John Lothian Newsletter: ISE files for second US options exchange; Barclays CEO Robert Diamond Resigns; Athens Seeks Improved Bailout Deal

Jul 3, 2012

Exchange ISE files paperwork with the SEC for approval to open a second options trading venue at the end of the year.  Barclays’ Parade of Disgrace continues in the LIBOR rate-fixing scandal, with now ex-CEO Bob Diamond unceremoniously shown the sidewalk outside the front door; new investigations into other institutions and criminal charges suggest that the scandal may be gaining steam rather than wrapping up.  Greece heads back to the eurozone government to ask for a better bailout deal, potentially more like the one Spain is expected to receive.  Exchange volume stats are (mostly) in, with a raft of exchanges around the world reporting; June looks to be a “partly cloudy” month, with an overall tenor of disappointing results offset here and there by records and strong performance.

First Read

Barclays CEO Robert Diamond Resigns
By MAX COLCHESTER and DIGBY LARNER – WSJ
Barclays PLC Chief Executive Robert Diamond resigned Tuesday, caving in to intense political and investor pressure following an interest-rate-setting scandal. The move follows the decision by Barclays Chairman Marcus Agius to quit and effectively leaves one of Europe’s largest banks without leadership. Barclays said that Mr. Agius will stay on at the company until the hunt for a new chief executive is completed. “The search for a new chief executive will commence immediately and will consider both internal and external candidates,” Barclays said. Mr. Diamond will leave the bank with immediate effect.
http://jlne.ws/NZGDyk

**** The chairman and CEO are a good start, but this story has a lot more legs.  Those who perpetrated the alleged fixing of the LIBOR settlement process don’t realize the damage they did to the markets or to untold numbers of people.  

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June Is Second Consecutive Month Of Record Trading Volume At CBOE Futures Exchange
The CBOE Futures Exchange, LLC (CFE) today announced that June 2012 was the most-active trading month in CFE history and the second consecutive month of record trading volume at the exchange. The most-active trading month in CFE history was driven by record volume in futures on the CBOE Volatility Index (the VIX Index), with June 2012 trading in VIX futures up 85 percent over a year-ago. During the record-breaking month, new all-time highs were established in total monthly volume, monthly average daily volume (ADV), single-day volume and weekly volume — both exchange-wide and for VIX futures. In addition, the second quarter of 2012 experienced the highest trading volume of any quarter in CFE history.
http://jlne.ws/NZGCdN

**** Is this good news or bad news?

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OneChicago Announces Trading Volumes For June 2012, Strongest Month In Five Years
Security Futures Volume Topped 1 Million For The Third Quarter In A Row – June Volume Is Highest Monthly Total Since February 2007
http://jlne.ws/NZGCKC

**** A single-stock futures is a stock loan is a repo is a swap and is already cleared.  And all the structures and regulations are all in place for these trades.  

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The McGraw-Hill Companies, CME Group Announce the Launch of S&P Dow Jones Indices
The McGraw-Hill Companies (MHP), one of the world’s foremost financial information companies, and CME Group (CME), the world’s leading and most diverse derivatives marketplace, announced today the launch of S&P Dow Jones Indices – the world’s largest provider of financial market indices. S&P Dow Jones Indices calculates over 830,000 indices, publishes benchmarks that provide the basis for 575 ETFs globally with $387 billion in assets invested, and serves as the DNA for $1.5 trillion of the world’s indexed assets.
http://jlne.ws/NZGCKD

**** Next comes the Chicago White Sox Cubs.  The New York Yankees Mets.  

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ICE Reports Record Second Quarter Futures ADV, up 11%; Second Quarter OTC Energy ADC of $1.58MM, up 3%; Record June ADV, up 7%
ATLANTA, July 3, 2012 /PRNewswire via COMTEX/ — IntercontinentalExchange ICE -0.12% , a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported activity for June and the second quarter of 2012.
http://jlne.ws/MFUPk7

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CME Group Volume Averaged 13.1 Million Contracts per Day in June 2012
CHICAGO, July 3, 2012 /PRNewswire/ — CME Group, the world’s leading and most diverse derivatives marketplace, today announced that June 2012 volume averaged 13.1 million contracts per day, down 11 percent from June 2011, and down 1 percent from May 2012.  Total volume for June was more than 276 million contracts, of which a record 86 percent was traded electronically.  Second-quarter 2012 volume averaged 12.4 million contracts per day, down 9 percent year-over-year, but up 1 percent compared with first-quarter 2012.
http://jlne.ws/LVd1aa

