John Lothian Newsletter: White House to Nominate Massad as CFTC Chairman; Financial transaction tax rises from the grave; NYSE Euronext takeover poses tough challenges for ICE boss

Nov 12, 2013

First Read

LaSalle Street After Hours Event Honors Boy Scouts
John Lothian
It was not that long ago in my career that workmen would set up a huge circus tent on LaSalle Street in front of the Federal Reserve and Continental Bank Building in the summer, driving huge 2 foot stakes into the asphalt street. It was not the circus that was in town, but rather the LaSalle Street Boy Scout dinner.

These days the dinner is a more casual affair held indoors, but the goal of the dinner remains the same. The goal is to raise money to help support the Boy Scouts of the Chicago Council of Boy Scouts of America.

The Chicago Council is not my Boy Scout Council, but it is a very important one with unique challenges that deserves your support. We all know the problem Chicago has with gangs and gang related shootings. We read about the shootings and murders in parts of Chicago where the loss of life exceeds that of U.S. service member losses in Afghanistan.

This is exactly why Boy Scouts in Chicago needs your support. We need to grow this program to be a strong alternative to young boys becoming gang members. We need the values and strengths of the scouting program to help grow young boys into citizens of exceptional character, physical fitness and mental alertness. Give them the experience of scouting and they will have the character to say no to gangs.

We need to invest in young people and help them find the strengths and values to overcome the the obstacles of their environment.

Not all scouts or potential scouts live in bad neighborhoods of Chicago, but it is in these troubled neighborhood that the scouting program is needed the most. So help make Chicago better, safer and friendly by attending the LaSalle Street After Hours Event, or by contributing directly to the Chicago Council of Boy Scouts of America. Leave your mark on LaSalle Street by supporting Boy Scouts.

LaSalle Street After Hours Event
Date: Thursday, November 14, 2013
Time: 5:00 p.m. to 8:00 p.m.
Location: The Atrium of 311 South Wacker, Chicago, IL 60606

Register for the event at: chicagobsa.org/lsah

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Exchanges play key role in promoting corporate governance: SGX chief
Alvin Foo – Straits Times
Exchanges have an increasingly important role as guardians of corporate governance, said Singapore Exchange chief executive Magnus Bocker on Monday.
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***** We hope to have Mr. Böcker as a guest editor next week here at JLN.

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ISE Announces Highest Daily FX Options Volume, Year-to-Date
The International Securities Exchange (ISE) today announced that 5,328 Foreign Exchange (FX) Options contracts were traded on Friday, November 8, 2013, the highest FX Options volume, year-to-date.
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***** Doug Ashburn likes this and I am sure Gary Katz does too.

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Sponsored Content
SEFCON IV: Open for Business
Monday, November 18, 2013, Grand Hyatt Hotel, NY

The rules are out, the registrations are in, and the products are being made available to trade on swap execution facilities (SEFs).

Join dealers, traders, exchanges and regulators for this once-a-year look at the state of the SEF world. Highlights include:

  • Keynote address by CFTC Chairman Gary Gensler
  • A view from Capitol Hill featuring congressmen Jim Himes (D-CT) and Mike Conaway (R-TX)
  • Panels on SEF technology, market structure and cross-border issues

And more.

The full agenda can be viewed HERE. The cost of the event is $495. REGISTER HERE

SEFCON IV is sponsored by the Wholesale Markets Brokers’ Association, Americas.

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Plan to Finance Philanthropy Shows the Power of a Simple Question
ANDREW ROSS SORKIN – NYTimes.com
What if? That’s the way Lindsay Beck, a two-time cancer survivor and the founder of a successful charity, started thinking about how the world of finance and Wall Street could revolutionize the staid nonprofit industry.
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***** There are two ways forward. One is with innovation. And the second is with innovation.

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From Our Man In Chicago, FIA Expo 2013, Tom Groenfeldt: Surveillance Panel
Trading across different asset classes presents new challenges for market surveillance, a panel at FIA in Chicago last week concluded. Equities and options are quite simple — you look to see what is happening in one and if there is manipulation in the other, but in other assets systems are limited and human intelligence is needed.
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***** I am not sure, but your man in Chicago might be your man in Green Bay now.

