John Lothian Newsletter: NYSE Euronext Rolls Out New Brand Identity; Fear grows of Greece leaving euro; Three to Exit J.P. Morgan

May 14, 2012

NYSE Euronext pulls the curtain back on a new look and greater global focus. Greece provides more fuel for analysts predicting their departure from the eurozone, though the degree of concern regarding that event varies greatly. In the wake of massive, allegedly surprising and potentially increasing losses, at least three top executives (not including Jamie Dimon) are said to be heading for the exit. In the top box today, you’ll find an interview with Peter Weibel of TriOptima, talking with JLN’s Doug Ashburn about central counterparty clearing.

Observations – Statistics – Commentary

NYSE Euronext Rolls Out New Brand Identity
NYSE Euronext today unveiled a new brand identity that underscores the company’s growing role in unlocking the potential of its global community. The new look was unveiled today across its exchanges and other locations around the world as well as online.
http://jlne.ws/JuThpX

**** This is really well done. I liked the video pop up very much, including the music.

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New ICE Grains are live and trading
QV Codes: http://jlne.ws/Jd8p7F
Full details and contract specs: http://jlne.ws/KWfpXJ

***** They live!!

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CME Group Announces the Launch of Short-Dated New Crop Options on Grain and Oilseed Futures
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of Short-Dated New Crop Options on CBOT Corn and Soybeans futures to begin trading Monday, June 4. Short-Dated New Crop Options on CBOT Wheat futures will be listed for trading beginning Tuesday, September 4. These contracts are listed with, and subject to, the rules and regulations of CBOT.
http://jlne.ws/JuThpQ

**** Short dates never did too much for me.

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Fidessa Adds To US Executive Team – Appoints David Polen As Head Of Business Development
Fidessa group plc, provider of high-performance trading, investment management and information solutions for the world’s financial community, has today announced the appointment of David Polen as Head of Business Development. Mr. Polen is responsible for Fidessa’s strategic development efforts in the US, and reports to Mark Ames, CEO of Fidessa’s US business.
http://jlne.ws/JuThGk

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ISE Elects New Member To Board Of Directors
The International Securities Exchange (ISE) today announced that Sylvain Mirochnikoff was elected by the Board of Directors for a one-year term to fill a vacancy. Mr. Mirochnikoff, who is Managing Director of the Institutional Equity Division for Morgan Stanley, will serve as an industry director representing ISE’s Primary Market Makers (PMMs).
http://jlne.ws/JuTfy4

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Five Minutes With Peter Weibel, CEO, TriReduce Division Of TriOptima
Doug Ashburn, editor-at-large of John Lothian News and lead project manager for MarketsReformWiki, talked with Peter Weibel, CEO, triReduce division of TriOptima, about how the regulatory environment encourages compressions and how about 75 percent of trades on a typical bank’s portfolio are dead wood.

Q. How is the Dodd-Frank mandate toward central counterparty clearing affecting the business of portfolio compression?

A. As far as Dodd-Frank is concerned, the regulatory environment actually encourages compressions to take place. More and more trades will be going into CCPs, which means that the number of compression services to be provided in the cleared environment will increase. Nevertheless, we still do quite a bit of bilaterals at well. That is something that has been going on ever since LCH has offered its services in the early 2000s. So from that perspective there’s no change at all as far as our services are concerned.

Q. How exactly do compression services work, and why do banks desire to compress their trades?

A. An active trading bank trades in and out everyday, meaning that in its portfolio, there’s an accumulation of trades of very similar risk profile. From experience, we can say that probably about 75 percent of all those trades on a typical bank’s portfolio are exactly that – the part we can call “dead wood.” In order to represent the position that the banks actually want to have, probably 25 percent of all its trades will be sufficient to replicate or to have that risk value in their portfolio. Everything else has been bought, sold over the time and really just bears risk and cost. That’s the rational reason why terminations are actually very much in demand.

What we do is that we invite banks to sign up on our website, to signal that they want to take part in a compression or terminal exercise All the banks participating in triReduce compression service know that they should submit or extract the trades versus, let’s say, all other 19 counterparties if there was a cycle of 20 participants. They all extract the data and submit it to TriOptima, and we make sure that we have the opposite trades for each. That subset of what we call “linked” or “matched” trades will then go through the actual compression process, with the aim that at the end of this exercise, you and I will have hundreds if not thousands of fewer trades on our portfolio without having changed our market risk profile.