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Is someone ghost-writing for CFTC’s O’Malia? John Kemp
Reuters via Yahoo! Finance
Commissioner Scott O’Malia has emerged as the most consistent and formidable opponent of Chairman Gary Gensler‘s rule-writing efforts at the U.S. Commodity Futures Trading Commission. On everything from position limits to the legal definition of swap dealers and rules for derivatives clearing organizations, O’Malia has issued a string of long and carefully reasoned dissents from regulations proposed by CFTC staff and endorsed by a majority of the other commissioners.
http://jlne.ws/NZGCKK

***** Interesting question posed by the writer, although the concept is flawed.  Who writes all their own material?  I write most of my own material, but many times the staff helps.  A good staff makes all the difference in the world.

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Louis Dreyfus sued by trader over cotton squeeze
By Josephine Mason and Jonathan Stempel – Reuters
Commodity trading giant Louis Dreyfus Commodities BV has been sued by a former senior trader at rival Glencore, who alleges that Dreyfus illegally cornered the cotton market last year as prices tumbled from record highs.
http://jlne.ws/NZGD13

**** Don’t squeeze the cotton.

Factbox: Commodity market squeezes in recent years
Reuters via Yahoo! News
Commodity trading house Louis Dreyfus Commodities BV has been sued by a former senior trader at rival Glencore, alleging that Dreyfus illegally cornered the cotton market last year as prices tumbled from record highs. Several firms were alleged to have squeezed or manipulated commodity markets in recent years. Some of the examples below were not necessarily illegal based on existing regulations:
http://jlne.ws/NZGD1e

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Hedge Funds Are Not Like Banks (and That’s Okay!)
New York Magazine
I can’t decide what the funniest thing is about Azam Ahmed’s Times story on the ludicrous world of Cayman Islands–domiciled hedge funds and their directors-for-hire, many of whom are paid up to $30,000 per year to do essentially nothing for each of as many as 260 hedge funds.
http://jlne.ws/NZGDhy

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Surprise: Financial Advisors, Rogues to Some, Are Actually Decent Folks
Forbes
Sometimes, the bad guys aren’t the bad guys. Financial advisors are widely distrusted since the economic meltdown and the Bernie Madoff scandal, polls say. But surprise: Other surveys show that those investors who use advisors trust them a lot. Plus, complaint levels about advisors are lower than those for lawyers and doctors.
http://jlne.ws/NZGDhF

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Trading firm Breakwater Capital cuts former CEO, about half its staff
Lynne Marek – Crain’s
Chicago trading firm Breakwater Capital LLC pushed out its former CEO last month and cut about half of its employees in the wake of a trading loss and amid a challenging market, according to people familiar with the situation. Former CEO and Managing Partner Tom Rubio, who was instrumental in building the firm, exited last month, according to the sources.
http://jlne.ws/NZGDhL

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Futures Magazine Publishes 2012 Guide to Electronic Trading
Futures magazine, a Summit Business Media publication, compiled its annual Guide to Electronic Trading , as part of its July issue.
http://jlne.ws/NZGFpS

JLN Managed Futures

A week in London
Jim Kharouf
Fresh off a week in London, and a visit to the well-attended Emerging Managers Forum hosted by the CTA Expo founders Bucky Isaacson and Frank Pusateri, it’s clear that a vibrant community of CTAs is, well, emerging there.
No doubt, they face sizable challenges with the raft of regulatory changes, banks reorganizing their operations, skittish investors searching for returns in the midst of the European Union’s economic problems, among many others. But it is an opportunity for CTAs to show their skills and illustrate how they thrive when other managers are falling.

In the coming issues of JLN Managed Futures, we will explore many of these issues and opportunities for emerging CTAs in video interviews with a variety of speakers at the event including Bob Swarup, who is writing a book on financial crisis over the past 2,500 years. Eirv Knox, non-executive director of Banque Havilland who has spent the past 10 years in the Middle East’s banking arena, Kevin Cook, of Autumn Capital Partners who advises CTAs and hedge fund managers on how to build their businesses and Alan Snyder, managing partner of Shinnecock Group.

