John Lothian Newsletter: Hong Kong Exchanges Bid For LME Beats Out ICE; Bair Decries Hyperventilation Over JPMorgan Loss; Icap Tempts Plus Shareholders With L500K Sweetener

Jun 15, 2012

After carefully reviewing the photo of the finish line, the board of the London Metal Exchange declares HKEx to be the winner of the exchange purchase derby, though these races are known to continue even past the finish line.  Former FDIC head Sheila Bair points out that while JPMorgan’s whale of a trading loss is a big deal, it doesn’t do any good (other than perhaps politically) to get all hysterical about it. Broker ICAP offers a cookie to disgruntled Plus Markets shareholders in the form of an extra half-million pounds for its attempted buyout, but simultaneously warns the dissidents that if they don’t take the cookie, they won’t likely get anything at all.

First Read

Hong Kong Exchanges Bid for LME Beats out ICE
By Stanley James and Agnieszka Troszkiewicz – Bloomberg
Hong Kong Exchanges & Clearing Ltd. (388) agreed to pay 1.39 billion pounds ($2.15 billion) for London Metal Exchange, the world’s largest metals marketplace. The offer of 107.6 pounds a share will be recommended by all of the 135-year-old LME’s directors when it is presented at to shareholders, according to a statement from Hong Kong Exchanges. The agreement will be sent to shareholders within 15 business days and a meeting will be held before the end of July, according to the statement.
http://jlne.ws/Lr5Hh0
**JK – And HKEx goes global. An amazing turn and even more amazing price tag.

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15 June 2012
Board of LME Holdings Limited recommends £1,388 Million cash offer (£107.60 per share) by Hong Kong Exchanges and Clearing Limited be proposed to ordinary shareholders
Press Release
The board of LME Holdings Limited ( “LME Holdings”), the parent company of The London Metal Exchange Limited (“LME Limited”), announces that on 15 June 2012, LME Holdings, HK Investment (UK) Limited (“HKEx Investment”) and Hong Kong Exchanges and Clearing Limited (“HKEx”) entered into a framework agreement regarding the terms of a recommended cash offer (the “Offer”) for the entire issued and outstanding ordinary share capital of LME Holdings by HKEx Investment, an indirect wholly-owned subsidiary of HKEx (the “Transaction”) (the “Framework Agreement”).
Following the decision of the board of LME Holdings to enter into the Framework Agreement, the Relevant Directors1 intend to unanimously recommend, in the Scheme Circular, that the holders of ordinary shares of LME Holdings (the “Ordinary Shareholders”) vote in favour of the Transaction at the Ordinary Shareholder meetings expected to be convened before the end of July 2012.
Under the terms of the Offer, HKEx Investment will acquire the entire issued and outstanding ordinary share capital of LME Holdings for (and each Ordinary Shareholder will receive) £107.60 per LME ordinary share in cash by way of a court sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”). This implies a value of £1,388 million based on 12,900,000 ordinary shares (being 100 per cent of the ordinary share capital of LME Holdings), with the Offer consideration being financed from HKEx’s existing cash resources and new bank facilities of at least £1,100 million.
http://jlne.ws/LM0p2Q

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Statement From The Hong Kong Mercantile Exchange In Response To The Proposed LME Acquisition By HKEx
The Hong Kong Mercantile Exchange was founded on the premise that Hong Kong stands to play a significant role in bridging China’s fast growing commodity market with the rest of the world.  

As part of our base metals strategy, we have already developed a renminbi-denominated copper futures contract, which is expected to be launched soon.  The proposed LME acquisition by HKEx further reinforces our strategy of building linkages between international metal futures markets and China, the world’s largest consumer of these commodities.

The proposed acquisition does not in any way change our development plans.  Integration of the two entities will take considerable time and the Hong Kong Mercantile Exchange, in the meantime, will roll out our products in base and precious metals as planned, as well as continue to build our membership base and deepen market liquidity.

