Nasdaq OMX NLX and LCH.Clearnet get regulatory clearance to clear and trade, and plan to turn on the lights on May 31. Markit responds to trader apprehension over planned credit-default swap futures by planning to publish a daily list of constituents used by the futures contract. Mongolia, seeking foreign investors for its fast-growing economy, wants to further develop its relationship with the London Stock Exchange. In First Read today, take a look at MarketsWiki.tv’s latest interview: Stephanie Hammer talks about some of the key themes and takeaways in her new book, “Architects of Electronic Trading”.

First Read

Stephanie Hammer

Stephanie Hammer Speaks About the New Mindset for Financial Technology
MarketsWiki.tv

Stephanie Hammer talks about some of the key themes and takeaways in putting together her new book, “Architects of Electronic Trading: Technology Leaders Who Are Shaping Today’s Financial Markets.” In it, Hammer interviews 15 financial industry professionals across the spectrum of the trading space in a Q&A format, exploring topics such as transformational technology, affordable desktop supercomputing, cloud computing and microwave data technology. She also discusses how technology is being implemented at top trading firms today, along with how technologists are being integrated into the trading and business decisions made at trading firms today.

Watch the video »

***** Stephanie Hammer is talented, bright and a terrific writer. Even in her interview she had a laser like focus on her answers.

++++

Is the government helping speculators manipulate grain futures?
Salon.com
While the activities of the Agriculture Department don’t always garner a lot of attention, a highly questionable decision it recently made to help wealthy speculators could, over time, cost anyone who buys food. But while the decision — a big win for high-frequency traders at the expense of farmers, food companies, and the public — is consequential, its effects have hardly been reported.
jlne.ws/10zBEyu

***** There is a battle being waged between commercial firms and high-frequency traders. Commercial firms used to have a monopoly on the market after the government numbers were released. They could operate freely in the cash market or the over-the-counter market without the distraction of the highly visible and easily accessible futures markets. This is not the case anymore and they are demonizing the competition, high-frequency traders, who are acting before they are acting and helping bring prices to new price levels reflecting the government numbers released. No one likes to lose a monopoly and slinging baloney at the competition is a sign of weakness.

++++

Inside Business: Harsh trading lessons are legacy of HKMEx saga
Jeremy Grant – FT.com
In the space of a few days this month, what had seemed like a perfectly sensible business proposition – a derivatives exchange based in Hong Kong tapping into China’s insatiable demand for commodities – has all but collapsed.
jlne.ws/10zBEyv

***** JLN friend Mark Holder left HKMEx 2 months ago and he is so very happy about that.

++++

Kiss the US Listed Options Market Goodbye
Andy Nybo, TABB Group
A proposal to reform the taxation of financial instruments would dramatically change the tax treatment for options strategies, potentially decimating trading volumes by as much as 40%. And it is not the so-called ‘fat cats’ of Wall Street that will be impacted by the proposal; instead, the biggest impact will be felt by asset managers and Mom and Pop investors.
jlne.ws/15g6hsN

***** I don’t care what is happening, I am not kissing Tony McCormick.

++++

Growth in Options Trading Helps Brokers but Not Small Investors
NATHANIEL POPPER – NYTimes.com
Some of the brokerage firms that helped pique American’s interest in stocks are now luring them into something much riskier: stock options.
jlne.ws/10zBEyz

***** Why would you build a house (portfolio) and not have use of all the tools available in your toolbox?

++++

SDRs: A modern day fairy tale
Allan D. Grody – FOW
Sometime not so long ago a regulator and a financial market utility (FMU) determined that one Swaps Data Repository (SDR) for all the world’s swaps transactions would be good for regulators and good for the business of the financial market utility.
jlne.ws/10zBCH7

***** The only thing there should be one of is me, or you. Everything else, we need multiples.

++++

ED&F Man plots interdealer broker move
Suzi Ring
ED&F Man is planning the launch of an interdealer-broker service in London focused on listed equity derivatives, following a series of steps taken over the past year to diversify beyond its traditional strength in the commodities markets.
jlne.ws/10zBEyA

***** Who trusts the “Man” name? Is it a benefit or a hindrance at this point given the blow up at its offspring which also touted its long lineage.

