John Lothian Newsletter: CFTC approves ‘real-time’ swaps clearing; Clearing houses warn regulator over Emir; A ‘Corzine Rule’ for Funds

Mar 21, 2012

The CFTC votes 4-1 in favor of requiring swaps to clear in minutes, rather than hours, days, or whenever it proves convenient. In Europe, clearing houses are warning regulators not to invent new rules that are substantially different from the existing rules, lest they ruin forward progress on the strength of the system. Exchanges and regulators in the US are working together on a “Corzine Rule,” to limit what brokerages may do with customer funds; hopefully, “blow it all on bad trades” will no longer be allowed. In the top box today: commentary on the gold market by Doug Ashburn; part two of an interview with former SEC chairman David Ruder; and a selection of seminars to sign up for around the industry.

Observations – Statistics – Commentary

Interview with NYSE Liffe US CEO Tom Callahan
Look for a special video interview later today on www.johnlothiannewsletter.com and www.jlninterestrates.com featuring NYSE Liffe US CEO Tom Callahan commenting on the 1 year anniversary of the launch of NYPC and their interest rate products.

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CBOE Regulation Head Departs During SEC Inquiry
By JACOB BUNGE – Dow Jones
The head of the Chicago Board Options Exchange’s market-regulation department has left the company, the second compliance official to depart the CBOE during a regulatory investigation into its market-oversight functions. Linda Gerdes was dismissed this month from her post at the CBOE after five years leading its market-regulation department and about 23 years at the exchange.
http://jlne.ws/GAZjpF

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What’s Driving the Jittery Gold Market?
By Douglas Ashburn
Editor-at-Large, John Lothian News

Those of you who follow the full slate of JLN newsletters know I write a weekly column for JLN FX. As today it is my turn to fill in for vacationing metals editor Nicole V. Rohr, I decided to try my hand at a commentary for the metals newsletter instead.

It is hardly a stretch, though. We have witnessed such a convergence of correlation among asset classes over the past several years, the macroeconomic stories of the day seem rather portable. An economic event that affects the value of the dollar relative to an ounce of gold have a similar effect as does the value of the dollar relative to a euro, a barrel of crude oil, a bushel of corn, or a share of stock. Except Apple, of course. Apple rises no matter what else is going on in the world.

After establishing a high of just under $1900/ounce last September, gold fell rather sharply to the mid-$1500s and has chopped around for the last several months. The metal cannot seem to hold a rally, and the down moves, such as the near $100 break on February 28th, have been particularly violent.

There is no shortage of explanations as to why the gold market has been acting so strange. “Central bankers, who have been buying into each down move, are manipulating the psychology of the market to give themselves buying opportunities.” “Down moves are simply “breathers” designed to shake out weak hands prior to the next new high.” “Strong economic news has tempered expectations of further stimulus.” I have even heard stories that tracked the price of gold to the rise and fall in the popularity of Congressman Ron Paul, perennial presidential candidate and champion of the gold standard.

On that last point, gold bugs should be careful what they wish for.

For the rest of the commentary and daily news covering precious and industrial metals, visit JLN Metals at http://jlne.ws/GDgiZ7

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David Ruder

Former SEC Chairman David Ruder Discusses the Dodd-Frank Timeline, Volcker Rule & Cost Benefit Rules (Part 2 of 2)
MarketsWiki.tv
Northwestern Law School professor emeritus David Ruder talks to JLN editor/producer Nicole V. Rohr about the Dodd-Frank timeline, Volcker Rule and how cost-benefit rules will impact regulation. Ruder acted as SEC chairman during Black Monday in 1987. He was a part of the President’s Working Group on Financial Markets in 1988 and more recently worked on the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. View Part 1 here.