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Uncontrolled Risk Taking, Not Bad Accounting, Did MF Global In
Francine McKenna – Forbes
Jon Corzine got the chief executive job at MF Global in early 2010 for one reason: Chris Flowers bailed the firm out in 2008 after a wheat trader’s shenanigans cost it $140 million. Flowers was growing impatient with constant losses and Corzine was brought in to return the firm to profitability.
http://jlne.ws/Lr5FWc
**JK – Ahh, the significant name oft left out of MF Global stories – Chris Flowers.

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CBOE Holdings, Inc. Announces 2012 Annual Meeting Results
http://jlne.ws/KYyoqs

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CQG appoints Vesna Straser product manager, trading analytics
Finextra
CQG, Inc. announced today that Vesna Straser, Ph.D. has joined the company as Product Manager for Trading Analytics. Dr. Straser most recently worked at Barclays Plc. where she was responsible for product management of equity algorithmic trading strategies for the Americas.
http://jlne.ws/Lr5FWk
**JK – This prompts the answer “yes” to the question “Is there a doctor in the house?”

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SunGard’s Global Network Surpasses $400 Billion in Total Fund Assets
The SunGard Global Network (SGN) has surpassed $400 billion in total fund assets, including mutual funds and money market funds*. SGN Funds is an automated trade-routing solution connecting investors to fund families. SGN Short-Term Cash Management portal is a global compliance, trading and research solution for institutional cash investors.
http://jlne.ws/Lr5H0w

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How NOT to argue that derivatives are the devil’s spawn
Lisa Pollack – FT Alphaville
Every now and then, The New York Times takes a big ol’ swipe at derivatives for being evil and whatnot. That’s fine and well — and sometimes obligatory, particularly when it comes to certain structured products for which it’s hard to discern the benefit to anyone outside of a bank. But it can all go awry when someone starts arguing against derivatives and just gets it wrong. It makes us do a sad, frowny face and then get incredibly frustrated.
http://jlne.ws/Lr5HgN
**JK – Just wondering, who in journalism makes a “sad, frowny face?” I am, after reading “sad, frowny face.”

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As Europe’s Currency Union Frays, Conspiracy Theories Fly
By FLOYD NORRIS – NY Times
Imagine for a moment that two decades ago, a newly unified Germany set out to take over the European Continent, as the previous unified Germany had tried and failed to do half a century earlier. This time it would use money, not guns, to accomplish the goal. There is, let me hasten to note, no evidence of any such conspiracy. But if there had been, things might have played out more or less as they have.
http://jlne.ws/Lr5FWr

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Sweden, where CEOs come cheap and still deliver
Reuters via Yahoo! News
Highly paid executives in the United States and Britain take note – your Swedish counterparts are paid much less, yet still deliver strong corporate results. While investors around the world are rising up against excessive executive pay in a movement dubbed “the shareholder spring”, there has been barely a peep in Sweden – with good reason.
http://jlne.ws/Lr5HgQ
**JK – It’s also scientifically proven that Swedish CEOs eat far fewer Swedish meatballs at parties than US CEOs.

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An Open Letter To Anyone Ever Laid Off
Forbes
A simple message that I hope may be of a little solace: Say goodbye to the guilt. It’s not your fault. It never was.
http://jlne.ws/Lr5HgX

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Demos Leaves Financial Times
We wish Telis Demos luck, as today marks his last day at the Financial Times. Demos, who took over Jeremy Grant’s coverage area at FT Trading Room after Grant left for Singapore, will be moving over to The Wall Street Journal.

