John Lothian Newsletter: Tough Swap Standards Drive Up Trade Costs 92-Fold; J.P. Morgan's Dimon Describes Year of Pain; IEX Gains Momentum as Upstart Market Tops Some Incumbents; Catch Garry Jones in the last video from our CEO Interview Series.

Apr 10, 2014

First Read

CME Group trading outage exposes weakened trading floor
By Tom Polansek, Reuters
Open-outcry traders sprang into action during an electronic trading halt in CME Group Inc agricultural markets on Tuesday, but a better solution to the outage would have been to close the pits down too, traders and investors said a day later. In chaos following the outage on CME’s electronic Globex platform, some orders sent to open-outcry grain pits went unfilled because there were not enough traders to handle the influx. And brokers said trades in the corn pit distorted the market for a key contract, which settled at a price out of line with where it traded before and after the outage.
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**** There are more ghosts on the trading floor than brokers.

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House Panel Votes to Limit CFTC’s Ability to Impose Derivatives Rules
By Andrew Ackerman, WSJ
A House panel voted to limit the ability of the Commodity Futures Trading Commission to impose its derivatives rules abroad, advancing legislation that critics say would make it easier for foreign subsidiaries of U.S.-based banks to circumvent tough U.S. rules.
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***DA: The extraterritorial overreach/regulatory arbitrage debate continues. For what it’s worth, the reauthorization bill, which now makes its way to the full House, also contains relief for municipal utilities and a few end users in the energy space who trade contracts with volumetric optionality which, depending on how you look at it, may or may not have been exempt under Dodd-Frank rules.

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Vix ‘fear gauge’ may be developing glitches
By Jamie Chisholm, FT
The CBOE on Thursday launched options on the VXST, the nine-day volatility index created to deliver an even shorter term hedging horizon than its progenitor, the 30-day VIX. The new options add to the dizzying array of volatility-focused products. But is such expansion, replicated elsewhere, destined to lose the Vix its sobriquet of “Wall Street’s fear gauge”?
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***** I am not afraid of any fear gauge not being called a fear gauge.

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‘Irrational’ sense of fairness fuels furor over high-frequency trading
By Michael Santoli, Yahoo Finance
Any parent knows a surprise treat will draw complaints from the kid with the slightly smaller piece of candy. And grownups love a cheap lunch – unless we think someone else is getting a free one. It’s an established fact of behavioral research: Even if people are getting a good deal they did nothing to earn, they tend to become indignant when they think others are getting a better one.
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***** I AM fearful of irrational fears.

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Exchange CEO Series – Expanding Metal: LME’s Garry Jones tells a Hong Kong growth story
JohnLothianNews.com

Garry Jones is no stranger to exchange competition. Now the CEO of the London Metal Exchange, which was acquired by the Hong Kong Exchanges & Clearing (HKEx) last year, Jones been in the exchange, trading platform and derivatives dealer space for decades.

The LME deal represents a new set of opportunities, he said.

“Hong Kong’s acquisition of the LME was interesting, because for them it was the first real push into a new asset class,” Jones told Jim Kharouf, John Lothian News’ editor-in-chief at the FIA Boca Conference last month. “They bought the LME because of the strong franchise in metals but also as a bridgehead into Asia as well.”

He said that kind of M&A is moving exchanges out of their core areas and into new areas. “I think most exchanges realize that in order to grow at a particular rate, you have to do it not just organically, but by acquisition.”

Watch the video »

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Crowdfunding: How it could save the planet
Anmar Frangoul, CNBC
To date, people have used crowdfunding to help albums, books, and even that most British of institutions, a fish and chip restaurant, get off the ground.
But in the energy sector, crowdfunding is increasingly being used as an alternative way to finance renewable energy projects, enabling smaller companies to develop renewable projects with a degree of independence that is not usually seen with bank financing or investment by a large corporation.
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***** I agree. I used to crowdfund when I was in the my 20s. “I am out of money, who wants to buy me a beer,” I would shout into the crowd at the bar.

