First Read

Bits & Pieces
By John J. Lothian

If you are not watching our MarketsWiki Education Summer Intern Education series videos, you are missing a lot. Today we have Joe Niciforo, who with the help of Paul Tudor Jones, is looking for the next generation of portfolio managers.

We will be continuing to release videos from this summer’s series. We have one more video from the New York event, Haim Bodek. The series will be bolstered by videos from our London events to be conducted in a couple of weeks.

We still have some room for the London series, so if you are thinking of sending some interns or students you know, now is the time to get them signed up. Click HERE to sign up for this FREE series.

Sarah Rudolph and I have returned home from the SFOA Bürgenstock Conference in Geneva and a trip to Paris to visit Euronext in their new headquarters in the La Défense area of Paris. Euronext has nestled themselves in an enclave of corporate giants.

Doug Ashburn, Patrick Lothian and I will return to Paris in a couple of weeks, after our London MarketsWiki Education series. You could say we like Paris and would not be wrong.

Speaking of Doug Ashburn, he is off today to play the ancient game of golf with industry colleagues from the Futures Industry Association. We would send Jim Kharouf to play golf, but it is tough to hit the little white ball with a tennis racquet.

Our friends at the FIA let me know by Twitter that “while we like your list of #WILDWeLove, esp. @FIAeurope’s Emma Davey, you forgot FIA Hall of Fame Inductee Barbara Wierzynski!” The list is a work in progress, so I would definitely add Barbara to the list. Who would you like to add?

Jim Kharouf meanwhile is headed to Doha, Qatar after the London series to play tennis, err, I mean moderate a panel discussion for the World Federation of Exchanges

Today is a typical Monday with a lot of bad news for the industry, including a new investigation of metals trading by the Swiss authorities.

Have a good week.

Joseph Niciforo, HC Technologies – Profiles in Risk: Vision and Discipline

“If you don’t have disciplined risk management, you’re not going to be in the game.”

After earning a law degree in 1988, Joe Niciforo turned down a six-figure offer to join a big law firm, opting instead for a salary at 30 percent of that number, to work as a trader for the legendary Paul Tudor Jones II. He would eventually become a partner and managing director at Tudor Investment Corp, but his trading career almost got cut short once when he violated his own risk parameters and ended up taking a big loss. The next day, he received a phone call from Jones, who said, “If you ever lose more than $15,000 for me, we’ll always be friends; we’ll never do business.”

His latest venture with Tudor, LaunchPad Trading, seeks out and grooms young portfolio managers, who, hopefully, won’t make the same mistakes he did when he was a young, cocky trader.

Watch the video at »

Seven reasons Volkswagen is worse than Enron
David Bach, FT
It has only been a week since the stunning revelation that the Volkswagen group equipped millions of diesel-powered cars with software designed to fool anybody testing their emissions, and just days since the company’s chief executive, Martin Winterkorn, resigned.

***** A lot of change came from Enron. What will come from VW?


Bridging the Week by Gary DeWaal: September 21 to 25 and 28, 2015; Aggregation, Cybersecurity, Wash Sales, Fund Redemptions, IB Records, CTA Registration)
By Gary DeWaal, Katten Muchin Rosenman LLP
Many old themes re-emerged in the financial services industry last week. The Commodity Futures Trading Commission revised its proposed new rules dealing with the aggregation of accounts in connection with position limits, while the Securities and Exchange Commission brought an enforcement action against an investment adviser for failing to have a cybersecurity program to protect customer records and information. In addition, the SEC proposed rules to help ensure open-ended funds have enough liquidity to meet redemption demands during a crisis, while the CFTC brought two actions alleging impermissible wash sales – one against a swap execution facility.


MarketsWiki Education London 2015

Lead Stories

Swiss Investigate Seven Banks Over Precious Metals Market Trading; Inquiry involves possible collusion between UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui
A Swiss regulator has opened an investigation into precious metals trading at a group of large banks, marking the latest in a line of probes into the rigging of key financial markets that have increasingly spread into the multibillion-dollar trade in metals.

EU watchdog unveils new rules for bloc’s securities markets
Europe-wide curbs on commodity “speculators”, more light on the bond markets, and reinforced controls on ultra-fast trading were published by European Union regulators on Monday. The European Securities and Markets Authority (ESMA) unveiled its keenly awaited final rules to flesh out the Markets in Financial Instruments Directive II (MiFID II) law that comes into force in January 2017.

