Chris Hehmeyer, managing member, HTG Capital Partners – Why Cereal Might Be Cheaper On Mondays At 8 AM
“The technologies are changing so fast that you can always jump in to whatever’s next.”
Chris Hehmeyer, managing member at HTG Capital Partners, gives a brief history of the financial markets and discusses his journey from Tennessee to Chicago. Hehmeyer describes the setting of the fledgling Chicago Board of Trade and remembers when technology was really beginning to impact the financial industry. One memory was when Hehmeyer saw an Apple II computer create a spread chart for the first time. Prior, all data was written out and charts were drawn by hand, but Hehmeyer knew that the simple chart was the beginning of something revolutionary.
Watch the video »
CFTC Revokes Registrations of Illinois Resident Aleks A. Kins and Chicago-based AlphaMetrix, LLC
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it has revoked the registration of Aleks A. Kins of Chicago, Illinois, as an Associated Person and the registrations of AlphaMetrix, LLC (AlphaMetrix), a Delaware limited liability company with its principal place of business located in Chicago, Illinois, as a Commodity Pool Operator (CPO) and Commodity Trading Advisor (CTA). The CFTC issued Orders revoking the registrations simultaneous with its filing of Notices of Intent to Suspend, Revoke, or Restrict Registration of Kins (Kins Notice) and AlphaMetrix (AlphaMetrix Notice), which alleged that the Registrants were subject to statutory disqualification based upon conduct prohibited by the Commodity Exchange Act (CEA).
***** Revoked, Rejected and Replaced.
Royal Bank to Pay $35 Million to End CFTC Wash-Trade Suit
By David Glovin, Bloomberg
Royal Bank of Canada will pay $35 million to settle a lawsuit brought by U.S. regulators over claims that it engaged in more than 1,000 illegal futures trades worth hundreds of millions of dollars to garner tax benefits tied to equities.
***** What is a Repo for $35 million?
C7 release 3.0: Launch date and overview
C7, Eurex Clearing’s new clearing architecture, is replacing the existing Eurex Clearing classic system in a stepwise approach. On 30 June 2014 in production, Eurex Clearing successfully launched release 1.0 by introducing Flexible Accounts. Further enhancements to the Flexible Account structure and related reports such as cash and delivery segregation have been made with the introduction of release 2.0 on 24 November 2014.
***** Does the CBOE know about C7?
Tokyo Commodity Exchange Foreign Customer Trades Ratio Rises To 46.4% Of Total Volume In November
The Tokyo Commodity Exchange, Inc announced today that the November 2014 monthly volume of customer trades (combined sell & buy orders) originating overseas accounted for 46.4 percent of the total trades, which renewed the all-time high ratio. The volume of foreign customer trades and its percentage to the total trades on TOCOM markets started increasing significantly after the launch of the current trading platform and night session in May 2009.
***** Say hello to Tokyo.
SEFCON Snapshot 2014, Part II: Cross-Border Issues
The WMBA Americas hosted SEFCON V on November 12, 2014, and John Lothian News was there. We interviewed 14 SEF operators, regulators and participants and put together this three part series on the state of SEFs one year into the mandate.
Part II looks at the differences between U.S. SEF rules and those of other jurisdictions. The conference featured a panel on cross-border issues, moderated by ISDA CEO and former CFTC Commissioner Scott O’Malia, and also a keynote address by current CFTC Chairman Tim Massad.
Comment: Futures trading costs are rising
By Rachel Lord, FT
Futures contracts have long been accepted by traders and institutional investors as a way to get long-term exposure to an equity index. Having started as a way to hedge commodity, currency, interest rate and equity risks, index futures are now considered staples of the market.
***** Welcome to the new era of higher costs.
FINRA Issues Precious Metals Investor Alert
The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Physical Precious Metals: Tips to Avoid Tarnishing Your Portfolio. FINRA’s new Alert warns investors of the risks involved with investing in physical precious metals such as silver, gold, palladium or platinum. Enforcement actions by the Commodity Futures Trading Commission (CFTC) and court decisions paint an ugly picture of sellers who charge high commissions and fees but ultimately fail to purchase or deliver the physical assets as promised.
