How Well Do You Network? This is a Test.
Jessica Titlebaum – Orc Group
Some people say it’s money, but I think it’s networking events that make the world go ‘round. They give you an opportunity to establish and maintain connections as well as build a successful brand with a purpose. An industry event is the catalyst to take networking to the next level.
With the summer season upon us, hopefully, I have gathered a list of upcoming events that you should make an appearance at in Chicago. Some are invite only, some are only for women and some are open to everyone but, to ensure that the right amount of beverages and appetizers are ordered, you must RSVP.
On another note, I would have included New York events, but I figured this was good incentive for our friends to come to Chicago. Dorothy Friedman, I am talking to you.
Thursday, June 6
Technology Trends That Matter
W Hotel – 172 W. Adams Street
Registration at 3:30 pm
Join Eurex for a panel discussion on the latest trends in technology for low latency firms. Topics include microwaves, FPGAs and enhancements in Exchange technology. The conversation will be based on the book Architects of Electronic Trading, written by my friend Stephanie Hammer
Must RSVP: jlne.ws/YOLaNh
Thursday, June 13
Markets Media Chicago Trading
Epic – 112 W. Hubbard
Registration 3:30 pm; Rooftop Reception 6:00 pm
Concluding with an Epic rooftop reception with a cigar bar, this Markets Media event kicks off with an interactive conversation around the importance of data, high-speed connectivity solutions and the future of microwave and cloud.
Must RSVP to email@example.com
Thursday, June 20
WILD Forensic Accounting
McGladrey – 1 South Wacker
Registration at 4 pm
After bankruptcies like MF Global and PFG, WILD will take a look at fraud in the industry, how forensic accounting works to recover lost money and solutions that can ultimately restore customer confidence. Moderated by JLN’s Jim Kharouf, panelists include Christen Morand from Ernst & Young and John Hague from McGladrey. Followed by a networking reception.
Invite Only – so, how well do you network?
Wednesday, August 7
FIA Chicago White Sox Game at U.S. Cellular Field
One of the industry’s largest networking events, the 13th Annual Summer Outing will feature the White Sox against the New York Yankees. Even if you are a Cubs fan (I will forgive you, no one is perfect) this is a great opportunity to catch up with industry colleagues, hear the latest in derivatives and watch America’s favorite pastime.
Sponsorship and Ticket Prices: jlne.ws/1b39n4L
Save the Date – October 17, 2013
Federal Reserve Bank of Chicago – 230 S. LaSalle
WILD would like to thank Gold Sponsor Allston Trading and Silver Sponsor BP for their support of the 2nd Annual WILD Symposium. The 2013 Symposium agenda will explore, among other topics, the impact women have when they break stereotypes and work in male dominated industries like technology.
Women Only – sorry MILDs.
MarketsReformWiki Reaches Five Million Page Views
by Doug Ashburn, John Lothian News
While we were asleep last night here in America, somewhere, perhaps on the other side of the world, somebody clicked the five millionth page on MarketsReformWiki. Launched a little over two years ago, the site has grown to become the go-to place for financial regulatory news, thought leadership, event listings and, of course, a database of rulemakings, comment letters, key meetings and research on key regulatory topics.
We encourage you to visit the site often, as there is always something happening. For example, the CFTC’s swap execution rules, approved at a meeting May 16, are hitting the Federal Register this week, which means the effective and compliance dates have been officially set. The SEC is meeting today to take another stab at money market reform after failing to pass a rule last August. This coming Monday, June 10, is the date on which many buy-side firms must begin mandatory clearing of interest rate and credit default swaps. Each of these issues will have a profound effect on the structure of the market. MarketsReformWiki will be there to watch, aggregate, report and analyze.
Head of Options Clearinghouse to Retire
JACOB BUNGE – WSJ.com
Wayne Luthringshausen, the chief executive of the Options Clearing Corp., plans to retire this year after four decades leading the main clearinghouse for U.S. stock-options trading.
*JT – The OCC is losing a few over there. A WILD will be announcing her retirement from the OCC soon too. Who you ask? I might have to keep that to for myself just a little while longer….
