John Lothian Newsletter: LSE shakes up senior management; ED&F Man picks over bones of MF Global; Confusion reigns over clearing paper trail

Jun 12, 2012

London Stock Exchange Group announces a handful of senior management changes.  ED&F Man looks over the wreckage of its onetime parent company, and adds several dozen employees to its roster for upcoming projects. As the buyside looks at requirements to clear transactions in the future, sellside firms who are supposed to administer those transactions complain to regulators that their requirements and procedures are riskily unclear.

First Read

Pinnacle Awards a Steaming Success

The CME and BarclayHedge held the first annual Pinnacle Awards last night in the yet to be opened Museum of Broadcast Communications in Chicago.  It was a sweltering night in Chicago and a steamy affair.  I wanted to go long air conditioning futures.  

(Above is a picture of my long lost friend Garfield Goose, prominently displayed in the museum’s entrance.)

The evening was a big success, with the awards handed out quickly and efficiently, though I did not understand some of the categories.  There were several firms that were multiple winners, though I will let the official results press release speak for itself.  There is a press release with the winners, right?

I was a guest for the evening of Pat Kenny of CQG, who someone once called the most interesting man in the world.

The event was ended by a comedy routine by Saturday Night Live’s Seth Meyers.  He was very funny and helped people forget about the steamy conditions and losing to Emil, GMO, Dunn and others.

~John J. Lothian

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Soaring Eagle Academy Raffle
From Kevin Brennan of FCStone LLC: Good day friends,  I am reaching out to you with an opportunity to, “Win a Car or $15,000”. This fundraiser will benefit Soaring Eagle Academy, a specialized school for children with Autism. My son Connor has attended this wonderful school since the summer of 2011 and the strides he has made are amazing!!!!  Thank you for your consideration.  
http://jlne.ws/L0cwJu

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CME Group Announces Record First-Day Trading Volume in Short-Dated New Crop Options
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that Short-Dated New Crop Options set a record on Monday, June 4, trading 2,105 Short-Dated New Crop Corn options contracts on its first day. This represents the greatest volume of day-one trading for any of CME Group’s agricultural commodities products, and surpasses the previous record of 1,840 contracts set by Soybean Calendar Spread Options (CSO) on June 1, 2009.
http://jlne.ws/LqZEMm

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Singapore Exchange renews contract of CEO to 2015
Reuters via Yahoo! Finance
Singapore Exchange said on Monday it has renewed the contract of its chief executive Magnus Bocker for another three years as global turmoil hurts the bourse operator’s trading volumes and delays high-profile listings.
http://jlne.ws/LqZEMs

**** The reward for getting Jeremy Grant to come to Singapore?

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CCM Announces Management Changes, Effective June 30
Clarke Capital Management, Inc. (CCM), an award-winning Commodity Trading Advisor (CTA), today announced that fund manager and founder Michael Clarke will transition from Chief Executive Officer to Chairman. John O’Brien, Jr. will assume the role of CEO of the managed futures firm, effective June 30.
http://jlne.ws/LqZEMw

**** Big news.  Price Asset Management, part of Price Holdings, has long had a relationship with Mr. Clarke’s firm.

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Madrid aims for quality above speed
Jeremy Grant – Financial Times
In the past two months BME has speeded up its trading system by a factor of 10. It has also unveiled plans for “colocation”, where companies place their computers next to an exchange’s trade matching system to cut the time it takes for orders to be done. Yet Mr Zoido insists that even as BME must offer such services to keep up, he does not want the exchange to be part of a speed “arms race”. Exchanges must offer safe and resilient trading systems, not merely the fastest ones.
http://jlne.ws/LqZHbb

**** This is not a Singapore story.  What the heck?

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Zeptonics poised to rearm HFT battle
By Philip Stafford – Financial Times
An Australian trading technology company less than a year old is poised to launch products that could reinvigorate the battle among high-frequency trading groups to have the fastest system. Sydney-based Zeptonics will release in August what it calls the world’s fastest trading switch, which acts as a traffic light on a computer network for data and messages.
http://jlne.ws/LqZHru

