John Lothian Newsletter: Nasdaq OMX delays Euro clearing plan; TSE set to exit Aim joint venture with LSE; MF Global clients see recovery prospects improving

Mar 27, 2012

Facing regulatory uncertainty, Nasdaq OMX slows down plans to offer clearing choices to clients. The Tokyo Stock Exchange pulls away from Aim, its joint venture with LSE, having decided that one listing wasn’t really enough to be considered worthwhile. MF Global clients stuck in a holding pattern with regard to their frozen accounts, are growing optimistic that they may after all get most of their money back. BATS is still in the news, both for speculation about its future, and just as notably for opening properly and normally for business yesterday. Ex-MF Global executives are providing advance copy of their intended testimony before Congress; so far, “I know nothing. Nothing!” is winning hands down as the favored response.

Observations – Statistics – Commentary

SEC’s new safety mechanism contains fallout from trading glitches on BATS
By David S. Hilzenrath – Washington Post
Trading glitches involving shares of Apple on an upstart stock exchange called BATS on Friday rekindled memories of the May 2010 “flash crash,” when prices gyrated wildly, shaking confidence in markets and in regulators’ ability to stay on top of them.


CFTC Announces Public Meeting of the Technology Advisory Committee and Members of the New Subcommittee on Automated and High Frequency Trading
The Commodity Futures Trading Commission (CFTC) announces that on Thursday, March 29, 2012, the CFTC’s Technology Advisory Committee (the “TAC”) will hold a public meeting at the Commission’s headquarters in Washington, DC from 10:00 a.m. to 5:00 p.m. This meeting will focus on three significant issues facing the futures and swaps industries as the Commission continues to finalize rules under the Dodd-Frank Act. Those issues are: (1) automated and high frequency trading (HFT): exchange oversight and definitions; (2) final recommendations from the Subcommittee on Data Standardization; and (3) credit limit checks: market structure and technology issues.


BATS bonuses come into question
By Telis Demos in New York – Financial Times
Joe Ratterman, BATS Global Markets chief executive, has apologised for the group’s botched initial public offering last week, but stopped short of agreeing that all bonuses at the company should be suspended.


TABB Group Names Will Rhode as Director of Fixed Income
TABB Group announced today that Will Rhode has been promoted to director of fixed income, responsible for leading the firm’s fixed income practice that examines trading, operational and technology issues impacting swaps, corporate bonds, sovereign debt, and other credit and rate derivatives in North America, Europe and Asia.

STREET MOVES: TABB’s McPartland Heading To BlackRock
Kevin McPartland, a principal at independent research firm TABB Group, has been hired by asset management giant BlackRock, according to people familiar with the matter.


Volcker Rule Timeframe Slips
Clarke Camper – Inside the Beltway
Fed Chairman Ben Bernanke told the Senate Banking Committee last week that regulators will not meet a July 21 congressional deadline for finalizing regulations to implement the Volcker Rule.


MF Global’s Steenkamp Says He Had Little Knowledge of Fund Moves
By Phil Mattingly and Silla Brush – Bloomberg
MF Global Holdings Ltd. Chief Financial Officer Henri J. Steenkamp will tell lawmakers he had “limited knowledge” of the movement of segregated customer funds in the final days before the firm’s Oct. 31 bankruptcy.

***JM: What’s that Churchill quote? “Never in this field of finance has so much gone unnoticed by so many.”


MF Global Counsel Resisted Giving Assurances on Transfers
By Phil Mattingly and Silla Brush – Bloomberg
MF Global Holdings Ltd. General Counsel Laurie Ferber twice resisted providing assurances to JPMorgan Chase & Co. (JPM) that the broker was complying with rules to segregate customers’ collateral, saying language in a draft provided by the bank was too broad.


Berkeley Futures Adds Connectivity to DGCX with Patsystems
Patsystems, the trading and risk management solutions provider to the derivatives industry, is pleased to announce that Berkeley Futures, one of the UK’s leading Futures, Options and FX brokers, is to provide connectivity to DGCX (Dubai Gold and Commodities Exchange) through its existing Patsystems infrastructure.