**CN

MarketsWiki.tv

NYSE Liffe U.S. Takes on Fed Funds & LIBOR
MarketsWiki.tv
With interest rates hovering around zero, with no lift in sight, the overnight rates market has been looking for new instruments that better reflect the market. NYSE Liffe U.S. is trying to fill that demand with its new General Collateral Finance or GCF Repo Index futures contract. The new contract, which will compete with the Fed Funds futures and LIBOR, is designed by DTCC for NYSE Liffe U.S. and is set to launch on July 16th. JLN editor-in-chief Jim Kharouf reports on NYSE Liffe U.S.’s recent introduction of the new contract in Chicago.
http://jlne.ws/M388oM

Per Sjöberg of TriOptima Discusses the Changing Regulatory Environment & Portfolio Reconciliation & Compression
MarketsWiki.tv
The ongoing regulatory overhaul is forcing more firms to find ways to reduce risk and improve capital efficiencies. TriOptima has been working with firms on both issues using its triResolve service for portfolio reconciliation and triReduce services, for portfolio compression. The firm’s services have helped terminate over $110 trillion total notional volume in interest rate swaps since 2008. Per Sjöberg, group chief executive officer of TriOptima, spoke recently with JLN’s Jim Kharouf about the changing landscape.
http://jlne.ws/MAfW1S

JLN Interest Rates

Bernanke: ‘A Trillion There, A Trillion Here’ From The Fed Won’t Fix The Deficit
Forbes
Fed Chairman Ben Bernanke faced off with policymakers on Capitol Hill. Speaking before the Joint Economic Comittee, Bernanke asked policymakers to man up and take responsibility for fixing the budget and putting the deficit on a sustainable track.
http://jlne.ws/LH4FAy

Moody’s downgrades Cyprus on Greek euro exit fears
CBS8.com/AP
Moody’s credit ratings agency on Wednesday drove Cyprus deeper into junk status with a two-notch downgrade to Ba3 over an increased likelihood that debt-crushed Greece will leave the eurozone.
http://jlne.ws/OJ0xzP

Geithner calls for more detail from Europe leaders
Channel 8
Treasury Secretary Timothy Geithner on Wednesday urged European leaders to provide more details as soon as possible on their plans to resolve the continent’s debt crisis.
http://jlne.ws/MS1QNt

MarketsWiki

MarketsWiki Page of the Day
OANDA Corporation
http://jlne.ws/LX5qmx

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MarketsWiki Recent Updates

People

Hilary Till; Ranjan Bhaduri; Tina Lemieux; Versna Straser

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Miscellaneous

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Lead Stories

HKEx agrees to buy LME for £1.4bn
By Jack Farchy in London – Financial Times
Hong Kong Exchanges & Clearing is set to control the world’s largest metals market after the board of the London Metal Exchange recommended its £1.4bn ($2.2bn) bid. The 135-year-old LME has been at the centre of a global bidding war as the industry’s heavyweights attempted to buy one of the last member-owned exchanges in the world.
http://jlne.ws/Lr5IRX

Bair decries hyperventilation over JPMorgan loss
Reuters via Yahoo! News
WASHINGTON – Sheila Bair, the former regulator who helped steer the U.S. financial system through the recent credit crisis, said JPMorgan Chase & Co’s multibillion-dollar trading loss needs to be put in perspective.
http://jlne.ws/Lr5IRZ

Icap tempts Plus shareholders with L500K sweetener
Tom Osborn – Financial News
London interdealer broker Icap has upped its bid for Plus Markets SX, the UK’s junior stock exchange, by L500,000, agreeing to meet the costs of a hotly-disputed pay deal for the firm’s senior management in the event of a sale.
http://jlne.ws/Lr5Hh1

MF Global Trustee in Deal With CME to Release $130 Million
By Jacob Bunge and Joseph Checkler – Dow Jones
The trustee unwinding the brokerage of MF Global Holdings Ltd. (MFGLQ) struck a deal with CME Group Inc. (CME) that will see the futures exchange operator turn over about $130 million in property that will go to former customers of the collapsed firm.
http://jlne.ws/Lr5Hh2

Central banks ready to act as world prepares for Greek poll
Reuters via Yahoo! News
Central banks from major economies stand ready to take steps, including coordinated action, to stabilize markets as world economies prepare for a possible financial storm or public panic after cliffhanger elections in Greece this weekend.
http://jlne.ws/Lr5IS4