For the rest of the interview, visit MarketsWiki at http://jlne.ws/IRGY8V

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Busson’s London Hedge Fund Charity Raises 14.5 Million Pounds
Bloomberg
Absolute Return for Kids, the charity founded by hedge fund investor Arpad Busson, raised 14.5 million pounds ($23.4 million) in London last night, 2.7 million pounds less than last year, as the hedge fund industry struggles to pare losses due to the European sovereign debt crisis.
http://jlne.ws/JuThGv

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High-frequency trading firm accuses rival of defrauding customers
Milwaukee Journal Sentinel
A Milwaukee firm engaged in high-frequency trading is accusing a Texas rival of violating securities law and defrauding customers. The rival calls the accusations wild, false and defamatory.
http://jlne.ws/JuTiKu

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Analysis: Over-complex Europe keeps making same mistakes
Paul Taylor | Reuters
Americans call it a Rube Goldberg machine, Britons a Heath Robinson contraption and the Danes a Storm P machine. The European Union’s policy-making system often resembles one of those cartoon designs of an implausibly convoluted system for achieving a simple task – held together by sticking plaster, string, frequent tinkering and plenty of wishful thinking.
http://jlne.ws/JuThX1

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Group Calls on Companies to Focus on Long-Term Goals
By JULIA WERDIGIER – NY Times
Companies should help reduce income inequality and focus more on long-term goals, a new group of supporters of capitalism said on Monday. In its first paper, the group, called the Henry Jackson Initiative for Inclusive Capitalism, suggests companies should stop reporting earnings quarterly to encourage investors to think over the longer term.
http://jlne.ws/JuTg59

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Rebuild the pillars of 1930s Wall Street
By Frank Partnoy – Financial Times
Last Thursday was Groundhog Day, again, in US markets. A large sophisticated institution surprised everyone with a 10-figure loss on derivatives, its stock price crumbled, a few pundits said “I told you so”, and some politicians clamoured for reform. The same happened in 1995 with Barings Bank, in 1998 with Long-Term Capital Management, in 2000 with Enron, and in 2008 with several Wall Street businesses, notably Lehman Brothers and AIG. Four days ago it happened with JPMorgan Chase, which stunned investors with a $2bn derivatives loss.
http://jlne.ws/JuTitQ

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Paul MacGregor

Paul MacGregor of NYSE Liffe Discusses New Products & the Interest Rate Market Outlook
MarketsWiki.tv
NYSE Euronext continues to develop its interest rate offerings, challenging competitors in the space, such as CME Group. Paul MacGregor, executive director, head of fixed income, NYSE Liffe (the global derivatives business of NYSE Euronext) sat down recently with JLN’s Managing Editor, Christine Nielsen, to discuss the outlook for the interest rate market and new products on the horizon for the exchange.

Watch the video >

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WILD Chicago Teams Up with Dress For Success
Drop off a suit and pick up a pastry on your way to work!

WHO: Women in Listed and OTC Derivatives
WHAT: Dress for Success Drop-Off
WHEN: Thursday, May 17, 7:00am – 8:30am (CT)
WHERE: Rittergut, 30 S. Wacker Drive, 1st Floor

WILD Chicago is sponsoring a drop-off of clothing and accessory items that will benefit the Chicago chapter of Dress For Success (DFS). WILD Chicago has teamed up with the Dress For Success organization which enables disadvantaged women by providing professional attire, a network of support and the career development tools to help women thrive in the workplace and in life. Our donations of gently used clothing and accessories allow these women to interview and, in turn, enter the workforce. Please consider donating to help make a difference in their lives.

Below is a list of items most needed by DFS:
* Interview-appropriate suits and related separates (the greatest need is for apparel size 14+)
* Handbags large enough to hold a file folder for resumes!
* Career appropriate footwear in brown, black or navy. All shoes must be closed-toe with no heels higher than 3 inches. Sizes 8 and up are always in great need.
* Hosiery and undergarments (particularly in plus sizes). Must be brand new (tags still on).
* Tote bags, portfolios or briefcases
* Solid color blouses to be worn under suits

***JM: Jessica Titlebaum asks me to clarify that while this clothing drive is limited to women’s clothing, men are welcome to be the couriers. The important part is the donation, not who brings it.