On a personal note, our thanks to Bucky and Frank for their hospitality and invitation to cover their event in London.

MarketsWiki

MarketsWiki Page of the Day
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http://jlne.ws/LL8tRJ

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Lead Stories

ISE files for second US options exchange
By Philip Stafford in London – Financial Times
The International Securities Exchange, part of Deutsche Börse, is planning to launch a second US options trading platform in a move that will further crowd the options market.
http://jlne.ws/NZGDyc

**** And the name will not be Me2 or I 2.

Athens Seeks Improved Bailout Deal
By STELIOS BOURAS and MARGIT FEHER – WSJ
Greece will push for a better bailout agreement when it resumes long-stalled talks with international lenders this week, despite warnings from a European central banker Monday that the country must press ahead with its reform program and not dally further in meeting its commitments.
http://jlne.ws/NZGDOF

European Central Bank Head, Draghi, Has New Powers
International Herald Tribune
The spotlight in Europe’s debt crisis has turned to Mario Draghi, president of the European Central Bank, who has been given an oversight role similar to that of the Federal Reserve.
http://jlne.ws/NZGFGk

Bond Rift Divides Merkel Coalition
By MARCUS WALKER – WSJ
The increasingly radical measures needed to tame the euro-zone debt crisis are leading to a growing rift within German Chancellor Angela Merkel’s governing coalition.
http://jlne.ws/NZGDOO

A Fix for Europe Banks
By FRANCESCO GUERRERA – WSJ
As Washington Mutual Inc. plunged toward death four years ago, a plethora of regulators scrambled to ring-fence losses at the Seattle-based lender and contain the fallout on the rest of the financial sector. One actor, though, was conspicuously absent from the drama: the government of Washington state. WaMu’s last act was scripted by Washington, D.C., or the Federal Deposit Insurance Corp. and the Federal Reserve, to be precise.
http://jlne.ws/NZGFGp

Cameron unveils probe into bank standards
CNN
David Cameron, the British prime minister, said on Monday that a full parliamentary inquiry would be held into the Libor rate-fixing scandal and standards in the banking industry, with witnesses called to give evidence under oath.
http://jlne.ws/NZGE56

LIBOR Update: UK’s Serious Fraud Office Considering If Appropriate And Possible To Bring Criminal Prosecutions
The Serious Fraud Office has been working closely with the Financial Services Authority during its investigation into recently reported issues in relation to LIBOR. Now that the investigation into the issue of regulatory misbehaviour has concluded, the SFO are considering whether it is both appropriate and possible to bring criminal prosecutions.
http://jlne.ws/NZGE5e

Former Hong Kong Securities Watchdog Leads Libor Review
Wall Street Journal Blogs
The man credited with raising Hong Kong’s corporate governance and regulatory standards is now in charge of reviewing the U.K.’s interbank lending regime, in what could be his toughest mandate since dealing with the fallout from the collapse of Lehman Brothers Holdings Inc.
http://jlne.ws/NZGE5n

UK watchdog and BoE may have missed Libor red flags
Reuters via Yahoo! News
Officials from the Bank of England and Britain’s financial watchdog missed several opportunities to investigate how banks set the London interbank offered rate, now the subject of a scandal that has forced the resignation of the chairman of Barclays, according to U.S. and UK government records.
http://jlne.ws/NZGElD

Regulatory

Insight: As banks deepen commodity deals, Volcker test likely
Reuters via Yahoo! News
NEW YORK/WASHINGTON – The subtext of JPMorgan’s landmark deal to buy crude and sell gasoline for the largest oil refinery on the U.S. East Coast was barely disguised. In joining private equity firm Carlyle Group to help rescue Sunoco Inc’s Philadelphia plant from likely closure, the Wall Street titan cast its multibillion-dollar physical commodity business as an essential client service, financing inventory and trading on behalf of the new owners.
http://jlne.ws/NZGElH

Mifid may hurt bond trading, Tabb warns
By Philip Stafford – Financial Times
Proposals to force more transparency in trading of fixed income markets may damage European governments’ ability to raise capital, a new study has warned. Tabb Group, the capital markets consultancy, on Monday said proposals being debated in the European Parliament, such as greater price availability, could “seriously” hit market liquidity and raise trading costs, making it more expensive for governments and companies to raise capital.
http://jlne.ws/NZGElK