Others in the I.P.O. Hall of Shame
After the horrible, ruinous Murphy’s Law-abiding fiasco that was the initial public stock offering of BATS Global Markets, many are wondering if the company’s glitch-filled offering was the biggest I.P.O. botch in history.


Is It O.K. to Joke About Occupy Now?
Time was, you had to tread lightly when making fun of Occupy Wall Street. Last year, BNY Mellon created a minor P.R. kerfuffle for itself by taking out a humorous ad in the Financial Follies program in which it claimed, “We don’t mean to brag, but we’ve been Occupying Wall Street for 227 years.”


We should stop trying to change the world
By Andrew Hill – Financial Times
Given the essentially mundane nature of most jobs, few workers will ever live up to mission statements that urge them to “change the world”. Vint Cerf is one of the few people who indisputably has changed it. Nearly 40 years ago, he co-designed the ubiquitous TCP/IP software protocols that allow closed computer networks to communicate with each other and form a “network of networks”: the internet.


MarketsWiki Page of the Day
Joe Ratterman


MarketsWiki Recent Updates

Steven Crutchfield; Thomas F. Callahan; David Ruder; Nancy Kaplan; Anne Byerwalter; Gina McFadden; Brookly McLaughlin; Katherine Murray; Elisabeth Samuels; Jessica Titlebaum; Kelly Birt; Diane Saucier; Cindy Williams; Emma Davey; Joe Ratterman

Companies, Organizations and Groups
John J. Lothian & Company, Inc.; MF Global Holdings Ltd; BATS Global Markets; Women In Listed Derivatives

Upcoming Events; Okun’s law

21,049,292 pages viewed, 6,756 articles, 138,397 edits
MarketsWiki Statistics

MarketsReformWiki Recent Updates
CFTC Office of the Inspector General – Investigation Regarding Position Limits Rulemaking – February 15, 2012; Volcker Rule – Comment Letter – The Clearing House – February 13, 2012; CFTC Final Rule: Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants; Volcker Rule – Comment Letter – HSBC Bank USA – February 13, 2012; Volcker Rule – CFTC – Comment Letter – Fidelity Investments – February 13, 2012

1,185,133 pages viewed, 1,432 articles, 20,885 edits

Lead Stories

Nasdaq OMX delays Euro clearing plan
By Philip Stafford – Financial Times
Nasdaq OMX delayed a plan on Monday to offer customers trading on their European exchange a choice over where their equity trades are to be cleared, blaming regulatory uncertainty over the derivatives markets for the decision.

TSE set to exit Aim joint venture with LSE
By Ben McLannahan in Tokyo – Financial Times
The Tokyo Stock Exchange is poised to pull the plug on the growth market it set up three years ago with the London Stock Exchange, having attracted just one listing in that period.

MF Global clients see recovery prospects improving
By Nick Brown, Tom Polansek and Ann Saphir – Reuters
Former clients of MF Global are growing more optimistic about the prospects for recovering their frozen money, which is helping to bid up the price of customer claims being resold to distressed debt traders and investors.

US regulators seek new rules on bank lending for buyout deals
Dow Jones Newswires
US bank regulators yesterday proposed updated guidelines for banks that finance corporate mergers and buyout deals, moving to constrain an area of finance that regulators see as an increasing source of risk.

Tokyo-Osaka Seen as Best Bet After Deals Fail: Real M&A
By Toshiro Hasegawa and Jason Clenfield – Bloomberg
As stock exchange mergers crumbled from Frankfurt and New York to Singapore and Sydney, traders have become only more convinced that Japan’s plan to combine its biggest bourses is the best bet to succeed.

Fed doubts big US jobless falls will last
By Robin Harding in Washington and Michael Mackenzie in New York – Financial Times
Rapid recent falls in US unemployment may prove to be a one-off unless economic growth picks up, Ben Bernanke, chairman of the US Federal Reserve, warned on Monday.

OECD urges ‘ambitious’ eurozone reform
By Stanley Pignal in Brussels – Financial Times
The eurozone needs to undertake “ambitious structural reforms” to boost growth and overcome its protracted debt crisis, the OECD said in a report released on Tuesday.

