John Lothian Newsletter: SEC Probes Operators’ Use of Multiple Markets; ‘Gray Market’ Crops Up for New Issue of Greek Bonds; Hong Kong to bolster its clearing house

Mar 12, 2012

The SEC is looking into the possibility that some exchanges favor their biggest customers at the expense of smaller traders. A couple of banks are already trying to make a market for Greece’s new bonds, even though they don’t exist yet. HKEx unveils plans to beef up their clearing house to meet post-2008 regulations and demand. The MF Global story continues, with continued protests over executive bonus plans; and recommendations from the NFA on how to better manage customer funds in the future. In Europe, now that Greece is no longer scalding hot, the financial transaction tax receives more attention.

Observations – Statistics – Commentary

Interview: Rolet plans LSE’s next move
By Jeremy Grant – Financial Times
Xavier Rolet, chief executive of the London Stock Exchange, has barely finished negotiating a deal to acquire a majority stake in LCH.Clearnet when he reveals that he is already in talks with other unnamed entities about bringing them in as customers and possibly shareholders.
http://jlne.ws/AieG8c

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WSJ: MF Global Case Has Rattled The World of Futures
By Jacob Bunge – Dow Jones
The closely knit futures industry has confronted scandals before, but the collapse of MF Global Holdings Ltd. still has seasoned brokers and exchange officials on edge. Confusion over what went wrong at MF Global and how it could have been prevented have prompted some of the world’s biggest agricultural trading firms to consider dumping brokerage middlemen and bringing their business in-house, to avoid being caught up in another such debacle.
http://jlne.ws/zrarlK

**** I am not rattled. I am mad as…^&*()_+!!!

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Those bankruptcy bonuses at MF Global are no surprise
Crain’s
Why are the executives who oversaw the eighth-largest bankruptcy in U.S. history getting bonuses? The answer is simple: That’s the way things are done at MF Global.
http://jlne.ws/wxAeva

**** At some point, there is no more pain, just numbness from the dumbness.

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Icahn, Conoco among big names in MF Global mess
By Ann Saphir and Tom Polansek – Reuters
Oil major ConocoPhillips, billionaire investor Carl Icahn, Coca Cola and giant energy trader Mercuria are among a crop of previously unnamed, high-profile former clients of bankrupt futures brokerage MF Global, an examination of claims filed in the case shows.
http://jlne.ws/zRetO0

**** I am more worried about the little names.

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Dodd-Frank panel faces pushback on rules for naming vital Wall Street firms
By Peter Schroeder – The Hill
Federal regulators are facing opposition from business groups as they try to develop a system to ensure that large institutions do not cause another financial crisis. At issue is how regulators will determine what financial firms deserve the title “systemically significant.”
http://jlne.ws/xktjvm

***** Are you involved in the plumbing? Then you are systemically significant. Are you too big to fail?

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NYSE, Nasdaq Gain if Regulators Crack Down on Dark Pool Trading
Forbes
Dark pools are electronic platforms designed for financial institutions and large banks to carry out major stock trades anonymously. However as this market has grown so has concern among regulators about the level of disclosure in this market. This could benefit U.S. stock exchanges if regulators start to crack down on trading in dark pools.
http://jlne.ws/Aqknlr

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Javier Tordable new CEO for Cinnober Financial Technology
Javier Tordable has been appointed as new CEO of the leading exchange technology provider Cinnober Financial Technology AB. Tordable has extensive experience in international capital markets, having worked with a number of exchanges and trading companies, including Deutsche Börse, Eurex and MTS (London Stock Exchange Group), during his 15-year+ international career.
http://jlne.ws/zWhBK6

**** Welcome to Javier Tordable.

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Futures industry SRO committee announces recommendations in light of MF Global
A special committee composed of representatives from the futures industry’s self-regulatory organizations (SRO) has proposed a series of initial recommendations for changes to SRO rules and regulatory practices designed to strengthen current safeguards for customer segregated and secured funds held at the firm level in light of the MF Global bankruptcy.
http://jlne.ws/x1CTQ4

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FIA Special Alert: FIA PTG Participates in Online Debate about High-Frequency Trading
Press Release
The Economist magazine this week is hosting an online debate on the merits of high-frequency trading. Jim Overdahl, a vice president at National Economic Research Associates and an adviser to the FIA Principal Traders Group, will defend the motion, “This house believes that high-frequency trading contributes to the overall quality of markets.” Taking the opposite side will be Seth Merrin, founder and chief executive officer of Liquidnet.

