John Lothian Newsletter: US ‘dark pool’ trades up by 50% in 3 years; A search for ‘common ground’: ‘Fiscal cliff’ negotiations begin; ‘Shadow Banking’ Up to $67 Trillion, Financial Group Says

Nov 19, 2012

Where has equity volume gone? In part at least, it’s headed out the exchange door and over to a dark pool in the last few years. Politicians, still in a mindset that allows them to debate whether a fiscal cliff dive is a reasonable way to do their job, begin to consider working together as a possible way to find a solution to financial problems. A financial group finds that shadow banking – financial transactions beyond the regulatory stockade – is not merely a substantial industry, but huge.

First Read

Restoring Customer Confidence More ideas»
Regulatory Changes: A Pretty Picture For Gross Margining

Regulatory Changes: A Pretty Picture For Gross Margining

The Dodd-Frank Act has addressed numerous risks in the financial markets. Ron Filler, a Professor at New York Law School, says one provision, called gross margining, could alleviate segregated customer account risk, starting in January 2013.

Watch the video »


About the Restoring Customer Confidence video series
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back?

The Restoring Customer Confidence video series answers that question by exploring potential solutions using expert interviews and simple animations.

John Lothian News interviewed more than a dozen professionals in the industry to get their ideas and solutions. As these ideas become practice, or as new concepts are adopted by the industry, we will continue to add them to the site.

Visit the video series page on over the next several weeks for new ideas and solutions.


Learning to Love Volatility
Several years before the financial crisis descended on us, I put forward the concept of “black swans”: large events that are both unexpected and highly consequential. We never see black swans coming, but when they do arrive, they profoundly shape our world: Think of World War I, 9/11, the Internet, the rise of Google.

**** A must read. I am going to buy the book.


There’s Still Work to Be Done to Rebuild Trust in the Futures Market
Neal Wolkoff – TabbFORUM
We recently marked the first anniversary of the sudden failure of MF Global, which was led by former New Jersey senator and governor Jon Corzine. Just months thereafter, Peregrine Financial Group, a non-clearing FCM, failed when its CEO admitted to a long-running scheme to steal customer funds to benefit his lifestyle. Both failures highlighted frailties in the futures industry system for protecting customer funds, as they represented the first clear-cut violation of the CFTC’s segregation rules.

**** The always interesting Neal Wolkoff. A login from Tabb Group may be required.


US exempts forex swaps from new rules
Shahien Nasiripour in Boston and Alice Ross in New York –
The US Treasury has exempted foreign exchange swaps and forwards from post-crisis requirements imposed on the derivatives market. The financial instruments, used to speculate or to hedge fluctuations in currencies, will not be forced on to clearing houses or be required to be traded on exchanges, according to Tim Geithner, US Treasury secretary.

***JM: For details about this issue, see the MarketsReformWiki page at If you haven’t used that wiki before, and you’re interested in regulatory processes and reform, you definitely need to check it out. Each topic page is packed with explanations, summaries, schedules and documents.


The Next Round of Derivatives Regulation
In the weeks ahead, federal regulators will finalize rules that, done right, will bring long-overdue transparency and oversight to the multitrillion-dollar derivatives market. The big banks that control derivatives trading, however, are lobbying to dilute the rules. To grasp what is at stake, recall that the $182 billion taxpayer bailout of American International Group during the financial crisis was essentially a bailout of the global financial system, undertaken to make good on derivatives bets gone spectacularly wrong.

**** Final rules are hardly final.


NYSE hires former Homeland Security chief
NYSE Euronext hired former Homeland Security Secretary Michael Chertoff to make sure sensitive exchange data were not breached after U.S. securities regulators left their computers unencrypted, according to a person familiar with the matter.

***** Who plays him on Homeland?


ISE Elects New Member to Board of Directors
The International Securities Exchange (ISE) today announced that Marcus Thompson was elected by the Board of Directors for a two-year term. Mr. Thompson, who is a Managing Director within the CFO division of Deutsche Börse AG, will serve as a non-industry director.

**** More November election news.


FIA October US/September 2012 International Monthly Volume and Open Interest Reports

**** Some good and some not so much.


Wall Street’s Great Scapegoat Hunt
William D. Cohan – Bloomberg
Wall Street has increasingly taken up its old habit of blaming junior bankers and traders for what goes wrong. This is particularly troubling because Wall Street is similar to the military: There is no upside for anyone working in finance to do anything but to follow the orders given by the bosses.