Swap futures market ramps up ahead of clearing mandate
Neil Munshi in Chicago – FT.com
Eris Exchange, a start-up US derivatives operator backed by some of the futures industry’s biggest traders, is to offer trading via one of the world’s largest trading software companies ahead of new clearing mandate for investors that kicks in next week. The exchange will connect its hybrid interest rate swap futures products to Trading Technologies’ popular X_Trader software platform, the companies announced on Tuesday.
New Exchange Is Formed for Trading Patent Rights
WILLIAM ALDEN – NYTimes.com
Patent rights, which are usually bought and sold in private transactions, are set to be publicly traded on a new exchange, which plans to announce its first offering on Wednesday. The Chicago-based exchange, Intellectual Property Exchange International, which says it is the first of its kind, has attracted a handful of blue-chip companies and prominent universities as its initial members.
Survival of the Fittest Part III: Wish You Were Here
Steve Grob – Fidessa
The buy-side has never been more alone. Just when it needs help most, the buy-side feels like it has been abandoned by the regulators and that its traditional sell-side relationships are breaking down. Mutual suspicion is even on the rise between different buy-side firms as the quest for alpha continues to get harder and harder.
*JT – Do we need to organize a Tough Mudder – Buy-Side Edition?
CME Group Volume Averaged 14.7 Million Contracts per Day in May 2013, Up 11 Percent from May 2012, Marking Highest Month since August 2011
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that May 2013 volume averaged 14.7 million contracts per day, up 11 percent compared with May 2012, and up 27 percent sequentially. Total volume for May 2013 was more than 324 million contracts, of which 88 percent was traded electronically.
Campbell’s Tom Lloyd Talks Managed Futures Mutual Funds and JOBS Act
Tom Lloyd is general counsel at Campbell & Co., a Baltimore, MD-based provider of absolute return investment management, specializing in systematic managed futures and equity market-neutral strategies. Lloyd, a former managing director for Deutsche Bank Alex Brown, joined Campbell in 2005 to head the legal and compliance functions of the firm and its subsidiaries. In addition, Lloyd oversees Campbell’s fund administration function and, in November 2012, he was named to the firm’s board of directors.
Lloyd spoke with John Lothian News Editor-at-Large Doug Ashburn about the emergence of managed futures mutual funds as an additional investment choice in the alternatives space, and explained some of the logistics behind setting up such a fund and carrying out the accounting, reporting and marketing functions. He closes with a discussion of the JOBS Act and how possible changes to general solicitation and advertising could affect Campbell’s marketing strategy.
German HFT is first casualty of new trading rules
Tim Cave – Financial News
A German proprietary trading firm is to close later this year as a result of the “significant” burden of European regulations, becoming one of the first casualties of the country’s tougher stance on high-frequency trading.
The Options Industry Council Kicks Off Its Summer Program With New Internet Radio Show
The Options Industry Council announced today a new educational program to kick off its summer session, OIC’s Wide World of Options, an internet radio show hosted by Joe Burgoyne, OIC Director of Retail Education. This radio show is the latest addition to OIC’s options education lineup and will be aired as a reoccurring series on the Options Insider Radio Network starting today, June 4, 2013.
Women at the Top: Sallie Krawcheck
Karen Finerman interviews Sallie Krawcheck, a former executive of Bank of America and Citigroup who has recently announced the purchase of 85 Broads, a global networking organization for women.
*JT – I knew before Sallie the importance of a global networking organization for women.
Perseus Wins Global Telecoms Business Award for Second Year
Perseus Telecom, a leading provider of ultra-low latency, high capacity global networks, today announced the Global Telecoms Business 2013 Innovation Award for Fixed Network Infrastructure has gone to Perseus Telecom and partner Reliance Globalcom for QuanTA, the fastest trans-Atlantic network connection.
**DA: Tomorrow we will be releasing a MarketsWiki.tv interview with Perseus CEO Dr. Jock Percy, who discusses the emergence of microwave technology in the transmission of trade data.
F.B.I. Nominee Could Offer Peek Into the World of Ray Dalio
STEVEN M. DAVIDOFF – NYTimes.com
In the revolving door between Washington and Wall Street, President Obama’s planned F.B.I. nominee, James B. Comey, will be just the latest to spin through. And it’s not unusual that the financial institution where Mr. Comey, a former deputy attorney general, had worked was a hedge fund — you may recall that Lawrence H. Summers, the former Treasury secretary, had a short spell at D. E. Shaw, making millions.