Watch the video >

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NFA Signs Agreement with ICAP to Provide Regulatory Services to ICAP’s Swap Execution Facility
National Futures Association and ICAP today announced that they have entered into an agreement that paves the way for NFA to perform regulatory services for ICAP’s swap execution facility (SEF).
http://jlne.ws/GB69ez

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Efforts on investor safeguards fall short
By Jean-Baptiste de Franssu – Financial Times
Investor protection has been the rallying call of regulators and policy makers since the financial crisis took hold. Failure to strengthen it will contribute to European economic growth remaining elusive. Yet so far the European Commission’s initiatives have somewhat missed the mark.
http://jlne.ws/GDgl74

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How Wall Street Deals With Conflicts
By PETER J. HENNING – NY Times
Life is full of conflicts of interest: Physicians make money off of their patients, lawyers earn fees from their clients, and every retail transaction is about generating a profit from the customer. Conflicts of interest have become an especially hot topic on Wall Street, particularly at Goldman Sachs, because of a recent Delaware Chancery Court opinion and a New York Times Op-Ed article by Greg Smith, a former Goldman employee.
http://jlne.ws/GDgjfv

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Panel To Vote To Subpoena MF Global Treasurer
MarketWatch
A House banking committee plans to meet Wednesday to vote on whether to issue a subpoena to have bankrupt MF Global Inc. Assistant Treasurer Edith O’Brien testify about the firm’s collapse and missing customer funds.
http://jlne.ws/GDgl7d

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China Quietly Relaxes Controls on Foreign Capital
By KEITH BRADSHER – NY Times
The Chinese government has begun making it much easier for foreign investors to put money into China’s stock market and other financial investments, in a slight relaxing of more than a decade of tight capital controls. The move, not publicly announced but disclosed by some private money managers, indicates that Chinese officials are eager to counter a rising flight of capital from the country, a worsening slump in real estate prices, a weak stock market and at least a temporary trade deficit caused by a steep bill for oil imports.
http://jlne.ws/GDgjfF

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DERIVATIVES: The Changing Legal and Compliance Landscape
Tuesday, April 17 | 8:15 a.m. – 5 p.m.

The Center for International Law at The John Marshall Law School is pleased to present a conference on the world of derivatives. Industry professionals, legal practitioners, and academics will share their insights into the roles of derivatives (futures, options, and swaps) in the modern financial landscape and delve into complex and evolving regulatory, compliance, and legal issues.

Schedule:
8:15 – 9 a.m.:  Registration and Continental Breakfast
9 a.m. – Noon: Recent Developments Involving the Regulation of Futures and the Impact of Dodd-Frank: Clearing Issues and Systemic Risk
Noon – 1:30 p.m.: Luncheon, keynote Address: Leo Melamed
1:30 – 4 p.m.: Recent Developments Involving the Regulation of Futures and the Impact of Dodd-Frank: Current Issues in Enforcement and Litigation
4 – 5 p.m.: Networking Reception

General Registration: $125
Government, Judicial, or Academic Registration: $75

Register by April 10 at http://jlne.ws/GDgjfJ

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NYSE Liffe and Global Training Group Courses in Geneva
Global Training Group and NYSE Liffe are pleased to offer educational courses held in Geneva which are designed to provide everything you need to know about futures and options of commodity markets.

Dates of the seminars are as follows:

Futures & Options Explained
* 18 – 19 April 2012, Geneva
* 12 – 13 September 2012, Geneva
Click here for more information and to register with 15% discount: http://www.globaltraining.ch/FOE_2012_NYSELiffe.pdf

How it Works: Commodity Options Explained
* 24 – 25 April 2012, Geneva
Click here for more information and to register with 15% discount: http://www.globaltraining.ch/COT_2012_NYSELiffe.pdf

If you have any questions, would like to register or to be notified of further course dates, please contact Elena Patimova on
Email: epatimova@nyx.com
Tel: +44 (0) 20 7379 2125

For further information about other courses, please visit: http://jlne.ws/GDgl7k

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MarketsWiki Page of the Day
Mark B. Sachs
http://jlne.ws/GDphZ9

