First Read

Bits & Pieces
So, Do You Want To Be a Intern Series Sponsor?

Friday is the deadline to sign up to be a sponsor of the MarketsWiki World of Opportunity Summer Intern Education Series in Chicago. If your firm would be interested in being a sponsor of this series of five events with 25 speakers of industry leaders, please contact me directly. (View Promo featuring BOX CEO Tony McCormick

One benefit of being a sponsor is you get 25 complimentary admissions to all session of the whole series.

We are very pleased to have BATS, CBOE, CME Group, Spot Trading, IIT Stuart School of Business and the Institute for Financial Markets as sponsors of the Chicago series. We would welcome a few more.

So far we have 115 interns signed up for one of the events and nearly as many for the balance, with a total of 135 different interns signed up to attend. We still have lots of room for more.

Ray Cahnman of Transmarket has agreed to be a speaker at the event and will speak on August 5, 2014. Ray can talk on a number of interesting subjects as he has been a successful trader and innovator for his whole career. Ray likes to talk and can really talk when he gets going. Reminds me of me. It shall be interesting to see if he can make the 10 to 12 minute time limit.

The Institute for Financial Markets has given us five Series 3 study kits to give away as a door prize at the series.

We are still trying to sign up our last 2 to 3 speakers. Stay tuned.

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Off to Summer Camp
On Sunday, Boy Scout Troop 117 and this intrepid Scoutmaster leave Sunday for its northern summer campgrounds for a week. This will be a unique year as my son Robby, he of the recently shaved head, will be leading the troop as its new Senior Patrol Leader. He is the youngest SPL in the history of the troop, at least since I have been involved.

I will be taking my recently repaired back and the mandate to not lift anything heavier than a gallon of milk to camp. That will be a challenge, as will crawling in and out of my tent. Given that I climbed in and out of Mammoth Cave six weeks after my bilateral knee replacement last year, I don’t think it should be a problem.

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John Lothian Profiles – Lee Stern Edition

We interviewed veteran trader Lee Stern recently for our John Lothian Profiles series. We are putting the finishing touches on the series and hope to launch it in August.

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RJ Roxas Moves to Houston
John Lothian News employee RJ Roxas is moving to Houston where he will continue to work for us while also pursuing a media career in the happening music scene there. RJ came to us as an intern from Columbia College in Chicago and worked his way into a full-time position. We are a big believer in interns, as you might guess. With Jon Matte in Norway and Lysiane Baudu in France, RJ believes he will also be able to work remotely from a foreign country, that being Texas.

RJ is the lead videographer for John Lothian News, and video editor and the social media lead for MarketsWiki Education. He will continue to edit video for us and run some of our social media efforts, along with contributing to MarketsWiki and John Lothian News.

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Speed Traders Should Operate in Good Times and Bad, Study Says
By Doni Bloomfield, Bloomberg
Computerized market makers should be required to trade futures contracts in good times and bad in order to ease turbulence during a crisis, according to a study sponsored by the U.S. industry’s regulator.
jlne.ws/1wuu0S3

***** The speed of your trading has nothing to do with whether you should have a commitment to make a continuous two sided market. Marketmakers have always changed their approach as the markets moved dynamically and long term buyer and sellers were incentified to come into the market.

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Fair game, app teach budding farmers about risk management
The Courier-News
Anybody involved in agriculture can tell you that food just doesn’t magically arrive at the dinner table. To drive that point home — and to teach about managing the risks involved with food production — the CME Group and the National 4-H Council are partnering for the second year to bring the Commodity Carnival, an interactive fair experience, to 120 state and county fairs in 11 states (Michigan, Ohio, Indiana, Texas, Illinois, Kansas, Minnesota, Iowa, South Dakota, Nebraska and Wisconsin) this summer, including Kane County. And it keeping up with the times, there’s now an app for iPhone and Android phone users, too.
jlne.ws/1nwa1gv

***** You have to like the toy cows.

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US, EU differences on cross-border rules risk permanent liquidity drain: O’Malia
Platts
US and European regulators must quickly come together to harmonize international derivatives trading rules before market fragmentation and low liquidity become lasting fixtures of the swaps and futures markets, Commissioner Scott O’Malia of the US Commodity Futures Trading Commission said Tuesday.
jlne.ws/1nw9YBd

***DA: Ironic that just as stock market regulators are coming to grips with the fragmented system they helped create, the swaps and futures markets seem headed toward a similar fragmented system.

