John Lothian Newsletter: MF Global Customers Said to Get Offers for Their Claims; Depository Trust to Create Clearinghouse for U.S. Mortgage-Backed Bonds; Funds unprepared for Dodd-Frank rules

Mar 13, 2012

One of the first fairly pleasant rays of sunshine lands on the MF Global wreckage, as customers get offers for their bankruptcy claims at around ninety cents on the dollar. DTCC gets approval from the SEC to run a clearing house for US mortgage bonds. A report just issued from Rule Financial shows that Dodd-Frank’s looming impact is being received either with confusion, lots of capital spending, or both. As FIA’s Boca convention kicks off, speculation (the good kind) abounds that MF Global’s aforementioned wreckage will weigh heavily on the proceedings. And in the top box today, you’ll find an interview with Walt Lukken, the new head of FIA.

Observations – Statistics – Commentary

MF Global collapse shadows futures meeting
By Hal Weitzman – Financial Times
Before CME Group surprised many in the futures industry by announcing that Craig Donohue would be retiring as its chief executive, the Futures Industry Association’s annual conference this week in Boca Raton, Florida, was set to be a somewhat introspective affair.

***JK: And Jeff Sprecher hasn’t even arrived yet.


Is MF Global Getting a Free Pass?
It’s sure starting to look as if Jon Corzine is going to get away with it. By now, it has been well established that Corzine’s former firm, MF Global, committed the sin of sins for a broker-dealer. In late October, during the final, desperate days before it entered bankruptcy proceedings, its executives took money from segregated customer accounts — money that belonged not to MF Global but to the farmers and commodities traders that were its clients — and used it to prop up its rapidly collapsing business.

“Is it really plausible that you can take $1.6 billion — nearly 25 percent of the customer assets under management — and not know you’ve used customer money?”

***JK: No… no, it’s not.


Walter Lukken
Five Minutes With Walt Lukken Of FIA
Walt Lukken started in his new role of president and CEO of the Futures Industry Association (FIA) last week. The former CFTC commissioner and New York Portfolio Clearing CEO spoke with John Lothian & Co. editor-in-chief Jim Kharouf about his new position, MF Global, Dodd Frank rules and prospects for the futures industry.

Q: You are taking the baton from John Damgard. What is your approach to the new role?

A: It’s going to be picking up where John left off. He’s done a very good job of promoting the industry and making sure that whatever regulatory apparatus which oversees the industry makes sense. For me, I’ve always termed it ‘smart regulation.’ We’re supportive of regulation but let’s make sure it’s smart regulation and it addresses the problems you are trying to solve. The Commodity Exchange Act calls for fair competition, making sure there is market integrity free from fraud and manipulation. Those are all things that the FIA supports. So we’re here to educate the public, regulators and policy makers about those issues and make sure the markets are working as intended.

Q: What are some of your priorities for FIA?

A: Certainly MF Global is at the top of the list. I mentioned the fair competition mandate from the CFTC. There are a lot of people who aren’t convinced that the markets are fair right now. So we have to be persistent in making sure customers’ money will be protected and that people can invest in these markets with a degree of confidence. And then certainly Dodd Frank is a close second. We’re about halfway through those rule makings. We need to make sure those rules don’t have unintended consequences.

Q: Anything internally at FIA you would like to address?

A: FIA, thankfully for me, is a well-run organization. But more can be done to add value. I’d like to make sure the educational materials for our members are up to speed and that we are able to communicate key strategic messages to our members and to policy makers and regulators. We’re going to try to build on the theme that FIA has done a very good job during the 30 years that John has run the organization. But we can improve and fine-tune that, and that’s going to be my approach going forward.

Q: The industry is still reeling from the MF Global bankruptcy. FIA’s MF Global task force has recommended more internal controls at FCMs, as well as daily reports on segregated funds. Can you explain how those will be implemented for customers?

A: Remember, this is an interim report. We wanted this to be timely by getting some recommendations out there that make sense, including putting proper controls in place, increasing transparency and getting back to the idea of fair competition. But there is lots more work to be done. We still don’t know exactly what happened at MF Global, so we don’t want to make too many recommendations about what should be left standing and what we need to fix. And as this becomes a final report, we’ll work with policy makers on how best to implement those changes and gain consensus around those policies.

