John Lothian Newsletter: LSE gets French OK on LCH deal; CFTC handling of swaps rules a `train wreck,’ commissioner says; ICAP rebrands Plus exchange business

Nov 1, 2012

The London Stock Exchange receives a thumbs-up from French regulators on its plan to take control of clearinghouse LCH.Clearnet. CFTC commissioner Scott O’Malia reports being less than impressed with the way the agency set forth and then reeled back rules to govern energy derivatives. Global broker ICAP pulls the cover off of ISDX, its new rendition of the small-cap-focused Plus exchange that it purchased earlier in 2012. In First Read today, take a look at the new MarketsWiki.tv interview with Todd Fulton of Pioneer Futures, who talks about the managed futures space, and what investors want from an emerging manager.

First Read

SFOA and FIA to Jointly Host 2013 Bürgenstock Derivatives Conference [PDF]
The Futures Industry Association and the Swiss Futures and Options Association today announced that they have signed a memorandum of understanding to jointly host the annual Bürgenstock derivatives conference in Switzerland in the fall of 2013. The two associations expect to announce the dates and location in the coming weeks.
jlne.ws/SyRViu

**** The SFOA Division of the FIA?

**** Is this industry organization extraterritoriality? Can Walt Lukken yodel?

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Todd Fulton

Todd Fulton of Pioneer Futures on What Investors Want in Emerging Managers (Part 1 of 2)
Todd Fulton, Vice President, Managed Futures at Pioneer Futures, has been around the CTA space for more than 20 years. He spoke with JLN Managed Futures editor Jim Kharouf about just what it is that attracts investors to emerging CTAs, why he isn’t sold on Sharpe ratios, what fees really are and the future for managed futures.

Watch the video »

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Q&A with Joe Mecane: NYSE’s head of US equities
Shanny Basar in New York – Financial News
Joe Mecane, head of US equities at NYSE Euronext, met with Financial News to discuss the re-opening of trading on the Big Board after a two-day closure due to bad weather – the first such stoppage since 1888.
jlne.ws/X31ytg

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CQG Integrated Client Version of the Year Unveiled
CQG, Inc. announced today at FIA Expo 2012 the release of CQG Integrated Client version 2013, the version of the year. With multiple new and improved tools for order execution and market data analysis, this latest version of the company’s flagship platform offers traders the most versatile CQG experience to date.
jlne.ws/X31zNP

**** If the 2013 Integrated Client version wore a black tie, it might be the most interesting trading platform in the world.

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Dodd-Frank roils Asia energy derivatives
Jeremy Grant in Singapore – FT.com
Singapore’s energy derivatives markets, Asia’s biggest by volume, have been thrown into turmoil as the ripple effect of new US regulations chokes off the city-state’s once thriving voice broking business. The development is the first sign in Asia that the extraterritoriality of rules enshrined in the Dodd-Frank act is causing disarray overseas.
jlne.ws/X31yta

**** That is part of the brilliance of Dodd-Frank, creating chaos in the name of creating order.

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EU short selling rules spark confusion
Brooke Masters and Vanessa Kortekaas – FT.com
Late and complex guidance from regulators has left the markets unprepared and confused ahead of today’s imposition of the first pan-EU rules on short-selling, according to brokers, traders and investors. The far-reaching regulation, which was finalised in March, imposes tough disclosure requirements for investors who place large bets that the prices of EU-listed shares or bonds will fall.
jlne.ws/X31yJz

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On MF Global Anniversary Something Still Missing
Francine McKenna – Forbes
Something is still missing today, the one year anniversary of the bankruptcy of MF Global. Of course, we’re not yet being told who has $1.6 billion of customer funds still unaccounted for. If the SIPA Trustee James Giddens tells you he may be able to make customers almost whole, it’s from other funds recovered via negotiations from other sources. Not one organization has been sued, nothing has been clawed back, no one has been held formally responsible. But I’m talking about something more than money.
jlne.ws/X31yJB

***** Trust is still missing. Trust but verify is still missing.

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The Case Against Corzine
James L. Koutoulas, Esq. | ZeroHedge
As the one year anniversary of the MF Global Bankruptcy is upon us, the WSJ has now joined the NY Times in writing a ‘woe is me’ piece on behalf of Jon Corzine. The WSJ continues bemoaning the pitiable situation of “restlessness and frustration” of the former CEO of Goldman Sachs, former Governor of New Jersey, and former Senator from New Jersey who apparently isn’t content with being “confident about the likelihood that he will avoid any criminal charges related to MF Global.”
jlne.ws/VcepIZ

