First Read

What Happened to Risk?
Carl Gilmore – KCG
With the U.S. stock market seemingly making all-time highs every other day, and volatility at historic low levels, the dark days of 2008 and 2009 seem far away. Remember when the first vote to pass TARP failed? The U.S. stock market dropped about 8 percent that day. Later that month the VIX would top out intra-day at approximately 89% and volatility reigned.

What, you may ask, do those events have to do with today’s markets? And why should we consider them on a short U.S. holiday week when cookout menus and fireworks are generally on everyone’s mind?

Because it is times like these that the little voice inside my head starts saying that we ought to be careful. Risk hasn’t gone away, and markets don’t go up forever. I am reminded of one of Larry Livingston’s comments about stock markets.

“What has happened in the stock market has happened before and will happen again…”

Larry Livingston, of course, is the protagonist in arguably the best book ever written about trading – “Reminiscences of a Stock Operator” by Edwin Lefevre, the thinly disguised biography of speculator Jesse Livermore. This book should be required reading not just for traders, but for executives and risk managers as well.

While we prepare for the U.S. holiday, we should to remind ourselves that risk hasn’t gone away. I have no idea where the stock market will go, but I do know that we should all remain vigilant and make sure we are keeping a very close eye on risk management, because when it seems like there is little risk, or when markets become complacent, that is when it gets you.

Lastly, happy birthday KCG. One year ago yesterday the merger was completed. Check us out at or drop me a note if you’d like to come see us in our Merchandise Mart offices. And I have to hand it to Team USA. Even though their World Cup hopes are now over, the game was exciting right up until the end.

Now for the news…


GFT Group’s New Rule
Doug Ashburn – JLN
Last week, IT consultancy GFT Group acquired London-based Rule Financial and its global subsidiaries, capping a year-long search by Rule for a new parent. According to Rule’s CEO Chris Potts, the deal rounds out the nearshore capabilities of both firms, and also adds additional investment bank consulting expertise to GFT Group’s retail banking focus.

“Both firms view it as a very good fit,” says Potts. “It is certainly a complementary business, and the overlaps are relatively few.” The combined company will be comprised of about 3000 staffers spread throughout the Germany, the U.K., and North America, with Rule’s 800 nearshore developers in Costa Rica, Poland and Spain joining GFT’s 1400 developers in its facilities in Spain and Brazil.

John Lothian News has appreciated the commentary offered to us by Rule Financial over the past few years, especially when trying to wrap our heads around the regulatory situation in the U.K. and continental Europe. Potts assures us that all will be “business as usual.” We hope so.


NinjaTrader Introduces Brokerage Services with Acquisition of Mirus Futures
Press Release
NinjaTrader Group, LLC has announced the launch of NinjaTrader Brokerage following their acquisition of Mirus Futures. The new brokerage will leverage the best of both award winning teams to address unfulfilled traders’ expectations and transform the traditional ways brokerage is conducted.

***CG: A ninja move by the Ninja


Allan Schoenberg joins TIAA-CREF
TIAA-CREF has appointed Allan Schoenberg as Vice President, Corporate Public Relations and Communications. Schoenberg will be a member of the firm’s Enterprise Communications team and he will be responsible for helping the team drive firm-wide corporate communications, employee communications, reputation and crises management, social media, CEO positioning and public policy communications. He will be based at the firm’s headquarters in New York City.


OneChicago Announces June 2014 Trading Volume Up 63% Compared To June 2013 – Year-To-Date Volume Outpacing Record Breaking Year Of 2013 By 10%
OneChicago, LLC, an equity finance exchange, today announced its June 2014 volume of 1,269,074, a 63% increase year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures, a Delta One product, on approximately 1,500 equities, including ADRs and ETFs.