***** When futures are safer than buying cash, that is something.
Hedge fund billionaire’s wife will not contest divorce ruling
Jamie Cooper-Hohn, estranged wife of hedge fund billionaire Christopher Hohn, will not contest a divorce settlement announced last month that awarded her less than half the family fortune.
***** An excellent decision by the former Mrs. Hohn.
Ray Cahnman, chairman, Transmarket Group – Me, Us & You: How Trading Works
“Opportunities today are even greater. Competition, however…is brutal. “
Ray Cahnman, chairman of Transmarket Group, begins his presentation with a list of books, movies and news stories he recommends that give a glimpse into the financial industry. He then discusses how he entered the financial industry and how the opportunities and challenges facing the industry have evolved. Cahnman remembers how trading used to be about the individual trader and how no one wanted to divulge their secrets to success. Today, trading has turned into a team effort, especially with the role technology is playing. Cahnman says that the trading ecosystem now involves programmers and coders as well as traders. However, while there is an influx in new opportunities in the industry, one still needs to stay persistent and embrace competition in order to strive.
Watch the video »
MarketsWiki Page of the Day
MarketsWiki Recent Updates
Companies, Organizations and Groups
56,325,469 pages viewed, 8,116 articles, 187,662 edits
Wall Street Firms Endure Lost Decade After Goldman Peak in 2007
By Jing Cao , Bloomberg
Wall Street firms have failed to keep up with a stock market that’s boomed for more than five years, losing ground to industries including technology and health care. There were just 32 U.S. financial firms among the world’s largest 500 companies by market capitalization when trading closed yesterday in New York. That compares with 41 at the end of 2006, the last full year before the credit crisis. Some companies that remain on the list, like Citigroup Inc. and American International Group Inc. (AIG), have shrunk to a fraction of the size of tech giants like Apple Inc. (AAPL) and Google Inc. (GOOGL)
ICE’s Six Recommendations for Reforming Markets
by Lora Western, WSJ
Jeffrey Sprecher, the CEO of Intercontinental Exchange Inc. and owner of the New York Stock Exchange, is making a big push to bring more trading back onto exchanges. ICE has circulated a draft letter among big brokers and investment funds outlining how the markets could be reformed. The move is Mr. Sprecher’s most ambitious effort to remake the stock market since buying NYSE Euronext Inc. for $8.2 billion last year.
BATS Opposes NYSE Owner’s Stock-Market Reform Plan; NYSE Parent Has Offered to Cut Costs to Draw Orders
By Bradley Hope, WSJ
BATS Global Markets Inc., one of the three big stock exchange operators, is opposed to a draft proposal by the owner of the New York Stock Exchange to reform the U.S. stock market, its CEO said in an interview.
Justice Department Probes Currency Exchange Site That Vanished With Cash
By David Evans and Willem Marx, Bloomberg
The U.S. Department of Justice has begun a criminal investigation into the foreign exchange trading website Secureinvestment.com, which vanished last May 1 with as much as $1 billion from investors around the world.
Highest U.K. Court Denies Rusal Right to Appeal Against LME; Decision Ends Lengthy Dispute With London Metal Exchange
By Ese Erheriene, WSJ
The U.K. Supreme Court said Thursday that Russia’s United Co. Rusal PLC can’t appeal against reforms to metal storage rules, ending a lengthy dispute with the London Metal Exchange.
Federal Court Orders Royal Bank of Canada to Pay $35 Million Penalty for Illegal Wash Sales, Fictitious Sales, and Noncompetitive Transactions
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 18, 2014, Judge Alvin K. Hellerstein of the U.S. District Court for the Southern District of New York entered a Consent Order for Permanent Injunction and Civil Monetary Penalty against Royal Bank of Canada (RBC) for engaging in more than 1,000 illegal wash sales, fictitious sales, and noncompetitive transactions over a three-year period. The Order enjoins RBC from committing future violations of the wash sale, fictitious sale, and noncompetitive transaction prohibitions of the Commodity Exchange Act and the CFTC’s Regulations, and requires RBC to pay a civil monetary penalty of $35 million.
