First Read

It’s a MAD MiFID II world now, and US firms should prepare
By Erik Donelson, special contribution to John Lothian News

Note: Erik has been working as a regulatory intern at John Lothian News since April 2015. On the last day of his internship, he attended an FIA event in Chicago – “What Every Market Participant Should Know about MiFID II.” Below are his thoughts and observations from the event.

MiFID II enforcement is coming, and it’s going to affect all market participants, including those in the United States. As ESMA and the European Commission finalize the technical standards ahead of January 2017, when the directive and accompanying regulations come into force, it is becoming clear that markets in Europe will be radically altered.

On July 30, the FIA hosted a panel in Chicago of “victims,” as they labeled themselves, of MiFID II rules. Chief among the regulations is a definition of high frequency trading and the regulation of algorithms. According to the panel, the commission seems to prefer a system based on the median daily lifetime of cancelled/modified orders. Under this regime, any entity that falls above the median threshold would be classified as HFT.

Additionally, any firm with direct electronic access will be deemed a MiFID regulated firm, and this definition will include those trading for their own account. Clearing firms and others that provide direct access to their clients will be subject to an entire slate of new risk controls.

Read the rest of the commentary at


BitBeat: Bitcoiners Decamp to Bretton Woods, Assess the Future of Bitcoin
Bitcoin’s growth may indeed be happening at a faster pace than the growth of the Internet back in the 1990s, which has insiders all abuzz, but the cryptocurrency is still to most people an incoate, confusing concept, assuming they don’t just dismiss it outright. To address that, a small group of insiders gathered in the New Hampshire hills in July with the goal of producing a comprehensive assessment of where bitcoin is, where it may go, and what might prevent it from getting there.

***** The symbolism is just dripping in irony.


No more free cheese sticks for Kraft employees in cost crackdown
Crain’s Chicago Business
The days of free Jell-O and cheese sticks are over for employees at Kraft’s headquarters.

***** While there is no such thing as a free lunch, it seems there was free cheese at Kraft, until now. I can see beer company workers all across the nation going on strike, trying to stop this type of free product sharing stoppage from spreading.


MarketsWiki Education Intern Series 2015

China’s Stock Markets: Nearly 25 Years of Wild Swings; Recent rout in Shanghai only ranks 21st in terms of losses
In the two years after China opened its stock markets, shares soared 1200% and twice fell by half. Investors seeking IPO shares rioted, overturning cars and smashing windows, leading police to use tear gas and fire their guns in the air to quell the disturbance.

***DA: It is worth noting amid the current hand-wringing in China and the rest of the world that, even at current prices, China shares are up well over 60 percent from a year ago.


Elizabeth Warren’s Crusade to Separate Investment and Commercial Banks
For reasons that are mystifying, the idea of separating investment banks from commercial banks — once the law of the land for more than 60 years — is again the rage among certain politicians.

***DA: The regulations put in place after the financial crisis have further concentrated risk into fewer, larger entities. Nothing mystifying about the idea of decentralizing risk.


Lead Stories

SunGard Is Said to Be in Sale Talks With Fidelity National Information
By MICHAEL J. de la MERCED, NY Times
SunGard may have been planning to return to the public markets, but it may instead be sold to a peer.

Exclusive: China watchdog extends pursuit of short sellers to HK, Singapore – sources
China is pressing foreign and Chinese-owned brokerages in Hong Kong and Singapore to hand over stock trading records, sources said, extending its pursuit of “malicious” short sellers of Chinese stocks to overseas jurisdictions.

China targets high-frequency traders in ‘spoofing’ probe
Gabriel Wildau in Shanghai, FT
China’s securities regulator is targeting high-frequency traders in its latest attack on price manipulation, amid stock market turbulence that has sparked concerns over the stability of the broader financial system.

Nasdaq OMX, Markit Have Expressed Interest in Interactive Data Corp.; Sale could value IDC at more than $5 billion, including debt
Nasdaq OMX Group Inc. and Markit Ltd. have expressed interest in acquiring financial data provider Interactive Data Corp., according to people familiar with the matter.

CME Spared Open-Outcry Options Traders, But for How Long?
by Brian Louis, Bloomberg
Is CME Group Inc. starting to lose its rationale for letting options traders stick around the pits, yelling and waving their hands to buy and sell the contracts?