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Video: The New Crisis Management Tool
By Vern Hanzlik, Wall Street Tech
Financial institutions are already embracing video as a standard communications tool, so why not rely upon video as a primary tool for crisis management, writes Vern Hanzlik of Qumu.
Crisis communications is part of life in any business and unfortunately, the financial market is not immune. It’s simply a matter of, not if, but when. In the wake of the 2008 crash, financial institutions shored up risk and crisis management processes in order to be better prepared. As a result, Chief Risk Officer roles began moving beyond compliance to risk function leadership, and financial companies were making strategic technology investments to drive improved crisis response.
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***** If you have need of video production services, check out http://www.johnlothian.com/productions/

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The 31-Year-Old Hedge Fund Star Who Was Paid $119 Million
By Nathan Vardi, Forbes
James Levin first got to know billionaire hedge fund manager Daniel Och when he taught Och’s son to water ski at camp a number of years ago. At 31, Levin these days is a prized employee at Och’s Och-Ziff Capital Management hedge fund firm and last year Levin was paid phenomenally well even by the standards of the rich hedge fund industry.
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***** I taught a bunch of people to ski. This never happened to me.

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Smith and Bodek on Equity Market Reforms: Good, Bad, and Ugly
Streetwise Professor
Fellow Houstonian Cameron Smith (of HFT shop Quantlab) and HFT gadfly Haim Bodek have an oped in the FT that makes recommendations on how to fix the US equity markets. (That’s a key right there. There’s HFT in futures, but it doesn’t generate near the heartburn as it does in equities.)
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***** The Streetwise Professor steps into the HFT debate. Be careful, it is a tar pit for Flash Boys.

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ISDA survey: End-users find OTC derivatives important for their risk strategy
Eurex
The International Swaps and Derivatives Association, Inc. (ISDA) has published the results of a survey to which 245 firms responded. According to this survey the demand for OTC derivatives by end-users remains very strong. Most end-user respondents also agree that the financial system is safer today than before the financial crisis.
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***** We can learn from our mistakes. We can still make new mistakes though.

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Isda hoping to detoxify derivatives
By: Lukas Becker, Risk.net
Industry group aiming to counter perception that swaps are “bad, cause problems, and have no real value”
The International Swaps and Derivatives Association wants to change public perceptions of over-the-counter derivatives by highlighting the value of the products to the wider economy. That message got a lot of airtime on day one of the association’s annual meeting in Munich yesterday, generating discussion among delegates, some of whom saw it as evidence of a sell-side confidence crisis, while others argued it was a long-overdue attempt to stem unfair attacks.
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****** Sounds like we need a nine step program here.

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Banks Ease Hours for Junior Staff, but Workload Stays Same
By WILLIAM ALDEN and SYDNEY EMBER, NY Times
The biggest investment banks recently signaled a sea change in their corporate culture, telling their most junior employees to ease up a bit on their hard-charging work schedules.
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***** Just work faster and smarter.

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Former SEC official to join KKR as compliance chief – NYT
Reuters
Bruce Karpati, a former official at the Securities and Exchange Commission, is joining private equity firm KKR & Co LP as chief compliance officer, the New York Times reported citing a person briefed on the matter.
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***** Add this one to the list.

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MarketsWiki

MarketsWiki Page of the Day
John Kerin

MarketsWiki Recent Updates

People

David Herron

Companies, Organizations and Groups

NYSE Euronext; McKay Brothers LLC; International Securities Exchange; Chicago Stock Exchange

