First Read

Lively “Crossfire” Panel of Exchange Leaders Opens SFOA Burgenstock 2015
Sarah Rudolph in Geneva, John Lothian News
The 2015 Burgenstock SFOA conference in Geneva kicked off with a lively discussion on “Crossfire,” the well known panel hosted for many years by Patrick Young, the editor of Exchange Invest News. The panelists were Phupinder Gill, CEO of CME Group, Chitra Ramkrishna, CEO of the National Stock Exchange of India, David Peniket, president and COO of ICE Futures Europe, Magnus Billing, the president of Nasdaq, and Christian Katz, the former CEO of Six Swiss Exchange and former president of FESE.
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***JK: When we ran this story yesterday, moderator Patrick Young’s title was incorrectly noted as editor of ERivatives Review. Young is CEO of Exchange Invest News.

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Rule Britannia: London overtakes New York as the world’s best financial centre
Telegraph
London is the most competitive financial centre in the world, overtaking New York and utterly dominating the rankings compiled by analysts at the Z/Yen Group this year. The capital topped every single category in the index, with the best business environment, the most developed financial centre, the most impressive infrastructure, the best human capital and the top overall reputation.
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***JK: Chicago comes in at 11th, behind financial center powerhouses such as Washington D.C. and San Francisco.

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***DA: We will witness the London phenomenon first hand in three weeks, when we head back to London for another installment of our MarketsWiki Education series. Click the button below to find out more, and please help spread the word to all your London affiliates.
MarketsWiki Education London 2015
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Debt Relief for Students Snarls Market for Their Loans
WSJ
Federal programs designed to ease the burden of college loans are causing snarls in the bond market and raising concerns that banks may soon ratchet back lending.
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***DA: Who did not see this coming?

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Continuum Partners With TradeSocio – Powers Social Trading Platform With FX And Futures Market Data And Trade Execution
Continuum, CQG’s enterprise API division, today announced its partnership with TradeSocio, a provider of marketing software for brokers. Continuum provides market data and trade execution capabilities to the TradeSocio platform through its flagship API, Continuum Connect.
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In cash we trust — abolish it and you invite tyranny
FT.com
Andy Haldane’s call to get rid of the money in our wallets has an unfortunate echo of Maoist China
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IBM’s A.I. System Watson to Get New West Coast Home
The New York Times
IBM’s Watson is moving West and widening its ambitions. The company plans to open a second headquarters for Watson, its artificial-intelligence system, in San Francisco in 2016 and eventually employ several hundred people. IBM’s Watson group, set up as a separate business in January 2014, has its East Coast headquarters in downtown Manhattan.
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***DA: When Watson sees the cost of renting an apartment in San Fran, the program may develop a fatal Boolean error.

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How Green Key’s voice software is threatening to put hardware phones out of business
Built In Chicago
Are traditional telephone calls about to go extinct? If one Chicago startup has its way, they certainly will be soon. Meet Green Key Technologies, a voice software development firm that says it’s disrupting the industry of hardware telephony.
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***DA: Tune in next week for some breaking news on Green Key, which announced a couple days ago it had been awarded a patent on its Virtual Turret.

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Peter Borish, The Quad Group – Trading Traps: Too Many to Count
JohnLothianNews.com

“You have to have the complete and utmost confidence in yourself if you’re going to trade and take risk. It doesn’t mean that you have to be right.”

What do subway cars, Derek Jeter, a movie theater and the Titanic have in common?

Peter Borish, chief strategist with Quad Group, has a way with analogies. It takes such comparisons to help explain trading, a “humanly uncharacteristic” action, according to Borish. It’s a fight with your gut and an exercise in taking all the lumps that come your way. Borish breaks down the struggle in this video.

Watch the video at MarketsWikiEducation.com »
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Lead Stories

