John Lothian Newsletter: NYSE Sees Danger Of Exchanges Becoming ‘Showrooms’ For Prices; HFT curbs may take Europe ‘back 7 years’; Hedge funds may be allowed direct access to China markets

May 9, 2012

NYSE’s Niederauer sees the danger of a exchanges becoming a place where traders browse for quotes before doing their actual trading off-exchange. The FIA EPTA in Europe warns that HFT regulation and slowdowns may move market progress back several years. Chinese regulators are considering allowing foreign hedge funds to directly trade in domestic companies and financial products. In the top box, John Lothian discusses the importance of reading what one is given; and you’ll also find a reminder, in case you missed yesterday’s special report, to come help us improve MarketsWiki next week.

Observations – Statistics – Commentary

The Right Way to Do Things

There is a right way to do things and a wrong way to do things. When you are headed to a book signing and you have been given an advance copy of the book, the right way to do things is to read the book ahead of time. This is especially true if you happen to be mentioned in the acknowledgements. Or, the wrong way to do things would be to not read the book ahead of time and find out at the book signing that you are mentioned in the book, in the acknowledgements.

Yesterday I had lunch with Dr. Richard Sandor and had to admit that I had not read his book yet. He sent me the galley in March (while I was traveling extensively) and I had yet to read it. I did take a quick look at it before heading to the book signing Monday and noted that my associate Jim Kharouf was mentioned in the book on page 466.

Dr. Sandor’s “Good Derivatives” is going to be a great read, after having read the first couple of chapters last night. Doc, as he is affectionately known, shared the story of his childhood and early years at the beginning of the book. Here are just a couple of facts from the book.

  • Doc and a friend had a winning record playing chess versus a boy named Bobby Fischer. Yes, that Bobby Fischer.
  • He met Fred Arditti in Berkeley. Arditti recommended Doc take a look at commodity trading.
  • Doc writes extensively about trying to set up an electronic commodity exchange in the late 1960s and early 1970s. He sounded like a young Jeff Sprecher, but for coconut oil.
  • A class he taught on innovation would visit the R&D offices of Hewlett Packard and Bill Hewlett would even address the class.

I always get energized after speaking with Dr. Sandor. He is just full of positive energy and vigor for our markets. I am going to meet with Doc every day by reading “Good Derivatives” and get recharged. With all the negative news about our markets and the challenges we face, “Good Derivatives” promises to be a shot in the arm of positive perspective on exchange traded markets and those that share its values.

I tell my scouts the right way to do things is to admit your mistakes. And now I have admitted this one. Only 47,000 more to go.

~John J. Lothian

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CME tells CFTC it saw no major opposition to longer grains trading
Reuters
CME Group has notified federal regulators by letter that there were “no substantive opposing views” to its plan for nearly around the clock grains futures and options trading. However, the nation’s largest grain group has said it has concerns because the longer hours will increase costs for its members and create competitive disadvantages for some.
http://jlne.ws/IIA43y

*** There is something funny about this story.

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Nine sign up for T2S agreement
By Philip Stafford in London and Ralph Atkins in Frankfurt – Financial Times
Monte Titoli, Clearstream Banking and Iberclear are among the nine European central securities depositories that have signed up to the ambitious project to streamline the region’s securities settlement system.
http://jlne.ws/JZ47F4

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MarketsWiki Spring Cleaning Party - May 18
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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Newsflash – New Daily Record In The Eurex KOSPI Product On 8 May 2012
Press Release
New daily record turnover on 8 May 2012: 525,781 contracts
Previous daily record on 9 November 2011: 387,935 contracts
http://jlne.ws/JZ44ZZ

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PENSON WORLDWIDE INC – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On May 1, 2012, Penson Worldwide Inc. (the “Company”) received written notice from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share required for continued inclusion on The NASDAQ Global Select Market under applicable NASDAQ listing rules. […] The Company intends to actively monitor the bid price for its common stock and will consider all available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement.
http://jlne.ws/JQHiiu

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John Feffer: Waiting for Copernicus
The Huffington Post
It’s happening in Buenos Aires. It’s happening in Paris and in Athens. It’s even happening at the World Bank headquarters. The global economy is finally shifting away from the model that prevailed for the last three decades.
http://jlne.ws/JZ4503

