John Lothian Newsletter: NYSE Euronext launches the SME marketplace; Hacked Tweet Prods Revamp; CFTC Demands Banks Prove Dodd-Frank Act Swaps Compliance

May 1, 2013

NYSE Euronext announces the creation of a new subsidiary in France targeting small and medium sized businesses. The Twitter post-hack debate shifts into second gear as both Twitter and financial regulators consider the implications of traders having rapid access to news, real or imagined. The CFTC mails out notices to banks reminding them that they have three large days left to provide proof that they are in compliance with new swaps regulation.

First Read

John Lothian: Parole has been achieved
John reports that he’s successfully been released from Donation Jail. The Muscular Dystrophy Association has returned his watch, pants and $3.97, and put him on a bus back to downtown Chicago. He sends a big thank-you to all donors, anonymous and named, for helping him support the cause; those named include: Bill Boyk, Bruce S., Dorothy Friedman, Doug & Nancy Ashburn, Jeff Bergstrom, John Knuff (Equinix), Kevin Brennan, Michael Monahan, Mo Guilfoile, Peter Wind, Shelley and Gary Katz, Steven Poser, and XR Trading.

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How Wall Street Defanged Dodd-Frank
The Nation
The mood was triumphant on the morning of July 21, 2010, when Barack Obama, not quite two years into his presidency, strode to a podium inside the Ronald Reagan Building, a few blocks from the White House. As he prepared to sign the Dodd-Frank Wall Street Reform and Consumer Protection Act – the sweeping legislative package designed to prevent another spectacular financial collapse – into law, the president first acknowledged the miracle of having a bill to sign at all. “Passing this…was no easy task,” he told the crowd of hundreds. “We had to overcome the furious lobbying of an array of powerful interest groups and a partisan minority determined to block change.”
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***WL: If this is what they see as “defanged”, it’s hard to imagine what “fanged” would look like.

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Consumers warned about scam impersonating ASIC
ASIC urges the public to be wary of cold callers claiming to represent ASIC. Based offshore, these callers claim to be able to assist you in retrieving money lost in an earlier software scam. They may quote an ABN, claim to also represent Microsoft, and in order to receive any funds you will be asked to provide access to your computer and complete an online form.
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Trading Technologies Named as One of Chicago’s Most Innovative Companies in Annual Eureka Index
Press Release
Trading Technologies International, Inc. (TT), a leading global provider of professional futures trading software and solutions, received high rankings in the second annual Eureka Index. The index, created by Ocean Tomo LLC and published in Crain’s Chicago Business, measures the quality of patents held by Chicago area companies. TT also was included in last year’s inaugural index.
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Crain’s Eureka Index ranks Chicago’s most innovative firms
By John Pletz – Crain’s Chicago Business
In an industry where billions of dollars can be made or lost in the blink of an eye, companies that aren’t constantly innovating risk being left behind. Trading Technologies International Inc., which helped fuel the onset of the algorithm-based trading that made financial markets move faster, ranked 18th on the Eureka Index, a measure of patent quality prepared exclusively for Crain’s by Chicago merchant bank Ocean Tomo LLC.
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CME Group Weekly Treasury Options Reach Ten Million Milestone
CME Group
On January 24, 2011, CME Group began listing weekly options on its suite of treasury products. On April 29, 2013, the 10 millionth weekly option contract was traded. Much of the volume has been trading in the contract week that expires on the date of the U.S. employment report which, by the way, is this week.
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Dark matter 2 : Fidessa Fragmentation Index
Steve GrobFidessa
Welcome to the second issue of our European Dark Trading Analysis. In this report we provide a comparative performance analysis for the major European dark pools, together with a useful at-a-glance summary of the regulatory framework across the globe.
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Exchanges push to adopt technology standards for bond trading
Philip Stafford in London – FT.com
Several of the world’s largest exchanges have joined a push to establish common industry technology standards for bond trading, as market participants face rising cost and regulatory pressures from the move to electronic trading.
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**JK – Standardization is every exchange’s middle name.

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CCPs: Models and Reality
Craig Pirrong – FOW
Pre-Crisis, there was very little academic writing on clearing. Post-Crisis, with questions about the role of derivatives in creating systemic risk, and the mandating of clearing of derivatives as a means of mitigating this problem, this is changing. This is a good thing, but unfortunately, this burgeoning academic literature is at risk of irrelevance, and worse, of being misleading, because the theoretical models of clearing are nothing like clearing as it actually is.
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***WL: It’s always worth reading what the Streetwise Professor has to say about clearing.