*** Did you see that.  What?  That.  There it is again. And again.  Wow is that fast.

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Liquidnet investors help secure start-up
By Telis Demos in New York – Financial Times
Victor Securities, a start-up broker-dealer focused on millisecond-speed risk management for hedge funds, has secured a round of private financing from veteran trading platform investors. Michel Daher and Jim Brown, the investors, were also early backers of Liquidnet, the US’s largest block trading platform, and FXCM, the publicly traded retail currencies broker.
http://jlne.ws/LqZHrE

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Farm groups to watch grain trade as USDA goes ‘live’
Reuters via Yahoo! News
If grain markets go “haywire” following the government’s latest crop report on Tuesday, some agricultural industry heavyweights might call Congress before they call their brokers. Major farm groups will scrutinize every tic of corn, wheat and soybean prices after the Department of Agriculture’s all-important monthly report comes out at 7:30 Central time (0830 EST)
http://jlne.ws/LqZHI0

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New grain trading hours spark anxiety
By Gregory Meyer in New York
The change has caused concern across the agricultural world
When dealing with chunky crop reports from Washington, Tim Gubbels, a Nebraska grain elevator owner, sticks to a routine. He skims the data online, scrutinises broker commentary and types futures orders before the market opens two hours later, often furiously.
http://jlne.ws/LQczFe

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OTC clearing V: The burden of exemptions
William Mitting – FOW
No sooner had Dodd-Frank been passed, the debate on exemptions for OTC clearing began to rage. The consideration of exemptions to mandatory clearing represents a fine line between mitigating the burden for end users and adding unworkable complexity to the mandate.
http://jlne.ws/LqZF38

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Why the Bailout in Spain Won’t Work
By ANDREW ROSS SORKIN – NY Times
It now appears that the $125 billion bailout of Spain’s banks could make things there worse, not better. And market indicators for the next domino in line for a bailout, Italy, point in the wrong direction.
http://jlne.ws/LqZHYE

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How Not to Solve a Crisis
By JOE NOCERA – NY Times
Wasn’t Europe paying attention when Lehman Brothers imploded? The response to the euro-zone crisis makes you wonder.
http://jlne.ws/LqZHIh

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Seeking a Wizard: Time to Embrace Market Risk, or To Run From It?
BY FRANCESCO GUERRERA – WSJ
Here is a test for any investor who has ever traveled on the New York subway. Your train is sitting at a station with its doors closed when a faster, “express” train arrives on the nearby track. Your train leaves. At the next station, do you: (a) Jump off your train and wait on the next track, knowing the express will be along soon? Or (b) Stay put because you are afraid that the express might be delayed or somehow never show up? Silly question, right?
http://jlne.ws/LqZIf2

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Great Recession erased nearly 40% of family wealth
By Don Lee – Chicago Tribune
The Great Recession took such a heavy toll on the economy that the typical American family lost nearly 40% of its wealth from 2007 to 2010, shaving the median net worth to a level not seen since the early 1990s.
http://jlne.ws/LqZIf7

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Managed futures reach retail portfolios
By Andrew Greene – Financial Times
Managed futures, which a few short years ago were available only in hedge fund and institutional products, are increasingly finding their way into retail investors’ portfolios.
http://jlne.ws/LqZIfh

***JM: “A few short years ago” will come as a great surprise to the many CTAs that have been providing managed futures services to retail investors for decades…

MarketsWiki

MarketsWiki Page of the Day
Adam Toms
http://jlne.ws/LvbF25

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MarketsWiki Recent Updates

People

Adam Toms; Richard Balarkas; Daniel L. Cohen

Companies, Organizations and Groups

Yuanta Futures; Capital Control; Market News International; Plus Markets Group

Products

Russell 3000 Index

Miscellaneous

Upcoming Events; Wells Notice

Statistics

24,854,762 pages viewed, 6,894 articles, 141,844 edits
MarketsWiki Statistics

Lead Stories

LSE shakes up senior management
By Sam Jones – Financial Times
The London Stock Exchange has announced a raft of senior management changes, including the departure of its chief financial officer and executive director, Doug Webb. Mr Webb will stand down after four years as the LSE’s CFO and is to be replaced on July 2 by David Warren, former CFO of Nasdaq, the company said in a statement on Tuesday morning.
http://jlne.ws/LqZIvD