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Good regulation needs timing, not speed
Ben Wright – Financial News
There’s an old saying in the markets – it doesn’t matter whether you are right, you also have to stay solvent long enough to be proved right. This is as true for policymakers and regulators as it is for traders and fund managers. After all, it is the solvency of whole countries, regions and the global economy that they are dicing with.
jlne.ws/PlOD24

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Trading swaps in a cleared world
Thomas Riesack – Finextra
Meet Joe. Joe is a swaps trader within a small institution that has a straightforward hedging strategy at both the micro and macro level. Being a price-taker, Joe has built and maintained broker relationships that enable him to easily get a swap priced at an acceptable level provided counterparty limits allow. Joe’s back office is practicing weekly collateral exchange with various counterparties in cash. As such, Joe lives in a very comfortable world. But Joe is in for a nasty surprise.
jlne.ws/X31A4g

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On Wall Street, the Era of Big Bonuses Is Over, at Least for Now
FRANCESCO GUERRERA – WSJ.com
Trick or treat? The seasonal rallying cry of children across the U.S. resonates with Wall Street workers awaiting their year-end bonuses. No, bankers and traders aren’t swapping their suits and fat-knotted ties for ghoulish costumes and fake blood. But Halloween’s signature question isn’t much different from the one posed every year by finance employees to their bosses: “Are you going to take care of me?”
jlne.ws/X31yJI

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Are you a broker, prop trader or CTA? If so, vote now for the FOW Awards!
FOW
FOW is seeking the views prop traders, brokers, and CTAs to vote for the best exchanges and ISVs in over the past 18 months. As part of our upcoming International Awards, the results of which will be announced at a Gala Dinner on the 6th December in London, we have one categories for CTAs, brokers and prop traders to vote in. All entries will be entered into a prize draw with the winner receiving a £50 Amazon gift voucher. Voting will take you no more than one minute!
jlne.ws/X31yJG

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MarketsWiki.tv

Justin Bouchard

Justin Bouchard of AlgoFast on the Potential for Event Driven Trading
MarketsWiki.tv

In today’s markets, new technology is getting more granular. Justin Bouchard, CEO of AlgoFast, has built his firm on event trading with new technology that allows traders to take positions on events such as Federal Reserve and central bank statements, employment reports, earnings and GDP numbers. He spoke with John Lothian News editor-in-chief Jim Kharouf about event trading, how AlgoFast works and why algorithms are not a bad thing.

Watch the video »

JLN Metals

Five Minutes with Kevin Powers, director of sales, North America at Fast Markets

Kevin Powers recently joined FastMarkets as its director of sales, North America. FastMarkets provides reporting and analysis of the metals markets and broadcasts from the floor of the London Metal Exchange every day. Their web site is www.fastmarkets.com. He recently spoke with JLN Metals editor Sarah Rudolph about the company’s offerings, his new role, and the road he took to end up there.

Q: Tell us about your background. You were with DTN, which was bought by Telvent, which was bought by Schneider Electric, the parent for FastMarkets?

A: Yes, there were several takeovers. We had to keep changing shirts, pens and cards.

I was at DTN selling ProphetX, a market data workstation with charting and a news service – similar in some ways to FastMarkets, but the ProphetX platform was geared toward traders and brokers, and FastMarkets is geared toward people on the physical side of the metals market.

Telvent came in pretty quickly after I started at DTN and did their merger, which lasted about two years. Telvent is a Spanish company, so when they came in we were worried there would be big changes, but year after year to our surprise and relief no changes took place. Then Schneider Electric, a large global company, bought Telvent. It will be interesting to watch how that unfolds.

FastMarkets came calling while I was at Schneider, and as happy as I was selling the ProphetX platform and enhanced charting to traders and brokers, the FastMarkets side was of interest to me because it dealt more with the industrial side and manufacturing, and people were dealing with the physical commodity itself rather than making a couple of quick trades in and out of a spread.

They had some great growth when they started about 12 years ago. Then when 2008 hit, their board of directors decided to hunker down and wait out the storm and then make their big jump to do more growth globally. Since then Tim Dennis has come on as our global sales director; he has tripled the sales staff in last few months and we’ve added journalists to the staff for a total of 15. The staff has grown from 20 a year ago to more than 40 last year.