***DA: The complaint stems from a 2012 charge involving single stock futures traded at OneChicago
How a Memo Cost Big Banks $37 Billion; Justice Department Lawyer Jump-Started Probe That Led to Three Giant Settlements
By Andrew Grossman, Emily Glazer and Christina Rexrode
Assistant U.S. Attorney Richard Elias was leafing through a pile of J.P. Morgan Chase & Co. documents while tending to his newborn son in 2012 when he found something that came back to haunt the three largest U.S. banks. In a memo, one J.P. Morgan employee warned her bosses they were putting bad loans into securities being created before the financial crisis hit.
CME Group imposes rare halt on wheat futures trading
Tom Polansek, Reuters
CME Group Inc briefly halted electronic trading in U.S. wheat futures overnight on Thursday after prices sank 1.6 percent in one second as concerns about Russian export curbs roiled the market.
No Currency to Claims of New Asian Financial Crisis, Say Veterans of 1990s Turmoil; Analysts Say Asia’s Economic Landscape Today is Starkly Different to the Late 1990s,
By Anjani Trivedi, Mia Lamar and Gregor Stuart Hunter
As wild swings in Russia’s ruble fan fears of a crisis in emerging markets, veterans of the late-1990s Asian financial crisis say they have been surprised by market fluctuations but note the region’s economies are showing few signs of heading toward another meltdown.
Markets will win game of chicken with Fed
Henny Sender, FT
At the FT’s Frontier Markets conference in New York, in mid-December, only a handful of participants subscribed to the view that the markets will smoothly absorb the Federal Reserve’s decision to raise interest rates when the time comes.
Hong Kong tycoon Thomas Kwok found guilty of bribery
Jennifer Hughes in Hong Kong, FT
A Hong Kong property tycoon and a former high-ranking public official have been found guilty on corruption charges, in a closely watched graft trial in the Chinese territory. Thomas Kwok, co-chairman of Sun Hung Kai Properties, one of the world’s largest real estate groups, was found guilty of bribing Raphael Hui as he prepared to become the territory’s chief secretary — the number two government position.
HKMA Probe Uncovers Failed Attempts at Currency Manipulation
By Fion Li, Bloomberg
The Hong Kong Monetary Authority said its year-long investigation into the city’s currency market uncovered attempts to manipulate exchange rates, though there was no collusion between banks.
Europe’s Dark Pools, Record Antitrust Fines, Banking: Compliance
By Carla Main , Bloomberg
Traders accustomed to operating in Europe’s dark pools, where buy and sell orders are hidden, say a transparency drive by regulators may deprive them of the secrecy they need to shield their trades from competitors.
U.S. Treasury Criticizes Europe’s Plan to Fix Tainted Benchmarks
By Silla Brush and Jim Brunsden, Bloomberg
A European proposal to regulate financial benchmarks that have been tainted by manipulation allegations is running into criticism from the U.S. Treasury Department.
CFTC Staff Grants Family Offices No-Action Relief from Registration as Commodity Trading Advisors
by Julian Hammar, JD Jupra
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) recently issued no-action relief for failure to register with the CFTC as a commodity trading advisor (CTA) to any “Family Office” that provides advisory services to a “Family Client” (“CTA Letter”). The relief supplements prior relief (“Letter No. 12-37”) for Family Offices from registration as a commodity pool operator (CPO).
Fed Grants Volcker Reprieve in Banks’ Second Big Win This Month
By Jesse Hamilton and Cheyenne Hopkins, Bloomberg
Banks added to their wins in Washington this month by getting a reprieve from the Volcker Rule that will let them hold onto billions of dollars in private-equity and hedge-fund investments for at least two more years.