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MarketsWiki Recent Updates

People
John J. Lothian; Mason Slaine; Jay Nadler; Scott Caudell; Joe Bigane; Kevin Bohren; Mark B. Sachs

Companies, Organizations and Groups
John J. Lothian & Company, Inc.; Interactive Data Corporation; NYSE Liffe; World Federation of Exchanges; Interactive Data 7ticks

Miscellaneous
Upcoming Events

Statistics
20,787,526 pages viewed, 6,749 articles, 138,194 edits
MarketsWiki Statistics

Lead Stories

CFTC approves ‘real-time’ swaps clearing
By Telis Demos in New York – Financial Times
The US futures market regulator has approved rules calling for “real-time” clearing of swaps trades over the industry’s objections, as banks fear a rise in trading costs and potential risks. The Commodity Futures Trading Commission’s rule, adopted by a four-to-one vote, requires that swaps trades be submitted for clearing only minutes from when the trades are executed, rather than hours or days.
http://jlne.ws/GDglnB

Clearing houses warn regulator over Emir
By Philip Stafford – Financial Times
European lawmakers’ plans to strengthen the financial system may be undermined by proposals from regulators that “deviate significantly from current practice”, the region’s clearing houses have warned.
http://jlne.ws/GDgmbd

A ‘Corzine Rule’ for Funds
BY AARON LUCCHETTI – WSJ
Exchange operators and a futures-industry regulator are working on new rules that would restrict what brokerage firms can do with customer money in the wake of MF Global Holdings Ltd.’s bankruptcy last year.
http://jlne.ws/GDgmbh

Exchanges body to appoint chief executive
By Jeremy Grant – Financial Times
The World Federation of Exchanges is to create the post of chief executive as part of a revamp aimed at transforming the group from a loose association focused on research to a more active lobbyist for bourses as they face an unprecedented wave of new regulations and competition from banks.
http://jlne.ws/GDgmbm

European Banks Would Have Passed Fed’s Stress Test
By MARK SCOTT – NY Times
After years of turmoil in the financial markets, regulators in both the United States and Europe have put banks through the wringer to see if they would be able to weather future shocks.
http://jlne.ws/GDglE6

Banks Seek Delay on ‘Volcker Rule’
BY VICTORIA MCGRANE – WSJ
For Wall Street banks worried about the controversial “Volcker rule,” help may be on the way. Senators from both parties are working to give regulators more time to write the rule, potentially easing banks’ concerns that their activities will run afoul of the law as a July deadline passes.
http://jlne.ws/GDgmrF

Greece Names New Finance Minister
By STELIOS BOURAS – WSJ
Greek Deputy Finance Minister Philippos Sachinidis will be the country’s new finance minister, replacing Evangelos Venizelos, the prime minister’s office said Wednesday.
http://jlne.ws/GDglEd

Germany Is the Big Engine That Can’t
BY BRIAN BLACKSTONE – WSJ
There are some things even E1 trillion ($1.32 trillion) in cold, hard cash can’t cure. By flooding European banks in recent months with cheap, three-year loans, the European Central Bank is credited with healing much of what ails the euro zone or for at least buying it time to address problems. Even so, all that money may not do much about one of the region’s most vexing issues: the economic divide between Germany and southern Europe.
http://jlne.ws/GDglEh

U.S. Treasury Department: Written Testimony Of Secretary Tim Geithner Before The House Committee On Financial Services On The State Of The International Financial System
http://jlne.ws/GDgmrM

Environmental Trading News

SocGen ups year-end carbon price outlook by 10 pct
Point Carbon
Societe Generale has lifted its year-end price forecast for European Union carbon permits by 10 percent, citing an increased probability that the EU will agree to withhold some of the carbon market’s excess supply, the French bank said.
http://jlne.ws/GBMxRD

Carbon surplus boost for 2020 greenhouse target
The Sydney Morning Herald
Australia is on track to undercut its Kyoto protocol carbon target by 125 million tonnes, a leading analyst says, creating a handy buffer to meet its 2020 greenhouse target in the event the carbon price fails to deliver.
http://jlne.ws/GBvLoe