***CG: Nice work by my friends at OneChicago


Cinnober acquires BOAT from Markit — independent European trade reporting service is here to stay
Cinnober Financial Technology today announced the acquisition of Markit Trade Reporting (“BOAT”) from Markit with Cinnober taking full control of BOAT’s European trade reporting service as of July 1st. Earlier this year, Markit announced plans to discontinue the trade reporting service. However, with significant market demand for an independent trade reporting service and an extensive client base, Cinnober has decided to acquire BOAT. Cinnober has provided the core technology and operated the BOAT platform since its inception in 2007.

***JK: “Veronica, I think we need a bigger boat.” (Couldn’t resist.)


Fidessa Launches New Affirmation Service For The Buy-Side
Press Release
Fidessa group plc has today announced the next phase of its post-trade strategy with the launch of an affirmation management service (AMS) for the buy-side. Fidessa AMS is a new class of application that automates the workflow for direct trade affirmation between the buy-side and sell-side, delivering a faster, cheaper and more accurate alternative to current solutions. It also complements Fidessa’s existing sell-side community and its FIX-based Post-trade Hub launched last year.

***DA: According to Stuart Smalley, the service is fast enough, it’s accurate enough, and doggone it, people like it.


What’s a hedge fund manager to do?
Joshua M Brown – The Reformed Broker
I know a small startup hedge fund that was flat last year versus the S&P 500’s 32% total return. He’s out of business, pack up the truck. Nothing he can explain or illustrate means anything to the handful of seeders who let him hold onto some money for a year.

***JM: I have a saying: “Sometimes, the mouth doesn’t say what the heart is meaning.” After removing the baloney, when people ask for “non-correlated performance”, what they REALLY want is “non-losing performance.”

***CG: What would Larry Livingston say? I suspect he and JM concur…


Geezers Need Excitement: Trading Jitters and the Volume Myth
Edward Talisse – TABB Forum
Declining trading volumes is a fact. But the idea that high volume is good and low volume is bad is a fallacy – unless you make your living on the churn. Here are 5 market shocks that are driving trading volumes lower.

***CG: The title of this story makes me laugh


Speed Reader: FIA Europe’s Simon Puleston Jones making his way through MiFID II
EU regulation continues to wind its way through the system. That’s keeping Simon Puleston Jones a busy man.

As chief executive of FIA Europe, he’s busy making his way through the EU’s 845-page consultation document that contains 860-plus questions, as part of a 10-week consultation process that ends on August 1 for the Markets in Financial Instruments Directive, or MiFID II.

John Lothian News spoke with him about what’s in it and what it means for the industry.

“That’s a hell of a lot of reading for the industry to do,” he said. “Part of the challenge for us is working out how we can get the feedback from the industry, package that up and put a nice bow around it and give it to regulators in a way that they are going to be able to understand in the time that is available.”

Watch the video »



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Lead Stories

Wall Street Defends Overseas Swap Trading From U.S. Regulation
Silla Brush – Bloomberg
Responding to warnings from U.S. regulators that banks are finding ways around new curbs on financial risks, Wall Street is mobilizing to defend its latest tactic to keep overseas derivatives beyond the reach of U.S. rules.

NYSE to run software tests for trading firms ahead of Alibaba IPO
The New York Stock Exchange said it will hold a test run of Alibaba Group Holding’s highly anticipated market debut, reflecting the securities industry’s focus on risk controls after a raft of technical snafus in recent years.

***CG: “By failing to prepare, you are preparing to fail” – Ben Franklin. I’m glad to see this

Jamie Dimon of JPMorgan Says He Has Throat Cancer
Jamie Dimon, the chief executive of JPMorgan Chase, has throat cancer and will begin treatment shortly at Memorial Sloan Kettering Cancer Center, he said in a note to the bank’s employees and shareholders late Tuesday.