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Futures Industry Association Of Japan (FIAJ) Has Released Newsletter May 2013 Issue
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Economists still aren’t talking about financial risk
Quartz via Yahoo! Finance
The financial crisis left the economics profession soul-searching. The crisis surprised most everyone for its severity and the deep, prolonged recession it caused. Since then, traditional and inventive policy tools haven’t returned the economy and employment to capacity. It’s given economists a lot to think about; have they learned the right lessons? Some have and some haven’t.
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Twitter Warns Media to Brace for More Hacking After
Mark Milian – Bloomberg
Twitter Inc. warned journalists to prepare for more cyber attacks following a breach of the account of the Associated Press news service that triggered a stock- market decline. Members of the press should change passwords to make them randomly-generated strings of text or words — and different from their login to access e-mail accounts, Twitter said in a memo to media. News organizations should designate one computer for Twitter use, reducing the chance of a malware infection from surfing the Web or checking e-mail.
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MarketsWiki

MarketsWiki Page of the Day
Greg Medcraft
jlne.ws/18lbM9y

MarketsWiki Recent Updates

People

Greg Medcraft; Tony D’Aloisio; David Stocken

Companies, Organizations and Groups

Singapore Exchange Limited; Borsa Istanbul; CQG; Istanbul Stock Exchange; Australian Securities & Investments Commission; American International Group Inc.; International Derivatives Clearing Group, LLC

Miscellaneous

Upcoming Events

Statistics

38,637,891 pages viewed, 7,465 articles, 158,272 edits
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Lead Stories

NYSE Euronext launches the SME marketplace
Aware of the challenges facing businesses in search of funding, NYSE Euronext (NYX) is beefing up its strategy and resources for small and medium-sized companies (SMEs) by launching a subsidiary dedicated to these businesses on 23 May 2013. The new entity will cover the current B and C compartments of NYSE Euronext’s regulated market, as well as NYSE Alternext in each of the European countries where the group operates—a total of nearly 800 companies. Managed by a subsidiary set up in France for this purpose, it will have its own brand, operating budget and team.
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Hacked Tweet Prods Revamp
JAMILA TRINDLE – WSJ
The head of the Commodity Futures Trading Commission said the false tweet that temporarily sent markets diving last week highlights the need for the agency to move forward on new oversight of high-speed traders.
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***WL: Gary Gensler is talking about issuing a concept release on automated and high-frequency trading in the next month or two. Given all the confusion and controversy about what high-frequency trading actually is, it’s probably a good idea to gather some empirical information before writing rules.

CFTC Demands Banks Prove Dodd-Frank Act Swaps Compliance
Matthew Leising & Silla Brush – Bloomberg
The U.S. Commodity Futures Trading Commission has given the world’s largest banks until May 3 to prove they are complying with a part of the Dodd-Frank Act.
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***WL: This is related to the CFTC requirement that swaps must be accepted or rejected for clearing within 60 seconds. As I said at yesterday’s TAC meeting, the banks can certainly comply with the rule by automatically rejecting any trade that cannot be processed within 60 seconds. But that would not be the best outcome for end-users, and that’s why FIA is asking the CFTC to allow a small number of exceptions during a transitional period.

High-Speed Traders Exploit Loophole
SCOTT PATTERSON, JENNY STRASBURG and LIAM PLEVEN – WSJ.com
High-speed traders are using a hidden facet of the Chicago Mercantile Exchange’s CME +0.03% computer system to trade on the direction of the futures market before other investors get the same information. Using powerful computers, high-speed traders are trying to profit from their ability to detect when their own orders for certain commodities are executed a fraction of a second before the rest of the market sees that data, traders say.
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Banks Criticize Strict Controls for Foreign Bets
New York Times
Gary Gensler, the chairman of the Commodity Futures Trading Commission, is waging a battle in hopes of curtailing the risky trading practices blamed for the 2008 financial crisis.
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CFTC to Name Fourth Defendant in Nymex Leak Case
JACOB BUNGE – WSJ.com
U.S. regulators plan to charge a fourth defendant in a lawsuit against the largest U.S. energy-trading exchange and two former employees, alleging that confidential trading information was leaked to an unnamed broker.
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Citadel sells Equiduct stake
Philip Stafford – FT.com
The fate of Equiduct, the European share trading platform, has been resolved with a consortium of European and UK investors taking over the controlling stake owned by Citadel Securities, the US electronic market-maker. The London-based trading venue’s short-term future had been uncertain since Citadel ceased market-making on the retail investor-focused platform in February.
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Lawmakers urge SEC to bar forced Wall Street arbitration
Reuters via Yahoo! News
By Sarah N. Lynch WASHINGTON – A group of 37 federal lawmakers urged U.S. securities regulators to prohibit Wall Street brokers from forcing customers to sign away their legal right to sue.
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Funds hit at planned European transactions tax
Alexandra Stevenson and Philip Stafford in London – FT.com
Europe’s largest institutional investors have rounded on a proposed regional financial transactions tax, warning that its size and scope could deter them from investing in fast-growing companies.
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***WL: Not a good sign for FTT proponents