For the rest of the interview, visit MarketsWiki at


CME Group boss stepping down at end of year
By Alejandra Cancino, Chicago Tribune
CME Group Inc. Chief Executive Craig Donohue is stepping down as the head of the nation’s largest operator of futures exchanges when his contract expires at the end of the year.

“He was the CEO of a company with the hottest stock out there,” said John Lothian, a Chicago futures broker who publishes a daily financial e-newsletter and runs MarketsWiki. Lothian said that while Donohue’s announcement came as a surprise, the change in command will not necessarily mean a change in philosophy.


Donohue to step down as CME chief
By Hal Weitzman in Chicago – Financial Times
Craig Donohue is to step down as chief executive of CME Group as the US’s biggest futures exchange operator attempts to restore confidence in its markets following the collapse of MF Global.

“It’s a surprise because there’s been remarkable continuity at the top of this organisation,” said John Lothian, a Chicago futures veteran who owns a popular industry newsletter.


Gellert: Risk management lessons from MF Global
James Gellert – FOW
MF Global taught a hard lesson. The possibility of catastrophic failure came as no surprise after Lehman and Bear Stearns. Yet no one in 2011 was prepared for all the transgressions that surrounded one company’s abrupt deterioration and the hundreds of millions of dollars for which an army of federal investigators has yet to account.


CBOE Compliance Executive Patrick Fay Resigns Amid SEC Probe
By Joanna Ossinger and Nikolaj Gammeltoft – Bloomberg
CBOE Holdings Inc., the options exchange being investigated by the Securities and Exchange Commission, said senior compliance executive Patrick Fay has resigned, spokeswoman Gail Osten said in an e-mailed statement.


Fidessa continues derivatives expansion with Chicago office
Fidessa group plc, provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced the expansion of its US presence with an office in Chicago. Fidessa chose Chicago to support its expanding client roster and serve as a strong regional base for global futures and options trading.

***JK: Good luck to Dan Smalley on getting the operation up and running!


Moulange: Selling the buy-side the benefits of low latency
Tony Moulange – FOW
Traditionally, the buy-side has adopted a more cautious approach, focusing on how much return can be achieved from the risk outlaid in the initial trade by going through the normal sales trader route. But is this about to change? Are we about to see asset management firms turning their attention to a more automated route that requires ultra-low latency capabilities?


CME Group Launches New Thought-Provoking Online Magazine
Press Release
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of the company’s new online magazine Open Markets. The comprehensive new site publishes a variety of content including magazine-style feature stories, blog posts, videos, photos and news articles. It combines in-depth information that characterized the company’s former print publication, CME Group Magazine, with the global perspective of the company’s thought leadership site and blog.


University of Chicago, Northwestern tie in business school ranking
By Lorene Yue – Crain’s
Chicago’s largest business schools are tied once again in a national ranking of graduate programs, and they’ve gained a notch.


MarketsWiki Page of the Day
Javier Tordable


MarketsWiki Recent Updates

Craig S. Donohue; Terrence A. Duffy; Javier Tordable; Phupinder Gill; Walter L. Lukken; Patrick Fay; Thomas Leaver

Companies, Organizations and Groups
Cinnober Financial Technology; Commodity Futures Trading Commission

Five Minutes With Walt Lukken Of FIA

20,464,364 pages viewed, 6,741 articles, 137,904 edits
MarketsWiki Statistics

Lead Stories

MF Global Customers Said to Get Offers for Their Claims
The thousands of MF Global customers whose lives and businesses were derailed after $1.6 billion vanished in the collapse of the brokerage firm have now received offers to sell their claims and recoup nearly the entire shortfall, people involved in the negotiations said.

Depository Trust to Create Clearinghouse for U.S. Mortgage-Backed Bonds
The Depository Trust & Clearing Corp. received approval from the Securities and Exchange Commission to operate a clearinghouse for trading of U.S. mortgage bonds, allowing it to replicate the services it offers for U.S. Treasuries and other government-related securities.

Funds unprepared for Dodd-Frank rules
By Philip Stafford – Financial Times
Institutional investors are unprepared for tough new regulations around trading off-exchange derivatives and are relying on banks and brokers to help them adapt, a new survey has found.

Dodd-Frank Confusion Reigns Among Buy-Side Asset Managers, While Sell-Side Investment Banks Spend Over a Billion Dollars in Anticipation
PR Newswire
Rule Financial, an independent provider of business consultancy, IT consultancy and IT services to the global investment banking community, today launches the results of a study into the impact of the Dodd-Frank Act on the buy and sell-sides.