++++

Volcker’s Aim: Responsive Government
By NELSON D. SCHWARTZ – NY Times
Paul A. Volcker, the former chairman of the Federal Reserve, is starting a foundation that will support research, fellowships and conferences focused on making government work better.
jlne.ws/10zBCH9

***** They are designing a new bunsen-burner which will sit right below government workers chairs.

++++

Intellectual Property Exchange International to Announce First Offering on June 5 Public Webinar
Intellectual Property Exchange International, Inc., the world’s first financial exchange for licensing and trading intellectual property rights, today announced that it will conduct two public web presentations on June 5 at 10 a.m. CT and 8 p.m. CT that will unveil IPXI’s first Unit License Right contract offering, present important offering details and launch the marketing campaign for the ULR contracts.
jlne.ws/10zBEyD

***** Tadahhhhhhh!!!!

++++

The Only Investing Pattern That Matters Is Behavioral
CARL RICHARDS – NYTimes.com
A few weeks ago, I stumbled on some research by David J. Leinweber at Caltech. Apparently, he’s figured out how to predict the stock market using just three variables:
1) Butter production in the United States and Bangladesh
2) Sheep populations in the United States and Bangladesh
3) Cheese production in the United States
jlne.ws/15fSfqW

***** Don’t forget beer consumption in Wisconsin.

++++

The Secret To Putting Together An Insanely Successful Team
Sallie Krawcheck – Forbes
What are 13 of the most common words that keep companies from realizing their full performance potential? (Hint: They are 13 words that are very difficult to argue with.) Those words are: “Hey, our goal is simply to put the best person in the job.” Can’t argue with that, can you? Who can be against putting the best person in the job?? Except…
jlne.ws/10zBEyF

***** How about this? This article was originally published on LinkedIn.

++++

Recessions Save Lives
CASE
Y MULLIGAN – NYTimes.com
More people die in economic expansions, and fewer die in recessions. Whether and how policy makers should heed this pattern depends on the hitherto unknown links between mortality and economic activity.
jlne.ws/10zBCXp

***** I am dying to know the answer to this.

++++

MarketsWiki

MarketsWiki Page of the Day
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jlne.ws/16n7KSz

MarketsWiki Recent Updates

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Mike Persico; William J. Brodsky; Jon Pain; Barry Cheung; James M. Falvey

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MarketsWiki Statistics

Lead Stories

NASDAQ OMX NLX and LCH.Clearnet receive regulatory approval to launch trading & clearing for new market
NASDAQ OMX NLX, the new London market offering a range of both short-term interest rate and long-term interest rate euro- and sterling-denominated listed derivative products on a single market, and LCH.Clearnet Ltd., the multi-national, multi-asset clearing house, have received the necessary regulatory approvals to launch the NLX market on Friday 31st May.
jlne.ws/11oLizs

Markit, ICE Prep List For CDS Index Futures
Katy Burne – WSJ.com
Markit has prepared a workaround for credit-default swap index futures, following some traders’ hesitancy to embrace the product planned by IntercontinentalExchange Inc. The financial data company, which administers CDS indexes and runs a CDS pricing service, is planning to publish a daily list of index constituents that the ICE futures will be based on.
jlne.ws/10zBEyG

U.S. Regulators Could Vote Next Week On Systemic Non-Bank Firms
Wall Street Journal Blogs
U.S. financial regulators could vote as soon as Monday to finally designate the first set of large non-bank financial firms as “systemically important financial institutions,” drawing them in for heightened government scrutiny.
jlne.ws/10zBCXr

Mongolia exchange seeks deeper ties with LSE
Leslie Hook in Beijing – FT.com
Mongolia’s stock exchange is seeking to attract foreign investors to its fast-growing economy with plans to broaden co-operation with the London Stock Exchange. Altai Khangai, chief executive of MSE said it hoped to promote dual listings and create a “FTSE Mongolia” index, after Mongolia’s new securities law, approved by parliament last week, paved the way for deeper collaboration with the LSE.
jlne.ws/10zBEyI

U.S. accuses currency exchange of laundering $6 billion
Reuters via Yahoo! News
By Emily Flitter NEW YORK – U.S. prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.
jlne.ws/10zBEyK

