John Lothian Newsletter: JPMorgan Joins MF Global in Lobbying Victories That Backfire; US looks at cutting settle lag on trades; CME Group Eliminated From LME Sale Process

May 23, 2012

J.P. Morgan has joined MF Global in a list of lobbying victories that have gone awry. The U.S. is contemplating ways to reduce settlement time for stocks and bonds below the current “three days, or possibly longer” threshold. CME Group gets a home edition of the Stock Exchange Purchase Game, and is shown the door by LME; now the bidding is down to two companies. Two major investors in the London Stock Exchange are selling their holdings, triggering some pondering as to the future of the exchange at the hands of remaining large investors.

Observations – Statistics – Commentary

10th Annual Chicago Open Your Heart to the Children Benefit, May 23, 2012
Hedge Funds Care
Join in the celebration at the 10th Annual Hedge Funds Care Midwest Wednesday, May 23, 2012, 5:30 pm at Venue One, 1044 W. Randolph in Chicago. They will be raffling off a 2012 Fisker Karma plug-in hybrid luxury sedan. According to Committee Co-Chair Ron Suber of Merlin Securities, the event has already taken in over $600,000 from over 400 paid attendees, who represent accounting firms, law firms, fund administrators, prime brokers, managers and investors. All proceeds will go to Hedge Funds Care, whose mission is the prevention and treatment of child abuse.

***DA: Thanks to CME veteran Steve Mendes for passing along the information.


JPMorgan Joins MF Global in Lobbying Victories That Backfire
By Heidi Przybyla and William McQuillen – Bloomberg
MF Global Holdings Ltd. argued in a December 2010 letter to regulators that futures brokers didn’t need tighter restrictions on how they invest client funds. Ten months later, as MF Global filed for bankruptcy, about $1.6 billion in customer accounts was missing.

**** Ask and you shall receive something that you never expected or wanted.


Singapore vies to become commodities hub
By Jeremy Grant in Singapore and Javier Blas in London – Financial Times
When Sir Stamford Raffles founded Singapore in 1819, a flourishing trade hub quickly followed in commodities such as rubber, tin, gold and opium from India. The southeast Asian city-state later fell under the shadow of fast-growing Hong Kong as a financial centre. But the rapid growth of Asia’s economies, coupled with the generous tax breaks it offers, means Singapore is challenging its regional rival for supremacy.

**** Here it comes, the beginning of the Singapore stories from Jeremy Grant. If you did not want to do business there before, you will now.


CME Group to Allow Brokers to Trade Futures, Swaps on One Screen
By Matthew Leising – Bloomberg
CME Group Inc., the world’s largest futures exchange, will allow traders who arrange transactions between banks to buy and sell futures and swaps through one electronic screen.

***** It used to take two screams, not it takes one screen.


Quick View: A share in the LSE
By Philip Stafford – Financial Times
The sale of the stakes in the London Stock Exchange by UniCredit and Banca Intesa Sanpaolo brings back into focus the future share ownership of the bourse.

**** Did they sell them, oh I can’t say it, to NASDAQ?


In Volatility Trading, Accept No Substitute
When it comes to fear gauges, traders will accept no substitutes. After the Chicago Board Options Exchange Volatility Index, commonly called the market’s fear gauge, surged in 2008 amid the height of the financial panic, exchanges all over the world began launching their own volatility indexes. But despite several rather volatile years, the imitators are flopping.

**** Flopping is what I did to get back into a canoe a week ago after swamping it. I was successful flopping.


CME Group Hires Schultz as Executive Director and Counsel to the Executive Chairman and President; and Appoints Rich to Management Team Role
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it has appointed Susan M. Schultz to the newly created position of Executive Director and counsel to the Executive Chairman and President.


BATS CHI-X Europe Names Guy Simpkin Head Of Business Development
Mr. Simpkin, who will initially focus on opportunities in European indexes and derivatives, joins the BATS Chi-X Europe executive committee and reports to Mark Hemsley, chief executive officer of BATS Chi-X Europe.