Climate change: make industry pay for carbon emissions, US congressman says
The Guardian
The way Henry Waxman sees it, Congress faces two huge challenges: cutting the deficit and protecting the country from the worst consequences of climate change. Why not act on both together? Cutting the US government deficit and protecting the country from the worst consequences of climate change can go hand in hand, according to a congressman who wants to put a price on carbon emission from industry.
http://jlne.ws/GGacnH

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

Deutsche Börse: second opinion
Financial Times
It’s a short hop south east from Brussels to Luxembourg – and companies, unhappy with antitrust decisions by European Union regulators, make the journey frequently. Appealing to the Luxembourg-based EU courts can be attractive for various reasons.
http://jlne.ws/GDglUC

EEX offers Eurex participants further trading possibilities in the commodity segment
The European Energy Exchange (EEX) and Eurex will extend their existing product cooperation to all commodities offered for trading on the energy exchange. From 3 April, the customers of the Eurex derivatives exchange that are admitted on EEX will also be able to trade and clear the products on the Natural Gas Derivatives Market through their existing infrastructure.
http://jlne.ws/GDglUH

BM&FBOVESPA announces new Market Maker for Options on the Stock of Companhia Siderúrgica Nacional (CSNA3)
BM&FBOVESPA announced today that Citadel Securities LLC is the third institution that has been selected as market maker for options on the stock of Companhia Siderúrgica Nacional S.A. (CSNA3).
http://jlne.ws/GDgmrT

CME Group Clearing Advisory
NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (PAO, PO) – Effective Wednesday, March 21, 2012
http://jlne.ws/GDglUT

CME Group Clearing Advisory
Updated March 2012 Final Foreign Currency Settlement Prices
http://jlne.ws/GDgoQl

CME Group Clearing Advisory
REVISED: HOLIDAY SCHEDULE-GOOD FRIDAY, April 6, 2012
http://jlne.ws/GDgoQp

Top 20 Largest Consolidated Short Position Report – March 15, 2012
http://jlne.ws/GDgmIg

TMX Group Supportive of OSC Emerging Markets Issuer Review
http://jlne.ws/GDgp6O

SIX Swiss Exchange: DKSH Holding Ltd. (DKSH) Opens At CHF 51.00
http://jlne.ws/GDgp6T

Banks, Brokers & Dark Pools

U.S. Banks Make Record Revenue on Derivatives, Securities Trades
By Matthew Leising – Bloomberg
U.S. commercial banks made a record $25.8 billion in revenue by trading over-the-counter derivatives and securities last year, while the fourth-quarter total fell on reduced demand for risk.
http://jlne.ws/GDgmYF

RJ O’Brien Hires Former MF Executive In Retail Trading Push
By Jacob Bunge Of DOW JONES NEWSWIRES
RJ O’Brien & Associates has hired the former head of retail futures trading at MF Global Holdings, just months after holding discussions to buy the unit from the now-failed brokerage.
http://jlne.ws/GDgmYJ

Jefferies Posts $77 Million Quarterly Profit
By MICHAEL J. DE LA MERCED – NY Times
Profits at the Jefferies Group may have slipped in the first quarter, but the investment bank’s results are giving Wall Street a reason to cheer. Though profit at the firm was down 11 percent from the same time last year, the results of its bond-trading operations have bolstered confidence across Wall Street that the business, the profit engine of many financial firms, is coming back.
http://jlne.ws/GDgmYP

Deutsche Bank Sued In US For Alleged Libor Manipulation, Also Confirms Probe
Dow Jones
Deutsche Bank AG (DB) Tuesday said it is being sued in the U.S. for allegedly manipulating the dollar London interbank offered rate, which has an impact on fundraising costs for borrowers.
http://jlne.ws/GDgpnl