U.S. Banks Take Global Lead; As big European firms retrench, American rivals are dialing up their overseas ambitions
In the trans-Atlantic rivalry for investment-banking supremacy, the Americans are running up the score.

Preet Bharara’s Insider-Trading Smackdown Heads to the Supreme Court; Bharara makes a risky move
by Sheelah Kolhatkar, Bloomberg
On Thursday, quietly and four days ahead of the deadline, the solicitor general of the U.S. filed a petition to the Supreme Court asking it to review an appeals court decision that threatens to undermine at least some of Preet Bharara’s legacy on insider-trading prosecutions.

Obama Administration Asks Supreme Court to Review Insider Trading Ruling; Government says decision overturning hedge-fund trader convictions hurts policing of markets
The Obama administration on Thursday asked the Supreme Court to review a controversial decision by a federal appeals court that prosecutors say will make it harder for them to win insider trading cases.

A shipping disaster’s lessons for Dodd-Frank
Randall Kroszner, FT
One hundred years ago this month , 2,500 passengers in a festive mood boarded the SS Eastland for a picnic cruise on Lake Michigan. Just as the ship was to leave its mooring in the Chicago river, the Eastland suddenly capsized and 841 passengers lost their lives — more than in the Titanic disaster.

Ex-US banking regulator Bair resigns from Santander
Tom Braithwaite in San Francisco and Martin Arnold in London, FT
Sheila Bair, the former US banking regulator, has resigned from the board of Banco Santander, ending a sometimes uncomfortable 18 months at Spain’s largest bank. Ms Bair, who was head of the Federal Deposit Insurance Corporation (FDIC) during the financial crisis, is leaving to concentrate fully on a new role as president of Washington College in Maryland.

Lehman Increases Money Recovery Estimate to $92.2 Billion; Defunct investment bank helped by gains in real estate, derivatives and private-equity investments
Lehman Brothers Holdings Inc., which collapsed nearly seven years ago, increased its estimate of how much money it will recover to $92.2 billion, thanks to gains in real estate, derivatives and private-equity investments.

SIFMA AMG Encouraged by the FSB’s Prioritization of an Activities-Based Approach to Evaluating Asset Management Risk
SIFMA AMG Encouraged by the FSB’s Prioritization of an Activities-Based Approach to Evaluating Asset Management Risk
SIFMA today released the following statement from Timothy Cameron, managing director and head of SIFMA’s Asset Management Group (SIFMA AMG), after the Financial Stability Board (FSB) issued a statement noting that it will prioritize a review of asset manager activities before considering any asset management entities for designation as systemically important:

Compliance Counsel to Help DoJ Decide Whom to Prosecute
The Justice Department is about to address a big complaint of the business community, which has long argued that authorities don’t give companies enough credit when they try to prevent employees from committing crimes but fail.


Deutsche Bank Didn’t Archive Chats Used by Some Employees Tied to Libor Probe; Bank says data loss was due to software glitch; New York regulator probing whether loss affects Libor settlement
A month after reaching a $2.5 billion settlement over interest rate rigging, Deutsche Bank AG told regulators its disclosures may have been incomplete because it accidentally failed to archive electronic chats involving its employees, people familiar with the matter said.

Regulations Must Evolve With Markets
FIA Principal Traders Group
Last week, CFTC Chairman Tim Massad said that the agency is preparing to release a rule on automated trading by the end of the year.

SNB’s Record $52 Billion Loss Gives Critics More Ammunition
by Catherine Bosley, Bloomberg
The Swiss National Bank suffered a record loss for the first half of the year and warned a customary government payout was in jeopardy, giving politicians keen to raise their profile in an election year more fodder for criticism.