The stock exchange: Bourse promises a sharper eye on small listings
By Jan Cienski in Warsaw – Financial Times
Too much growth can sometimes be a bad thing – as the Warsaw Stock Exchange, with its big appetite for attracting listings to its main and alternative markets, is finding out.

**** There is not a Polish Facebook IPO I hope.

++++ Introduces Free Real-Time Prices on U.S. Stocks and a New Economy Section, Inc., a leading provider of market data and information, today announced the introduction of free real-time US stock market data and a new economy section available through Barchart’s financial website ( The real-time US stock market data is sourced from the BATS BZX Exchange, the third largest US securities exchange, and provides users with access to the latest US stock market prices at no cost


A fragile Europe must change fast
By Martin Wolf – Financial Times
I sympathise with the Germans. This is not because I agree with their prevailing view of how the crisis occurred or what to do about it. I sympathise because the German elite were the ones who understood what creating the euro implied. They realised that a currency union could not work without a political union. But the French elite wanted, instead, to end their humiliating dependence on the monetary policy set by Germany’s Bundesbank. Now, two decades later, Germany’s partners, including France, have learnt a painful lesson. Far from being liberated from German control, they are now far more firmly under it. In a big crisis, creditors rule.


Deal Professor: Disclosure by Short-Sellers Would Improve Market Clarity
By STEVEN M. DAVIDOFF – New York Times
Wild gyrations of stocks based on the barest mention by short-sellers are reviving the debate on whether rules should require disclosures of big short positions.

**** The answer is yes.


SEC Needs to Investigate Facebook Estimate Cut: Blodget
The SEC has to look at this – it’s bizarre, says Henry Blodget on Halftime. “How can you have an estimate cut in the middle of a road show and not have that communicated widely?”


A Can’t-Miss Season Finale: The 99 Percent Takes on the CME
Elizabeth Parisian – Huffington Post
With NATO tumult competing on the airwaves with the very last performances of American Idol finalists, we’re in the midst of big-time drama. And it’s about to get even bigger. As we speak, thousands of “average” Chicago taxpayers are putting on their protest shoes and gearing up for an incredible season finale.


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Lead Stories

US looks at cutting settle lag on trades
By Tracy Alloway in New York – Financial Times
The US financial industry is examining whether the time it takes trades of stocks and bonds to settle should be cut, in an effort to reduce risk and costs. At the moment, trades of equities and bonds usually settle within three days, in a market convention known as “T+3.” That means money and securities actually exchange hands three days after a trade is agreed, though sometimes trades can “fail” to settle, further extending settlement time.

CME Group Eliminated From LME Sale Process – Sources
Dow Jones Newswires
CME Group Inc. (CME) has been eliminated from the sale process to buy the London Metal Exchange after being given more time to come up with a higher priced offer, leaving just two bidders in the frame to acquire the 135-year-old exchange, people familiar with the matter told Dow Jones Newswires Tuesday.

Two Italian banks to sell stakes in LSE
By Philip Stafford – Financial Times
UniCredit and Intesa Sanpaolo are to sell their stakes in the London Stock Exchange, only days after two of Italy’s biggest banks were downgraded by a credit-rating agency on fears about limited access to funding.

Morgan Stanley subpoenaed over IPO
By Telis Demos and Kara Scannell in New York – Financial Times
The top securities regulator in Massachusetts has issued a subpoena to Morgan Stanley as part of an investigation into whether its analysts communicated revisions of Facebook’s revenue forecasts broadly to all clients ahead of last week’s initial public offering.

Eurozone warned ‘severe recession’ looming
Associated Press via Yahoo! News
The 17-country eurozone risks falling into a “severe recession,” the Organization for Economic Cooperation and Development warned on Tuesday, as it called on governments and Europe’s central bank to act quickly to keep the slowdown from dragging down the global economy.

European Central Bank Reportedly Propping Up Greece With Secret E100 Billion Emergency Aid
International Business Times
The European Central Bank (ECB) is propping up Greece with a secret infusion of E100 Billion in “emergency liquidity assistance” (ELA) funds, the Financial Times reported Tuesday.