**** How do you prepare scapegoat?


Three-way battle for share of electronic swaps market
Tom Osborn – Financial News
As brokers rush to meet the requirements of a regulatory crackdown that will shift most of the $494 trillion market for interest rate swaps onto electronic trading platforms, three big European interdealer brokers – Icap, Tradition and Tullett Prebon – are battling it out to establish a firm base of liquidity. They want to make a mark before the much-delayed rulemakings in the US come into force, expected in February.

**** A three-way swap battle?


Analysis: MF Global a year on
Galen Stops – FOW
Just over one year after the collapse of MF Global and two important decisions in the UK court give hope to UK creditors while a Congressional investigation in the US has found the industry lacking. On November 1 Justice Richards held that MFGUK, the UK subsidiary of MF Global, was the “non-defaulting party” for the purposes of the General Master Repurchase agreement (GMRA) it entered into with MF Global Inc.

**** Yada, yada, yada


An old idea with new meaning
William Hutchings – Financial News
The Financial Services Authority published a report on the asset management industry this month whose conclusion was little short of damning. If the industry wants to restore the trust of its clientele, it is going to have to broaden substantially its understanding of “putting clients first”.

**** The way it is supposed to be.


How the Chou Income Fund Got Its Mojo
Francis Chou was a 25-year-old telephone repairman in Canada when he pooled 51,000 Canadian dollars from himself and six co-workers to start an investment club. Thirty-one years later, Mr. Chou manages more than US$650 million for investors at his firm, Chou Associates Management Inc., and runs the best-performing bond fund in North America.

***** Chou on that PIMCO.


In Greece, a Retreat to Ancestral Villages
For decades, Panagiotis Triantafyllopoulos worked in Athens as a printer and graphic designer, most recently making slick packaging for multinational drug companies. Now the 54-year-old spends his days gathering firewood, tending chickens and preparing for the olive harvest in this hillside village in southwestern Greece.

**** Tending chickens? Is this where chicken tenders come from?


JLN Managed Futures

John Henry to close CTA shop
by Daniel P. Collins, Futures Magazine
John W. Henry, one of the founding fathers of managed futures and the systematic trend following approach to trading futures, will stop managing customer funds at the end of this year according to a message sent from his firm’s, John W. Henry & Company Inc., Boca Raton office.

**DA: Star trader, kingmaker, and the man who brought the World Series trophy to Boston. A real Renaissance Man.

Exit Manged Futures? Not Now.
Managed futures have significantly under performed broad markets over the past few years. When an asset class disappoints, selling it is always tempting. But they are still worthwhile. If anything, this might be an appropriate time to direct more funds into them

**DA: Managed futures could be the airbag that saves your portfolio if the markets crash. That was Morningstar’s bad metaphor, not mine.

Announcing the 2013 Altegris CTA Challenge
Altegris Clearing Solutions has announced the launch of its inaugural Altegris CTA Challenge, a competition for professional managed futures managers. Registration will be open until December 10, 2012. The Challenge is open to all qualified CTAs and is seeking entries from both undiscovered talent and established managers. The winner will be announced in early 2014 and will be selected based on both quantitative and qualitative scoring.

**DA: For more information on Altegris Clearing Solutions, watch the JLN Managed Futures interview with Altegris’ Max Eagye from earlier in 2012:


MarketsWiki Page of the Day
Thomas M. Hoenig

MarketsWiki Recent Updates


Ryan Gillmore; Alice Botis; Thomas M. Hoenig; Ronald H. Filler; Martin J. Gruenberg

Companies, Organizations and Groups

Man Group plc; Lehman Brothers



Fiscal cliff; Gross margin


30,882,366 pages viewed, 7,221 articles, 150,039 edits
MarketsWiki Statistics

Lead Stories

US ‘dark pool’ trades up by 50% in 3 years
Philip Stafford –
Trading of US equities on off-exchange “dark pools” has grown by nearly a half in three years to account for nearly a third of total market volume, according to a new survey published on Monday.

A search for ‘common ground’: ‘Fiscal cliff’ negotiations begin
Deirdre Walsh, CNN
President Barack Obama and congressional leaders wrapped up their first “fiscal cliff” meeting since the election Friday with a confident tone that had both sides suggesting an agreement could be reached before January 1, when hefty federal spending cuts and tax raises are scheduled to take effect.