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What Hollande must tell Germany
By Martin Wolf – Financial Times
The elections in France and Greece tell us that austerity fatigue has set in. This is not surprising. For many countries no plausible exit exists from depression, deflation and despair. If the currency union were a normal fixed exchange rate arrangement, it would collapse, as did the gold standard in the 1930s and the Bretton Woods system in the 1970s. The question is whether the fact that it is a monetary union will do more than delay that outcome.
http://jlne.ws/JZ47Vu

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Deal Professor: In Blocking Activists, the Fed Protects Poorly Performing Banks
New York Times
In recent matters involving struggling banks, the Federal Reserve has sought to limit the ability of shareholder activists to nominate directors, which some investors view as an instrument of good corporate governance.
http://jlne.ws/JZ45gk

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Robert Teitelman: The New York Times Worries About Stock Trading
The Huffington Post
The real problem here is not necessarily the underlying economy — does anyone really think stock markets accurately reflect the state of the real economy? — but the structure and dynamics of the markets themselves.
http://jlne.ws/JZ47VB

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The banking brontosaurus is nibbling at its own tail
By Martin Taylor – Financial Times
Perhaps the most surprising thing about the shareholder revolts on pay is that they took so long to come. After all, it is years since the financial experiences of bank executives (comfortable, let us say) and bank shareholders (dreadful) decisively parted company. By failing to handle a business problem at the proper time, the boards of banks have managed to turn it into a wider social issue that is resonating well beyond the banking industry.
http://jlne.ws/JZ47VJ

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For Hire: Ex-Employees of a Notable Failure
BY JULIE STEINBERG – WSJ
When Dan Whiteford worked at MF Global Holdings Ltd., he made sure trades cleared and tackled questions from the company’s clients and trading desks. The firm’s collapse last October has forced him to look for work wherever he can find it. The 45-year-old Mr. Whiteford interviewed for a cashier job at Target Corp. and $10.50-an-hour spot on a Chrysler Group LLC assembly line.
http://jlne.ws/JZ47VM

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Orc & Montreal Exchange Canadian Trading Webinar
Tuesday, May 15, 4:15pm ET / 3:15pm CT

Trading in Canada’s markets has become both more popular and more demanding in recent years. As market volumes increase, the need for a better understanding of the market and how to use high-performance trading solutions becomes more important. In this webinar, Orc and Montreal Exchange will discuss what is currently happening in the Canadian trading market and how firms can use solutions like Orc Market Maker and Orc Spreader to stay competitive. Orc will also demonstrate how firms are leveraging our solutions to take advantage of market opportunities in Canada.

Register through this link: http://jlne.ws/KPyfPL

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MarketsWiki Page of the Day
Robert L. D. Colby
http://bit.ly/JVJ863

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MarketsWiki Recent Updates

People

Douglas Ashburn; Chris McMahon; Jessica Titlebaum; Christine Marie Nielsen; Robert L. D. Colby

Companies, Organizations and Groups

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Miscellaneous

Upcoming Events

Statistics

23,112,951 pages viewed, 6,851 articles, 139,856 edits
MarketsWiki Statistics

Lead Stories

NYSE Sees Danger Of Exchanges Becoming ‘Showrooms’ For Prices
By Jacob Bunge Of DOW JONES NEWSWIRES
U.S. stock exchanges are in danger of becoming “showrooms” for prices in an equities market that’s increasingly moving behind closed doors, the head of NYSE Euronext (NYX) warned Tuesday. NYSE Euronext Chief Executive Duncan Niederauer said the rising volume of stock trades taking place off-exchange resembled challenges faced by bricks-and-mortar retailers from online rivals, and he reiterated calls for regulators to be more vigilant over the trend.
http://jlne.ws/JZ48c1

HFT curbs may take Europe ‘back 7 years’
By Philip Stafford – Financial Times
Europe risks setting its markets “back at least 7 years” and undoing many of the improvements in market efficiency with curbs on high-frequency trading, a trade association warned on Tuesday.
http://jlne.ws/JZ48c5

Hedge funds may be allowed direct access to China markets
Samuel Shen and Nishant Kumar – Reuters
A proposed plan by China’s regulators could allow hedge funds, for the first time, to directly trade in mainland stocks and bonds, opening up one of Asia’s biggest capital markets to the $2 trillion industry.
http://jlne.ws/JZ45gB