Draghi Hints ECB Is Ready to Act
By TODD BUELL And MARGIT FEHER – WSJ
The European Central Bank will continue its “crucial role” of providing liquidity to sound banks against appropriate collateral, ECB President Mario Draghi said Friday. His comments suggest that the central bank may be ready to answer international calls to ease monetary conditions in the 17-nation euro zone as risks to the financial system intensify.
http://jlne.ws/Lr5IS9

Merkel Stresses Limits to Germany’s Strength
By NICHOLAS KULISH and PAUL GEITNER – NY Times
Europe’s currency union may be inching ever closer to the brink of collapse, but Chancellor Angela Merkel has a message for those pressing her to ride to the rescue: Germany is not as strong as it looks, and certainly not strong enough to prop up the rest of Europe.
http://jlne.ws/Lr5Hxt

Basel Seeks Deal on Rules for Nationally Systemic Banks
Bloomberg
Global financial regulators, after reaching a consensus last year on tougher capital rules to govern banks that would roil the world economy if they collapsed, will try to hammer out a deal next week on controls for lenders with the potential to bring down national economies.
http://jlne.ws/Lr5J8r

ECB Tells Court Releasing Greek Swap Files Would Inflame Markets
Bloomberg
The European Central Bank said it can’t release files showing how Greece may have used derivatives to hide its borrowings because disclosure could still inflame the crisis threatening the future of the single currency.
http://jlne.ws/Lr5J8s

Regulatory

CFTC’s Gensler Warns of Overseas Risks in Derivatives
Dow Jones
Commodity Futures Trading Commission Chairman Gary Gensler said Thursday new derivatives rules must extend across U.S. borders to prevent risks from hurting the U.S. economy.
http://jlne.ws/Lr5HNP

DealBook: Regulator May Grant Foreign Banks Brief Reprieve on Derivatives
New York Times
In a speech to bankers, the head of the Commodity Futures Trading Commission outlined a plan to regulate overseas derivatives trading while delaying some rules for foreign banks.
http://jlne.ws/Lr5HNS

NYSE, Knight Capital CEOs to Testify at House Hearing on Markets – Sources
By Jacob Bunge and Jessica Holzer – Dow Jones
The top executives of NYSE Euronext (NYX) and Knight Capital Group (KCG) are expected to testify next week at a U.S. House of Representatives hearing examining the functions of U.S. financial markets, according to persons familiar with the matter.
http://jlne.ws/Lr5HNT

IOSCO retreats on oil market regulation
John Kemp – Reuters
Global financial regulators seem to have thought better about imposing ambitious new rules on physical oil markets. Instead they are leaning towards a modest set of record-keeping requirements for price reporting agencies (PRAs) that largely codify existing practice and are in line with voluntary commitments the agencies have already given.
http://jlne.ws/KXFlrW

CFTC to Hold Open Meeting to Consider Proposed Interpretive Guidance on Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act and a Proposed Exemptive Order Regarding Compliance with Certain Regulations under the Commodity Exchange Act
The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, June 21, 2012, at 1:00 p.m., to consider Proposed Interpretive Guidance on Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act (CEA) and Regulations thereunder, and a Proposed Exemptive Order Regarding Compliance with Certain Swap Regulations under the CEA.
http://jlne.ws/L8sXDM

Remarks BY CFTC Chairman Gary Gensler On Derivatives And The Cross-Border Application Of Dodd-Frank Swap Market Reforms At The Institute Of International Bankers’ Membership Luncheon
http://jlne.ws/Lr5HNX

The AMF is holding a public consultation on application of the provisions of Article 314-76 of the AMF General Regulation concerning inducements received in the course of the marketing and indirect distribution of financial instruments
http://jlne.ws/Lr5J8B

Canadian securities regulators propose enhanced disclosure requirements on investment costs and performance [CSA]
http://jlne.ws/Lr5J8F