ED&F Man picks over bones of MF Global
Tom Osborn – Financial News
ED&F Man Capital Markets has raided 50 ex-staff from of its bankrupt former parent company MF Global to expand into global currency, debt and equity finance markets, Financial News has learnt.
http://jlne.ws/LqZIvJ

Confusion reigns over clearing paper trail
Sarah Krouse – Financial News
Sellside firms and industry groups are making a push to standardise the legal documentation that will allow buyside firms to clear their derivative trades through clearing houses.
http://jlne.ws/LqZIvR

JPMorgan directors knew of bad trades: report
Reuters via Yahoo! News
Some JPMorgan Chase & Co directors and executives knew about risky practices by London traders about two years before bad bets caused the company to lose $2 billion, the Wall Street Journal reported on Monday.
http://jlne.ws/LqZIM7

Merkel faces tough sell at home over Spanish aid
Reuters via Yahoo! News
Angela Merkel’s government was forced to defend an EU rescue for Spain’s indebted banks on Monday, with many Germans convinced their generosity is being abused and skeptics warning that promising aid without tough conditions sets a risky precedent.
http://jlne.ws/LqZIMa

Loophole at MF Global Is Headache for Regulators
BY JEAN EAGLESHAM, AARON LUCCHETTI AND DEVLIN BARRETT – WSJ
Most of the senior executives at MF Global Holdings Ltd. weren’t registered with commodities regulators, meaning the executives can’t be charged with supervision failures related to the firm’s collapse. The situation is a headache for regulators as they press ahead with their 7½-month investigation of MF Global.
http://jlne.ws/LqZLaZ

Bundesbank warns on EU banking union
By James Wilson in Frankfurt – Financial Times
Germany’s Bundesbank has warned of possible risks from banking union in the EU, saying it would be tantamount to a back-door pooling of sovereign debt, unless accompanied by fiscal union that allowed control over national budgets.
http://jlne.ws/LqZIMj

Regulatory

SEC Issues “Roadmap” On Phase In Of Derivatives Regulation
The Securities and Exchange Commission today issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/LqZIMm

EU Criticized With U.S. for Bank Rules Weaker Than Basel III
Bloomberg
The U.S., European Union and Japan may fail to fully implement bank-capital rules drawn up to prevent a repeat of the financial crisis that followed the 2008 collapse of Lehman Brothers Holdings Inc., global watchdogs warned.
http://jlne.ws/LqZJ2F

Banks eye intangible assets as collateral
By Brooke Masters, Chief Regulation Correspondent – Financial Times
Several US banks want to tap the value of the intellectual property holdings of their borrowers as a way of trimming their capital requirements, which are to be made tougher under Basel III rules.
http://jlne.ws/LqZJ2S

U.K. Banks Await Regulatory Overhaul
By MAX COLCHESTER – WSJ
British Chancellor George Osborne’s plan to outline one of the most radical regulatory overhauls the U.K.’s banking sector has faced could be light on detail and risks raising more questions than it answers, experts say.
http://jlne.ws/LqZJjj

Caixin Online: SEC probes hit a wall in uncooperative China
Market Watch
Beijing securities regulators are refusing to help U.S. counterparts investigate fraud charges against U.S.-listed Chinese firms, Caixin Online reports.
http://jlne.ws/LqZJzI

Regulators want trades tagging system from March
By Huw Jones – Reuters
A global system to tag trades in stocks, bonds and derivatives that would help authorities spot risks and market abuse must be in place by March 2013, regulators said on Friday.
http://jlne.ws/LqZLHZ