CME CEO: Commitment From CME To Draw Business To Dubai Merc
Dow Jones
Trading on a small Dubai futures market backed by CME Group Inc. (CME) could pick up more steam after the Chicago-based exchange operator boosted its stake in the platform earlier this year, according to CME’s new chief executive.
http://jlne.ws/JZ48ca

$1bn collected for MF Global UK creditors
By Philip Stafford – Financial Times
MF Global UK’s administrator has collected more than $1bn of non-segregated funds but said most of the outstanding funds were frozen at four banks. KPMG said the funds comprised cash balances, liquidated assets and proceeds from counterparties, exchanges and clearing houses’ closing positions.
http://jlne.ws/JZ45wS

Few Options if Europe Turns Away From Austerity
New York Times
Everyone in Europe seems to agree that government austerity has been overdone. Now comes the hard part: finding someone to pay for less of it.
http://jlne.ws/JZ48cb

Analysis: Greek euro exit seen manageable, not catastrophic
Reuters via Yahoo! News
Greek voters’ rejection of pro-bailout political parties in Sunday’s election has raised the chances of Greece leaving the euro but this unprecedented step is seen as manageable rather than catastrophic for the currency bloc.
http://jlne.ws/JZ45wY

German Patience With Greece on the Euro Wears Thin
By NICHOLAS KULISH and LIZ ALDERMAN – NY Times
Just weeks ago, the idea that Greece would leave the euro zone was almost unthinkable. Now, with Greece’s newly empowered political parties refusing to abide by the terms of the country’s international loan agreement and Europe’s leaders talking tough, that outcome is looking increasingly likely.
http://jlne.ws/JZ45x1

Bankia in the coalmine, looking like a dodo
Posted by Lisa Pollack – FT Alphaville
The Spanish government may be bailing out Bankia by injecting cash in return for contingent convertibles to the tune of some E7-10bn, but many analysts have reacted with something along the lines of: “Haha! That’s cute! They are like ever so slightly less delusional about the trouble their banking sector is in! Adorable!”
http://jlne.ws/JZ48sy

Electorates cannot have it both ways
By John Plender – Financial Times
Does the relatively calm bond market response to François Hollande’s victory in the French presidential election mean that even bond vigilantes have come round to the idea that more growth and less austerity in the eurozone might be a good thing?
http://jlne.ws/JZ45x7

Pennies add up when brokers choose wrong exchange
By Herbert Lash and Jonathan Spicer – Reuters
Investors spend a lot of time and money on stock selection when trying to get that extra edge to build a winning portfolio, but a bigger concern in these days of high-speed electronic markets may be the money lost in trade execution.
http://jlne.ws/JZ45Nn

U.S. Millionaires Told Go Away as Tax Evasion Rule Looms
Bloomberg
Go away, American millionaires. That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc, Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. all say they have turned away business.
http://jlne.ws/JZ47VE

Environmental Trading News

Canada set to miss modest emissions goals:watchdog
Reuters
Canada is acting too slowly to combat climate change and has little chance of achieving its modest 2020 target for cuts in greenhouse gas emissions, Parliament’s environmental watchdog said on Tuesday.
http://jlne.ws/JeAbBR

THE REPORT:
Meeting Canada’s 2020 Climate Change Commitments
Office of Auditor General
http://jlne.ws/K9Lxvd

EU’s Rehn Says Carbon Investments Won’t Risk Financial Crisis
Bloomberg
Companies with high-carbon emissions are unlikely to fall suddenly in value and threaten the financial stability of the European Union, Commissioner for Economic and Monetary Affairs Olli Rehn said.
http://jlne.ws/IWKHmC

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

Exchange & ECN News

Creditex and Markit to Conduct First Credit Event Auction in Chinese Corporate Credit Market; Sino-Forest Corp. CDS on May 9
IntercontinentalExchange’s Creditex subsidiary and Markit will conduct a Credit Event Auction to facilitate settlement of credit default swaps (CDS) trades on Sino-Forest Corp. on May 9, 2012. This will be the first credit event auction conducted to settle CDS trades outside of North America, Europe and Japan.
http://jlne.ws/JZ45Ns