LSE eyes Q1 2015 swap future launch
Luke Jeffs – Futures & Options World
UK exchange is working on a new futures trading venue to go live early next year

CBOE late trading boosts Asian VIX demand
Joe Parsons – Futures & Options World
US options market is one of many to seek extra volume from international clients

Penalties for Companies, but Executives Often Emerge Unscathed
PETER J. HENNING – Dealbook – NY Times
Before BNP Paribas pleaded guilty to violating United States economic sanctions laws, the bank’s chief executive, Jean-Laurent Bonnafé, said in a message to employees that “malfunctions have occurred and mistakes were made.” It was much more than that, costing to the bank nearly $9 billion. But even then, the misconduct leading to that kind of penalty did not result in criminal charges against any individuals.

***CG: Note our comments from yesterday…

U.S. Justice Seems to Fall Harder on Foreign Companies
REYNOLDS HOLDING – Dealbook – NY Times
Uncle Sam is cooking up penalties with an anti-foreign flavor. New research suggests that overseas firms like BNP Paribas do in fact pay bigger fines and plead guilty more often than United States companies. One reason may be that prosecutors single out only the most serious cases abroad. But the differences feed suspicions that the United States is playing favorites.

Tradebot Founder, Chairman Returns as CEO
Tess Stynes – WSJ
Tradebot Systems Inc. founder and Chairman Dave Cummings is returning as chief executive of the high-frequency trading firm. Mr. Cummings has been chairman of Tradebot—among the earlier high-frequency trading firms—for the past seven years and was CEO of the company from 1999 to 2005.

Mind the Gap Between Regulation & Innovation
Behzad Gohari – Wall Street & Technology
The real reason HFT is under the spotlight isn’t the frequency of the trades. It’s the gap between regulation and innovation.

***CG: Keep calm and carry on

FX dark pools predicted to rise
Farah Khalique – Euromoney Magazine
Dark pools are the most recent corner of the financial markets facing the wrath of the regulators. However, despite the furore and speculation that some banks will close them down, foreign-exchange dark pools are gaining popularity and are predicted to increase in use among the buy and sell side.

***CG: How much darker can some FX markets get?

BNP Growth Plan at Risk as Penalties to Mar U.S. Expansion
Fabio Benedetti-Valentini and Elisa Martinuzzi – Bloomberg
BNP Paribas SA (BNP) says the $8.97 billion fine for U.S. sanctions violations won’t disrupt its dividend or growth plans. Some investors aren’t so sure.


What Gary Gensler, the Igor of Frankendodd, Hath Wrought
Streetwise Professor
I’ve spent quite a bit of time in Europe lately, and this gives a rather interesting perspective on US derivatives regulatory policy. (I’m in London now for Camp Alphaville.) Specifically, on the efforts of Frankdodd’s Igor, Gary Gensler, to make US regulation extraterritorial (read: imperialist).

***CG: Why can’t we all get along?

Green is good, says Law Commission
Mike Foster – Financial News
The Law Commission has decided pension scheme trustees should be allowed to take account of ethical issues when taking investment decisions, rather than being forced to focus purely on returns.

CFTC Staff Extends Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations
The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) recently issued a no-action letter extending until June 30, 2015 the relief previously provided in no-action letter 13-34, expiring on June 30, 2014. The relief is provided to Swap Dealers (SDs) and Major Swap Participants (MSPs) from the obligation to report valuation data for cleared swaps as required by Section 45.4(b)(2)(ii) of the Commission’s regulations.

SROs Select Short List Bids for the Consolidated Audit Trail
International Securities Exchange, LLC
The national securities exchanges and FINRA (collectively, the self-regulatory organizations, or SROs) have selected six bids from the list of ten RFP responses that were submitted to build and maintain the Consolidated Audit Trail (CAT).

***CG: Moving along…

Exchanges & Trading Facilities

The Options Industry Council Announces Options Volume Dips 1.4 Percent In First Half Of 2014
The Options Industry Council (OIC) announced today that 321,358,397 total options contracts exchanged hands in June, which is 11.03 percent less than the previous June when 361,180,257 contracts were traded.

***CG: Not surprising, given the low volatility…

LSE edges NY exchanges to Q2 listings crown
Anna Irrera – Financial News
The London Stock Exchange was the place to list in the second quarter, with companies raising more money on the iconic UK exchange than anywhere else.

