John Lothian Newsletter: CME Swap-Data Routing Plan Backed by CFTC Over Rivals’ Objection; Exchanges, Tech Companies Jockey to Build 'Audit Trail'; LSE and LCH agree terms of revised $426 million offer

Mar 7, 2013

CME Group gets an extra piece of swap-data regulatory cake from the CFTC. Exchanges and tech companies are in stiff competition to win the right to build a national stock market monitoring system. The London Stock Exchange and LCH.Clearnet have agreed (again) to new terms for the partial takeover of the clearinghouse.

First Read

ISE Polishing Up New “Topaz” Exchange
by Sarah Rudolph, JLN
The International Securities Exchange is a few steps closer to making the already crowded field of U.S. options exchanges even more crowded. On March 1, 2013, the Securities & Exchange Commission issued an order granting “exemptive relief” for ISE’s second options exchange, tentatively known as Topaz. This would bring the number of U.S. options exchanges to 12. All four SEC commissioners have signed off on the filing and it can now be published for comments, according to an ISE spokesman. ISE now plans to launch the exchange in Q2 2013, pending SEC approval.

For the rest of the article, visit the JLN Options blog at
jlne.ws/XWRhLm

**** We are pleased to announce that ISE CEO Gary Katz has agreed to be one of the guest editors of JLN during my absence. So far we have FIA President Walt Lukken and Steve Grob of Fidessa. We welcome suggestions for other potential guest editors.

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Eurex targets London with clearing push
Philip Stafford – FT.com
Deutsche Börse is stepping up its push to capture institutional investors who are forced to clear their derivatives trades with a service targeted at customers in the UK, the world’s largest market for off-exchange trading.
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***** We are working on a Special Report focused on the competitive landscape in Europe, especially with everything going on in London.

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NYSE Euronext Calls Off Sale of India MCX Stake
KENAN MACHADO And DEBIPRASAD NAYAK – Dow Jones
NYSE Euronext has called off its plan to sell its entire 4.79% stake in Multi Commodity Exchange of India Ltd. because it didn’t find any buyers, two people familiar with the matter said Thursday.
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**** Some people call trades like this a roach motel. You can get in, but you can’t get out. At least not yet.

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What’s Behind the Endless Delays on New Rules for Wall Street?
National Journal via Yahoo! News
Paul Volcker was exasperated. “How many times people told me six months ago, ‘It’ll be two weeks, Paul…. Looks like it’s right there.’ Doesn’t happen. Two months later, ‘Well, before the end of December. Well, before the end of January,’ ” the former Federal Reserve Board chairman said at an event hosted by the National Association for Business Economics this week.
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***** It turns out Washington ran out of paper to print all the rules on.

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CME not in market but open to acquisitions, CFO says
Chicago Tribune
CME Group Inc would be open to making a large acquisition should the right target emerge, a top executive said on Wednesday in the latest sign that the company may reverse its longstanding public indifference to mergers and acquisitions.
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***** There is a nice stake in an Indian exchange for sale I know of.

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Dow should be consigned to history
John Authers – FT.com
The Dow Jones Industrial Average has hit an all-time high, as anybody who has seen the headlines splashed across the front of this and many other newspapers will know. But should we care about this landmark? No. The Dow’s methodological flaws are overwhelming and there is no reason for anyone to follow it. That it still generates so much attention is attributable to inertia and groupthink.
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***** So one should probably look at the FTSE right?

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New Restoring Customer Confidence Video
We’re back with an update on confirmations. This new video explains the NFA and CME Group’s electronic confirmation system for futures brokers.

Restoring Customer Confidence More ideas»
Confirmations: NFA and CME’s Financial Match.com

Confirmations: NFA and CME’s Financial Match.com
MarketsWiki.tv

The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic Confirmations)

In November 2012, the NFA and CME Group announced they would implement an electronic confirmation system for futures brokers. The system, operated by Alphametrics, provides a comprehensive check and match of what FCMs say they have in customer funds with what banks say they have.

Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the NFA, says the new system will help regulators and customers assure such a fraud does not occur again.