Wall Street Said to Win Lucrative Concession in Derivatives Rule
Bloomberg Business
Wall Street is close to cutting billions of dollars from the cost of a derivatives rule as a debate among regulators over how tough the provision should be shifts in banks’ favor.
Firms such as JPMorgan Chase & Co. and Morgan Stanley wouldn’t have to set aside as much money in trades between their own divisions in the final version of a rule U.S. regulators may release as soon as next month, said two people familiar with the discussions.
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Flash-Crash Trader Faces Fight to Stop Extradition to the U.S.
Bloomberg Business
Navinder Singh Sarao is used to fighting other traders on the stock markets. The 36-year-old faces a much tougher battle Friday when his lawyers try to convince a London judge he shouldn’t be extradited to the U.S. to face criminal charges.
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The New Bond Market: Algorithms Trump Humans
WSJ
Firms using algorithms say they are expanding the flow of orders and making pricing smoother, but skeptics see signs the firms are intensifying tumult at market turning points because of their speed. Regulators haven’t fully concluded what the growing presence of algorithmic trading means for the Treasury market, but data show they now account for an increasingly large proportion of volumes.
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Commodity end-users fret over shrinking number of FCMs
Risk.net (Subscription Required)
Futures brokers attack costly new rules at a CFTC meeting on September 22 Commodity market participants are concerned about the dwindling ranks of US futures commission merchants (FCMs) and the impact of new rules that make it harder for them to stay in business.
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NY Fed bank examiner who criticized Goldman loses appeal
Reuters
A federal appeals court on Wednesday ruled against a former bank examiner for the Federal Reserve Bank of New York who said she was fired after refusing to change her findings about Goldman Sachs Group Inc. By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in New York said Carmen Segarra did not deserve federal whistleblower protection over her May 2012 firing, seven months after she joined the New York Fed.
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***JK – A bigger story than meets the eye.

Critics of Free Market Shouldn’t Overreach
WSJ
Markets aren’t perfect, but behavioral economics has its biases, too. It has been a good month for free-market skeptics. In Britain, an avowed socialist is the new leader of the Labour Party. Pope Francis, who condemns markets for promoting “extreme consumerism,” arrived in the U.S. to a rock star’s welcome.
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Wanted: Fed Officials Who Care Less About Bond Market Volatility
Bloomberg Business
Damned if you hike, damned if you hold. Such may be the feeling inside the Federal Reserve a week since it met the expectations of financial markets by postponing its first interest-rate increase since 2006, in part because “financial developments” threaten to impede growth and inflation.
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Central limit order book platforms face uphill battle
Paul Golden – Euromoney Magazine
Proponents of central limit order book (CLOB) point to its ability to deliver liquidity at times of extreme market stress, but they have yet to convince the majority of market participants that the price is worth paying.
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Global credit limits and confusing China correlations charted
Financial Times
So, hypothetically, the world has reached its current credit limit. Which, again hypothetically, explains this kind of thing.
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Regulatory

Energy Lending Caught in a Squeeze
WSJ
Banks are clashing with regulators over loan reviews that could crimp the flow of new credit to the oil patch. The dispute is focused on the relatively narrow issue of loans secured by oil and gas companies’ reserves, but it highlights the much broader point of how postcrisis regulation of the financial industry is affecting sectors far from Wall Street.
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SEC Approves Renewal of Advisory Committee on Small and Emerging Companies
SEC.gov
The Securities and Exchange Commission today announced it has approved the renewal of its Advisory Committee on Small and Emerging Companies, which will continue to focus on interests and priorities of small businesses and smaller public companies.
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EU traders and energy groups braced for Mifid II guidance
FT.com
Traders and energy companies operating in Europe are bracing themselves for the release of guidance that could determine whether position limits are imposed on commodity derivatives and they are forced to hold the same level of capital as banks.
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ESMA says MiFID rules delayed to next week
The Trade News
A European Securities and Markets Authority spokesman has confirmed that MiFID II and MiFIR technical standards will now be published next week. Yesterday, The TRADE reported that sources close to Brussels expected publication today, but this morning an ESMA official said it has now been delayed until “early next week”.
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Bank of England to Reveal Thoughts on Bond Market Liquidity
MoneyBeat – WSJ
The Bank of England is due to spell out Friday its latest thinking on an issue that has been unsettling policy makers worldwide – an apparent shortage of liquidity in some financial markets. The U.K. central bank’s Financial Policy Committee, chaired by Gov. Mark Carney, is one of a new breed of macroprudential bodies that have emerged since the crisis tasked with safeguarding the stability of the financial system.
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Board and Nominating Committee Members Whose Terms Will Expire at the Board’s 2016 Annual Meeting
NFA
On May 21, 2015, NFA’s Board of Directors unanimously approved a proposal to amend NFA’s Articles of Incorporation to reduce the size of the Board from 37 to 29, and in late June 2015 NFA’s membership ratified the amendments. NFA has submitted the proposed Articles’ amendments to the CFTC for approval, and the Articles’ amendments specify that the Board’s new structure will be in place in February 2016 at the Board’s regular Annual Meeting.
Due to the reduction in the Board’s size, for this year only, the election process for Directors will be different than usual. All Board positions will expire in the upcoming election.
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ISDA EMEA Credit Derivatives Determinations Committee: Republic Of Ukraine Potential Repudiation/Moratorium
Mondovisione
This resolution establishes that some, but not all, of the conditions for a Repudiation/Moratorium Credit Event have been met. A Potential Repudiation/Moratorium is not a Credit Event, and so credit default swap contracts will not be settled as a result of this resolution.
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Exchanges & Trading Facilities