Deutsche Bank Rules Out New Food Investment Products This Year
Dow Jones
Deutsche Bank AG (DB) said Tuesday it won’t launch any new investment products in staple agricultural commodities this year, as it continues to examine whether such products have a negative affect on rising, volatile food prices.
http://jlne.ws/GDgpnn

JPMorgan’s Gulya Said to Leave as Equities Staff Shrinks
Bloomberg
JPMorgan Chase & Co., the largest and most profitable U.S. bank, dismissed about 5 percent of its equities trading desk today, according to two people with knowledge of the cuts.
http://jlne.ws/GDgpno

BoA Merrill Lynch shifts Canada coverage to New York
Reuters via Yahoo! News
TORONTO (Reuters) – Bank of America Merrill Lynch (BoAML) will no longer cover Canadian economics from Toronto, cutting staff there and shifting coverage to New York, a source with knowledge of the changes said on Tuesday.
http://jlne.ws/GDgnfh

RBC buys Coutts units from Royal Bank of Scotland
Reuters via Yahoo! News
Royal Bank of Canada will buy some overseas divisions of the Coutts private banking business from Royal Bank of Scotland , giving RBC access to high net worth individuals in fast-growing emerging markets.
http://jlne.ws/GDgpnv

Barclays Sheds ‘Capital’ From Its Investment Bank’s Name
By MICHAEL J. DE LA MERCED – NY Times
Unusually for a bank, Barclays has decided that it needs a little less capital. So to speak. Beginning this week, the British firm is dropping the word “capital” from the name of its investment bank, as part of a broader initiative to unite its divisions under one brand. From now on, the firm’s various businesses will be united under the Barclays name.
http://jlne.ws/GDgnfn

Deutsche Bank’s Global Depositary Receipt Program for Nomos Bank Selected as Best Depositary Receipt Program in EMEA …
Business Wire via Yahoo! Finance
Deutsche Bank today announced EMEA Finance magazine has bestowed the Bank an Achievement Award for its role on the Nomos Bank Global Depositary Receipt program from Russia, with the transaction being named “Best Depositary Receipt Program in EMEA” for 2011.
http://jlne.ws/GDgpnw

Deutsche Bank quantifies legal risks at $4B: WSJ
Market Watch
Deutsche Bank AG, in its annual report, quantified the cost of its legal risks at E3 billion, or nearly $4 billion, a figure that analysts said might be conservative, The Wall Street Journal reported on Tuesday.
http://jlne.ws/GDgpnA

Susquehanna Financial Group Hires Douglas Sipkin, CFA as Senior Brokerage and Asset Manager Analyst
http://jlne.ws/GDgnvJ

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

CFTC’s Gensler takes a shot at ISDA
Katy Burne – Dow Jones
Gary Gensler, chairman of the Commodity Futures Trading Commission, at a hearing Tuesday praised Javelin Capital Markets for showing that central clearing of off-exchange derivatives, or “swaps,” can be cleared in seconds, as new rules being crafted the CFTC will require.
http://jlne.ws/GDgpDS

Finra Adopts Alternative System To Identify Securities In Trace
By Katy Burne Of DOW JONES NEWSWIRES
The U.S. Financial Industry Regulatory Authority, or Finra, is supporting a new system for identifying debt securities in its Trade Reporting and Compliance Engine, or Trace. Trace, which has been in place since 2002, already has two methods for tagging securities: the Cusip system from the Committee on Uniform Security Identification Procedures, and Finra’s own Trace symbols.
http://jlne.ws/GDgpDW

CFTC Seeks Public Comment On Request From ICE Clear Europe For Order Permitting Portfolio Margining Of Cleared Swaps And Foreign Futures Contracts
The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by ICE Clear Europe Limited (ICE Clear Europe) for an order pursuant to Section 4d(f) of the Commodity Exchange Act (Act).
http://jlne.ws/GDgpDZ

Geithner: U.S. can address foreign Volcker issues
Market Watch
Treasury secretary says that U.S. regulators have the ability to address concerns raised by foreign governments over a U.S. proposal that seeks to rein in banks’ speculative trading, known as the Volcker rule.
http://jlne.ws/GDgpE4