Asian hedge fund rides African rollercoaster
Henny Sender – FT.com
When China’s newly installed president Xi Jinping visited the Democratic Republic of Congo in March, nobody analysed the official statements from the trip more carefully than Nick Taylor, founder of one of the largest hedge funds in Asia. He was particularly heartened by a statement pledging joint co-operation between the two countries.
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Cyprus Narrowly Approves Bailout
ALKMAN GRANITSAS and STELIOS BOURAS – WSJ.com
Cypriot lawmakers narrowly approved a E10 billion ($13 billion) bailout, paving the way for the country to get its first installment of aid in a few weeks, as it turns to restructure a devastated economy.
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What Just Happened in European Banking?
David Enrich – MoneyBeat – WSJ
Poring through the results of big European banks, you could be forgiven for forgetting that Europe is in the midst of a financial and economic crisis.
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Regulatory

Brokerage Ills Stir Auditor Scrutiny
JEAN EAGLESHAM AND MICHAEL RAPOPORT – WSJ.com
U.S. regulators are tightening their scrutiny of accountants in an effort to crack down on firms bungling “red flags” that signal fraud and imperil customer money. The increased attention is occurring largely at the Commodity Futures Trading Commission, where investigators and top officials were rattled by the collapses of Peregrine Financial Group Inc. and MF Global Holdings Ltd. At both firms, rules that are supposed to protect customer funds were allegedly broken without being detected by accountants.
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CFTC struggles to keep pace with technology issues
Dina ElBoghdady – The Washington Post
For years, the Commodity Futures Trading Commission has been working on a paper outlining how it should cope with the latest developments in the technological revolution transforming the investing landscape. Absent from the report: any mention of Twitter or other social media.
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***WL: Believe me, we’re all struggling to keep up with technology.

CFTC Commissioner on #HackCrash: Beware of a Rise in Twitter Arbitrage
Yahoo! Finance: The Daily Ticker
The Commodity Futures Trading Committee is currently holding a hearing on the market impact of the April 23rd Twitter attack. The Twitter hack, which targeted an Associated Press account, sent a false tweet to 1.9 million followers that two bombs had exploded in the White House, injuring President Barack Obama. Markets reacted, losing $136 billion […]
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SEC Weighs Cross-Border Swap Rules Amid Calls to Restrict Reach
Bloomberg
The Securities and Exchange Commission plans to propose measures determining when U.S. rules apply to cross-border swap trades amid calls from foreign counterparts to limit the reach of Dodd-Frank Act oversight.
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Expert network firm hires Texas-based SEC lawyer
Sarah N. Lynch – Reuters
Gerson Lehrman Group, the country’s largest expert network firm, has hired a Securities and Exchange Commission enforcement attorney to serve as its chief compliance counsel, the company confirmed on Tuesday.
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CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter Providing Time-Limited Relief for Swap Dealers in Connection with Prime Brokerage Arrangements
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of prime brokerage arrangements.
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***WL: Another much-needed clarification issued right at deadline.