Defunct day-trading group challenges FSA
By Brooke Masters, Chief Regulation Correspondent – Financial Times
A defunct day-trading company controlled by a Canadian entrepreneur is challenging the City watchdog’s ability to enforce its market abuse rules against synthetic trades placed outside the UK.
http://jlne.ws/LqZLYg

UK Names Griffith-Jones Chairman of Financial Conduct Authority
Dow Jones
John Griffith-Jones has been named non-executive chairman designate of the Financial Conduct Authority, the U.K. treasury said Monday.
http://jlne.ws/LqZLYo

Speech By SEC Commissioner Elisse B. Walter: Remarks At The Conference On Current Topics In Financial Regulation, Organized By The Center For The Study Of Financial Regulation, University Of Notre Dame
http://jlne.ws/LqZMeM

SEC: Outline Of Dodd-Frank Act And JOBS Act By Lori Schock Director, Office of Investor Education and Advocacy, InvestEd 2012, Charlotte, North Carolina, June 9, 2012
http://jlne.ws/LqZK6L

SEC Schapiro Was Grounded While NASDAQ Greifeld Flew In The Cone Of Silence
Forbes
Bill Singer sort of takes a victory lap for breaking a story about SEC Chair Schapiro’s cancelled flight to China
http://jlne.ws/LqZK6V

OTC Derivatives Clearing: Perspectives on the Regulatory Landscape and Considerations for Policymakers
Oliver Wyman FS
http://jlne.ws/LqZMf5

Publication of the 2011 Annual Report of the ACP-AMF Joint Committee
http://jlne.ws/LqZKnk

[ASIC] Applying for an Australian financial services licence made easier
http://jlne.ws/LqZKnt

Exchanges & Trading Facilities

Nasdaq faces years of litigation over botched IPO
MSNBC
The Nasdaq stock market may have thought it was putting a lid on the debacle over Facebook’s botched IPO when it said last week that it will put up $40 million to compensate clients impacted by the botched public stock offering.
http://jlne.ws/LqZNiW

BM&FBOVESPA Starts Trading Today In New Soybean Derivative
BM&FBOVESPA begins trading today a new soybean future contract. The underlying of this contract is the settlement price of the Mini-Sized Soybean Futures Contract traded on the Chicago Board of Trade (CBOT), which is owned by CME Group.
http://jlne.ws/LqZNj1

Nasdaq Outlines Contingency Plans for Russell Rebalance
Nasdaq OMX Group on Monday outlined contingency plans to guide its electronic exchange should internal glitches hit when stocks are added and removed to the Russell indexes later this month.
http://jlne.ws/LqZMLU

EEX: Call For Applications For The 2012 “Excellence Award” – Term For The Submission Of Application Ends On 10 September
This year, the European Energy Exchange (EEX) will present the EEX Excellence Award for outstanding research papers for the second time. In the context of a European call for applications, students and graduates can submit their applications until 10 September 2012.
http://jlne.ws/LqZMM4

NYSE Brings Big StartUp Small Business Resource Tour To Tucson, AZ – Accion And Yelp To Lead Marketing And Microfinance Workshop
http://jlne.ws/LqZMM7

NYSE Group Inc. Issues Short Interest Report
http://jlne.ws/LqZNzA

NASDAQ OMX Baltic Market Welcomes Nomura International Plc As A New Pan-Baltic Member
http://jlne.ws/LqZN2y

Hellenic Exchanges Publishes Its Monthly Statistics Bulletin For May 2012
Total turnover E1.06 billion (increased by 117.8% compared to the previous month and decreased by 43.5% compared to the same month of the previous year)
http://jlne.ws/LqZPY3

Hedge Funds & Managed Futures

Hedges’ Assets: $5 Trillion
BY JULIET CHUNG – WSJ
The hedge-fund industry may more than double in size during the next five years, to more than $5 trillion in assets, as private fund firms broaden their offerings to compete with traditional money managers, according to a recent Citigroup Inc. survey.
http://jlne.ws/LqZPYd

Hedge Fund Association Expands Presence in China in Nod To Region’s Growing Importance To Alternative Investments Industry
Adam J. Steinberg Appointed Regional Director For China Chapter
http://jlne.ws/LqZQeC