Europe unveils rules ‘to change way markets function’
Philip Stafford, FT
Europe has taken a significant step towards its biggest market overhaul in a decade after regulators unveiled planned rules to rein in off-exchange dealing and commodity speculation, and make high-speed trading more transparent.

UnaVista and DTCC to provide MiFIR reporting service for clients
Automated Trader
London Stock Exchange Group and The Depository Trust & Clearing Corporation are partnering to provide clients with a connection to UnaVista’s Approved Reporting Mechanism (ARM). The service will allow DTCC clients to comply with the Markets in Financial Instruments Regulation (MiFIR) utilising their current connection from DTCC’s Global Trade Repository

India combines markets and commodities regulators
James Crabtree in Mumbai, FT
India has merged its markets and commodities regulators, in a move that paves the way to opening up commodities markets to foreign investors and could also lead to the listing of the country’s main stock exchanges.

MCX’s global ranking takes a beating; US-based Futures Industry Association places MCX on 24th position for 2014 versus 10th in 2012 owing to steep fall in turnover
Dilip Kumar Jha, Business Standard
The Multi Commodity Exchange of India (MCX), India’s largest commodity exchange, has slipped 14 positions in the past two years in the global ranking of exchanges by US – based Futures Industry Association (FIA).

Investor lawsuits pile up claiming US Treasury market is rigged
Joe Rennison in New York, FT
A total of 23 related cases have been filed so far, alleging the primary dealers that underwrite the US government’s debt colluded to manipulate the price of US Treasuries to their benefit. US Treasury securities are sold through an auction process in which banks and brokers listed as “primary dealers” place bids for the number of bonds they wish to buy and at what price. Investors can use primary dealers to buy at the auction or purchase them directly.

How Some Investors Get Special Access to Companies; In meetings with top executives, facts and body language flow from public companies to handpicked recipients
Procter & Gamble Co. Chief Executive A.G. Lafley speaks on just one earnings conference call a year, down from his previous practice of every quarter. The company says that helps him stay focused on pulling P&G out of a growth slump.

Bankers not only ones pushing ethical boundaries
Brooke Masters, Companies editor, FT
Since the financial crisis, we have heard repeatedly that there is something uniquely toxic about banking. Critics routinely argue that the men and women of Wall Street and the City of London should be put through a modern day cultural revolution to reawaken their consciences.

The More Yellen Talks Up Inflation, the Less Traders Believe Her
Alexandra Scaggs, Daniel Kruger – Bloomberg
The bond market isn’t buying what Federal Reserve Chair Janet Yellen is selling on inflation.

S.E.C. Turns Its Eye to Hidden Fees in Mutual Funds
As regulators have ramped up their scrutiny of private equity practices in recent years, investors have learned a lot about hidden — and dubious — fees they are paying.

Limited Progress Seen Even as More Nations Step Up on Climate
The pledges that countries are making to battle climate change would still allow the world to heat up by more than 6 degrees Fahrenheit, a new analysis shows, a level that scientists say is likely to produce catastrophes ranging from food shortages to widespread extinctions of plant and animal life.


Swiss Regulator Is Examining Precious-Metals Market
Switzerland’s Competition Commission said on Monday that it had begun investigating seven financial institutions, including the Swiss banks UBS and Julius Baer, over potential collusion to manipulate the precious-metals market.

Swiss regulator probes banks’ possible precious metals collusion
Ralph Atkins in Zurich and Henry Sanderson in London, FT
Switzerland’s competition authority has opened an investigation into possible collusion between some of the world’s biggest banks over the pricing of precious metals.

EU urges US to address Volcker Rule application to European hedge funds
Neil Roland, MLex (Subscription Required)
European Union authorities pressed US officials to decide whether the Volcker Rule’s proprietary-trading restrictions cover European hedge fund equivalents controlled by banks.

Fed to propose stopping banks from ending some derivative contracts
Neil Roland, MLex (Subscription Required)
The US Federal Reserve will propose rules to prevent banks from canceling some derivatives contracts with firms facing collapse, US Federal Deposit Insurance Corp. Chairman Martin Gruenberg said.

