First Read

Why we needed a new website
By John Lothian & Jim Kharouf

Simon Sinek| became a TED Talk superstar with one simple statement about business: “People don’t buy what you do, they buy why you do it.”

We take that question to heart and decided to answer the “why” and the “what” on our new website –

As our firm has grown from a single newsletter 15 years ago into five newsletters, we have launched several websites including, MarketsWiki and as well as our evolving and growing MarketsWikiEducation initiative, not to mention John Lothian Productions. So we thought is was time to put all of that information in one place –

Oh, we know what you’re thinking. It’s all about us? Yes it is.

For those whom may not know us, this new site is the place to learn it all in just a few minutes. For those who know us, we invite you to learn a little more on this site, which features three videos about John Lothian News, John Lothian Productions, why sponsorships matter and so on. A video on MarketsWiki Education is in production.

On that note, thanks to Patrick Lothian, Jeremy Kanne and Chad Pickett for all the work on putting it together. Special thanks to Rick Lane of TT and Chris Hehmeyer of HTG Capital Partners for their time and kind words in our videos about our work.

Essentially, the why question is a simple one for us to answer – because of you and our global markets. We want them to succeed and grow and benefit everyone, everywhere.

Come check it out

Have a great weekend.


Internal Affairs: NFA CEO Dan Roth Highlights Changes in the Wake of MF Global and Peregrine Bankruptcies

After the twin scandals of MF Global and Peregrine Financial rocked the futures industry in 2011 and 2012, the National Futures Association, underwent a review, not only of its internal procedures, but also of its rules. In Part One of this two-part John Lothian News exclusive, NFA CEO Dan Roth points to a study conducted by the Berkeley Research Group of NFA’s audit procedures, and he reviews the changes made to the way the agency audits, hires employees, and delivers its message to NFA members.
Watch the video »

NFA’s Board of Directors re-elects Christopher Hehmeyer to serve as Chairman
The Board of Directors of National Futures Association (NFA) has re-elected Christopher K. Hehmeyer, Non-Executive Director, Wedbush Futures, to serve a one-year term as Chairman. The Board also re-elected Michael C. Dawley, Managing Director, Goldman Sachs & Co., to serve as Vice Chairman.

***** What is interesting about this is not the Chris Hehmeyer was re-elected chairman or is stepping down next year, as Reuters reports. What is truly interesting is that James Koutoulas was not re-elected to the Executive Committee by his CPO/CTA peers on the NFA Board of Directors. While Koutoulas was re-elected to the NFA board despite his controversial broadside against NFA’s General Counsel and others, his own peers on the board decided someone else should represent CTAs and CPOs on the Executive Committee. Consider that a stinging rebuke for Mr. Koutoulas’ actions and an indication he should do as I suggested and step down.


BOX Comment Letter on OCC Rulemaking
Tony McCormick, Chief Executive Officer, BOX Options Exchange
The OCC’s Proposed Capital Plan provides a potential financial windfall to the Stockholder Exchanges while putting non-Stockholder Exchanges, including BOX, at a competitive disadvantage.

***** BOX CEO Tony McCormick takes aim at the OCC’s capital raising plans, which he claims will put non-stockholder exchanges like BOX at a competitive disadvantage. It is a very good read.


BATS Comment Letter on OCC Rulemaking
Eric Swanson, General Counsel and Secretary, BATS Global Markets, Lenexa, Kansas
BATS believes the OCC’s Proposal fails to adequately address the potential burden on competition presented by its capital raising plan

****** Ditto for BATS


Chief, and Novelist, Helps to Fix Britain’s Troubled Financial Markets
As the chief executive of Allianz Global Investors, one of Europe’s biggest money managers, Elizabeth Corley is familiar with suspense.

****** I love a good murder mystery.


A trading firm with a notorious New York tie is coming to Chicago
By Lynne Marek
Chicago usually grows its own trading firms, but an outsider with a past will parachute into the city come May.
Trillium Management, a New York-based stock-trading company led by non-executive chairman, founder and principal owner Lee Maschler, plans to open an office in the city.