Combine Austerity With Measures To Boost Growth, Say Eurobarometer Respondents

Beware the quant models
Posted by Izabella Kaminska – Financial Times
If you thought the headlines were bearish… you haven’t seen the bank quant models (the ones which presumably can’t read headlines). Looking at SocGen’s latest cross asset quant research, the picture painted on all signal fronts is increasingly coming across on the dire side

US ‘fiscal cliff’ looms into view
By Michael Mackenzie, Arash Massoudi and Vivianne Rodrigues in New York – Financial Times
If you think America’s debt problems have gone away, think again. With US presidential elections just months away, wary investors are gauging the impact on markets of a so-called “fiscal cliff” of huge tax rises and spending cuts that are due to kick in.

The world’s ‘New Tigers’ lie ready to pounce
By Myra P. Saefong, MarketWatch
As the big headliners for economic growth lose their appeal, the search for new stars has begun. The “New Tigers” of the world are nations that have flown below investors’ radar, but are most likely to stand out in the years ahead as economic powerhouses such as the U.S., Japan, Germany, France, the U.K., Italy and Canada give up the spotlight to countries experiencing stronger growth.

Environmental Trading News

German bourse scraps EU carbon emissions trading
Bavaria’s stock exchange will abandon its carbon emissions certificate trading operations in the EU-traded CO2 market on June 30 after volumes in Europe “plunged to practically zero” in recent months, it said on Tuesday.

**RKB — The is the exchange arm known as Greenmarket.

Bayerische Borse Press Release (in German)

New CEO, Dirk Forrister, Takes Over the Helm at IETA
Press Release
Earlier this month, the International Emissions Trading Association (IETA) welcomed Dirk Forrister as its new Chief Executive. A veteran of Washington, D.C., Forrister has served in several influential roles that have shaped global policy and markets for climate change and clean energy. Today, Forrister announced a restructuring of IETA’s presence at its U.S. headquarters in Washington, D.C.

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 Chairman Backs CEO After Facebook IPO Fiasco
The chairman of Nasdaq OMX Group Inc. expressed support for the exchange group’s chief executive Tuesday, days after Nasdaq OMX’s mishandling of the Facebook Inc. share offering Friday sparked confusion and anger across Wall Street.

Finra: Nasdaq To Have Final Say On Paying Facebook Trade Losses
By Caitlin Nish and Jacob Bunge Of DOW JONES NEWSWIRES
Nasdaq OMX Group Inc. will make the final decisions on making up losses sustained by brokers and traders after glitches struck the initial public offering of Facebook Inc., according to a senior official with the agency tasked to review the matter.

Investor Sues Nasdaq Over Facebook IPO Glitches
Nasdaq OMX Group Inc. is facing a lawsuit on behalf of Facebook Inc. (FB) investors claiming that the glitches surrounding the company’s initial public offering led to millions of dollars in trading losses.

In retrospect, it was incorrect says NASDAQ on Facebook IPO
NASDAQ today is letting investors know that they will not necessarily get “dollar on the dollar” compensation for the losses they experienced at the hands of the blackout felt at the start of Friday’s Facebook IPO.

CME gauges support for longer open-outcry grain cycle
Dairy Herd
CME Group, fresh off increasing electronic trading hours for grain futures and options, has asked for feedback about longer hours for open-outcry trading, floor traders said on Tuesday.

LME transaction update
The Chairman of the London Metal Exchange (LME) has today issued an update to shareholders regarding the potential acquisition of the Exchange. The Board of the LME has decided to continue discussions with two parties regarding their proposals for the potential acquisition of the LME.

The NYSE Big StartUp Launches Small Business Connections: Marketing Meets Microfinancing
NYSE Euronext today announced, in partnership with national microlender Accion and online review site Yelp, Small Business Connections: Marketing Meets Microfinancing, a nationwide small business marketing and financing workshop series in conjunction with The NYSE Big StartUpSM. The tour, which debuts in Tucson, AZ, on June 12, 2012, will provide small business owners across the U.S. with access to local resources to help finance their entrepreneurial dreams and increase their online marketing power by learning best practices for engaging with online review sites.