CBOE Holdings Reports June 2014 Trading Volume
CBOE Holdings, Inc. reported today that June 2014 trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange totaled 100.18 million contracts. Average daily volume was 4.77 million contracts, an 11-percent decrease from June 2013 and a three-percent increase from May 2014.

CBOE Futures Exchange Reports June 2014 Trading Volume (NASDAQ:CBOE)
The CBOE Futures Exchange, LLC today reported that June 2014 average daily volume in futures on the CBOE Volatility Index and total exchange-wide ADV at CFE increased 21 percent from May 2014 and decreased 17 percent from a year ago. Year to date, CFE ADV and VIX futures ADV increased 10 percent from the first six months of 2013.

***CG: At least June was better than May

MGEX Reports 5th Best Exchange And Electronic Volume
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), announces top five monthly records from June in both total volume and electronic volume. This is the fifth month this year that the Exchange has finished with total volume in the top 25 all-time. All futures and options contracts traded totaled 214,007, a 70 percent increase from June 2013.

***CG: Good work MGEX. By the way, I miss your trading floor. I always thought that if the Great Gatsby was going to be a floor trader, Minneapolis is where he would go.

Turnover At Deutsche Börse’s Cash Markets At 93.7 Billion Euros In June
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at EUR93.7 billion in June (June 2013: EUR102.5 billion). Of the EUR93.7 billion, EUR86.2 billion were attributable to Xetra (June 2013: EUR95.3 billion). EUR3.9 billion were attributable to the Frankfurt Stock Exchange (June 2013: EUR4.2 billion). Order book turnover on Tradegate Exchange* totalled approximately EUR3.6 billion in June (June 2013: EUR3.0 billion).

Vienna Stock Exchange: EUR 3.1 Billion In Capital Raised In 1HY 2014
In the first half of 2014, Austrian companies raised more than EUR 3.1 billion in fresh capital through the Vienna Stock Exchange. This volume is larger than the aggregate volume of the past two years (transaction volume 2012 and 2013: EUR 2.1 billion) and the highest level achieved since 2007.

***CG: Now that is some Vienna beef

Key figures SIX Swiss Exchange and SIX Structured Products Exchange: June 2014 / H1 2014

Oslo Børs: Strongest First Six Months Since 2009
Since the start of the year, the Oslo Børs Benchmark Index has soared, gaining 12.6%, and we have to look back to 2009 to find share prices rising as strongly in the first six months of a year.

The Trading Volume On The Spanish Stock Exchange Grew 27% In June To EUR74.2 Bn
The equity trading volume on the Spanish Stock Exchange in the first six months was EUR415.6 billion, up 27.3% year on year. The trading volume in June reached EUR74.2 billion, up 27% from the same period a year earlier.

Boerse Stuttgart Records Monthly Turnover Of EUR 6.1 Billion In June
According to its order book statistics, Boerse Stuttgart generated turnover of EUR 6.1 billion in June 2014. Total trading volume for the first six months of 2014 was almost unchanged year on year.

NASDAQ OMX Nordic Trading Statistics June 2014

Moscow Exchange’s Turnover At RUB 37.2 Trln In June 2014

Athens Stock Exchange: Price Fluctuation Limits For The Turnover Velocity Stocks For July 2014

Intercontinental Exchange Completes Liffe U.S. Transition To ICE
Intercontinental Exchange, the leading global network of exchanges and clearing houses, today completed the transition of Liffe U.S. futures and options contracts to the ICE futures exchanges, trading platform and clearing infrastructure.

CBOE Holdings Announces Date Of Second-Quarter 2014 Earnings Release And Conference Call
CBOE Holdings, Inc. will announce financial results for the second quarter of 2014 before the market opens on Friday, August 1, 2014. A conference call with remarks by CBOE Holdings, Inc. senior management will begin at 7:30 a.m. Central Time (CT).