Tainted Libor Rate Guessing Games Facing Replacement by Verified Trades
The London interbank offered rate, the benchmark for $360 trillion of securities, may not survive allegations of being corrupted unless it’s based on transactions among banks rather than guesswork about the cost of money.

Spain Agrees to EU Budget Demands
BRUSSELS—Spain will comply with the additional budget cuts the European Union has demanded of it, likely ending a dispute over its 2012 budget that has been regarded as a key test of ambitious new rules for the euro currency bloc.

What Europe Could Have Learned From the U.S. Bank Bailout
Was the United States government savvier about its banks than the Europeans? Banks with inadequate capital are vulnerable to losses on their loans and securities and can become a source of instability for the whole financial system. As a result, regulators around the world have been taking measures to increase the capital loss buffers at their banks. But in doing so, they face two major challenges.

Bond Trading Revives Banks
One of Wall Street’s most important profit engines is revving back up. Rising appetites for borrowing and investing are fueling a bond market revival, lifting revenue at Wall Street firms that took a beating last year.

Environmental Trading News

Business to play a big role in green economy at Rio
Financial Times
June marks the 20th anniversary of the Rio Earth Summit, the event that led to the Kyoto Protocol, the creation of carbon markets and the kickstarting of a renewable energy revolution. It is being marked by another summit, known as Rio+20. But while the 1992 meeting was policy-focused, with more than 100 heads of state turning up to hammer out a deal, business is set to play a much bigger role this year.

Banks, Pension Funds to Shrink 2013 CO2’s Premium, Barclays Says
New lenders in the European Union carbon market including banks and pension funds may narrow the premium of 2013 futures compared with those for 2012, said Barclays Plc. (BARC).

Senior carbon trader leaves Goldman Sachs
Point Carbon
Andrew Mugadu, one of Goldman Sachs’ longest serving carbon traders has left the bank, company and industry sources said Wednesday, although one source at the bank said it would not affect its exposure to the carbon market.

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

D Börse tops European data charts
By Philip Stafford – Financial Times
Deutsche Börse is home to the consistently highest volumes of electronic orders in Europe but Chi-X Europe often sees the highest peaks, a new service that provides a snapshot of the region’s trading flows has indicated.

BATS Exchange IPO Set To Begin Trading March 23
BATS Global Markets is planning to launch its initial public offering in two weeks, and has set a price range that gives the U.S.’s third-largest exchange a market capitalization of $809 million at its midpoint.

Lehman creditors to gain from BATS IPO
By Telis Demos in New York – Financial Times
Lehman Brothers and Getco will be among the biggest beneficiaries of BATS Global Markets public listing, expected as soon as next week.

Tibra Joins ISE as a Competitive Market Maker
The International Securities Exchange (ISE) announced that Tibra Trading America LLC (Tibra) has become a Competitive Market Maker (CMM) on ISE’s options exchange. Tibra is the most recent market maker to join ISE under its new CMM trading rights program, which went into effect in September 2011. Since the launch of the new CMM program, four new market makers have joined the exchange.

NYSE Euronext Announces Date for First Quarter 2012 Earnings Release and Conference Call
NYSE Euronext (NYX) will announce earnings for the first quarter 2012 before the market opens on Monday, April 30, 2012. A news release will be issued at approximately 2:30 a.m. (New York) / 8:30 a.m. (Paris) and a conference call with remarks by NYSE Euronext senior management will begin at 8:00 a.m. (New York)/ 2:00 p.m. (Paris). A presentation will be referenced during the call and available on our website at

CME Group CEO says exit not linked to MF Global
Reuters via Yahoo! News
CHICAGO (Reuters) – CME Group’s departing CEO Craig Donohue said on Monday that his exit was not linked to the collapse of brokerage MF Global, which has rattled confidence in the futures industry and dealt a blow to the exchange operator’s trading volume. “MF Global doesn’t factor in at all to my thinking,” Donohue said on a conference call explaining his plan to step down at the end of the year.