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans

  • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Delay Implementation of SR-BATS-2015-51 (Release No. 34-75567; File No. SR-BATS-2015-54)/li>
  • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amending its Simple Auction Liaison (SAL) Rule (Release No. 34-75548; File No. SR-CBOE-2015-070; July 29, 2015); see also Exhibit 5/li>
  • EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.11, Routing to Away Trading Centers (Release No. 34-75550; File No. SR-EDGA-2015-28; July 29, 2015); see also Exhibit 5/li>
  • FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Update Rule Cross-References and Make Non-Substantive Technical Changes to Certain FINRA Rules (Release No. 34-75560; File No. SR-FINRA-2015-027)/li>
  • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend NASDAQ Rule 7015(b) and (g) to Modify Port Fees (Release No. 34-75557; File No. SR-NASDAQ-2015-086)/li>
  • NASDAQ: Notice of Filing of Proposed Rule Change Relating to the Listing and Trading of the Shares of the PowerShares High Income Downside Hedged Portfolio a series of the PowerShares Actively Managed Exchange-Traded Fund Trust (Release No. 34-75555; File No. SR-NASDAQ-2015-085)/li>
  • NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4703(a) (Release No. 34-75568; File No. SR-BX-2015-043); see also Exhibit 5/li>
  • NSX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Exchange Rule 11.21, Short Sales, to Describe the Exchanges Implementation of Rule 201 of Regulation SHO Under the Securities Exchange Act of 1934 and Relocate Certain Text from Rule 11.11, Orders and Modifiers; and Amending Rule 13.2 to Incorporate By Reference Rules 200, 203 and 204 of Regulation SHO (Release No. 34-75554; File No. SR-NSX-2015-04)/li>
  • NYSE Arca: Order Approving a Proposed Rule Change, as Modified by Amendments No. 1 and No. 2, to List and Trade of Shares of Newfleet Multi-Sector Unconstrained Bond ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-75566; File No. SR-NYSEArca-2015-42)/li>
  • NYSEMKT: Notice of Filing of Proposed Rule Change Amending the NYSE MKT Trades Market Data Product Offering (Release No. 34-75559; File No. SR-NYSEMKT-2015-56)/li>
  • Phlx: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Delay of Implementation Related to the Volume-Based and Multi-Trigger Thresholds (Release No. 34-75558; File No. SR-Phlx-2015-67)

Exchanges & Trading Facilities

CME denies problem with soy crush spread after futures pits close
CME Group Inc’s electronic trading platform can still accommodate a popular type of spread trade involving soybean futures now that open-outcry pits have closed, the exchange operator’s president said on Thursday, responding to complaints by grain brokers about problems in the market.

CME Group Inc. Reports Strong Second-Quarter 2015 Financial Results; Second-quarter 2015 revenues rose 12 percent to $820 million; Second-quarter 2015 adjusted net income attributable to CME Group of $320 million and adjusted diluted earnings per share of $0.95 both grew more than 20 percent(1)
CME Group
CME Group Inc. (NASDAQ: CME) today reported revenues of $820 million and operating income of $495 million for the second quarter of 2015. Net income attributable to CME Group was $265 million and diluted earnings per share were $0.78. Excluding the items noted in the reconciliation, adjusted net income attributable to CME Group would have been $320 million and adjusted diluted earnings per share would have been $0.951.

Euronext in ‘organic’ rather than predatory growth mode
ByJames Rundle and Tim Cave, Financial News
Euronext has downplayed the prospect of mimicking its peers and making acquisitions in the near future, as restructuring costs took the shine off the exchange operator’s best quarter for five years in cash volumes.

Deutsche Börse places Hybrid Bond of EUR 600 million
Financing of STOXX transaction completed
Deutsche Börse
Deutsche Börse AG has successfully placed a hybrid bond on the market in an aggregate principal amount of EUR 600 million due in 2041. The notes carry a yearly coupon of 2.75 per cent until the first call date in February 2021. Listing of the notes will take place in the regulated market of the Luxembourg Stock Exchange and in the regulated market of the Frankfurt Stock Exchange with participation in the Prime Standard for corporate bonds.

CUSTOMERS ENGAGING IN LAYERING AND SPOOFING; Enables the Exchange to Quickly Stop Customers Engaging in Manipulative Behavior
BATS Global Markets
BATS Global Markets (BATS) today filed with the Securities and Exchange Commission the BATS Client Suspension Rule, which would enable the company to take swifter action to prohibit manipulative behavior, such as spoofing and layering, on the BATS Exchanges.

CBOE To List VIX ‘Weeklys’ Options Beginning October 8; Weekly Options Give Investors a Full Complement Of Short-Term Trading, Hedging Opportunities
The Chicago Board Options Exchange® (CBOE®) today announced that it plans to list options with weekly expirations on the CBOE Volatility Index® (VIX® Index) beginning Thursday, October 8, 2015.