CME Group Announces First Trades of Aluminium European Premium Futures
Press Release
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the first Aluminium European Premium Duty-Unpaid (Metal Bulletin) futures contracts were traded on Tuesday, 22 September 2015 by Crunch Risk, LLC. A total of 10 futures contracts traded at a price of $72.50 per metric tonne.
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LSE divests retail trading business
The Trade news
London Stock Exchange Group (LSEG) has sold off a market data vendor and real-time trading provider, Proquote, to financial technology provider IRESS.

LSEG said it had identified Proquote as not central to its current strategy for the information services division which Proquote formed part of.
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CME Group Named ‘International Exchange of the Year for Asia’ by Futures & Options World for the Fourth Year Running
Press Release
CME Group, the world’s leading and most diverse derivatives marketplace, announced the company was named ‘International Exchange of the Year for Asia’ by Futures & Options World (FOW) at the 4th FOW Awards for Asia 2015. The awards ceremony held in Singapore today recognized CME Group’s excellence in the launch of products and services for the Asian market in the past year.
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BATS Global Markets Expands Team With Two Key Hires In Market Data, ETF Listing
Press ReleaseBusinesses – Kal Chan And Rob Marrocco Bring Solid Industry Experience To BATS Team
BATS Global Markets (BATS), a leading global operator of exchanges and services for financial markets, today announced the hiring of Kal Chan as Director, Market Data Sales, and Robert J. Marrocco, Director of Listings.
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Eurex/TAIFEX Link Wins “Most Innovative New Contract – Equities” At FOW Awards For Asia 2015
The Taiwan Futures Exchange (TAIFEX) announced today that the Eurex/TAIFEX Link, its international cooperation project with Eurex Exchange, has won the “Most Innovative New Contract – Equities” at the Futures and Options World (FOW) Awards for Asia 2015.
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New, Enhanced Tokyo Stock Exchange Arrowhead Cash Equity Trading System – For A Safer, More Convenient Market
Press Release
Today, Tokyo Stock Exchange (TSE) launched its new, enhanced arrowhead cash equity trading system. Developed together with Fujitsu Limited (Fujitsu) to renew the previous version of the system, arrowhead now offers risk management functions and further enhanced system processing capabilities.
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Hedge Funds & Managed Futures

All about the eurodollars, redux
FT Alphaville
Paul Mylchreest at ADM Investor Services International — who it must be flagged has a certain gold-loving disposition – has been nice enough to consolidate a lot of our thinking in a new report on the impact of diminishing eurodollars in the system.
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A Big Bet That China’s Currency Will Devalue Further
Dealbook – NY Times
When Mark L. Hart III, a hedge fund investor based in Texas, makes an investment bet, he does it in the style of his home state: big time.
Since 2007, his winners have included high-risk, high-return wagers that the United States housing market would collapse and that Greece would go bankrupt.
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Norway’s Rate Cut Could Trigger Moves from Commodity Exporters — SEB
MoneyBeat – WSJ
A surprise rate cut by Norway’s central bank might prompt policy makers in other commodity exporting countries to take similar actions in coming months. The Norges Bank cut its main interest rate from 1% to 0.75% Thursday, citing the negative effect of a steady decline in the price of oil on the country’s economic prospects and the outlook for inflation.
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Gross to the Fed: ‘Get off zero now’
Investment Week
The Federal Reserve decided to hold off raising rates at its latest meeting as it felt global headwinds overshadowed the stronger US economic picture. Industry figures now believe its December meeting would be the next most likely opportunity. Writing in his monthly outlook, Gross (pictured), who manages the $1.4bn Janus Global Unconstrained fund, said the long-term impact of a rate rise would compensate for any potential short-term pain.
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Banks & Brokers