We had had quite a few customers in the US and they started really liking the product. We were gaining traction against our big competitors such as Metals Prices, a major force to be reckoned with in the US. Another one is American Metal Markets. Those are our competitors more than Bloomberg or Reuters.

Catch the rest of the interview at the JLN Metals blog: jlne.ws/T7htBq

JLN Options

Market Closures Hurt Options Traders
Kaitlyn Kiernan, The Wall Street Journal
In the options world this week, some traders found themselves trapped, with the markets unexpectedly closed, the clock ticking and their holdings losing value. A key component in the pricing of stock options—which wager on the direction a company’s shares might move—is time. And while trading stopped Monday and Tuesday, the clock didn’t.
jlne.ws/PlOk7J

Markets take Wall Street return in their stride
Pan Pylas, AP (via Yahoo Finance)
Markets around the world took the return of trading on Wall Street after a two-day suspension due to superstorm Sandy in stride Wednesday… “It goes without saying that today’s open promises to be quite volatile as some spooked investors look to unload while others loot up on positions they’ve been itching to move for two days,” said Alex Koustas, an analyst at BMO Capital Markets.
jlne.ws/PlQBQh

Hedge Fund Industry Returning to Its (Tiny) Roots
Brendan Conway, Barron’s
There’s an amusing statistic in Joe Checkler’s Barron’s column this weekend: More than 150 hedge funds and registered investment advisors have the word “alpha” in their names. And yet precious few seem capable of delivering it.
jlne.ws/PlOWdw

MarketsWiki

MarketsWiki Page of the Day
MF Global
www.marketswiki.com/mwiki/MF_Global_Inc

People

Clive Furness; Bill Templer; Martin Mosbacher; Edward Boyle; Peter Wind; Russell Wasendorf Sr; Pat Kenny

Companies, Organizations and Groups

MF Global Holdings Ltd; Bolsa y Mercados Espanoles

Statistics

30,217,210 pages viewed, 7,189 articles, 149,312 edits
MarketsWiki Statistics

Lead Stories

LSE gets French OK on LCH deal
Dow Jones Newswires
The London Stock Exchange Group has received approval from French authorities on its proposed acquisition of a majority stake in LCH.Clearnet, bringing the LSE one important step closer to controlling the Anglo-French clearing house.
jlne.ws/X31yJL

CFTC handling of swaps rules a `train wreck,’ commissioner says
Ann Saphir – Reuters
The U.S. Commodity Futures Trading Commission created major confusion earlier this month when it imposed, and then suspended, a key rule governing energy derivatives, a CFTC policymaker said on Wednesday. “It was just a train wreck,” Scott O’Malia, one of five CFTC commissioners, told the Futures Industry Association’s annual meeting in Chicago on Wednesday.
jlne.ws/X31yJN

ICAP rebrands Plus exchange business
Vanessa Kortekaas – FT.com
ICAP has relaunched a trading venue for small and medium sized companies, as part of a wider strategic move to develop an alternative exchange for trading equities and derivatives. The world’s largest interdealer broker by market capitalisation unveiled on Wednesday the ICAP Securities & Derivatives Exchange (ISDX) – a rebranded version of the Plus exchange business it bought for £500,000 earlier this year.
jlne.ws/X31z02

New York Stock Exchange Reopens Smoothly, Reassuring Investors
MICHAEL J. DE LA MERCED – NYTimes.com
Judging by the day’s closing stock index numbers, Wednesday seemed boring for the markets. The Dow Jones industrial average and the Nasdaq composite index both fell less than 1 percent. But by a more important measure — that they were up and running at all, with few visible glitches — it was a hugely significant day.
jlne.ws/X31z06

Video – Knight Capital Not Taking Orders as Power Fails
MATT JARZEMSKY, JENNY STRASBURG AND TELIS DEMOS – WSJ.com
After Wall Street came back online in the wake of superstorm Sandy, one of its more-troubled firms told customers it was going offline. Brokerage firm Knight Capital Group Inc., one of the largest handlers of individual investors’ stock trades, told clients less than three hours after U.S. stock markets reopened Wednesday to send orders elsewhere.
jlne.ws/T7dO6H

U.S. is nearing its debt ceiling again, Treasury Department warns
Jim Puzzanghera, Los Angeles Times
The nation’s debt ceiling once again looms as the spark to congressional brinkmanship that could threaten the slowly recovering economy.
jlne.ws/X31z09