Table Of Key LME Shareholders Eligible To Vote On Sale
Andrea Hotter – Dow Jones Newswires
London Metal Exchange shareholders could vote later this year on a bid from one of CME Group Inc., IntercontinentalExchange Inc., Hong Kong Exchanges and Clearing Ltd., and NYSE Liffe, the London-headquartered derivatives arm of NYSE Euronext.
http://jlne.ws/JZ45Nv

Monte Titoli signs ECB T2S framework agreement
London Stock Exchange Group (LSE Group) today announces that Monte Titoli has signed the European Central Bank’s (ECB) T2S Framework Agreement at a ceremony in Frankfurt. The signing ceremony was hosted by Mario Draghi, ECB President and Peter Praet, member of ECB Executive Board responsible for T2S.
http://jlne.ws/JZ45Nw

BM&FBOVESPA announces winner of the bidding process for use of the new IBOVESPA ETF
Caixa Econômica Federal won the bidding process that BM&FBOVESPA held to license use of the BOVESPA Index for a new ETF based on IBOVESPA. The Exchange opened the proposals and announced the results of the process. Three institutions participated.
http://jlne.ws/JZ45NA

BM&FBOVESPA Announces April 2012 Market Performance
http://jlne.ws/JZ4bod

Deutsche Börse to hold annual Investor Day on 1 June 2012
Deutsche Börse will hold its annual Investor Day for financial analysts and institutional investors on Friday, 1 June 2012 at its headquarters in Eschborn. A live video webcast will be available on www.deutsche-boerse.com/ir_e (no password or registration is required).
http://jlne.ws/JZ4bog

EEX creates Solution for Market Participants in Fulfilling REMIT Reporting Requirements
The European Energy Exchange (EEX) responds to the challenges of a market environment which is increasingly shaped by regulatory requirements. This does not only concern exchanges and over-the-counter platforms but, in particular, the market participants.
http://jlne.ws/JZ48J6

TOM Insight April 2012
http://jlne.ws/JZ4bok

NASDAQ OMX Commodities And Nord Pool Spot Monthly Market Report April 2012
http://jlne.ws/JZ4bon

NZX Market Supervision Publishes Guidance Note On Independent Appraisers
http://jlne.ws/JZ4boq

Hellenic Exchanges 11th Annual General Meeting: Modification Of The Articles Of Association
http://jlne.ws/JZ48Ji

Hellenic Exchanges Publishes Its Monthly Statistics Bulletin For April 2012
http://jlne.ws/JZ4bov

Banks, Brokers & Dark Pools

Merrill $315 million mortgage pact wins OK from Rakoff
International Business Times
A federal judge has given final approval to Bank of America Corp’s agreement to pay $315 million to settle claims by investors who said they were misled about mortgage securities offerings by its Merrill Lynch unit.
http://jlne.ws/JZ48Zz

Commerzbank Profit Drops 56% as Europe’s Crisis Curbs Earnings
Bloomberg
Commerzbank AG (CBK) posted lower-than- estimated first-quarter profit as trading income declined and Germany ‘s second-biggest lender reported losses at its ABF business that includes its Eurohypo unit.
http://jlne.ws/JZ48ZH

Commerzbank Must Pay Bonuses Promised to Dresdner Bankers
Bloomberg
Commerzbank AG (CBK) must pay bonuses promised to more than 100 Dresdner Kleinwort bankers who sued the German lender after it refused to honor awards of as much as 2 million euros ($2.6 million), a U.K. judge said.
http://jlne.ws/JZ48ZK

Nomura Targets 100 Top Executives In Investment Banking
Bloomberg
Nomura Holdings Inc. (8604) , Japan ‘s largest brokerage, plans to almost triple the number of senior executives in its Americas investment-banking division as competitors retrench.
http://jlne.ws/JZ4bEO

Morgan Stanley Income Securities Inc. Today Declared a Monthly Income Dividend
http://jlne.ws/JZ4bEP

Thomson Reuters Global Equities Monthly Market Share Data Updated To Reflect April 2012 Activity
http://jlne.ws/JZ48ZP

TD Ameritrade Reports Monthly Metrics
Business Wire via Yahoo! Finance
http://jlne.ws/JZ4bEV

TradeStation, Leading Online Broker, Unveils Multimillion-Dollar Integrated Marketing Campaign Touting Its Powerful Platform
Award-winning broker-dealer and futures commission merchant TradeStation, a wholly owned subsidiary of Monex Group, Inc., today launched a new integrated marketing campaign, highlighting its award-winning platform.
http://jlne.ws/JZ48ZQ