Statistics

Page views: 48,183,085; Pages: 20,464; Articles:7916
MarketsWiki Statistics

Lead Stories

Tough Swap Standards Drive Up Trade Costs 92-Fold
By Matthew Leising, Bloomberg
New Standards for $693 Trillion Swaps Market Increase Risk of Blowup
New rules aimed at making the world safer from blowups in the $693 trillion derivatives market are poised to drive up costs so much for retirement funds and other users that bankers say they do just the opposite.
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J.P. Morgan’s Dimon Describes Year of Pain
By Dan Fitzpatrick, WSJ
J.P. Morgan Chase & Co. Chairman and Chief Executive Officer James Dimon acknowledged Wednesday that a series of legal headaches in 2013 evolved into “the most painful, difficult and nerve-wracking experience I have ever dealt with professionally.”
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IEX Gains Momentum as Upstart Market Tops Some Incumbents
By Joseph Cioll, Bloomberg
Wall Street is showing more signs of plugging into IEX Group Inc., the dark pool that says it has the antidote to speed traders. IEX, started by the heroes of Michael Lewis’s book “Flash Boys,” handled 23.9 million shares yesterday, up 27 percent from the daily average in March. While IEX accounts for less than 1 percent of total U.S. volume, the five-month-old platform has more trading than four of the 13 American exchanges, including IntercontinentalExchange Group Inc.’s NYSE MKT.
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Hong Kong and Shanghai unveil plan to link bourses
By Josh Noble in Hong Kong, FT
Investors in Hong Kong and Shanghai will soon be able to trade shares in each other’s equity markets, a significant development in China’s broad efforts to open up its financial system to the world.
jlne.ws/1mZ5XdA

Euro swaps flee Sefs
Risk.net
Isda research finds Sef-driven liquidity split, with US dollar volumes growing and others shrinking The weeks following the start of mandatory Sef trading have seen a 30% slump in euro-denominated swap volumes, according to Isda research
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Traders warn on deadline for new swaps rules
By Philip Stafford, FT
Swaps dealers have warned a mid-May deadline forcing them to comply with new US rules for over-the-counter trading remains tight, even after a US regulator clarified its positions on some key issues.
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Receiver sues AlphaMetrix brass for $19 million
By Lynne Marek, Crain’s Chicago Business
A federal receiver appointed to dismantle the failed futures investment fund administrator AlphaMetrix Group LLC sued the company’s top officers, alleging they used Chicago-based AlphaMetrix as their “personal piggy bank.” The complaint filed in U.
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Energy firms to Fed: Hands off banks’ commodity trading
By Anna Louie Sussman, Reuters
Energy companies are mounting a last-ditch effort to prevent the Federal Reserve from cracking down on physical commodity trading by major Wall Street banks, saying more restriction may further damage liquidity and raise hedging costs.
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U.S. lawmaker wades into aluminum warehousing controversy
By Douwe Miedema, Reuters
A U.S. congressman has urged the U.S. commodity regulator to take a tougher stance on the London Metal Exchange as it struggles to resolve a years-long controversy over inflated prices and distorted supplies of aluminum.
jlne.ws/1gP1qCr

Interdealers try on the exchange business for size
by Sarah Spikes, Financial News
If imitation is the sincerest form of flattery, stock exchanges should feel flattered.
As part of the G20’s agenda to prevent another financial crisis, over-the-counter derivatives, which are currently traded over the phone by interdealer brokers, are to be forced onto electronic trading platforms where regulators think they can keep a better eye on what’s going on.
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ICAP to Push Voice Brokers to Promote Electronic Platform
WSJ.com
Brokerage giant ICAP is seeking to transform its London-based foreign-exchange voice brokers into active promoters of its electronic-trading platform, the latest move by a financial firm to cut humans out of direct roles in buying and selling currencies. http://jlne.ws/1hBkVhM

ISDA Elects 12 Board Members
MUNICH, April 10, 2014 – The International Swaps and Derivatives Association, Inc. (ISDA) announced today the election of 12 directors at its 29th Annual General Meeting in Munich.
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Regulatory

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Managed Data Solution for Non-Display Usage
Federal Register
jlne.ws/1qkH7UP