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Tattoo removal surges 440% over the last decade
By Quentin Fottrell, MarketWatch
Removing a love that is only skin deep is painfully expensive
jlne.ws/1kvvXbm

***** I have a cousin who had a tattoo of his first wife’s name on his skin. He later had a darkened, filled-in silhouette of Geneva Lake put over it, which gives him the line that he “buried his first wife at the bottom of Geneva Lake.” There is more than one way to get rid of a tattoo.

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Revved Up: CME Europe’s Knottenbelt Says Currencies Just The Beginning

JohnLothianNews.com

CME Europe launched in March with an eye on currencies. William Knottenbelt, head of European business operations for CME Group and the CEO of CME Europe, says that the exchange has a core group of seven clearing members with more on the way and its currency products are positioned well for the market. And that, he says, is just the beginning for the European exchange.

“We’re starting now to see the volume beginning to come into the market,” Knottenbelt told JLN at the IDX conference in London. “As we get more and more clearing members and execution members coming on board, we’re getting a good flow of business and we just see that building.”

Watch the video »

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MarketsWiki

MarketsWiki Page of the Day

MarketsWiki Recent Updates

People

Ron Bernstein

Companies, Organizations and Groups

Intrade; Ninja Trader, LLC; New York Mercantile Exchange, Inc.; Chicago Board of Trade; Citadel Investment Group, LLC; ITG; London Stock Exchange Group plc; Russell Investments; CME Group, Inc.; Nasdaq OMX NLX

Products

CME Group Aluminum Futures

Statistics

51,053,279 pages viewed, 7,994 articles, 184,482 edits
MarketsWiki Statistics

Lead Stories

Wall Street Grabs NATO Towers in Traders’ Speed-of-Light Quest
By Jesse Westbrook and Sam Mamudi, Bloomberg
Bloomberg’s Jesse Westbrook reports on the purchase of NATO microwave towers by high-frequency traders. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg) An 800-foot microwave tower in a Belgian cow pasture transmitted messages for the U.S. armed forces in 1983 when suicide bombers killed hundreds of military personnel at Marine barracks in Beirut, Lebanon. Now it’s being used by high-frequency traders.
jlne.ws/1tQRK6O

***** Bloomberg worked very hard on this story about Jump Trading and got zip out of Jump.

S&P open to paying up to $1 billion to settle DOJ lawsuit: WSJ
Reuters
Standard & Poor’s Ratings Services decided to settle a pending lawsuit with the U.S. Department of Justice (DOJ) and is open to paying about $1 billion to settle it, the Wall Street Journal reported citing people familiar with the matter.
jlne.ws/1qfdNma

London Stock Exchange Boosted by IPOs; First-Quarter Revenue Up 20%
By Razak Musah Baba, WSJ
LONDON— London Stock Exchange Group LSE.LN +2.42% PLC said Wednesday its first-quarter revenue rose 20%, buoyed by the boom in initial public offerings.
jlne.ws/W9YBJA

Lloyds nears deal with regulators on Libor fines
The Telegraph
Lloyds Banking Group is believed to be nearing a settlement with regulators in the US and UK over alleged Libor rigging, making the taxpayer-backed lender the latest in a long line of banks to face heavy fines.
jlne.ws/1r3WTVI

NY judge rules broker engaged in fictitious wheat futures sales
By Bernard Vaughan, Reuters
A federal judge in New York on Tuesday ruled that a futures broker accused of manipulating wheat futures prices engaged in fictitious sales in 2009. U.S. District Judge Colleen McMahon of Manhattan federal court said that there was “absolutely no dispute” that Eric Moncada, who worked for trading firms BES Capital LLC and Serdika LLC in New York, was engaging in fictitious sales.
jlne.ws/1mU6OLA

Nasdaq eyes exchange status for NLX
Tim Cave View, Financial News
Nasdaq OMX is considering full exchange status for its fledgling European derivatives platform, a statement of intent from the US exchange to break into the region’s futures market.
jlne.ws/1wutMdu