****** Egads!! Save the women and children!


GC Interview: DTCC’s Mark Jennis on DTCC-Euroclear Joint Venture
Global Custodian
Last year, DTCC and Euroclear announced a joint venture that will see the two develop a new open architecture infrastructure that will provide collateral solutions for both derivatives and financing activity. The project, named “DTCC-Euroclear Global Collateral Limited”, is set to go live in fourth quarter of this year with the launch of the ‘Margin Transit Unit’, which will enable straight-through processing of margin calls.

***** Plumbing for your margin calls?


ICE Benchmark Administration to Administer the LBMA Gold Price from 20 March 2015
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that ICE Benchmark Administration (IBA) expects to launch the new LBMA Gold Price, which replaces the long established London Gold Fix, on 20 March 2015.

***** The FIX is dead. Long live the FIX!


If Coca-Cola Can Be Disrupted, So Can Your Bank
American Banker
Banking is even more vulnerable to disruption than these once impregnable purveyors. The industry is being pummeled by the same forces of technological change and shifting consumer preferences, as well as by regulations that redefine banking in often-uneconomical ways and limit the sector’s ability to quickly adapt to shifting environments.

***** It is all Pepsi’s fault



MarketsWiki Page of the Day
Virtu Financial LLC

MarketsWiki Recent Updates


Milan Kratka; Joseph Ratterman; Chris R. Concannon; Jean-François Théodore; Ivers W. Riley; James Dunseath; Marshall Carter; Luís Palha da Silva; George Cox; Duncan M. McFarland; Demetria O’Sullivan; Courtney Leimkuhler

Companies, Organizations and Groups

Virtu Financial LLC; Xetra


ICE Benchmark Administration


58,880,309 pages viewed, 8,154 articles, 189,767 edits
MarketsWiki Statistics

Lead Stories

U.S. futures regulator’s chairman says probably will step down next year
By Tom Polansek, Reuters
The chairman of the U.S. National Futures Association, who led the regulator during broker scandals that rocked confidence in the industry, was re-elected on Thursday but told Reuters he plans to step down after that term ends.
After the board re-elected Christopher Hehmeyer as chairman for his fifth one-year term, he said in a telephone interview that he had told board members he will likely step down because chairmen typically serve five years.

Howard Lutnick’s BGC Wins Fight to Acquire Broker GFI
by Ambereen Choudhury, Zeke Faux, Bloomberg
Howard Lutnick’s BGC Partners Inc. won an agreement to acquire interdealer broker GFI Group Inc., capping a six-month campaign against a rival bidder and GFI’s founder.

Derivatives Are for Hedging, Not Bundling, Farkas Says
by Ben Moshinsky, Bloomberg
Europe’s biggest banks say synthetic asset-backed securities can be as simple and transparent as the plain vanilla variety. Adam Farkas disagrees.

Yellen Confronts Economists’ Ignorance
by Rich Miller, Bloomberg
Productivity is probably the most important measure of economic health that policy makers know the least about.

Wall Street Staffing Falls Again; Report finds head count of bankers and traders down 4% last year
By Justin Baer And Daniel Huang, WSJ
Squeezed by new rules and tough markets, Wall Street is taking the ax to its workforce. The number of investment bankers, traders, salespeople and research analysts at the world’s largest banks has fallen 20% globally since its recent peak in 2010, a report by Coalition Ltd., a London research firm, shows.

Rebuilding Trust By Getting Pay Right In The Financial Markets
by Dina Medland, Forbes
The UK financial regulator, the Financial Conduct Authority (FCA), has conducted a review finding that “limited clarity over price and quality of services makes it difficult for clients to assess whether they are getting value for money” in investment and corporate banking.


Probe Clears World Bank Top Brass of Wrongdoing; Law firm finds no governance violations in case involving a Chinese loan
By Ian Talley, WSJ
An outside law firm investigating accusations the World Bank’s top brass may have mishandled a $1 billion Chinese loan to the bank’s poverty fund has cleared the institution’s management of any wrongdoing, according a summary of the firm’s findings released by the bank.

United States: FINRA In 2015 – High-Risk And Recidivist Brokers
by Christopher M. Varano, Mondaq
FINRA is planning on turning up the heat on perceived “high-risk” brokers this year, and the firms that hire them. Continuing our discussion regarding FINRA’s 2015 Regulatory and Examinations Priorities Letter, this blog entry will discuss FINRA’s planned activities to prevent and/or stop registered representatives from engaging in actual misconduct.