The great trading bake-off hots up
Anna Irrera, Fianancial News
There is a new competition in trading, with the heat turned up by European regulations that are pushing a huge volume of securities trading on to public exchanges in the name of increasing competition and reducing risk. The winners will be those who can set up new venues with just the right ingredients to attract a big enough slice of that business.
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FIA Issues Statement on H.R. 4413, CFTC Reauthorization Bill (April 9, 2014)
FIA
Washington, D.C.—April 9, 2014—FIA today issued the following statement in response to the House Agriculture Committee’s voice vote on H.R. 4413, a bill which reauthorizes the Commodity Futures Trading Commission through September 2018. The legislation also includes provisions to better protect customer assets, it revises the organizational and operational requirements of the CFTC staff, and it provides regulatory relief to end-users of derivatives.
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GrainCorp wins bid to cut oversight as competition grows
By Colin Packham, Reuters
Australia’s regulatory watchdog will reduce regulation at one of GrainCorp’s grain terminals after competition was boosted by new rivals, likely fuelling speculation of a renewed bid for the company.
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Heroes of Banking Reform
By SIMON JOHNSON, NY Times
In the mid-2000s, Sheila Bair, then the chairwoman of the Federal Deposit Insurance Corporation, fought to retain a rule that would limit the amount of leverage, i.e., the amount that could be borrowed, particularly by the largest American financial companies. Among her most difficult opponents were key people at the Federal Reserve and most of the international community involved with bank regulation. (The details are in Chapter 3 of her book, “Bull by the Horns.”)
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Fed’s hard line on funding to bring more pain to Wall Street
By Emily Stephenson and Lauren Tara LaCapra, Reuters
The U.S. Federal Reserve’s drive to wean Wall Street off risky funding sources is expected to bring more financial pain to the biggest U.S. banks in the coming months, analysts warned on Wednesday.
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Corporate hedgers fear OTC liquidity drain
by Matt Cameron, Risk.net
Increasing costs could force some end-users to abandon hedging, hurting swap market liquidity and forcing other firms to follow suit
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SEC Charges Hewlett-Packard With FCPA Violations; Company to Pay $108 Million to Settle Civil and Criminal Cases
SEC
The Securities and Exchange Commission today charged Hewlett-Packard with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries in three different countries made improper payments to government officials to obtain or retain lucrative public contracts.
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CFTC’s Divisions of Market Oversight and Swap Dealer and Intermediary Oversight Provide Conditional No-Action Relief with Respect to Swaps Trading on Multilateral Trading Facilities Overseen by Authorities Designated by European Union Member States
CFTC
Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight (DMO) and Swap Dealer and Intermediary Oversight (DSIO) today announced the joint issuance of CFTC No-Action Letter No. 14-46 (No-Action Letter 14-46), replacing CFTC No-Action Letter No. 14-16 (No-Action Letter 14-16), which DMO and DSIO issued on February 12, 2014.
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Exchanges & Trading Facilities

Swiss exchange owner SIX to reorganise clearing operations
By Philip Stafford, FT
A long-term plan by SIX Group to remodel its clearing business is set to come into effect, with the Swiss exchange owner aiming to show there is life beyond the lucrative fixed income derivatives market.
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CQG trading platform now live on ASX Net
Asia E-Trading
CQG recently announced that its industry-leading trading products are now available to its customers via ASX Net. CQG’s primary platform is deployed on the robust financial market network allowing customers to receive services directly on ASX Net. CQG’s collaboration with ASX will deliver substantial benefits to CQG’s customers by providing low-latency access to CQG at the ASX co-location facility, the Australian Liquidity Centre (ALC), in a cost efficient manner.
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HKEx welcomes the Central Government’s support on the establishment of mutual market access between Hong Kong and Shanghai
HKEX
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ICE proposes extending gasoil contract beyond January 2015
Reuters
The IntercontinentalExchange on Wednesday proposed extending the gasoil futures contract beyond its planned termination date of January 2015 but changing the specification to a lower sulphur content in February.
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Proposed Establishment of Mutual Market Access and Resumption of Trading
HKEx
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NYSE Group Inc. Issues Short Interest Report
NYSE
New York, April 9, 2014 — The NYSE Group, Inc. today reported short interest as of the close of business on the settlement date of March 31, 2014.
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Hedge Funds & Managed Futures