Barclays Report Shows 34% of High Net Worth U.S. Individuals Hold Treasure Assets for Financial Reasons; Emotional …
PR Newswire via Yahoo! Finance
82% of high net worth U.S. investors hold their treasure in part for enjoyment; Precious metals are the only treasure asset that is more likely to be held for financial than emotional reasons; U.S. investors require an average price increase of 62% in the first year of owning an asset to trigger a sale
http://jlne.ws/LqZQeP

Sapient Global Markets to Highlight Best Practices for Mitigating Risk and Improving Transparency in the Structured Finance Market at Global ABS
Sapient Global Markets, part of Sapient, will be speaking and exhibiting at Global ABS in Brussels, Belgium from 12 – 14 June 2012. The company will be at the event to provide its insight into best practices for mitigating risk, valuing hard to price assets and improving transparency in the structured finance markets.
http://jlne.ws/LqZQv7

Man Group investor presentation, June 2012 (PDF)
http://jlne.ws/c9enKa

EDGAR Online and OTC Markets Group Announce Official Launch of the OTC Fundamental Data Service
PR Newswire via Yahoo! Finance
EDGAR Online, Inc., a premier provider of fundamental financial data, analytics and disclosure management services, today announced the launch of the OTC Fundamental Data Service, an OTC market dataset featuring unique information on companies that do not file fundamental data and disclosures with the Securities and Exchange Commission (SEC).
http://jlne.ws/LqZOn9

Standard & Poor’s Credit Ratings Now Available On Xpressfeed, S&P Capital IQ’s Data Feed Management Solution
http://jlne.ws/LqZODs

Banks & Brokers

Instinet names new European chief
Tim Cave – Financial News
Instinet, the global agency broker wholly owned by Nomura, has appointed one of the Japanese bank’s co-global heads of electronic trading as its new European chief executive, in a sign of the brand’s growing integration within its parent’s electronic franchise.
http://jlne.ws/LqZODC

Goldman bases new Asia Pacific chairman in Beijing
Reuters via Yahoo! News
Goldman Sachs said on Tuesday it had rehired veteran banker Mark Schwartz in the role of chairman of its Asia Pacific unit, based in Beijing, becoming the first global investment bank to place its sole regional chairman in China’s capital.
http://jlne.ws/LqZQLR

Goldman Sachs Deal Would Put State Street On Top In Hedge Fund World
Forbes
The business of hedge fund administration is hardly sexy but reports that Goldman Sachs is exiting the business is big news in the space.
http://jlne.ws/LqZR2i

Appointment of Anthony Browne as Chief Executive of the British Bankers’ Association
http://jlne.ws/LqZRiD

Deutsche Bank named “Best Risk Management House in the Middle East” and “Best Investment Bank in Saudi Arabia” by Euromoney
http://jlne.ws/LqZPas

House of Dimon Marred by CEO Complacency Over Unit’s Risk
Bloomberg
JPMorgan Chase & Co. (JPM) could have spotted trouble at its chief investment office long before traders there racked up at least $2 billion in losses. One reason it didn’t: Chief Executive Officer Jamie Dimon.
http://jlne.ws/LqZPaA

Bankers tell Fed they need to pay the ‘exceptional’ more
MSNBC
WASHINGTON — The Federal Reserve should allow banks to pay their stars for “exceptional performance” so long as those employees also get hit in the wallet when their decisions tank, a group of bank CEOs told Fed Chairman Ben Bernanke and other governors at a recent meeting.
http://jlne.ws/LqZRzi

JPMorgan Chase Announces Redemption of Approximately $9.0 Billion in Aggregate Amount of Outstanding Trust Preferred Capital Securities
http://jlne.ws/LqZPaJ

HSBC Hires UBS’s Santa Cruz to Head Brazil Equity Markets
Bloomberg
HSBC Holding Plc hired Matias Santa Cruz from UBS AG to head Brazilian equity capital market operations. Santa Cruz, who was at UBS for more than a decade, will initially work on share sales in the region from New York, HSBC said in an e-mailed statement.
http://jlne.ws/LqZPqY

