First Read

Bits & Pieces of Cake, Etc.
By John J. Lothian

Patrick Lothian married Amanda McCune this weekend in Ohio. The couple will live in Perrysburg, OH while she completes clinical studies for a Ph.D in psychology, and he will work remotely for John J. Lothian & Company, Inc.
Patrick&Amanda

The rehearsal dinner for their wedding was just down the road from The Andersons grain elevators in Toledo.

Doug Ashburn is on a well-deserved vacation this week with is family.

I finished my book on Byron by Fiona MacCarthy and my book on the Wright Brothers by David McCullough. I recommend both. I note that at the end of Byron’s life, he was trying to help the Greeks secure a loan from London in order to help secure their independence. Different menace now, but how the world has changed.

Our Summer Intern Education Series in Chicago will be on August 4, 5 & 7. The events on August 4 & 5 will be at IIT Stuart School of Business and the August 7 event will be held in Trading Technologies’ cool office.

We are holding a one-day, two session event in New York on July 15 at the New York Stock Exchange. We will have sessions at 1 and 3:30 PM. Twenty lucky attendees will get a tour of the trading floor between the events.

We will be posting sign-up links for both events this week. Stay tuned.

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Traders Wanted: Tudor to Train Macro Managers as Banks Retreat
by Katherine Burton, Bloomberg
Paul Tudor Jones is looking for the next generation of macro managers.
The founder of the $14 billion Tudor Investment Corp., one of the best-performing and oldest macro hedge funds, is starting LaunchPad Trading, a joint venture that will give 20 young macro traders a chance to hone their craft before they start managing client money. It will be funded by Tudor partners including Jones, and HC Technologies, a Chicago firm run by Tudor alum Joseph Niciforo that specializes in algorithmic trading.
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***** I wonder if Paul Tudor Jones would like to come to our Summer Intern Education Series in NYC and talk about this, or maybe Joseph Niciforo in Chicago.

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Banks Barraged by Cyber Stickups
By DAVID REILLY, WSJ
Speak to any bank regulator nowadays and they will freely admit the threat of cyber-attacks is what keeps them up at night.
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**JK – A topic that exchange leaders say keeps them up as well.

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Bordeaux Got Pricing Right for 2014 Vintage, Cazes Says
by Guy Collins, Bloomberg
Top Bordeaux wine estates that mostly held their prices or saw small increases for their 2014 wines relative to 2013 got their pricing right this year, according to Sylvie Cazes, owner of Saint Emilion winery Chateau Chauvin.
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***** There was no high frequency drinking in the establishing of these prices.

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Brian Williams Scandal Shows Power of Social Media
By RAVI SOMAIYA, NY Times
The soldiers who prompted Brian Williams’s fall from one of the most powerful jobs in the media had first tried to blow the whistle on him in 2003. But that was before the Internet became ubiquitous. And so, like most people who had a problem with the news, the soldiers had few options. A clip of Mr. Williams recounting a helicopter attack in Iraq had been broadcast by NBC, then dissipated into the ether.
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***** The power to fact check has greatly improved.

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With some CME pits closing, time to embrace the future
Crain’s Chicago Editorial
Even before Carl Sandburg celebrated the city’s muscular vitality in his 1914 poem “Chicago”—”Hog butcher for the world, tool maker, stacker of wheat”—men traded contracts for future delivery of these commodity goods here, making the city a boisterous financial hub as well. The stockyards and grain towers left Chicago a long time ago. Yet the trading pits that set the prices of pork bellies and bushels of crops have clung to life, albeit in much diminished numbers…
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Bridging the Week by Gary DeWaal: June 15 to 19 and 22, 2015 (Another CCO Sued; Atypical Prices; Unauthorized Swaps; Illegal Swaps; Manipulation)
By Gary DeWaal, Katten Muchin Rosenman
Last week, another chief compliance officer was named in an enforcement action, while a new type of wrongful conduct was identified in the financial services industry – causing “atypical price activity.” In addition, the Commodity Futures Trading Commission resolved two old enforcement matters: a complaint against a former MF Global broker for attempting to manipulate two NYMEX futures contracts, and a complaint against another former broker for unauthorized swaps trades on behalf of a customer. As a result, the following matters are covered in this week’s Bridging the Week:
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MarketsWiki