The debate will begin with opening statements from both sides and will continue with rebuttals and closing statements until March 16. The FIA encourages members to view the debate online, vote on the motion and submit comments by clicking this link:
http://jlne.ws/wlqITp

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[Video] Wall Street History: High Frequency Trading Is Nothing New
CNBC
These days you can’t go 10 feet on Wall Street without hearing something about high frequency trading or ultra-fast computer trading.It’s a sensitive issue and one that generates a great deal of controversy.Though high frequency trading is a reasonably new phenomenon, shrewd market strategies have been part of the market for centuries.
http://jlne.ws/zTxqHB

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The Financial Transactions Tax: But Why?
Forbes
We know that a large number of people would like to impose a financial transactions tax in order to prevent something like the Great Financial Crash ever happening again. At least they say that’s why they would like to impose such a tax.
http://jlne.ws/xJ3HvO

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Ken Griffin, Billionaire Romney Backer, Says Super Rich Have ‘An Insufficient Influence’ On Politics
By Alana Horowitz – The Huffington Post
In an interview with the Chicago Tribune, Ken Griffin, founder of the hedge fund Citadel was asked if he thought rich people had too great of an influence on politics. “I think they actually have an insufficient influence,” he responded. “Those who have enjoyed the benefits of our system more than ever now owe a duty to protect the system that has created the greatest nation on this planet.”
http://jlne.ws/wfND30

**** Influence comes from being a leader, not the number of dollars you have. Be a leader Mr. Griffin.

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WILD Takes Steps to Formalize Structure; Announces Inaugural Board of Directors and Executive Committee
Women in Listed Derivatives (WILD), a group that promotes networking and relationship-building among women in listed and OTC derivatives, announced today that it has named its first slate of directors and elected an executive committee.
http://jlne.ws/zh9JVs

**** Congrats to Jessica Titlebaum (if I called her “what’s her name” again in this newsletter I would be singing soprano) on being named president of WILD. Here is the list of officers:

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MarketsWiki Page of the Day
London Stock Exchange Group plc
http://jlne.ws/glNcTz

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MarketsWiki Recent Updates

People

Russ Chrusciel; Greg Tanzer; Richard Sandor

Companies, Organizations and Groups

LCH.Clearnet Group Ltd.; London Stock Exchange Group plc; Committee on Payment and Settlement Systems

Products

Miscellaneous

Upcoming Events

Statistics

20,423,316 pages viewed, 6,739 articles, 137,850 edits
MarketsWiki Statistics
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Lead Stories

SEC Probes Operators’ Use of Multiple Markets
Hal Weitzman, Kara Scannell and Telis Demos, Financial Times
The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC. The enforcement inquiries emerged from examinations by the Securities and Exchange Commission of how exchange operators, some of which also regulate their customers, manage conflicts of interest with hedge funds, high-frequency trading groups, banks and asset managers.
http://jlne.ws/x5iQve

‘Gray Market’ Crops Up for New Issue of Greek Bonds
BY KATY BURNE
Greece will give new bonds to private creditors under its proposed debt restructuring in exchange for old bonds. And while the new bonds don’t exist yet, that hasn’t stopped at least two dealers from trying to make a market in them. On Wednesday, Swiss bank UBS AG started quoting a “gray market” in new Greek sovereign bonds, according to a person familiar with the matter. Another person said broker-dealer Seaport Group had done the same.
http://jlne.ws/xyHoLT

Hong Kong to bolster its clearing house
By Jeremy Grant in London – Financial Times
Hong Kong’s exchange on Sunday unveiled measures to strengthen its clearing house in the first sign that some of the world’s largest clearing houses believe they need to ensure they are financially robust enough to withstand new demands placed on them by a wave of post-2008 crisis regulations.
http://jlne.ws/zCqDtJ