ESMA Provides Implementing Rules For MiFID II
The European Securities and Markets Authority (ESMA) has published today its final technical advice (TA) and launches aconsultation on its draft regulatory technical and implementing standards (RTS/ ITS) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
U.K. Banks Face Higher Fines in Plan to Speed Cooperation
By Suzi Ring, Bloomberg
Financial institutions and their employees risk higher penalties unless they co-operate immediately with investigators, a government report recommended today.
On-line trading platforms – Updated list of unauthorized sites
The Autorité des marchés financiers (the “AMF”) is notifying Québec consumers that it recently identified five on-line trading platform websites that are not authorized to offer products and services in Québec: avatrade.com, avatrade.ca, ilq.com.vn, vaultoptions.com and sycamoreoptions.com. Quebeckers should therefore not trade via these websites.
SEC Proposes Amendments to Implement JOBS Act Mandate for Exchange Act Registration Requirements
As mandated by the Jumpstart Our Business Startups Act (JOBS Act), the Securities and Exchange Commission has approved the issuance of proposed amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) of the Exchange Act.
What’s New on the SEC Website
Adoption of Updated EDGAR Filer Manual (17 CFR Part 232; Release Nos. 33-9692; 34-73868; 39-2499; IC-31383)
Proposed Rule: Changes to Exchange Act Registration Requirements to Implement Title V and Title VI of the JOBS Act (17 CFR PART 230 AND 240; Release No. 33-9693; 34-73876; File No. S7-12-14; RIN 3235-AL40)
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. (Release No. 34-73880; File No. SR-BATS-2014-071); see also Exhibit 5
BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rules 11.9(a)(2) and 11.18(e) of BATS Exchange, Inc. (Release No. 34-73875; File No. SR-BATS-2014-068); see also Exhibit 5
BOX: Notice of Filing of Proposed Rule Change to Adopt New Rule 7300 to Allow the Exchange to Trade Preferenced Orders (Release No. 34-73878; File No. SR-BOX-2014-28)
BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Y-Exchange, Inc. (Release No. 34-73881; File No. SR-BYX-2014-040); see also Exhibit 5
BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rules 11.9(a)(2) and 11.18(e) of BATS Y-Exchange, Inc. (Release No. 34-73874; File No. SR-BYX-2014-039); see also Exhibit 5
ICC: Order Granting Approval of Proposed Rule Change to Revise the ICC Risk Management Framework (Release No. 34-73877; File No. SR-ICC-2014-18)
NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Port Fees (Release No. 34-73879; File No. SR-NASDAQ-2014-122)
NYSE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 342 to Remove the Three Years’ Experience Requirement for Supervisory Personnel and to Add Supplementary Material to Rule 3110 Stating that Supervisors Must Reasonably Discharge their Supervisory Duties and Obligations (Release No. 34-73883; File No. SR-NYSE-2014-66)
NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 342 – Equities to Remove the Three Years’ Experience Requirement for Supervisory Personnel and to Add Supplementary Material to Rule 3110 – Equities Stating that Supervisors Must Reasonably Discharge their Supervisory Duties and Obligations (Release No. 34-73882; File No. SR-NYSEMKT-2014-101)
Temporary prohibition of short selling: Banco BPI, S.A.
The Financial Conduct Authority (“FCA”) notifies that it temporarily prohibits short selling in the following instrument under Articles 23 (1) and 26 (4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012. This follows a decision made by another EU Competent Authority.
Debt management firm Harrington Brooks to pay redress to 4,500 customers, says FCA
The Financial Conduct Authority (FCA) has announced that debt management firm Harrington Brooks will voluntarily pay over £185,000 in redress to over 4,500 customers after communications from the firm to creditors on customers’ behalf were delayed.
Exchanges & Trading Facilities
Trading hours on Eurex Exchange’s last trading day in 2014
This year’s last exchange trading day at Eurex Exchange will be Tuesday, 30 December 2014. This is also the last day of the year on which exercises are allowed.
New exchange leader resigns from rival Turquoise role
By Tim Cave, Financial New
The lead executive on the Plato Partnership, an initiative that plans to launch a European equities trading platform next year, has offered to resign from the board role of one of the platforms the new project is set to rival.