Regulators push for widening of forex fix time
By Daniel Schäfer and Sam Fleming in London, FT
Global regulators have proposed to centralise foreign exchange trading at a crucial daily fix on a global platform in a move that would undercut banks’ role in the currency market.
jlne.ws/1mU8JzO

Sugar rush at ethanol plant fuels fight with Nebraska corn farmers
By Michael Hirtzer, Reuters
An ethanol plant in Nebraska corn country is pumping out fuel made from sugar beets, and corn farmers are suing to stop it – a small-town dispute that offers an unusual take on the debate over the market-distorting impact of sugar and corn subsidies.
jlne.ws/1oYb3G8

Why Trading Houses Are Partnering With Buyout Firms
By Shasha Dai and Alec Macfarlane, WSJ
Asian commodity trader Noble Group Ltd. and private equity firm EIG Global Energy Partners this week announced a joint venture, Harbour Energy Ltd., that will seek to buy operating companies world-wide in the oil and gas exploration and production, gathering, processing and transmission sectors.
jlne.ws/1mU5BEf

London Gold Fix to Undergo Major Overhaul; Move Follows a Similar Shakeup to The Silver Fix
By Francesca Freeman, WSJ
LONDON—The 95-year-old London gold fix is poised to undergo a major overhaul, as the banks that set the daily benchmark begin the search for a third-party administrator to run the process, people with knowledge of the matter said Wednesday.
jlne.ws/1zIxgxC

Overhaul of London gold “fix” expected imminently -source
By Jan Harvey and Clara Denina, Reuters
A statement on the overhaul of the century-old system of benchmarking gold prices is expected imminently ahead of the implementation of new regulations governing financial benchmarks, a source familiar with the matter said on Wednesday.
jlne.ws/1mgPqfA

Regulatory

O’Malia warns over risk of regulatory arbitrage
by: Luke Jeffs, FOW
CFTC commissioner said what many trading firms have been saying for a while
One of the top US futures regulators has warned poor co-ordination between international authorities could pave the way for regulatory arbitrage and harm the markets they oversee. Scott O’Malia, one of five commissioners at the Commodity Futures Trading Commission, told a legal conference in New York regulators should think like doctors and work to ensure their subjects are “healthy and well-functioning”.
jlne.ws/1snNCtj

ESMA sets 2016 deadline for buy-side OTC clearing
The Trade News
Buy-side firms will have until 2016 before being subject to mandatory central clearing rules surrounding certain OTC derivatives, under new rules from the European Securities and Markets Authority (ESMA).
jlne.ws/Ucl7Ab

Madoff Sons Deleted E-Mails, Hindered Probe, Trustee Says
By Erik Larson, Bloomberg
Bernard Madoff’s sons deleted e-mails to obstruct a 2005 U.S. Securities and Exchange Commission investigation that could have exposed their father’s $17.5 billion Ponzi scheme, the trustee unwinding his company said.
jlne.ws/1nvYEoz

Temporary restriction in short selling – extension
UK FCA
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 on short selling and certain aspects of credit default swaps.
jlne.ws/1zIlkvM

Exchanges & Trading Facilities

Euronext Launches Weekly Expiry Dates On CAC40® And AEX® Futures; The First European Exchange To Launch Weekly Futures
Euronext
Amsterdam, Brussels, Lisbon, London and Paris – 16 July 2014– Euronext today announced the launch of weekly expiry dates on its CAC40® and AEX® future contracts. This initiative is the first of its kind in Europe and will complement the existing offer where futures contracts traditionally expire on a monthly or quarterly basis. The shorter expiry period will provide members with more trading possibilities, an opportunity for improved risk management, as well as an efficient hedging tool during the dividend season or when trading AEX weekly options. The product will be launched in the fourth quarter of 2014.
jlne.ws/1kvnTaA

IMS for the period to 15 July 2014, including revenues and KPIs for the three months ended 30 June 2014 (Q1)
London Stock Exchange Group
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BME Report on the share ownership structure in Spain
BME
HOUSEHOLDS AND NON-RESIDENTS INCREASE THEIR PARTICIPATION IN THE SPANISH STOCK MARKET
Non-resident investors remain the main owners of Spanish listed shares, at 40.1% of the market value
Households are again the second most relevant share owners, at 26.1%
Retail investors and non-residents own listed shares worth over €150 billion and €240 billion, respectively
At the end of 2013 a fourth of the shares listed on the Spanish stock exchange were owned by Spanish households, according to the latest Report on share ownership structure in Spain, which the Research Department of BME publishes every year. The percentage of the ownership of listed shares in Spain represents over €150 billion.