Watch the video »

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About the Restoring Customer Confidence video series
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back? Visit the video series page on MarketsWiki.tv

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CME Swap-Data Routing Plan Backed by CFTC Over Rivals’ Objection
Bloomberg
The Commodity Futures Trading Commission voted 4-0 to grant Chicago-based CME, owner of the world’s largest futures exchange, the authority. New York-based DTCC, operator of a rival database, has said it might sue the CFTC if the CME’s proposal was approved.
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Holder: Big banks’ size complicates prosecution efforts
By Peter Schroeder – The Hill’s On The Money
Attorney General Eric Holder suggested Wednesday that some financial institutions have become too large and are escaping full-fledged prosecution as a result. Testifying before the Senate Judiciary Committee, Holder told lawmakers that he is concerned that some institutions have become so massive and influential that bringing criminal charges against them could imperil the financial system and the broader economy. His remarks come as a growing number of lawmakers have suggested that big banks are, effectively, “too big to jail.”
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***** This is also related to Treasury’s “too big to bail” and the Post Office’s “too big to mail” and the Navy’s “too big to sail.” The Housing Department’s “too big to nail?”

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Honey, We Barely Shrunk the Financial System
PETER THAL LARSEN – NYTimes.com
The global financial system isn’t dead. But it might be shrinking. For the last four years, bankers have fretted that finance is retreating behind national borders, with dire consequences for trade and economic growth. The reality is that a diminution of the financial sector was overdue. And outside the euro zone, cross-border flows are still reasonably healthy.
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***** Deleverage.

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China moves to make its markets credible
Josh Noble in Hong Kong – FT.com
Although gambling is illegal in China – except at the baccarat tables of Macau and Hong Kong’s twin horse tracks – there is one venue on the mainland where some say games of chance are officially sanctioned: the stock market. But that could be changing.
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****** What is Chinese for MF Global?

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WILD about Options: Educating Women on Options Trading
Jessica Titlebaum – The Glass Hammer
The derivatives industry is evolving due to regulation coming from Washington and it’s forcing participants to look at different opportunities in new markets. To help emerging and experienced women navigate these broader territories, Women in Listed Derivatives (WILD) organized an educational seminar on Options trading. Hosted by NYSE Euronext and sponsored by the Options Industry Council and Fidessa, the workshop included an educational introduction to Options trading, a keynote speaker about career advancement and panel discussion focused on the current market environment.
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***** From now on, I will refer to Jessica Titlebaum as “The Glass Hammer.”

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Tracking Sensors Invade the Workplace
RACHEL EMMA SILVERMAN – WSJ.com
A few years ago when Bank of America Corp. wanted to study whether face time mattered among its call-center teams, the big bank asked about 90 workers to wear badges for a few weeks with tiny sensors to record their movements and the tone of their conversations.
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***** Face time is for pretty people.

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With Positions to Fill, Employers Wait for Perfection
CATHERINE RAMPELL – NYTimes.com
American employers have a variety of job vacancies, piles of cash and countless well-qualified candidates. But despite a slowly improving economy, many companies remain reluctant to actually hire, stringing job applicants along for weeks or months before they make a decision. If they ever do.
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***** Luckily, I have hired all the perfect people for their jobs.

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MarketsWiki

MarketsWiki Page of the Day
Gary Gensler
jlne.ws/ircLvy

MarketsWiki Recent Updates

People

Gary G. Gensler; Cynthia Zeltwanger; Susan Milligan; Christopher K. Hehmeyer; Matthew B. Gelber; Blake Tiedeman