Veteran banking analyst Moszkowski moves to independent firm
Reuters via Yahoo! News
Autonomous Research LLP has hired a high-profile Bank of America Merrill Lynch analyst to lead the London-based independent research firm’s expansion into the United States. Guy Moszkowski, who covered U.S. universal and capital markets banks for the second-largest U.S. bank, will serve as chief executive of Autonomous Research USA, the firm announced on Monday.
http://jlne.ws/LqZPr5

Deloitte settles Bear Stearns shareholder lawsuit
Reuters via Yahoo! News
Deloitte & Touche LLP agreed to pay $19.9 million to settle litigation brought by former Bear Stearns Cos shareholders who claimed they were misled about the investment bank’s deteriorating health by its former auditor.
http://jlne.ws/LqZRPR

Keefe, Bruyette & Woods Celebrates 50th Anniversary
Business Wire via Yahoo! Finance
KBW, Inc., a full-service investment bank that specializes in the financial services sector, today celebrates its 50th anniversary.
http://jlne.ws/LqZRPS

SmartMoney Gives Scottrade’s Commissions and Fees and Banking Services Five out of Five Stars
Business Wire via Yahoo! Finance
Scottrade, Inc., ranks second overall and received the maximum five out of five stars in the “Commissions and Fees” and “Banking Services” categories in the 2012 Online Broker Survey from SmartMoney, The Wall Street Journal personal finance magazine.
http://jlne.ws/LqZPHH

Victor IB Holdings LLC Receives Strategic Investment, Expands Board of Directors
NEW YORK–(BUSINESS WIRE)–Victor IB Holdings LLC, operator of Victor Securities and Victor Technologies, announced today it has received equity funding from a group of private investors and financial industry veterans. Victor Securities is an institutional broker providing turn-key solutions to hedge funds, RIAs, and proprietary trading groups.
http://jlne.ws/MGUlsH

Clearing & Settlement

US derivatives probe eyes bank control of LCH.Clearnet-sources
By Karen Brettell – Reuters
The U.S. Department of Justice has extended its derivatives investigation to include questions about London-based clearinghouse LCH.Clearnet, as it examines the influence of large banks in the $650 trillion privately traded derivatives markets, people familiar with the situation said.
http://jlne.ws/LqZS6m

CME Group Clearing Advisory
Delisting of September 2012 Contract Months for Six Emissions Futures and Options Contracts and Contract Days through September 28, 2012 for the Daily Emission Contract
http://jlne.ws/LqZSmF

Eurex Clearing and major dealers to cooperate in launch of OTC Interest Rate Swaps Clearing
Eurex Clearing, Europe’s leading clearinghouse, announced today that it is cooperating with Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, J.P. Morgan and Morgan Stanley to support the launch of its new clearing service for OTC Interest Rate Swaps (IRS).
http://jlne.ws/MzIsRg

Indexes & Products

Russell posts preliminary lists of global / U.S. index additions as part of annual reconstitution process
Russell Investments has posted its official lists of companies set to join or leave the U.S. broad-market Russell 3000 Index and Russell Microcap Index when its industry-leading institutional U.S. equity indexes are fully reconstituted on June 22.
http://jlne.ws/LqZSmR

Five new UBS ETFs launched on Xetra
http://jlne.ws/LqZSDi

Steilmann-Boecker plans bond in Entry Standard
http://jlne.ws/LqZViq

ETFGI United States ETF/ETP Industry Insights, May 2012
http://jlne.ws/LqZViD

ETFGI European ETF/ETP Industry insights, May 2012
http://jlne.ws/LqZSTN

ETFGI Global ETF/ETP Industry Insights, May 2012
http://jlne.ws/LqZVz8

Semi-Annual Changes to the NASDAQ OMX ABA Community Bank Index
http://jlne.ws/LqZVPt