CME Group AdvisoriesREVISED Product Modification Summary: Henry Hub Natural Gas Minimum Price Increment 18 Dec 2014
Performance Bond Requirements: Agriculture, Coal, Crude Oil, Equity Index, ERIS, Interest Rates, and Natural Gas Outrights; Coal, Freight, and NGLs Intra-Commodity Spread Charges; Agriculture, Electricity, and Interest Rates Inter-Commodity Spread Credits – Effective Friday, December 19, 2014 18 Dec 2014
Amendments to Eight (8) NYMEX Electricity Products 18 Dec 2014
Product Modification Summary: Extend Contract Listing – MCC Indonesian Coal – December 21, 2014 18 Dec 2014
December 2014 Currency Order-to-Pay Charges 18 Dec 2014
Product Modification Summary: Addition of Block Eligibility – Euro-bob Oxy Gasoline NWE APO – December 21, 2014
NLX Trading Slips After Rebate Switch
Exchange replaced its controversial rebate scheme at start of December
New Trading Record For JSE Equity Market
At a time of great volatility in capital markets caused by recent global events, the JSE recorded the highest value of trades executed in its history on the exchange yesterday.
Euronext EGM Results
Euronext N.V. (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX) today announced that, following its Extraordinary General Meeting (EGM) that took place today, all the resolutions on the agenda were approved.
Hedge Funds & Managed Futures
Russia Wheat Restrictions Spell Opportunity for France, Germany
By Whitney McFerron, Bloomberg
European wheat shippers will be the winners if Russia continues to restrict grain supplies leaving the country.
A Humbled Janus Capital is Betting on Bill Gross for Its Turnaround
By Mary Childs, Bloomberg
When Bill Gross quit bond giant Pacific Investment Management Co. three months ago, almost as stunning as his departure was his choice of employer: Janus Capital Group Inc., a struggling stock fund manager whose assets had shrunk by half from a peak 14 years earlier.
U.S. Risk Panel to Solicit Input on Asset-Manager Oversight
By Ian Katz and Dave Michaels, Bloomberg
U.S. financial regulators took a step toward increasing their scrutiny of large asset managers such as BlackRock Inc. (BLK) and Fidelity Investments. The Financial Stability Oversight Council today approved a request to seek input from industry executives and the public on criteria for judging whether asset managers’ activities could threaten the financial system. The effort will focus on investment funds’ liquidity, leverage, and plans in case a large asset manager fails or closes.
Citadel discloses stake in newly public insurer
Citadel LLC reported a 5.2 percent stake in D.E. Shaw & Co.’s James River Group Holdings Ltd., the insurer that had an initial public offering last week.
Wealth Adviser: Will Advisers Be Blamed for the Next Crash?
by Kevin Noblet, WSJ
Taking advantage of investors’ hunger for yield, brokers who sell their clients nontraded REITs, load-bearing fixed-income mutual funds and other expensive products are driving us toward the next financial meltdown, Bob Veres fears. Should that occur, “headlines will paint the entire financial planning profession as a bunch of greedy sales agents,” he writes on Financial Planning. The longtime industry commentator calls that outcome “a grimly logical consequence of all the sales incentives that still govern so much of the financial services marketplace. It’s a shadowy world where what you make is infinitely more important than what the customer makes.”
Banks & Brokers
Goldman elevates Murdoch banker to key job
Tom Braithwaite and Ed Hammond in New York, FT
Goldman Sachs appointed John Waldron as co-head of investment banking on Thursday, promoting the relatively young adviser to a place presently held by John Weinberg, scion of one of the company’s most famous families.
Mr Waldron is known for working on deals including Rupert Murdoch’s demerger of Fox and News Corp and the media boss’s abortive bid for Time Warner.
ICAP Selects First Derivatives’ Delta Stream to Provide Data Analytics for All EBS Platforms
First Derivatives, a provider of software and consulting services to the capital markets industry, has just announced that its Delta Stream product has been selected by EBS, ICAP’s electronic FX business, as part of a new data-analytics service offering. Delta Stream, based on big-data database technology kdb+, captures, stores and analyses large volumes of data within a single platform. It is used to capture billions of equity, FX and fixed income tick-data updates per day and perform analysis of that data in real time.