ICE to add Port of Virginia as coffee delivery point in 2016
Reuters
ICE Futures U.S. will add the Port of Virginia as a delivery point for the arabica coffee futures contract, effective with the September 2016 contract, the exchange said in a notice on Tuesday. An exchange spokeswoman declined to comment on the reason for the addition.
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ICE Brent Crude Benchmark Sets New Daily Volume Record
ICE
Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced that ICE Brent Crude futures achieved a daily volume record of 1,526,965 contracts on July 15, 2014. The previous daily volume record was 1,451,481 on July 11, 2014.
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Hedge Funds & Managed Futures

Kottke-Commodity Capital Wins Managed Futures Pinnacle Award as the 2013 Best Single Sector CTA 5-Year Track Record
PRNewswire
Kottke-Commodity Capital recently won Managed Futures Pinnacle Award as the 2013 Best Single Sector CTA 5-Year Track Record. The methodology to determine the winners was based on quantitative data from BarclayHedge using the top five performance metrics selected by over 100 allocators. The awards ceremony, hosted by CME Group and BarclayHedge, honored the top managers in the industry and was held at the Four Seasons Hotel on June 17, 2014.
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Record WisdomTree Japan Outflow Shows ETFs Doubt Weak Yen
By Yoshiaki Nohara and Yuko Takeo, Bloomberg
Underneath the calm in the Japanese stock and currency markets, the two biggest U.S. exchange-traded funds tracking the nation’s equities are showing the widest divergence on record.
jlne.ws/1mgTnRv

Pimco Names Mogelof as Asia-Pacific Head Amid Leadership Changes
By Benjamin Purvis, Bloomberg
Pacific Investment Management Co. named Eric Mogelof to head its business in the Asia-Pacific region as the company reshapes its leadership following the departure of former Chief Executive Officer Mohamed El-Erian.
jlne.ws/UcgAha

Winning by Waiting in Commodities; Investors Cash In With a Commodities Trading Strategy
By Tatyana Shumsky
In a bumpy year for commodities markets, some investors think they have hit on a winning strategy: Wait it out. Extreme weather and an uncertain economic outlook have sent prices for commodities ranging from coffee to natural gas to soybeans on a wild ride this year. In many of these markets, the cost for commodities delivered today is higher than months from now. That is opening up a number of ways for investors to profit.
jlne.ws/1zIns6H

Yellen Cuts Stock Buyers Some Slack
By Justin Lahart, WSJ
If the economy is nearing the point at which the Federal Reserve should start raising rates, Janet Yellen doesn’t see it.
jlne.ws/1kvoWrk

BlackRock’s second-quarter profit rises 11 percent
Reuters
BlackRock Inc (BLK.N), the world’s largest money manager, reported an 11 percent jump in second-quarter profit on Wednesday, boosted by strong markets that helped drive flows into its products across asset classes.
jlne.ws/Whb66A

BondView Releases Intelligent Bond Surveillance, Empowering Municipal Bond Investors With Round-the-clock Monitoring and Alerts
ROSLYN HEIGHTS, N.Y., July 16, 2014 /PRNewswire/ — Intelligent Bond Surveillance from BondView (http://www.bondview.com) automatically provides 24-hour monitoring of key municipal bond investment metrics and sends early warning alerts about significant fluctuations. It’s a first-of-its-kind service intended for both financial advisors and individual investors that need a more proactive investment approach and is available now as part of a free BondView subscription.
jlne.ws/1yqX7bI

Banks & Brokers

Interactive Brokers Group Announces 2Q2014 Results
Interactive Brokers
Reports Comprehensive Earnings Per Share of $0.29, Income before Taxes of $174 Million on $309 Million in Net Revenues and Earnings Per Share on Net Income of $0.26;Declares Quarterly Dividend of $0.10 Per Share.
Interactive Brokers Group, Inc. IBKR -2.82% an automated global electronic broker and market maker, today reported diluted earnings per share on a comprehensive basis of $0.29 for the quarter ended June 30, 2014, compared to diluted earnings per share on a comprehensive basis of $0.14 for the same period in 2013.
jlne.ws/WhggiV