Address At The Event Marking The First Signatures To The T2S Framework Agreement – Peter Praet, Member Of The Executive Board Of The ECB, Frankfurt Am Main, 8 May 2012
http://jlne.ws/JZ49g5

Address At The Event Marking The First Signatures To The T2S Framework Agreement – Mario Draghi, President Of The ECB, Frankfurt Am Main, 8 May 2012
http://jlne.ws/JZ49gc

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

Wealth managers face regulatory crackdown
Reuters via Yahoo! News
Investment managers are risking fines, career-long bans and even jail time by unwittingly breaking compliance rules, consultants and lawyers warn, as the regulator starts to get tough.
http://jlne.ws/JZ49gh

Managing Regulatory Risk a Major Hurdle for Banks
Forbes
The global banking industry is facing challenging times. The financial crisis-coupled with the determination of regulatory authorities not to put taxpayers on the hook for another round of bailouts-has led to a proliferation of new regulatory measures.
http://jlne.ws/JZ49gi

Securities Firm Regulator FINRA Responds To Its Critics
Forbes
Executive V.P. Howard Schloss claims Forbes contributor was “gratuitous and inaccurate” in describing FINRA board member’s disciplinary case.
http://jlne.ws/JZ4bVk

Hong Kong Proposes Jail For I.P.O. Sponsors Over Prospectus Lies
By NEIL GOUGH – NY Times
Bankers in Hong Kong, the world’s biggest market for initial public offerings, could face as long as two years in prison and fines of more than $100,000 if false or misleading information is included in the listing documents filed by companies they bring to market.
http://jlne.ws/JZ49gk

Fitch: Derivative Reform Rife With Uncertainty
Business Wire via Yahoo! Finance
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are finalizing their cohesive definition of “swap dealer,” a key part of the new Dodd-Frank regulatory framework for over-the-counter derivatives, but Fitch Ratings believes that many uncertainties remain, as other critical parts of the Dodd-Frank rules on derivatives are finalized over the coming year.
http://jlne.ws/JZ4bVn

SEC Charges Movie Producer and Ring of Relatives and Business Partners with Insider Trading
The Securities and Exchange Commission today announced charges against a Hollywood movie producer along with his brother, cousin, and three others in his circle of friends and business partners for insider trading in the stock of a company for which he served on the board of directors.
http://jlne.ws/JZ4bVp

CFTC Obtains Default Judgment against Former Florida Resident Juvenal E. Machado and His Company, Invers Forex, LLC, for Off-Exchange Forex Scam
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Marcia G. Cook, of the U.S. District Court for the Southern District of Florida, entered an order of default judgment and permanent injunction against Juvenal Eduardo Machado (Machado) (aka Juvenal Eduardo Machado Bogadi, Edward Kaufman, and Eduardo Machado), whose last known address in the United States is Miami, Fla., and his company, Invers Forex, LLC. Neither defendant has ever been registered with the CFTC.
http://jlne.ws/JZ49wF

Insider dealer ordered to pay £570,000 in confiscation
A Confiscation Order of £572,283.21 has today been made against Rupinder Sidhu. A costs order was also made in favour of the Financial Services Authority (FSA) who brought the case. This follows his conviction at Southwark Crown Court on 15 December 2011 for 22 counts of insider dealing, for which he was sentenced to 2 years in prison.
http://jlne.ws/JZ4bVw

ASIC figures show corporate insolvencies remain high
http://jlne.ws/JZ4cbL

ASIC updates guidance for investing in mortgage schemes
http://jlne.ws/JZ49wM

BCSC Executive Director’s Bulletin: Securities regulator issues notice of hearing and temporary order against B.C. man alleging illegal distribution
http://jlne.ws/JZ4cbN

Investments – Indexes – Managed Futures – Managed Funds

DealBook: Man Group Reshuffles Executives at Flagship Fund
New York Times
The struggling hedge fund giant Man Group appointed Douglas Greenig as chief risk officer at its AHL fund, as the firm looked to stem an outflow of investor money.
http://jlne.ws/JZ4cbO