**JK – Liberty and laundering for all.

****** It is nice to see the authorities catch this after 55 million transactions.

HKEx eyeing joint listings with bourses in China, ceo says
Metal Bulletin
Hong Kong Exchanges and Clearing is looking to develop joint listings of commodities products with exchanges in mainland China to take advantage of its takeover of the London Metal Exchange, according to ceo Charles Li.
jlne.ws/10zBCXu

Central Banks Act With a New Boldness
BINYAMIN APPELBAUM, JACK EWING, HIROKO TABUCHI and LANDON THOMAS Jr. – NYTimes.com
When James Bullard, president of the Federal Reserve Bank of St. Louis, arrived in Frankfurt last week, he issued an unusual public warning to the European Central Bank: Be bolder.
jlne.ws/10zBEOZ

David Weidner’s Writing on the Wall: 5 deadly sins on Wall Street
Market Watch
Credit is loosening. Fewer banks control more assets. Risk is back. And no one is playing the watchdog, David Weidner writes.
jlne.ws/10zBEP1

Germany’s Bafin Says Libor Rigging Caused by Individual Traders
Bloomberg
German markets regulator Bafin said its probe into the involvement of local banks in manipulating benchmark lending rates, including Libor, suggests that rigging wasn’t the result of “systematic criminality.”
jlne.ws/10zBCXy

Oil Probe That EU Says Mirrors Libor May Reveal Huge Damage
Stephanie Bodoni – Bloomberg
Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.
jlne.ws/10zBEP2

Has GLG engineered a reverse takeover of Man Group?
Harriet Agnew – Financial News
During the 1970s, Chinese Premier Zhou Enlai was reputed to have said it was “too early” to assess the implications of the French revolution almost two centuries earlier. The same could be said of Man Group’s acquisition of GLG Partners.
jlne.ws/10zBCXD

Regulatory

Financial Reporting Council warns on decline of UK audits
Alistair Gray – FT.com
The quality of audits of small UK companies has deteriorated over the past year even as overall standards have improved, the accounting watchdog has warned. Two building societies were among a growing number of organisations outside the FTSE 350 index whose accounts were not vetted adequately by their auditors, according to the Financial Reporting Council’s annual inspection.
jlne.ws/10zBCXF

Statement Congratulating SEC Nominees By SEC Commissioner Troy A. Paredes
jlne.ws/10zBFT3

ASIC releases updated guidance to assist credit industry
jlne.ws/10zBFT4

Exchanges & Trading Facilities

CX2 Successfully Completes Launch and Captures Up To 6pct Market Share in Key Names
Chi-X Canada ATS Limited, a wholly owned subsidiary of alternative trading venue operator Chi-X Global Holdings LLC, announced that CX2 successfully completed its symbol migration of all TSX-listed and TSXV-listed securities on May 21, 2013.
(via email)

[CBOE] Restrictions on Transactions in China Shen Zhou Mining & Resources, Inc. (SHZ)
jlne.ws/10zBEP8

Extension Of Tel Aviv Stock Exchange Trading Hours Starting 16 June 2013
jlne.ws/10zBEPa

Burgundy: Removal Of Orders In Production Friday 31 May 2/2013
Due to the migration of Burgundy to Oslo Börs on Saturday 1June all orders will be removed from the Burgundy production system on Friday night.
jlne.ws/10zBEPb

Hedge Funds & Managed Futures

How Hedge Funds Transfer Wealth From Investors To Managers
Forbes
Earlier this year, Goldman Sachs announced that it would launch a new mutual fund that will let regular investors do what the billionaires are said to do: invest in hedge funds. As Barry Ritholtz explains in a terrific article in the Washington Post, this is not good news.
jlne.ws/10zBEPc

SAC Said to Get $100 Million Ironwood Withdrawal Request
Bloomberg
Ironwood Capital Management Corp., a firm that invests in hedge funds, plans to pull the $100 million it has in Steven Cohen’s SAC Capital Advisors LP, according to a person with knowledge of the matter.
jlne.ws/10zBEPf