ESMA Publishes An Update To The Q&A In The Area Of Prospectuses
The update published today contains new guidance on the format of summaries.
http://jlne.ws/NZGGdl

Speech By Adair Turner, Chairman, UK Financial Services Authority – FSA Annual Public Meeting 2012
http://jlne.ws/NZGEC8

FMA Executive Board welcomes decisions taken by the euro summit concerning banking supervision02.07.2012
http://jlne.ws/NZGGds

Exchanges & Trading Facilities

ISE Files for Second Exchange License
Press Release
The International Securities Exchange (ISE) announced that it has filed a Form 1 application for a second exchange license with the Securities and Exchange Commission. ISE plans to launch its second options exchange platform by the end of 2012, pending SEC approval.
http://jlne.ws/NZGECd

IntercontinentalExchange Rebrands Instant Messaging Platform YellowJacket as ICE Chat; ICE Chat Included as Value Added Feature for all WebICE Users
IntercontinentalExchange, a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that its instant messaging functionality available under YellowJacket (YJ) will be available as a value-added feature included for all WebICE users starting July 16, 2012 and will be known as ICE Chat.
http://jlne.ws/NZGGtY

OCC Announces Cleared Contract Volume Declined 6% In The First Half Of 2012 While Securities Lending Volume Rose 15%
OCC announced that cleared contract volume reached 329,891,797 in June, representing a 12 percent decrease from the June 2011 volume of 376,877,261 contracts. OCC’s year-to-date total contract volume is down 6 percent with 2,100,988,040 contracts in 2012.
http://jlne.ws/NZGGu3

The Options Industry Council Announces June Options Trading Volume Decreased 13%
The Options Industry Council (OIC) announced today that 325,813,094 total options contracts were traded in June, 12.63 percent less than the 372,928,893 contracts traded in June 2011.
http://jlne.ws/NZGGKj

Average daily volume of 11.0 million contracts at Eurex Group in June
In June 2012, the international derivatives markets of Eurex Group recorded an average daily volume of 11,0 million contracts (June 2011: 11.4 million). Of those, 8.5 million were Eurex Exchange contracts (June 2011: 8.6 million), and 2.5 million contracts (June 2011: 2.8 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 178.9 million contracts were traded at Eurex Exchange and 52.2 million at ISE.
http://jlne.ws/NZGESE

KCBT HRW Wheat Futures & Exchange Volume Second Largest for Month of June
The Kansas City Board of Trade HRW wheat futures and exchange volume traded during the month of June was the second largest in the history of the exchange for the calendar month of June.
http://jlne.ws/NZGESH

MGEX Boasts 27 Percent Volume Increase In June
MGEX, a Designated Contract Market and Derivatives Clearing Organization, today announced total June 2012 futures and options trading volume for its flagship Hard Red Spring Wheat contract reached 111,963 contracts traded, a 27 percent increase in volume over May. HRSW futures trading gained 28 percent over May with 110,144 futures contracts trading during June.
http://jlne.ws/NZGGKs

BATS Global Markets Reports June U.S. Equities Market Share Of 11.5%
BATS Global Markets (BATS), a leading operator of securities markets in the U.S. and Europe, today reported strong U.S. equities market share of 11.5% in June, up from 11.0% one year ago. BATS Options saw a strong month-over-month jump to 3.5% matched market share, up from 3.0% in May.
http://jlne.ws/NZGGKv

CBOE Holdings Reports June 2012 Trading Volume
CBOE Holdings, Inc. today reported that June 2012 trading volume for options on the Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), combined, totaled 96.7 million contracts. June average daily volume (ADV) was 4.6 million contracts, a two percent increase from June 2011 ADV of 4.5 million contracts and a seven-percent decline from May 2012 ADV of 5.0 million contracts.
http://jlne.ws/Ms3zKY

ISE Reports Business Activity for June 2012
The International Securities Exchange (ISE) today reported average daily volume of 2.5 million contracts in June 2012. This represents a decrease of 10.2% compared to June 2011. Total options volume for the month was 52.2 million contracts. ISE was the second largest U.S. equity options exchange in June with market share of 18.1%*.
http://jlne.ws/NZGGKy