NFA hits the road with member conference series
Providing meaningful education to our Members is a mission that NFA takes seriously. Each year, NFA uses a variety of media to present Members with helpful information that is intended to keep them abreast of their regulatory responsibilities and maintain compliance with NFA and Commodity Futures Trading Commission rules.

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

  • BATS: Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to List and Trade Shares of the iShares U.S. Fixed Income Balanced Risk ETF of the iShares U.S. ETF Trust under Rule 14.11(i) (Release No. 34-74297; File No. SR-BATS-2014-056; February 18, 2015)
  • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 8.15 Entitled “Imposition of Fines for Minor Violation(s) of Rules” (Release No. 34-74293; File No. SR-BATS-2015-12; February 18, 2015); see also Exhibit 5
  • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Establish Fees for the BATS One Feed, and Amend Fees for BZX Top and BZX Last Sale (Release No. 34-74285; File No. SR-BATS-2015-11; February 18, 2015); see also Exhibit 5
  • BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 8.15 Entitled “Imposition of Fines for Minor Violation(s) of Rules” (Release No. 34-74294; File No. SR-BYX-2015-10; February 18, 2015); see also Exhibit 5
  • BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Establish Fees for the BATS One Feed, and Amend Fees for BYX Top and BYX Last Sale (Release No. 34-74284; File No. SR-BYX-2015-09; February 18, 2015); see also Exhibit 5
  • EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 8.15 Entitled “Imposition of Fines for Minor Violation(s) of Rules” (Release No. 34-74295; File No. SR-EDGA-2015-11; February 18, 2015); see also Exhibit 5
  • EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Establish Fees for EDGA Top, EDGA Last Sale, and the BATS One Feed (Release No. 34-74283; File No. SR-EDGA-2015-09; February 18, 2015); see also Exhibit 5
  • EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 8.15 Entitled “Imposition of Fines for Minor Violation(s) of Rules” (Release No. 34-74296; File No. SR-EDGX-2015-10; February 18, 2015); see also Exhibit 5
  • FINRA: Notice of Filing of a Proposed Rule Change to Amend the Codes of Arbitration Procedure to Increase the Late Cancellation Fee (Release No. 34-74289; File No. SR-FINRA-2015-003; February 18, 2015)
  • ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Schedule of Fees (Release No. 34-74286; File No. SR-ISE-2015-04; February 18, 2015); see also Exhibit 5
  • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Its Fee Schedule (Release No. 34-74291; File No. SR-MIAX-2015-09; February 18, 2015); see also Exhibit 5
  • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Its Fee Schedule (Release No. 34-74288; File No. SR-MIAX-2015-08; February 18, 2015); see also Exhibit 5
  • NYSE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Section 402.05 of the NYSE Listed Company Manual to Clarify that Listed Companies Soliciting Proxy Material Through Brokers or Other Entities Must Comply with SEC Rule 14a-13 (Release No. 34-74287; File No. SR-NYSE-2015-07; February 18, 2015); see also Exhibit 5
  • NYSE Arca: Notice of Filing of Proposed Rule Change Relating to Listing and Trading of Shares of WisdomTree Put Write Strategy Fund under Commentary .01 to NYSE Arca Equities Rule 5.2(j)(3) (Release No. 34-74290; File No. SR-NYSEArca-2015-05; February 18, 2015)
  • NYSEMKT: Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change, as Modified by Partial Amendment No. 1 and Partial Amendment No. 2, Amending Rule 13 – Equities and Related Rules Governing Order Types and Modifiers (Release No. 34-74298; File No. SR-NYSEMKT-2014-95; February 18, 2015)
  • Phlx: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Exchange’s Pricing Schedule under Section VIII with Respect to Execution and Routing of Orders in Securities Priced at $1 or More Per Share (Release No. 34-74292; File No. SR-Phlx-2015-14; February 18, 2015); see also Exhibit 5

Mark Cuban Steps Back in to Insider Trading Debate
By Emily Glazer and Christopher M. Matthews
Mark Cuban is stepping into the court limelight again, criticizing the government’s defense of broader insider trading prohibitions as part of a closely watched case currently before a U.S. appellate court.