MarketsWiki Page of the Day
Donald Brydon

MarketsWiki Recent Updates

People

Michael Davis; Trading Technologies International; Donald Brydon; Elaine Wyder-Harshman; Michelle M. Comella; Blair Hull; Richard R. Lindsey; Judith M. Kula; Mark F. Denhert; Dr. Thomas R. Cardello; Alice P. White

Companies, Organizations and Groups

Trading Technologies International; AXA Advisors, LLC; X TRADER; CME Europe

Statistics

64,449,191 pages viewed, 8,211 articles, 192,487 edits
MarketsWiki Statistics

Lead Stories

The Hunt for the Financial Industry’s Most-Wanted Hacker: The malware known as ZeuS and its rogue creator have been at the cutting edge of cyber-crime for nearly a decade
June 18, 2015, Bloomberg
In any global outbreak, it’s important to identify Patient Zero. In the movies, you get a leggy Gwyneth Paltrow. In the nine-year online epidemic that helped create cybercrime as we know it, you get “fliime.”
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FT City Network: LSE chief warns on indebtedness
Patrick Jenkins, Financial Editor, FT
A top City figure has warned about the risk posed to the UK economy by rising levels of debt and an overreliance on regulation, countering attempts by the government to revive a mood of optimism in the financial services industry. Xavier Rolet, the head of the London Stock Exchange, likened the approach of regulators to “investing in more fire extinguishers as we continue to pour petrol on to the fire” and said the proliferation of new rules was typical of the knee-jerk responses that follow every crisis.
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ICE Benchmark Administration Announced Two New Direct Participants To The Gold Auction
ICE
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that two new direct participants have been approved by ICE Benchmark Administration (IBA) to participate in the gold auction, which is used to determine the LBMA Gold Price.
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Euronext sees record trading volumes in CAC40® Mini Futures; Record week for trading in CAC40® Mini Futures on Euronext Paris
Euronext
Euronext, the primary exchange in the Eurozone, today announced that trading in its CAC40® Mini Futures achieved record daily and weekly volumes last week. In the week of 15 June a total number of 8427CAC40® Mini Futures contracts were traded on Euronext Paris. On 18 June a new total daily volume record was reached with 3189 contracts traded.
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EU agrees rules to curb bank trading risks
BY FRANCESCO GUARASCIO AND HUW JONES, Reuters
EU finance ministers agreed a draft law to rein in trading risks at banks on Friday, including an exemption for Britain’s lenders because they already face similar curbs.
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Exclusive: Banks did not do enough to police FIFA transactions, says global agency
Reuters
A global group of government anti-money-laundering agencies said that financial institutions have not done enough to police suspicious financial activity by officials at soccer’s global governing body FIFA, and cautioned banks to step up scrutiny.
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SEC Fights Challenges to Its In-House Courts; Securities and Exchange Commission deploys countermeasures to defend its approach
By JEAN EAGLESHAM, WSJ
The Securities and Exchange Commission is fending off a flurry of legal challenges to its in-house court system, which has become a key cog in its enforcement strategy but has drawn mounting criticism.
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U.K. Bankers More Likely to Misbehave Under Pressure, PwC Says
by Ambereen Choudhury, Bloomberg
Bankers are more likely to behave unethically when under pressure to reach tough performance targets, according to a survey of British financial-services employees.
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China’s renminbi liberalisation leaves capital controls intact
Gabriel Wildau – Financial Times
China is close to its goal of making the renminbi convertible for investment purposes, a senior Chinese central banker has said, highlighting Beijing’s view that strict controls on cross-border capital flows are consistent with convertibility.
China is actively seeking the International Monetary Fund’s endorsement of the renminbi as an official reserve currency, a designation that requires a currency to be “freely usable”.
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Ignore hedgies wanting helipads, Boris Johnson advises successor
George Parker and Kate Allen, FT
Boris Johnson has one key piece of advice for his successor as London mayor: ignore claims from hedge fund managers that what the city needs most is more helipads. Mr Johnson told the Financial Times that London had a great future as a financial hub even if Britain left the EU and the city failed to invest in helipads, rebutting warnings of an exodus of bankers from the capital.
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UK banks fear block on cross-selling, RBS chairman warns
Martin Arnold and Patrick Jenkins in London, FT
British banks fear being blocked from cross-selling products to their clients under new ringfencing rules that hand a big advantage to foreign rivals, the chairman of Royal Bank of Scotland has warned.
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Ex-MF Global trader settles CFTC manipulation claims for $500K
BY NATE RAYMOND, Reuters
A former trader at the broker-dealer unit of MF Global Holdings Ltd’s will pay $500,000 to resolve claims that he tried to manipulate palladium and platinum futures prices, a U.S. regulator said on Friday.
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Zombie update: the silent hedge fund apocalypse
Dan McCrum, FT
More hedge funds have closed in the last decade than were open for business at the start of it, according to industry numbers from HFR.
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Regulatory