Goldman thrives as commods rivals melt away
By Gregory Meyer and Neil Hume, FT
Goldman Sachs’ commodities business, known for its muscular trading operation, is rapidly expanding in a plainer and less politically charged area even as listless markets and increased regulation force rivals to beat a retreat.
jlne.ws/1l31UrI

ICAP confirms broker cull as revenue falls
By Clare Hutchison, Reuters
* Confirms cutting jobs in voice broking
* 100 brokers said leaving – IFR
* Q1 revenue down 14 pct (Recasts, adds detail, background, fresh CEO quotes)
ICAP, the world’s biggest broker of transactions between banks, is downsizing its voice broking unit to concentrate on investments in the more profitable area of electronic broking and post-trade services.
jlne.ws/1rqCqcO

ICAP Plc Interim Management Statement – Double Digit Revenue Growth In The Post Trade Risk And Information Division; Record Volumes On EBS Direct And US Dollar i-Swap; Tough Market Conditions Continue To Impact Trading Activity In Global Broking and EBS Market; Cost Savings Programme Remains On Track To Deliver Annualised Savings Of £60m
ICAP
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, is issuing this Interim Management Statement in relation to the period from 1 April 2014 to 15 July 2014. It will be delivered to shareholders attending ICAP’s Annual General Meeting today.
jlne.ws/1wukNt3

ICAP Revenue Hurt by Weak Trading Volume; Broker is Cutting Costs and Focusing on More Profitable Electronic Trading Activities
By Jenny Strasburg And Ian Walker, WSJ
LONDON— ICAP IAP.LN -0.06% PLC, the world’s biggest broker handling trades between banks, said it will continue to reduce its voice brokers and exit some businesses as it cuts costs and focuses on boosting revenue from its more profitable electronic trading activities.
jlne.ws/1jxdvE9

U.S. Bancorp Earnings Rise as Revenue, Loans Grow; Regional Bank U.S. Bancorp’s EPS of 78 Cents Beat Analysts’ Expectations of 77 Cents
By Andrew R. Johnson
U.S. Bancorp’s second-quarter profit increased slightly as the regional bank posted higher revenue and loan growth.
jlne.ws/WhcgPx

Goldman, J.P. Morgan Pulled Out of Trading Ditch
By John Carney, WSJ
J.P. Morgan Chase and Goldman Sachs are adapting to markets that appear to be stuck in the mud. But they aren’t yet on solid ground.
jlne.ws/1kvoPMm

Bank of America quarterly profit drops 43 percent
Reuters
Bank of America Corp (BAC.N), the second largest U.S. bank by assets, reported a 43 percent drop in second-quarter profit as mortgage revenue fell and litigation costs increased.
jlne.ws/W9X2eI

Clearing & Settlement

Counter closed: The rules that will hit OTC trading
Anish Puaar, Financial News
As Europe prepares to introduce rules that will drive up the cost of over-the-counter derivatives trading, fears are growing that some investors could be left in the cold.
jlne.ws/1qGH6tP

Indexes & Products

 

Technology

Italy’s GTECH to Buy Casino-Equipment Maker IGT; Deal Consists of $4.7 Billion in Cash and Stock and $1.7 Billion in IGT Debt
By Juro Osawa, Ned Levin and Deborah Ball
Italian lottery company GTECH SpA is buying International Game Technology, a Las Vegas-based maker of casino equipment, for $4.7 billion in cash and stock, the companies said Wednesday.
jlne.ws/1nvV8L9

News Brief: Mitsubishi UFJ Morgan Stanley Securities Expands Use of SunGard’s Valdi to Help Achieve Efficiency and Growth through Japanese Market Connectivity
SunGard Financial Systems
Mitsubishi UFJ Morgan Stanley Securities has expanded its use of SunGard’s Valdi to help achieve greater operational efficiency through an integrated software and services approach for needs ranging from connectivity to trading screens and downstream system interfacing.
jlne.ws/1tQKZlu