Why Billionaire Steve Cohen Doesn’t Want To Manage A Family Office
Forbes
For a very long time, billionaire Steve Cohen has fought to keep the outside investors in his SAC Capital hedge fund while battling an intense federal government insider trading investigation that appeared to be aimed at him. Cohen is reportedly now preparing for the possibility of converting SAC Capital into a family office. The question for many on Wall Street is, what took so long?
jlne.ws/10zBFT8

Wealth funds buy into VTB $3.3bn share issue
Charles Clover in Moscow – FT.com
Norway’s sovereign wealth fund is now the second-largest investor after the state in VTB, Russia’s state bank, following the privatisation of a 14 per cent government stake this month.
jlne.ws/10zBF5u

Morgan Stanley property unit to raise up to $3 billion global fund: WSJ
Reuters via Yahoo! News
Morgan Stanley’s real estate unit, Morgan Stanley Real Estate Funds, is looking to raise between $1 billion and $3 billion for a global property fund, the Wall Street Journal reported, citing people familiar with the discussions.
jlne.ws/10zBFTd

Blackstone’s Tooth picks BC Partners
Ben Harrington – Financial News
BC Partners has hired former managing director Matthew Tooth from US private equity giant Blackstone, following the departure of one of the European buyout firm’s senior dealmakers last December.
jlne.ws/10zBFTe

Ex-BofA Merrill and Lazard dealmaker goes it alone
Matt Turner – Financial News
Noah Bulkin, the former Bank of America Merrill Lynch and Lazard banker who was named a Financial News Rising Star in 2009, is setting up his own independent advisory and principal investing business.
jlne.ws/10zBF5w

Hittin’ the Clubs
Trade Talk – Trading Technologies
Tulane Algorithmic Trading Club members Willow Zhang (1st Place) and Yuki Yang (2nd Place) used X_TRADER to out-perform the competition in the club’s first official trading contest. Tulane University is one of Trading Technologies’ most active University Program partners. At Tulane, our X_TRADER software is used in classroom instruction, and it’s installed at the A.B. Freeman Trading Center laboratory. The lab is accessible to all students, including members of the Tulane Algorithmic Trading Club (TATC).
jlne.ws/10zBF5z

Banks & Brokers

ICAP appoints Dean Berry to E-Commerce role in Global Broking
ICAP plc today announces the appointment of Dean Berry as CEO of Global Broking E-Commerce. He will report to David Casterton, CEO of Global Broking.
jlne.ws/10zBFTj

Switzerland orders Julius Baer to hand over U.S. client data
Reuters via Yahoo! News
ZURICH – The Swiss government has ordered local bank Julius Baer to hand over data on U.S. clients that will be passed on to U.S. tax authorities, amid signs a long-running tax dispute between the two countries is close to being settled.
jlne.ws/10zBF5A

Citigroup Settles Claims in $200 Billion FHFA Litigation
Law.com
Citigroup has become the second bank to bow out of the Federal Housing Finance Agency’s mortgage-backed securities litigation onslaught.
jlne.ws/10zBF5D

Has GLG engineered a reverse takeover of Man Group?
Harriet Agnew – Financial News
During the 1970s, Chinese Premier Zhou Enlai was reputed to have said it was “too early” to assess the implications of the French revolution almost two centuries earlier. The same could be said of Man Group’s acquisition of GLG Partners.
jlne.ws/10zBCXD

Fidelity National Reacquires LPS for $2.9 Billion
TheStreet.com
Title insurance company Fidelity National Financial said it will acquire mortgage technology provider Lender Processing Services, which it owned previously, for $2.9 billion in a cash-and-stock deal.
jlne.ws/10zBF5H

Deutsche Bank Unit Sal. Oppenheim to Cut Up to 330 Jobs
Dow Jones
Deutsche Bank AG subsidiary Sal. Oppenheim jr. & Cie. AG & Co. KGaA Tuesday said it will cut up to 330 posts–around a third of its staff–after reaching an agreement with the works council.
jlne.ws/10zBF5I

Deutsche Bank CEO spars with policymaker over large bank risks
Reuters via Yahoo! Finance
FRANKFURT – Deutsche Bank co-Chief Executive Anshu Jain brushed aside concerns that Germany’s flagship lender posed a risk to the financial system just because of its size, and urged regulators to create a mechanism for winding down failing banks.
jlne.ws/10zBG9y