CME Group Launches CME Direct Technology for Online Trading of Exchange Listed and OTC Markets
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of CME Direct, a new technology offering side-by-side trading of exchange-listed and over-the-counter (OTC) markets. CME Direct will initially support trading of CME Group’s benchmark energy futures markets alongside OTC energy swaps through leading inter-dealer brokers.

IntercontinentalExchange Announces 2012 Annual Meeting Results
PR Newswire
IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced the results of the company’s 2012 Annual Meeting of Stockholders, which was held May 18, 2012.

Equity Options Exercise Totals BRL 2.99 Billion On BM&FBOVESPA

NYSE Arca Memorial Day Observance

KCBT Memorial Day Trading Hours

[CBOE] Registration and Qualification Requirements

[CBOE] Extension of End-of-Week S&P 500 Index (“SPXW”) Option Listings

OneChicago Closed On Monday May 28, 2012 – Memorial Day

NZX IPO Masterclass

Bermuda Stock Exchange Will Be Closed For Bermuda Day

Banks, Brokers & Dark Pools

Chi-X Global Looks for Expansion as Chi-East Closes: CEO
Chi-X Global Holdings LLC, the operator of alternative trading venues that’s owned by Nomura Holdings Inc., plans to expand in Asia and South America, even as it closes the first-ever pan-Asian dark pool, Chi-East, tomorrow.

Troubleshooter in running to succeed Dimon
By Tom Braithwaite in New York – Financial Times
For relaxation, Matt Zames shoots things. Mostly birds. But the 41-year-old JPMorgan Chase executive does not have much free time for hunting now. He is busy mopping up his bank’s biggest mess since the financial crisis.

JPMorgan hires former SEC enforcer over loss
Reuters via Yahoo! News
JPMorgan Chase & Co has hired former U.S. Securities and Exchange Commission enforcement chief William McLucas to assist the firm in probes of its loss of at least $2 billion on credit derivatives trades, according to bank spokesman Joseph Evangelisti.

JPMorgan, CFTC held talks a day after losses revealed
Reuters via Yahoo! News
JPMorgan Chase & Co officials met with the U.S. futures regulator one day after revealing a $2 billion loss on trades booked in London, according to information from the Commodity Futures Trading Commission.

No Longer The Envy Of Wall Street: Morgan Stanley’s Facebook Problem
An IPO that should have made Morgan Stanley the envy of all its Wall Street competitors is turning into a bit of a mess.

Banco Santander’s Emilio Botin Won’t Face Tax Charges
New York Times
Spain’s national court on Tuesday closed a tax fraud investigation focusing on Emilio Botín, the chairman of Banco Santander, and 11 of his relatives.

Cantor Fitzgerald & Co. Arranges New Asset-Backed Commercial Paper Program
PR Newswire via Yahoo! Finance
Cantor Fitzgerald & Co. today announced that it has arranged a new, fully-supported asset-backed commercial paper program called Institutional Secured Funding (Jersey) Limited and Institutional Secured Funding LLC, which together are called ISF.

HSBC Appoints Michael Cummins Head of U.S. Payments and Cash Management
Business Wire via Yahoo! Finance
HSBC Bank USA, N.A. today announced the appointment of Michael Cummins as the head of Payments and Cash Management in the United States.

HSBC: Hong Kong Remains Leading Yuan Offshore Market; London Complementary
FOX Business
Hong Kong will remain the leading yuan market outside China and will be complemented rather than rivalled by London as the offshore market develops, HSBC Holdings PLC (HBC) Hong Kong Chief Executive Anita Fung said Wednesday.

Moynihan: Bank of America is not ‘too big to manage’
WCNC Charlotte
When asked to defend the universal bank model Monday, Bank of America CEO Brian Moynihan said that the Charlotte bank is not “too big to manage,” thanks in part to the streamlining the company has done over the past few years.