Thomson Reuters co-locates at SGX data centre
The Trade News
Thomson Reuters has set up inside Singapore Exchange’s (SGX) co-location data centre, to provide local firms with high-performance market data services. Customers with trading applications in the SGX co-location site will be able to access Thomson Reuters’ Elektron real-time consolidate market data feed through a cross-connect.
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ED&F Man closes Uruguay office, loses senior sugar traders -sources
Reuters
ED&F Man Holdings Ltd, one of the world’s largest sugar merchants, will close its office in Uruguay and has lost at least three senior traders in the Americas in recent months due to cost-cutting amid a years-long bear market, sources said.
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Citadel investor relations chief Scott Rafferty leaving
Crain’s Chicago Business
Citadel’s client point person, Head of Investor Relations Scott Rafferty, says he plans to leave the firm at the end of the year. Rafferty, 57, has worked for the Chicago hedge fund firm since 1997, making him a veteran at the business that was started by CEO Ken Griffin in 1990.
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GFI Group Amends Terms of Previously Announced Consent Solicitation
BGC Partners
GFI Group Inc. announced that it has amended the terms and extended the Expiration Time of its consent solicitation previously announced on September 14, 2015. The Consent Solicitation is addressed to holders of its 8.375% Senior Notes due 2018 (CUSIP No. 361652AA8) which have been fully and unconditionally guaranteed by BGC Partners, Inc. This is a final offer by GFI and there will be no further increase of the Consent Fee or extension of the Expiration Time.
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Clearing & Settlement

Banks could save $4 billion with utility model, finds Broadridge
The Trade News
The adoption of a utility model for core post-trade and related processes, could save banks up to $4 billion annually, according to a report from Broadridge. The report outlines that core post-trade processing is “the logical starting point for an industry utility… its high levels of standardisation and growing compliance requirements make it one of the most attractive areas for cost mutualisation.”
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Esma sees progress in clearing equivalence
Cian Burke – Futures & Options World
The European Securities and Markets Authority (Esma) on Wednesday, said the ongoing consultation on its clearing house margin collection rules is a step towards a more compatible regime to the US.
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CME, ICE hit out at open access rules
Futures & Options World
Global exchange giants CME Group and the Intercontinental Exchange have hit out at the EU’s open access provisions saying they damage intellectual property rights and product innovation.
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SGX plans new post-trade system for clearing, delivery of shares
Channel NewsAsia
The Singapore Exchange (SGX) plans to implement a new generation post-trade system that will facilitate the clearing and settlement of trades as well as the delivery of shares, CEO Loh Boon Chye said on Wednesday (Sep 23).
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Indexes & Products

FINRA on ‘Smart Beta’ ETFs: Buyer Beware
MoneyBeat – WSJ
Wall Street’s self-regulator Wednesday warned investors of risks associated with a popular category of exchange-traded funds: “smart beta.” “People are searching for yield and smart beta potentially holds the promise of higher returns, so we want people to understand the pros and the cons,” said Gerri Walsh, FINRA’s senior vice president for investor education.
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Euronext again delays volatility launch
Alice Attwood – Futures & Options World
Euronext has delayed the launch of its new volatility contracts for the second time, but said that it is still working with clients on the design of the new additions.
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Goldman makes an ETF splash with low fees
John Authers – Financial Times
Smart Beta has always stretched definitions and logic to the sticking point. Now Goldman Sachs is playing the unlikely role of reintroducing simplicity to the notion, and — even more implausibly — helping to push down fees.
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The Tale of Dividend in India
S&P Dow Jones Indices
Dividend yield is an important source of total return from an investment in equities. The other source is capital gains. While capital gains tend to be volatile and depend on the stock price movement in the market, dividend income tends to remain stable and depends on the dividend distribution policy of the company. The dividend policy may depend on the stage of the business life cycle, industry, economy in which the company operates, etc.
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Time to redefine the ETP family?
Financial News
ETFs have a well-deserved place in investment strategies and have a positive impact on the securities markets, but it has become clear that retail investors and investment professionals lack clarity about the regulatory structure of exchange-traded products.
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Investors May Stick to Index ETFs as Market Correlation Remains Elevated
Tom Lydon – ETF Trends
With the markets moving in lockstep, stock pickers may be out of luck. On the other hand, investors may be better off riding out the higher correlation in equities with passive index-based exchange traded funds.
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Technology