Companies, Organizations and Groups

National Futures Association; International Securities Exchange

Statistics

36,076,489 pages viewed, 7,426 articles, 155,870 edits
MarketsWiki Statistics

Lead Stories

Exchanges, Tech Companies Jockey to Build ‘Audit Trail’
Jacob Bunge – Dow Jones Newswires
More than two dozen stock exchanges and technology companies may vie for the task of building an electronic system to monitor all U.S. stock trading, according to a document released late Tuesday. The project, which U.S. securities market regulators have planned for years, is seen as a lucrative and high-profile assignment, particularly for exchange groups that have pushed to develop financial software divisions to offset slackened trading activity.
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LSE and LCH agree terms of revised $426 million offer
Reuters via Yahoo! Finance
London Stock Exchange Group has submitted a revised 284 million pounds ($426.4 million) cash offer to buy a majority stake in LCH Clearnet, in a deal aimed at giving the exchange a gateway into the lucrative debt and currency clearing business.
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SEC Weighing First Update of Automation Safeguards in 22 Years
Dave Michaels – Bloomberg
Exchanges and clearing firms would be required to maintain adequate technology systems and report disruptions under a U.S. Securities and Exchange Commission plan for the first update of automation principles in 22 years.
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Dodd-Frank Swap Pushout Would Be Limited Under Bipartisan Bills
Bloomberg
U.S. House and Senate lawmakers plan to introduce legislation that would allow more swaps trading to be conducted at banks that have federal insurance by repealing part of the Dodd-Frank Act.
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Nasdaq launches index for private groups
Richard Waters in San Francisco and Arash Massoudi in New York – FT.com
Nasdaq OMX is joining the race to attract share trading in budding, fast-growing technology companies by forging a joint venture with one of the pioneers of the private secondary markets in the US.
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Monte Paschi’s spokesman found dead: judicial source
Reuters via Yahoo! News
FLORENCE – The spokesman of Monte Paschi di Siena, the Italian bank at the center of an investigation into alleged corruption and fraud, was found dead at the bank’s Siena headquarters, a judicial source told Reuters on Wednesday. David Rossi was the head of the bank’s communications unit.
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Equities cannot save the day, says study
Mike Foster in Edinburgh – Financial News
Pension schemes need to brace themselves for a sharp fall in returns over the next 30 years forcing them into a stream of cost-saving measures, such as scheme mergers, and a possible increase in contribution rates, according to Professor Paul Marsh of the London Business School.
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Pension schemes face E4bn tax hit
Sophie Baker in Edinburgh – Financial News
Pension funds in Europe could face a E4bn bill from the European Commission’s Financial Transaction Tax, the chairman of the National Association of Pension Funds’ investment council has warned.
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Regulatory

Academic Use of CFTC’s Private Swap Data Is Said to Be Probed
By Silla Brush – Bloomberg
The top U.S. derivatives regulator suspended a program of visiting academic researchers over concerns about the handling of confidential trading data, according to two people with knowledge of the matter.

The Commodity Futures Trading Commission began an internal management review and asked the agency’s inspector general to investigate its oversight of data used to research issues including high-frequency trading, according to the people who asked not to be named because the review is ongoing.

The concerns were prompted by a reference to the data in an academic paper, the people said. It hasn’t been concluded that any trading information was misused or made public, they said.
(via email)

Prospect for Deputy at S.E.C. Has Ties to Wall Street
PETER LATTMAN and BEN PROTESS – NYTimes.com
Mary Jo White, who appears set to become a top Wall Street regulator, is seeking to allay skepticism about her spins through the revolving door between government service and private practice. Yet even as she confronts concerns about her work for JPMorgan Chase in financial crisis cases and Morgan Stanley’s board in vetting a chief executive, she is turning to a colleague who has trod a similar path.
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CFTC Approves Request from the Chicago Mercantile Exchange Inc. to Adopt New Chapter 10 (“Regulatory Reporting of Swap Data”) and New Rule 1001 (“Regulatory Reporting of Swap Data”) of CME’s Rulebook
The Commodity Futures Trading Commission (Commission) has approved a request from the Chicago Mercantile Exchange Inc. (CME) to adopt new Chapter 10 and new Rule 1001 of CME’s rulebook.
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Concurring Statement Of CFTC Commissioner Jill E. Sommers On The Chicago Mercantile Exchange Inc. (CME) Request For Commission Approval Of New Chapter 10 And New Rule 1001
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Statement Of CFTC Commissioner Scott O’Malia On The Commission’s Approval Of CME Rule 1001
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FSA publishes consultation on framework for the consumer credit regime
The Financial Services Authority (FSA) has published its consultation on how it plans to introduce a strong and flexible regime to regulate consumer credit. The regime is tailored to address the risks that face consumers without putting undue burdens on firms.
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SIFMA Executive Vice President Randy Snook Remarks – SIFMA’s Insurance And Risk-Linked Securities Conference
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Exchanges & Trading Facilities