Exchanges & Trading Facilities

Former colleagues comment on the passing of Ivers Riley
By Daniel P. Collins, Futures Magazine
Word came out earlier this week that Ivers Riley, former Chairman of the International Securities Exchange (ISE), who is widely credited with the creation of the exchange trade fund (ETF), passed away.

CME Group Clearing House Advisories
CME Group
Performance Bond Requirements: Agriculture, Crude Oil, Electricity, Natural Gas, and Refined Products Outrights; Agriculture, Electricity, FX, Interest Rates, and Refined Products Intra-Commodity Spread Charges; Agriculture and Crude Oil Inter-Commodity Spread Credits – February 20, 2015 19 Feb 2015
Large Trader Requirements – Listing of Short Dated Options on New Crop Soybean Meal and Soybean Oil Futures Contracts 19 Feb 2015
Listing of Two (2) Petrochemical Futures Contracts

London Stock Exchange Group hosts Pakistan Capital Markets Day
London Stock Exchange
London Stock Exchange today held its 4th annual Pakistan Capital Markets Day at its London headquarters in Paternoster Square. The event was held in conjunction with Citi and featured participation from 14 of Pakistan’s leading companies, as well as London-based and international investors.

Ecoslops lists on Alternext
Raises EUR18 million, market capitalisation totals EUR55 million
EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for SMEs[1],today congratulated Ecoslops, a company specialised in transforming oil residues from shipping into marine fuels, on its successful listing on Alternext in Paris.

Intern – Operations, Technology and Client Services
CME Group
Intern – Operations, Technology and Client Services CME Clearing Europe are looking for an intern for a minimum of 6 months t o help support the day-to-day operational aspect of the CME Clearing Europe (CMECE) Business.

ICAP wins Markets Media’s 2015 “Best Inter-Dealer Broker” award
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, has been named “Best Inter-Dealer Broker” by the Markets Media publishing group. The award was received last night at a ceremony in midtown New York City.

Hedge Funds & Managed Futures

Man Group to buy asset manager NewSmith
Miles Johnson, Arash Massoudi and Naomi Rovnick, FT
Man Group, the world’s largest listed hedge fund manager, has confirmed it will buy the investment management operations of Mayfair-based equities boutique NewSmith.

MCA gets $10 million from Ken Griffin
Bloomberg via Crain’s
Billionaire hedge fund manager Ken Griffin has given $10 million to the Museum of Contemporary Art Chicago through his charity.

Crowdfunding delivers marketing boost to start-ups
Judith Evans, FT
When the creators of parking app JustPark listed their company on the equity crowdfunding platform Crowdcube last week, members of the public handed them £1m within four days.

Following On In Early Stage Financing
by Jeff Carter,
Fred Wilson has written about USV’s policy on following onto rounds. It’s a controversial topic so he has actually written a lot about it. Should you follow on when a company has to raise the next round? Brad Feld has said that he used to invest $25,000 in a company knowing that he had another $25,000 in reserve for the next round. He also has written a lot on follow on rounds here. Should you follow or not?

Banks & Brokers

BGC Partners to Buy Rival Brokerage GFI; Deal ends long-running hostile takeover effort
By Liz Hoffman
BGC Partners Inc. has agreed to pay about $778 million for rival brokerage firm GFI Group Inc., ending a monthslong hostile takeover effort.

A Stronger Dollar May Make Big U.S. Banks Look Even Bigger
by Yalman Onaran, Bloomberg
The dollar’s gain against the euro is prompting U.S. bank executives to raise alarms that the largest lenders will face higher capital charges. The numbers tell a different story.

Citigroup cut CEO Corbat’s pay by 7 percent to $13.1 million in 2014
Citigroup Inc (C.N) cut Chief Executive Michael Corbat’s pay by about 7 percent in 2014, a year in which the bank’s profit nearly halved due to higher legal costs and a slump in bond trading.

Better Finance Demands That “Dark” Capital Market “Venues” Such As “Systematic Internalisers” Treat Individual Investors As Fairly As The Regulated Markets
Guillaume Prache, Managing Director of Better Finance, the European Federation of Financial Services Users, raised the issue of the Systematic Internalisers (SIs) – typically large banks – which offer securities trading to individual non-professional investors without complying with the best execution rules. The SI “market venue” was created by the European MiFID I Directive, which came into force in 2007.