BOX Options Exchange July 2014 InBOX
This is the July issue of InBOX, your news source from inside the BOX Options Exchange. This monthly publication will provide convenient summaries of recent developments at BOX.

***CG: “InBOX”, that’s so bad it’s good

Russian central bank sees foreign appetite for Moscow Exchange shares
Foreign investors bought around 60 percent of a secondary share issue in the Moscow Exchange, showing the appetite for Russian shares from abroad, a Russian central banker said on Wednesday.

Euronext Welcomes NN Group To Amsterdam Exchange – Largest Initial Public Offering In Continental Europe Since 2011

Hedge Funds & Managed Futures

Fidelity Bans U.S. Investors Overseas From Buying Mutual Funds
Laura Saunders – WSJ
Fidelity Investments and other asset managers are telling U.S. clients who live outside the country that they can no longer buy or trade mutual funds in their brokerage accounts.

***CG: Hmmm…

Gundlach’s DoubleLine Funds see 5th straight month of inflows
Jennifer Ablan – Reuters
Jeffrey Gundlach’s DoubleLine Funds said on Tuesday it had net inflows of $527 million in June with its flagship DoubleLine Total Return Bond Fund attracting net inflows of $503 million.

Cayman addresses Weavering case governance deficiencies
Luke Clancy –
A new Cayman law will require independent directors, a licensing regime and a database of registered directors, as well as regular reporting from managers and service providers

Allocations shifting away from fixed income, says Mariner
Margie Lindsay –
As the US and UK economies begin to lead the world out of a recessionary period, the likelihood of rate differences between the major central banks will create differences in performance in various fixed income markets that have been linked in the past.

Venture-Backed IPO Exit Activity Extends Streak Of 20+ Offerings For Fifth Consecutive Quarter
Average M&A Deal Size Falls To Lowest Level Since 2013

Banks & Brokers

KCG Holdings, Inc. (NYSE: KCG) will release second quarter 2014 financial results on Friday, August 1, 2014 prior to the market open. A conference call to review the results will be held at 9:00 a.m. Eastern Time (ET) that morning.

A Decade of Ups and Downs for JPM’s Dimon
Emily Glazer – MoneyBeat – WSJ
James Dimon is currently the longest-serving chief executive of the major U.S. banks, a tenure that started about 18 months after J.P. Morgan Chase & Co. finalized its merger with Bank One Corp. 10 years ago today.

***CG: I agree with the president – Jamie Dimon is one of the smartest bankers we have.

Goldman ‘Boys Club’ Accused of Mocking Women as ‘Bimbos’ and ‘Party Girls’
Bob Van Voris and Max Abelson – Bloomberg
Goldman Sachs Group Inc. (GS) was accused of widespread gender discrimination and a “boy’s club” atmosphere that included bouts of binge drinking and trips to strip clubs, as two former female employees seek to expand their lawsuit against the firm with new evidence.

Lloyds Bank Looks for New Treasurer
Max Colchester – MoneyBeat – WSJ
Lloyds Banking Group PLC is looking for a new treasurer. Andrei Magasiner, who has run the treasury function since 2009, is leaving the bank to return to the U.S. Lloyds has yet to appoint a replacement, according to a person familiar with the matter.

Goldman Appoints Hutton Head of FICC Sales in Australia, NZ – MoneyBeat
Gillian Tan – MoneyBeat – WSJ
Goldman Sachs Group Inc has named Nell Hutton as head of of fixed income currencies and commodities sales in Australia and New Zealand, according to an internal memorandum seen by The Wall Street Journal.

Citi buys Deutsche Bank’s U.S. power trading books
Citigroup Inc has bought Deutsche Bank AG’s U.S. power trading books, the latest move by the U.S. bank to build its energy trading business as other Wall Street rivals retreat, two sources said on Tuesday.

Barclays Rehires Tim Luke, an Adviser to British Prime Minister
MICHAEL J. DE LA MERCED – Dealbook – NY Times
Barclays said on Tuesday that it was rehiring Tim Luke, an adviser to Prime Minister David Cameron of Britain, as a senior banker for its technology, media and telecommunications group.