CBOE Holdings Reports Results for Second-Quarter 2015; Second-Quarter 2015 Financial Highlights; Operating Revenue Increases 3 Percent to $148.7 Million; GAAP Net Income Allocated to Common Stockholders Increases 5 Percent to $44.6 Million; Diluted EPS of $0.54, Up 8 Percent; GAAP Operating Margin of 49.3 Percent Compared With 48.4 Percent, Up 90 Basis Points
CBOE Holdings, Inc. (NASDAQ: CBOE) today reported net income allocated to common stockholders of $44.6 million, or $0.54 per diluted share, for the second quarter of 2015, compared with $42.6 million, or $0.50 per diluted share, in the second quarter of 2014. Operating revenue for the quarter was $148.7 million, up 3 percent compared with $143.9 million in the second quarter of 2014.

Happy Birthday: 50 years Singapore.
6 years Eurex in Singapore. Let’s move into the future together.

Report on Initial Public Offering Applications, Delisting and Suspensions (As at 31 July 2015)

LSEG SIGNS AGREEMENT WITH CASABLANCA STOCK EXCHANGE TO LAUNCH ELITE IN MOROCCO; Collaboration agreement signed between LSEG and CSE to launch ELITE in Morocco; ELITE is LSEG’s successful pan-European programme for ambitious high growth companies
London Stock Exchange Group
Builds on strategic relationship between LSEG & Moroccan capital markets
London Stock Exchange Group (LSEG) today announces that it has signed an agreement with Casablanca Stock Exchange (CSE) to support the launch of LSEG’s successful business development programme, ELITE, in Morocco.

ITG shares plunge on likely dark pool settlement with regulators
Shares of brokerage Investment Technology Group (ITG.N) were down more than 20 percent on Thursday after the company said it had set aside $20.3 million for a probable settlement with regulators related to how it ran its “dark pool.”

Hedge Funds & Managed Futures

Federal Reserve of New York provides new insight into primary dealer holdings
David Krein, MarketAxess Research Blog
In 2013, we wrote about how the Federal Reserve Bank of New York (the Fed) began publishing primary dealer net positions by individual credit market rather than in aggregate, which had been the only available data for the past decade. We were then able to identify that primary dealer net positions for U.S. high-grade (USHG) corporate bonds, for example, totaled $10 – $13 billion, equivalent to about an average day of USHG trading according to FINRA TRACE volumes.
In 2015, the Fed has again introduced further detail into primary dealer net positions. In this post we will revisit how the Fed collects data and what it means for understanding how banks are shifting their business to address today’s challenging market environment.

Hedge fund Elliott eyes fresh market turbulence
Paul Singer’s $27 billion hedge fund Elliott Associates is worried about Europe’s prospects and is bracing for fresh market turbulence.

ISDA Research Note: The Impact of Compression on the Interest Rate Derivatives Market

Banks & Brokers

Nasdaq NFX sees first energy options trade
Futures & Options World
Global exchange group Nasdaq on Tuesday saw the first options trade on its newly-launched energy exchange, Nasdaq Futures (NFX), since launching last week. The first options contract on the new exchange was brokered by independent inter-dealer broker OTC Global Holdings’ (OTCGH) firm Ion Energy Group on Tuesday, the company told FOW on Thursday.

City Insider: PR groups fight over Barclays
Edited by Harriet Agnew, FT
Two of the City’s heavyweight spin-doctors are going head to head in a battle to advise Barclays on communications. Brunswick chairman Sir Alan Parker has been the bank’s main consigliere for two decades. But his arch rival Finsbury chairman Roland Rudd is close to stealing one of the UK’s most prized PR mandates.

Cargill’s Black River Asset Management Shutting Four Hedge Funds; Firm plans to return more than $1 billion to investors over next several months
A firm owned by Cargill Inc. plans to shutter four of its hedge funds and return more than $1 billion to investors over the next several months, the latest agricultural giant to reassess its investment ambitions.

Clinton Dismisses Reports of UBS Donations As Campaign Fodder
By Madeline McMahon, Josh Eidelson, Bloomberg
Reports that donations to Clinton Foundation rose after U.S. tax case in 2009 “is just the kind of unfortunate claim or charge that you see in campaigns,” Democratic presidential frontrunner Hillary Clinton tells reporters after AFL-CIO meeting in Silver Spring, Md.