‘Shadow Banking’ Up to $67 Trillion, Financial Group Says
New York Times
As regulation tightens around banking entities, the financial activities done beyond its reach — by hedge funds, private equity and others — continue to grow.

Ireland lifts eurozone debt crisis gloom
Financial Times
Investors looking for good eurozone news this week should have heeded Village People’s advice: “Go West.” Ireland became the first eurozone member, excluding tiny Estonia, to see a positive rating action by one of the big three US ratings agencies since the region’s debt crisis erupted in late 2009.

EU makes budget plans without UK
Joshua Chaffin in Brussels and George Parker in London –
EU officials have begun work on a plan to create a long-term budget without the UK in a move that reflects mounting frustration that Britain’s demand for a spending freeze cannot be reconciled with the rest of the bloc.

UK Banks Crippled by Regulation, Investors To Warn Lawmakers -Report
Dow Jones
U.K. banks are being crippled by a combination of regulatory overkill, political interference and opaque accounting, the Association of British Insurers is planning to tell U.K. lawmakers in a report, the Sunday Telegraph reports.

ECB’s Asmussen sees Greek aid deal covering 2 years
Reuters via Yahoo! News
BERLIN – European Central Bank policymaker Joerg Asmussen said on Sunday the euro zone should agree next week on two years of funding for Greece and leave further help to be decided later, a view likely to irk the IMF, which wants a permanent solution.

Investment Falls Off a Cliff
U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery. Half of the nation’s 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.


United States Department Of The Treasury Fact Sheet: Final Determination On Foreign Exchange Swaps And Forwards

FSA’s wake-up call to managers
Mark Cobley – Financial News
In an industry as active, interlinked and complex as finance, the notion of putting clients’ interests first is frequently called into question. At a time when trust is at a premium, we examine the areas most open to ambiguity.

Financial Stability Board Publishes Initial Integrated Set Of Recommendations To Strengthen Oversight And Regulation Of Shadow Banking
The Financial Stability Board (FSB) is publishing today for public consultation an initial integrated set of policy recommendations to strengthen oversight and regulation of the shadow banking system.

ISDA Publishes Standard Form Disclosures Relating Primarily To The Requirements Of Commodity Futures Trading Commission External Business Conduct Rules

Remarks By FINRA Executive Vice President, Regulatory Policy Thomas Selman From The Investment Program Association Fall Conference

Statement Regarding The CFTC’s Position Limits Appeal, Commissioner Bart Chilton

Exchanges & Trading Facilities

Moscow Exchange and Deutsche Börse sign letter of intent planning strategic partnership
Today Deutsche Börse and Moscow Exchange signed a Letter of Intent (LoI) in the presence of Russian President Vladimir Putin and German Chancellor Angela Merkel. The exchange organizations agreed on a strategic co-operation and an extensive exchange of information in order to facilitate the further development of the financial markets. Furthermore the co-operation intends to foster and extend the links between the financial centers Moscow and Frankfurt.

LME still expects sale to be approved before end of year
Reuters via Yahoo! Finance
LONDON – The London Metal Exchange still expects its $2.2 billion sale to the Hong Kong stock exchange to be approved before the end of this year, LME Chief Executive Martin Abbott said on Friday.

NYSE Member Firms Report Third-Quarter 2012 Results
New York Stock Exchange member firms that conduct business with the public reported a third-quarter 2012 after-tax profit slightly over $4.5 billion and revenues of approximately $41.0 billion, compared with a nearly $2.1 billion after-tax profit on revenues of about $37.0 billion in the second-quarter of 2012.

Vienna Stock Exchange Road Shows In Zurich And New York Garner Great Interest
Austrian stocks remain to be highly interesting for international investors, as clearly demonstrated by their keen interest in the two road shows Vienna Stock Exchange will be organising in Zurich and New York.

Irish Stock Exchange Given Key Role To Monitor Standards Of Debt Securitisations In Europe
The Irish Stock Exchange has been appointed to a key role in a new European initiative designed to provide the benchmark standard for the asset backed securities market. The new initiative is led by an organisation called Prime Collateralised Securities [PCS].

BM&FBOVESPA announces new Market Makers for BM&FBOVESPA and Usiminas Equity Options
BM&FBOVESPA announced today the winning institutions in the competitive bidding process to select market makers for BM&FBOVESPA S.A. (BVMF3) and Usinas Siderúrgicas de Minas Gerais S.A. (USIM5) equity options.