US World Bank nominee under fire over book
By Robin Harding in Washington – Financial Times
Jim Yong Kim, the US nominee to head the World Bank, is coming under fire over a book he co-authored that criticises “neoliberalism” and “corporate-led economic growth”, arguing that in many cases they had made the middle classes and the poor in developing countries worse off.

U.S. Nominee For World Bank Presidency To Travel To Africa, Asia, And Latin America, March 27 – April 9, 2012
Dr. Kim’s Global Listening Tour Will Solicit Input, Ideas On Priorities For The World Bank

E-Mail Clears Jon Corzine, Sort Of
By William D. Cohan – Bloomberg
So, at first blush it looked like Jon Corzine, the former chief executive officer of MF Global, had authorized the transfer of $175 million from MF’s customer accounts to JPMorgan Chase in the last hours before the company’s collapse. Now, it seems, there is more ambiguity about whether Corzine knew the money was customer funds or a “house wire,” which would mean it came from the firm’s own pocket.

Building a Criminal Case in the MF Global Affair
Whether criminal charges will be filed over transfers of customer funds in the final days before MF Global collapsed in October 2011 may hinge on what was said by executives at the firm trying to keep it alive.

Corzine is getting a pass, would you?
By David Weidner, MarketWatch
Here’s a thought. Do you think you would be walking free today if you told the police you lost $1.6 billion in other people’s money?

Environmental Trading News

How seawater and greenhouses could solve Africa’s food crisis
Business Green
Everything about Seawater Greenhouse is counter-intuitive. You do not have to know much about agriculture to know you don’t grow things in a desert, you don’t grow things using sea water, and you don’t make your key target markets war-torn failed states.

**JK – Interesting read.

US Government Supports Private-Public Water Solutions Worldwide
Ecosystem Marketplace
Water shortages threaten to undermine economic growth and spark conflicts around the world, and agriculture uses 70% of the world’s water. In response, the US State Department is spearheading the development of a global alliance of governments, corporations, and non-governmental organizations (NGOs) aimed at harnessing new technologies for water management around the globe.

**RKB — Big names behind initiative: Africare, the Coca-Cola Company, Procter & Gamble, the Nature Conservancy, Rockefeller Foundation, Ford Motor Company, Skoll Global Threats Fund, the Water Institute at the University of North Carolina, World Resources Institute, Global Environment & Technology Foundation, Global Water Challenge, and Clean Water America Alliance.

S. Korea Sees Carbon Legislation Possible After April Election
South Korea, the fastest-growing producer of greenhouse gases among rich nations, may approve a law on setting up emissions trading in 2015 after the April 11 general elections, a top climate policy official said.

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
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Exchange & ECN News

‘Devastating’ BATS glitch that crashed Apple stock now fixed
Los Angeles Times
After causing a brief crash in Apple stock, sparking investor confusion and withdrawing its own initial public offering Friday, the high frequency trading exchange BATS Global Markets seems to be glitch-free Monday.

BATS’ core business solid, future growth uncertain
Reuters via Yahoo! Finance
Orders flowed normally through BATS Global Markets on Monday, sending a sigh of relief that the core trading business of the nation’s third-largest stock exchange remains on track despite a high-profile …

No flash crash-like clearing woe for BATS trades
By Matt Jarzemsky – Market Watch
BATS Global Markets’ short-lived trading run made a highly visible mess, but it was a relatively easy one for the market’s back-office bookkeepers to clean up.

IPO software behind BATS’ failure
By Telis Demos in New York – Financial Times
Problems with software related to initial public offerings not only led to BATS Global Markets cancelling its own IPO last Friday but also contributed to a glitch allowing shares of Apple to briefly plunge nearly 10 per cent.

Bats CEO expects board to discuss his future
The chief executive of Bats Global Markets said the company likely will cancel bonuses related to its aborted listing, and expects the electronic exchange operator’s board to discuss his own future.