ICMA European Repo Council Paper Explores Official Concerns About ‘Shadow Banking’ And Repo
ICMA’s European Repo Council (ERC) has today published a paper entitled: ‘Shadow banking and repo’ which explores concerns raised by regulators about ‘shadow banking’, particularly in the context of the European repo market. The paper, written by Richard Comotto of the ICMA Centre, is intended to inform the ‘securities lending and repo’ workstream set up by the Financial Stability Board within its shadow banking project and the European Commission’s own deliberations discussed in yesterday’s green paper.
http://jlne.ws/GDgnvQ

Financial Stability Board: Improving Financial Institution Risk Disclosures And Next Steps
The importance to market confidence of useful disclosure by financial institutions of their risk exposures and risk management practices has been underscored in recent years. The FSB has agreed to take steps to encourage improved disclosures as described in this press release.
http://jlne.ws/GDgnvT

ESMA: Publication Of Responses To The Consultation On Draft Technical Standards For The Regulation On OTC Derivatives, CCPs And Trade Repositories
http://jlne.ws/GDgpUv

Opening Statement On Commission Meeting For Consideration Of Rules Implementing The Dodd-Frank Act By CFTC Chairman Gary Gensler
http://jlne.ws/GDgnvW

Opening Statement, Open Meeting On One Final Rule, CFTC Commissioner Scott D. O’Malia
http://jlne.ws/GDgnvX

Statement Of Support By CFTC Chairman Gary Gensler
http://jlne.ws/GDgqaQ

Logistics – Statement Of Commissioner Bart Chilton Before The CFTC Public Meeting, Washington, DC
http://jlne.ws/GDgnMe

Chairman Ben S. Bernanke, The European Economic And Financial Situation, Before The Committee On Government Oversight And Reform, U.S. House Of Representatives, Washington, D.C.
http://jlne.ws/GDgnMg

SIFMA President And CEO T. Timothy Ryan Remarks For SIFMA Compliance And Legal Annual Seminar
http://jlne.ws/GDgqb1

Remarks At The SIFMA C&L Conference By SEC Chairman Mary L. Schapiro
http://jlne.ws/GDgnMn

Opening Statement, Tenth Open Meeting To Consider Final Rules Pursuant To Dodd-Frank Act By CFTC Commission Jill E. Sommers
http://jlne.ws/GDgnMu

CFTC Charges Florida Resident Abraham Gutterman and His Companies, Alliance Capital Metals LLC and AR Goldman Wealth Management, LLC with Commodity Gold and Oil Options Fraud and Misappropriation
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a federal court action against Abraham Gutterman, Alliance Capital Metals LLC (ACM), and AR Goldman Wealth Management, LLC (ARGWM) (doing business as U.S. Principal Financial Services), all of South Florida, charging them with commodity options fraud and misappropriation.
http://jlne.ws/GDgqrm

CFTC Seeks Public Comment on Request from ICE Clear Europe for Order Permitting Portfolio Margining of Cleared Swaps and Foreign Futures Contracts
The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by ICE Clear Europe Limited (ICE Clear Europe) for an order pursuant to Section 4d(f) of the Commodity Exchange Act (Act).
http://jlne.ws/GDgqrs

NFA Notice to Members
FINRA announces increase in examination fees
http://jlne.ws/GDgqrw

Bloomberg Symbology Accepted By Finra For Regulatory Reporting – FINRA’s TRACE Accepts Open And Free-Use Methodology For Naming Securities
http://jlne.ws/GDgo2S

Investments – Indexes – Managed Futures – Managed Funds

S&P, ISDA Launch Bank CDS Indexes
By KATY BURNE – Dow Jones
A pair of new credit-default swap indexes tied to U.S. and European banks were launched Tuesday with the aim of giving investors a vehicle to hedge default risk across a host of financial institutions in one shot.
http://jlne.ws/GDgo2V