Ruckus Wireless Celebrates Initial Public Offering and First Day of Trading on the New York Stock Exchange

[CBOE] Trader E-News


ISE Weekly Listings November 16, 2012

Bermuda Stock Exchange Announces New Trading Member – Cohort Limited

Direct Edge Trading Notice #12-56: Market Holiday Reminder – Thanksgiving

TOM MTF Statistics Week 46 2012

Hedge Funds & Managed Futures

Hedge Funds Cut Bets in Longest Retreat Since 2008: Commodities
Hedge funds cut bullish commodity bets for a sixth straight week, the longest slump since the depths of the global recession four years ago, on mounting concern that economies are slowing.

Smarting over beta marketing
Sarah Krouse – Financial News
As asset managers increasingly roll out smart beta strategies – a relatively inexpensive investment approach that combines elements of passive and active asset management – index providers, consultants and fund managers want it called something else.

John Paulson dumps stake in gold mining company months after recommending it to investors
New York Post
Hedge fund billionaire John Paulson dumped a sizable chunk of his stake in South African gold mining company AngloGold Ashanti just months after recommending it to investors as one of his top investment picks.

Hedge Fund Libra Advisors to Return Investors’ Money
Wall Street Journal Blogs
Libra Advisors LLC, a $2 billion hedge-fund firm, plans to return outside investors’ money, citing difficult markets made riskier by “unconventional monetary policies.” The New York-based firm, founded in 1990 by Ranjan Tandon, has struggled recently.

The evolution of Doughty Hanson
Kiel Porter – Financial News
Since it started almost 30 years ago, European private equity group Doughty Hanson has raised in excess of E8bn, never had a portfolio company seized by its lenders and lost only one investment to insolvency.

Argentina Ignores US Court Decision, Will Not Pay Elliott And Holdouts
Zero Hedge
Several weeks ago we summarized the highly entertaining fight between naval commodore second class Paul Singer of Her Majesty’s Elliott Capital Navy, and the defaulted and soon to be re-defaulted state of Argentina.

Bass Says Half His Fund Is Invested in Subprime Bonds
Hedge-fund manager Kyle Bass, who made $500 million shorting subprime mortgages during the 2007 crash, said he’s now betting half his firm’s money on a rebound in those assets.

Sale of residual Lehman exposure
Press Release
Man Group (“Man”) has entered into a series of transactions with Hutchinson Investors LLC, managed by the Baupost Group, to sell the residual exposure to the Lehman estates (“Lehman claims”) that it acquired in July 2011 from certain GLG managed funds.

Jacob Stauder GmbH & Co. KG plans bond issue in Entry Standard

CFTC.Gov Commitments Of Traders Reports Update

Banks & Brokers

E*Trade to close UK operation, focus on U.S.: WSJ
Reuters via Yahoo! News
Online financial services company E*Trade Financial Corp will shut down its British brokerage business as the company shifts focus back to its core U.S. operations, the Wall Street Journal reported, citing people familiar with the decision.

The future is asset management for Goldman Sachs
Giles Turner – Financial News
Goldman Sachs’s new partnership class, announced on Wednesday, offers a glimpse into what the US investment bank believes will be important over the near future. And one answer appears to be asset management.

Goldman Sachs Authorized to Create Mexican Brokerage
Dow Jones
Mexico’s banking and securities regulator, the CNBV, said Friday it has authorized Goldman Sachs Group Inc. (GS) to set up a brokerage in the country.

Barclays denies making “illegal payment” for Saudi license
Barclays did not make any “illegal payment” to win a banking license in Saudi Arabia, the bank said in a statement in response to a newspaper report last week that said U.S. authorities were looking at whether improper payments were made.

Barclays Contingent Notes Fall Amid Short Selling Speculation
Barclays Plc ’s $3 billion of new contingent capital notes, securities designed to ensure taxpayers aren’t forced to pay for banks’ errors, fell for a second day.

Investment banks exposed to FICC super-cycle
William Wright – Financial News
Many investors would struggle to find Slovenia on a map, and most would be hard pressed to name let alone spell its capital city*.

Clearing & Settlement

CME Buttresses Clearinghouse Funding Ahead Of Swaps Rules
By Jacob Bunge – Dow Jones
CME Group Inc. (CME) has bolstered the financial firewall of its clearinghouse ahead of new rules that will bring larger and more complex derivatives into the facility.