Annual Changes to the NASDAQ OMX US Water Index
http://jlne.ws/LqZVPF

Annual Changes to the NASDAQ OMX Global Water Index
http://jlne.ws/LqZW63

Annual Changes to the NASDAQ OMX Global Automobile Index
http://jlne.ws/LqZWmq

Quarterly Changes to the NASDAQ Q-50 Index
http://jlne.ws/LqZTHm

Technology

SunGard Identifies Ten “Big Data” Trends Transforming Financial Services
http://jlne.ws/LqZWmA

Traiana Harmony’s CFD equity swap network growth gains momentum
Traiana, the leading provider of post-trade solutions, announced today that the Traiana Harmony CFD equity swap network has added 26 executing brokers for give up processing and 11 prime brokers for enhanced client servicing for buy-side clients in the past year.
http://jlne.ws/LqZWD3

TABB Group Research Says Data Management Issues Undermine Profitability And Competitiveness
At a time of rising complexity and increasing data volume, when there’s an alarming echo racing across the financial services industry saying, “We’re building compliance, not revenue,” new research from TABB Group says firms are struggling to be agile and avoid additional infrastructure costs because their entrenched legacy systems lack elasticity in their usage or expansion.
http://jlne.ws/LqZWD8

Ameren Illinois Selects Allegro Energy Trading and Risk Management
Allegro Development Corporation, a leading provider of energy trading and risk management (ETRM) software, announced today that Ameren Illinois has selected the Allegro 8 platform to manage its natural gas operations.
http://jlne.ws/LqZUeo

Exchange Data International Announces Partnership With ZagTrader
Exchange Data International (EDI) today announced the agreement with ZagTrader, the only region-wide Online Trading & Financial Analysis platform, to distribute its data via their online solutions.
http://jlne.ws/LqZUew

New TABB Research On Data Agility Highlights The Pneuron Platform As A New Innovation In Financial Services Competitiveness And Transparency
http://jlne.ws/LqZUuR

NEO INVESTIMENTOS CHOOSES FLEXTRADER EMS
Will Also Utilize FlexSpread Pairs Algo and FlexOPT For Equity Options Volatility Trading
Great Neck, NY, June 12, 2012 — FlexTrade Systems, Inc., a global leader in broker-neutral, multi-asset trading systems, today announced that Brazilian investment management firm NEO Investimentos has deployed its award-winning EMS, FlexTRADER.
http://jlne.ws/OqG2HV

Enforcement

SEC Charges Benjamin Daniel DeHaan and Lighthouse Financial Partners for Misappropriating Client Funds
citybizlist Atlanta
On Saturday, June 9, 2012, The Securities and Exchange Commission filed a civil action in the United States District Court for the Northern District of Georgia against Benjamin Daniel DeHaan and Lighthouse Financial Partners, LLC.
http://jlne.ws/LqZUuU

[BSC] 2012/48 West Vancouver man must pay $15,000 for filing materially false documents
http://jlne.ws/LqZULi

ASIC bans Melbourne man from providing financial services
http://jlne.ws/LqZXaf

Perth auditor charged by ASIC for failing to be independent
http://jlne.ws/LqZV1O

Environmental & Energy

EU Risks 12 Years of Oversupply in CO2 Market: Report
Bloomberg
The European Union’s emissions trading system will be oversupplied for the next 12 years unless policy makers intervene to withhold carbon allowances from the market and tighten climate targets, a study showed.
http://jlne.ws/LjnrL6

THE REPORT:
Strengthening the European Union Emissions Trading Scheme and Raising Climate Ambition
WWF/Greenpeace/Oko Institut
http://jlne.ws/LjodaU

EU Report on Carbon Market Due Before August: Hedegaard
Bloomberg
The European Union will present a report on its emissions trading system and a proposal to delay auctions of some carbon permits before the summer recess that starts in August, EU climate Commissioner Connie Hedegaard said.
http://jlne.ws/KO5R6U