FIA Comments On CME Donohue Announcement
Press Release

FESE European Equity Market Report – February 2012 Figures

February 2012 FIF Market Share And Market Dynamics Reports – Executive Summary

Key Developments On The Warsaw Stock Exchange Derivatives Market In March 2012

Banks, Brokers & Dark Pools

Eurex Repo in cooperation with Clearstream to launch additional GC Pooling segment for corporate firms
Eurex Repo, Eurex Clearing and Clearstream, all part of Deutsche Boerse Group, will introduce an extension of the integrated and innovative GC Pooling market for secured funding which will be made available for active GC Pooling participants (banks) to further strengthen their service scope towards corporate customers.

Rutter to leave as head of Icap unit
By Philip Stafford – Financial Times
Icap, the world’s largest inter-dealer broker, has shaken up the management of its electronic trading business in a move that will result in the departure of David Rutter, the division’s chief executive.

ICAP restructures its electronic division – Gil Mandelzis appointed CEO of EBS
Press Release
ICAP, the world’s leading interdealer broker, has restructured its electronic division (IEB) to separate the reporting lines for the FX and Fixed Income businesses. Gil Mandelzis has been appointed CEO of EBS, reporting to Michael Spencer. Gil will continue to be responsible for Traiana.

NYSE Euronext and Bloomberg Deliver a Fully Integrated OMS for Fixed Income Clients
NYSE Euronext’s fixed income trading platform, NYSE Bonds, and Bloomberg Trade Order Management Solutions (TOMS) now offer sell-side fixed income dealers an integrated platform to access the U.S. corporate bond market. Dealers using Bloomberg TOMS, the leading order management platform for U.S. fixed income securities, can now trade on the NYSE Bonds marketplace via the Bloomberg Professional service, which is used globally by more than 310,000 subscribers.

Liquidnet Continues to See Strong Global Performance
Business Wire via Yahoo! Finance
Liquidnet, the global institutional trading network, continued to see increased institutional trading activity and improved performance globally.

JPMorgan Defies Banks as Mutual Fund Losers by Breaking Into U.S. Top 10
JPMorgan Chase & Co. (JPM) is proving that banks aren’t destined to be also-rans in the $12 trillion mutual fund business. The company in 2011 became the first bank to crack the list of 10 largest U.S. stock and bond fund managers, according to research firm Strategic Insight.

Consortium of Leading Sell-side Banks Targets Increased Transparency and Efficiency in Bond Markets
PR Newswire
The Fixed Income Connectivity Working Group (FICWG) of leading sell side banks has today committed to further increase transparency and efficiency in the cash bond markets by the promotion of open, standardized protocols for the electronic trading of cash fixed income products.

RBS investors to claim for 2008 rights issue losses
Reuters via Yahoo! News
A group representing investors in Royal Bank of Scotland plans legal action to recover at least 2.4 billion pounds ($3.8 billion) lost when they bought shares in the bank shortly before it fell victim to the financial crisis.

HSBC Won’t Quit Any Asian Markets
Wall Street Journal Blogs
HSBC said Tuesday that it wasn’t exiting any markets in Asia but would continue to review operations in several Asian countries as part of a wider drive to slim its global operations and maximise profitability.

Morgan Stanley team starts new firm with LPL
Reuters via Yahoo! Finance
A team of Morgan Stanley Smith Barney advisers that generated $2 million of revenue last year has started an independent investment advisory firm affiliated with brokerage network LPL Financial.

Bundesbank reports sharp fall in profits
By Ralph Atkins in Frankfurt – Financial Times
Germany’s Bundesbank has reported a sharp fall in profits after substantially increasing reserves set aside to cover risks associated with the European Central Bank’s massively expanded liquidity operations.

BGC Partners First Quarter 2012 Financial Results Announcement to be Made Prior to Market Open on Thursday, May 3, 2012

U.S.A Federal Reserve Releases Paper Describing Methodology Used In 2012 Comprehensive Capital Analysis And Review Stress Test

ISITC 2012 Survey Reveals Industry Uncertainty Around Future Of Financial Services
Press Release

TradeStation Receives Highest Rating – 4 1/2 Stars – in Barron’s Magazine’s Annual Ranking of Online Brokerage Firms

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.

Futures SROs Propose 4 Ways to Protect Customer Seg Accounts
By Ivy Schmerken – Wall Street and Technology
A special committee of futures industry SROs has proposed a series of initial recommendations for strengthening the protection of customers segregated funds and secured funds held at the firm level in the wake of MF Global’s bankruptcy.

NFA Recommends Changes To Futures Regulations
The National Futures Association, the industry’s self-regulatory body, recommended changes to regulations Monday in response to last year’s collapse of MF Global Holdings Ltd. that left customers short an estimated $1.6 billion.