United States Court Of Appeals For The District Of Columbia Circuit Court Rules In Favour Of NYSE, Nasdaq In Market Data-Pricing Case
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Jonathan S. Sokobin Named FINRA’s Chief Economist
The Financial Industry Regulatory Authority (FINRA) announced today that Jonathan S. Sokobin, currently Acting Deputy Director, Research and Analysis in the Office of Financial Research at the U.S. Treasury Department, will join the organization as Chief Economist and Senior Vice President. In this role, Dr. Sokobin will lead FINRA’s Office of the Chief Economist. Dr. Sokobin, who will report directly to Chairman and CEO Richard Ketchum, will start at FINRA on May 20.
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New Zealand’s Financial Markets Authority Marks Two-Year Milestone
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Statement Of CFTC Chairman Gary Gensler Before The Technology Advisory Committee
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Opening Statement By Commissioner Scott D. O’Malia, Chairman Of The CFTC Technology Advisory Committee, Washington, DC
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“Meltdown Moments” Statement Of CFTC Commissioner Bart Chilton At The CFTC Technology Advisory Committee
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“The Energizers” – Keynote Address By CFTC Commissioner Bart Chilton To The National Energy Marketers Association, Washington, DC
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ASIC reports on supervision of registered liquidators
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ASIC health check on capital protected products
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[Japan] Comments on the proposal for Enhanced Prudential Standards and Early Remediation Requirements for Foreign Banking Organizations
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Exchanges & Trading Facilities

IntercontinentalExchange Reports 1Q13 Adjusted Diluted EPS Of $2.03, Adjusted Net Income Attributable To ICE Of $149MM
IntercontinentalExchange, a leading operator of global markets and clearing houses, today reported financial results for the first quarter of 2013. Consolidated revenues were $352 million, a decline of 4% from the first quarter of 2012. Consolidated net income attributable to ICE was $135 million, down 8% from the first quarter of 2012, and diluted earnings per share (EPS) decreased 8% to $1.85 on a GAAP basis.
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TSE : Trading Overview in April 2013
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Trading Overview in April 2013 (Osaka Securities Exchange)
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Tokyo Financial Exchange Trading Volume In April 2013
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BME Posts E33 Million Net Profit To March
BME reported net profit of E33 million in the first quarter of 2013, down 7.1% year-on-year, while it was 8.6% higher than the figure for the fourth quarter 2012. Revenue for the period reached E73 million, down 5.6% on the first quarter of 2012.
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ASX Limited Earnings Update to 31 March 2013 – Media Release
Third quarter revenues were up 9.5% and underlying earnings were up 10.7% on the same period in the
previous year. All ASX businesses grew revenues in the third quarter.
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ASX Limited Earnings Update to 31 March 2013
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Results Of Warsaw Stock Exchange Group In Q1 2013 – Significant Increase Of WSE Group Revenue And Profit In Q1 2013 Marked By Successful Implementation Of UTP
WSE Group in Q1 2013:
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NYSE Reviews Technology Unit Plans
Jacob Bunge and Noemie Bisserbe – Dow Jones
NYSE Euronext executives on Tuesday said they were conducting a wide-ranging review of its technology unit and cast doubt on whether a proposed European transaction tax on stock, bond and derivative trades would come into force as planned at the start of next year. The transatlantic exchange operator has already scaled back its ambitions for the technology arm, which it expanded through a series of acquisitions to provide financial-market connections and data management services.
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Copper Users Press London Exchange to Reduce Warehouse Backlogs
Joe Richter & Chanyaporn Chanjaroen – Bloomberg
A group of industrial copper users is pressing the London Metal Exchange to reduce growing queues at warehouses that they say are contributing to supply constraints and rising fees.
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Ordinary Shareholders’ Meeting: BME To Distribute E81 Million To Its Shareholders
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[SIX] Addendum to Stock Exchange Act Reporting obligation for shareholdings in foreign companies [pdf]
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[CBOE] Relocation of IWM, IWO and IWN from Post 4, Station 5 to Post 4, Station 10
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Direct Edge Trading Notice #13-17: Fee Schedule Changes Effective May 1, 2013
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Athens Exchange Market Operations Committee Decision
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Hedge Funds & Managed Futures