ISDA Says Greece Experienced ‘credit Event’
Myra P. Saefong – MarketWatch Pulse
The International Swaps and Derivatives Association said Friday that the Greek government’s use of collective-action clauses, or CACs, to amend to terms of Greece-issued bonds qualifies as a “credit event” for Greece.
http://jlne.ws/w3mtpk

Markit and IntercontinentalExchange Issue Joint Statement on Credit Event Auction Date for The Hellenic Republic
Following a decision by the International Swaps & Derivatives Association’s (Isda) Determinations Committee that a Restructuring Credit Event occurred with respect to The Hellenic Republic, Markit and IntercontinentalExchange’s Creditex subsidiary, will hold a Credit Event Auction to settle Credit Default Swap (CDS) trades on the country’s sovereign debt on March 19, 2012.
http://jlne.ws/xgvmUU

New Stress Tests Expected to Show Progress at Most Banks
New York Times
The Federal Reserve this week will release the results of its latest stress tests, which are expected to show broadly improved balance sheets at most institutions.
http://jlne.ws/yJ14sr

Financial-Transaction Tax for Europe Urged by Schaeuble, Monti in Letter
Bloomberg
German Finance Minister Wolfgang Schaeuble is among European leaders calling for a Europe-wide tax on financial transactions, Der Spiegel reported, citing a joint letter to the EU leadership.
http://jlne.ws/z05G6j

Swiss stand to gain from EU transactions tax
Market Watch
A plan for a European Union-wide financial-transactions tax could bolster Switzerland’s reputation as a financial center.
http://jlne.ws/zxWlNd

Fitch Downgrades Greece To ‘Restricted Default’ From ‘C’
http://jlne.ws/zBMApD

Rating Action: Moody’s Downgrades Greece To C From Ca
http://jlne.ws/ywr2XF

Finance ministers to revive firewall debate
By Joshua Chaffin in Brussels – Financial Times
After helping to push through a Greek debt restructuring that is the largest in history, eurozone governments will revive a debate about boosting firewalls to shield Spain, Portugal and other vulnerable economies from the flames of the crisis.
http://jlne.ws/z1hNya

Hungary Has Made Progress Toward Starting IMF Negotiations, Natran Says
Bloomberg
Hungary has made progress in efforts to begin talks with the International Monetary Fund and the European Union over a loan, a government official said, helping extend this year’s rally in the forint.
http://jlne.ws/xkaTq7

Bonuses at MF Global Draw 2 Senators’ Fire
BY MIKE SPECTOR AND AARON LUCCHETTI – WSJ
Two lawmakers prodded the bankruptcy trustee in charge of unwinding MF Global Holdings Ltd. to drop his plan to pay bonuses to top executives who were at the securities firm when it collapsed.
http://jlne.ws/zzCbTm

Environmental Trading News

Delay EU carbon levy, says air industry
Financial Times
Seven of Europe’s leading aviation companies have joined forces to warn the European Union’s plans to charge for carbon pollution are jeopardising 2,000 jobs and billions of dollars of orders from China.
http://jlne.ws/y7folY

Airbus blames EU carbon trading row for falling Chinese orders
Business Green
Aerospace and defence giant EADS has said China is blocking the purchase of 10 Airbus planes due to the EU’s plans to charge airlines for carbon emissions.
http://jlne.ws/xkGuv4

EU Nations to Clash Over CO2 Goals as Poland Threatens Veto
Bloomberg
European Union nations are set for a clash over the bloc’s strategy to cut greenhouse gases at a meeting today after Poland threatened to veto any declaration that may lead to stricter targets in the future.
http://jlne.ws/y5Tdko

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
Visit http://www.jlnenvironmental.comto subscribe.