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MarketsWiki Spring Cleaning Party – May 18, 2012
Join the MarketsWiki staff on Friday, May 18 as we clean up our most popular pages and take suggestions from MarketsWiki users all day.

Help us by participating in one of three ways:

(1) Help us edit – Spend some time on May 18 to help update a page. We’ll give you (and your organization) a shout out in the newsletter and on the front page of MarketsWiki during the party. Don’t have a MarketsWiki account? You can start a FREE MarketsWiki account for this event. Send Jeff Bergstrom an email to get signed up. We’ll also have help available all day for those new to wiking (or are a bit rusty).

(2) Suggest a page to clean up – Tweet your suggestion to @MarketsWiki with the #MWParty hashtag on (or before) May 18. You can also suggest a page at http://jlne.ws/MWSuggest.

(3) Spread the word – Contact colleagues that might have suggestions or want to become MarketsWiki editors. For a quick explanation of MarketsWiki, send them our short animated video: http://jlne.ws/WhatIsMW. Use the the #MWParty hashtag on Twitter to help us spread the word about our newly updated pages on May 18.

We hope you’ll join us on May 18, and remember to watch our progress by following the #MWParty hashtag on Twitter or visiting MarketsWiki.com.

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MarketsWiki Page of the Day
Dennis McLaughlin
http://jlne.ws/IZ4NKV

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MarketsWiki Recent Updates

People

Laurence E. Mollner; Peter Weibel; Stefen Choy; Ron Horwath; Dennis McLaughlin; Vincent Cicco; Russ Chrusciel; Paul MacGregor

Companies, Organizations and Groups

Boston Options Exchange; Livevol; JPMorgan Chase & Co.; LCH.Clearnet Group Limited

Miscellaneous

Five Minutes With Peter Weibel, CEO, TriReduce Division Of TriOptima

Statistics

23,433,925 pages viewed, 6,870 articles, 140,005 edits
MarketsWiki Statistics
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Lead Stories

Fear grows of Greece leaving euro
By Ralph Atkins in Frankfurt – Financial Times
Eurozone central bankers have talked publicly for the first time of managing a possible Greek exit from Europe’s monetary union as stalemate in Athens talks on a coalition government raises the prospect that Greece will renege on the terms of its international bailout.
http://jlne.ws/JuTg5k

Three to Exit J.P. Morgan
BY DAN FITZPATRICK AND GREGORY ZUCKERMAN – WSJ
Three high-ranking officers at the center of J.P. Morgan Chase & Co.’s giant trading blunder are expected to leave the firm this week, said people familiar with the situation, and losses on the trade have grown. Expected to leave as soon as Monday are Ina Drew, who has run the risk-management group tied to the losses since 2005; Achilles Macris, who was in charge of the London-based operation that placed the questionable trades; and trader Javier Martin-Artajo.
http://jlne.ws/JpVq9b

Analysis: Spain faces corrosion not collapse from euro crisis
Reuters via Yahoo! News
Students are protesting on Barcelona’s elegant boulevards, public-sector wages are being cut for the second time in three years and resentment is growing against the central government and beneficiaries of bank bailouts. Such is the daily fallout from the euro zone’s debt crisis.
http://jlne.ws/JuTj0P

Poland’s Top Bank CEO Says Euro Crisis Heading For Climax
Dow Jones Newswires
The euro-zone debt crisis is heading to a climax that will likely be as bad as the collapse of Lehman Brothers at the onset of the global financial crisis in 2008, said Zbigniew Jagiello, chief executive of PKO Bank Polski SA, Poland’s largest bank by assets.
http://jlne.ws/JuTjhi

For Many in Greece, Austerity Is a False Choice
New York Times
A growing number in Greece argue that they can keep the euro and reject harsh budget measures.
http://jlne.ws/JuTjhn

Greece can’t reject bailout and keep euro: Finland
Reuters via Yahoo! News
Greece cannot stay in the euro zone if it tears up its bailout deal, as envisaged by the leader of the country’s leftist SYRIZA grouping, Finland’s European affairs minister said. “I think that is an impossible equation and I think in that sense it is an irresponsible statement,” Alexander Stubb said on Monday.
http://jlne.ws/JuTgCp

German voters reject austerity in key poll
By Quentin Peel in Berlin – Financial Times
Angela Merkel’s centre-right Christian Democratic Union suffered a bruising defeat on Sunday night in the election of a new parliament in North Rhine-Westphalia, Germany’s most populous state, when the centre-left opposition of Social Democrats and Greens won a clear majority.
http://jlne.ws/JuTjxS