FINRA Provides Limited Relief Regarding Requirement to Promptly Transmit Funds in Connection With Sales of Securities on a Subscription-Way Basis for the Purpose of Completing Suitability Reviews Under Identified Conditions
FINRA
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Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC

    • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. (Release No. 34-75243; File No. SR-BATS-2015-45; June 18, 2015); see also Exhibit 5

 

    • CBOE: Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change Relating to Rules 6.74A and 6.74B (Release No. 34-75245; File No. SR-CBOE-2015-026; June 18, 2015)

 

    • FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Series 4 Examination Program (Release No. 34-75246; File No. SR-FINRA-2015-018; June 18, 2015)

 

    • NYSE: Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Amending Sections 312.03(b) and 312.04 of the NYSE Listed Company Manual to Exempt Early Stage Companies From Having to Obtain Shareholder Approval Before Issuing Shares for Cash to Related Parties, Affiliates of Related Parties or Entities In Which A Related Party has A Substantial Interest (Release No. 34-75248; File No. SR-NYSE-2015-02; June 18, 2015)

 

    • NYSE Arca: Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of Newfleet Multi-Sector Unconstrained Bond ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-75247; File No. SR-NYSEArca-2015-42; June 18, 2015)

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Strauss-Kahn Shifts Focus From Sex Trial to Hedge-Fund Probe
by Hugo MillerStephanie Bodoni, Bloomberg
Former International Monetary Fund chief Dominique Strauss-Kahn was acquitted in France on pimping charges this month, but his legal headaches may not be over.
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Exchanges & Trading Facilities

EEX/ECC: Supervisory Board extends Terms of Office for Dr. Thomas Siegl
EEX
The Supervisory Board of the European Energy Exchange AG (EEX) has confirmed Dr. Thomas Siegl in his respective position as member of the Management Board and extended his terms of office by five years, ahead of the schedule.
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NYSE Governance Services Announces 2015 Leadership Award Winners
Mondovisione
New York Stock Exchange Governance Services, a subsidiary of New York Stock Exchange (NYSE: ICE), today announced the winners and finalists of its 2nd annual Governance, Risk & Compliance Leadership Awards. The awards program recognizes exemplary leaders in governance, risk and compliance.
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Donald Brydon to take over as London Stock Exchange chairman
Philip Stafford, FT
Donald Brydon, one of the City of London’s best-known senior directors, is to take over as chairman of the London Stock Exchange Group, replacing the long-serving Chris Gibson-Smith.
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X~CLEARING

CME Group Clearing Advisories
CME Group

    • Product Modification Summary: Delisting CBOT DJIA Futures and Options ($10 Multiplier) – June 22, 2015 19 Jun 2015

 

    • Product Modification Summary: Delisting CME S&P MidCap 400 Stock Price Index Futures, NASDAQ 100 Index Futures and Options, S&P SmallCap 600 Index Futures Contracts – June 19, 2015 19 Jun 2015

 

    • Performance Bond Requirements: Electricity, FX, and Refined Products Outrights; Agriculture, Electricity, and Equity Index Intra-Commodity Spread Charges; Crude Oil, Electricity, Freight, FX, Interest Rates, and Refined Products Inter-Commodity Spread Credits – June 19, 2015

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Hedge Funds & Managed Futures