NYSE Euronext Announces Trading Volumes for February 2013
NYSE Euronext (NYX) today announced trading volumes for its global derivatives and cash equities exchanges for February 2013. Global derivatives average daily volume of 8.8 million contracts in February 2013 increased 24.7% compared to February 2012, but decreased 7.6% month-over-month. This increase was primarily driven by stronger European derivatives volume, specifically fixed income derivatives ADV which increased 71% year-over-year. U.S. equity options ADV increased 5.7% compared to February 2012, but decreased 9.8% from January 2013 levels. Trading volumes in European cash equities were down 9.8% year-over-year, but rebounded up 12.8% month-over-month.
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BM&FBOVESPA publishes February market performance
In February 2013, the equities market’s financial volume totaled BRL 140.96 billion in 15,078,756 trades, with daily averages of BRL 7.83 billion and 837,709 trades. In January, financial volume totaled BRL 154.23 billion, the total number of trades 16,635,362, the daily average financial volume BRL 7.34 billion and daily average number of trades 792,160.
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Vienna Stock Exchange Monthly Statistics – February 2013
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Ljubljana Stock Exchange Monthly Statistical Report – February 2013
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NASDAQ OMX Taps BondDesk for Real-Time Pricing Data to Support New Treasury Options Trading
GlobeNewswire via Yahoo! Finance
NEW YORK — BondDesk Group LLC and The NASDAQ OMX Group, Inc. announced today that BondDesk was chosen by the exchange group to provide the real-time pricing data needed to support the recently launched options on U.S. Treasuries trading on the NASDAQ OMX PHLX exchange.
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BOX Options Exchange March 2013 InBOX
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MIAX Options Exchange Penny Pilot Classes For Option Classes To Start Trading On March 11, 2013
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Hedge Funds & Managed Futures

Citadel Securities Cuts Almost 10pct of Employees After Review
Nina Mehta – Bloomberg
Citadel Securities, a unit of Citadel LLC in Chicago, has fired about 10 percent of its staff. Matt Cushman, a senior managing director who joined the firm in 2011 from Knight Capital Group Inc., was among more than two dozen people who lost their jobs, including five last week, according to a person with direct knowledge of the cuts who asked not to be named because the matter is private.
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Exclusive: Hedge fund Portman Square scales back, CEO steps down – sources
Reuters via Yahoo! News
LONDON/ZURICH – The chief executive of one of Europe’s most talked-about new hedge fund firms has stepped down in a bid to save costs after a big investor pulled its support, people familiar with the situation said. London-based Portman Square Capital was founded by Citigroup’s former head of proprietary trading Sutesh Sharma last year but is yet to start trading.
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Citadel Quantitative-Trading Executive Cushman is Leaving Firm
Jenny Strasburg and Jacob Bunge – Dow Jones
Citadel quantitative-trading executive Matthew Cushman is leaving the Chicago firm after a year and a half, amid a broader restructuring of Citadel’s computer-driven trading business.
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UBS Said to Face O’Connor Hedge-Fund Defections on Bonus
Bloomberg
UBS O’Connor LLC, the $6 billion hedge-fund unit within the biggest Swiss bank, risks upheaval as senior traders seek to defect after a clampdown on cash bonuses, two people with direct knowledge of the situation said.
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John Paulson’s Flagship Fund Had An Ugly February
Business Insider
Hedge fund manager John Paulson’s flagship Advantage Fund lost 3.4 percent in February and is down 2.5 percent year-to-date, according to Bloomberg.
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Swiss Bank Seeking Mideast Hedge Fund Sales Sees Value in Europe
Bloomberg
Pictet & Cie., the Swiss bank planning to target Middle Eastern clients for its $2.5 billion hedge fund, said investors can make money from European assets as the risk of a break-up in the trading bloc subsides.
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Liam Butler Appointed as Head of Northern Trust Hedge Fund Services, Europe
Business Wire via Yahoo! Finance
To support the continued momentum of Northern Trust’s specialist hedge fund administration business, Northern Trust (NTRS) has appointed Liam Butler as head of Northern Trust Hedge Fund Services in Europe.
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Thomson Reuters Further Expands Commodity Research and Forecast Service on Eikon with Agriculture Research and Analysis
Thomson Reuters today announced it has further extended its commodity research and forecast service on its flagship financial markets desktop, Thomson Reuters Eikon, to include key insight for the agriculture markets.
jlne.ws/Zig4cZ