MarketsWiki Page of the Day
Robert E. Rice
MarketsWiki Recent Updates
Companies, Organizations and Groups
40,214,187 pages viewed, 7,510 articles, 159,700 edits
MF Global ends bankruptcy as trustee Freeh steps down
Reuters via Yahoo! News
By Nick Brown NEW YORK – Collapsed brokerage MF Global Holdings Ltd on Tuesday effectively ended its bankruptcy, saying court-appointed trustee Louis Freeh will step down and hand the estate’s remaining wind-down duties to a new three-member board.
Bet on CDOs Returns to Wall Street
KATY BURNE – WSJ.com
Investors are once again clamoring for a risky investment blamed for helping unleash the financial crisis: the synthetic CDO. In a sign of how hard Wall Street is trying to satisfy voracious demand for higher returns amid rock-bottom interest rates, J.P. Morgan Chase & Co. and Morgan Stanley bankers in London are moving to assemble so-called synthetic collateralized debt obligations.
BlackRock launches cross-border ETF to grow European market
Reuters via Yahoo! News
LONDON – BlackRock , the world’s largest fund manager, plans to issue Europe’s first cross-border exchange-traded fund in a move it expects will reduce trading costs and attract more investors to the product.
CME Group Expands Agricultural Options Offering with Three New KCBT Wheat Options Contracts
CME Group, the world’s leading and most diverse derivatives marketplace, today announced it has expanded its agricultural options offering through the introduction of three new options on the recently-acquired KCBT hard red winter (HRW) Wheat futures contracts. KCBT Weekly Wheat Options, KCBT-CBOT Wheat Spread Options and MGEX-KCBT Wheat Spread Options will be available for trading on July 1, pending CFTC review.
Stock Exchanges Seek Curbs on Dark Pools to Fight Exodus
Dave Michaels – Bloomberg
Three large U.S. stock exchanges are lobbying for new limits on dark pools and other competitors, arguing that too much trading has become hidden on private venues that create more cost and volatility in public markets.
SAC Flap Is Liable to Hit Wall Street
JENNY STRASBURG – WSJ.com
The fate of SAC Capital Advisors LP is a $1 billion question on Wall Street. That figure is an estimate of how much the hedge-fund giant generates annually in trading commissions, financing fees and an array of other payouts to banks and other financial firms, according to more than a dozen representatives of Wall Street banks, brokerage firms and others that do business with SAC or are familiar with details of its operations.
FINRA Fines Come Quickly After Warnings
The warning was recent and punishment came quickly. FINRA slammed two firms today with a total of $2.15 million in fines for losses incurred from “unsuitable sales of floating rate bank loan funds.” FINRA Chairman and CEO Richard G. Ketchum tipped his hand that floating rate funds were on his radar in a speech at the self-regulatory authority’s recent annual conference.
Whale of a Trade Revealed at Biggest U.S. Bank With Best Control
Dawn Kopecki & Michael J. Moore – Bloomberg
“We are dead I tell you,” Bruno Iksil, a London-based trader at JPMorgan Chase & Co. (JPM), messaged an associate on March 23, 2012. “It is hopeless now.” Iksil, a Frenchman who would soon become known as the London Whale because of the size of his trades, had lost $44 million on corporate-credit bets three days earlier and was down more than $500 million for the year, Bloomberg Markets will report in its July issue.
BOE’s Sharp Says London Whale Shows Some Banks Too Big to Manage
Richard Sharp, a member of the Bank of England’s Financial Policy Committee, said the so-called London Whale losses at JPMorgan Chase & Co. illustrate the financial-stability risks posed by firms “too big to manage.”
Bank of England’s external financial regulators fret over growth
Reuters via Yahoo! Finance
LONDON – The three new external members of the Bank of England’s financial risk watchdog expressed concern on Tuesday about striking the right balance between regulation and growth.
KPMG Finds Its Safeguards ‘Sound and Effective’
MICHAEL RAPOPORT – WSJ.com
KPMG LLP is completing an internal review that is likely to result in only minor changes to the accounting firm’s controls in the wake of an insider-trading scandal.