Insurance Pays Off in Greece
By Charles Forelle and Katy Burne – Dow Jones
A panel of dealers determined in an auction Monday that holders of Greek credit-default swaps would be paid 78.5 cents on the dollar after Greece’s giant debt restructuring, a smooth result in line with expectations for a large payout to swapholders.
http://jlne.ws/GDgqrA

Fund managers expect growth to eclipse QE
By Duncan Robinson – Financial Times
Global growth expectations have improved sharply according to a widely followed survey of fund managers, damping hopes of further quantitative easing in the US and Europe.
http://jlne.ws/GDgo2Z

Bid to unlock commodities liquidity crunch
By Javier Blas in Geneva – Financial Times
European banks are preparing a new type of securitised vehicle bundling together loans to commodity trading houses to try to resolve the credit crunch in the commodities industry.
http://jlne.ws/GDgqHX

New Study Evaluates BXM and Other Indexes: Returns, Standard Deviations and Risk-Adjusted Returns Since Mid-1986
A new study, “The CBOE S&P 500 BuyWrite Index (BXM) — A Review of Performance,” was released last week by investment-advisory firm Hewitt EnnisKnupp. The study, commissioned by Chicago Board Options Exchange (CBOE), compares the performance of “traditional” indexes and CBOE S&P 500 BuyWrite Index (BXM(SM)) since mid-1986.
http://jlne.ws/GDgqI1

Illinois State Board of Investments (ISBI) Selects Private i to Manage Extensive Portfolio of Private Equity and Real …
GlobeNewswire via Yahoo! Finance
The Illinois State Board of Investments, with a portfolio of over $5 Billion of private capital investments consisting of limited partnerships, co-investments and direct holdings, has implemented The Burgiss Group’s Private i solution to consolidate investment data and enhance reporting capability. Private i was selected as the best fit from responses to an RFI sent to vendors in the fall of 2011.
http://jlne.ws/GDgojr

Numerix Webinar Tuesday, March 27th – Overnight Index Swaps (OIS) Discounting Impact on Derivatives P&L and Risk Calculations: A Case Study
Business Wire
Numerix (www.numerix.com), the leading provider of cross-asset analytics for derivatives valuations and risk management, will host a complimentary webinar on Tuesday, March 27th at 10:30 AM EDT to address the impact of pricing interest rate derivatives with a multi-curve approach versus a single-curve approach.
http://jlne.ws/GDgojt

Analysis: Turning point in the currency war
Reuters via Yahoo! News
A counteroffensive of sorts may be underway this year in what has seemed like a one-sided “global currency war” as developing economies slow, western money-printing pauses and the heat comes out of pumped-up emerging market currencies.
http://jlne.ws/GG1lnA

Glencore Merger Could Take Two Years
BY JOHN W. MILLER – WSJ
European Union regulators are taking a closer look at the proposed $90 billion tie-up between Glencore International PLC and Xstrata PLC after steelmakers and other European industries expressed fears that the deal could create too powerful a player in zinc, nickel and coal, say advisers to the two Swiss companies.
http://jlne.ws/GDgojx

ISDA EMEA Determinations Committee: ERC Ireland Finance Limited A Failure To Pay Credit Event
http://jlne.ws/GDgqYr

Blackrock Investments Canada Inc. Announces Q1 and Monthly Distributions on Certain Exchange Traded Funds
http://jlne.ws/GDgqYw

SPDR S&P 500 ETF launched on Xetra
http://jlne.ws/GDgqYA

db x-trackers bond index ETFs on euro zone and German government bonds launched on Xetra
http://jlne.ws/GDgozX

LLMA Goes Live With Longevity Indices
http://jlne.ws/GDgozZ

Global Financial Centres Index 11 Published Today – Chinese And Eurozone Centres Languish Whilst Offshore Centres Regain
http://jlne.ws/GDgrf1