89 billion euros turnover on Xetra in June
Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at E93.8 billion in June – a decrease by 15 percent year-on-year (June 2011: E109.9 billion). Of the E93.8 billion, E89.2 billion were attributable to Xetra – a decrease by 15 percent y-o-y (June 2011: E105.3 billion). E4.6 billion were attributable to the Xetra Frankfurt specialist trading, unchanged y-o-y (June 2011: E4.6 billion). Order book turnover on Tradegate Exchange* totalled approximately E2.0 billion in June.
http://jlne.ws/NZGHOl

June Turnover Exceeds EUR 7 Billion At Boerse Stuttgart
Investors Showing Greater Caution – High Volume Of Trading In Corporate Bonds – Strong Growth In German Federal State Jumbos
http://jlne.ws/NZGHOn

Nasdaq OMX Nordic: Trading Statistics June 2012
NASDAQ OMX today publishes monthly trade statistics for the Nordic and Baltic markets. Below follows a summary of the highlights for June 2012: The share trading on NASDAQ OMX Nordic decreased by 25.8 % to a daily average of 2.0bn EUR, compared to 2.7bn EUR in June 2011. Compared to the previous month, May 2012, the daily average decreased by 8.0 %.
http://jlne.ws/NZGH0S

Nordic Growth Market NGM AB: June Turnover Exceeds 3.1 Billion SEK (354 Million Euro) At NGM
Nordic Growth Market NGM generated a total turnover which exceeded 3.1 billion SEK (354 million Euro) for June 2012, an increase of 17 percent compared to the same month previous year
http://jlne.ws/NZGH10

Aggregated Market Shares In Finland, June 2012 – Burgundy And Nasdaq OMX
http://jlne.ws/NZGHhl

Key Figures SIX Swiss Exchange And Scoach Switzerland: June 2012
SIX Swiss Exchange and Scoach together generated sales of CHF 79.4 billion in June 2012. This representsan increase of 5.1% compared with May. The following segments in particular achieved higher turnover: equities incl. funds, ETSFs and ETPs (+1.0%), bonds CHF (+22.5%), and structured products and warrants (+12.1%). By contrast, the number of transactions concluded fell by 7.9% to 2,713,887.
http://jlne.ws/NZGI4Y

The Number Of Trades On The Spanish Stock Exchange Reached 4.13 Million In June, Up 18% Year On Year
http://jlne.ws/NZGI55

BM&FBOVESPA Monthly Bulletin – June: Corporate Sustainability Index (ISE) Accumulates High Of 11.37% Over The Year And 8.76% In 12 months
http://jlne.ws/NZGIlm

Hedge Funds & Managed Futures

BlackRock to Buy Swiss Re Infrastructure-Investments Unit
Bloomberg
BlackRock Inc. , the world’s largest asset manager, will buy Swiss Re Ltd. ’s Private Equity Partners AG for an undisclosed amount to extend its investments into infrastructure.
http://jlne.ws/NZGIlu

Ex-Goldman Partner Chan Named Dymon CEO as Hedge Fund Grows
Bloomberg
Dymon Asia Capital Pte, the best-performing large hedge fund in Asia in 2011, hired a former head of macro trading at Goldman Sachs Group Inc. as chief executive officer, strengthening its interest-rate trading.
http://jlne.ws/NZGIlB

Ex-JPMorgan Trader Feldstein Biggest Winner Betting Against Bank
Bloomberg
Andrew Feldstein, who bet against JPMorgan Chase & Co. before helping the bank unwind more than $20 billion of trades, has emerged as one of the biggest winners among hedge-fund managers profiting from a flawed strategy.
http://jlne.ws/NZGIlC

EDHEC-Risk Institute: North American Index Investors Highlight Concerns With Cap-Weighting Size Biases But Do Not Wish To Replace Cap-Weighted Indices
In its first EDHEC-Risk North American Index Survey, a survey of 139 investment professionals (institutional investors, asset managers, private wealth managers, investment banks and brokerage firms), EDHEC-Risk Institute has analysed the current uses of and opinions on stock, bond and volatility indices in the North American region.
http://jlne.ws/NZGIlD

S&P Capital IQ Announces Acquisition Of Credit Market Analysis Limited From CME Group
S&P Capital IQ, a business line of The McGraw-Hill Companies (NYSE:MHP) offering global multi-asset class data solutions, market research and portfolio risk analytics to global investors, today announced the completion of its acquisition of London-based Credit Market Analysis Limited (CMA), a leading source of independent data in the over-the-counter markets, from CME Group.
http://jlne.ws/NZGIlE

