John Lothian Newsletter: Tokyo, Osaka bourses say their merger approved; Maple-TMX Group merger clear approval hurdles; NYSE Plan Angers Brokers

Jul 5, 2012

Good progress (for a change) made on a couple of exchange mergers.  Tokyo and Osaka stock exchanges announce that they got a vote of no-interference from the regulator reviewing their merger plans; and TMX Group gets a not-red light to proceed with the Maple Group buyout as well.  In the USA, NYSE Euronext’s plans to go head-to-head with dark pools generates hissing and grumbling from some brokers.  You can read NYSE Euronext’s Duncan Niederauer’s point of view in First Read today; today’s newsletter also includes an extra LIBOR section to corral the latest news about this very much still-unfolding scandal.

First Read

Lining Up Libor Alternatives
The hunt for a credible replacement for Libor—long the most accepted market measure of short-term interest-rate moves—is heating up. Banks are testing alternatives to the London interbank offered rate, which is coming under increased scrutiny after regulators accused banks of manipulating the rate.

***JM: Be sure to check out our special section after Lead Stories for more LIBOR-related news. I tried to make the section title really catchy yet informative; hence the name “LIBOR Scandal News”.


NYSE appoints Birley to clearing role
By Philip Stafford – Financial Times
Two of Europe’s biggest exchanges have conducted executive reshuffles as they prepare to make post-trade services such as clearing a bigger part of their businesses.


Eurex expands European index derivatives segment
The international derivatives market Eurex Exchange is expanding its offering to include futures and options on the EURO STOXX 50 ex Financials Index. This index has been calculated since October 2011 by the global index provider STOXX Ltd. The new contracts will be tradable as of next Monday, 9 July 2012.


It’s time to bring ‘dark pools’ into the daylight
By Duncan L. Niederauer – Financial Times
The Greek elections, the Spanish economy and the viability of the euro have, understandably, become the financial stories of the summer. But in the US, another debate about the future of domestic markets is quietly under way: can investors count on US financial markets to remain the most open and transparent in the world?


Cross-border swaps regulation divides the CFTC
Galen Stops – FOW
At the end of last week the Commodities Futures Trading Commission approved proposed interpretive guidance regarding the cross-border application of the swaps provisions of the Dodd-Frank Act. The release went on to say: “The vote was conducted via seriatim, which was approved by all five commissioners.” However, while the proposed guidance may have been approved by all five commissioners, this is not to say that all five of the commissioners approve of the guidance being given.


Clearly better?
Steve Grob, Fidessa – FOW
An interesting few days in London last week at the annual derivatives bash, IDX. Naturally much of the debate and discussion was on the impending collision of the OTC and exchange-traded worlds that Dodd-Frank and EMIR are determined to orchestrate.


JPMorgan Potentially Manipulating Energy Markets Using Abusive Bidding Strategies
Trouble keeps mounting for JPMorgan Chase. Only a few weeks after the so-called London Whale debacle, the Federal Energy Regulatory Commission has filed a petition against the bank in the context of an investigation into the alleged manipulation of energy markets in California and the Midwest.


A Nasdaq Critic Takes Aim
Settling into his seat last month at the witness table in a congressional hearing room, Thomas Joyce leaned toward the man on his left. “Don’t elbow me,” he said. The 57-year-old Mr. Joyce, who runs stock-trading firm Knight Capital Group Inc., was warning Duncan Niederauer, chief executive of NYSE Euronext, to brace for a squabble over the future of the U.S. stock market. “Likewise,” Mr. Niederauer shot back. Both men grinned.


Financial Journalism: ‘Sometimes Being Responsible Means Pissing People Off’
Janet Tavakoli
Last week, Gillian Tett of the Financial Times wrote how five years previously, she and her fellow journalists were intimidated into backing off of a huge story about banks manipulating LIBOR. Unfortunately, the intimidation was a success. The BBA and Barclays chose their word carefully, because accusing journalists of “scaremongering” suggests they are irresponsible sensationalist hacks. In essence, through lies and intimidation, they threatened to ruin careers.