Clearing & Settlement

DTCC urges legislative action to overcome G20 obstacles
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today urged legislative and industry action to address three key obstacles that are hindering achievement of the G20 transparency goals set forth by policymakers in the aftermath of the 2008 financial crisis.

Performance Bond Requirements: Crude Oil Outright, Calendar Spreads, Butterflies and Condors – Effective Friday, July 31, 2015
CME Group

Performance Bond Requirements: Electricity, FX, Metals, Natural Gas, Petroleum Cracks Outrights, Natural Gas Intras, Equity, and FX Inters – Effective Friday, July 31, 2015
CME Group

Indexes & Products

1/5 Of US Stocks And 63% Of EM Stocks Are In A Bear Market
GaveKal, via ValueWalk
Equity markets are quite tumultuous underneath the headline indices recently. For example, 21% of all MSCI USA stocks are at least 20% of its 200-day high. This is only the third time since the summer of 2012 that this many stocks are in a bear market.

FTSE Russell expands SRI family with new “ex coal” index series
ETF Strategy
FTSE Russell, a leading global index provider, has announced the launch of the FTSE Russell All-World ex Coal Index Series, a new suite of indices tracking the performance of various broad equity market exposures while excluding firms operating in the coal mining industry and general miners with proved and probable coal reserves.

The Amount of ETF Shares Being Traded Has Eclipsed U.S. GDP
Eric Balchunas – Bloomberg
Everyone is talking about how exchange-traded funds have now overtaken hedge funds in terms of total assets.
That’s small change compared with how much ETFs trade nowadays.

The ‘Worst Mutual Fund in the World’ Tracks The S&P 500 – Focus on Funds
Chris Dieterich – Barron’s
Forget the active versus passive investment debate. The surest way to trail your benchmark is to pay too much for passive indexing.
Micheal Johnston at Fund Reference singles out plain-vanilla index funds that charge above-market fees as the most pernicious on the market. Why do these fund companies charge so much? Because they can.


Top FX banks brace for disruption wave
Euromoney magazine
PaaS provides a platform for developers to build applications and services over the internet without having to worry about the underlying infrastructure. Compared with other segments of the cloud computing market, it has developed slowly. However, as smaller cloud computing and IT solution providers have started to develop applications, growth has accelerated and the market is predicted to be worth $7 billion by 2018.

UK Aims for World Leadership in Fintech; Bitcoin Tech to Benefit
UK Prime Minister David Cameron has given his nod to an ambitious manifesto presented by the industry think tank Innovative Finance, focused at making UK the world leader in the fintech sector by 2020. The manifesto sets ambitious goals of attracting $8bn of investment and for UK to become the global home of 25 top financial technology companies based on IPO, global market share or valuation, and help in creation of 100,000 jobs by 2020.

Banking ‘due for disruption’: fintech start-ups call for change at Rise Hong Kong conference
South China Morning Post
Players in the traditional banking and finance sectors must heed customer demand for innovation or run the risk of being sidelined, fintech start-up founders said at a Hong Kong tech conference on Friday. Mobile payments, international transfers and e-commerce solutions are all areas where start-ups are gaining market share at the expense of more traditional companies.


SEC Charges Operators of Fraud Based in Upstate New York
he Securities and Exchange Commission today charged two men and eight companies with defrauding investors, many of them upstate New York residents, who purchased the companies’ securities and so-called “charitable gift annuities.” According to the SEC’s complaint filed in U.S. district court in Syracuse, New York, the alleged scheme raised at least $8 million from 125 or more investors in shares and promissory notes issued by the companies over more than seven years, starting in 2007. In a parallel criminal action, the U.S. Attorney’s Office for the Northern District of New York announced on July 24 that it had arrested Griffin on charges of fraud and money laundering related to the “charitable gift annuities.”

Environmental & Energy

Bill Gates backs carbon pricing push
Bill Gates has thrown his weight behind calls for a rapid expansion of carbon pricing policies and a crackdown on fossil fuel subsidies, arguing more needs to be done to ensure “the energy market accurately reflects the full impact of emitting carbon”.

How carbon reporting can unlock multi-million dollar benefits
By Madeleine Cuff – BusinessGreen
Businesses will go to great lengths to convince the markets they are a safe investment. But it might come as a surprise that one of the best things a company can do to boost its investment credibility is voluntarily publish details of its environmental impact.