KPMG and AxiomSL Form Alliance to Assist Investment Advisers Faced With New Regulatory Requirements Including Form PF
http://jlne.ws/Lr5J8H

Exchanges & Trading Facilities

Board Of LME Holdings Limited Recommends £1,388 Million Cash Offer (£107.60 Per Share) By Hong Kong Exchanges And Clearing Limited Be Proposed To Ordinary Shareholders
Press Release
The board of LME Holdings Limited , the parent company of The London Metal Exchange Limited , announces that on 15 June 2012, LME Holdings, HK Investment Limited and Hong Kong Exchanges and Clearing Limited entered into a framework agreement regarding the terms of a recommended cash offer for the entire issued and outstanding ordinary share capital of LME Holdings by HKEx Investment, an indirect wholly-owned subsidiary of HKEx.
http://jlne.ws/Lr5I4k

Nasdaq Claims Strong Defense
By JACOB BUNGE – Dow Jones
Nasdaq OMX Group Inc. is sending a message to firms weighing lawsuits related to trading losses in Facebook’s initial public offering: winning won’t be easy.
http://jlne.ws/Lr5I4l

Liquidnet Australia Sets New Record with over AU $1 Billion Traded
Business Wire via Yahoo! Finance
Liquidnet, the global institutional trading network, set a new trading record in Australia during May 2012, trading over AU $1 billion in member trades.
http://jlne.ws/Lr5Jp4

PLUS Markets Group PLC Disposal Of PLUS Trading Solutions Ltd
http://jlne.ws/Lr5Jp6

PLUS Markets Group PLC Notice To Remove Nominated Representative
http://jlne.ws/Lr5I4y

Disposal of PLUS Trading Solutions Ltd
Further to the announcement of 14 May 2012 in which the Company informed shareholders that it intended to commence a process of orderly closure of PLUS Stock Exchange plc, subsequent announcements and the Circular posted to shareholders on 31 May 2012, the Company announces today that it has agreed to dispose of PLUS Trading Solutions Limited (“PLUS-TS”), its wholly-owned trading technology platform, to FORUM Trading Solutions Limited (“FORUM”) (the “PLUS-TS Disposal”).
http://jlne.ws/LLV4sp

Strong Presence Of Foreign Investors In The Spanish Stock Market Despite The Crisis – 2011 Report On Share Ownership Structure In Spain
Non-resident investors still are the main owners of shares in listed Spanish companies, with 40% of their total value, one more point than in 2010 and just a tenth below the 2009 record high, according to the latest report on share ownership structure in Spain released today by BME’S Research Department, with end-2011 data.
http://jlne.ws/Lr5IkQ

Burgundy MTF: Investment Technology Group Limited Approved As Trading Participant
Investment Technology Group Limited is approved as Trading Participant on the Burgundy MTF. Investment Technology Group Limited is approved to trade in CCP cleared instruments in all the four Nordic markets and bilateral cleared instruments in the Norwegian, Danish and Finnish markets.
http://jlne.ws/Lr5JFx

BM&FBOVESPA Announces May Market Performance
http://jlne.ws/Lr5IkY

Exercise Of Ibovespa Options Generates Record Financial Volume On BM&FBOVESPA
http://jlne.ws/Lr5IkZ

Wiener Boerse AG Announces Results For 2011 And Changes To Supervisory Board
http://jlne.ws/Lr5Il2

Program Trading Averaged 29.8 Percent of NYSE Volume during June 4-8
http://jlne.ws/Lr5JVY

NZX Employee Share Plan – Team And Results
http://jlne.ws/Lr5Il4

The MiG Report May 2012 From TMX Group
http://jlne.ws/Lr5Il5

Hedge Funds & Managed Futures

‘BlackRock envy’ replaces Goldman allure
Gillian Tett – Financial Times
Six years ago, Wall Street and the City of London were consumed with “Goldman envy”. Never mind the fact Goldman was producing eye-popping profits, with returns on equity of 40 per cent at the peak. What fuelled that envy was that Goldman had the banking equivalent of the “it” factor (to use the phrase beloved by celebrity magazines).
http://jlne.ws/Lr5IBm