CFTC’s Division of Swap Dealer and Intermediary Oversight Provides Annual Report Guidance to Commodity Pool Operators

Keynote Address At PLI – Eleventh Annual Institute On Securities Regulation In Europe By Meredith Cross, Director, Division Of Corporation Finance, U.S. Securities And Exchange Commission
Press Release

Dodd-Frank Confusion Reigns Among Buy-Side Asset Managers, While Sell-Side Investment Banks Spend Over a Billion …
PR Newswire via Yahoo! Finance
Rule Financial, an independent provider of business consultancy, IT consultancy and IT services to the global investment banking community, today launches the results of a study into the impact of the Dodd-Frank Act on the buy and sell-sides.

Law Firm Clifford Chance Creates New Financial Regulation Group
Wall Street Journal Blogs
Clifford Chance, the New York law firm, is looking to take new steps to capitalize on the need its clients will have this year, and in upcoming years, by creating a new group of partners dedicated to financial services regulation.

Whistleblowers drawn by tip-off payouts
By Kara Scannell in New York – Financial Times
Company informants tempted by the prospect of multimillion dollar payouts are rushing to US regulators with audio recordings and internal documents to take advantage of a new programme that can make whistleblowing on wrongdoing lucrative , lawyers and regulators say.

SEC set to file charges over private trading
By Kara Scannell and Telis Demos in New York – Financial Times
The Securities and Exchange Commission is close to filing civil charges tied to the trading of private stocks against at least three executives, making it the first case since regulators began reviewing secondary markets more than a year ago.

CFTC Charges Florida Firm Angus Jackson, Inc. and its CFO Martin H. Bedick with Making False, Fictitious, or Fraudulent Statements to the NFA
The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action against Angus Jackson, Inc. (Angus Jackson) of Fort Lauderdale, Fla., Martin H. Bedick, Angus Jackson’s Chief Financial Officer, of Boca Raton, Fla., and Martin B. Rosenthal of Fort Lauderdale, Fla. The complaint, filed in the U.S. District Court for the Southern District of Florida, charges the defendants with making false statements to, and concealing material facts from, the National Futures Association (NFA). The complaint also charges Rosenthal with violating a prior CFTC order and acting as an unregistered commodity trading advisor (CTA).

Federal Court in Illinois Orders City Credit Capital, (UK) Ltd. to Pay $140,000 Civil Monetary Penalty for Acting as Unregistered Retail Forex Dealer
The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court consent order requiring City Credit Capital, (UK) Ltd. (City Credit), of London, U.K., to pay a $140,000 civil monetary penalty to settle CFTC charges. The order finds that City Credit unlawfully solicited U.S. customers to engage in foreign currency (forex) transactions and operated as a Retail Foreign Exchange Dealer (RFED) without being registered with the CFTC (see CFTC Press Release 6108-11, September 8, 2011).

ASIC consults on regulatory approach to platforms

[AMF France] Report of the Working Group on General Meetings of Shareholders of Listed Companies (End of consultation: 31 March 2012)

Investments – Indexes – Managed Futures – Managed Funds

ISDA Sets Timeline To Pick Bonds In Greek CDS Auction
A panel of dealers and investment firms voted Monday to publish on Wednesday a final list of bonds that will be eligible for holders of credit-default swaps on Greek debt to deliver into a March 19 auction settling those protection contracts.

[Video] ISDA’s Geen Says CDS Triggers Are Predefined, Technical
David Geen, general counsel at the International Swaps & Derivatives Association, discusses credit-default swap triggers in Greece and Portugal. He speaks with Maryam Nemazee and Linda Yueh on Bloomberg Television’s “The Pulse.”

New Study Finds That Certain Options- and Futures-Based Benchmark Indexes Could Help Manage Tail Risk of Traditional Indexes
The merits of using options-based and futures-based strategy benchmark indexes to hedge and manage tail risk is the subject of a new study — “Key Tools for Hedging and Risk Management” — released today by investment-advisory firm Asset Consulting Group (ACG).

Few hedge funds gain in Greek bond saga
By Sam Jones – Financial Times
It was a high-risk, speculative bet in Greece’s tumultuous bond market: a wager that would pay off if the Greek government faltered in its landmark bond restructuring at the final hurdle.