CFTC Signs Memorandum of Understanding with the Korean Financial Services Commission and the Financial Supervisory Service to Enhance Supervision of Cross-Border Clearing Organizations
The U.S. Commodity Futures Trading Commission (CFTC) announced today that CFTC Chairman Tim Massad signed a Memorandum of Understanding with Chairman Yim Jong-Yong of the Korean Financial Services Commission (FSC) and Governor Zhin Woong-Seob of the Korean Financial Supervisory Service (FSS) regarding cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the United States and in the Republic of Korea

Capital My Boy, Capital: Or, the Day of the MiFIDs
The Streetwise Professor
As the EU’s Markets in Financial Instruments Directive II (“MiFID II”) slouches towards its destiny in Brussels, one of the last items on the agenda is capital requirements for commodity traders. It appears that the entity responsible for providing technical advice to the European Commission, European Securities and Markets Authority (“ESMA” – my God when it comes to acronyms the US military has nothing on the EU) is like the proverbial poor carpenter who owns only a hammer, so that everything looks like a nail. Or in ESMA’s case, that every firm that intermediates looks like a bank, and must be regulated accordingly, including through capital requirements. Thus, firms that serve as intermediaries in physical commodities are likely to be subject to the same type of capital requirements as firms that engage in financial intermediation, like banks, and be forced to hold a higher proportion of equity in their capital structures than they currently do.

Not Naming the Names: A Reader Responds to an S.E.C. Investigation
The central question raised by Gretchen Morgenson in “Neglecting to Name the Names” (Fair Game, Aug. 30) was why the Securities and Exchange Commission brought no charges against Reaz Islam, who, the column claims, was the unnamed “fund manager” referred to in an S.E.C. settlement document with Citigroup.

Global regulators reach agreement on bail-in bonds plan for top banks
Global regulators reached a draft agreement Friday on a rule on stopping banks being “too big to fail”, by requiring them to hold enough equity capital and bonds to avoid taxpayers being called on in a crisis.

Exchanges & Trading Facilities

CME Group and CFETS Sign Agreement on Cooperation
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, and China Foreign Exchange Trade System (CFETS), the major trading platform and pricing center for RMB and related products, announced today they have signed an agreement on cooperation to explore opportunities and promote each other’s market infrastructure and products.

SGX welcomes Marex Financial Limited as Derivatives Trading Member
Singapore Exchange (SGX) is pleased to welcome UK-based Marex Financial Limited as the newest trading member in its derivatives market.

Euronext launches the Euronext BeNe 40 Equal Weight Index; The index is composed of the 40 most traded shares of the Belgian and Dutch markets
Euronext, the leading exchange in the Eurozone, today announced the launch of the Euronext® BeNe 40 Equal Weight index, an index reflecting the 40 most traded companies included in the BEL 20® and AEX® indices.

Hedge Funds & Managed Futures

Glencore Sinks to All-Time Low On Continued Debt Fears; Investors unconvinced financial targets can be met with commodity prices so low
Shares in commodities giant Glencore PLC sank 19% to a new all-time low on Monday as the trader and miner struggles to convince investors that it will be able to meet its net debt targets if commodity prices remain low or fall further.

Active funds underperform the ‘inertia index’, never mind the market
Paul Myners, FT
Investment management has never really qualified as a profession. For a long while it was run largely as a concierge service, and even after the government began to encourage funded pension schemes to make provision for retirement in the 1960s, it took another decade to reach agreement on how to measure performance. Trillions of pounds worth of investment still turns on the consensus that emerged.

U.S. Bonds Flash Warning Sign; Yield spreads between corporate debt and Treasurys have been climbing, a potential signal of economic trouble
The U.S. corporate-bond market is starting to flash caution signals about the broader economy.

Boaz Weinstein ‘Shocked’ by Investor Lawsuit
Boaz Weinstein Peter Foley/Bloomberg News
A new lawsuit is throwing a wrench in Boaz Weinstein’s comeback bid. The former Deutsche Bank star trader and founder of hedge fund Saba Capital was sued by one of his largest former investors for allegedly cheating them as they pulled a once-$500 million investment.

Hedge funds’ long road to ethical investment
By Stefanie Eschenbacher, Financial News
Client demand pushing hedge funds towards “ethical” investment is causing some firms to offer new services.

Legendary Investor Richard Rainwater Dies; Master deal maker helped turn Bass brothers of Texas into billionaires
Long before Wall Street was littered with swaggering hedge-fund billionaires, Richard Rainwater earned a Texas-size reputation as an investor with an eye on the big score.