Ex-Och-Ziff duo’s Asia hedge fund boosts start-up pipeline
By Nishant Kumar – Reuters
Two former managing directors of Och-Ziff Capital Management, Manoj Jain and Sohit Khurana, are starting their own hedge fund in Hong Kong by the end of the year, sources said, boosting a strong pipeline of start-ups in the region for 2012.
http://jlne.ws/Lr5IBp

The Greek Fallout Shatters US ‘Get-Rich-Quick’ Hedge Fund Dreams
Zero Hedge
It’s not all Aston Martins and Brioni suits for hedge fund managers this year. As Bloomberg reports , “It’s a confluence of tricky markets, super-cautious investors and a tough fundraising environment that’s making it a difficult time for hedge-fund managers.” The latest addition to the 775 funds that were shuttered last year sees California-dreamer Paul Sinclair liquidating his $458mm health-care equity fund
http://jlne.ws/Lr5IBt

Strong Presence Of Foreign Investors In The Spanish Stock Market Despite The Crisis – 2011 Report On Share Ownership Structure In Spain
Non-resident investors still are the main owners of shares in listed Spanish companies, with 40% of their total value, one more point than in 2010 and just a tenth below the 2009 record high, according to the latest report on share ownership structure in Spain released today by BME’S Research Department, with end-2011 data.
http://jlne.ws/Lr5IkQ

Fazed And Confused: Why Can’t Soon-To-Be Retirees Figure Out Where To Invest?
Forbes
A new report from BlackRock paints a picture of concerned investors, paralyzed in cash and uncertain what the future may hold.
http://jlne.ws/Lr5Kcy

Goldman Sachs: Internet IPO Window May Be Closed Until After Labor Day
TechCrunch
Goldman Sachs’ co-head of investment banking for global telecommunications, media and technology Anthony Noto said tonight that he’d be surprised if there’s another IPO for an Internet company before Labor Day. Facebook’s controversial offering has already shelved other deals from companies like Kayak, as public investors have driven down the value of newer consumer web companies.
http://jlne.ws/Lr5IBE

Banks & Brokers

New BrokerTec platform enhances performance and user experience in European fixed income market
ICAP, the world’s leading interdealer broker, today announces that its electronic fixed income business, BrokerTec, has successfully launched a new trading system for European fixed income products, using a customised version of the NASDAQ OMX Genium INET platform.
http://jlne.ws/Lr5IBF

Further re. Acquisition of PLUS Stock Exchange plc
ICAP plc, the world’s leading interdealer broker, notes the recent press coverage regarding its agreement to acquire PLUS Stock Exchange plc (“PLUS”) from PLUS Markets Group plc (“PMG”) and the frustration expressed by certain PMG shareholders. […] ICAP has decided, after listening to the concerns expressed by PMG shareholders, to increase the purchase price for PLUS to £500,000
http://jlne.ws/Lr5KcD

FXCM pushes into algorithmic FX trading
By Philip Stafford in London – Financial Times
FXCM, a US foreign exchange agency broker has agreed to take a 50 per cent stake in Lucid Markets, a private UK proprietary trading group, in a deal that pushes the group further into institutional trading.
http://jlne.ws/Lr5Lxb

Exclusive: Bank of America shops Huntsman to PE firms: sources
Reuters via Yahoo! News
Bank of America Merrill Lynch has reached out to several top U.S. private equity firms to gauge their interest in a potential deal for Huntsman Corp , sources said, in the latest sign the U.S. chemicals company may be considering a sale.
http://jlne.ws/Lr5KcG