Enough is enough of the age of consumption
Robert and Edward Skidelsky – Financial Times
Until fairly recently economists envisaged three stages of economic development. First, there was the stage of capital accumulation started by the industrial revolution. The Marxist historian Eric Hobsbawm called it the age of capital. Society saved a large part of its income to invest in capital equipment. The world gradually filled up with capital goods.


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Daily FX
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Lead Stories

Tokyo, Osaka bourses say their merger approved
AFP via Yahoo! News
Japan’s two biggest bourses said Thursday they have won regulatory approval for a planned merger in January amid stiff competition from overseas rivals.

Maple-TMX Group merger clear approval hurdles
Canada’s competition watchdog and Ontario’s securities regulator on Wednesday approved a CA$3.8 billion (US$3.75 billion) bid by a group of Canadian financial institutions to take over the operator of the Toronto Stock Exchange and merge it with two other exchanges.

NYSE Plan Angers Brokers
The New York Stock Exchange has sparked a storm in the U.S. stock trading community with an effort to lure more retail investors with better prices on trades through a program that mimics the so-called dark pools used by large banks and institutions.

Major exchanges win back market share
Tim Cave – Financial News
Some of Europe’s major stock markets including the London Stock Exchange and NYSE Euronext enjoyed an uptick in their share of equities trading during the first half of the year, as they stage a fightback against the alternative venues to which they have leaked activity over recent years.

U.S. CFTC to vote on swap definition on July 10
The U.S. Commodity Futures Trading Commission will meet on July 10 to consider a final rule that will define a “swap” – a critical remaining rule that will help the agency police the massive global derivatives market.

Report: Countrywide won influence with discounts
Associated Press via Yahoo! News
The former Countrywide Financial Corp., whose subprime loans helped start the nation’s foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.

Spain to unveil new austerity steps soon: sources
Spain’s government is putting finishing touches to an up to 30 billion euro ($38 billion) package of spending cuts and tax hikes to help it meet this year’s deficit targets, sources with knowledge of the matter said.

French trading tax lacks details, say banks
By Philip Stafford in London – Financial Times
Some of Europe’s largest broker-dealers are growing concerned that key details for the French financial transactions tax have still to be clarified less than a month before it is due to come into effect.

Living will plans from big banks released
Market Watch
Nine major banks on Tuesday publicly released so-called living wills that help identify core businesses and assets in the event that they were wound down after a crisis.

LIBOR Scandal News

Regulators on Libor Probe Said to Seek More Time
By Joshua Gallu – Bloomberg
Barclays Plc (BARC)’s settlement of about $451 million with U.S. and U.K. regulators last week offered the first glimpse of what banks may have to pay to resolve a global probe of interest-rate manipulation. The question now is who’s next.

Diamond’s Exit Shows Libor Only What Each Bank Says It Is
The resignation of Barclays Plc (BARC) Chief Executive Officer Robert Diamond for the firm’s role in rigging the London interbank offered rate underscores the disconnect between the market’s perception of bank borrowing costs and the benchmark for $360 trillion of global securities.

King Succession Race for BOE Roiled as Libor Furor Rages
Chancellor of the Exchequer George Osborne’s hunt for the next Bank of England governor got tougher as the Libor-rigging scandal cast a shadow over potential contenders for the job, including the top internal candidate.

BOE’s Tucker Requests Hearing at U.K. Libor Probe
Bank of England Deputy Governor Paul Tucker asked for a hearing with lawmakers to give his version of events over a telephone call with former Barclays Plc (BARC)’s chief Robert Diamond as the Libor furor intensifies.

Barclays Scandal Bad News For Investor Confidence
D.M. Levine – Huffington Post
The ballooning interest rate manipulation scandal at Barclays, coupled with stock market instability, is likely to fuel fresh doubts about the integrity of the stock market, insiders said.