Co-Founder to Exit Carlyle Hedge Fund; John Eckerson to retire at year-end, while Sean Fahey will serve as sole chief investment officer
Claren Road Asset Management LLC co-founder and co-chief investment officer John Eckerson has decided to retire at the end of the year, according to people familiar with the matter, as the firm grapples with poor performance and investor redemptions.

Alcoa to Split Into 2 Separate Companies
Alcoa, which produces both aluminum and parts that go into Ford pickup trucks, said on Monday that it planned to divide those two businesses.

Banks & Brokers

SGX Fortifies Derivatives Trading Membership With Marex Financial Limited
Finance Magnates
The Singapore Exchange (SGX) has welcomed UK-based Marex Financial Limited, a subsidiary of Marex Spectron, as the newest trading member in its derivatives market, according to an SGX statement.

The S&P 500?s BofA Effect
Since the financial crisis, banks — and Bank of America Corp in particular — have often been a drag on S&P 500 earnings.

Wall Street banks are tracking everything employees do
By Kevin Dugan, NY Post
Wall Street banks are amping up their Big Brother powers — hiring high-tech surveillance firms that can track nearly every move their employees make, from social media to the dark Web and even if there is any irregular ATM activity on their bank accounts, The Post has learned.

Clearing & Settlement

LedgerX Adds Compliance Maven, Mark Wetjen to its Board of Directors
Finance Magnates
LedgerX, an institutional platform for trading and clearing Bitcoin options, has appointed veteran Mark Wetjen to its Board of Directors of Ledger Holdings Inc., the parent company of LedgerX LLC, according to a recent LedgerX statement.

Smart securities issuer Symbiont fires shots in the private blockchain arms race
International Business Times
It’s an interesting time in the developing world of enterprise blockchains. On the face of it commonality and co-operation are the order of the day; a prerequisite to making a shared ledger system work among financial institutions. But beneath is a scrum of startups guarding their special sauces, vying for supremacy in the race to implement a protocol upgrade of the financial system.

Indexes & Products

ETF Securities enters new partnership to launch Cyber Security fund
ETF Securities has partnered with US-based ISE ETF Ventures to bring a new ETF to the London Stock Exchange offering exposure to the cyber security sector. The new product, ETFS ISE Cyber Security GO UCITS ETF, is based on the PureFunds ISE Cyber Security ETF launched in the US, which attracted over $1.1bn in the first ten months of listing.

iShares MSCI United Kingdom Index Sees Significant Increase in Short Interest (EWU) | WKRB News
Press Release
Shares of iShares MSCI United Kingdom Index (NYSE:EWU) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,865,302 shares, a growth of 84.2% from the August 14th total of 1,555,930 shares, MarketBeat.Com reports.

S&P DJI unveils comprehensive China index: S&P China 500 Index
ETF Strategy
S&P Dow Jones Indices (S&P DJI), a leading index provider, has introduced the S&P China 500 Index, covering all Chinese share classes including A-shares and offshore listings.
S&P DJI unveil headline S&P China 500 index. The S&P China 500 index tracks a broad range of Chinese companies listed both domestically and offshore. The index, which is suitable reference index for exchange-traded funds, has been designed by S&P DJI to capture the complete China story and they expect the benchmark to become a flagship investable index for China.

Catalysts for ETF Market Growth in Hong Kong and China
Indexology: S&P Dow Jones Indices
The Asia-Pacific region is the third-largest ETF market in the world, after the U.S. and Europe. Despite the fact that the ETFs listed in the Asia-Pacific region represent less than 10% of global ETF assets, the region’s asset growth rate has outpaced the two former leaders and is now ranked at the top.


Will fintech kill your banking job?
Job losses in the banking sector have been massive since the 2008 financial crisis – UK banks alone have trimmed more than 186,000 staff. But the next wave of layoffs might not be triggered by a macro-level meltdown, but rather by a surge in new technology led by fintech companies that are both competing against banks and selling them products to streamline their in-house systems.

Rise of bitcoin extortionist group threatens HK banks says Akamai
Enterprise Innovation
Some regional banks in Hong Kong have been preyed upon by bitcoin extortionist group known as DD4BC, according to Akamai Technologies. DD4BC started in North America a year ago and has been threatening to launch DDoS attacks on corporate servers to disable their targets unless a bitcoin ransom is paid.