Interactive Brokers Group, Inc. Receives NASDAQ Notice of Non-Compliance with Listing Rules
Business Wire via Yahoo! Finance

Minutes Of Federal Reserve Board Discount Rate Meetings From April 2 Through April 23, 2012

IMF Economic Health Check – United Kingdom Could Ease Monetary Policy, Credit To Boost Growth

Thomson Reuters Launches New Junior Banker Solution – Advanced Analytics For Deal Making Reduces Time Spent Gathering Data, Allowing More Time For Analysis

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.

SEC dealt blow in financial-crisis case
International Business Times
The U.S. Securities and Exchange Commission was dealt a setback in its cases tied to the financial collapse when a federal judge dismissed large parts of its case against former executives at failed mortgage lender IndyMac Bancorp.

UK’s FSA Steps Up Probe Of Swap Sales To Small Firms
Dow Jones
The Financial Services Authority has stepped up an investigation into the sale of complex derivatives to small U.K. firms amid concerns that some of the products may have breached regulations designed to protect customers, according to letters released by lawmakers Wednesday.

SEC Charges Two Feeders for One of South Florida’s Largest-Ever Ponzi Schemes
The Securities and Exchange Commission today charged two individuals who provided the biggest influx of investor funds into one of the largest-ever Ponzi schemes in South Florida.

FINRA Fines Citigroup Global Markets $3.5 Million for Providing Inaccurate Performance Data Related to Subprime Securitizations
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Citigroup Global Markets, Inc. $3.5 million for providing inaccurate mortgage performance information, supervisory failures and other violations in connection with subprime residential mortgage-backed securitizations (RMBS).

Senate Testimony Of SEC Chair Schapiro Updates Dodd-Frank Derivatives Progress
On May 21, 2012, Securities and Exchange Commission Chair Mary Schapiro testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs concerning SEC’s ongoing implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Testimony On Implementing Derivatives Reform: Reducing Systemic Risk And Improving Market Oversight By SEC Chairman Mary L. Schapiro – Before The Committee On Banking, Housing, And Urban Affairs United States Senate

Testimony Before The US Senate Committee On Banking, Housing And Urban Affairs, Washington, DC, CFTC Chairman Gary Gensler

Update On Rulemakings Pursuant To The Dodd Frank Act: It Shouldn’t Be This Difficult Remarks By Commissioner Scott D. O’Malia, U.S. Commodity Futures Trading Commission At The Annual Nuclear Industry Conference: Nuclear Energy Assembly, Nuclear Energy Institute, Charlotte, NC

Penal Proceedings Launched – AMF Takes a Position on Damage Insurance Consultants
The Autorité des marchés financiers (the “AMF”) recently launched penal proceedings against a firm of damage insurance consultants that was acting as a damage insurance firm.

Securities Industry Examines Faster Payment For Stock And Bond Trades – DTCC, With The Guidance Of SIFMA, Oversees Cost-Benefit Analysis For Shortening The Time Period Between Trade Execution And Settlement Date

IOSCO: Final Communique On The 37th Annual Conference

Investments – Indexes – Managed Futures – Managed Funds

Ex-Société Générale commodity traders plan discretionary hedge fund for end of 2012
Vita Millers – Hedge Funds Review
Former Société Générale commodity traders plan to launch a hedge fund in Q4 to take advantage of an expected increase in investor appetite for commodities. The fund will combine three strategies.

Morgan Stanley’s Housing Chief Is Quitting To Launch His Own Buy-To-Rent Fund
Business Insider
( Reuters ) – Oliver Chang, head of U.S. housing strategy at Morgan Stanley , who has written more about foreclosed homes as an investment opportunity than any other Wall Street analyst, is leaving his firm to start his own buy-to-rent housing fund.

Singapore’s low taxes lure Trafigura
By Javier Blas in London and Jeremy Grant in Singapore – Financial Times
Singapore has enticed Trafigura, one of the world’s biggest commodities trading houses, to move its legal headquarters from Switzerland to the Asian city state, highlighting the attractions of its low-tax regime and proximity to China.