Pictet to Lombard Odier Win Clients Amid Swiss Secrecy Crackdown
Bloomberg
Pictet & Cie. and Lombard Odier & Cie. are adding client assets faster than their biggest rivals as Geneva’s largest closely held wealth managers adapt to the demise of Swiss banking secrecy.
jlne.ws/10zBF5L

JPMorgan Names Treasury’s Kingsley Mortgage Co-General Counsel
Bloomberg
JPMorgan Chase & Co., the biggest U.S. lender, named former U.S. Treasury Department official Darius Kingsley as co-general counsel of mortgage banking.
jlne.ws/10zBF5M

Goldman Sachs Boosts Quorum Requirement for Board’s Meetings
Bloomberg
Goldman Sachs Group Inc. changed its bylaws to increase the number of board members needed to constitute a quorum at meetings.
jlne.ws/10zBG9C

BGC Partners Announces Upcoming Investor Webcasts
jlne.ws/10zBFm1

E*TRADE Financial Corporation Announces Upcoming Speaking Engagement
E*TRADE Financial Corporation today announced that it will present at the Sandler O’Neill Global Exchange & Brokerage Conference.
jlne.ws/10zBFm3

Clearing & Settlement

Newedge Joins LCH.Clearnet’s SwapClear
Ivy Schmerken – Advanced Trading
Newedge, a global multi-asset brokerage and clearing firm, today announced that its US and UK subsidiaries (Newedge UK and Newedge USA) have both joined LCH.Clearnet Ltd’s SwapClear, the major global clearing service for interest rate swaps.
jlne.ws/10zBFm5

Markit Resumes Greek CDS Quotes
Ben Edwards and Serena Ruffoni – MoneyBeat – WSJ
A major derivatives data provider said Tuesday it now has an official pricing level for contracts offering protection against Greek debt default for the first time since the country’s debt restructuring in March 2012, in yet another sign that financial markets are moving to slowly re-insert Greece in their investment map.
jlne.ws/10zBFm6

Cleartrade Exchange (CLTX) Powers Regulatory Compliance Through 3rd Party Reporting Solution & Connects To The Depository Trust & Clearing Corporation (DTCC)
Cleartrade Exchange (CLTX) has announced the launch of its third party reporting service, through an electronic connection to the Swap Data Repository owned by The Depository Trust & Clearing Corporation (DTCC). Derivatives contracts traded through CLTX can now be automatically reported to the DTCC in real-time, allowing members of the exchange to comply with CFTC trade reporting requirements.
jlne.ws/10zBG9F

COMPLETION OF LCH.CLEARNET’S E320 MILLION CAPITAL RAISE
LCH.Clearnet Group Limited today announces that the Capital Raise of E320 million which was launched on 1 May 2013, in order to meet increased regulatory capital requirements, has been successfully completed.
jlne.ws/10zBFm7

Indexes & Products

STOXX Changes Composition Of Benchmark Indices – Results Of The Second Regular Quarterly Review To Be Effective On June 24, 2013
jlne.ws/10zBG9G

Vanguard ETF to Transition to FTSE Index
jlne.ws/10zBFm9

Vanguard Tax-Managed International Fund and ETF to Transition to FTSE Index
jlne.ws/10zBG9H

Technology

Interim report Cidron Delfi Intressenter AB January 1 – March 31, 2013
This interim report refers to Cidron Delfi Intressenter AB and the Cidron Delfi Intressenter Group for the period from January 1 to March 31, 2013. At the beginning of 2012, Cidron Delfi Intressenter AB acquired Orc Group through a public tender offer directed to the shareholders in Orc Group AB. Following the sale of Orc’s former subsidiaries and sub-groups CameronTec and Neonet in October 2012, continuing operations in the Cidron Delfi Intressenter Group now consist solely of operations in Orc.
jlne.ws/10zBG9J

Fixnetix Advances Investment Bank Offerings; Supplies Market Data And Trading To The Enterprise
Fixnetix, global managed services provider for ultra-low latency market data, trading and risk control, announced today a leading non-EU regulated tier one bank has signed a multi-million pound three year contract for Fixnetix to deliver market data, trading execution and post trade services to the enterprise in Europe.
jlne.ws/10zBFmd