Technology News

SunGard Earns Top Marks in Novarica’s ACE Gold Ranking Report
SunGard has received a score of 94 out of 100 in “overall customer satisfaction” for its iWorks Investment Accounting solution, in the Q1 2012 Novarica Average Customer Experience (ACE) Gold Ranking Report.
http://jlne.ws/GDgrvs

AmerBrokers Selects SunGard for Direct Market Access
AmerBrokers, a Polish financial institution, has chosen SunGard for direct market access (DMA) trading and connectivity to international markets.
http://jlne.ws/GDgrvw

Panopticon Software Partners with QlikTech to Provide Real-Time Visual Data Monitoring and Analysis Dashboards
Panopticon Software, the leading provider of visual data analysis software for real-time, CEP and historical time series data, today announced a partnership with QlikTech, a leader in Business Discovery – user-driven Business Intelligence (BI), to offer enhanced, real-time visualization capabilities for the QlikView Business Discovery platform.
http://jlne.ws/GDgrvG

RTS Webinar: Trading Opportunities in Brazilian Markets
Join speakers from Newedge Group, ICAP Brazil, Phare Global Markets and RTS Realtime Systems for an interactive webinar on the Brazilian markets. According to a recent algorithmic trading survey on Latin American growth from Automated Trader Magazine, the number of buy side firms accessing LatAm markets is expected to quadruple in three years. Brazil is probably best placed to capitalize on this interest as they continue to drive growth with innovation in Brazilian markets.
http://jlne.ws/GDgrvI

Media News

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

Why Chinese Trusts are Getting Global Interest
Wall Street Journal Blogs
Amid a string of recent sell-downs by Western banks of their stakes Chinese lenders, another sector in Chinas finance industry could be seeing renewed interest: trust companies.
http://jlne.ws/GDgrLY

Anger mounts over power of China’s banks
By Simon Rabinovitch – Financial Times
Not long into the global financial crisis, it seemed obvious that trouble was brewing for Chinese banks. Ordered by the government to pump credit into the slowing economy, they responded with a zeal befitting dutiful state-owned institutions. A lending surge in 2009 such as the country had never seen was bound to lead to a spike in defaults, or so many outsiders believed.
http://jlne.ws/GDguaK

How to blow away China’s gathering storm clouds
By Martin Wolf – Financial Times
China is entering upon a difficult transition to both lower growth and a different pattern of growth. This is the conclusion I drew from this year’s China Development Forum in Beijing. Moreover, it is likely to be a political as well as an economic transition. These two transitions will also interact with one another in complex ways. The past record of economic success, under Communist party rule, does not guarantee a comparably successful future.
http://jlne.ws/GDguaM

SGX reports third quarter results on 17 April 2012
http://jlne.ws/GDgrMe

Hong Kong Securities And Futures Commission: Learn More From Own Brokerage Before Investing Overseas Via ATS
http://jlne.ws/GDgs2u

Frontier Markets

Abu Dhabi Securities Exchange Participates In 24th XBRL
http://jlne.ws/GDgura

The Palestine Securities Exchange (PSE) Announces The Fourth Of April Its Listing Date On The Palestine Exchange
http://jlne.ws/GDgurf

Miscellaneous News

Debunking the Myth That an SEC Capital Rule Change Helped Cause the Crisis
Naked Capitalism
There is a great post by Bethany McLean at Reuters debunking a major “what caused the crisis” urban legend. Many, including Joe Stiglitz and Alan Blinder, have claimed that an SEC 2004 rule change regarding the leverage of securities firm holding companies allowed the leverage of major investment banks to skyrocket, helping to trigger the crisis. McLean’s article demolishes this idea.
http://jlne.ws/GDguri

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Crypto Nomads: Surfing the World for Risk and Profit

Crypto Nomads: Surfing the World for Risk and Profit

First Read $51,906/$300,000 (17.3%) ++++ Hits & Takes John Lothian & JLN Staff The STA is holding the 88th Annual Market Structure Conference in person on October 6-8 at the JW Marriott in Washington, DC with the title "The Great Return." That is a very good...

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