Credit Traders Said to Win SEC Relief in Portfolio Margin Rules
Silla Brush & Dave Michaels – Bloomberg
Hedge funds and asset managers will win partial relief from Dodd-Frank Act collateral requirements for credit-default swaps under a policy shift to be announced this week, according to two people briefed on the matter.
CFTC’s Division of Clearing and Risk Provides No-Action Relief from the Clearing Requirement for Swaps Entered into by Eligible Treasury Affiliates
The Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission (CFTC) today issued a no-action letter providing eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act (CEA) and part 50 of the CFTC’s regulations, with relief from the clearing requirement, subject to certain conditions and requirements.
News, Facts, Actions : NFA makes directories available free of charge
FCA to ban the promotion of UCIS and certain close substitutes to ordinary retail investors
The Financial Conduct Authority (FCA) has published final rules to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and certain close substitutes (together to be known as Non-Mainstream Pooled Investments (NMPIs)) to the vast majority of retail investors in the UK.
ASIC releases updated guidance on constitutions of registered managed investment schemes
IOSCO Launches Investor Education Gateway
Exchanges & Trading Facilities
ICE Reports May Daily Futures Volume; $915 Billion in CDS Cleared by Buyside, $41 Trillion in Total CDS Cleared to Date
IntercontinentalExchange, a leading operator of global markets and clearing houses, today reported futures volume for May 2013. ICE’s average daily volume for futures and options was 3,317,512 contracts, a decrease of 5% from the prior May. Total volume in May 2013 was 73 million contracts.
NYSE Euronext Announces Trading Volumes for May 2013
Global derivatives average daily volume of 7.6 million contracts, excluding Bclear in May 2013 increased 3.5% compared to May 2012 and increased 8.2% from April 2013. U.S. equity options volumes remained strong in May 2013 increasing 3.4% compared to May 2012 and increasing 1.2% sequentially. ADV in U.S. cash equities declined 19.2% year-over-year and decreased 1.8% month-over-month. European cash equities ADV in May 2013 decreased 12.9% compared to May 2012 and decreased 6.1% from April 2013 levels.
CBOE Futures Exchange: May 2013 Trading Volume In VIX Futures Post Gains Over Year Ago
During May, a total of 3,212,399 VIX futures contracts traded. This was an increase of 61 percent versus the 1,999,974 contracts traded in May 2012 and a decrease of 21 percent when compared to the all-time high of 4,056,760 contracts traded in April 2013. During May, exchange-wide volume at CFE totaled 3,220,913 contracts traded. This was an increase of 59 percent versus the 2,022,253 contracts traded in May 2012 and a decline of 21 percent when compared to the record 4,069,630 contracts traded in April 2013.
MarketAxess Announces Monthly Volume Statistics for May 2013
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced total monthly trading volume for May 2013 of $62.5 billion, consisting of $39.0 billion in U.S. high-grade volume, $15.8 billion in other credit volume, and $7.7 billion in liquid products volume. This data can be accessed on MarketAxess’ website at www.marketaxess.com.
Montreal Exchange Achieves Two Monthly Trading Volume Records
The Montreal Exchange (MX) today announced it achieved a monthly trading volume record on the CGB (10-Year Government of Canada Bond Futures) in May 2013 with 2,199,389 contracts traded, which surpassed the previous record of 1,449,918 contracts traded in May 2007. MX also achieved an overall monthly trading volume record in May 2013 with 7,332,838 contracts traded, surpassing the previous record of 6,720,566 contracts traded, which was set in August 2011.
TMX Group Consolidated Trading Statistics – May 2013
Trading volume on Toronto Stock Exchange in May 2013 increased 1% compared to April 2013 and increased about 1% year-over-year. Volume on TSX Venture Exchange decreased 9% from April 2013 and decreased 17% compared to May 2012. TMX Select trading volume experienced a decrease of 4% from the previous month, but increased 19% compared to the same month last year. Alpha trading volume for May 2013 decreased 38% compared to the previous month and was down 49% compared to the same month a year earlier.
Tokyo Commodity Exchange May 2013 Volume Averaged 109,818 Contracts Per Day, Down 29.6%
EPEX SPOT: Power Trading Results in May 2013 – New record on Swiss Day-Ahead market
In May 2013, a total volume of 29.5 TWh was traded on EPEX SPOT’s Day-Ahead and Intraday markets (May 2012: 29.2 TWh). Trading volumes on the Swiss Day-Ahead market hit a new all-time high, as well as the volume traded in 15-minute contracts on the German Intraday market, which reached a new all-time high for the third month in a row.