Eurodämmerung
Paul Krugman – NY Times
Some of us have been talking it over, and here’s what we think the end game looks like:
http://jlne.ws/JuTjhv

Futures Movers: Oil closes at lowest level of the year
Market Watch
Crude-oil futures decline Friday as weak data out of China and ongoing demand concerns combined to pull prices to their lowest settlement of the year. Prices lost 2.4% for the week.
http://jlne.ws/JuTjxZ

Environmental Trading News

Brazil’s economists predict ‘huge’ growth of carbon markets
Business Green
Brazil’s new carbon market could experience “huge” growth in the next eight years, as the government seeks to curb emissions from deforestation and industry.
http://jlne.ws/KivvOq

UN warns Asia’s giant cities over carbon emissions
The Sydney Morning Herald
The United Nations has delivered a stark warning that Asian mega-cities can no longer develop first and rein in carbon emissions later.
http://jlne.ws/JbTBWR

THE REPORT:
UNDP
http://jlne.ws/JbTBWR

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
Visit http://www.jlnenvironmental.comto subscribe.

Exchange & ECN News

Nasdaq OMX Conducts IPO Test Ahead Of Facebook Debut
By Jacob Bunge Of DOW JONES NEWSWIRES
Nasdaq OMX Group Inc. on Friday conducted a test of its initial public offering auction systems ahead of Facebook’s hotly anticipated public debut, set for May 18.
http://jlne.ws/JuTmcY

CFTC’s Chilton Voices Caution On Extended Grain-Trading Hours
By Jacob Bunge and Ian Berry Of DOW JONES NEWSWIRES
A top U.S. futures-market regulator on Friday urged caution as the main exchange for trading corn, soybeans and wheat sought a longer trading day on its electronic systems.
http://jlne.ws/JuTmd5

Nasdaq set to take on US banks
By Telis Demos in New York – Financial Times
Nasdaq OMX is moving into direct competition with banks and brokerages, filing plans to make basic trading algorithms available as part of its US equity trading platform. It also aims to expand its small futures market to trade Treasury futures later this year, joining rival NYSE Euronext in taking on the CME Group in the market for listed interest rate derivatives.
http://jlne.ws/JuTjOA

PLUS Markets Group PLC: Closure Of Formal Sale Process And Commencement Of Orderly Run-Off Of The Business Of PLUS-SX
http://jlne.ws/JuTjOB

Cleartrade Exchange Information On Your Mobile – Cleartrade Exchange Uses OpenText Wave Platform To Deliver Secure, Real-Time Market Information To Traders’ Mobile Devices
http://jlne.ws/JuTmtC

Revised NZX Buyback/Cancellation Share Split Memo
http://jlne.ws/JuTmtJ

CME Group Clearing Advisory
NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (A) – Effective Monday, May 14, 2012
http://jlne.ws/JuTk58

CME Clearing – Performance Bonds / Margins
Performance Bond Requirements: Energy Volatility Scan Rates – Effective Monday, May 14, 2012
http://jlne.ws/JuTmK6

[CBOE] NATO Summit Update
http://jlne.ws/JuTklE

[CBOE] Trader E-News
http://jlne.ws/InuPci

[CBOE] Change in Product Definition Type for SPY Products
http://jlne.ws/JuTkC6

[CBOE] Amendments to Rule 9.24-Telephone Solicitation
http://jlne.ws/JuTkCa

[CBOE] CFLEX 2.0 Rollout SPY FLEX Option Class
http://jlne.ws/JuTkSo

MEFF Repo Volumes – April 2012
http://jlne.ws/JuTkSq

TOM MTF Statistics Week 19 2012
http://jlne.ws/JuTkSx

TMX Group Inc. Reports Results For The First Quarter 2012
http://jlne.ws/JuTkSC

TMX Group Inc. Declares Dividend Of $0.40 Per Common Share
http://jlne.ws/JuTkSH

Montreal Exchange: New Functionalities For The Futures Market: Implementation Of User-Defined Strategies And Inter-Group Strategies On SOLA
The Montréal Exchange (MX) announces new user-defined strategy and inter-group strategy functionalities for its futures market on SOLA. These functionalities will be implemented in the production environment on May 14, 2012.
http://jlne.ws/JuTnhe