Banks Ask N.Y. Judge to Throw Out Libor Antritust Suits
More than a dozen banks including Citigroup Inc. and Bank of America Corp. asked a U.S. judge to dismiss a group of lawsuits in which they are accused of trying to manipulate the London interbank offered rate.

Diamond Says Barclays Penalized for Being First Fined Over Libor
Robert Diamond, who quit yesterday as chief executive officer of Barclays Plc (BARC), said a backlash that has led to the resignation of senior managers and erased $5 billion from the bank’s market value is a consequence of the lender being the first sanctioned for rigging interest rates.

Diamond Exit Raises Speculation of Investment-Bank Split
The departure of Diamond may presage a reorganization of Barclays after regulators in the U.K. and the U.S. pointed to the need for change at the company. The interest rate debacle is intensifying political pressure in the U.K. to build higher walls between banks’ consumer lending and investment-banking divisions to protect savers and taxpayers.

Labour’s Balls Denies That He Pressured Barclays on Libor
U.K. opposition Labour Party Treasury spokesman Ed Balls rejected Conservatives’ suggestions that he steered Barclays Plc (BARC) toward Libor fixing in 2008.

Diamond Would Be Catch for Investment, Private Equity
If Robert Diamond can’t recover in banking after resigning as Barclays Plc (BARC)’s chief executive officer amid the firm’s record regulatory fines, he would still be a sought-after prospect in another field: investment funds.

Barclays sees more disciplinary action for traders
Reuters via Yahoo! News
Barclays Plc said disciplinary action loomed for traders at the bank after an interest rate-rigging scandal that cost its boss his job, according to a document prepared for a parliamentary hearing this week.

Bank of England in the spotlight over ‘nod and wink’ to Libor rigging
The Bank of England was thrust back into the centre of the Libor scandal yesterday after it was accused of giving Barclays a “nod and a wink” to rig interest rates.

[Video] Osborne, Lecocq, Bove, Magnus Own Words on Diamond
U.K. Chancellor of the Exchequer George Osborne, Deutsche Bank Private Wealth Management Chief Investment Officer Kevin Lecocq, Rochdale Securities analyst Richard Bove and UBS AG senior economic adviser George Magnus discuss Robert Diamond’s resignation as Chief Executive Officer of Barclays Plc.


CFTC Issues Final Order Amending the Effective Date for Swap Regulation Order Issued on July 14, 2011
The Commodity Futures Trading Commission (CFTC) today issued a final Order regarding the effective date for swap regulation.

Proposed changes to bankruptcy code, other measures
Delta Farm Press
The National Grain and Feed Association has submitted to Congress and the Commodity Futures Trading Commission (CFTC) additional substantive recommendations to enhance customer protections in the event of another MF Global-type liquidation of a futures commission merchant (FCM).

Potential Regulation of Securitization Vehicles as Commodity Pools
by Skadden, Arps, Slate, Meagher & Flom – JD Supra
Few, if any, securitization vehicles today are subject to regulation by the Commodity Futures Trading Commission (CFTC) as “commodity pools” and most, if not all, securitization vehicles today are eligible to enter into interest rate, currency and other types of swaps as “eligible contract participants” under the Commodity Exchange Act (CEA). A combination of the Dodd-Frank Act and CFTC interpretations inadvertently threatens to change both outcomes.

IOSCO Organizes Round Table Discussion On Securitization

[Video] CFTC’s Chilton Says Banks Need `Culture Shift’
Washington Post

ASIC Service availability

ASIC releases ASX assessment report

ASIC releases custodial and depository services report

Exchanges & Trading Facilities

TMX Hunt for CBOE Seen After Maple Approval: Corporate Canada
TMX Group Inc., owner of the Toronto Stock Exchange, should seek takeovers of global competitors such as CBOE Holdings Inc. after its C$3.73 billion sale to a Canadian investor group cleared its biggest regulatory hurdles, investor Thomas Caldwell said.