Banks & Brokers

Barclays Announces The Resignation Of Its Chief Executive, Bob Diamond
Barclays today announces the resignation of Bob Diamond as Chief Executive and a Director of Barclays with immediate effect. Marcus Agius will become full-time Chairman and will lead the search for a new Chief Executive. Marcus will chair the Barclays Executive Committee pending the appointment of a new Chief Executive and he will be supported in discharging these responsibilities by Sir Michael Rake, Deputy Chairman.
http://jlne.ws/NZGIBT

Diamond’s parting gift: James Saft
Reuters via Yahoo! Finance
Bob Diamond’s gift to the UK, perhaps a parting one, is that he has managed his bank badly enough to provoke real reform but, perhaps out of luck, not so badly as to blow up the whole economy.
http://jlne.ws/NZGIC0

Barclays chief threatens to hit back
By Patrick Jenkins, Brooke Masters and George Parker – Financial Times
Bob Diamond is threatening to reveal potentially embarrassing details about Barclays’ dealings with regulators if he comes under fire at a parliamentary hearing on Wednesday over the Libor rate-setting scandal, according to people close to the bank’s chief executive.
http://jlne.ws/NZGKtu

Former Brokers Say JPMorgan Favored Selling Bank’s Own Funds Over Others
By SUSANNE CRAIG and JESSICA SILVER-GREENBERG – NY Times
Facing a slump after the financial crisis, JPMorgan Chase turned to ordinary investors to make up for the lost profit. But as the bank became one of the nation’s largest mutual fund managers, some current and former brokers say it emphasized its sales over clients’ needs.
http://jlne.ws/NZGKtH

JPMorgan Tightens Bond Grip as Whale Loss Weighs
Bloomberg
JPMorgan Chase & Co. is tightening its grip on the global corporate bond market while Bank of America Corp. sees its market share decline with issuance on pace to exceed $3 trillion for a fourth straight year.
http://jlne.ws/NZGKK0

Credit Agricole in talks over Greek bank sale
Reuters via Yahoo! News
Credit Agricole is in talks to sell all or part of struggling Emporiki Bank as it continues its drive to resolve the Greek risk that has dogged it in recent months, a Greek lender and a source familiar with the matter said on Monday.
http://jlne.ws/NZGISx

RBS tells MPs that UK – not Indian – IT staff caused outage
TechWorld
The Royal Bank of Scotland has told MPs that its Edinburgh-based IT staff were responsible for the systems failure that affected millions of customers for more than a week last month.
http://jlne.ws/NZGKKc

GETCO Announces The Appointment Of Jon Ross As Chief Technology Officer
GETCO, a leading global market maker, announced today that Jon Ross has been appointed Chief Technology Officer. Mr. Ross will oversee GETCO’s strategic technology platform and the development of the company’s suite of trading technology and execution services products. He will be based out of the firm’s Chicago headquarters.
http://jlne.ws/NZGKKg

Citi hires Bank of America technology banker Herb Yeh
Reuters via Yahoo! News
NEW YORK – Citigroup has hired Herb Yeh as a managing director in technology investment banking to expand coverage of large-cap technology companies, according to people familiar with the matter.
http://jlne.ws/NZGL0y

Clearing & Settlement

KDPW_CCP Clearing House Closes First Year Of Operation
The clearing house KDPW_CCP clears and guarantees clearing of trade on the Polish capital market. The value of trade in 2011 was over PLN 616 billion and the number of cleared transactions is 20 million transactions per year or over 50 thousand transactions per day including bank holidays.
http://jlne.ws/NZGL0C

NASDAQ OMX Completes The Acquisition Of NOS Clearing ASA
NASDAQ OMX Group, Inc. today completed the acquisition of NOS Clearing ASA. Regulatory approval and clearance have been obtained and the shareholders of Imarex ASA have approved the transaction. The process of integrating NOS Clearing ASA into the acquiring entity, NASDAQ OMX Stockholm AB, will now be initiated.
http://jlne.ws/NZGL0E

CME Clearing – Performance Bonds / Margins
Performance Bond Requirements – NGL’s Inter-Commodity Spread Credits – Effective Monday, July 02, 2012
http://jlne.ws/NZGL0J