Banks, Brokers & Dark Pools

Size matters and matters even more
By Gillian Tett – Financial Times
Whatever else you might say about Jamie Dimon, nobody could accuse him of hiding his feelings. Last week, as news broke about JPMorgan’s unexpected $2bn of losses, his anger erupted on a conference call. And Sunday, those pugnacious emotions were on display again.
http://jlne.ws/JuTl8Y

AND NOW WE KNOW THE TRUTH ABOUT WALL STREET: It’s Just Kids Playing With Dynamite
Henry Blodget | Business Insider
Yesterday’s JP Morgan blowup has now put any lingering questions to rest. Wall Street banks simply cannot be trusted to manage the massive risks they are taking.
http://jlne.ws/JuTl93

J.P. Morgan loss blemishes Dimon reputation
Market Watch
Few on Wall Street expect the trading loss to lead to the resignation or firing of Dimon, mostly because of his past record in steering the bank through rough times. However, the loss is bound to have an impact on his reputation.
http://jlne.ws/JuTfOI

JP Morgan Debacle A Huge Black Eye For Wall Street Risk-Taking
Forbes
Suffice it to say; if JP Morgan can lose $2 billion– that might become $3 billion, or even more– then supervision of trading positions is lax, the risk control boys were asleep, and the notion that JP Morgan was the bank to buy, the king of Wall Street, is challenged but good.
http://jlne.ws/JuTnhl

JPMorgan’s Drew Embraced Risk Before ‘Egregious’ Trading Loss
By Max Abelson – Bloomberg
JPMorgan Chase & Co.’s Chief Investment Officer Ina R. Drew, head of the unit responsible for a $2 billion trading loss, built a 30-year career at the largest U.S. bank by embracing risk and avoiding the spotlight.
http://jlne.ws/JuTlpt

Fed Officials Seek More Information on JPMorgan Trade
By Craig Torres and Caroline Salas Gage – Bloomberg
Federal Reserve officials are gathering more information about the trading position that led to a $2 billion loss at JPMorgan Chase & Co. (JPM), which they have known about for several weeks, according to a person familiar with the matter.
http://jlne.ws/JuTlpA

For Volcker Rule, JPMorgan’s $2 Billion Loss Says It All
Bloomberg
It’s never polite to say I told you so, but JPMorgan Chase & Co.’s $2 billion trading loss has proponents of a tougher proprietary trading ban saying . . . well, you know what.
http://jlne.ws/JuTnxM

What Jamie Dimon Won’t Tell You
The Huffington Post
More than a year ago, we published this piece from the Stanford finance expert Anat Admati in which she presciently warned of the dangers of continuing to tolerate high levels of leverage in the banking system.
http://jlne.ws/JuTnxR

Don’t Forget About JPMorgan’s Other Huge Derivatives Losses
Business Insider
In an August 2010 commentary about JPMorgan’s losses in coal trades I wrote: “The commodities division isn’t the only area in which JPMorgan is vulnerable. Credit derivatives, interest rate derivatives, and currency trading are vulnerable to leveraged hidden bets.
http://jlne.ws/JuTnO6

FDIC Too Big To Fail Guidelides
Clarke Camper – Inside the Beltway
At the Federal Reserve Bank of Chicago Bank Structure Conference, FDIC Acting Chairman Martin Gruenberg outlined his agency’s plans to implement the new authority granted under Dodd-Frank for the “orderly resolution of systemically important financial institutions (SIFIs).”
http://jlne.ws/JuTlFX

IMF Managing Director Welcomes Spain’s Measures To Strengthen The Banking Sector
http://jlne.ws/JuTnO9

Regulatory News

The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
http://www.sec.gov/news/digest.shtml

Trading desks face tighter regulations
By Brooke Masters in London and Tracy Alloway in New York – Financial Times
The size and scale of the surprise $2bn loss at JPMorgan Chase last week is likely to accelerate plans by global regulators to force banks to improve their trading risk models – a move that could sharply push up costs and capital requirements for large banks worldwide.
http://jlne.ws/JuTlG5

Call for US banks to shed risky units
By Shahien Nasiripour – Financial Times
Wall Street banks should be forced to cease their trading operations, a US bank regulator has said, spurring renewed fears among bank executives that government officials will force them to shed lucrative units in the wake of JPMorgan Chase’s shock trading losses.
http://jlne.ws/JuTlG7