Swiss Central Bank Tries to Ride Out European Storm
By Mohamed A. El-Erian, Bloomberg
Pity the Swiss National Bank. At the central bank’s policy meeting last week, it acknowledged that the exchange rate it manages is overvalued, which means it is likely to undermine economic growth, turn away tourists and hold back long-term prosperity. Yet the SNB refrained from doing anything about it, and the franc immediately appreciated even more, adding to the challenges facing the bank and Switzerland.
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Hedge Funds for Masses Lose Shine as Goldman, Pimco See Outflows
by Charles Stein, Bloomberg
One of the hottest areas for U.S. money managers is quickly cooling off.
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Wages of Sin Still Weigh on Big Banks; Bank stocks could fall out of favor if compliance costs remain elevated
By JOHN CARNEY, WSJ
The tide might not be turning. Hopes that regulatory and compliance costs at the biggest U.S. banks might begin to retreat after years of rising may be premature.
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Who cares about cost when chasing unicorns
Dan McCrum, FT
A Monday story from Reuters catches the eye. Investors don’t think a California ruling which classed a former Uber contractor as an employee will affect valuations, either for the taxi supplying start-up or others operating in the so-called “sharing economy”. There are a couple of ways those optimistic investors might be right, but the sentiment suggests more about the nature of hope and dream-based valuations than any real consideration of business prospects.
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With an Activist Investor, ConAgra Is Primed to Be Carved Up
By KEVIN ALLISON, NY Times
ConAgra Foods’ smorgasbord is ready to carve. The conglomerate’s $6.8 billion acquisition of Ralcorp in 2013 left a bad taste with shareholders. The activist investor Jana Partners is ready to shake up the board. ConAgra’s myriad brands probably fit better elsewhere. The question is how to slice it.
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Private client wealth managers shun moderately rich
Judith Evans, FT
A third of wealth managers will only provide advice to those with more than £1m to invest.
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Hershey Trims Forecast and Plans to Cut 300 Jobs
Reuters via NY Times
The chocolate maker Hershey trimmed its full-year revenue forecast for the third time, hurt by weak sales in China, and said it would cut 300 jobs by the end of the year under a new cost-cutting program.
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University of Michigan commits $66.5 million to alternatives, co-investments
CHRISTINE WILLIAMSON, Pensions & Investments
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Why You’re Paying Too Much in Fees
By JASON ZWEIG, WSJ
The way financial advisers charge for their advice often makes no sense, and it needs to change.
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Shorters needed
Dan McCrum, FT
Dedicated short sellers are a rare breed which has become even rarer in the last five years.
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Banks & Brokers

JPMorgan: Greece’s Financial System Just Had a Terrible Week; Outflows appear to be accelerating
by Tracy Alloway, Bloomberg
Failure to reach an agreement between Greek and European Union leaders last week spelled bad news for the banking system of the Hellenic Republic. Talk of capital controls is heating up, and with it the amount of money being pulled from Greece appears to be accelerating.
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Dimon: ‘Jimmy Lee Was a Beloved Friend, Fearless Leader and Trusted Mentor’
WSJ
With the passing of James B. Lee Jr. Wednesday, Wall Street has lost one of its most high profile bankers who for four decades weathered booms, busts and changes in regulations by harnessing the art of deal making, networking with corporate chieftains and promoting his successes.
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JPMorgan in reshuffle of investor services team – memo
Reuters
U.S. investment bank JPMorgan has appointed Teresa Heitsenrether global head of custody and fund services as part of a reshuffle of its investor services department, an internal memo seen by Reuters showed.
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Goldman Sachs Maps Three Greek Scenarios
By CHIARA ALBANESE, WSJ
Greece has submitted a fresh pitch to creditors, markets are optimistic, and by the end of Monday we may know what’s coming down the line.
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Indexes & Products

Meet the New Bond Index That Will Mirror the S&P 500
By PAUL VIGNA, WSJ
S&P Dow Jones Indices, the company that produces the S&P 500 stock index as well as myriad other benchmarks, is planning to launch a bond index – the S&P 500 Bond Index – in early July that will track the debt of the S&P 500 components.
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Tomorrow’s Profit Squeeze Today
Justin Lahart – WSJ
As the second quarter draws to a close, one question is whether profit margins might finally start to contract. The better question: whether that happened a while ago.
Companies don’t seem to have fared as well in the second quarter as analysts once expected. They now see S&P 500 earnings per share to have fallen 4.7%, year over year, notes FactSet. At the year’s start, they saw 5% growth.
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Career-defining moment for Aussie analysts as financial centre of gravity shifts
afr.com
The defining event in the career of Australian sharemarket analysts is not whether Greece leaves the euro or even whether the Fed hikes interest rates. It’s got nothing to do with the Reserve Bank cash rate or the housing market. In the opinion of Credit Suisse’s Hasan Tevfik, their future will be defined by a “stroke of a pen by the boffins at MSCI and the FTSE”.
When China’s $US9 trillion sharemarket is added to global indices such as the MSCI the global centre of financial gravity will shift further in Australia’s direction. But it will render our market irrelevant.
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Shares of MSCI Inc (NYSE:MSCI) Sees Large Outflow of Money
Carmen Wimmer – OTC Outlook
MSCI Inc (NYSE:MSCI) had an volatile session and gained 0.01 points till last call. The price was at $61.97, gaining 0.02% till the last intraday data. The total uptick value was $1.51 million while the total downtick value was $7.7 million. The shares saw a net money flow of $(-6.19) million and the up/down ratio stood at 0.2. The stock has seen a change of of 0.13% for the week.
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Energy Fuels Set to Join the Russell 3000(R) Index
MarketWatch
Energy Fuels Inc. (nyse mkt:UUUU)(EFR) (“Energy Fuels” or the “Company”), one of the leading producers of uranium in the United States, is pleased to announce that the Company is set to join the broad-market Russell 3000(R) Index at the conclusion of the Russell indexes annual reconstitution on June 26, 2015, according to a preliminary list of additions posted June 19, 2015, which can be accessed through the following link:
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Technology