Momentum Builds around First-Ever TEDxWallStreet event with Inclusion of Host and Four Additional Renown Speakers
The Organizers of TEDxWallStreet, a not-for-profit event, announce the host and final four speakers that will complete the already exciting line-up of speakers at this first-ever event. The conference will convene at the New York Stock Exchange on March 30th where ground-breaking thought leaders and innovators will present to 300 business, social and academic influencers, as well as a global audience via live webcast.

BATS Market Share Recap

TMX Atrium Extends Nordic Footprint With Connectivity To Burgundy – Representing TMX Atrium’s Commitment To Enhanced Nordic Market Access
TMX Atrium, provider of smarter connectivity solutions for the financial community, today announced that Burgundy, the trading platform for Nordic securities has now become part of TMX Atrium’s global community.

Agora Deploys FlexOMS – Will Provide DMA And Algorithmic Trading Access To BM&F Bovespa

New Member On The Management Board Of Vienna Stock Exchange – Equity Investments: Attractive Again

NASDAQ OMX Postpones Introduction Of Competitive Central Counterparty Clearing In The Nordics

SIX Group Net Income Considerably Higher Than Previous Year

ESMA Confirms Full Compliance Of Boerse Berlin´s Equiduct Market Model

Annual Meeting Of Shareholders Of NZX

Annual Report – NZX

NYSE Amex Issues Short Interest Report

NYSE Group Inc. Issues Short Interest Report

Cyprus Stock Exchange Monthly Bulletin – February 2012

Banks, Brokers & Dark Pools

ICAP launches iLinked, the first fully tradeable Delta One equity derivatives platform
ICAP, the world’s leading interdealer broker, today launches iLinked, the first fully tradeable Delta One equity derivatives platform. The platform will operate as a hybrid offering traders the ability to transact electronically or by voice. iLinked will initially offer a range of equity-based Exchange for Physicals (EFPs) which will allow traders to access a transparent pool of liquidity across 120 instruments.

Goldman eyes electronic bond trading
By Tracy Alloway and Telis Demos in New York – Financial Times
Goldman Sachs is considering how to roll out electronic trading technology to its fixed income business – one of its biggest revenue generators – as it prepares for new regulation.

Deutsche Bank to settle MBS suit for $32.5 million
Reuters via Yahoo! News
NEW YORK (Reuters) – Deutsche Bank AG has agreed to pay $32.5 million to investors who said they were misled about the quality of mortgage loans sold to them as highly rated securities right before the U.S. housing market imploded, court papers show.

Jefferies to set up Europe financing arm
By Daniel Schäfer and Patrick Jenkins in London – Financial Times
Jefferies is looking to set up a corporate lending business in Europe as the fast-growing US investment bank seeks to grab market share from retrenching rivals.

Goldman Sachs Traders Knopman, Ha Said to Depart for Hedge Funds
Goldman Sachs Group Inc. credit traders Matthew Knopman and Philip Ha are leaving for hedge funds after the fifth-biggest U.S. bank by assets cut jobs and pay last year.

America’s Biggest Banks, Bank Of America Fails To Win Back Top Spot
JPMorgan Chase and Bank of America are the only banks with more than $2 trillion in assets and more than $1 trillion in deposits

Exclusive: Goldman losing private equity exec
CNN Money
Goldman Sachs private equity investor Gene Yoon hanging own shingle.

RBS Rate Traders Sat With Libor Setter, Fired Employee Tan Says
Royal Bank of Scotland Group Plc’s interest-rate traders were seated with one of the main rate setters in its London office to share information, and discussed the rate on conference calls, a fired trader said.

$200 Million Merrill Lynch Advisor to Join Hightower’s Pagnato-Karp Group
PR Newswire
HighTower, a national financial services company serving high-net-worth and institutional clients, announced today that Charles S. Holt has joined HighTower’s Pagnato-Karp Group, based in Washington, D.C. as Partner and Managing Director.

RBS Stake Sale To Abu Dhabi Not Imminent – Sources
FOX Business
The U.K. government is still weighing options for the sale of its 82% stake in Royal Bank of Scotland Group PLC (RBS) and no deal is imminent, people familiar with the matter said Monday.