Portugal’s INTERBOLSA, In The Forefront Of European Post-Trade Industry Transformation, Will Use Swift’s Value Added Network To Connect To T2S
jlne.ws/10zBFmg

PFSOFT Integrates ACTIV Financial Market Data To Enhance Trading Platform Offering
jlne.ws/10zBFmh

BAE Systems Detica Announces Winner Of Its Education In The Community Competition At Awards Ceremony In Dublin
jlne.ws/10zBG9P

Enforcement

Investigators in turf war over HKMEx investigation
South China Morning Post
Police probing the collapse of the Hong Kong Mercantile Exchange are concerned that their criminal investigation could be hampered by the Securities and Futures Commission’s own inquiry into the failed trading platform.
jlne.ws/10zBFmi

ASIC settles in Storm Financial proceedings
jlne.ws/10zBGq4

Finansinspektionen – Swedish Financial Supervisory Authority: Mortgage Margins And A Ban On Commissions – News At Supervision Day
jlne.ws/10zBFCy

Environmental & Energy

EU Lawmakers Seek Carbon Deal as Fix Likely to Survive in Panel
Bloomberg
Several European Union lawmakers are seeking a compromise over a rescue plan for the region’s carbon market, aiming to win majority support for the measure in the EU Parliament after a possible victory in a committee next month.
jlne.ws/12hyVwV

**RKB — Much of the document’s specific details discussed here. More coverage below.

EU seeks 2014 deadline for nations’ greenhouse gas plans
Reuters
All countries should outline their long-term plans for curbing greenhouse gases next year, earlier than favored by Washington, to revive the stalled fight against climate change, the European Union proposed on Tuesday.
jlne.ws/144CnoT

EU Lawmakers Seek Limits on Carbon Fix Should Block Attempt Fail
Bloomberg
Lawmakers from the biggest group in the European Parliament are seeking to restrict a proposed carbon-market fix should their attempt to block the stopgap measure fail, according to a document obtained by Bloomberg News.
jlne.ws/15hIIzP

**RKB — Among the details: The European Union may delay the sales of no more than 900 million carbon allowances to reduce oversupply in the EU emissions-trading system and may intervene only once until 2020, according to an amendment to the carbon-market rescue plan proposed by three members of the European People’s Party.

Asia-Pacific

SET plans to eclipse Singapore
Bangkok Post
The Stock Exchange of Thailand seeks to increase market capitalisation to US$700 billion in the next three years from $500 billion now to overtake the Singaporean bourse as Southeast Asia’s largest market, says SET president Charamporn Jotikasthira.
jlne.ws/10zBGq5

Regulatory Changes Of Shanghai Stock Exchange In Concepts, Efficiency, Transparency
jlne.ws/10zBGq7

Thai Bourse Helps Listed Companies Prepare For Sustainable Investment Trend
jlne.ws/10zBFCD

JSE Cuts Fees For Interest Rate And Currency Derivatives
jlne.ws/10zBGq8

SGX welcomes Asian Pay Television Trust to Mainboard
jlne.ws/10zBFCE

Monetary Authority Of Singapore Opens Representative Office In Beijing
jlne.ws/10zBFCI

Hong Kong’s Securities And Futures Commission Bans Alex Chow Ho Kuen For life
jlne.ws/10zBGqa

Frontier Markets

Universal Commodity Exchange may sell 5% stake to bullion trader
The Economic Times
Universal Commodity Exchange, the country’s youngest commodity futures bourse that became operational last month, is in talks with Dubai-based bullion trader Harish Pawani to sell his company a 5% stake in the exchange, according to two persons aware of the development.
jlne.ws/10zBGqc

Qatar Exchange and Middle East Investor Relations Society host 4th Annual Investors Relations Conference in Doha
The Middle East Investor Relations Society (ME-IR Society) and the Qatar Exchange have once again partnered to host the 4th Annual IR Conference, which took place in Doha on the 28th of May under the patronage of H.E. Sheikh Hamad Bin Faisal Bin Thani Al-Thani.
jlne.ws/10zBFCO

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