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Financial Innovation Is Depressing
Matt Levine – Bloomberg
DealBook has a special section today on ideas and innovation on Wall Street and let’s just say it will not inspire too many idealistic Stanford undergrads to stop work on their iPhone apps and take that financial-engineering job at Wells Fargo. It’s all pretty sad stuff.
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***** I am inspired by financial innovation. It makes me tick.

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The murky world of traders’ electronic chat
Lina Saigol – FT.com
From ramping up share prices to spreading false takeover rumours, the market abuses to emerge from online chat rooms and electronic messaging have come under attack by financial regulators on both sides of the Atlantic for more than a decade.
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***** Getting people to stop communicating is difficult, no matter what the technology.

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Are Exchanges The New Hot Stock Option?
The FTSE Mondo Visione Exchanges Index demonstrates that the prices of publicly listed exchanges are continuing to rise, as the big global players prioritise their offerings and shape their strategic messages. “Exchange groups as investments” is the opening panel topic at the Mondo Visione Exchange Forum, now considered the industry’s leading executive event.
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***** The folks over at Rosenblatt Securities might argue with Mondo Visione about the “now considered the industry’s leading executive event.”

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The ASX Has Revived Its Twitter Account After Three Years Of Silence
Liz Tay | Business Insider
The Australian Securities Exchange has revived its Twitter account, @ASX, after the account was left dormant for three years. ASX general manager of marketing Natalie Lockwood said that the bourse had decided to revive the account to provide customers, followers and other interested parties with “another, more immediate channel” for news and information on the ASX.
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***JM: I’m beside myself with anticipation to see all the Vine videos of stocks trading.

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Crappy Beat Reporter Turns Awesome Community Manager
Nicole V. Rohr – CMAD
In high school, I was never popular, but I knew everyone. I felt like I played a tiny role in every group: the nerds, the cheerleaders, the theatre kids, the international students, etc. Never did I think that one day my professional job would connect different groups and unite them as one community, and I didn’t even know what community management meant until two years ago. I couldn’t be more thrilled by the way things turned out!
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***** Our former colleague Nicole Rohr tells her story.

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MarketsWiki

MarketsWiki Page of the Day
Joshua M. Brown
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MarketsWiki Recent Updates

People

Joshua M. Brown; Xerxes Bhote; Peter Nabicht

Companies, Organizations and Groups

CME Group, Inc.; Singapore Exchange Limited; Nodal Exchange; IntercontinentalExchange Inc.