Australian Banks Friend Fintech Startups
Vera Sprothen – WSJ
When one of Australia’s oldest banks realized it could no longer fight off the growing army of young entrepreneurs poaching customers from key parts of its business, it tried another strategy: Embrace them.
Earlier this month, Westpac Banking Corp. invited a bunch of youngsters to pitch their ideas, “Shark Tank”-style, on how to make financial services nimbler, cheaper and friendlier using digital technology.
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How To Quit Banking And Start A Fintech Firm
Simon Mortlock – news.efinancialcareers.com
The finance careers of Daniel Chia and Cynthia Siantar were chugging along nicely when in September 2014 they decided to quit the sector and co-found a fintech firm in Singapore.
Both had reached the middle ranks of their respective firms – Siantar was working in equity capital markets at HSBC, while quant Daniel Chia had been with Ortus Capital Management for almost four years after starting out at GIC, the Singapore sovereign wealth fund.
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Santander Bank Ready to Invest in Blockchain Technology?
NEWSBTC
After releasing a paper covering 20 to 25 uses of blockchain technology, Santander is reportedly ready to invest in a cryptocurrency startup to sustain their initiatives. Santander is the tenth largest bank in the world, according to a list by Forbes.
The bank has come up with Santander InnoVentures, which is the banking giant’s $100 million fintech investment fund. This was launched last year and has made three investments so far.
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WIRED Money Q&A: Francisco González on reinventing finance in the digital age (Wired UK)
Catherine Lawson – Wired
Francisco, you’ll be speaking in the “Transforming Banking Via Digital” session at WIRED Money, Together with BBVA. What elements of the digital transformation are you planning to focus on?
I will focus on the need for conventional banks to develop a new knowledge-based business model. This model has three mainstays: the content — the things being sold, customer experience — how the product or service is presented and used, and the technology platform, which shapes production and distribution.
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Finextra: Finextra news: ‘Digital-only’ Atom to cut deal with high street lender for branch access
www.finextra.com
Digital challenger bank Atom is looking to do a deal with a high street lender to enable customers to deposit cheques at a bank branch in advance of the roll-out of full digital image capture in the UK.
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Enforcement

Federal Court Orders a $500,000 Civil Penalty against Joseph F. Welsh III for Attempted Manipulation of Palladium and Platinum Futures Contracts; Federal Court Order Also Imposes Trading Restriction
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) announced today that a federal court in New York, New York, entered a Consent Order against Defendant Joseph F. Welsh III of Northport, New York, resolving CFTC charges that Welsh attempted to manipulate the settlement prices of palladium and platinum futures contracts traded on the New York Mercantile Exchange (NYMEX).
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Two more Swiss banks settle with U.S. over tax evasion
Reuters
Bank Linth LLB AG and Bank Sparhafen Zurich AG will pay penalties to the United States in deals to avoid criminal charges for helping Americans avoid taxes, joining nearly a dozen other Swiss banks that have done the same.
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Decision in Mariner civil action
ASIC
ASIC notes the Federal Court’s decision in its legal action against Mariner Corporation Limited and its current and former directors.
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Environmental & Energy