A Year After MF Global’s Collapse, Brokerage Firms Feel Less Pressure for Change
BEN PROTESS – NYTimes.com
A year after a federal grand jury issued subpoenas and regulators vowed reforms, the largest bankruptcy since the financial crisis has begun to fade from Wall Street’s memory.
jlne.ws/X31z0d

After Bailout, Giants Allowed to Dominate the Mortgage Business
JESSE EISINGER, ProPublica
Mortgage rates are so low that it may seem like a great time to get a mortgage. For banks, however, it probably is the greatest time ever.
jlne.ws/X31z0i

New debt forecasts dash Greece hopes
Peter Spiegel in Brussels and Kerin Hope in Athens – FT.com
The magnitude of Greece’s fiscal challenge was painted in sharp relief on Wednesday as Athens unveiled new budget projections exceeding the worst-case scenarios envisioned by international lenders when they agreed a E174bn rescue eight months ago.
jlne.ws/X31zgz

Euro zone aims for Greek bailout deal November 12, if Athens complies
Reuters via Yahoo! News
BRUSSELS – Euro zone finance ministers expect a deal on restarting emergency lending to Greece on November 12 if Athens agrees to necessary reforms and takes action on them before then, the head of the ministers said on Wednesday.
jlne.ws/X31zgA

Regulatory

Commodity Futures Trading Commission’s Global Markets Advisory Committee to Meet November 7, 2012
The Commodity Futures Trading Commission (CFTC) will convene a meeting of its Global Markets Advisory Committee (GMAC) on Wednesday, November 7, 2012, to obtain the views of international regulators, futures industry professionals, and market participants on cross-border issues related to OTC derivatives reform implementation. There will be two panels, the first featuring regulators from around the globe and the second featuring GMAC members.
jlne.ws/X31AkP

FINRA: Industry Communications Related To Hurricane Sandy
jlne.ws/X31zgI

Financial Stability Board Publishes Fourth Progress Report On Implementation Of OTC Derivatives Market Reforms
jlne.ws/X31zgL

ESMA Announces A Vacancy For A Senior Officer For Secondary Markets
jlne.ws/X31AkQ

ESMA Publishes Its Annual Accounts For 2011
jlne.ws/X31zx2

ASIC updates guidance on financial requirements for AFS licensees
jlne.ws/X31AkR

[AMF France] User’s guide related to the net short position notification in accordance with Regulation (EU) 236/2012 on short selling and certain aspects of credit default swaps
jlne.ws/X31AkS

Exchanges & Trading Facilities

Chi-X Australia Marks First Year Of Operations
Chi-X Australia Pty Ltd, a wholly owned subsidiary of alternative trading venue operator Chi-X Global Holdings LLC, marked its first anniversary yesterday and has established a pattern of continued growth in market share culminating in a high of 8.99% on 12 October 2012.
jlne.ws/X31AB8

MIAX Options Exchange Announces Additional Mock Trading Testing Dates for November
MIAX Options Exchange (“MIAX”) announced today that in preparation for the launch of its Options Trading Platform, MIAX is planning additional industry mock trading testing for November on the following dates:
jlne.ws/X31ABa

NASDAQ OMX Agrees to Acquire Index Business of Mergent, Inc., Including Indxis
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), parent of the world’s first electronic stock market and a leading index provider, today announced it has agreed to acquire the index business of Mergent, Inc., including Indxis. Mergent is an established index provider and a renowned supplier of business and financial data on global publicly listed companies.
jlne.ws/X31zx5

Increased Transparency For Bonds – SIX Swiss Exchange Introduces The Market Quality Metrics Service Also For Bonds, Which Will Ensure Greater Comparability For Bond Trading
jlne.ws/X31ABg

TSE : Trading Overview and Preliminary Figures for October 2012
Despite bearish conditions early on due to concerns over the global economic slowdown, a temporary lull in yen strength and expectations for monetary easing drove a recovery, pushing TOPIX higher for the second consecutive month. Average daily trading value also rose slightly from the previous month. Monthly trading volume for 10yr JGB futures was 629,514 contracts (Daily average: 28,614 contracts), up 31% year-on-year. Monthly trading volume during the evening session for 10yr JGB futures was 72,348 contracts (Daily
average: 3,289 contracts), up 70% year-on-year.
jlne.ws/X31ABn