Fidessa Named Trading System Of The Year At FOW Awards For Asia
Press Release
Fidessa group plc has won Sell-side Trading System of the Year at the FOW Awards for Asia 2015. Judged by an independent panel of industry experts from a range of disciplines across the region, these awards recognise leadership, growth and achievements in the Asian derivatives landscape.
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News Brief: Concern Grows Among Treasury Risk Managers as Legacy Processes Create Obstacles, Reveals a New SunGard Study
Fifty four percent of companies do not believe their current risk approach is effective, emphasizing the need for treasurers and risk managers to use a treasury management solution for improved risk visibility, control, analytics, and reporting according to a recent SunGard Treasury Risk market study.
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Research marketplace aims to help buy-side get ready for unbundling
The Trade News
An online marketplace for research, promising full MiFID II compliance for the buy-side, has launched today. RSRCHXchange has brought an online exchange for institutional research to market, saying it will enable the buy-side to comply with MiFID II’s unbundling proposals while reducing the compliance overhead.
jlne.ws/1iNFCAm

TradingScreen Launches Pre-Trade Decision Suite With Best Execution Tools
Mondovisione
TradingScreen Inc., the leading independent provider of liquidity, trading and investment technology via SaaS, announces the integration of a series of best execution focused monitoring tools as part of its new release of the TradingScreen Pre-Trade Decision Suite featuring a toolkit designed to assist users in simplifying the pre and in-trade decision making process for Equities, Futures, Fixed Income and FX
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China’s ‘fake’ Apple stores thrive ahead of new iPhone launch
Reuters
On a bustling street in China’s southern boomtown of Shenzhen, more than 30 stores carrying Apple Inc’s iconic white logos peddle pre-orders for the new iPhone, a gadget that has become a status symbol among many better-off Chinese. Many of the stores look just like Apple’s signature outlets, right down to the sales staff kitted out in blue T-shirts bearing the company’s white logo and the sample iPads and iWatches displayed on sleek wooden tables.
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Enforcement

SEC Charges Consultant and Friend With Insider Trading in Advance of P.F. Chang’s Merger
SEC.gov
The SEC alleges that Richard G. Condon, a consultant to Panda Restaurant Group, tipped Jonathan Ross with confidential details about the bidding process for P.F. Chang’s that he learned while providing executive coaching services to Panda’s top management executives. Panda was involved in the bidding process, but did not ultimately make a tender offer for P.F. Chang’s.
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Settlement With Italian Bank to Cost Nomura $287 Million
The New York Times
Nomura, the Japanese financial group, said on Thursday that it had reached a settlement with Banca Monte dei Paschi di Siena in Italy over a multimillion-dollar derivative transaction that went bad, known as the Alexandria notes.
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SEC Charges Two Philadelphia Area Men For Defrauding Friends And Family In Private Equity Fund
SEC.gov
According to the SEC’s order instituting administrative proceedings, William B. Fretz, Jr. and John “Jack” P. Freeman orchestrated the fraud through their unregistered adviser, Covenant Capital Management Partners, L.P. and the private equity fund they managed, Covenant Partners, L.P. Fretz and Freeman sold partnership interests in the fund to family and friends but rather than investing the money as promised, they used it to benefit themselves and a failing business.
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Environmental & Energy

Pope lauds Obama on climate change, canonizes controversial missionary
Reuters
Pope Francis on Wednesday urged the United States to help tackle climate change and touched on other divisive U.S. political issues such as immigration and economic inequality on his first visit to the world’s richest nation.
jlne.ws/1FuXPMO

Volkswagen Test Rigging Follows a Long Auto Industry Pattern
Danny Hakim and Hiroko Tabuchi – NY Times
Long before Volkswagen admitted to cheating on emissions tests for millions of cars worldwide, the automobile industry, Volkswagen included, had a well-known record of sidestepping regulation and even duping regulators.
For decades, car companies found ways to rig mileage and emissions testing data. In Europe, some automakers have taped up test cars’ doors and grilles to bolster their aerodynamics. Others have used “superlubricants” to reduce friction in the car’s engine to a degree that would be impossible in real-world driving conditions.
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U.S. regulators allege Total rigged natgas market for three years
Reuters
U.S. federal energy regulators extended their years-long effort to crack down on a contested form of market manipulation on Tuesday, alleging that French firm Total SA and two of its traders rigged southwestern natural gas prices for years.
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Fracking Firms That Drove Oil Boom Struggle to Survive
WSJ
A wave of bankruptcies and closures is sweeping across the oil patch, with dozens of hydraulic-fracturing companies at risk, industry experts say. Most of the companies that help oil-and-gas explorers drill and frack wells are small, privately owned and just a few years old. They are part of a flood of new entrants in the energy business—one that is drying up as oil prices languish below $50 a barrel.
jlne.ws/1iNI0qE