NY Fed Says Maiden Lane Loans From AIG, Bear Stearns Rescues Have Been Paid Back
Forbes
The Federal Reserve Bank of New York is still sitting on a pile of assets it received in return for bailout loans to help rescue American International Group in September 2008 and steer Bear Stearns into the arms of JPMorgan Chase six months earlier, but any further sales will be pure profit according to a statement Thursday.
http://jlne.ws/Lr5Lxj

Swiss Central Bank Urges Credit Suisse to Bolster Capital
NY Times
Shares of Credit Suisse tumble in Zurich trading after the Swiss central bank says it should consider suspending its dividend or raising capital by selling stock.
http://jlne.ws/Lr5LNA

JPMorgan’s Trading Strategy Unique Among Big Banks, Curry Says
Bloomberg
JPMorgan Chase & Co. ’s chief investment office engaged in trading strategies that set it apart from other major U.S. banks, according to Thomas Curry , head of the Office of the Comptroller of the Currency.
http://jlne.ws/Lr5LNF

UBS Hires Head of Global Equity Derivatives from Deutsche Bank -Memo
Dow Jones
UBS AG has hired Roger Naylor from Deutsche Bank AG as the bank’s head of global equity derivatives, according to an internal memorandum sent to employees.
http://jlne.ws/Lr5Kt7

Cantor Fitzgerald & Co. Continues to Expand Its Emerging Markets Sales and Trading Team
Cantor Fitzgerald & Co., a leading global financial services firm, announced today that it is expanding its Emerging Markets fixed income sales and trading business with several key appointments.
http://jlne.ws/Lr5Ktc

Former JPMorgan oil analyst Lawrence Eagles joins BP
Reuters via Yahoo! News
Former JPMorgan energy analyst Lawrence Eagles has joined global oil major BP Plc , industry sources said on Thursday. Eagles, who was the chief analyst at the International Energy Agency in Paris before he joined JPMorgan in 2008, left his position as head of oil research at the Wall Street bank in New York at the end of last month.
http://jlne.ws/Lr5M46

Speech At The Lord Mayor’s Dinner For Bankers And Merchants Of The City Of London By The United Kingdom’s Chancellor Of The Exchequer, Mansion House, London
http://jlne.ws/Lr5M49

Speech Given By Sir Mervyn King, Governor Of The Bank Of England At The Lord Mayor’s Banquet For Bankers And Merchants Of The City Of London At The Mansion House 14 June 2012
http://jlne.ws/Lr5KJy

Indexes & Products

The McGraw-Hill Companies and CME Group Announce U.S. Department of Justice Antitrust Review Has Been Completed for New S&P Dow Jones Indices Joint Venture
http://jlne.ws/Lr5M4m

Four New UBS ETFs Launched On Xetra – ETFs Track HFRX Index Family
http://jlne.ws/Lr5KJJ

SGX: 7 ETFs Simplify Investing Further With SGD Pricing
http://jlne.ws/Lr5L01

Shin Corporation To Enter The FTSE SET Large Cap After The June Semi-Annual Review
http://jlne.ws/Lr5MkN

Oslo Børs – Changes To The Composition Of The OBX Index From 22 June
http://jlne.ws/Lr5L0a

Technology

Tata Communications launches global low-latency network
Lightwave
Tata Communications has launched a low-latency network connecting major financial capitals in Asia, the United Kingdom, and the United States. The carrier says the network is the first low-latency service that offers a pure, multipoint Ethernet platform to the financial services sector and other global industries, and will accelerate global high-frequency trading and other low-latency applications.
http://jlne.ws/Lr5L0f

RTS Realtime Systems Powers New Bolsa Mexicana de Valores Front-End for Members
http://jlne.ws/Lr5L0j

ENYX And ACCELIZE Announce A Joint Partnership To Provide Ultra-Low Latency FPGA-Based Trading Solutions To The Financial Services Industry
http://jlne.ws/Lr5LgA

Enforcement

Allen Stanford sentenced to 110 years in $7B swindle
Reuters
Former billionaire Allen Stanford was sentenced to 110 years in prison on Thursday for running a $7 billion scheme in which he stole money from his investors to finance an extravagant lifestyle in the Caribbean.
http://jlne.ws/Lr5MBb

