trading Awards.

Newly minted tech employees will love this ultra modern Castro studio
San Francisco Business Times
A Craigslist ad is touting an “ultra modern Castro studio.” The amenities, the ad says, include easy access to the Castro’s trendy bars and restaurants, close proximity to public transit and that it’s Google-bus adjacent. “Newly minted tech employees” would be the preferred tenant for this property. Most of us will recognize it as a city bus shelter.

SunGard and InCore Bank AG to Deliver New Outsourcing Offering to Help Reduce Complexity for Swiss Private Banks
SunGard, one of the world’s leading software and technology services providers to the financial services industry, has forged a strategic collaboration with InCore Bank AG, a Swiss bank providing a full range of professional business services, including brokerage and custody, for private banks and security dealers. This new collaboration will bring Swiss private banks a fully comprehensive banking services solution on a new business process outsourcing platform.


Northern Trust to pay $60 million to settle securities-lending cases
By Becky Yerak – Chicago Tribune
Northern Trust to pay $60 million to settle class-action suits. Northern Trust Corp. will pay a combined $60 million to settle two 2009 class-action lawsuits filed by retirement plans unhappy with how the Chicago-based financial services firm ran its securities-lending program, according to two court filings last week.

FCA fines Aviva Investors £17.6m for systems and controls failings that led to its failure to manage conflicts of interest fairly
The Financial Conduct Authority (FCA) has fined Aviva Investors Global Services Limited (Aviva Investors) £17,607,000 for systems and controls failings that meant it failed to manage conflicts of interest fairly. These weaknesses led to compensation of £132,000,000 being paid to ensure that none of the funds Aviva Investors managed was adversely impacted.

Environmental & Energy

Bill Gates and Other Business Leaders Urge U.S. to Increase Energy Research
By Justin Gillis – The New York Times
The government is spending far too little money on energy research, putting at risk the long-term goals of reducing carbon emissions and alleviating energy poverty, some of the country’s top business leaders found in a new report.

Norway faces up to prospect of North Sea slowdown
Richard Milne, Nordic Correspondent, FT
Norway’s economic model has long been much-admired. The Scandinavian country is one of the wealthiest nations in the world, thanks to 40 years of North Sea oil production. The global financial crisis barely registered amid decades of almost nonstop growth.

Carbon Pricing Pays the Way for Cleaner Energy
By John Upton – Climate Central
Following more than two centuries of fossil-fueled industrialization, during which the atmosphere has been used as a free dump for climate-changing pollution, an incipient era of carbon-pollution pricing is paying dividends to the climate.

Fracking Industry Distorts Science To Deceive Public And Policymakers, Says Watchdog Group
By Lynne Peeples –
The oil and gas industry sponsors and spins research to shape the scientific debate over horizontal hydraulic fracturing, or fracking. That’s the conclusion of a watchdog group’s analysis of more than 130 documents distributed to policymakers by industry representatives.


Singapore Exchange CEO to step down after drop in trading volume
By Anshuman Daga, Reuters
Singapore Exchange Ltd (SGX) said on Tuesday that Magnus Bocker will step down as chief executive on June 30 at the end of his contract.

Samsung heir, PayPal founder discuss fintech strategy
Korea Herald
Samsung Electronics vice chairman Lee Jay-yong met U.S. billionaire venture capitalist Peter Thiel, the cofounder of the online money transfer company PayPal, on Tuesday in Seoul to discuss the Korean tech giant’s financial technology strategy.

HK stock exchange chief wants China fund houses on through train
Enoch Yiu, South China Morning Post
Hong Kong Exchanges and Clearing (HKEx) chief executive Charles Li Xiaojia said on Monday that allowing mainland Chinese fund houses to invest in Hong Kong stocks under the Stock Connect scheme would boost turnover of the so-called through train programme.

Frontier Markets

Securities and Exchange Board of India Notices
Interim order in the of matter Dreamland Industries Limited
PR – Order in the matter of M/s Basil International Limited
Adjudication order against Yamuna Power & Infrastructure Ltd.
Adjudication order against Wilwayfort India Ltd.
Ortel Communications Limited
Sundaram Select Micro Cap – Sr. XI -XIIICICI Prudential Business Cycle Fund – Sr. 1 to 3
UTI Fixed Term Income Fund – Sr.XXII
Baroda Pioneer Equity Trigger Fund – Sr. III
SBI Debt Fund Sr. B -16 to 20
Kotak India Growth Fund Sr. I & II
Suzlon Energy Limited

Financial Technologies’ appeal adjourned; FTIL has moved SAT against Sebi order related to its stake in exchanges
Sachin P Mampatta, Business STandard
The Securities Appellate Tribunal will hear next month Financial Technologies India Limited’s (FTIL’s) appeal the Securities and Exchange Board of India. The matter has been adjourned to March 19th.

Development In Over-The-Counter Market
The Egyptian Exchange (EGX) announced the launch of the second phase of the (Over – The – Counter) OTC market’ restructuring process to become a fully computerized market by allowing the parties wishing to implement buy and sell of the shares of non-listed shareholding companies to add orders on private screens without a prior agreement between the parties, and the implementation will be automatic through the electronic system which is similar to the main market mechanism.

WSE Group To Offer A New Market
WSE Group
The WSE Group will open a commodity-based financial market within a year
The new market will be operated by the Polish Power Exchange
Electricity futures will be the first instrument to be introduced to trading
On 23 February 2015 the Ministry of Finance issued a decision authorizing the start of trading commodity derivatives on the Financial Instruments Market (RIF) to be operated by the Polish Power Exchange (PolPX). According to the decision of the Minister of Finance, the new market should be opened within a year. Electricity futures will be the first instrument to be introduced to trading.


Smart corporates beef up FX hedging
by Farah Khalique, Euromoney
FX volatility highlights the need for corporates to stick to long-term hedging programmes, so that they can protect profits and their credit ratings. Some firms are also positioning themselves for opportunistic trades and upgrading their treasury and FX management systems.

Cargill completes $12.5 million investment in South Africa animal feed facility, upgrades production capabilities and demonstrates growth in Africa
Driven by an increase in demand from customers throughout the region for animal feed products, Cargill has completed a USD $12.5 million expansion of its premix facility in Pietermaritzburg, South Africa. The expansion includes new equipment, technology and resources to increase the plant’s efficiency and improve product quality. This investment demonstrates Cargill’s commitment to an animal production market in sub-Saharan Africa that is experiencing significant growth.

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