[TFX] Trading Volume in October 2012
The trading volume of Three-month Euroyen futures was 321,092 decreasing 26.2% in comparison to that of the previous year comparable month, and increasing 0.0% in comparison to that of the previous month, and the daily average was 14,595 .
jlne.ws/X31ARD

[CBOE] Multi-Class Broad Based Index Spread Transactions Are Not Subject to SPX Tier Appointment
jlne.ws/X31ARH

[CBOE] New “J” Origin Code for Joint Back Office Orders
jlne.ws/X31CsK

No Trading On Wiener Boerse On November 1, 2012
Due to the holiday there is no trading on Thursday, November 1, 2012 on the Vienna Stock Exchange. Trading will be continued on Friday, November 2, 2012.
jlne.ws/X31ARP

Hedge Funds & Managed Futures

Credit Suisse Raises $420 Million to Create Mexico-Focused Fund
Bloomberg
Credit Suisse Group AG raised $420 million for a new investment fund focused on Mexico , as Switzerland’s second-largest bank taps clients in an economy forecast to grow twice as fast as Brazil ’s.
jlne.ws/X31ARQ

Head of asset allocation at Aon Hewitt quits
Mike Foster – Financial News
The global head asset allocation at investment consulting firm Aon Hewitt has stepped down from his position on mutually agreed terms, Financial News has learnt.
jlne.ws/X31CsQ

CTA and CPO survey from Horizon in wake of MF Global and PFG liquidations
Horizon Cash Management said it will distribute a survey to commodity trading advisors (CTAs) and commodity pool operators (CPOs) designed to document the impact of the MF Global and Peregrine Financial Group (PFG) liquidations on the managed futures industry and its investors. The survey will go out October 31, marking the one-year anniversary of the MF Global meltdown.
jlne.ws/Sy86gV

Vision Opportunity Funds Receive Two Awards at the Canadian Hedge Fund of the Year Awards
Business Wire via Yahoo! Finance
Vision Capital Corporation is pleased to announce that it received two awards at the 2012 Canadian Hedge Fund of the Year Awards held last night hosted by KPMG.
jlne.ws/X31CsU

Banks & Brokers

Barclays faces $435m fine and another probe
The Wall Street Journal
Barclays faced a double-barreled assault from US authorities, as the federal energy-market regulator sought a record $435m in penalties for the bank’s alleged manipulation of US electricity markets, and the lender also disclosed that it was facing a US anti-corruption investigation.
jlne.ws/X31CsW

Zurich specialist lands new ‘toxic asset’ mandate
Harriet Agnew – Financial News
A Zurich-based specialist in hard-to-sell hedge fund positions has signed a mandate with a major continental European bank to advise on the liquidation of toxic assets, as banks come under increased pressure to clean up their balance sheets.
jlne.ws/X31B8b

Russian broker hires LSE high-speed sales star
Tim Cave – Financial News
Russian brokerage BrokerCreditServices has hired a high-frequency trading sales specialist from the London Stock Exchange, Financial News has learned, as it steps up its efforts to win business from Europe’s biggest HFTs.
jlne.ws/X31CJj

Spanish bad bank faces struggle to lure property investors
Reuters via Yahoo! News
Spain’s “bad bank” will struggle to find buyers for swathes of empty land, unfinished housing projects and doubtful loans left over from a property crash, hindering Madrid’s attempts to overcome the wider economic crisis.
jlne.ws/X31CJl

UBS chief: Other banks may need to downsize too
Associated Press via Yahoo! News
A day after UBS AG announced it was cutting up to 10,000 jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking giant’s rivals may have to follow suit.
jlne.ws/X31B8h

Industry Partners Join Forces; Help Banks with Trading Technology Challenges – Initiative Called Leading In A Time Of Change
QuantHouse, a part of S&P Capital IQ, Interxion, GreySpark Partners and TMX Atrium have joined forces to launch a new consortium, which leverages their knowledge and experience of the sell-side community to address the various challenges facing the industry.
jlne.ws/X31CJo

ICAP launches ICAP Securities & Derivatives Exchange (ISDX), the new small and mid cap equity listings venue for SMEs
ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, today announces the launch of ICAP Securities & Derivatives Exchange (ISDX), the listing venue for small and medium sized enterprises seeking access to equity capital to finance and grow their businesses.
jlne.ws/X31CJr

Citi plugs research gap with Morgan Stanley hire
Matt Turner – Financial News
Citigroup has plugged the gap at the top of its European insurance research desk with a hire from rival Morgan Stanley’s top-ranked team.
jlne.ws/X31CJu