The Continuing Reign of Wilbur Ross
By WILLIAM ALDEN – NY Times
Wilbur L. Ross Jr. still plans to run his show. Mr. Ross, 74, who has been batting away questions about a successor lately, said on Tuesday that he recently signed a contract to stay on as head of his private equity firm, W.L. Ross & Company.
http://jlne.ws/JZ4cbP

Hedge Fund Billionaire John Arnold’s Fund Was Up When He Announced He Was Getting Out
Forbes
The hedge fund world was abuzz last week with news that its star natural gas trader John Arnold was retiring at age 38, causing some to wonder if there was more to the story and if something went wrong in the past few months. That does not seem to be the case, despite the fact that natural gas prices have been plummeting due to a glut of supply.
http://jlne.ws/JZ4cbS

Centaurus Trader to Launch Hedge Fund
CNBC
A founding trader from John Arnold’s flagship energy fund is looking to start his own hedge fund, according to a source close to the situation. Arnold’s fund, the Centaurus Energy Master Fund is currently in the process of unwinding positions and returning money to investors.
http://jlne.ws/JZ49Nc

Riley Paterson Shuts Only Hedge Fund After Assets Slide
Bloomberg
Riley Paterson Investment Management Pte, which generated a 21 percent return in the global industry’s worst year, decided to shut its only hedge fund because assets are expected to decline to a 10th of its peak.
http://jlne.ws/JZ4cbT

2012 Will Be A Year Of Disruption For US Hedge Funds Trading Equities, Says TABB
Press Release
After enduring 2011’s bruising markets, US hedge funds trading equities tell TABB Group that 2012 will be a year of disruption with market conditions, sell-side broker economics and regulation creating a triangle of change, already reshaping their trading environment.
http://jlne.ws/JZ49Nf

ETF/ETN Monthly Report For April 2012
http://jlne.ws/JZ4cbW

Dow Jones Indexes To License Yield-Oriented, Multi-Asset Class Index For New Arrowshares ETF
http://jlne.ws/JZ49Nk

Arrow Makes Its Exchange Traded Fund Debut With the Launch of the Arrow Dow Jones Global Yield ETF (GYLD)
http://jlne.ws/JZ4cc1

Deutsche Boerse: ETF Tracks S&P 500 With Currency Hedging
http://jlne.ws/JZ4csk

STOXX Launches STOXX+ Minimum Variance Indices In Collaboration With Axioma
http://jlne.ws/JZ4csn

Technology News

Greenline Partners with Casa de Bolsa Finamex to Deliver VeriFIX
Greenline Financial Technologies, Inc., a leading provider of electronic trading marketplace solutions, today announced that Casa de Bolsa Finamex, Mexico’s premier brokerage firm for multi-asset execution services, has selected Greenline’s VeriFIX for automated and reliable business-wide system testing.
http://jlne.ws/JZ4csp

Princeton Financial Systems Enhances Flexibility and Functionality of DVS Publisher Suite
Princeton Financial Systems, a global leader in providing accounting, compliance and reporting solutions to the investment industry, has introduced enhancements to its DVS Publisher Suite that have improved the overall user experience and added functionalities for diagrams with a variable number of data series as well as for layout tables.
http://jlne.ws/JZ4a3K

Swedbank Chooses Numerix CrossAsset for Structuring and Pricing Complex Derivatives & Model Validation
Numerix (www.numerix.com), a provider of cross-asset analytics for derivatives valuations and risk management today announced that Swedbank, a leading bank in the Nordic and Baltic countries has selected Numerix CrossAsset for pricing complex structures and model validation.
http://jlne.ws/JZ4a3M

RTS Announces Global Launch of RTD Tango QUANT
RTS Realtime Systems Group (RTS), a leading global trading solutions provider, today announced the global launch of RTD Tango QUANT, its first product geared toward quantitative traders.
http://jlne.ws/KlABsK

NeXXCom Wireless’ Technology Provides Improved Latency Solutions for High Frequency Trading
Marketwire
Transmission Occurs Approaching the Speed of Light Offering an Advantage Over Traditional Connectivity Routes
http://jlne.ws/JZ4a3U

Media News

Thomson Reuters Launches Intraday FX Analysis And Commentary Service
Reuters FX Buzz To Provide Unrivalled Insight Into Market-Changing Foreign Exchange Price Action And Developments
http://jlne.ws/JZ4ak9