How Chinese Billionaire Li Hejun’s Solar Bet Soured; Hanergy founder, once China’s richest man, now faces company investigation after stock implosion
By WAYNE MA, BRIAN SPEGELE and JACKY WONG, WSJ
Three months before the bottom fell out for Li Hejun, the Chinese billionaire threw a party for his employees. There was a laser show, acrobats and a Mercedes-Benz giveaway.
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Williams Cos. Rejects $48 Billion Buyout Offer; Pipeline company retains Barclays and Lazard to pursue alternatives
By ALISON SIDER and DANA CIMILLUCA, WSJ
Natural-gas pipeline giant Williams Cos. has rejected an unsolicited buyout offer from Energy Transfer Equity L.P. worth $48 billion but is open to other offers, the companies said Sunday.
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For Faithful, Social Justice Goals Demand Action on Environment
By Justin Gillis – The New York Times
For an earnest young Christian named Ben Lowe, revelation came on the shores of Lake Tanganyika, in Africa.
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How climate-change doubters lost a papal fight
By Anthony Faiola and Chris Mooney – Washington Post
Pope Francis was about to take a major step backing the science behind ­human-driven global warming, and Philippe de Larminat was determined to change his mind.
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Iberdrola calls for energy reforms to back ‘efficient’ renewables
By Tobias Buck – Financial Times
The boss of one of Europe’s biggest power companies has called for deep changes to the way the continent runs and regulates its electricity sector, urging an end to fossil fuel subsidies and a renewed focus on “efficient” renewable sources of energy.
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Asia-Pacific

China Margin Debt Shrinks First Time in a Month Amid Stock Rout
Kyoungwha Kim – Bloomberg
Chinese stock investors reduced leveraged positions in Shanghai for the first time in a month as the benchmark equity index plunged.
The outstanding amount of margin debt on the Shanghai Stock Exchange fell to 1.479 trillion yuan ($238 billion) on Friday from a record 1.483 trillion yuan the previous day, the first decline since May 22. Shares sank 6.4 percent Friday to cap their worst week since the global financial crisis in 2008.
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Chinese firms pour money into U.S. R&D in shift to innovation
BY JASON LANGE, Reuters
Surging investment by Chinese companies in U.S. research labs is yielding a fast-growing trove of patents, part of a push to mine America for ideas to help China shift from being the world’s factory floor to a driver of innovation.
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Banks ‘deserve what they get’, says regulator
Caroline Binham, Financial Regulation Correspondent, FT
Banks “deserve what they get,” one of the world’s top regulators has said, in a salvo against the industry as it begins to push back against tough regulation and ever higher penalties.
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China’s Stock Watchdog Says Official Fired After Husband Suspected of Illegal Trading; China Securities Regulatory Commission says Li Zhiling suspected of ‘taking advantage of her position’
By MARK MAGNIER, WSJ
China’s stock-market regulator said Saturday it had dismissed the head of the bureau that monitors share issuance after her husband was suspected of illegal stock trading.
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Two More Chinese Companies Join Hong Kong IPO Parade
Yvonne Lee – WSJ
Royal Bank of Scotland Group PLC’s Chinese partner and a company that finances medical equipment are looking to raise a combined US$1 billion in Hong Kong initial public offerings as the latest Chinese companies to tap the city’s market.
The IPOs come as Hong Kong’s stock market continues its strong run, despite a brief retreat last week. The city is the world’s No. 2 IPO venue by value so far this year, behind Shanghai and ahead of New York, according to Dealogic.
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Frontier Markets

PSE Announces Successful First Day Trading Under PSEtrade XTS
Mondovisione
The Philippine Stock Exchange, Inc. (PSE) and Nasdaq (Nasdaq:NDAQ) announced today that PSE had a successful migration to the PSEtrade XTS trading system, powered by Nasdaq’s X-stream Trading technology.
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World Gold Council welcomes government’s draft policy on sovereign gold bonds
Economic Times
The government’s proposed policy on sovereign gold bonds would provide investment choice to consumers and integrate gold further into regulated financial sector, the World Gold Council said today.
jlne.ws/1RoURcL

Miscellaneous

HEC Paris and LBS once again top Masters in Finance rankings
Laurent Ortmans, FT
HEC Paris and London Business School have tightened their grip on the top of the Financial Times rankings of pre-experience and post-experience Masters in Finance programmes respectively, having dominated the finance rankings since they were first published in 2011.
jlne.ws/1THvrLd

Rand Paul Names Hedge Fund Chief Mark Spitznagel as Economic Adviser
By ALEXANDRA STEVENSON, NY Times
Senator Rand Paul of Kentucky has appointed Mark Spitznagel, the hedge fund manager, as a senior economic adviser as he seeks the Republican presidential nomination.
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