JPMorgan sues former London Whale boss
Reuters via Yahoo! News
LONDON – JPMorgan Chase & Co is suing the former boss of Bruno Iksil, the trader known as the London Whale, for the outsized derivatives positions he took that cost the bank $6.2 billion. Javier Martin-Artajo, who was Iksil’s immediate supervisor, was named as a defendant in a lawsuit filed at London’s High Court on October 22.
jlne.ws/X31B8o

U.S. regulator seeks $470 million from Barclays
Reuters via Yahoo! News
U.S. regulators threatened to fine Barclays roughly $470 million to settle allegations that the bank and four traders manipulated California electricity markets, reviving the specter of a sector-wide crackdown on energy trading.
jlne.ws/X31B8r

Barclays CEO juggles client grab with cost cuts
Reuters via Yahoo! News
LONDON – Barclays’ new boss Antony Jenkins must decide in the coming months whether to pick up business left open by a retreat from investment banking by UBS and other rivals, or push even harder with cuts to the British bank’s own operation.
jlne.ws/X31CJx

Goldman: 4,000 workers back to NY and NJ offices
Market Watch
Goldman Sachs Group Inc. said 4,000 of its workers returned to its headquarters in Lower Manhattan and another center across the Hudson River in Jersey City, N.J., on Wednesday as financial markets reopened after Hurricane Sandy passed through the New York region.
jlne.ws/X31CZM

Citigroup’s Downtown Building Is So Flooded It Could Be Closed For Weeks
Business Insider
All of the 1800 people working in Citigroup’s 111 Wall Street building are going to be displaced for a while, reports Businessweek. The building sustained such serious flood damage during Hurricane Sandy that it could take weeks to repair.
jlne.ws/X31CZQ

MIG Capital Announces New Chief Operating Officer
jlne.ws/X31BoK

Clearing & Settlement

INDUSTRY SURVEY FINDS 50% OF MARKET PARTICIPANTS NOT PREPARING FOR T+2
Market participants are not prepared for shorter settlement cycles, despite being strongly in favor of a move to T+2, according to a new study from Omgeo, the global standard for post-trade efficiency. Half of survey respondents are making no preparations for shorter settlement cycles even though 66% believe that financial penalties should be incurred for late settlement.
jlne.ws/X31CZR

Indexes & Products

Foreign Investment Bolsters India ETFs
ETF Trends via Yahoo! Finance
Indian stocks and exchange traded funds rebounded as the local government loosened restrictions on foreign investment. Assets under management in the biggest focused ETFs saw a nearly 30% increase in new capital.
jlne.ws/X31BoN

ETF pioneers return with new venture
Mark Cobley – Financial News
Two former partners at ETF Securities, the firm that launched the first gold ETF in 2003, have returned to the industry with a new venture, believing regulatory and investor pressure may curb European banks’ operations in the $1.5 trillion exchange-traded funds market.
jlne.ws/X31BoO

Revision In BSE Indices
jlne.ws/X31CZV

Technology

SunGard Announces Third Quarter 2012 Results
Business Wire via Yahoo! Finance
SunGard, one of the world’s leading software and technology services companies, today reported results for the third quarter ended September 30, 2012. For the third quarter, revenue was $1.04 billion, down 6% year over year .
jlne.ws/X31CZW

Dion Global launches X-Gen 4
Dion Global Solutions announces today the launch of X-Gen 4, the latest version of its business process engine X-Gen. The upgrade includes improvements to a wide variety of features simplifying deployment, access, operations and rule development.
jlne.ws/X31BoS

Prescient Ridge Management signs Connamara Systems for New Trading Infrastructure and Support Services
Connamara Systems (Connamara), provider of services to exchanges, swap execution facilities, CTAs and Hedge Funds, today announced signing Prescient Ridge Management (PRM) a managed futures fund which specializes in short-term, automated trading strategies, for Connamara’s Made-to-Measure Trading Solutions to design and implement an updated trading infrastructure for PRM.
jlne.ws/X31CZZ

FCM360 Launches Low-Latency Financial Cloud to Meet Financial Trading Needs in New York, Chicago, London, Hong Kong and Tokyo.
FCM360 has just launched a global financial cloud hosting solution for traders, sell-side software vendors (ISVs) and exchanges to meet global trading infrastructure requirements by connecting the world’s major financial hubs.
jlne.ws/X31BoT