Forex Club is on the move – appoints a new US CEO Michael Klena
Forex Magnates
Forex Club, one of the largest brokers in Eastern Europe, is in a restructuring and expansion frenzy – after taking a major investment from a private equity fund it announced the appointment of a new US CEO.

DTCC’s AIP Service Set To Help Broker/Dealers With Possession And Control Requirements

Direct Edge Trading Notice #12-13: Requirement For Members To Identify Orders As Principal, Agency, Or Riskless Principal Effective June 4, 2012

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.

House relaxes rules on derivatives
Boston Globe
WASHINGTON – To the chagrin of consumer groups, the House gave overwhelming bipartisan approval Monday to two bills easing requirements that President Obama’s overhaul of financial regulations imposed on some exotic financial instruments blamed for helping trigger the 2008 financial crisis.

Pru memo highlights regulatory tensions
By Alistair Gray, Insurance Correspondent – Financial Times
An executive at Prudential has described regulatory proposals from the City watchdog as “horrendous” and “ludicrous” in the latest sign of tension ahead of a wide-ranging shake-up.

Federal Court in Puerto Rico Orders Angel F. Collazo and ACJ Capital, Inc. to Pay over $3.7 Million for Solicitation Fraud and Issuing False Statements in an Off-Exchange Foreign Currency Scheme
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court consent order requiring defendants Angel F. Collazo (Collazo), of Salinas, Puerto Rico, and his company, ACJ Capital, Inc. (ACJ), jointly and severally to pay $1,544,252 of restitution, to disgorge $550,590 of ill-gotten gains, and to pay a $1,666,770 civil monetary penalty for fraudulently soliciting customers to trade off-exchange leveraged foreign currency (forex) contracts and issuing false statements to conceal trading losses.

SEC Charges Medical Device Company Biomet with Foreign Bribery
The Securities and Exchange Commission today charged Warsaw, Ind.-based medical device company Biomet Inc. with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries and agents bribed public doctors in Argentina, Brazil, and China for nearly a decade to win business.

NFA Enforcement and Registration Actions
Option Investments Inc., et al.

FSA publicly censures two Glasgow credit unions
The Financial Services Authority (FSA) has publicly censured two Glasgow based credit unions. Pollok Credit Union jeopardised its own solvency, and therefore the interests of its members, by making large loans to a non-member while Shettleston and Tollcross Credit Union made loans to its directors on terms better than those available to its wider membership.

Congress girds for a fight on oil trading
CNN Money
The CFTC has so far been unable to impose position limits on oil trades. With gas prices on the rise, Congress is stepping in, and Wall Street doesn’t like it.

[NFA] Updated Forex Transactions: A Regulatory Guide

ESMA Reviews Pre-Trade Transparency Waivers To Ensure Consistent MiFID Application

U.S. Agencies Propose Revisions To Leveraged Finance Guidance

Appointment to the Markets Directorate of the Autorité des Marchés Financiers

ASIC releases full report on retirement advice shadow shopping research

[ASIC] Some charges not migrated to the Personal Property Securities Register

New online ASIC Connect search service available next week

B.C. Securities Commission arrests Coquitlam man for fraud and theft

Investments – Indexes – Managed Futures – Managed Funds

John Mack to Join KKR as Senior Adviser
By David Benoit – WSJ
John Mack, the former chief executive and chairman of Morgan Stanley, is joining private-equity giant KKR.

ISDA to review CDS clause some blame for Greek yield spike
A financial markets trade group said to Dow Jones Newswires it is looking into a wrinkle in credit-default swap contracts that some market participants say is roiling the market for Greek sovereign bonds.

Plunge in volatility product a warning to investors
By Angela Moon and Doris Frankel – Reuters
After losing more than half of its value in the past two days, the plunge in the TVIX volatility-linked exchange-traded product should serve as a warning to investors before jumping into these high risk, esoteric products.

TVIX Fallout Lingers for Volatility Products, ETNs
Tom Lydon – ETF Trends
The meltdown in a leveraged VIX-futures exchange traded note has raised serious questions over volatility-linked products and ETNs in general.