Exchange & ECN News

Quick View: Big Bang Part II for LSE
By Jeremy Grant – Financial Times
The London Stock Exchange has long been mocked by rivals as a mere bit player in the global exchange game. It was slow, out of touch with the regulatory changes sweeping through the industry and bogged down in the parochial business of UK share trading and market data. As of today, those rivals need to change their story.
http://jlne.ws/zg2Jvx

LSE Gains After Agreeing to Buy LCH.Clearnet Stake: London Mover
By Andrew Rummer and Adam Haigh – Bloomberg
London Stock Exchange Group Plc rallied the most in more than eight months after agreeing to buy a majority stake in LCH.Clearnet Group Ltd. for 463 million euros ($613 million) to expand its post-trade services.
http://jlne.ws/zIW2gc

Deal Moves LSE Into Elite Company
BY JACOB BUNGE AND VLADIMIR GUEVARRA – WSJ
London Stock Exchange Group PLC’s deal for LCH.Clearnet Group Ltd. would move it back into the industry elite after more than a decade of fending off hostile takeovers.
http://jlne.ws/xCnOtk

Startup America Welcomes New Sponsor NYSE Euronext and Over Twenty Additional Partners to Help Startups Grow
Press Release
In the heart of SXSW Interactive’s Startup Village, the Startup America Partnership today announced that NYSE Euronext has joined as its latest and final corporate sponsor. Twenty-two new partners have also enlisted to provide valuable services and resources to help young companies grow.
http://jlne.ws/yGyYiV

Cleartrade Exchange launches its market data service
Cleartrade Exchange Pte Ltd. (CLTX), the OTC electronic global marketplace for commodity derivatives, today announced the launch of the Cleartrade Market Data Service (CMDS). The service provides a unique combination of OTC swaps-related market data to be distributed by the major data vendors to banks, trading organisations, broker firms and analysts.
http://jlne.ws/x4OEv9

EEX Natural Gas Trading reaches New Volume Record
More than 1.5 TWh traded in the GASPOOL Spot Market Area for the first time – Incentive model and Market Message Service support trading
http://jlne.ws/wL2vIk

TOM (The Order Machine) Welcomes IMC As Shareholder
http://jlne.ws/wAWiwl

CME Clearing – Performance Bonds / Margins
Performance Bond Requirements: NYMEX and COMEX New Products – Effective Friday, March 09, 2012
http://jlne.ws/xp6VPT

ASX Ltd Half-Year Results – Edited Analyst Briefing Transcript
http://jlne.ws/x2q6WZ

ASX Ltd Half-Year Results – Edited Media Briefing Transcript
http://jlne.ws/yugkt3

NASDAQ Announces End-of-Month Open Short Interest Positions in NASDAQ Stocks as of Settlement Date February 29, 2012
http://jlne.ws/xuOuoh

NYSE Amex Issues Short Interest Report
http://jlne.ws/AAaHzf

NYSE Group Inc. Issues Short Interest Report
http://jlne.ws/w74BUu

NYSE Euronext Announces Trading Volumes for February 2012
http://jlne.ws/wVv85L

TOM MTF Statistics Week 10 2012
http://jlne.ws/x6Y2Wv

Banks, Brokers & Dark Pools

UK Banks Face Allegations Of Misselling Derivatives – Report
Dow Jones Newswires
Britain’s top banks, including Royal Bank of Scotland Group PLC (RBS.LN), Lloyds Banking Group PLC (LYG), Barclays PLC (BCS) and HSBC Holdings PLC (HBC) are facing allegations of mis-selling complex financial products to hundreds of small businesses, the Sunday Telegraph reports.
http://jlne.ws/znORMl

Knight Forms Capital Markets Alliance with La Compagnia Finanziaria
PR Newswire
Knight Capital Group, Inc. today announced that is has formed an alliance with Milan, Italy-based La Compagnia Finanziaria Spa to provide capital markets services for Italian companies and clients.
http://jlne.ws/wpLZ6H

Guest Post: An Open Letter to Jamie Dimon
Zero Hedge
Submitted by James Koutoulas, President, Commodity Customer Coalition and CEO, Typhon Capital Management
http://jlne.ws/AtMksj