CME Clearing – Performance Bonds / Margins
Performance Bond Requirements:CBOT Ag Intracommodity Spread Changes- Effective Tuesday, July 3, 2012
http://jlne.ws/NZGJpF

Indexes & Products

ICAP Launches Leading Indicators For The UK Labour Market
http://jlne.ws/NZGL0P

Luxembourg Stock Exchange: Interim Revision Of The LuxX Index
http://jlne.ws/NZGJG8

STOXX Monthly Index Report – June 2012 In Review
http://jlne.ws/NZGJGc

Technology

Ativa Goes Live With ULLINK’s Low Touch Solutions For Equities And Futures
ULLINK, global provider of connectivity and trading solutions for the financial community, today announced that Ativa, a brokerage investment company has gone live with an end to end, low touch solution for trading Equities and Futures in Latin America.
http://jlne.ws/NZGJGf

Fiserv to Release Second Quarter Earnings Results on July 30, 2012
http://jlne.ws/NZGLxy

Enforcement

SEC Freezes Assets of Missing Georgia-Based Investment Adviser
The Securities and Exchange Commission today obtained a court order to freeze the assets of a Georgia-based investment adviser who has apparently gone into hiding after orchestrating a $40 million investment fraud.
http://jlne.ws/NZGJWv

RAMS changes advertising in response to ASIC concerns
http://jlne.ws/NZGJWC

Environmental & Energy

Carbon-Price Future Clouded as Gillard Trails in Polls
Businessweek
Australia’s price for carbon emissions will survive whatever happens in elections due next year, the government says. Power markets aren’t so sure.
http://jlne.ws/LLAAQK

**JK – For as big an issue as this is, its interesting to note the Treasury’s forecast that the tax will add .25% to core inflation in Australia.

Pain will follow the carbon fantasy
Rob Burgess – Business Spectator
We are living through a period of political fantasy that for some people, especially the hugely popular Coalition, is quite pleasant. But as any psychologist will tell you, returning to reality usually involves a good deal of pain.
http://jlne.ws/Lt9F9L

**JK – Interesting read.

Almost 300 businesses back carbon price
thetelegraph.com.au
ALMOST 300 businesses including Westpac, AGL, Unilever and GE have signed a joint statement backing a price on carbon.
http://jlne.ws/MEe8dr

Asia-Pacific

Japan tells 12 securities firms to check control systems
Reuters via Yahoo! News
Japan’s Financial Services Minister Tadahiro Matsushita said on Tuesday he has asked 12 large securities houses involved in public offerings to check their information control systems and inform his ministry of the results.
http://jlne.ws/NZGLxK

TOPIX Futures Trading On NYSE Liffe Will Be Extended To Cover Asian Hours
http://jlne.ws/NZGLxL

Thai Bourse Attracts Foreign Investors On U.S. Roadshow
The Stock Exchange of Thailand (SET) reveals that it has received good responses from foreign investors during a recent roadshow in the United States by participating in 161 meetings which attracted 53 leading institutional investors, reflecting that foreign investors are being interested in Thai listed companies and ready to boost investment in Thai market.
http://jlne.ws/NZGKd2

Tokyo Grain Exchange Monthly Trading Report June 2012
http://jlne.ws/NZGLxO

Appraisal For Information Disclosure Of Listed Companies In Shenzhen Stock Exchange Present Overall Good Result, The Pilot Scope For Information Disclosure Through System Expand
http://jlne.ws/NZGLO7

SGX Welcomes President Futures As New Member
Singapore Exchange (SGX) announced today that Taiwan-based President Futures Corp. has joined its derivatives market as a new Trading Member.
http://jlne.ws/NZGLOg

Frontier Markets

State Bank of Mauritius gets Moody’s rating upgrade
Reuters via Yahoo! News
Moody’s Investors Services has raised State Bank of Mauritius’ long term foreign currency deposit rating to Baa1 from Baa2 with a stable outlook, the bank said on Monday.
http://jlne.ws/NZGLOn

Malawi Stock Exchange Second Quarter Market Performance Report-2012
http://jlne.ws/NZGM4I

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John Lothian

Publisher

John Lothian News


Email – johnlothian@johnlothian.com

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Email – christine.nielsen@johnlothian.com
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