Tough times for hedge funds that bet on market tumult
Reuters via Yahoo! Finance
Nelson Saiers, a trader and math whiz, runs the type of hedge fund that tends to perform best when markets are going haywire. The $600 million Saiers Capital fund and other so-called volatility funds use complex trading strategies to take advantage of pricing discrepancies caused by gyrations in global financial markets.
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Paulson Leads Hedge-Fund Lobby Push to Privatize Fannie
Bloomberg
Hedge funds including Paulson & Co. Inc. are pushing Congress to abandon plans to liquidate Fannie Mae and Freddie Mac as investors buy up preferred stock that has long been considered worthless, according to people with knowledge of the discussions.
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Edoma founding partner joins Soros-linked hedge fund
Harriet Agnew
One of four founding partners of now defunct hedge fund Edoma Partners is understood to be joining Indus Capital, a $4.4bn hedge fund manager set up by former partners at Soros Fund Management, Financial News has learned.
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Tesco and BA schemes chief scoop top prizes
Sophie Baker – Financial News
UK retail giant Tesco and the chief executive of BA’s £17bn pension fund were the big winners at Financial News’ Awards for Excellence in Institutional Pensions last night.
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Legg Mason funds lose $3bn
Dow Jones Newswires
Legg Mason posted a 62% decline in fiscal fourth quarter profit, hurt by costs to cut office space and capping a money losing year for the Baltimore money manager.
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Billionaire Hedge Fund Manager Ken Griffin Has A Theory For Why QE Isn’t Working
Business Insider
After a morning of panels at the Milken Institute Global Conference , what stands out to me most is Griffin’s take on the Fed’s current policies. There’s a lot of worry that the central bank’s actions could be inflating asset bubbles. But that’s not what has Griffin worried.
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CalPERS Committed To Sustainable Business Operations – Implementing New Solutions To Improve Overall Sustainability
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Neuberger Berman High Yield Strategies Fund Announces Monthly Distribution
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Banks & Brokers

Analysis: Boosting European lending without banks
Reuters via Yahoo! News
By Mike Dolan LONDON – With a lack of bank lending to European businesses stifling the region’s economy, sidestepping the middlemen – if not quite cutting them out altogether – is becoming more attractive.
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Schwab Sues BofA and Other Banks Over Libor Manipulation
Karen Gullo – Bloomberg
Charles Schwab Corp. (SCHW), whose antitrust claims against banks over manipulation of the London interbank offered rate were tossed from federal court in New York, sued Bank of America Corp. and other financial institutions for fraud in state court in San Francisco.
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UBS Posts $1 Billion First-Quarter Profit
New York Times
The Swiss bank UBS, buoyed by strong performances in its wealth management and investment banking operations, reported first-quarter earnings on Tuesday that sharply exceeded analysts’ expectations.
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Credit Suisse names new European investment banking heads
Richard Partington and Matt Turner – Financial News
Jamie Welch, the head of Credit Suisse’s European investment banking division, is leaving the bank after just over a year in the role, Financial News can reveal.
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Raymond James invests in training, even as other firms cut back
Reuters via Yahoo! News
By Ashley Lau DALLAS – At a time when some larger Wall Street firms are trimming training programs to cut costs, Raymond James Financial Inc is bulking up its plan to develop the next generation of advisers.
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RBS Units to Pay $13.9 Million Over U.S. Banking Violations
Bloomberg
Royal Bank of Scotland Group Plc will pay $10 million in fines and $3.9 million in restitution to settle two banking regulators’ claims that the lenders’ U.S. units deceived retail banking customers.
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OANDA Responds to Forex Trader Demand for More CFDs
Business Wire via Yahoo! Finance
As Canadian retail investors seek ways to diversify their portfolios, OANDA Canada is responding to customer demand to add more contracts for difference to its forex trading platform.
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E*TRADE Financial Corporation Announces Additions to Leadership Team
Business Wire via Yahoo! Finance
E*TRADE Financial Corporation today announced two additions to its executive leadership team. Navtej S. Nandra will join as President, effectively immediately.
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GAIN Capital Holdings, Inc. to Report First Quarter 2013 Results
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Clearing & Settlement

CME Group: Category 3 Collateral Limit Expansion
As per the normal review of acceptable collateral and limits, CME Clearing is making the below change regarding the clearing member firm maximum limit for Category 3 collateral. The change is pending all regulatory review periods.
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CME Group Clearing Advisory: TESTING FOR CME EUROPE
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Indexes & Products

Patti: Volatility Proves Hedge Fund ETFs Work
IndexUniverse.com via Yahoo! Finance
IndexIQ chief says his company’s hedge fund replication has been battle tested during recent market volatility.
jlne.ws/YlXgPH

Hellenic Exchanges S.A.: FTSE/ATHEX Index Series Semi Annual Review
jlne.ws/YlXgPK

Hellenic Exchanges S.A.: Semi-Annual Review Of The Athex Index Series
jlne.ws/YlXgPN

FTSE Launches ET100 Environmental Technologies Index – Jupiter Ecology Fund Adopts New FTSE Index
jlne.ws/YlXfeO