Clearing & Settlement

FCA to Investigate Competition in Investment and Corporate Banking Services Following Review of Wholesale Markets
The Financial Conduct Authority (FCA) today announced plans to launch its first wholesale market study into investment and corporate banking to assess whether competition in the sector is working properly.

***DA: One key question is the impact of a reduction in the number of clearing members and a lack of client clearing on over-the-counter (OTC) derivative markets.

If OTC Derivative Clearing Dispute Resolves, Could Volume & Liquidity Greatly Increase?
Traders Magazine
Sapient’s Phil Matricardi discusses the current volume dip and what to expect in the market if a regulatory agreement on OTC derivatives is reached soon.

Mandatory clearing in Europe may still be “a ways off”: ESMA responds to proposed amendments on interest rate swaps clearing RTS and postpones consideration of FX NDF clearing – Lexology
Mandatory clearing in Europe may still be “a ways off”
ESMA responds to proposed amendments on interest rate swaps clearing RTS and postpones consideration of FX NDF clearing

Indexes & Products

Market Attributes: Risk & Volatility Dashboard, February 2015
S&P Dow Jones Indices
Tim Edwards, Senior Director, Index Investment Strategy at S&P Dow Jones Indices has analysed the VIX for February, noting that it has declined for the month because U.S. equities are performing well, most likely due to the strong U.S. dollar. This is in contrast to 13 out of the 15 measures of volatility for other markets that are above their average.

Nasdaq nears all-time highs as exuberance yields to reason
As the technology-heavy Nasdaq Composite Index closes in on the all-time high it reached in March 2000, investors are facing a market that barely resembles the go-go era of 15 years ago. Valuations, as measured by what investors are willing to pay for the last 12 months of earnings, are an eighth of what they were at the peak of the dot com bubble, when the Nasdaq hit an intraday record of 5,132 before falling more than 63 percent in 12 months.

SSGA launches four MSCI Value Weighted smart beta ETFs
ETF Strategy
tate Street Global Advisors (SSGA), the asset manager behind the SPDR brand of exchange-traded funds, has announced the launch of four smart beta ETFs linked to the MSCI Value Weighted Index family.

Weathering Market Volatility with Smart Beta
Like all smart beta strategies, min vol blends aspects of traditional active and passive investing: active in that the strategies attempt to improve risk-adjusted return; passive in that portfolio construction is generally objective and based on pre-set rules.

Russell proposes changes to Russell Smaller Companies Pool and Russell Smaller Companies Class
Russell Investments Canada Limited
Russell, a leading global provider of multi-asset solutions, is seeking to approve a change to allow each of the Funds to provide long-term capital appreciation principally through exposure to both global and Canadian equity securities of issuers with a smaller market capitalization. Russell also proposed changing the names of the Funds to Russell Global Smaller Companies Pool and Russell Global Smaller Companies Class, which reflects the change in investment objectives.

Deutsche Börse to make unscheduled adjustment in MDAX: Bertrandt AG to replace Gagfah S.A. (tendered)
Deutsche Borse Group
Deutsche Börse: Due to its anticipated merger with Deutsche Annington SE, the tendered share class of Gagfah S.A. (ISIN LU1152862774), which is currently listed in MDAX, will be delisted from stock trading as of 24 February 2015 upon request of the company.


FinTech Investment Expected To Double In 2015
Advisor Intelligence
If 2014 finally forced the financial services industry to recognize the ascendance of financial technology, 2015 may end up being the year of the FinTech revolution. Global investment in FinTech is set to double from $10 billion in 2014 to $19.7 billion in 2015, according to a new paper by and Banking Reports.

Bitcoin hack report suggests inside job
Ben McLannahan in Tokyo, Ft
A group of hackers investigating the collapse of Mt Gox, the Tokyo-based bitcoin exchange, has lent weight to the idea that it was an inside job, publishing a report detailing the activities of an automated bot that appeared to game the fragile system by buying hundreds of thousands of coins with fake money.