Man Group launches managed accounts system, Clarus, to give investors greater portfolio transparency
Man Group plc. (‘Man’), the alternative investment manager, has launched Clarus, an online portal for investors in managed accounts to obtain greater transparency in their underlying investments.

The Attraction of Opposites
When traders move money out of certain bearish ETF funds, it’s frequently a bad sign for the stock market. Conversely, as long as investors continue to pour money into these bearish bets, stocks tend to do relatively well. Also, a new, low-volatility fund and its quirks.

Goldman Diaspora Falters as Flamand Hedge Fund Declines
Ex- Goldman Sachs (GS) Group Inc. traders led by Pierre-Henri Flamand and Morgan Sze raised more than $4.5 billion for their own hedge funds, helped by the experience of having worked at what once was Wall Street’s most profitable securities firm.

A Jaw-Dropping Chart Shows What Really Happens To Hedge Fund Profits
Business Insider
Eric Falkenstein posted the following chart, which apparently comes from a book by Simon Lack , showing the real breakdown of hedge fund profits. After fees and fund-of-fund fees, just 3% of profits end up going to investors.

New Dow Jones Credit Suisse Hedge Fund Index Commentary Offers Insight Into February Hedge Fund Performance

12 new Commerzbank ETNs launched on Xetra

Four new Lyxor commodity index ETFs launched on Xetra

FTSE Licenses NYSE Euronext With The Industry Classification Benchmark (ICB) Across Five Exchanges Worldwide

STOXX Introduces Market Classification Model And Emerging Markets Index

Composition Of TASE Corporate Bond Indices As Of April 1st, 2012

WisdomTree ETFs Declare Quarterly Distributions

Technology News

SunGard Launches Apex Enterprise Collateral Management Solution
SunGard has added a cross-enterprise collateral management and optimization solution to its collateral management suite. Apex Collateral helps banks, broker dealers and asset managers improve risk management, make the best use of their collateral assets, and support the shift towards central clearing of over-the-counter (OTC) derivatives.

Microsoft strikes blow against cyber bank fraud
Microsoft Corp. claimed a victory in efforts to combat online banking fraud, saying it had confiscated several servers used to steal login names and passwords, disrupting some of the world’s most sophisticated cybercrime rings.

Investor Communications Japan (ICJ) Announces 400th Issuer Using Its Electronic Voting Service
Investor Communications Japan announced today that the 400th issuer has joined its electronic proxy voting platform, bringing the benefits of this fully electronic service to even more shareholders in Japan and globally. ICJ is a joint venture of Broadridge Financial Solutions, Inc., the Tokyo Stock Exchange, Inc., and the Japan Securities Dealers Association.

Fixnetix Powers Renaissance Capital Ultra-Low Latency Access To The LSE International Order Book And Fixnetix Network

C24 Technologies Introduces SWIFT 2012 Message Support

AdvancedIO Debuts the Fastest Accelerating Ethernet Card for Financial Services
Business Wire via Yahoo! Finance
AdvancedIO Systems will reveal at the Low Latency Summit in London its newest generation of 10GE network cards powered by Altera’s 28-nm Stratix V FPGAs.

BondDesk Appoints Donald W. Swartz as New Head of Technology
Business Wire via Yahoo! News
BondDesk Group LLC, a leading fixed income technology firm and the nation’s largest odd-lot fixed income trading venues, is pleased to announce the appointment of Donald W. Swartz to the company’s leadership team as Head of Technology.

Media News

Thomson Reuters Selected to Power Dow Jones Indexes’ US Index Data Business
Thomson Reuters today announced that its Elektron high-performance trading and data infrastructure has been selected by Dow Jones Indexes to power the index provider’s US index data business, which includes the iconic Dow Jones Industrial Average.

Research and Markets: 2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier
Business Wire via Yahoo! News
Research and Markets ( has announced the addition of Javelin Strategy & Research’s new report “2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier” to their offering.