Liquidnet to resume member data gathering
By Arash Massoudi in New York – Financial Times
Liquidnet, the independent block trading platform, intends to resume gathering customer data just weeks after the US Securities and Exchange Commission launched an investigation over the potential misuse of the data.

Liquidnet private equity investors redeem stake
Michelle Price and Jacob Bunge – Financial News
Two private equity investors in international trading firm Liquidnet have decided to redeem their stake in the company, in a transaction that will net the firms just over $100m in total, Financial News has learnt.

Proposed acquisition of TMX Group Inc. by Maple Group Acquisition Corporation – AMF issues decision regarding CDS
The Autorité des marchés financiers (the “AMF”) is today publishing its decision recognizing, as a clearing house, Maple Group Acquisition Corporation (“Maple”), and The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. (collectively, “CDS”).

CME Group Volume Averaged 13.1 Million Contracts per Day in June 2012
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.

ICE Reports Record Second Quarter Futures ADV, up 11%; Second Quarter OTC Energy ADC of $1.58MM, up 3%; Record June ADV, up 7%
IntercontinentalExchange (NYSE: ICE), 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. ICE’s futures average daily volume (ADV) increased 11% in the second quarter of 2012 over the prior year. ADV for June 2012 was a record 1,795,342 contract, up 7% from the prior June. ICE’s second quarter OTC energy average daily commissions (ADC) were $1.58 million, up 3% from the prior second quarter.

[LSE] Monthly Market Report – June 2012
London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community, offering international business unrivalled access to Europe’s capital markets. In June 2012 a total of 30.1 million trades were carried out across the Group’s electronic equity order books, an increase of four per cent on June 2011. They had a combined value of £153.1 billion (E190.0 billion), down 24 per cent on June 2011 (£201.8 billion).

BM&FBOVESPA Announces June Market Performance
In June 2012, the equities market’s (BOVESPA segment) financial volume totaled BRL 16.21 billion in 16,113,514 trades, with a daily average of BRL 8.16 billion. Derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 51,759,338 contracts and BRL 3.55 trillion in volume in June, compared to 85,784,768 contracts and BRL 5.43 trillion in May.

TMX Group – Consolidated Trading Statistics June 2012
MX achieved a trading volume record in Q2 2012 with 17,877,583 contracts traded, which surpassed the previous record of 16,758,247 contracts traded that was established in Q3 2011. MX experienced a 19% decrease in volume in June 2012 from May 2012, and was down 11% compared to June 2011. Open interest at the end of June 2012 was down 2% compared to the end of May 2012, though it was up 6% compared to the end of June 2011.

EPEX SPOT / EEX Power Derivatives: Power Trading Results in June
In March 2012, a total volume of 28.4 TWh was traded on EPEX SPOT’s auction and intraday markets (March 2011: 26.5 TWh). During the same period, the volume in power derivatives trading on EEX Power Derivatives amounted to 81.1 TWh (March 2011: 162.7 TWh).

ASX Compliance Monthly Activity Report – June 2012

ASX Group Monthly Activity Report – June 2012

Monthly SFE Trading Report For June 2012

Athens Exchange Monthly Statistical Bulletin June 2012

NYSE Euronext and TradingScreen join forces to give institutional investors access to the European Central Order Book (ECOB)
NYSE Euronext (NYX) and TradingScreen today announced a partnership to give institutional investors easier access to corporate bond markets that meet the criteria defined by the Cassiopeia Committee in April 2010. NYSE BondMatch is one such market.

Swiss Federal Supreme Court confirmed heads of SIX Swiss Exchange Board of Arbitration for a further term of office

IPO by Lotto 24 AG in the Prime Standard
Lotto 24 AG (ISIN: DE000LTT0243) joined the Prime Standard of the Frankfurt Stock Exchange on 3 July. In the admission with prospectus, the placement volume in shares totalled 5,988,816. The issue price was E2.50 and the initial listing price E3.00.