Non-ferrous metal trade could suffer from US, EU sanctions on Russia
Metal Bulletin
The effects of any US and European Union (EU) sanctions on the non-ferrous metals trade with Russia could be significant, based on the volumes of metals traded.
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Deutsche Börse chief bets on growth in Asia
Michelle Price, Financial News
The global exchange sector has experienced a flurry of mergers and acquisitions over the past year, but one exchange operator continues to be unlucky in love: Deutsche Börse Group.
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Special Report: The princeling of private equity
By Stephen Aldred and Irene Jay Liu, Reuters
The 28-year-old wears black-framed glasses perched on cheeks still round with youth. A discerning eye might notice the resemblance to his grandfather: former Chinese president and Communist Party leader Jiang Zemin.
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Carry Trade’s Return Lures Easy Profits, Poses Risks in Emerging Markets
By Michael J. Casey, WSJ
Emerging markets are caught between the Fed’s rock and the ECB’s and BOJ’s hard place.
jlne.ws/1sFg091

Och-Ziff’s Levin Scores a $119 Million Payday
By Gregory Zuckerman, WSJ
The hedge-fund business can be accused of a lot of things. Skimping on pay is not one of them.
In 2012, James Levin, a then 30-year old trader at Och-Ziff Capital Management LLC, turned heads with a bet of more than $7.5 billion on “structured credit” debt investments, or about a quarter of the money the firm managed when the investments were made.
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This Is How Much The Average Person Can Make Working For A Hedge Fund
By Nicholas Kapur, Business Insider
Last August SumZero, a social research site for investment professionals, launched a new feature dedicated to compensation trends within our buyside-only investment community. We (SumZero) have since collected thousands of salary reports sourced directly from analysts, associates, and portfolio managers working at hedge funds, mutual funds, and private equity funds around the world. A handful of high-level findings from our database are available below.
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Banks & Brokers

Royal Bank of Scotland to pay government £1.5bn
AFP
Britain’s state-rescued Royal Bank of Scotland will pay the government £1.5 billion in a complex deal paving the way for the return of shareholder dividends.
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ASX Gender Diversity Recommendations – Adoption Report 2014
ASX
jlne.ws/1mZ88Oj

ETF Quarterly Statistics: 1st quarter of 2014
SIX
This report provides detailed figures regarding the performance of SIX Swiss Exchange’s ETF segment.
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Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange, TMX Select and Alpha Closed for Good Friday
TMX
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SuperSonic Imagine lists on Euronext Paris
Euronext
Paris –10 April 2014 – EnterNext, the Euronext subsidiary designed to promote and grow its market for SMEs, today announced the listing of SuperSonic Imagine, a company specialized in ultrasound medical imaging, on Euronext’s compartment B in Paris.
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Deutsche Bank Found Inappropriate Communication Between Staffer, Central Bank; Salesperson Was Placed on Leave in March
By Katie Martin, WSJ
A top Deutsche Bank AG DBK.XE -0.09% saleswoman was placed on leave last month after the German bank found what it regarded as inappropriate communication between her and Singapore’s central bank, according to a person familiar with the matter, marking a significant new twist in the yearlong global investigation into the currency market.
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US banks push back against ‘too big to fail’ funding assumptions
By Gina Chon in Washington, FT
The banking industry is fighting back against recent studies showing the largest companies still enjoy funding advantages because of the perception they are “too big to fail”, which assumes a government bailout in a crisis. The Clearing House Association, a US bank trade group representing JPMorgan Chase, Citigroup, Bank of America and other institutions, on Thursday released the findings of an independent study it commissioned, which showed that funding advantages for the largest banks had disappeared by 2013.
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Encore for the Ballad of Terra Firma vs Citigroup
by Ayesha Javed, WSJ
The legal battle is starting again between Guy Hands’ private-equity firm Terra Firma and Citigroup over Terra Firma’s 2007 takeover of music firm EMI.
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BGC Partners’ First Quarter 2014 Financial Results Announcement to be Issued Prior to Market Open on Thursday, May 1, 2014
BGC
BGC, a leading global brokerage company servicing the financial and real estate markets, today announced that it plans to issue an advisory press release by on . This advisory release will notify the public that a full-text financial results press release will be accessible at the any of the following pages:
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‘Flash Boys’ and Broker Nannies
by Michael Friedman, Tabb Forum
For all the smoke ‘Flash Boys’ has generated this week, the real fire it may start relates to broker conflicts of interest, not high-frequency trading.
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Clearing & Settlement