Statistics

45,125,264 pages viewed, 7,698 articles, 167,751 edits
MarketsWiki Statistics

Lead Stories

Obama to Nominate Massad as Successor for CFTC Chairman Gensler
Silla Brush – Bloomberg
Timothy Massad, the Treasury Department official responsible for overseeing the U.S. rescue of banks and automakers after the credit crisis, will be nominated to head the country’s top derivatives regulator.
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Financial transaction tax rises from the grave
John Dizard – FT.com
Halloween is past, and yet there are still creatures rising from their graves. Do they not know there is a time and place for this sort of thing? For example, some optimists in the money business thought the European Commission’s proposed financial transaction tax had been finally killed back in September by an adverse opinion from the European Council’s legal service.
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NYSE Euronext takeover poses tough challenges for ICE boss
Arash Massoudi in New York and Neil Munshi in Chicago – FT.com
Jeff Sprecher has built an enviable reputation by turning IntercontinentalExchange into the leading home for energy derivatives trading in just 14 years. But as the ICE chief executive takes control of NYSE Euronext on Wednesday, he steps into unfamiliar territory as the new owner of the world’s most high-profile stock exchange.
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Group Pushes for Bigger ‘Tick’ Sizes
Telis Demos and Andrew Ackerman – WSJ.com
Wall Street is moving closer to allowing some shares to be bought and sold in nickels after more than a decade of trading in pennies. Plans to allow smaller companies’ shares to begin trading in increments of five cents are winning the support of a variety of securities regulators, exchanges, bankers and investors.
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Tradeweb hires former Chi-X CTO
Tim Cave – Financial News
Tradeweb, an operator of electronic bond and derivatives platforms, has hired the former chief technology officer at stock exchange Chi-X Europe as it positions itself to benefit from the “electronification” of fixed-income markets.
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Financial Holdings of Some SEC Staffers in New York Probed
Rachel Louise Ensign and Christopher M. Matthews – WSJ.com
U.S. prosecutors and the Securities and Exchange Commission’s internal watchdog recently probed the personal financial holdings of some SEC employees in New York, a move that could again shine a spotlight on the agency’s internal compliance efforts, people familiar with the situation said.
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Cyber attack ‘war game’ to test London banks
Reuters
In one of the largest exercises of its kind in the world, the test dubbed “Waking Shark II” will bombard firms with a series of announcements and scenarios, such as a major attack on computer systems hitting stock exchanges and unfolding on social media.
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U.S. should get mortgage firm data for probe, judge says
Reuters
A federal judge on Monday recommended that a large firm that reviewed mortgages for Wall Street banks turn over e-mails and other data that may help the government decide which banks to sue for packaging shoddy mortgages into securities that fueled the financial crisis.
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EU Ministers Agree 2014 Budget
WSJ.com
European Union finance ministers agreed on the 28-nation bloc’s 2014 budget in the early hours of Tuesday after tough overnight negotiations, with extra funding allocated to tackle migration and border control.
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One Answer to the Index Fund: Build a Better Index
JEFF SOMMER – NYTimes.com
PAUL A. SAMUELSON made a startling and significant case for index funds in 1974. In a deliberately provocative essay, Mr. Samuelson, who had already won the Nobel in economic science and written the most influential economics textbook in history, said most professional investment managers should “drop dead.” At the very least, he said, they should “go out of business.”
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Regulatory

Determining the Victims of Insider Trading
PETER J. HENNING – NYTimes.com
The guilty plea hearing last week in the Justice Department’s prosecution of SAC Capital Advisors raised an interesting question about the law of insider trading: Just who are the victims of a violation?
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Prospect of a deal on Volcker rule worries banks
Tom Braithwaite and Gina Chon – FT.com
Finally, officials are optimistic that the rule will be delivered by the end of the year. Banks are nervous about the outcome and furious at what they say is stonewalling by the regulators.
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Sefs face major delays in operating outside the US
Robert Mackenzie Smith – FX Week
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
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ESMA Clarifies Shareholder Cooperation In Takeover Situations
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Steven Maijoor, Chair Of The European Securities And Markets Authority Delivers Keynote Speech At Ernst & Young Financial Regulatory Outlook Conference
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Australian Securitisation 2013 – A Speech By Greg Tanzer, Commissioner, Australian Securities And Investments Commission
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Exchanges & Trading Facilities

Chi-X Australia Sets Firm Record Market Share On Second Anniversary
Chi-X Australia Pty Ltd, a wholly owned subsidiary of alternative trading venue operator Chi-X Global Holdings LLC, has entered its third year of operation by reaching a firm-record weekly total market share of 18.39%, which included a one-day record of 24.67% on 4 November.
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Aquis Exchange Targeted Launch To Start Tuesday 26th November
Aquis Exchange will begin a targeted launch on Tuesday, 26th November. The first phase will include UK, French and Dutch stocks. The constituent stocks of the FTSE 100, CAC 40 and AEX 25 will be included.
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OneChicago Names Barazi to Parse CFTC, SEC Rules
Anthony Malakian – WatersTechnology
Last week, all-electronic security futures exchange OneChicago introduced Waseem Barazi as its chief regulatory officer. Barazi spoke with Sell-Side Technology about the appointment.
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ASX looks to volatility-linked products to drive Australia Vix futures liquidity
Aaron Woolner – Risk.net
The Australian Securities Exchange (ASX) is looking to extend the product suite linked to its recently launched Vix futures in order to avoid the issue of low liquidity which has dogged other attempts by Asian exchanges to kick-start similar domestic markets.
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Deutsche Börse: Corporate Governance Makes Future Difference For Private Equity Industry In China Study Says
A joint study from Deutsche Börse and CMS Hasch Sigle shows that the quality of investments becomes more important. As a result of the slowing Chinese Economy, of closed IPO exit channels and of the increasing competition in many sectors of the economy the level of Corporate Governance of the companies can make the difference between good and mediocre returns.
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TOM Introduces Futures Based On The AEX Index – TOM Expands Its Product Range By Introducing XNL Index Futures On TOM MTF
After having realized a solid 30 to 35% market share in index options, TOM now expands its index product scope to its members by offering trading in index futures as well.
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North American aluminium market encouraged by LME rules
Metal Bulletin
Aluminium consumers and some North American aluminium producers applauded sweeping changes announced on November 7 by the London Metal Exchange.
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[SIX] October 2013: prior-year turnover already surpassed
The statistical monthly report contains the latest trade and turnover figures for SIX Swiss Exchange and Scoach Switzerland Ltd.
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NYSE Group Inc. Issues Short Interest Report
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NYSE MKT Issues Short Interest Report
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NASDAQ Announces End-of-Month Open Short Interest Positions In NASDAQ Stocks As Of Settlement Date October 31, 2013
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Hellenic Exchanges Monthly Statistic Bulletin – October 2013
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Hedge Funds & Managed Futures