Asia-Pacific

SMX MBIO Index futures trade record volumes in May
The Mercantile Exchange witnessed record trading volumes in the worlds first and only global Metal Bulletin Iron Ore (MBIO) Index futures contract (SMMBIO) in the month of May. With 2,564,900 tons traded on the exchange through the month, the contract has seen a surge in trading interest since its launch last August. The total volume traded in May was 25,649 lots valued at USD 350.17 million.
http://jlne.ws/LqZXqG

China Bond Market Ready for Takeoff After Bold Moves
Bloomberg
China is the opposite of other major economies when it comes to companies’ ability to raise money by issuing bonds. China’s 4.2 trillion yuan ($666 billion) corporate bond market is just 9 percent of its gross domestic product. In the U.S., the $7.9 trillion in fixed-income securities is equal to more than half the size of economic output.
http://jlne.ws/LqZV24

China’s investment arms extend reach
BY Henny Sender / FT
The money flowing out will have significant implications for the prices of securities and assets worldwide. China established its official sovereign wealth fund China Investment Corp almost five years ago with the specific mandate to earn high returns by more actively investing abroad the dollars China earns from its exports.
http://jlne.ws/LqZXXv

Thomson Reuters Launches Bespoke Eikon Desktop for China
Thomson Reuters today launched a bespoke version of its next-generation desktop, Thomson Reuters Eikon, to meet the needs of China’s rapidly growing financial market. With a tailored simplified Chinese-language graphical interface and extensive content, Thomson Reuters Eikon has been specifically adapted to support the continued growth of the financial market in China.
http://jlne.ws/LqZXHc

KVH To Launch First Service Model Of High Precision Latency Measurement For Trading Systems In Asia
KVH Co., Ltd., Asia’s leading information delivery platform, announced today that TipOff Latency Monitoring Rental Service, a high precision latency measurement service that supports market participants of latency-sensitive trading, is now available for purchase.
http://jlne.ws/LqZXHh

J.P. Morgan hires ex-Goldman energy trader in Asia
Reuters via Yahoo! News
U.S. bank J.P. Morgan has hired an ex-Goldman Sachs energy trader to expand its customer flow business in Asia amid tightening regulation over proprietary trading, a source close to the matter said. Shintaro Tamatsukuri joined J.P. Morgan on Friday as the executive director of energy trading based in Singapore.
http://jlne.ws/Lr00CQ

Nomura Faces Regulatory Action After Insider Information Leaks
Bloomberg
Nomura Holdings Inc. may face “severe action” by Japanese regulators after employees of the country’s biggest securities firm leaked insider information, Financial Services Minister Tadahiro Matsushita said.
http://jlne.ws/LqZYuw

Chinese banks boosted lending in May in effort to bolster economy
Los Angeles Times
Chinese banks picked up the pace of lending in May in an effort to bolster the world’s second-largest economy, where worries are growing about a sharper-than-expected slowdown.
http://jlne.ws/Lr00Td

[TSE] Statistics on Dates of Annual General Shareholders Meetings for Companies which settle accounts in March 2012
http://jlne.ws/LqZYuO

Tokyo Grain Exchange: SPAN Parameters Effective From June 18, 2012 To June 29, 2012
http://jlne.ws/Lr00Tm

Shenzhen Stock Exchange:.Privately Placed SME Bonds Ushered In
http://jlne.ws/LqZYL9

Frontier Markets

UAE amends stock ownership rules in transparency move
Reuters via Yahoo! News
The United Arab Emirates’ market regulator unveiled a major overhaul of stock ownership rules in the Gulf Arab state, in a bid to force more disclosure in takeover deals and boost transparency.
http://jlne.ws/LqZZ1C

Tehran Stock Exchange To Hold Shareholder’s General Meeting
http://jlne.ws/LqZZ1H

Dubai Financial Market: Market Holiday Sunday17 June 2012
http://jlne.ws/LqZZ1Q

Miscellaneous

London’s Financial Job Seekers Fall 58%, Recruiter Says
Bloomberg
The number of people seeking jobs at London financial-services companies fell 58 percent in May as the euro area debt crisis and the U.K. economy undermined employment prospects, according to a survey.
http://jlne.ws/Lr01qk

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