Eurex Clearing publishes study on capital efficiencies of central clearing
Deutsche Borese Group
Quantitative analysis of clearing economics under the new capital rules/ Results show significant cost benefits of an integrated cross-product CCP like Eurex Clearing
Eurex Clearing: Eurex Clearing, Europe’s leading clearing house, today published the study “The Future of Central Clearing – Maximizing capital and cost efficiency through an integrated cross-product CCP clearing service”. The study was supported by and commissioned to Oliver Wyman, a leading global management consulting firm.
jlne.ws/1n7qeLm

Swiss exchange owner SIX to reorganise clearing operations
By Philip Stafford, FT
A long-term plan by SIX Group to remodel its clearing business is set to come into effect, with the Swiss exchange owner aiming to show there is life beyond the lucrative fixed income derivatives market.
jlne.ws/1eo0lXS

Barclays’ Harrison calls for phased start to clearing in Europe
Risk.net
European authorities can learn from the successful roll-out of clearing in the US, by phasing compliance – and possibly also giving Esma the power to postpone start dates
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ISDA 2014 Margin Survey Results: 90% of Non-Cleared Derivatives Trades Now Collateralized
ISDA
MUNICH, April 10, 2014 – The International Swaps and Derivatives Association, Inc. (ISDA) today released results from its 2014 ISDA Margin Survey at its 29th Annual General Meeting in Munich.
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Indexes & Products

UBS passes commodity index control to Bloomberg
By Gregory Meyer and Arash Massoudi in New Yorkm FT
UBS has transferred control of one the world’s top indices for commodity prices to Bloomberg as banks retreat from setting financial benchmarks in the wake of the Libor scandal.
jlne.ws/1hvhRJY

Technology

Cinnober’s big investment in Umeå — unique partnership with UIK
Cinnober
Cinnober Financial Technology, global supplier of financial IT, has just signed an exclusive sports agreement with the Umeå sports club UIK. The partnership entails the IT company supporting UIK’s work with youth and elite women’s football. In return, the club will contribute with its valuable experience from leadership and successful team building.
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Enforcement

SAC Faces a Final Reckoning for 14 Years of Insider Scam
By Patricia Hurtad, Bloomberg
SAC Capital Advisors LP employees gathered in the hedge fund’s cafeteria on July 21, 2008, for a seminar by former Securities and Exchange Commission Chairman Harvey Pitt on compliance and how to prevent insider trading.
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Environmental & Energy

Houston Fills With Crude Oil That Can’t Be Shipped Out
By Naomi Christie and Dan Murtaugh, Bloomberg
Houston and the rest of the U.S. Gulf Coast have more crude oil than the region can handle.
jlne.ws/1gb7Z2J

Asia-Pacific

Singapore exchange to let in big market-makers
By Jeremy Grant in Singapore, FT
Singapore is taking steps to boost trading volume on its stock exchange, but in a way that aims to deter the type of high-frequency trading that has sparked controversy in the US.
jlne.ws/1etxc85