Analysis: Fed regulators in hot seat over JPMorgan loss
Reuters via Yahoo! News
JPMorgan’s $2 billion-plus trading loss raises serious questions about whether the New York Federal Reserve and other regulators were asleep at the wheel or whether it is asking too much of them to keep up with the financial engineering conducted by complex institutions with diverse, global operations.
http://jlne.ws/JuTo4D

JPMorgan Chase loss will be scrutinized, SEC’s Mary Schapiro says
Everett Herald
WASHINGTON — Regulators are looking into the $2-billion trading loss by JPMorgan Chase & Co., the head of the Securities and Exchange Commission said Friday as lawmakers and analysts said the bank’s revelation would increase pressure for tighter financial rules.
http://jlne.ws/JuTo4I

CFTC Charges Michael J. Leighton of Torrance, Calif., with $1.6 Million Commodity Pool Fraud
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an enforcement action in the U.S. District Court for the Central District of California, charging Michael J. Leighton of Torrance, Calif., with solicitation fraud and issuing false statements in connection with the operation of a commodity trading pool.
http://jlne.ws/JuTo4M

Schwab loses lawsuit to halt FINRA action
Reuters via Yahoo! Finance
A federal court judge threw out a lawsuit by Charles Schwab Corp that had sought to stop its regulator from disciplining the brokerage for trying to take away customers’ rights to sue it in class actions.
http://jlne.ws/JuTo4O

Ex-Citadel programmer indicted in trade secret theft
By Ameet Sachdev – Chicago Tribune
A former programmer for Citadel LLC has been indicted on federal charges of stealing trade secrets from the Chicago-based hedge fund.
http://jlne.ws/JuTo4T

FSA fines and bans Scottish broker £335,204 for insurance fraud and bans and censures his wife
The Financial Services Authority (FSA) has fined Donald McKee Morgan, a partner in the firm of Donald Morgan Insurance Services (DMIS), £335,204 for committing insurance fraud. Morgan, who was based in Ayrshire, Scotland, has also been banned from carrying out any regulated financial services activity in the future.
http://jlne.ws/JuTol8

DERIVATIVES TRADER: Here’s The REAL Reason Why Financial Regulators Are Just Plain Stupid
Business Insider
Joris Luyendijk at The Guardian’s banking blog is back with another candid report of the banking life in London. This time, Luyendijk spoke with a derivatives trader in his 30s, who gave him an honest, fluff-free account of life on the trading floor , how the profession works and what powers the alpha male personas on the job.
http://jlne.ws/JuTolb

Statement Concerning Publication By IOSCO On April 27, 2012 Of The “Consultation – Report Of The IOSCO Standing Committee 5 On Money Market Funds: Money Market Fund Systemic Risk Analysis And Reform Options.”
http://jlne.ws/JuTolk

Investments – Indexes – Managed Futures – Managed Funds

Credit Traders Drive Up Swaps Index Linked to JPMorgan’s Loss
By Mary Childs – Bloomberg
Derivatives traders seeking to profit on speculation JPMorgan Chase & Co. is unwinding positions tied to its $2 billion trading loss are driving up a vintage credit- default swaps index to the highest in more than three months.
http://jlne.ws/JuToSb

What Beached the London Whale? Credit Indices
Wall Street Journal Blogs
J.P. Morgan’s blown trade, and its $2 billion bill, has everyone’s attention. At its core was a bet on an abstruse corner of the credit market. Here’s a quick guide to the credit indices that beached the London Whale.
http://jlne.ws/JuToSe

Ex-Goldman Flamand’s hedge fund misses rally: letter
Reuters via Yahoo! News
Edoma Partners, the hedge fund run by ex-Goldman Sachs star Pierre-Henri Flamand, has lagged behind rivals this year after a “frustrating” period when it missed out on a rally in stock and bond markets, a letter to its investors showed.
http://jlne.ws/JuToSk

Dow Jones Indexes To License “distributing” version of the Dow Jones Industrial Average
http://jlne.ws/JuTrxs

Technology News

42 Financial Services Chooses Trayport’s Globalvision Broker Trading System To Drive Growth In Central And Eastern Europe
Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide today announced that 42 Financial Services are using Trayport’s GlobalVision Broker Trading SystemSM (BTS) for expansion into Central and Eastern Europe (CEE).
http://jlne.ws/JuTp8J