The public vs private debate on blockchain
Financial News
Bitcoin captured the imagination of many in the tech world because it promised to open up and disintermediate the current financial system. Private blockchains run by top-tier banks would be an ironic opposite to that libertarian dream. Jon Matonis, a founding director of the Bitcoin Foundation, believes a private blockchain, one where a central organisation or utility could decide who is allowed to participate, would not realise the cost benefits banks are hoping for.

Gender gap widens in cyber security field long dominated by men
Women account for just one out of 10 cyber security professionals, as the gender gap widened over two years in a male-dominated field with a drastic workforce shortage, a survey showed.

Astronomical costs of intellectual property rights patently wrong
Kate Burgess, FT
Innovations are still being stifled by dense thickets of overlapping patents
It seems cruel that it costs comparatively little to launch groundbreaking ideas into space yet so many are held back by the billions spent protecting intellectual property rights on earth.


CFTC Signs Memorandum of Understanding with the Korean Financial Services Commission and the Financial Supervisory Service to Enhance Supervision of Cross-Border Clearing Organizations
The U.S. Commodity Futures Trading Commission (CFTC) announced today that CFTC Chairman Tim Massad signed a Memorandum of Understanding with Chairman Yim Jong-Yong of the Korean Financial Services Commission (FSC) and Governor Zhin Woong-Seob of the Korean Financial Supervisory Service (FSS) regarding cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the United States and in the Republic of Korea

SEC Charges Former Officers of SMF Energy With Fraud
The SEC’s action, filed in U.S. District Court for the Southern District of Florida, alleges that SMF overbilled certain mobile fueling customers, including the U.S. Postal Service, by charging for fuel that was not delivered and adding surcharges that the customers’ contracts did not permit. As a result, the SEC alleges that Fort Lauderdale, Florida-based SMF materially overstated its revenues, profit margins, shareholders’ equity and net income, and understated its liabilities in its annual reports for fiscal years 2010 and 2011, its quarterly reports in its fiscal year 2011 and the first half of fiscal year 2012, and other reports filed on Form 8-K over the same time period.

CFTC Charges New York Corporations Safety Capital Management, Inc. & GNS Capital, Inc., both d/b/a FOREXNPOWER, & New York City Residents John Won, Sungmi Kang & Tae Hung Kang with Fraudulently Soliciting Over $1.5 Million in a Forex Fraud Scheme
The U.S. Commodity Futures Trading Commission (CFTC) filed an enforcement action in the U.S. District Court for the Eastern District of New York, charging Defendants Safety Capital Management, Inc. (Safety) and GNS Capital, Inc. (GNS), both doing business as FOREXNPOWER, John Won, a controlling person of GNS, and Sungmi Kang, a controlling person of both Safety and GNS, with, among other charges, fraudulent solicitation of over $1.5 million from customers to trade off-exchange foreign currency (forex) and misappropriation of over $622,000 of customer funds. Defendant Tae Hung Kang (a/k/a Kevin Kang), an officer and agent of Safety and GNS, is charged with fraudulent solicitation of customers.

U.K. Trader Navinder Sarao’s Extradition Hearing Is Delayed Until February; Judge agrees to defense lawyer’s request to adjourn after U.S. prosecutors release new evidence
Navinder Sarao, the British trader who allegedly contributed to the 2010 stock market “flash crash,” must wait until next year to learn his fate after his U.S. extradition hearing was pushed back.

Environmental & Energy

Britain must prepare for life without oil, says expert
Kiran Stacey, Energy Correspondent, FT
The man tasked with saving the UK’s North Sea oil industry says it will take two years or more to recover from its problems and that Britain should start preparing for life without oil.

Microsoft Leads Movement to Offset Emissions With Internal Carbon Tax
By David Gelles – The New York Times
When Microsoft business unit managers calculate their profits or losses each quarter, they consider more than just sales and expenses. They also factor in the price of carbon.

***LB : Also in this story “Even more radically, the business units are charged an internal tax by Microsoft based on their energy usage. The money goes into a common fund that invests in environmental sustainability projects. The company’s program is at the forefront of a fast-growing effort called carbon pricing. This year, 437 companies are calculating an internal price on carbon, up sharply from 150 last year, according to a new report by CDP, a nonprofit group that monitors carbon disclosures for companies.”