Singapore central bank linked to forex probe
By Daniel Schäfer in London and Jeremy Grant in Singapore, FT
Singapore’s central bank was drawn into the foreign exchange market scandal when it emerged that a Deutsche Bank sales director was placed on leave after the lender discovered what it considered inappropriate communication with the Monetary Authority of Singapore.
jlne.ws/1oPewcR

SGX to effect revised securities market fee structure on 1 June
SGX
Singapore Exchange (SGX) will introduce its revised securities market fees, with changes to clearing, transfer and onward settlement fees, with effect from 1 June 2014. This initiative is part of SGX’s on-going efforts to strengthen and improve liquidity in Singapore’s securities market.
jlne.ws/1kNoLsa

Frontier Markets

MCX drops preferential issue proposal
Business Standard
Shareholders felt that this would dilute value of their investments
The board of directors of the Multi Commodity Exchange of India (MCX) decided on Wednesday to drop the proposal of issuing preferential shares, as shareholders felt this would dilute the value of their investments. The exchange informed the BSE that, “for the time being, a decision has been taken not to go ahead with the preferential allotment of shares”.
jlne.ws/1n7tNRF

Commodity futures trade volumes fall for second year
Reuters
Trading in gold bullion fell more than 25% to Rs 43 trillion in the year to March 2014
Commodity futures trading volumes in India fell 40.49% in the year to March 2014, its second straight year of decline, the market regulator said on Tuesday.
In value terms, futures trading at commodity exchanges fell to Rs 101.44 trillion in the first twelve months from April 2013 from Rs 170.46 trillion a year ago, the Forward Markets Commission said in a statement on its website.
jlne.ws/1gb6amx

JSE Preps Co-Lo Center
By Giulia Lasagni, Waters Technology
The Johannesburg Stock Exchange will open a co-location center on its premises in May, to reduce network latency for clients from 2,400 microseconds at present to about 100 microseconds, officials say.
jlne.ws/1sFhf87

Financial Technologies receives non-binding bids for its stake
The Economic Times
MUMBAI: Financial Technologies (India) (FTIL) is learnt to have received non-binding bids for its stake in MCX from around a dozen domestic and international companies like BSE, Kotak, Warburg Pincus, Deutsche Borse, CME group and the like.
jlne.ws/1k8qoCi

Miscellaneous

Mississippi River traffic may reopen Friday after barge hits Iowa bridge
By Michael Hirtzer, Reuters
Mississippi River barge traffic could reopen Friday at the earliest, government officials said on Wednesday, a day after a barge struck a railroad bridge at Sabula, Iowa, forcing the closure of a two-mile (3.2 km) stretch of the country’s busiest waterway.
jlne.ws/1gc98KP

Ousted Bear unloading his den
By Jennifer Gould Keil, Ne York Post
Disgraced Richard Harriton, the ex-president of Bear Stearns’ trade-clearing unit — who paid $1 million to settle a fraud case filed by the SEC — is finally selling his penthouse apartment, which had been on the market for 1,100 days.
jlne.ws/1qkBqGf

Vendors Reject “Unworkable” Euribor Data Policy
By Faye Kilburn, Waters Technology
Market data vendors have expressed dissatisfaction with international interest rate-setting association Euribor-EBF’s (European Banking Federation) new commercial model–which introduces fees for real-time Euribor rates for the first time, and establishes a 24-hour interval for delayed data–labeling the model “unworkable” and “unprecedented.”
jlne.ws/1qwkXgj

BitBeat: Bitcoin Gets (Another) Hearing on the Hill
by Paul Vigna and Michael J. Casey, WSJ
Bitcoin got a hearing of sorts in the halls of Congress last night. As part of the educational effort among members of Congress, the team from Robocoin was invited to the nation’s capital to meet with a handful of members of Congress and media, show off their ATM, and talk about cryptocurrencies.
jlne.ws/1gc1tMH

NYU Mining Bitcoin for New Class
by Melissa Kor, WSJ
Investing in bitcoin and other virtual currencies is risky. So is planning a graduate-level class on the subject four months ahead of time.
jlne.ws/1gOQXHg

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