Goldman Sachs to hold board meet in India: source
Reuters via Yahoo! News
Goldman Sachs Group Inc will hold its annual board meeting in India later this month in a sign of the U.S.-based bank’s “commitment” to one of the fast-growing emerging markets, a source with direct knowledge of the matter said on Monday.
http://jlne.ws/xWBU5M

RBS Singapore-Based Credit Strategists Jagger, Li Leave Bank – Sources
Dow Jones
Royal Bank of Scotland Group PLC (RBS) Singapore-based credit strategists Tim Jagger and Kristine Li have left the bank, people familiar the situation said Monday.
http://jlne.ws/vZBHvu

Citigroup Names Peter Tague Co-Head of Mergers Worldwide With Mark Shafir
Bloomberg
Citigroup Inc. (C) , ranked seventh among mergers and acquisitions advisers last year, promoted Peter Tague to co-head of its global M&A business.
http://jlne.ws/xPitG6

Cantor Fitzgerald announces Head of Retail Equity Broker Dealer Group
Cantor Fitzgerald & Co. announced today that industry veteran James P. Smyth has joined as Managing Director and Head of its Retail Equity Broker-Dealer Group.
http://jlne.ws/x7ktlJ

HSBC Taps New Head of Global M.&A.
New York Times
Alain Renaud will take over as global head of mergers and acquisitions at HSBC after Andrew Bell left the European firm to join the American investment bank Jefferies.
http://jlne.ws/xoVvTh

Regulators approves Cap One-HSBC deal
International Business Times
Bank regulators approved Capital One Financial’s acquisition of HSBC’s $30 billion U.S. credit card business, the Office of the Comptroller of the Currency announced on Friday.
http://jlne.ws/xE7h4U

Barclays boss Diamond’s $27 million payday
Reuters via Yahoo! News
Barclays faced another backlash over excessive pay after Chief Executive Bob Diamond took home pay, shares and benefits worth 17 million pounds ($26.9 million) last year.
http://jlne.ws/xwcaro

Easiest Credit Worldwide Shows No Signs of Abating as Fear Index Plummets
Bloomberg
Central bankers are taking a break rather than hitting the brake.
http://jlne.ws/yYEaLl

Regulatory News

The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
http://www.sec.gov/news/digest.shtml

Emir throws custodians a new income stream
Sophie Baker – Financial News
European rules on derivatives trading are set to change the way pension schemes, along with every other market participant, trade on the derivatives market.
http://jlne.ws/y83cEw

CFTC Announces Process to Designate the Provider of CFTC Interim Compliant Identifiers
The Commodity Futures Trading Commission (CFTC) is requesting submissions from industry participants who wish to be considered for designation by the Commission as the source for identifiers to be used for identification of swap counterparties in swap recordkeeping and swap data reporting under the jurisdiction of the Commission beginning on July 16, 2012.
http://jlne.ws/zR3cmX

Chicago pair may face SEC enforcement action
By Ameet Sachdev – Chicago Tribune
The co-founders of Advanced Equities Inc., a Chicago investment firm, may face federal enforcement action related to a 2009 private offering. Keith Daubenspeck and Dwight Badger recently disclosed in public filings that they had received Wells notices in January from the Securities and Exchange Commission.
http://jlne.ws/AjOqqI

CFTC Charges Illinois Resident Christopher Varlesi with Commodity Pool Fraud, Misappropriation, False Statements, and Failure to Register
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a civil enforcement action against Christopher Varlesi of Chicago, Ill., individually and doing business as Gold Coast Futures and Forex (Gold Coast). The CFTC is charging Varlesi with fraudulently operating a commodity pool to trade commodity futures and off-exchange foreign currency (forex) contracts. The CFTC complaint also charges Varlesi with making false statements to pool participants, misappropriating pool funds, and failing to register as a commodity pool operator.
http://jlne.ws/ydk6eY

CFTC sues trader over alleged swindle
Crain’s Chicago Business
Christopher Varlesi of Chicago, operator of Gold Coast Futures and Forex, allegedly confessed to one participant in his futures trading pool that “all investor money was gone,” according to a complaint.
http://jlne.ws/yCBdnP