China to Announce Cap-and-Trade Program to Limit Emissions
By Julie Hirschfield and Coral Davenport – The New York Times
President Xi Jinping of China will make a landmark commitment on Friday to start a national program in 2017 that will limit and put a price on greenhouse gas emissions, Obama administration officials said Thursday.

Divestment efforts starting to hit coal and oil firms
By Shawn McCarthy – The Globe and Mail
Pension funds and other institutional investors are growing wary of an increasing “carbon risk” faced by coal and oil companies which confront a divestment movement that has gone mainstream and an uncertain future of climate-related regulations.

Rousseff Pledges to Cut Brazil’s Carbon Emissions 37% by 2025
Anna Edgerton, Vanessa Dezem – Bloomberg
Brazil will increase share of renewables in its energy mix
Decarbonizing economy offers opportunity for growth, NGO says
Brazil will cut its contribution to climate change by reducing carbon emissions 37 percent by 2025 compared to 2005, President Dilma Rousseff announced, just days before a deadline for countries participating in December’s global climate summit in Paris.

California Board Backs New Limits on Carbon From Gas and Diesel
California air regulators on Friday approved a substantial cut to carbon pollution from gasoline and diesel fuels, a move that will force oil producers to reduce the amount of carbon generated by all transportation fuels in the state at least 10 percent by 2020.

The Case for Business Action on Climate Change
Huffington Post
Paul Polman,CEO, Unilever
John Bryant, Chairman of the Board and CEO of the Kellogg Company
As members of the World Business Council for Sustainable Development and on behalf of the 93 companies included in this letter, we recognize that regardless of faith, we can all appreciate the call to climate action contained in Pope Francis’ encyclical, “On Care for Our Common Home.” It is a universal message — one that speaks to the challenges climate change is having on society and the environment and the role of individuals, civil society and institutions to address them.


China’s renminbi creeps closer to global reserve status
Shawn Donnan in Washington, FT
The International Monetary Fund is creeping closer to including China’s renminbi in an elite basket of reserve currencies, with the US and other major shareholders likely to back the move unless IMF staff make a surprise recommendation against inclusion.

Singapore Stocks at Cheapest in Decade Can’t Tempt Samsung Asset
Bloomberg Business
It’s too soon to bet on a rebound for Singapore stocks, according to Samsung Asset Management Ltd., which sees little value in the shares even at the widest discount to global equities in more than a decade.

Asset managers slap health warnings on China funds in risk rethink
By Michelle Price, Reuters
Funds add warnings to investment products; Look to reduce exposure to legal; Worried about further Chinese market intervention; Highlights view intervention a tangible long-term risk
Fund managers are adding new warnings to China investment products in a bid to reduce their legal liability if regulators repeat the heavy-handed intervention in financial markets that rattled investors globally.

Saudi Arabia withdraws overseas funds
Simeon Kerr in Dubai, FT
Saudi Arabia has withdrawn tens of billions of dollars from global asset managers as the oil-rich kingdom seeks to cut its widening deficit and reduce exposure to volatile equities markets amid the sustained slump in oil prices.

Biggest Yuan Reforms in a Decade Did Little for China’s IMF Push
Bloomberg News
China’s biggest exchange-rate reforms in a decade have had little impact on the yuan’s chances of winning reserve status at the International Monetary Fund, with questions still being asked about the extent to which the currency has been freed.

Frontier Markets

Fund Review: Frontier markets
Investors are advised to take a very long-term view when investing in frontier markets, and recent performance data demonstrates why.

Zambia bonds, currency at record low; emerging assets stay under pressure
Zambia’s currency and Eurobonds fell to record lows on Monday after copper’s price slump triggered a credit rating downgrade while broader emerging assets also weakened, with stocks down 0.3 percent.

iShares launches MSCI Saudi Arabia ETF on NYSE
ETF Strategy
iShares, the exchange-traded fund division of asset management company BlackRock, has unveiled the iShares MSCI Saudi Arabia Capped ETF (NYSE Arca: KSA), offering investors an opportunity to hold a basket of locally listed Saudi Arabian stocks. The fund tracks the performance of the MSCI Saudi Arabia IMI 25/50 Index and is the first western-listed ETF to track Saudi Arabia’s stock market which opened to foreign investors in June 2015.



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