Barclays Asks Judge to Throw Out New York Dark Pool Suit
By Chris Dolmetsch, Bloomberg
New York Attorney General Eric Schneiderman’s lawsuit accusing Barclays Plc (BARC) of bilking customers to expand its dark pool was scrutinized by a judge for not naming specific victims of the alleged fraud.
BGC Partners Updates Its Outlook for the Fourth Quarter of 2014
The Company Expects the Fourth Quarter to be the Second Consecutive Period of Record Post-Tax Distributable Earnings
NEW YORK, Dec. 18, 2014 /PRNewswire/ — BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “the Company,” or “BGC”), a leading global brokerage company primarily servicing the financial and real estate markets, today announced that it has updated its outlook for the quarter ending December 31, 2014.
RPT-JPMorgan report to outline improved controls-activist
By Ross Kerber, Reuters
JPMorgan Chase & Co will soon issue a report outlining improved controls it has been enacting in the wake of recent missteps, including its role in the 2008 financial crisis, according to a shareholder activist who has seen a draft.
Clearing & Settlement
Societe Generale CIB adds ForexClear to OTC client clearing offering
FTSE Global Markets
Societe Generale Corporate & Investment Banking says its Newedge prime services business has added LCH.Clearnet’s ForexClear service as a new Central Counterparty Clearinghouse (CCP) to its client OTC clearing offering, allowing its clients to clear Non-Deliverable Forwards (NDF).
CFTC approves LCH.Clearnet’s amended DCO registration
The US Commodity Futures Trading Commission (Commission) has approved an amendment to and consolidation of LCH.Clearnet Ltd’s (LCH) orders of registration as a derivatives clearing organisation (DCO).
CFTC Staff Issues Extensions of No-Action Relief to Four Foreign Clearing Organizations
The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today issued extensions of no-action relief to four foreign clearing organizations: ASX Clear (Futures) Pty Limited, Clearing Corporation of India Ltd., Korea Exchange, Inc., and OTC Clearing Hong Kong Limited.
Indexes & Products
S&P Says $781B in Global ETP Assets Track its Indices
by Tom Lydon, ETF Trends
S&P Dow Jones Indices, one of the largest providers of indices for exchange traded funds, said assets under managements for global exchange traded products that track the company’s benchmarks have reached a combined $781 billion. That is “a 20% increase over 2013 and a 31% market share —
Federal Court Orders Commodity Pool Operator and Commodity Trading Advisor AlphaMetrix, LLC to Pay $5.6 Million in Restitution and Penalties
Court Also Orders AlphaMetrix’s Parent Company, AlphaMetrix Group, LLC, to Pay $2.8 Million in Disgorgement
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 16, 2014, Judge Joan H. Lefkow of the U.S. District Court for the Northern District of Illinois entered a Consent Order for permanent injunction against AlphaMetrix, LLC (AlphaMetrix), a Chicago-based Commodity Pool Operator (CPO) and Commodity Trading Advisor (CTA), and its parent company AlphaMetrix Group, LLC (AlphaMetrix Group). The Order requires AlphaMetrix to pay restitution of $2.8 million and a civil monetary penalty of $2.8 million and requires AlphaMetrix Group to pay disgorgement of $2.8 million. The Order also prohibits AlphaMetrix from further violating anti-fraud provisions of the Commodity Exchange Act (CEA), as charged.
NYMEX RULE VIOLATION: 562. POSITION LIMIT VIOLATIONS
Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations. – Pursuant to an offer of settlement MBF Trading LLC
MATTHEW TROY -NYMEX RULE VIOLATIONS: RULE 432. GENERAL OFFENSES
It shall be an offense:
B. to engage in fraud, bad faith or in conduct or proceedings inconsistent with just and equitable principles of trade;
I. to make a verbal or written material misstatement to the Board, a committee, or Exchange employees;
ASIC action restrains FX business and sole director from carrying on a financial services business
Foreign exchange (FX) business, Monarch FX Group Pty Ltd (Monarch FX) and its former director and general manager, Quinten Hunter, have been restrained from carrying on, either directly or indirectly, a financial services business for four years following action by ASIC.