Guggenheim Investments Selects Milestone Group’s pControl For NAV Validation And Reporting – End-To-End Automation Of Key Fund Administration Processes Enhances Efficiency, Control And Risk Management
Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, has today announced that Guggenheim Investments, the investment management business of Guggenheim Partners LLC, which has approximately $127 billion of assets under management, has selected its pControl platform to automate the management and control of its NAV production and validation processes.
http://jlne.ws/JuTrxw

Reports

Briefing.com Economic Calendar
http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm

USDA Today
http://www.nass.usda.gov/Publications/index.asp

CBOE Events Calendar
http://www.cboe.com/AboutCBOE/EventCalendar.aspx

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.
http://www.cmegroup.com/tools-information/calendars/

Asia-Pacific News

Hong Kong’s Securities And Futures Commission Gazettes Amendment Notice To Expand And Update Lists Of Specified Futures And Stock Exchanges
http://jlne.ws/JuTrNP

Shenzhen Stock Exchange Continues To Strengthen Investors Appropriateness Management
http://jlne.ws/JuTrO0

Frontier Markets

NSE says Nifty futures trading back to ‘normal’
Reuters via Yahoo! Finance
The National Stock Exchange said trading in Nifty futures was now “normal”, and that prior issues involving the confirmation of orders had been resolved.
http://jlne.ws/JuTrO6

Kuwait Stock Exchange Launches NASDAQ OMX Powered Trading Platform
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced that the Kuwait Stock Exchange (KSE) has successfully rolled out its new NASDAQ OMX powered trading platform. KSE’s new trading platform is based on NASDAQ OMX’s proven X-stream technology and will initially support trading of cash equities and forwards, with additional derivatives products and bonds to be added in the next phase. NASDAQ OMX has also provided KSE with index calculation technology and a SMARTS powered surveillance solution.
http://jlne.ws/JuTs4s

ITIDA And “NILEX” Sign An MOU Supporting The Listing Of ICT Companies
The Information Technology Industry Development Authority “ITIDA” and The Egyptian Exchange “EGX” Signed a Memorandum of Understanding “MOU” as a mean of cooperation to support the IT industry companies, specially those interested in listing on SMEs market “NILEX”.
http://jlne.ws/JuTs4x

What is the difference between a developed, emerging, and frontier market?
Nasdaq
For amateur investors, discerning what exactly differentiates developed, emerging, and frontier markets can be challenging. Today, we’ll try to clarify some of these important distinctions for
http://jlne.ws/JuTs4C

Bahrain Financial Exchange Wins Top Forex Product Award – The BFX Wins The ‘Most Innovative Forex Product Award 2012’ At The 7th Jordan Forex Expo & Award (JFEX) 2012
http://jlne.ws/JuTpFV

Securities Commission Malaysia: Group Audit Dominates Discussions On Implementation Of ISA 600
The Audit Oversight Board of Malaysia (AOB) hosted regulators from Malaysia, Singapore and Thailand, other related agencies and representatives from the Big-4 audit firms, at a roundtable in Kuala Lumpur today, to discuss issues relating to the implementation of the International Standards in Auditing No 600 (ISA 600).
http://jlne.ws/JuTpWe

Invest Malaysia 2012 To Showcase Growth Of Malaysia’s Multinationals – Exclusive Opportunity For Investors To Understand How They Can Capitalise On Malaysia’s Strength As A Key Driver Of ASEAN
http://jlne.ws/JuTskT

Dubai Gold & Commodities Exchange Weekly Market Commentary – May 13, 2012
http://jlne.ws/JuTpWp

Egyptian Exchange (EGX) Board Approves A Proposal To Exempt Companies From Listing Fees And Submit A Proposal To EFSA Concerning A Mechanism For Large Volume Deals
http://jlne.ws/JuTsl4

Malawi Stock Exchange Weekly Trading Report -Week Ending11th May, 2012
http://jlne.ws/JuTsBn

Miscellaneous News

‘London Whale’ in JPMorgan spotlight a ‘nice bloke’
By Matt Scuffham and Lionel Laurent – Reuters
Bruno Iksil was dubbed the “London Whale” in credit markets due to the size of the trading positions he took, but for years he stayed well below the surface avoiding detection. Friends, colleagues and fellow traders describe an unassuming man, a far cry from the brash image normally associated with traders staking huge bets in fast-moving financial markets, including derivatives.

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