Falling online ad rates are good for someone, and it’s not Google
Steve Hendershot – Crain’s
The recent news seemed ominous for digital media: Google Inc.’s search-advertising prices plunged 12 percent in the first quarter from a year earlier. If Google can’t charge more for online ads, what does that mean for everyone else in the market? Actually, Google’s situation may signal a coming revolution in the search business and a corresponding opportunity for advertisers.
http://jlne.ws/JZ4ake

Twitter fights request for Occupy protester’s data
Reuters
Twitter Inc. filed a motion in a New York criminal court on Tuesday seeking to quash a subpoena for Tweets and account records associated with Malcolm Harris, a Twitter user who was arrested last fall on the Brooklyn Bridge during an Occupy protest.
http://jlne.ws/JZ4akh

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

Silver Contracts Coming to Shanghai Futures Exchange
International Business Times
Chinese investors will soon have direct domestic access to silver futures. Could this development be a game changer?.
http://jlne.ws/JZ4aki

U.S. sees China pushed to let market forces work
Reuters via Yahoo! Finance
China will be compelled to let market forces play a larger role in managing its economy as it faces complicated challenges ranging from an aging population to rising wages and prices, a senior U.S. Treasury Department official said on Tuesday.
http://jlne.ws/JZ4cIZ

HKEx Welcomes SFC Consultation Paper On The Regulation Of Sponsors
http://jlne.ws/JZ4akm

Thai Bourse Market Report For April
http://jlne.ws/JZ4cJ3

HKEx And Shandong Financial Services Office Sign MOU
http://jlne.ws/JZ4cZi

Frontier Markets

Nigeria bourse bought Rolexes, yacht: regulator
Reuters via Yahoo! News
Nigeria’s stock exchange was at the heart of a web of fraudulent accounting that saw share-price manipulation, insider trading and millions of dollars misspent on a yacht and Rolex watches, the regulator said.
http://jlne.ws/JZ4aAE

The frontier beyond BRICs: an introduction
Nasdaq
There was fast money, mid-term investing, long term investing. Then came BRICs, and then CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey, South Africa) made their debut back in late 2009, to now even longer term plays known as frontier markets (encompassing 26 countries) with arguably everything in between.
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Myanmar: a goldmine with frontier risks
AFP via Yahoo! News
As Myanmar prepares for an economic resurgence following the end of decades of military rule, wide-eyed firms from all over Asia are competing for a piece of the potentially lucrative pie.
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Ithmaar Bank Selects SunGard’s Ambit for Integrated Risk and Performance Management
Ithmaar Bank, a leading Bahrain-based Islamic retail bank, has selected SunGard’s Ambit Risk & Performance Management solution to help it establish an enterprise-wide view of its risk.
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Volumes Soar On Dubai Mercantile Exchange As New Players Enter Market
http://jlne.ws/JZ4aAT

The Egyptian Exchange (EGX) Monthly Statistical Report April 2012
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Istanbul Stock Exchange Signs A Memorandum Of Understanding With Macedonian Stock Exchange
http://jlne.ws/JZ4cZq

Miscellaneous News

Baha Calling Gundlach ‘Jerk’ Bolsters Standing
By Mary Childs – Bloomberg
Calling a person who outranks you a jerk isn’t usually a smart step if you want to climb the ladder to success. It worked for Bonnie Baha. Back in the 1990s, Baha was a vice president on the trading floor of TCW Group Inc., listening to Jeffrey Gundlach, a managing director, dressing down one of her colleagues. “Jeffrey,” she recalls asking him, “why are you such a freaking jerk?” Gundlach gave her a sharp look and ignored the question, Bloomberg Markets magazine reports in its June issue. The next morning, when he strolled into her office, Baha says she thought he was going to fire her. Instead, he explained his behavior.
http://jlne.ws/JZ4aRf

Occupy London Tour Shows Bankers Profiting Amid Poverty
Bloomberg
Bank security guards in London lock the doors when they see Liam Taylor coming. At a time of protests in March 2011, the secondary school teacher and a dozen others pushed through the revolving doors of Barclays Plc (BARC)’s headquarters in the Canary Wharf financial district of London. He led placard-waving chants to protest bonuses and tax avoidance.
http://jlne.ws/JZ4aRi

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