Trading Technologies Launches Connectivity to Eris Exchange
Trading Technologies International, Inc. (TT), a global provider of high-performance trading software for derivatives professionals, and Eris Exchange, a U.S.-based futures exchange offering swap futures as a capital-efficient alternative to traditional OTC interest rate swaps, today announced that TT has released its connection to the Eris SwapBook electronic trading platform.
NYSE Euronext Hosts Its Inaugural Pan European Days At The NYSE
NYSE Euronext (NYX) today announced that its Pan European Days event started yesterday in New York and will last from June 3 to June 5, 2013. This high-profile forum brings together businesses and investors – some 61 companies with up to E762 billion in market capitalisation that are listed on NYSE Euronext’s continental European markets (Amsterdam, Brussels, Lisbon and Paris), and around 250 investors from the United States.
NASDAQ OMX Prices EUR 600,000,000 Senior Notes Offering
The NASDAQ OMX Group, Inc. today announced that it priced a public offering of E600,000,000 aggregate principal amount of Euro-denominated 3.875% senior notes due 2021.
Moscow Exchange’s Derivatives Market Open Interest Hits The Record
In June 03, 2013 a record open interest was shown by the Moscow Exchange’s derivatives market. By the end of the main trading session the total open interest in futures contracts reached 289.4 billion rubles or 8.9 million contracts.
Oslo Børs: Minor Adjustment Of Burgundy Trading Schedule
Burgundy Monthly Report May 2013
IntercontinentalExchange Sets Date of August 6 for Second Quarter 2013 Earnings Announcement
[CBOE] Restrictions on Transactions in Adjusted McMoRan Exploration Co. (MMR1)
TSX Block List Leaders By Volume And By Values – May 2013
Hedge Funds & Managed Futures
Pimco Flagship Has First Withdrawals Since 2011
Bill Gross ’s Pimco Total Return Fund , the world’s largest mutual fund, suffered the first client withdrawals since 2011 last month as global bond markets tumbled the most in nine years.
Top Electronic Pro Finds New Home at Tradebook
Stan Craig joined Cantor Fitzgerald & Co. as a vice president on the firm’s broker-dealer sales desk. Craig, a 14 year professional, is responsible for growing the firm’s NMS, OTC, and international business flow. Previously, he spent seven years at Vertical Group and Wachovia Securities. He reports to James Smyth, managing director and head of the broker-dealer desk.
Bloomberg Begins Fund to Invest in Start-Ups
NICOLE PERLROTH – NYTimes.com
In the increasingly clubby world of Silicon Valley, some might say it was almost inevitable that Bloomberg L.P., the parent of Bloomberg News, would start its own venture capital firm to invest in start-ups, including some that its technology reporters write about.
Virtu abandons LA outpost for Texas
Tim Cave – Financial News
Virtu Financial, one of the world’s largest high-frequency trading and market making firms, is to relocate its entire Californian operations to a new office in Texas – its third regional restructuring in a year – underlining efforts by the specialist operator to streamline costs.
Neuberger Berman’s Dyal Buys a 20% Stake in Hedge Fund
Capstone Investment Advisors LLC, a hedge-fund firm with $2.4 billion in assets, sold a minority stake to a private-equity fund run by Neuberger Berman Group LLC, according to a letter sent to Capstone’s clients.
Hedge Funds in Japan Ride Small-Cap Rally on Abenomics Boost
Japanese hedge funds investing in smaller companies are outperforming as trading in small-cap stocks more than doubled this year amid Prime Minister Shinzo Abe’s efforts to revive the world’s third-largest economy.
Investors look for more control over investments
Simon Meads – Financial News
Private equity advisers are creating derivatives structures and online platforms to appeal to investors who want more hands-on control of their investments after the credit crisis wiped billions off the value of assets and highlighted the perils of locking away money in funds for long periods.
Credit hedge fund CQS moves into equities
Sam Jones, Hedge Fund Correspondent – FT.com
CQS, Europe’s biggest credit hedge fund by assets under management, is planning to branch into equities, in a sign that top managers are diversifying in response to the high levels of capital flowing into the industry.