Clearing & Settlement

OCC Announces Cleared Contract Volume In The First Half Of 2014 Declined 1%, Fifth Year Above 2 Billion Contracts
OCC announced today that total cleared contract volume reached 327,922,056 in June, an 11 percent decrease from the June 2013 volume of 367,660,030 contracts. OCC’s year-to-date cleared contract volume is off 1 percent from 2013 with 2,117,001,407 contracts, marking the fifth consecutive year that first half cleared volume reached 2 billion contracts.

***CG: Not bad given the low vol environment

Cinnober takes fight to Bats with Boat deal
Tim Cave – Financial News
Cinnober and stock exchange Bats Chi-X Europe are to go head-to-head with rival equity trade reporting offerings.

***CG: The fighting is many rounds…

Markit to launch electronic service for FX options
Eva Szalay – FX Week
Markit is developing an electronic trade confirmation and exercise management service for FX options in a bid to automate manual, post-trade processes to help market participants reduce their operational risk and costs.

DTCC faces month-long matching backlog
Fiona Maxwell –
The Depository Trust & Clearing Corporation (DTCC) is taking nearly a month to match derivatives trade reports sent to different trade repositories – a situation that is worrying corporates, who are concerned about possible regulatory sanctions.

Clearstream-Sponsored Study Reveals Need For “Collateral Value Chain” To Enable Up To Eur 40 Billion In Equity Capital Savings For European Banks
Study Reveals That “Collateral Value Chain” Would Allow Banks To Reduce Their Basel III Equity Capital Requirements By Up To 20 Percent Or Eur 40 Billion – Study Defines “Collateral Value Chain” As A Succession Of Sequential Steps That Make It Possible To Select Securities, Ensure Their Availability And The Robustness Of The Liquidation Process
Press Release

ICAP’s i-Swap platform sets new US Dollar interest rate swap volume record in June
ICAP’s award-winning interest rate swaps platform i-Swap, the electronic arm of the ICAP SEF, announces today another new monthly record for US Dollar interest rate swaps (USD IRS) volume in June 2014 of 588 trades (single counted), worth a notional value of $26 billion (single counted) and representing 31% of all USD IRS trades at ICAP. The previous record in May 2014 was 428 trades (single counted) worth a notional value of $17 billion (single counted) and represented 23% of all USD IRS trades at ICAP.

Indexes & Products

PUT Index Rose 1510% (with Lower Volatility) Over 28 Years
Matt Moran –
A 2013 paper by BlackRock on “VIX Your Portfolio – Selling Volatility to Improve Performance” noted that – “A strategy that systematically sells volatility on a diversified equity index should capture a positive risk premium over long horizons because it is similar to selling insurance,” and the paper highlighted three volatility-selling strategies

ETF Halftime Report: 2013’s Losers Lead, Vanguard Hauls It In
Eric Balchunas – Bloomberg
A year ago, solar energy and Japan exchange-traded funds roared back after suffering near-death experiences. At 2014’s halfway mark, ETFs focused on India, coffee and gold miners are the comeback kids.

Vix market fear gauge goes global
Neil Munshi in Chicago – Financial Times
Wall Street’s ‘fear gauge’ is going global. After success in the US, where betting on share price swings has become firmly established, the Chicago Board Options Exchange is rolling out its Vix equity volatility index into new markets.

***CG: Good for them!

BATS Announces Annual Changes To BATS 1000 Index – U.S. Equities Market Benchmark Celebrates Fifth Anniversary – CDW Corporation, News Corporation, And Rite Aid Among The Companies Added To The Index

ETF Securities lists range of currency ETVs on Euronext
Today ETF Securities listed a range of currency Exchange Traded Vehicles (ETVs) on Euronext Amsterdam, which are the first ETVs on Euronext that give exposure to currency pairs.