Here’s why fintech startups are paving the way to gold
Fintech is on fire. Better, it’s white hot. According to an oft-cited study released by Accenture, global investment in financial technology ventures tripled from US$928-million to US$2.97-billion between 2008 and 2013. This figure is expected to snowball to a whopping US$6 to 8 billion by 2018. To put this within the context of the wider investment landscape, in the three years leading up to 2013, global investment in fintech grew more than four times faster than venture capital investment overall.

Traiana wins Market Choice Award
Best New Clearing Product – Traiana Harmony CCP Connect for Equities
Traiana, the leading provider of pre trade risk and post trade processing solutions, announces today that its CCP Connect for Equities service has won Markets Media’s Best New Clearing Product award at the annual Market Choice Awards on 19 February 2015. The Markets Choice Awards are decided by a combination of editorial research and online feedback, in conjunction with the Markets Media Advisory Board.


Ex-Qualcomm executive pleads guilty to insider trading
By Marty Graham, Reuters
A former director of sales for U.S. chipmaker Qualcomm Inc (QCOM.O) pleaded guilty in San Diego on Thursday to insider trading, officials said.

SEC Charges Brothers-in-Law in Louisiana With Insider Trading
The Securities and Exchange Commission today announced insider trading charges against a former Fortune 500 company executive and his brother-in-law whom he allegedly tipped with nonpublic information ahead of the company’s merger.

SEC Charges New York-Based Brokerage Firm and CEO With Committing Fraud During CDO Liquidation Auctions
The Securities and Exchange Commission today charged a New York City-based brokerage firm and its CEO with fraudulently deceiving other market participants while conducting auctions to liquidate collateralized debt obligations (CDOs).

Environmental & Energy

German EEX continues to gain market share in power from brokers
European energy exchange EEX continues to gain market share in power derivatives in its German home market, but also in French and Italian power futures, largely at the expense of OTC energy brokers, EEX chief operating officer Steffen Koehler said in an interview.

EU politicians haggle over carbon market reform date
By Barbara Lewis – Reuters
A compromise date of the very end of 2018 for reform of the EU Emissions Trading System (ETS) has run into opposition from some legislators, EU sources said, ahead of a vote next week that will be closely watched by the world’s biggest carbon market.

White House: Oil Price Drop Won’t Derail Climate Push
By Ben Geman – National Journal
Don’t worry: The drop in oil prices is helping the U.S. economy without hamstringing the administration’s drive to cut carbon emissions.

How to sell a carbon tax to Canadians
By Margo McDiarmid – CBC News
If you want to bring in carbon tax that actually works, the folks at Clean Energy Canada have some helpful tips for you.


US Treasury recognises China’s reduced currency intervention
Gabriel Wildau in Shanghai, FT
A senior US Treasury official said that China has stopped intervening in its currency market, reversing Washington’s long-standing criticism that Beijing deliberately undervalues the renminbi.

TOCOM Foreign Customer Trades Ratio Rises To 48.4% Of Total Volume In January – Renewed
The Tokyo Commodity Exchange, Inc announced today that the January 2015 monthly volume of customer trades (combined sell & buy orders) originating overseas (2,004,153 contracts) accounted for 48.4 percent of the total trades (4,139,082 contracts), which renewed the all-time high ratio in three consecutive months. The volume of foreign customer trades and its proportion in the total trades on TOCOM markets started increasing significantly after the launch of the current trading platform and night session in May 2009. It has gone from 11 percent to 48.4 percent in the past five years.

Chinese Dump Milk as Prices Fall; Farmers in other countries scale back herds, brace for lower incomes
By Chuin-Wei Yap, WSJ
China—The Year of the Goat isn’t working out well for Pi Hui’s cows.

Frontier Markets

Securities and Exchange Board of India Notices
Order in the matter of M/s Rightmax Technotrade International Limited
Interim Order in the matter of AM Fund Managers Limited
Recognised Investors Associations
Release of Bank and Demat Accounts of Shri. Benny Abraham


Amex loses antitrust suit on merchant rules
Ben McLannahan in New York, FT
American Express violated US antitrust law by barring businesses from asking customers to use lower cost cards, a federal judge has ruled, dealing a blow to the pioneer of the $160bn credit card industry.

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