Federal Court in Illinois Orders Defendants Richard C. Regan and Pro Trading Course, LLC to Pay More than $600,000 in Restitution and Civil Monetary Penalties to Settle CFTC Anti-Fraud Action
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge James B. Zagel, of the U.S. District Court for the Northern District of Illinois, entered an order of default judgment and permanent injunction against defendants Richard C. Regan (Regan) and Pro Trading Course, LLC (PTC), both of La Jolla, Calif.
http://jlne.ws/Lr5MBj

NFA Enforcement and Registration Actions
TS Capital Management LLC
http://jlne.ws/Lr5MBo

SureInvestment LLC and Benjamin Wilson
http://jlne.ws/Lr5MRG

Ex-SEC Attorney Hudson Pleads Not Guilty to Wire Fraud
Bloomberg
Daryl Hudson III, a former senior counsel in the U.S. Securities and Exchange Commission’s enforcement division, pleaded not guilty in federal court after being charged with seven counts of wire fraud. Hudson, who is chairman and chief executive officer of Hampden Kent Group LLC, was arraigned today in U.S. District Court in Albuquerque , New Mexico. He was indicted May 23 and faces as long as 30 years’ imprisonment and a $1 million fine on each charge if convicted.
http://jlne.ws/Lr5LgP

Jurors Begin Deliberations in Insider Trading Trial
By PETER LATTMAN – NY Times
Day 1 of deliberations by the jury of eight women and four men concluded without a verdict in the trial of the former Goldman Sachs director Rajat K. Gupta.
http://jlne.ws/Lr5MRQ

Navigator Resources complies with ASIC Infringement notice for alleged continuous disclosure breach
http://jlne.ws/Lr5MRR

Environmental & Energy

EEX Carries Out Sixth Dutch Primary Market Auction
This morning, the European Energy Exchange (EEX) carried out the sixth primary market auction of European emission allowances (EUA) on behalf of the Dutch Ministry of Economic Affairs, Agriculture & Innovation and the Dutch Minis-try of Infrastructure and the Environment.
http://jlne.ws/Lr5N8b

EU Commission debates size of carbon auction delay-sources
Reuters
The European Commission has drafted proposals to change rules on carbon allowance auctions to try to prop up the EU’s Emissions Trading Scheme that could delay the sale of between 400 million and 1.2 billion allowances, EU sources said on Thursday.
http://jlne.ws/KLfhKg

New York court nixes challenge to carbon market
Reuters
A New York state court on Wednesday dismissed a Tea Party-backed lawsuit that tried to block the state from participating in a cap-and-trade system to cut carbon emissions in the Northeast, finding that the plaintiffs had no grounds to challenge the program.
http://jlne.ws/M9D8mZ

Asia-Pacific

Report, etc. based on the Japan Fair Trade Commission’s Request for Report regarding the Business Combination between Tokyo Stock Exchange Group, Inc. and Osaka Securities Exchange Co., Ltd.
http://jlne.ws/Lr5Ocm

HKEx Announcement – Discloseable Transaction
http://jlne.ws/Lr5Ocq

Frontier Markets

Such a Quiet Libyan Stock Exchange
BusinessWeek
The exchange is reopened but virtually silent, with Libyan investors wary of Western-style trading
http://jlne.ws/Lr5N8j

DealBook: Egypt’s Disarray Puts a Regional Investment Bank, EFG-Hermes, in Play
New York Times
EFG-Hermes, struggling in a volatile market, is scrambling to sell a large piece of its business to a smaller rival in Qatar.
http://jlne.ws/Lr5N8n

MCX Weekly Market Report – June 08 , 2012 – June 14, 2012
http://jlne.ws/Lr5OsV

Dubai Financial Market Announces Its Board Of Directors Meeting To Be Held On 20 June 2012
http://jlne.ws/Lr5NoI

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