NFA Rule Submission Letters
National Futures Association: Retail Forex Transactions – Proposed Amendments to NFA Financial Requirements Section 14, the Interpretive Notice Entitled Forex Transactions and the Interpretive Notice Entitled NFA Compliance Rule 2-40: Procedures for the Bulk Assignment or Liquidation of Forex Positions; Cessation of Customer Business
http://jlne.ws/yQjWmL

FSA publishes censure against Bank of Scotland plc in respect of failings within its Corporate Division between January 2006 and December 2008
The FSA has confirmed publicly that it has been carrying out an enforcement investigation into HBOS in respect of specific issues relevant to its failure during the wider financial crisis.
http://jlne.ws/ywyUaH

Wall St. Blocking Limits on Speculators: CFTC’s Chilton
CNBC
Futures regulators want to limit oil and other commodities speculators to 10 percent of market now, but can’t because “Wall Street is taking us to court to keep us from implementing the rule,” said Bart Chilton.
http://jlne.ws/ySyc2i

High-Frequency Traders Should Be Registered to Aid Oversight, Chilton Says
Nina Mehta – Bloomberg
Creating a registration category for high-frequency trading firms that buy and sell rapidly will help U.S. regulators determine whether new rules should be imposed on them as a group, according to Bart Chilton, a Democrat at the Commodity Futures Trading Commission.
http://jlne.ws/z9OQoA

California judges want to keep financial reports off the Web
San Jose Mercury News
State’s FPPC to consider whether to impose requirement on bench that all elected officials’ financial disclosure reports be posted on the Internet.
http://jlne.ws/w3eVOh

Whistleblower Joseph Insinga suing IRS for not being paid a reward
Washington Post
Joseph A. Insinga was the ultimate whistleblower. The former executive with a Dutch bank says he divulged to the Internal Revenue Service details about how for years his employer helped U.S. companies dodge taxes.
http://jlne.ws/x8Cx5x

[ASIC] Former Stonebridge broker banned for three years
http://jlne.ws/z1jqFQ

[ASIC] Statement on Securency International and Note Printing Australia
http://jlne.ws/yv3z7Q

Investments – Indexes – Managed Futures – Managed Funds

Currency Trading at $5 Trillion a Day Surpassed Pre-Lehman High, BIS Says
Bloomberg
Trading then declined to about $4.7 billion a day in October and is likely to have fallen considerably in early 2012, the Basel, Switzerland-based bank said in a report.
http://jlne.ws/whMoDq

Investors back hedge funds as performance rebounds
Reuters
Investors ploughed more money into hedge funds over the past month, data from hedge fund administrator GlobeOp shows, as hopes of a resolution to the euro zone debt crisis and a rebound in markets boosted confidence after last year’s losses.
http://jlne.ws/zdpaIv

Trading supergroup plans global expansion
Tim Cave – Financial News
When JRJ Group, a private equity firm created by former Lehman Brothers bankers, took control of Marex Financial in 2010, industry analysts were surprised with its bullish prospects for the business.
http://jlne.ws/ycSDak

Billionaire Hedge Fund Managers
Edwin Durgy – Forbes
The 2012 Forbes Billionaires list includes 36 individuals who have derived significant chunks of their personal fortunes from the management of hedge funds, an all-time high. The past year was an interesting one for this elite group.
http://jlne.ws/yiz6Bc

Gundlach’s DoubleLine Bond Fund Led in Deposits Last Month After 2011 Gain
Bloomberg
Jeffrey Gundlach ‘s $20.9 billion DoubleLine Total Return Bond Fund (DBLTX) , which outperformed 99 percent of rivals last year, attracted more money than any other U.S. mutual fund in February.
http://jlne.ws/y1jU5I

Glencore circles US and Canadian traders
By Javier Blas, Commodities Editor – Financial Times
Glencore is trying to expand its agriculture business, particularly in the critical North American grain market, and is circling Canadian and US grain traders Viterra and Gavilon.
http://jlne.ws/yrLUkM