Former Calpers’ Head to Plead Guilty in ‘Pay-to-Play’ Scheme
Dan Fitzpatrick and Zusha Elinson – WSJ
The former head of Calpers intends to plead guilty to involvement in a “pay-to-play” scheme that roiled the largest U.S. pension fund in the years following the financial crisis.

U.S. judge dismisses 2 counts in Rengan Rajaratnam insider case
A federal judge on Tuesday dismissed two securities fraud counts against Rengan Rajaratnam, the younger brother of Galleon Group founder Raj Rajaratnam, a surprise development in the federal criminal insider trading case.

FINRA Fines Goldman Sachs Execution & Clearing, L.P. $800,000 for Failing to Prevent Trade-Throughs in its Alternative Trading System
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Goldman Sachs Execution & Clearing, L.P. $800,000 for failing to have reasonably designed written policies and procedures in place to prevent trade-throughs of protected quotations in NMS stocks from November 2008 through August 2011 in connection with trading in its proprietary alternative trading system, SIGMA-X.

Environmental & Energy

Tom Steyer wants to ‘penalize people’ who add to ‘climate risk’
Yaël Ossowski,
Speaking in New York City last week, Wall Street billionaire Tom Steyer laid clear his vision for penalizing people whose actions may contribute to climate change.

Only Carbon Emissions Reduction Can Best Fight Climate Change — New Study
Reissa Su, International Business Times
A new study has found that only carbon emissions reductions present the best possible chance to address climate change. The findings of the study by University of Chicago climatologist Raymond Pierrehumbert suggested that unless the world does something to reduce carbon dioxide, nothing “is going to matter much for climate.”

Overselling the Costs, Benefits of Greenhouse Gas Regulations
Victoria Stilwell, Insurance Journal
The Environmental Protection Agency calls its carbon rules an economic winner that will deliver more than $10 in benefits for each dollar spent on compliance.


China Looks to Hong Kong Graft Buster in Anti-Bribery Fight
Shai Oster – Bloomberg
In 1970s Hong Kong, graft was so bad expectant mothers had to bribe hospital orderlies for a glass of water or a bedpan. Today corruption monitor Transparency International ranks Hong Kong 15th cleanest of 177 countries.

Top Korea Broker Fights Volume Drop With Funds-to-IPOs
Sharon Cho and Seonjin Cha – Bloomberg
Kwon Yong Won, the chief executive officer of South Korea’s top stockbroker, is facing up to being an underdog again.

Biggest Pension Fund Replaces BOJ Driving Stock Rally
Yoshiaki Nohara and Yuko Takeo – Bloomberg
Stock investors, tired of waiting for a boost from the Japanese central bank, have found a new hero in the nation’s 128.6 trillion yen ($1.3 trillion) retirement fund, said Societe Generale Securities.

Dalian Commodity Exchange Launches Night Trading With Palm Olein, Coke
Selecting Advantageous Products To Improve International Influence

Japan’s Financial Services Agency Publishes A Partial English Translation Of The Comprehensive Guidelines For Supervision Of Major Banks, Etc.

HKFE Announces Margin Rates For Adjusted Li & Fung Futures Contracts

SGX reports FY2014 results on 31 July

Frontier Markets

What’s in a name? Islamic banking rebrands in attempt to go mainstream
Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word “Islam” from their names – a sign of both the potential of Islamic finance to grow, and the obstacles to it becoming mainstream.

DME Launches New Trading Tool For Oman Futures
DME, the Middle East’s premier international energy futures and commodities exchange, launched a new trading mechanism today, ‘Trade at Marker’ (TAM), for customers of the DME Oman crude oil futures contract.

Euroclear Supports UK Government’s First Issue Of An Islamic Bond

Look for value trades in emerging markets
John Authers – Financial Times
Retail investors again seem to think they can make money in the emerging world, and have sent money pouring back in. But where, exactly, can they find value?

The Amman Stock Exchange Index Quarterly Review

Lahore Stock Exchange Has Launched An Online Trading Competition

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