Carlyle: Scaling Up Non-PE Units, But PE Still ‘Most Profitable’
Amy Or – MoneyBeat – WSJ
Intent on capturing every possible dollar in alternative investments, Carlyle Group said it is in the market to buy a fund of hedge funds manager.
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SAC Capital Case Turns Up the Heat on Monitoring for Insider Trading
Ivy Schmerken – Wall Street & Technology
Hedge funds are beginning to analyze the behavior of traders through analytics, and open-source tools for extracting information from text and voice conversations are accessible and affordable.
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Hedge fund Rhodium debuts with bet on corporate bonds
Reuters
Hedge fund start-up Rhodium Capital, run by former Bank of America star trader Iftikhar Ali, has begun life betting on a strong performance from corporate bonds over coming months.
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Hedge Funds Muscle Into Municipal Bonds
Michael Corkery and Matt Wirz – WSJ.com
Hedge funds are making a large bet on municipal debt, bringing aggressive tactics to a $3.7 trillion market long known as humdrum.
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Boardrooms Rethink Tactics to Defang Activist Investors
DAVID GELLES – NYTimes.com
Executives and board members used to fear hostile bids above all else. In response, they devised defense mechanisms like poison pills and staggered boards to thwart attacks. Today, hostile deals are on the wane, but a new threat has emerged that has put boardrooms on edge: activist investors.
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For Better Performance, Hedge Funds Seek the Inner Trader
ALEXANDRA STEVENSON – NYTimes.com
In the hedge fund industry, as in sports, performance is everything. So after several years of lackluster performance, the industry is increasingly turning to self-help programs, sometimes referred to as “mindware” products, to try to improve its game.
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Linhares joins BlackRock’s platinum club
Sarah Krouse – Financial News
The former head of BlackRock’s iShares business in Europe, the Middle East and Africa is to take up a newly created role in the US as head of a unit that works with large retail distributors around the world.
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Proposals to shake up Norway’s oil fund
Richard Milne in Oslo – FT.com
Norway’s $800bn oil fund would undergo its biggest organisational change in a decade under proposals from a government-appointed strategy council that could make it a more active ethical investor.
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A New EDHEC Study Shows That LTGA Calibration Continues To Favour Short-Duration Bonds And Could Undermine The Financial Stability And Financing Of Both Sovereigns And Corporates
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Banks & Brokers