So what will I make on my money?
Mark Cobley, Pensions editor – Financial News
“So what do I do with my money?” asks BlackRock’s latest marketing campaign. But the question everyone really wants answered is: “What will I make on my money?” There will be plenty of discussion about investment returns at this week’s NAPF conference.
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EYEMAXX Real Estate AG plans third bond issue in Entry Standard
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Affluent Americans May Be Underestimating Their Needs in Retirement Says New Schwab Survey
Business Wire via Yahoo! Finance
Despite a general sense of confidence in their financial readiness for retirement, affluent Americans might be overlooking critical tenets of retirement planning, according to a new Schwab survey of approximately 1,800 investors across nine major U.S.
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Banks & Brokers

Goldman Sachs Names New Heads for Investment Banking in Brazil
Dow Jones
Goldman Sachs Group Inc. confirmed Wednesday it has selected Fabio Bicudo and Antonio Pereira to become co-heads of its investment banking division in Brazil.
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Goldman Hires Morgan Stanley Asia Investment Bank Head Richdale
Bloomberg
Goldman Sachs Group Inc. hired Kate Richdale from Morgan Stanley to head investment banking services for Asia excluding Japan, according to a memo obtained by Bloomberg News.
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Ex-Deutsche Bank worker says was fired after speaking out: lawsuit
Reuters via Yahoo! News
NEW YORK – A former employee sued Deutsche Bank AG on Wednesday, claiming he was fired for speaking out and accusing the bank of ignoring his concerns about its internal controls and charges to clients.
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Citi’s New Performance Metrics May Ignore Risks:KBW
TheStreet.com
NEW YORK –Citigroup CEO Mike Corbat’s focus on measurable performance metrics such as return on assets and efficiency ratios has been welcomed by shareholders, with the stock extending gains on Wednesday. But KBW analyst Frederick Cannon points out that the measures, while useful for their simplicity, are not perfect and in fact, could lead to more risk-taking.
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BofA Times an Options Trade Well
JOHN CARREYROU, KAITLYN KIERNAN And TOM MCGINTY – WSJ.com
Bank of America Corp. profited from a big options bet it made on an alcohol-company stock days before the beverage maker announced an acquisition in which the bank was the lead lender.
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BGC Partners’ First Quarter 2013 Financial Results Announcement to be Issued Prior to Market Open on Thursday, May 2, 2013
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Clearing & Settlement

DTCC hits key reporting milestone
Tim Cave – Financial News
The Depository Trust & Clearing Corporation has begun to collect trading data across all the major US over-the-counter derivatives markets for the first time, marking a key milestone in the G20’s efforts to reform financial markets after the 2008 financial crisis.
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London Stock Exchange Group Plc Revised Offer To Acquire Majority Stake In LCH.Clearnet Group Limited – A Leading Global Partnership In Multi-Asset, Multi-Venue Clearing And Risk Management Services
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Indexes & Products

Korean regulator allows synthetic ETFs
Risk.net
The decision by the Financial Services Commission (FSC) to allow synthetic ETFs in Korea is a positive move, but issuance of new synthetic ETFs will largely be from local ETF managers, says one ETF provider.
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NYSE Euronext and Bloomberg rename their family of clean energy indices
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Thai Beverage to join ST Index after quarterly review
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Moscow Exchange Indices Monthly Review: February 2013
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$8.7 Billion Net Inflows Into ETFs And ETPs Listed In The United States In February 2013 Show A Continuation Of The Rotation Into Equities
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$1.3 Billion Net Inflows Into ETFs And ETPs Listed In Europe In February 2013 Show A Continuation Of The Rotation Into Equities
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$11.4 Billion Net Inflows Into Global ETFs And ETPs In February 2013 Show A Continuation Of The Rotation Into Equities
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FTSE Italia Index Series Quarterly Review March 2013
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Technology