[ASX] Modernising the Timetable for Rights Issues

Hedge Funds & Managed Futures

Temasek Net Profit Falls 16%
Singapore’s state-investment firm Temasek Holdings Pte. Ltd. said Thursday its net profit in the year ended March 31 fell 16% due to lower contributions from investments and its portfolio companies amid sluggish global growth.

Singapore’s Temasek seeks investment in Europe, commodities
Reuters via Yahoo! News
Singapore state investor Temasek Holdings , whose portfolio swelled to a record in the last fiscal year, is looking to acquire assets in Europe and plough more money into energy and commodities after doubling its exposure to the sector.

Hedge fund star Odey snaps up more Barclays shares
Reuters via Yahoo! News
Crispin Odey, one of Europe’s best-known hedge fund managers, has spotted an opportunity in shares in UK bank Barclays amidst the growing scandal over interest rate rigging.

Fletcher Sues to Block Cayman Liquidation of Hedge Fund
Fletcher International Ltd., a hedge fund managed by the investment firm of Alphonse “Buddy” Fletcher, sued to block Cayman Islands-appointed liquidators from selling off its assets, after having filed for bankruptcy.

Banks & Brokers

Goldman Sachs loses appeal of $20.6 million Bayou award
Reuters via Yahoo! News
NEW YORK – Goldman Sachs Group Inc lost an appeal on Tuesday against a $20.6 million arbitration award won by creditors of bankrupt hedge fund Bayou Group. Goldman had argued the arbitration panel disregarded the law in handing Bayou investors a win, an argument rejected by the 2nd U.S. Circuit Court of Appeals.

Ex-JPMorgan CIO Trader Olson Joins Citigroup Credit Unit
David Olson, the former head of credit trading for JPMorgan Chase & Co.’s chief investment office in North America, joined Citigroup Inc. ’s bond-trading unit, according to people familiar with the matter.

Deutsche Bank Would Use Bridge Bank in Case of Failure
Dow Jones
Deutsche Bank AG would sell some U.S. assets and transfer systemically important assets and liabilities to a German government-owned bridge bank if it were to fail, under the terms of a “living will” contingency plan it submitted to U.S. regulators.

Clearing & Settlement

Patrick Birley joins NYSE Euronext clearing team
Press Release
NYSE Euronext (NYX) today announced the appointment of Patrick Birley as Chief Commercial Officer of its new full-service Clearing House in London, which is due to commence operations from June 2013. Mr Birley joins NYX’s senior management team for clearing at an important time, following the announcement last week that, subject to regulatory approval, NYSE Liffe Clearing will be expanded next year to become NYSE Clearing – a fully integrated Central Counterparty (CCP), serving multiple markets.

Indexes & Products

Record sums being injected into ETPs
By David Oakley – Financial Times
Investors are pumping record sums into exchange traded products investing in assets such as bonds, vehicles that track a basket of assets, as they try to avoid equity volatility caused by the eurozone crisis and fears over the global economy.

First Asset Exchange Traded Funds Launches Three New ETFs


b-next Develops Market Surveillance Prototype With EU Project FIRST To Analyze Social Media Sentiment Within Financial Markets In Real Time


Judge rejects SEC in suit for Stanford investors
Associated Press via Yahoo! Finance
A federal judge on Tuesday rejected a Securities and Exchange Commission lawsuit seeking relief for investors in R. Allen Stanford’s $7.2 billion Ponzi scheme.

ASIC obtains court orders against Gold Coast-based investment scam

BCSC panel finds that OTC Bulletin Board company and two directors broke securities laws

New Zealand’s Financial Markets Authority Action To Recover $25 Million In Related Party Loans

Environmental & Energy

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

**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.

**JK – Interesting read.

Almost 300 businesses back carbon price
ALMOST 300 businesses including Westpac, AGL, Unilever and GE have signed a joint statement backing a price on carbon.