BlackRock Poaches Pacini from J.P.Morgan
Wall Street Journal Blogs
Joseph Pacini became Head of BlackRock Alternative Investors Strategy Group Asia Pacific excluding Japan, joining from J.P.Morgan Private Bank.

Citigroup Ex-Manager Islam Has No Regrets From Hedge-Fund Crash
Reaz Islam, who ran Citigroup Inc. hedge funds that lost most of their value in 2008, has “no regrets” about his performance and said “ambulance-chasing” lawyers are behind claims that he and the bank misled clients.

Kevin Callahan Joins Duff & Phelps Investment Management to Lead Institutional Sales and Marketing Efforts
PR Newswire via Yahoo! Finance
Duff & Phelps Investment Management Co., an affiliated manager of Virtus Investment Partners, today announced that Kevin J. Callahan has joined the company in a new position as senior vice president and director, institutional clients.

CalPERS Expands Window To Decision-Making, Pension Costs – Live Coverage Of Board Meetings Gives Global Audience Front Row Seat

MSCI, S&P Indices And FTSE Collaborate To Launch First Ever Index Industry Trade Body

Hellenic Republic Bonds Settlement Completion
Press Release
The Hellenic Republic today announced that it had completedthe exchange of the E177,252,131,542 outstanding principal amount of bonds issued bythe Republic and governed by Greek law pursuant to its invitations of 24 February 2012.

Singulus Technologies AG bond planned for listing on the Entry Standard

FTSE Licenses Old Mutual Global Index Trackers With Use Of Leading Alternatively-Weighted Indices For Two New Index-Tracking Funds

Quarterly Changes to the NASDAQ Q-50 Index

Annual Changes to the NASDAQ OMX Global Technology Index

Annual Changes to the NASDAQ OMX CHINA Technology Index

Annual Changes to the NASDAQ Internet Index

Semi-Annual Changes to the NASDAQ Clean Edge Green Energy Index

Athens Stock Exchange: Review Of GT-30 Index

Technology News

Cinnober names Tordable to be chief executive
By Philip Stafford – Financial Times
Cinnober Financial Technology, a Swedish trading technology company, has outlined plans to go public and triple revenues in coming years after naming Javier Tordable as its new chief.

FFastFill plc Contract Win: R.J. O’Brien & Associates Signs Deal for FFastFill’s Global Trading SaaS Execution
FFastFill plc, the leading provider of Software as a Service (“SaaS”) to the global derivatives community, is pleased to announce that its front office trade execution and management suite, Trading Pro, is to be deployed within R.J. O’Brien & Associates (“RJO”) operations in Europe and the US.

AIS Fund Administration’s Hedge Fund Clients Benefit from the Confluence Unity Platform to Automate Complex Reporting
Business Wire via Yahoo! Finance
Confluence, a global leader in fund administration automation, announced today that AIS Fund Administration, a recognized leader in outsourced support and administration for hedge funds, has used Confluence’s Unity Financial Statements software to provide hedge fund financial reporting for its clients.

RTS Celebrates 20 Year Anniversary and Launches New Company Website!

Reports Economic Calendar

USDA Today

CBOE Events Calendar

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.

Asia-Pacific News

Thai Bourse Improves Its Websites To Be Full-Service Information Center

China’s past needs to be rewritten
By Gideon Rachman – Financial Times
How would a Chinese superpower treat the rest of the world? Anyone wanting to peer into the future, could start by looking back at the past – or, at least, at the official version of China’s past. The message is not reassuring. China’s schoolchildren are being taught a version of history that is strongly nationalist. The official narrative is that their country was once ruthlessly exploited by rapacious foreigners. Only a strong China can correct these historic wrongs.

Frontier Markets

The Egyptian Exchange (EGX) Monthly Statistical Report February 2012

Miscellaneous News

Why Niall Ferguson Really Needs to Talk to Some More Economists
Tim Worstall – Forbes
Nial Ferguson is richer, more famous, cleverer and better looking than I am but I still think there’s something that needs to be pointed out to him. On the basis that even a cat may look at a King and so on. It’s about his slightly hysterical views on the rise of China as an economic power:

Jeremy Hill of JPMorgan in New York Dies at 43 of Disease He Helped Fight
Jeremy Hill, a managing director at JPMorgan Chase & Co. who gave his time and money to support young people with cancer before being diagnosed with an advanced case of it himself, has died. He was 43.

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