Words We Love Too Much
My colleague Patrick LaForge remains on the prowl for clichés — particularly the clichés of journalese, employed primarily by journalists reaching for the quick and easy phrase on deadline. A few of his recent examples:

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

Tokyo Stock Exchange to Integrate “TOKYO AIM” -TOKYO AIM to Become TOKYO PRO Market-
The Tokyo Stock Exchange Group, Inc. (“TSE”) today announced that it will acquire the remaining 49% in TOKYO AIM, Inc. (“TOKYO AIM”) currently held by the London Stock Exchange plc. Effective 28th March 2012 TOKYO AIM will become a 100% subsidiary of TSE.

Dalian exchange ready to hatch egg futures contracts
By Meng Jing and Zhang Yan in Beijing (China Daily)
The Dalian Commodity Exchange is preparing to introduce futures contracts for eggs this year and for more farm products in the near future, said the senior executive of the exchange.

Japan’s AIJ chief admits loss cover-up, apologizes
Reuters via Yahoo! News
The president of Tokyo-based money manager AIJ Investment Advisors admitted to Japanese lawmakers on Tuesday to covering up losses of $1.3 billion in clients’ pension money, but said he had no intention of cheating his clients.

Shanghai Stock Exchange Multi-tiered Blue Chip Market Index System Improved With SSE 100, 150 Indices

HKEx Announces Margin Rates And Information Vendors’ Access Codes For BRICS Futures

Shenzhen Stock Exchange Holds Cross-Market ETF Business Seminar

China: Three Futures Exchanges Issued Risk Control Measures During Qingming Holiday

SFAT Affirms Hong Kong’s Securities and Futures Commission’s Decision To Ban Ramesh Kumar Chuharmal Sadhwani

Shanghai Stock Exchange And China Securities Index Co., Ltd: SSE 100 Index And SSE 150 Index To Be Launched

Shenzhen Stock Exchange And Shenzhen Securities Information Co., Ltd.: Investment Clock Indexes Released, Facilitating Capture Of Industry Rotation

Frontier Markets

Matba in futures deal with Montevideo bourse
By Jude Webber in Buenos Aires – Financial Times
Mercado a Término de Buenos Aires (Matba), the Argentine commodity derivatives exchange, has signed an agreement with the Montevideo Stock Exchange to launch Uruguay’s first futures market.

Sleepless in Dubai as Traders Rejoice Eight-Fold Volume Increase
Just four months ago, share prices and trading values in Dubai fell to the lowest levels since 2004. Now stock trading has increased eight-fold, the most among the world’s 40 biggest markets, as the emirate rebounds from its biggest financial crisis.

UK in talks to sell part of RBS stake to Abu Dhabi – BBC
Reuters via Yahoo! News
LONDON (Reuters) – Britain has held talks to sell part of its stake in Royal Bank of Scotland to Abu Dhabi investors although a multibillion-pound deal is not imminent, people familiar with the matter said on Monday.

Citi Appoints Sameer Kaul As India Head For Private Bank
FOX Business
Citigroup Inc. (C) Tuesday named Sameer Kaul as the India head of Citi Private Bank.

IIFM and ISDA Launch Mubadalatul Arbaah Profit Rate Swap Product Standard
The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association, Inc. (ISDA) are pleased to announce the launch of the ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard to be used for Islamic hedging purposes.

Talal Al Zain Appointed Head of Pinebridge Investments Middle East and North Africa

Global Board Of Trade Introduces Delivery Based USD-MUR Contract

Abu Dhabi Securities Exchange Appoints Market Development Advisor

Miscellaneous News

Wall Street Firms Admit Responsibility for Poor Reputation
Business Wire via Yahoo! News
Financial services firms admitted that they invited negative public perception by their actions (or inactions), according to the 2012 Makovsky Wall Street Reputation Study of marketing and communications executives at financial services companies. Negative public perception topped the list of challenges these firms must overcome in the next year.

Jim Rogers Thinks Bernanke Is ‘Not Very Smart’ Corzine Broke ‘First Rule’
Guru Focus
Jim Rogers comments on Ben Bernanke, the Federal Reserve, MF Global and “too small to succeed:”

Women bankers riskier, says Bundesbank study
By Ralph Atkins in Frankfurt – Financial Times
The image of women as safer managers who are less likely to fritter away a bank’s finances is wrong – and politicians should take note, according to a Bundesbank research report.

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