Farmers fret over El Niño threat
The Australian
Unusual weather conditions are expected in Australia at the tail end of the year as the El Niño phenomenon and a very warm Indian Ocean play havoc with normal patterns.
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Asia-Pacific

Korea Inc.’s Boardrooms Shrink Due to Economic Squeeze
WSJ
South Korea’s economic squeeze is shrinking the nation’s bloated executive suites. Hundreds of top-ranked positions have been eliminated by the country’s biggest companies over the past 18 months, as an export dip slowed growth rates.
jlne.ws/1iNGk0p

Mexican drug cartels eye Asian markets
FT.com
Latin American drug syndicates are sweeping into Asia, spurred by growing wealth, regional trade pacts that ease smuggling and some of the highest margins on offer. Growth in the drugs trade, a significant part of an illicit economy worth more than $100bn a year in east Asia alone, has led to a rapid rise in seizures: 254m methamphetamine pills, for example, were intercepted in east and Southeast Asia in 2013 — a more than eightfold increase in just five years.
jlne.ws/1iNKmpv

China to issue new rules easing panda bonds restrictions: Report
The Economic Times
China’s central bank is drafting new rules for yuan-denominated bonds sold by foreigners on the mainland, known as panda bonds, and plans to let more companies issue them and ease controls on how proceeds can be used, two people with direct knowledge of the matter said.
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MOVES-BofA Merrill Lynch names ex-UBS banker Yang head of greater China equities-memo
Reuters
Bank of America Merrill Lynch has named Yang Xia as head of greater China equities, according to an internal memo seen by Reuters on Thursday. Yang, who was formerly head of equities for UBS China and worked for 10 years at the Swiss firm, will join Bank of America Merrill Lynch at the end of October, according to the memo. Bank of America Merrill Lynch declined to comment.
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Frontier Markets

Thailand Futures Exchange PCL (TFEX) Wins 2015 FOW Award For Asia’s Best Technology Innovation
Mondovisione
Thailand Futures Exchange PCL (TFEX) today announced that TFEX has been selected “Best Technology Innovation by an exchange” for outstanding trading system innovation, at the 2015 Futures and Options World (FOW) Awards for Asia event last night in Singapore.
jlne.ws/1iNL1Hm

EM debt sale plans revived as Fed holds
FT.com
Governments in some of the world’s poorest countries are revisiting plans to sell billions of dollars of debt as the US Federal Reserve’s decision to hold interest rates at a record low gives emerging market borrowers a temporary reprieve.
jlne.ws/1iNN7qS

Nigeria: Time to Unleash African Economic Potentials
allAfrica.com
The African continent is blessed with immense wealth. Indeed there are vast human, material and mineral resources in this part of the world. With a population of about 950 million people and a collective GDP of $978 Billion as at 2006; the continent is unarguably the largest emerging market in the world. In his book titled Africa Rising, Prof Vijay Mahajan noted that; “when an Irish beer has become African, and when the future growth of a brand rests on expanding sales on the African continent rather than in Ireland, there is clearly something shifting in the world.”
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Miscellaneous

The World’s Top 20 Financial Centres
Financial News
The authors of the research – based on responses from 3,194 financial services professionals – looked at how each financial centre performed across five areas of competitiveness: business environment; financial sector development; infrastructure; human capital; and reputational and general factors. Here, in reverse order, are the top 20 cities on the list, as well as the number of places they have risen or fallen since the last ranking in March 2015.
jlne.ws/1iNJZeK

VW emissions scandal is personal for many Germans
FT.com
For Carolin Röder, as for many Germans, the Volkswagen emissions scandal is personal. Speaking in the centre of Frankfurt, the country’s financial capital, the young charity worker says: “It’s catastrophic. I feel let down. VW and the other [German carmakers] were companies I felt I could believe in, but Volkswagen has ruined that image for me.
jlne.ws/1iNKrtp

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