Contagion from Greece still threatens euro
By Axel Merk – Financial Times
When Greece’s woes first rattled the markets two years ago, the pundits predicted a collapse of the euro. The resilience of the euro has been due to a number of factors, not least of which is that the eurozone as a whole has a broadly balanced current account.
http://jlne.ws/ycahZq

Efficient collateral management service targeted for Canada: new plans announced by Clearstream and CDS Clearing and Depository Services
Canadian financial institutions are set to benefit from a new efficient and effective collateral management service planned for development by Clearstream and CDS Clearing and Depository Services Inc. (CDS). The two companies signed a letter of intent last week and will now move forward in exploring the creation of a new triparty collateral management service for Canada.
http://jlne.ws/yBHwHq

Fidelity Wins Eleven 2012 U.S. Lipper Fund Awards
Business Wire via Yahoo! Finance
Fidelity Investments, one of the world’s leading financial services providers with $1.6 trillion in managed assets, today announced that the firm won eleven 2012 U.S. Lipper Fund
http://jlne.ws/z1XUaP

Delaware Investments Wins Best Mixed Asset Small Company Lipper Award for Second Year
Business Wire via Yahoo! Finance
Delaware Investments, a member of Macquarie Group, was recognized as the best among 182 mutual fund companies in the small firm category in the Lipper Fund Awards 2011, earning the Mixed Asset Small Company award for the second straight year.
http://jlne.ws/zzD63V

Calamos International Growth Fund Receives Lipper Fund Award
PR Newswire
The Calamos International Growth Fund (CIGRX) has received a Lipper Fund Award in the United States. The Calamos International Growth Fund was recognized for its performance in the 3-year and 5-year time periods
http://jlne.ws/wi59Nd

Boerse Stuttgart: Ekosem-Agrar Issues Bond In Bondm Segment – Retail Investors Can Subscribe To The New Bond Issue Starting 12 March
http://jlne.ws/x6S6K1

Standard & Poor’s Announces Changes In The S&P/TSX Canadian Indices
http://jlne.ws/z5PKSG

Technology News

SunGard Expands Suite of Adaptiv Risk Solutions to Help Banks Actively Manage Credit Valuation Adjustment
SunGard has extended its Adaptiv suite of solutions to help customers not only calculate Credit Valuation Adjustment (CVA) but also actively manage it. Adaptiv CVA Studio now helps traders hedge their CVA exposure, minimize their firm’s earnings volatility and understand the direct impact of CVA on their P&L.
http://jlne.ws/AcOMqu

Report from Extraordinary General Meeting in Orc Group AB
http://jlne.ws/zLZ7n0

Brady announces a record year for new license deals and a 72% growth in revenues
Brady plc, the leading European provider of trading, risk management and settlement solutions to the global energy, metals and soft commodities sectors, has just announced a record year for signing new license deals and impressive revenue growth of 72% to more than L19 million, including recurring revenues, which dramatically increased by 147% to almost L10 million.
http://jlne.ws/ykIJ9Q

Schroder Investment Management (Luxembourg) selects Milestone Group to oversee outsourced fund accounting processes
Milestone Group, the global provider of optimised fund processing solutions to the funds industry, today announced that Schroder Investment Management (Luxembourg) is implementing its pControl software to enhance management of its outsourced fund accounting processes.
http://jlne.ws/whgYht

Media News

Chicago Reader on the auction block; Sun-Times solicited as buyer
Crain’s Chicago Business
(Crain’s)-The owner of the Chicago Reader has hired a Dallas firm to shop the alternative weekly newspaper, according to sources familiar with solicitations for a sale.
http://jlne.ws/zt4gMP

The Slow Death of Cash
Technology Review
In a new book, author David Wolman argues that cash costs society far more than we think it does. The End of Money reads like a late-night walk through the seedier corners of the global economy. There’s the small-town Baptist minister who calls electronic commerce the “Mark of the Beast,”the North Korean printing presses turning out counterfeit $100 supernotes…
http://jlne.ws/A86evU

Reports

Briefing.com Economic Calendar
http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm

USDA Today
http://www.nass.usda.gov/Publications/index.asp

CBOE Events Calendar
http://www.cboe.com/AboutCBOE/EventCalendar.aspx

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.
http://www.cmegroup.com/tools-information/calendars/

Asia-Pacific News

Hong Kong Exchange Wins Nod From Brokers on Risk Management
By Fion Li – Bloomberg
Hong Kong Exchanges and Clearing Ltd. will proceed with an overhaul of risk management next month after most brokers agreed to the changes, according to Charles Li, chief executive officer.
http://jlne.ws/zef3zO

Why China Faces a Catch-22 on Financial Reform
The Curious Capitalist
Amid all of the aggressive market reform that has taken place in China over the past 30 years, the country’s financial and capital markets are a glaring exception. Capital controls restrict flows of money in and out of the economy. The value of the currency, the yuan, is stage-managed by the state.
http://jlne.ws/ybExMV

China grants new investment licenses to five overseas firms in Feb
Reuters via Yahoo! Finance
China granted new investment licenses to five foreign institutions in February to invest in its stock and bond markets, the securities regulator said on Saturday.
http://jlne.ws/xMup7F

Citigroup to Double China Branches Within Three Years
CNBC
Citigroup expects to double the number of bank branches in China to 100 within two to three years as it accelerates its push into the country through its securities joint venture and an independent credit card business.
http://jlne.ws/ynGzpa

Meet the Southeast Asian ETFs
Nasdaq
Investors seeking exposure to the explosion of middle class growth in frontier and emerging markets have started to turn their attention to Southeast Asia.
http://jlne.ws/y2rNa3

President And CEO Of The Dalian Commodity Exchange Liu Xingqiang Attended First Press Conference On Behalf Of CSRC Members
http://jlne.ws/A90tYD

Shenzhen Stock Exchange: Sixth Adjustment To ChiNext Index Sample Stocks
http://jlne.ws/w84WX5

Thai Bourse Continues Teacher Education Program In 2012
http://jlne.ws/zxUz4v

Hong Kong’s Securities And Futures Commission Supports HKEx’s Move To Implement Risk Management Reform Measures For Its Clearing Houses
http://jlne.ws/zmwAuq

HKEx Appreciates Market Support For Its Clearing Houses’ Risk Management Reform
http://jlne.ws/wk3jOA

Frontier Markets

BRIIC is a Better BRIC
International Business Times
Back in 2001 when tech weary investors first started noticing the allure of the emerging markets, Goldman Sachs analyst Jim O’Neill coined the acronym “BRIC” to collectively refer to Brazil, Russia, India and China, then considered the top tier of the emerging economies.
http://jlne.ws/ADXv2n

Farmers hail return of wheat futures
TSHEPISO MOKHEMA – Business Day
THE South African Futures Exchange (Safex) plans to reintroduce contracts for wheat grown in the Western Cape, which produces 37% of the nation’s grain, in a move that could boost the prices farmers receive.
http://jlne.ws/yAr42j

DGCX February Volumes Rise 147%; Exchange Records Highest Ever Daily Volume During The Month
http://jlne.ws/zRx6Mr

Dubai Gold & Commodities Exchange Weekly Market Commentary – March 11, 2012
http://jlne.ws/zb2WhC

NASDAQ Dubai Monthly Trading Report: February 2012
http://jlne.ws/AbRGgB

Tehran Stock Exchange Updated Members List – March 2012
http://jlne.ws/yWc5Wc

Istanbul Stock Exchange: IMKB Launches The Financial Education Platform
Press Release
http://jlne.ws/wNEdtU

Inclusion Of A Company In BSE IPO Index
Press Release
http://jlne.ws/zy0d1K

Malawi Stock Exchange Weekly Report-09th March, 2012
http://jlne.ws/ws7kNJ

Miscellaneous News

5 Art Cashin Brain Teasers That Have Wall Street Baffled
Business Insider
Art Cashin , UBS Financial Services’ director of floor operations, is known for his daily letter Cashin’s Comments . But he’s also known for putting a piece of trivia at the end of every letter.
http://jlne.ws/A0VCJ8

John Lothian Newsletter

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Past JLN Newsletters

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