New research will boost grasp of North American carbon cycle
For centuries, people have transformed and splintered landscapes and ecosystems in North America. This radical altering of nature makes it tough for scientists to analyze the continent’s life-sustaining carbon cycle—the biological, geological and chemical routes the element carbon takes to shift among earth, water and atmosphere.


Inconvenient Truth Thwarts Xi as China State Buyouts Lift Bonds
by Lianting Tu, Bloomberg
President Xi Jinping’s calls for less state influence in the economy are running into an inconvenient truth in China’s bond market, where the hint of a government takeover can spur an overnight rally.

China stock regulator probes market impact of automated trading
China’s securities regulator on Friday said it is investigating the impact of automated trading on the market, as Beijing intensifies pressure on its financial industry in the wake of a share-price plunge.

Turmoil in Shanghai
Business Standard Editorials
China’s financial markets continue to experience turmoil despite multiple attempts to induce stability. The fear is that weakness in equity markets may cause negative feedback loops that lead to defaults and bankruptcies in an indebted, slowing economy.

China’s little secret: a thriving, free market in shares
Yahoo Finance
Far away from the glare of China’s stock market chaos, stampede of sell orders and freeze on new listings, the spirit of free markets is alive and kicking right in the nation’s capital. A small stock exchange set up in Beijing three years ago to attract small and medium-sized companies, the so-called New Third Board (NTB), is flourishing, even as Chinese authorities struggle to bend the nation’s main stock markets to their will.

How hard will US rate hike hit Hong Kong?
EJ Insights
In its latest statement, the US Federal Reserve has not given a clear indication as to when it will start raising interest rates, but the market believes the “lift-off” is coming closer. As a result, the US dollar index has rebounded, and US stocks also moved up. The Fed said in the statement that household consumption and the housing market are improving, although the inflation has yet to meet its 2 percent medium-term target amid lower commodity prices.

Frontier Markets

Fed Concern Drives Emerging Stocks, Currencies to Monthly Losses
by Lyubov Pronina, En Han Choong, Bloomberg
Emerging-market currencies headed for the steepest monthly loss this year amid concern that an increase in U.S. interest rates will drive capital toward dollar assets. Stocks pared the biggest monthly drop since 2012.

A mysterious email-id and thousands of responses on NSEL-FTIL merger; MCA says FTIL trying to choke it with concerted responses; Company blames MCA for delaying matter
N Sundaresha Subramanian, Business Standard
The Union Ministry of Corporate Affairs (MCA) has told the Bombay High Court that it has received over 45,000 representations on the proposed merger of scam-hit National Spot Exchange (NSEL) with its parent Financial Technologies (FTIL). Many of these responses, which are sent purportedly by the shareholders of FTIL, are from a single email id “”.

Two years of blame game, legal tangles; Investors yet to get money, courts have not yet adjudicated on regulatory actions, defaulting borrowers still free, fearless
Rajesh Bhayani, Business Standard
Two years after a payment crisis at National Spot Exchange Limited (NSEL), India’s first spot commodity exchange, broke out in 2013, the issue continues to be mired in controversy. After NSEL suspended trading on July 31, 2013, following a government diktat, there was a Rs 5,600-crore payment default by borrowers of funds against pledging of commodities. In these two years, only about 10 per cent of the dues have been cleared. The parties concerned have been engaged in a seemingly endless blame game.

Forward trading: Then and now
Business Standard
Forward trading, which was at the core of the operations of National Spot Exchange Ltd (NSEL), also became the centre of a controversy later. The payment issue at NSEL might not have risen to the level of a crisis if there was a proper regulatory mechanism to govern forward trades. The Forward Markets Commission (FMC), which then said it was not regulating NSEL, has now permitted forward trades on national exchanges. Two exchanges have already launched such trades.

NSEL crisis: Role played by FMC, other agencies
Business Standard
NSEL Scam: FTIL stock rises 13% on settlement offer to NSEL investors
The Forward Markets Commission, which was not regulating National Spot Exchange Ltd (NSEL) at the time the bourse suspended trading, has had the biggest role in taking steps in the NSEL case.


How to Tax Gordon Gekko
The plot of Oliver Stone’s 1987 movie “Wall Street” revolves around the betrayal of Bud Fox by his mentor and hero, Gordon Gekko.

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