Game On
Mike Agnew – TT Trade Talk
Jim Kharouf commented recently in the John Lothian Newsletter that the potential impact of TT’s MultiBroker solution was not due to anything remarkable about TT’s technology, but rather the unique position that TT occupies in the futures industry. As product manager for MultiBroker, I spend a lot of time talking to customers about its features and benefits, things like innovative trading tools and APIs, our award-winning ADL visual programming platform, world-class performance, FIX integration, etc. But these features are also well established in our current single-broker offering (a.k.a. the “7x platform”). I, too, find it hard to single out any new breakthrough technology that is the enabler for MultiBroker.
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Portware Closes 2012 with Record Client Wins
Portware, the first and only global provider of multi-asset trade automation solutions powered by artificial intelligence, today announced results for 2012. During a year of key executive appointments, game-changing technology acquisitions, extensive enhancements to core EMS functionality and record operational revenue, Portware added 10 new asset managers and 11 broker dealers to its Alpha Vision service bureau. The company also doubled its FX customer base in 2012, realizing growth across multiple geographic regions including the U.S., Canada and Europe.
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Enforcement

ASIC imposes conditions on Lionsgate licence
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[BCSC] B.C. Mortgage Investment Corporation sanctioned for failing to meet regulatory obligations
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Environmental & Energy

Lawmakers push structural measures to prop up carbon price
EurActiv
Five weeks after voting down the ‘backloading’ (or withholding) of allowances to raise carbon prices, the European Parliament’s industry committee is proposing two far-more ambitious structural measures.
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Switch to emissions trading now, industry group says
The Age
Australia should end its bickering over a carbon price and move to an emissions trading scheme (ETS), the head of a manufacturing lobby group says.
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Opinion: Let the market decide our energy sources
FT.com
For the past 40 years, since the Arab oil embargo of 1973, Opec has conspired to set the global price of oil. The rest of the world has simply observed this staggering restraint of trade and done nothing.
jlne.ws/WvjTQU

Asia-Pacific

NYSE TECHNOLOGIES EXPANDS MANAGED SERVICES IN JAPAN
NYSE Technologies, the commercial technology division of NYSE Euronext (NYX), today announced the further expansion of its connectivity services in Japan via the Japan Exchange’s (JPX) co-location facility. The service will be available from May 2013 and consequently, NYSE Technologies will cover the widest range of Japanese connectivity solutions.
jlne.ws/Zig3pv

Newedge to offer OTC clearing in Asia
Risk.net
Following the clearing of an over-the-counter interest rate swap transaction on the Chicago Mercantile Exchange last month, Newedge is looking to expand its interest rate swap (IRS) clearing offering to Asian clients, according to a senior official.
jlne.ws/Zig3pw

ACTIV To Launch Ticker Plant at Tokyo Stock Exchange / Japan Exchange Group Co-Location Facility
ACTIV, a global provider of real-time, multi-asset financial market data and solutions, today announced it is deploying a ticker plant at the new co-location facility of Tokyo Stock Exchange (TSE), wholly owned subsidiary of Japan Exchange (JPX) Group, which was established with TSE’s merger with Osaka Securities Exchange (OSE).
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JPMorgan Is Hiring Selectively in China on Demand for Offerings
Bloomberg
JPMorgan Chase & Co. is hiring “selectively” in China as the Wall Street bank sees a resurgence in demand from companies to sell bonds and shares in the nation, its Chinese investment banking unit head said.
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HKMEx Adds Marigold As Broking Member – Exchange Continues Emergence As Regional Centre For Commodity Futures Trading
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SGX Welcomes Mapletree Greater China Commercial Trust
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Thai mai-Listed Firms Report Record Sales, Earnings In 2012
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Thai Beverage To Join ST Index After Quarterly Review
jlne.ws/Zig3FV

Thai Bourse Joins Invest ASEAN 2013 In Malaysia
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Hong Kong’s Securities And Futures Commission Welcomes The Expansion Of RQFII Pilot Scheme
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Frontier Markets

DGCX Signs Co-location Services Agreement With Emaar Technologies
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