Fiona Moore Named Head of ETF Fund Administration Services for Northern Trust
Business Wire via Yahoo! Finance
Northern Trust has appointed Fiona Moore as head of fund administration for its exchange traded funds business across Europe, Middle East and Africa.
[Video] Ruining a Hedge Fund?
For 7 years, the government has gone after hedge fund SAC Capital for trading on inside information. CNBC’s Kate Kelly discusses the company and progress of the government investigation. In May, Cohen and several senior staff received subpoenas.
Tisch Says Hedge Funds Envy Him Amid Withdrawal Concerns
James Tisch, who invests in hedge funds to boost returns at Loews Corp. , said he avoids managers with the largest pools of money and sleeps better at night knowing he doesn’t face the same prospect of client withdrawals.
3 Louisiana pension funds file suit over hedge fund investment
New Orleans Times-Picayune
Five years after three Louisiana retirement systems invested $100 million in a hedge fund promising high returns with low risk, a pact that has since soured, pension trustees are now suing the financial services firm that administered the ill-fated deal.In…
Subscription starts for gamigo AG corporate bond
Turney Duff Found Partying Had Subprime Effect on Career
As a junior trader at the now-defunct hedge-fund company Galleon Group LLC, Turney Duff was surprised by how eagerly he was courted by securities-firm salesmen.
Banks & Brokers
Goldman’s Kathleen Brown to retire -memo
Goldman Sachs Group Inc.’s GS Kathleen Brown, chairman of investment banking in its Midwest region, is retiring. Ms. Brown, 67, helped lead Goldman’s public finance business, first in California and later in Chicago, according to a memorandum to employees that was co-signed by investment banking heads Richard Gnodde, David Solomon and John Weinberg.
Bank of America Merrill Lynch Receives Multiple Industry Awards for Trade and Supply Chain Finance
Business Wire via Yahoo! Finance
Bank of America Merrill Lynch’s strong performance in global trade and supply chain finance has been recognized throughout the industry, highlighted recently by a number of key awards.
Wells Fargo Expands Prime Brokerage Unit With Thomas, McCooey
Wells Fargo & Co. , the bank building a securities business to challenge Wall Street , promoted Dan Thomas to help clients clear trades and manage collateral and hired Deutsche Bank AG’s Eamon McCooey to run hedge-fund services.
Gleacher to Shut Its Investment Bank
MICHAEL J. DE LA MERCED – NYTimes.com
Gleacher & Company, the troubled boutique bank, said on Tuesday that it was shutting down its investment banking business and that it had named a restructuring expert as its chief executive.
BNY Mellon to Bring Private Banking Services to RIAs
BNY Mellon, the global leader in investment management and investment services, has forged an innovative arrangement between its Pershing Advisor Solutions group and BNY Mellon Private Banking.
BMO Harris veteran Ellen Costello retires
Crain’s Chicago Business
Ellen Costello, head of the U. S. holding company of BMO Harris Bank and former CEO of the bank itself, is retiring after a 30-year career.
Indexes & Products
Hedge Fund ETF Celebrates First Birthday in Style
ETF Trends via Yahoo! Finance
With the high minimum investments and pesky fees, not all investors can or want to become hedge fund clients. However, there are certainly times when plenty of investors would love to have access to a list of stocks in which hedge fund managers are accumulating positions. Some ETFs make that possible.
Shanghai Stock Exchange And China Securities Index Co. Dividend Potential Index, SSE And CSI Sector Dividend Indices To Be Launched
Semi-Annual Review Of The OMX Stockholm 30 Index
Exegy Names Hughes To Head Sales
Exegy, Inc., the market data appliance company, has appointed Steve Hughes as Vice President of Sales, with responsibilities for global sales.
CFTC Files Amended Complaint Which Adds Charge That Defendants Arista LLC, Abdul Sultan Walji and Reniero Francisco of California Made False Statements to the CFTC
The CFTC’s amended Complaint adds a charge of making false statements to the CFTC against the defendants, Arista LLC (Arista), a registered Commodity Pool Operator (CPO) based in Newport Coast, California, and its principals, Abdul Sultan Walji (a/k/a Abdul Sultan Valji) and Reniero Francisco, both residents of California.