390 U.S. bank branches close in 3Q
chicagotribune.com
The nation’s banks closed a total of 390 branches in the third quarter, bringing the number that have closed nationwide in the past year to 1,343 as consumers increasingly move to online and mobile banking, a new study shows.
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UBS to Boost China Computer Trading on Institutional Demand
Bloomberg News
UBS AG’s China venture plans to offer more computerized-trading services as it bets on a surge in demand from institutional money managers in the biggest emerging market.
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EBS Direct moves to full commercial launch
EBS, ICAP’s market-leading electronic FX business, announces that EBS Direct has launched its commercial service. Following a period of beta testing the service is now fully operational and available to all customers. Both liquidity providers and consumers contributed invaluable feedback during the beta programme and traded in a live environment during this testing phase.
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HSBC, JPMorgan top global banks capital surcharge list
Huw Jones | Reuters
JP Morgan and HSBC topped the list of the world’s top 29 banks that must hold extra capital from 2016 because of their size and reach, the Financial Stability Board said on Monday.
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UKFI says resisted government attempt to cut RBS, Lloyds pay
Reuters
The body that owns Britain’s bank stakes resisted proposals by the government to cut bonuses at Royal Bank of Scotland and Lloyds more sharply, its boss said on Tuesday.
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Cutting investment banks down to size
William Wright – Financial News
When it comes to investment banking, size matters. Whether it’s your balance sheet, your bottom line or your bonus, bigger has long been better. Or at least it used to be.
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Poles and Hungarians count cost of Swiss franc mortgages
Jan Cienski in Warsaw and Kester Eddy in Budapest – FT.com
Tomasz Sadlik is among hundreds of thousands of Poles and Hungarians who thought it was a good idea to take out a mortgage denominated in Swiss francs, but are now in trouble as their home currencies plummeted during the financial crisis.
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BGC Partners to Present at the KBW Securities Brokerage and Market Structure Conference
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Clearing & Settlement

Ice members split over new client clearing model
Tom Osborn – Risk.net
A client clearing model championed by Ice Clear Europe as a capital-efficient way to provide extra protection for client assets is dividing clearing members. Some claim it could leave them unfairly exposed in the event of a client default.
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Traiana CCP Connect Supports First FX Derivative Client Cleared Trades At LCH.Clearnet
Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces that its Harmony CCP Connect is the first middleware solution to match and affirm FX derivative client trades with LCH.Clearnet Ltd’s (LCH.Clearnet) ForexClear service, following the establishment of direct connectivity with the clearing house in July this year.
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Fund segregation: multiple models increases complexity in Europe
FOW
Client fund segregation and portability are two of the most important but complex areas of the OTC clearing mandate. With uncertainty surrounding many CCP models, the full picture is not yet clear. However, clients have to think now about what they want.
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Indexes & Products

It’s a good job the only word that rhymes with passive is massive
Dan McCrum | FT Alphaville
Although huge, all conquering, dollar-scooping behemoths of asset management would also seem to work. Towers Watson and Pensions & Investments have counted up money manager dollars world-wide, once again, and when it comes to size, passive investment products are (almost) the only game in town.
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Marriott International To Join The NASDAQ-100 Index Beginning November 18, 2013
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Moscow Exchange Indices Weekly Review: November 05 – 08, 2013
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Technology

SuperDerivatives introduces credit options real-time data and analytics
SuperDerivatives, a leading cloud-based financial information, derivatives technology and trade execution provider, has launched a comprehensive market data and analytics package to support the growing demand for credit index options from the buy-side.
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Wolverine Execution Services Introduces Hedge Agent, an Advanced Trading Applet That Provides Traders With New Efficiencies When Hedging Options
Wolverine Execution Services, a leading provider of premier technology and execution services, today announced the launch of Hedge Agent, an innovative trading applet that allows traders to automatically hedge their executed options positions.
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Interactive Data Dials PrimeTerminal Mobile App for Apple, Android
Faye Kilburn – WatersTechnology
Interactive Data’s Managed Solutions division has developed a mobile application to accompany its PrimeTerminal data workstation, to enable customers to access the platform via Apple or Android smartphones and tablet devices while away from their desks.
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Neonet Securities And LiquidMetrix Announce Partnership To Create Industry Leading Enhanced Algorithmic Trading Suite
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AlgoSpan Lands in Lunda Datacenter
WatersTechnology
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ULLINK Develops Monitoring Plug-In For ITRS Geneos
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Algomi Appoints Neil Murray As Head Of European Sales
Credit Trading Veteran Joins Innovative Firm As Banks Shift Fixed Income Trading Models From Risk Provision To Information Franchises
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Tradentrix And IPC Systems Inc. Bring First Hosted Trading Turret Platform To The Market
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Environmental & Energy