Horizon Cash Management Hires Michael Markowitz as CIO
Horizon Cash Management LLC, the leading investment advisor specializing in active cash management for the alternative investment industry, today has announced the appointment of Michael Markowitz as Chief Investment Officer.

REPORT: Hedge Fund Manager Boaz Weinstein Up 16% This Month
Business Insider
Hedge fund manager Boaz Weinstein, the founder of Saba Capital and former co-head of credit trading at Deutsche Bank , is said to be killing it this month.

UPDATE 1-Ex-Millennium Collison shuts Asia hedge fund -sources
Reuters via Yahoo! Finance
Singapore-based Orvent Asset Management has shut its $130 million event-driven hedge fund after its Swedish seed capital investor pulled out at the end of April, two sources with direct knowledge of the matter said.

EDHEC-Risk Research Shows That Dynamic Portfolio Strategies Can Provide Solutions To Corporate Pension Fund Challenges
A new publication entitled “Dynamic Investment Strategies for Corporate Pension Funds in the Presence of Sponsor Risk,” produced as part of the BNP Paribas Investment Partners research chair on asset-liability management and institutional investment management at EDHEC-Risk Institute, shows that sophisticated dynamic allocation strategies can usefully be implemented by pension funds.

HEDGE FUNDER: NASDAQ’s Facebook IPO Screw-Up Saved Normals From Losing Their Shirts
Business Insider via Yahoo! Finance
The IPO process only worked because it was broken.

Vanguard Picks London Stock Exchange And FTSE For European ETF Debut

Dow Jones Indexes To Launch The Dow Jones Parala Macro Allocation Indexes

STOXX Changes Composition Of Benchmark Indices – Results Of The First Regular Quarterly Review To Be Effective On June 18, 2012

ISDA Americas Credit Derivatives Determinations Committee: Houghton Mifflin Harcourt Publishing Company Bankruptcy Credit Event

Technology News

CQG and Continuum Support Industry Development with FIX Protocol Limited Membership
CQG, together with its Continuum division, joins other industry leaders in supporting the FIX Protocol through its FIX Protocol Limited (FPL) membership. As a member of FPL, CQG and Continuum hope to expand their influence within the FIX community and strengthen the Continuum platform.

Bloomberg Acquires PolarLake And Launches EDM Services

Media News

Facebook, Blodget And The Return Of The Internet Bubble
Henry Blodget, the Global Research Settlement and a hot Internet IPO. Where are you Eliot Spitzer?

Google Privacy Inquiries Get Little Cooperation
NY Times

Reports Economic Calendar

USDA Today

CBOE Events Calendar

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.

Asia-Pacific News

China plans brokerage reforms to create its own Goldman Sachs
International Business Times
China is rolling out sweeping brokerage reforms to nurture future global investment banks that officials hope could eventually compete with the likes of Goldman Sachs and Morgan Stanley , a regulatory document showed.

Singapore Exchange launches Indonesia equity futures
Reuters via Yahoo! Finance
SINGAPORE, May 22 (Reuters) – Singapore Exchange Limited (SGX) said on Tuesday that it will launch the firstever offshore Indonesian equity futures contract in June.

SGX offers MSCI Indonesia Futures from 11 June
Singapore Exchange’s (SGX) MSCI Indonesia Index Futures will begin trading from 11 June 2012. The world’s first offshore Indonesian equity futures, the new contract is based on the MSCI Indonesia Index which is a widely followed Indonesian benchmark for institutional investors.

Industry Increases Automation in Taiwan, Reduces Operational Risk
Omgeo is working with investment managers across Taiwan to significantly improve trade processing efficiency among the local Taiwanese broker/dealer community. BlackRock, one of the world’s leading providers of investment, advisory and risk management solutions, is playing a key role in automating the Taiwanese market with Omgeo.

Shanghai Stock Exchange: Notice Of Taking ETFs As Underlying Securities Of Margin Trading, Securities Lending

HKEx To Introduce Three New Stock Option Classes On 11 June

Frontier Markets

DIFC Widely Recognised By US Firms As The Ideal Platform To Access The Region’s Economies – DIFC Concludes Roadshow To The United States

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