SEC Charges Staten Island-Based Firm With Operating Boiler Room Scheme Targeting Seniors
The Securities and Exchange Commission today charged a Staten Island, N.Y.-based firm, its former president, and two sales representatives involved in a fraudulent boiler room scheme targeting seniors to invest in speculative start-up companies.
Environmental & Energy
Polluting Is Getting Expensive in Europe Again: Carbon & Climate
By Mathew Carr, Bloomberg
The surge in European carbon permit prices may just be beginning. The price of emission rights will rise 62 percent by June 30, according to the median of 16 trader and analyst estimates compiled by Bloomberg. UBS Group AG says costs may more than double in 2015. Carbon already jumped 44 percent this year, while the 22-member Bloomberg Commodities Index (BCOM) slid 14 percent.
Exchange Publishes Consultation Conclusions on Risk Management and Internal Control
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), today (Friday) published its Consultation Conclusions on Risk Management and Internal Control: Review of the Corporate Governance Code and Corporate Governance Report.
HKEx Markets Set Several New Records in 2014
Hong Kong Exchanges and Clearing Limited’s (HKEx) securities and derivatives markets set several new records this year according to market statistics for 1 January 2014 to 15 December 2014 published today (Friday) by HKEx in response to media requests.
HKEx Announces Listing Appointment
Hong Kong Exchanges and Clearing Limited (HKEx) has appointed Angelina Kwan as Head of Regulatory Compliance in its Listing and Regulatory Affairs Division.
China Currency Freedoms Beckon as Shanghai Offers Test Run
By Bloomberg News
It’s called pooling, and it’s made all the difference to the financial operations of refrigeration-equipment maker Dover Corp. (DOV) in China. Taking advantage of new freedoms in Shanghai’s free-trade zone since April, Dover is pooling yuan — transferring its holdings of the Chinese currency in and out of the nation, without needing the approval of the foreign-exchange regulator.
Qingdao fraud case taints commodity financing
By Henry Sanderson and Neil Hume, FT
Banks and warehouses are reassessing how they do commodity financing business in China in the wake of an alleged fraud in two ports that left western banks facing millions of dollars of possible losses.
Securities and Exchange Board of India Notices
Order in respect of RDB Rasayans Ltd. and its directors, Mr. Sunder Lal Dugar , Mr. Shanti Lal Baid and Mr.Sandeep Baid
Settlement Order in respect to M/s. Indiabulls Securities Ltd
Adjudication Order in respect of Late Mr. Ashok Mittal in the matter of M/s Rama Paper Mills Limited
Order in the matter of M/s. MVL Limited
Adjudication Order in respect of Shiv Kumar Agarwal, Rosydevi Agarwal, Roselabs Finance Ltd., Madhudevi Agarwal, Singhal Overseas Ltd. (now Roselabs Ltd.), Sadiram Industries Ltd. (merged into Roselabs Industries Ltd.), Pawankumar Agarwal and Roselabs Ltd. in the matter of M/s Gujarat Arth Ltd.
In the matter of Shri Dave Harihar Kiritbhai
In the matter of ISF Securities Limited
Russia’s richest man responds to Putin’s call to bring assets home
Russia’s richest man Alisher Usmanov has transferred his holdings in mobile operator Megafon and iron ore producer Metalloinvest to Russian entities after President Vladimir Putin urged businessmen to bring their assets home.
Breathe deep and pay in Bitcoin
Gillian Tett, FT
In the tropical idyll of Bali, dozens of merchants now accept payment in this electronic exchange system. Earlier this month, a friend called Mats, who works in banking in Switzerland, set off on a long holiday in Bali for a spell of relaxation between jobs. Hoping to forget about finance for a while, he duly booked himself into a modest hotel in Ubud, a far-flung resort famous for yoga retreats.