Global Warming Talks Risk Fizzling as Rules Snarl Debate
Bloomberg
The future of a global climate agreement may rely on a French minister wielding a gavel. That’s because the annual talks aimed at limiting temperature increases never agreed on voting rules. Every move requires consensus, and it’s up to the chair to decide what that means.
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Bloomberg Quick Take: Climate Change, A Global Push to Save the Planet
Bloomberg’s Alex Morales
The latest findings add urgency to UN talks in Warsaw this month for a new global treaty. Poor countries argue that they need cheap fuel to power development and small island nations clamor that their existence is threatened by melting glaciers and rising seas.
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U.N. climate panel corrects carbon numbers in influential report
Reuters
The United Nation’s panel of climate experts revised estimates of historical greenhouse gas emissions, made in September, both up and down on Monday but said the errors did not affect conclusions that time was running out to limit global warming.
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Asia-Pacific

SGX Introduces New Asian Index Futures
Singapore Exchange (SGX) is pleased to introduce three new Asian Index Futures to provide investors wider access to almost all of Asia’s key capital and growth markets. The new contracts, namely the SGX-PSE MSCI Philippines Index Futures, SGX MSCI Thailand Index Futures and SGX MSCI India Index Futures, complement SGX’s extensive suite of equity derivatives offerings.
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China pledges ‘decisive’ role for markets in reform push
Reuters
China’s ruling party pledged to let markets play a “decisive” role in allocating resources as it unveiled a reform agenda for the next decade on Tuesday, looking to overhaul the world’s second-largest economy to drive future growth.
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Singapore debt feud tests emerging bond markets
Stephen Foley in New York – FT.com
A fight has erupted between a group of institutional investors and the owners of Singapore semiconductor company UTAC over a debt swap that will test governance standards in emerging bond markets.
jlne.ws/1dl2pur

Arbitrage a risk in Shanghai free-trade zone
Kanika Saigal – Euromoney magazine
The free-trade zone in Shanghai has been depicted as one of the biggest steps towards Chinese economic liberalization, but some analysts argue the risk of arbitrage and a lack of transparency will be difficult to overcome – while there is no consensus on whether policymakers are committed to full-scale capital-market liberalization.
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TSE : Accepting Feedback on Corporate Value Improvement Award and Finalists (until Nov. 24)
TSE is selecting the Grand Prix winner of the Corporate Value Improvement Award from this year’s 5 finalists. As part of the selection process, we have begun accepting comments and opinions from investors on the award and the finalists. The feedback window will be open until November 24, 2013 (Sun.).
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JCCH: Japan Commodity Clearing House SPAN Parameter Update effective 11/18
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Tokyo Commodity Exchange: Regarding Offering Of SCO On Inter-Commodity Spreads
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HKFE Announces Revised Margins For Esprit Holdings Futures
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Shenzhen Stock Exchange Market Bulletin 11 November, 2013 Issue 23
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Frontier Markets

NSEL fiasco takes a toll on MCX, FT operations
Business Standard
While Jignesh Shah-controlled Financial Technologies has said the company has postponed the announcement of its results for the quarter ended September, FT group company Multi Commodity Exchange has recorded a sharp fall in profit for the quarter.
jlne.ws/1dl2puF

Indonesia’s tin contract gains traction as LME firms eye membership-sources
Reuters
Several top tier London Metal Exchange members, including JPMorgan Chase, are starting to look at whether they may join Indonesia’s main commodities exchange, sources said, in a sign the new tin contract may eventually lure Western players.
jlne.ws/1dl2rTl

Twitter shares found suitable for Islamic investment
Reuters
Shares in Twitter Inc have been found eligible for investment by Islamic funds, according to IdealRatings, a company that screens stocks to determine whether they meet Muslim principles.
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New upgrade to halt system hitches at Nairobi Securities Exchange
JAMES ANYANZWA – Standard Digital News
Plans are underway to upgrade the automated trading systems at the Nairobi Securities Exchange and the Central Depository and Settlement Corporation. This comes amid frequent failures of the automated trading system that have grounded operations at the 59-year-old exchange.
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Qatar Exchange Welcomes S&P Dow Jones Decision To Upgrade Qatar To Emerging Market – Al-Mansoori: The Decision Is Positive Step To Attract Foreign Investors
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DFM Accredits “Mashreq Securities” For Direct Market Access
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