Revolutionary Breakthrough In Real Time Monitoring Of Market Data Feeds Delivers A High Performance, Low Cost Solution For Large Scale Deployments For Banks, Hedge Funds, And Network Providers
Datacom Systems today announced the launch of TradeView, a breakthrough in high performance monitoring of market data feeds. TradeView has been specifically developed for large-scale deployments that are not currently addressed by existing, server-based, solutions.
jlne.ws/X31BoW

Strate Selects TCS BaNCS For Fixed Income Depository Operations
jlne.ws/X31Dgh

Enforcement

Adoboli prosecutor draws Kerviel parallels
Richard Partington – Financial News
The prosecution in the case against Kweku Adoboli has likened the former UBS employee to Jérôme Kerviel, the ex-Societe Generale trader sentenced to three years in jail for causing a E4.9bn trading loss.
jlne.ws/X31Dgk

ASIC obtains orders freezing bank accounts of Brisbane ‘cold callers’
jlne.ws/X31BFf

BCSC panel cease trades Petaquilla Minerals shareholder rights plan
jlne.ws/X31Dgs

Environmental & Energy

UN May Supply Record Number of Carbon Offsets in November
Bloomberg
Supply of United Nations carbon offsets, known as Certified Emission Reductions or CERs, may jump 95 percent in November to the highest total since the mechanism began, according to UN data compiled by Bloomberg.
jlne.ws/Q7dJTX

EU Nations Said to Vote on Carbon Registry Rules in December
Bloomberg
European Union member states will vote in December on a draft proposal to revise the bloc’s carbon registry rules, in which the EU regulator seeks to include a provision to limit the use of certain international credits.
jlne.ws/PHRwvP

Barclays hit by fresh U.S. investigations
Reuters
Barclays, already rocked by an interest rate rigging scandal, unveiled new U.S. regulatory investigations into the bank’s financial probity on Wednesday and said its profit was hit by charges for mis-selling insurance.
jlne.ws/TnmaFt

Asia-Pacific

Hong Kong is the World’s Finance Center
International Business Times
Hong Kong has been chosen the world’s number one financial center for the second straight years, by the World Economic Forum. The city shows strength in its business environment, infrastructure and favorable tax scheme, the organization said in a report.
jlne.ws/X31BFn

Tokyo Commodity Exchange: Final Settlement Price Of Crude Oil For October 2012 Contract
jlne.ws/X31DwM

Shanghai Stock Exchange: Notice Of Release Of Shortlists Of Candidates And List Of Expert Committee’s Members For 2012 Special Awards For Corporate Governance
jlne.ws/X31DwP

HKEx Report On Initial Public Offering Applications, Delisting And Suspensions
jlne.ws/X31BVG

HKFE Announces Revised Margins For New World Development Futures
jlne.ws/X31BVJ

Tokyo Stock Exchange Imposes Disciplinary Action Against Nomura Securities Co., Ltd.
Tokyo Stock Exchange (hereinafter, “TSE”) has imposed disciplinary action (fine of JPY 200 million) against Nomura Securities Co., Ltd. (hereinafter, the “Company”) pursuant to the provisions of Rule 34, Paragraph 2 of the Trading Participant Regulations.
jlne.ws/X31DwS

Osaka Securities Exchange: Disciplinary Action On Transaction Participant: Nomura Securities Co.,Ltd.
Today, Osaka Securities Exchange (hereinafter “OSE”) imposed disciplinary action on Nomura Securities Co.,Ltd. (hereinafter the “Firm”) pursuant to Rule 42(1)(ix) of the Regulations for Transaction Participants as follows.
jlne.ws/X31DwT

MarketPrizm Provides Expanded Market Access In Asia After Joining SGX Co-Location Facility
MarketPrizm, a leading provider of market data and low latency trading infrastructure services, has further expanded its mutualized co-location platform in Asia with the setup of low-latency infrastructure at the Singapore Exchange (SGX).
jlne.ws/X31BVK

Frontier Markets

Abu Dhabi’s NBAD in Talks With Central Bank About New Loan Rules
Bloomberg
National Bank of Abu Dhabi PJSC said it’s in talks with the United Arab Emirates central bank to exclude its portfolio of “high-quality” bonds from a cap on lending to governments and state-linked companies.
jlne.ws/X31DwY

Egyptian Exchange: Clarification Regarding The Separate Trading Of The Rights’ Issue
jlne.ws/X31DwZ

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