Statement on the Result of the JFTC’s Review
Tokyo Stock Exchange Group, Inc. (hereafter “TSE Group”) and Osaka Securities Exchange Co., Ltd. (hereafter “OSE”) agreed on the business combination in November last year. In accordance with the Anti-Monopoly Act, TSE Group and OSE filed a notification to the Japan Fair Trade Commission (hereafter the “JFTC”) on January 4 this year and the JFTC has reviewed the business combination since then. We understand that the JFTC has conducted strenuous review within a short period of time, taking into full account the competition conditions in various fields of business.

SGX derivatives, commodities, clearing volumes up
Singapore Exchange (SGX) today said derivatives, commodities and clearing activities grew in June from a year earlier while securities turnover was lower.
In June, securities turnover fell 25% year-on-year and 18% month-on-month to S$21.2 billion; securities daily average value declined 21% year-on-year and 14% month-on-month to S$1.0 billion. June ETF turnover was 56% lower year-on-year at S$350 million while GlobalQuote activity was down 17% to S$97 million. For the financial year to end-June (FY2012), SDAV was S$1.3 billion, down 19% from a year earlier. In FY2012, ETF turnover fell 23% to S$7.3 billion while GlobalQuote trading declined 73% to S$1.4 billion.

S&P Upgrade Takes Philippines Closer To Investment Grade Status
RTT News
The Philippines has inched closer to its cherished investment grade status with Standard and Poor’s on Wednesday upgrading its credit rating on the island nation by one notch, citing improved public finances.

Tokyo Commodity Exchange Receives Approval From The Dubai Financial Services Authority As A Recognized Body
On June 28, the Tokyo Commodity Exchange, Inc. (“the Exchange” or TOCOM) received approval as a Recognised Body from the Dubai Financial Services Authority (DFSA), the regulatory authority for the Dubai International Financial Centre (DIFC).

JPMorgan Rises to Challenge HSBC as Asia’s Top Bond Underwriter
JPMorgan moved past Citigroup Inc. , Deutsche Bank AG and UBS AG to challenge HSBC Holdings Plc at the top of Asia’s dollar, euro and yen league table.

As Western Banks Shrink, China Banks Take Over
And you thought Goldman Sachs was big? China banks muscle in on big bulge bracket western banks, ranking in the top 3 world wide.

Numerix Strengthens Asia-Pacific Presence with New Taiwan Office Opening
Business Wire via Yahoo! Finance
Numerix , the leading provider of cross-asset analytics for derivatives valuations and risk management, has expanded its local presence in Asia-Pacific with the opening of a new office in Taipei, Taiwan.

Press Conference By Tadahiro Matsushita, Japan’s Minister For Financial Services – Insider Trading

HKMEx Exchange News – Second Edition

Hong Kong’s Securities and Futures Commission Continues To Detect Poor Quality Of Listing Application Materials

Shanghai Stock Exchange Boosts Construction Of Blue Chip Market By Building Multi-Tiered Blue Chip Market Index System

Retirement Of A Tokyo Commodity Exchange Director

Frontier Markets

The ECB And The Central Bank Of The Republic Of Turkey Sign A Memorandum Of Understanding
This MoU lays the ground for continued cooperation in the field of central banking through regular dialogue at technical and policy level and the possibility of staff exchanges.

DGCX Gold Futures Rise 111% As Exchange Sets Fourth Consecutive Monthly Volumes Record In June
Exchange registers 889,131 contracts in June, valued at $32.92 billion, a growth of 231% from June 2011


Einhorn Finishes Third in Poker Tournament, With $4.35 Million
NY Times
David Einhorn, the president of Greenlight Capital, won more than four times his money in a three-day tournament at the World Series of Poker in Las Vegas. He plans to donate the winnings to a charitable organization.

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Past JLN Newsletters

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