Technology

Paladyne and Broadridge add risk offering to platform
Paladyne and Broadridge have added a risk offering to their platform that they say will significantly broaden their solution set. Paladyne has secured the rights to the source code, development rights, and unlimited distribution rights for the Numerix Portfolio Risk product. Paladyne has also hired the Toronto and Hong Kong based development teams that built and support the product.
jlne.ws/YlXfv5

Gartner Names Panopticon As Cool Vendor For In-Memory Computing – Panopticon Is Profiled In Gartner’s First Ever Cool Vendor Report Focused On In-Memory Computing; The Report Was Published On April 23, 2013.
jlne.ws/YlXfvc

Enforcement

State Judge Says Goldman Ex-Programmer Can Be Prosecuted Second Time
REED ALBERGOTTI – WSJ.com
For Russian computer programmer Sergey Aleynikov, the wheels of justice keep on turning. And turning. A state judge has ruled that the former Goldman Sachs Group Inc. computer programmer can be prosecuted a second time for the alleged theft of the investment bank’s secret computer code.
jlne.ws/YlXfvh

Ex-Hedge Fund Boss Seeks Leniency at NY Sentencing
AP
A former hedge fund manager convicted of insider trading charges for making as much as $50 million on a tip about Dell earnings is seeking leniency at a New York sentencing.
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Environmental & Energy

EU uncertainty likely to affect global carbon markets
Responding to Climate Change blog
The head of the world’s only global emissions trading scheme (ETS) says EU climate ambition is central to ensuring carbon markets are a success. In an email interview with RTCC, Peer Stiansen, the new chairman of the UN’s Clean Development Mechanism (CDM) Executive Board, warns the EU ETS was “critical in development of the mechanism”.
jlne.ws/14S1hOv

Carlsberg to Pirelli Units Opting to Leave EU Emissions Market
Bloomberg
Units of companies from brewer Carlsberg A/S (CARLB) to tiremaker Pirelli & C. SpA whose greenhouse-gas output falls below a European Union minimum are quitting the European Union’s emissions market.
jlne.ws/158F6E8

EU officials set new date to revive ailing carbon market
The Age
Climate experts from European Union governments will next discuss a proposal to bolster prices in the bloc’s carbon market on May 27, an EU official said.
jlne.ws/11WiZL9

Asia-Pacific

FOW Awards for Asia now open
FOW
The FOW Awards for Asia are now open for entries and nominations. Following on from the success of last year’s inaugral event, we will be hosting the FOW Awards for Asia Gala Dinner at the Intercontinental Hotel in Singapore on September 26.
jlne.ws/YlXh6n

The Bank of Japan’s bold new board
Reuters via Yahoo! News
TOKYO – The Bank of Japan unleashed the world’s most intense burst of monetary stimulus on April 4, promising to inject about $1.4 trillion into the economy in less than two years. Here are short profiles of the Bank of Japan’s board that took the decision:
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HKEx: Report On Initial Public Offering Applications, Delisting And Suspensions
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Frontier Markets

S.Africa’s FNB hires new sharia committee, faces regulation challenges
Reuters via Yahoo! News
The Islamic division of South Africa’s First National Bank has hired a new sharia advisory committee and aims to rebrand itself after a governance crisis in 2012 saw the previous board quit, denting investor confidence.
jlne.ws/YlXhmF

S&P BSE 500 Shariah First Index Launched By Bombay Stock Exchange And S&P Dow Jones Indices Strategic Partnership
jlne.ws/YlXhmJ

Lahore Stock Exchange: Labour Day Holiday
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Securities Commission Malaysia Obtains Conviction Against An Individual For Unlicensed Trading In Futures Contract
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Miscellaneous

Intrade avoids insolvency as customers waive claims
Arash Massoudi in New York – FT.com
Enough customers have waived their claims against Intrade to allow the struggling online prediction market to remain solvent and pursue legal action against the estate of its founder, John Delaney, according to a director of the company.
jlne.ws/YlXfLR

In Venture Capital Deals, Not Every Founder Will Be a Zuckerberg
STEVEN M. DAVIDOFF – NYTimes.com
It’s the dream of entrepreneurs to sell their company for millions of dollars. But the dirty secret of venture capital is that the dream can be dashed as the venture capitalists make millions in a sale, leaving the founders with nothing.
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