Enforcement

Vancouver Island men fined for fraud; Investors deluded by deceit, B.C. Securities Commission says
Vancouver Sun
VICTORIA — The B.C. Securities Commission has imposed $12 million in fines and permanently banned two Vancouver Island men and two companies for fraud, illegal distribution of securities, and breaching a cease trading order relating to a failed Comox Valley development
jlne.ws/1tQX8Ha

China: CIC censured for mismanagement
by Anuj Gangahar, Euromoney
Authorities more strident on standards; wealth fund criticized for lack of due diligence.
jlne.ws/1mKSV2N

Environmental & Energy

CO2 Project: Electricity Firm to Tap Greenhouse Gas for Oil Drilling; NRG Energy Teams With JX Nippon Oil in Carbon-Capture Pilot
By Rebecca Smith, WSJ
Carbon dioxide isn’t just a greenhouse gas that federal officials want to curb: It is also highly prized by the energy industry, which injects it into aging oil fields to increase their output.
jlne.ws/1t2T826

The green bond machine
Euromoney
Banks find the grass is greener with dedicated environmentally friendly bonds.
jlne.ws/WhaPk4

EDF Trading environmental products head leaves firm
Alexander Osipovich, Risk.net
Fabio Nehme is said to be leaving EDF Trading in Houston after six years to set up his own London-based business in environmental commodities
jlne.ws/1snArsn

Asia-Pacific

Hong Kong Beating SGX in Bourse Battle: Chart of the Day
By Jonathan Burgos, Bloomberg
A rally in Hong Kong Exchanges & Clearing Ltd. is pushing valuations to the highest relative to its Singapore rival since April 2008 amid optimism for an equity link with Shanghai and as London Metal Exchange boosts earnings.
jlne.ws/1kvtAoZ

China’s growing influence reflected in Asia Risk awards
By Aaron Woolner, Risk.net
Relaxation of Chinese currency controls may be the defining factor in the development of Asia’s financial markets over the next five years
jlne.ws/1nvRZL3

Frontier Markets

Can NCX Succeed Where ASCE Failed?
This Day Live
Commodity Exchanges are established to broaden economies through investment in agriculture and serve as platforms for investors to mitigate the inherent risks in agricultural production and marketing. The Abuja Securities & Commodity Exchange (ASCE) however could not achieve this goal. Now repositioned as the Nigeria Commodity Exchange (NCX), Eromosele Abiodun wonders if it can meet its set objectives A few years ago the Nigerian Financial service sector welcomed with joy the birth of a new Exchange called the Abuja Securities & Commodity Exchange (ASCE).
jlne.ws/1tQWAky

Miscellaneous

Is the Buy Side Ready for Bitcoin?
Gregg Wirth, Traders Magazine
Bitcoin, the crypto-currency that initially became infamous as the tender of choice for drug traffickers and mercenaries, may be coming to a trading desk or institutional portfolio near you – and sooner than you think.
jlne.ws/1r3S4M5

Billionaire Koch Settles With Acker Auction House Over Fake Wine
By Patricia Hurtado
Billionaire William Koch said he settled a lawsuit against Acker, Merrall & Condit for selling more than 200 bottles of counterfeit wine at auction.
jlne.ws/1tQStFe

Buffett donates $2.8 billion to Gates, family charities
By Jonathan Stempel, Reuters
Warren Buffett this week donated $2.8 billion of Berkshire Hathaway Inc stock to five charities, as part of the billionaire’s plan to give away nearly all of his wealth.
jlne.ws/1rqEWQm

Hershey hikes candy prices due to soaring cocoa
Reuters
Hershey Co, the No. 1 candy producer in the United States, on Tuesday hiked its chocolate prices for the first time in three years, a sign that a year-long soaring cocoa market is eating into confectioners’ profits.
jlne.ws/1mL0kzd

Cargill Turkey says “NO” to growth-promoting antibiotics
Cargill
Cargill’s Honeysuckle White and Shady Brook Farms, are now the first major turkey brands to remove growth-promoting antibiotics from all turkeys across the independent farms they work with, without charging a premium price. Based on consumer research and feedback, these brands are pioneering efforts to provide families with new, affordable, turkey choices.
jlne.ws/1jxc4Wk

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