Federal Court Orders Utah Residents Christopher D. Hales, Eric A. Richardson and their Company Bentley Equities, LLC to Pay More Than $2.7 Million in Sanctions for Fraud
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained federal court orders for more than $2.7 million in disgorgement and civil monetary penalties against Bentley Equities, LLC (Bentley), a Delaware corporation, and its principals, Christopher D. Hales (Hales) and Eric A. Richardson (Richardson), resolving the CFTC’s May 2, 2012 Complaint charging them with fraud.
FINRA Orders Wells Fargo and Banc of America to Reimburse Customers More Than $3 Million for Unsuitable Sales of Floating-Rate Bank Loan Funds
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds.
HSBC Sued by New York Over Alleged Foreclosure Violations
HSBC Holdings Plc was sued by New York Attorney General Eric Schneiderman, who accused Europe ’s largest bank of breaking state foreclosure law and putting homeowners at greater risk of losing their homes.
Ex-Goldman Sachs Trader Tourre Loses Bid for Partial Ruling
Former Goldman Sachs Group Inc. trader Fabrice Tourre lost a bid for a ruling that he wasn’t liable under U.S securities laws for foreign transactions while the U.S. Securities and Exchange Commission won a ruling that Tourre violated a provision of U.S. securities law.
ASIC cancels registration of Sydney liquidator
Environmental & Energy
Decarbonisation target goes down to narrow defeat
The government narrowly averted a rebellion that would have forced it to introduce a decarbonisation target for the power sector, after a cross party amendment was defeated by 290 votes to 267.
Britain reject tough CO2 cut target for power sector
British lawmakers on Tuesday rejected an amendment to the coalition government’s Energy Bill which would have locked the power sector into tough carbon cuts from 2014, two years earlier than planned, and limited new gas plants being built after 2020.
China Sticks to Carbon-Intensity Target, Dismisses CO2 Cap
China’s Chief Climate Negotiator Su Wei reaffirmed his nation’s commitment to lower emissions relative to economic output while dismissing reports that it will adopt an absolute cap on greenhouse gases.
EEX GASPOOL Futures now tradeable on PEGAS – New Market Maker on Board
SunGard and Bank of America Merrill Lynch Release Results of Asia Pacific Treasury Barometer Survey
Foremost, the results reveal that the five key priorities for treasurers in Asia Pacific over the next 12 to 24 months will be improving cash visibility, yield enhancement and interest expenses, cash concentration, rationalizing bank accounts, and mitigating counterparty risk.
Abe unveils ‘third arrow’ reforms of low tax and deregulation
Jonathan Soble in Tokyo – FT.com
Shinzo Abe, Japan’s prime minister, said the government would relax rules governing the sale of non-prescription drugs and allow selected cities to experiment with lower taxes and deregulation as he finished outlining his economic reform plans on Wednesday.
HKFE Announces Revised Margins For Henderson Land Futures
Tokyo Stock Exchange Welcomes A New General Trading Participant – CLSA Securities Japan Co., Ltd.
Borsa Istanbul And Tirana Stock Exchange Sign A Memorandum Of Understanding
The MoU signed by Mr. Mustafa BALTACI, Executive Vice President of Borsa Istanbul, and Ms. Anila FURERAJ, CEO of Tirana Stock Exchange is expected to be developing of the existing cooperation between Borsa Istanbul and Tirana Stock Exchange.
EDI Opens Office In Morocco To Enhance Its Coverage Of The EMEA Markets
Exchange Data International (EDI), the well-established provider of global Reference and Corporate Actions data, today announced the opening of their Moroccan office in Agadir.
Abu Dhabi Securities Exchange Signs MOU With Abu Dhabi University
Abu Dhabi Securities Exchange (ADX) signed today a Memorandum of Understanding (MoU) with Abu Dhabi University (ADU) aiming at enhancing the cooperation between the two organizations in the fields of institutional development, curriculum development, and information dissemination.
Brazil Axes Foreign Investor Tax as Real Hits Four-Year Low
Brazil will eliminate a tax on foreign investment in fixed income after the real had the worst performance in Latin America in the past three months.
Palestine Exchange Monthly Newsletter
Palestine Exchange Thursday 06 June 2013 An Official Holiday