LCH, ICE Clear Join MF Global Suit Over $600 Million in Assets
Kit Chellel – Bloomberg
LCH.Clearnet Group Ltd. and Ice Clear Europe Ltd. today won permission to join a lawsuit between liquidators of two MF Global Holdings Ltd. units over assets worth about $600 million.

Indexes & Products

Index Industry Association (IIA) Appoints Rick Redding As Executive Director
The Index Industry Association (IIA) has appointed Rick H. Redding as its first Executive Director. The IIA also announced that Russell Index Group, Russell Investments has joined the Association, following in the footsteps of Barclays and Nasdaq OMX Global index Group who both joined in June.

**** Nice to see Rick Redding land so well.

Horizons ETFs announces ETF closures

FTSE/JSE Africa Indices – Weekly Market Wrap As At 16 November 2012

FTSE Group, NAREIT And US Green Building Council Develop The First Investable Green Property Indexes

Changes To The Composition Of The Oslo Børs Benchmark Index (OSEBX)

NASDAQ OMX Copenhagen Switches To OMXC20 CAP As Main Blue Chip Index


European Data Protection Supervisor: Responsibility In The Cloud Should Not Be Up In The Air

TMX Atrium Selected As Preferred NLX Connectivity Supplier
TMX Atrium, provider of smarter infrastructure solutions for the financial community, today announced that it has been selected by NASDAQ OMX NLX, the new London interest-rate derivatives platform, to be one of its preferred connectivity suppliers.

RTS Teams Up with Squared Financial to Offer Global Spot FX and Precious Metals Trading – RTS Realtime Systems
RTS Realtime Systems Group (RTS), a leading global trading solutions provider, and Squared Financial Services Limited, a broker offering ECN-style trading across a broad mix of liquidity pools, announced today that they have gone live with a comprehensive algorithmic trading solution featuring spot foreign exchange (FX) and precious metals.

CFG Gestion To Modernise And Extend Services Using Misys Sophis VALUE

IFSAM Chooses Calastone For Order Routing


JPMorgan, Credit Suisse agree to pay $417 million
San Antonio Express-News
JPMorgan Chase and Credit Suisse have agreed to pay a combined $417 million to settle federal civil charges that they sold risky mortgage bonds that they knew could fail to investors ahead of the 2008 financial crisis.

SEC Charges J.P. Morgan and Credit Suisse With Misleading Investors in RMBS Offerings
In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and Credit Suisse Securities (USA) with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firms agreed to settlements in which they will pay more than $400 million combined, and the SEC plans to distribute the money to harmed investors.

SEC drops lawsuit against executive in financial crisis case
Reuters via Yahoo! News
The U.S. Securities and Exchange Commission has dropped its civil lawsuit against a former executive of GSC Capital Corp who was accused of negligence for helping mislead investors on a JPMorgan Chase & Co mortgage-bond deal. The SEC’s decision to drop the case against Edward Steffelin, a former managing director at GSC Capital Corp, was disclosed in a court filing Friday in U.S …

Former Forex Trader Sentenced to 14 Years in Prison for Trading Fraud Scheme That Caused 343 Investors to Lose $17.6 Million
A U.S. citizen who operated a foreign currency trading fraud scheme while living in Panama was sentenced today to more than 14 years in federal prison. The defendant, Jeffery Lowrance, fraudulently obtained approximately $31 million from 452 investors. After deducting Ponzi-type payments that he made to some investors, the scheme resulted in losses totaling approximately $17.6 million to 343 investors nationwide, including Chicago, when it collapsed in 2009. Lowrance was arrested in February 2011 in Peru and extradited to Chicago.

Ex-Refco Lawyer Guilty of Aiding $2.4 Billion Fraud
Bob Van Voris – Bloomberg
Joseph Collins, Refco Inc.’s former outside lawyer whose 2009 fraud conviction was reversed in January, was again found guilty by a jury in federal court in Manhattan.

On Witness Stand, Former Analyst Describes Insider Trading Scheme
In 2008, Jesse Tortora, a junior tech-stock analyst, made $2.25 million, his best year at the hedge fund Diamondback Capital Management.

[ASIC] J.P. Morgan Securities Australia Limited pays $30,000 infringement notice penalty

ASIC acts against offshore companies

[ASIC] Former Centro auditor suspended

[ASIC] Former director of SA insurance broker pleads guilty

Environmental & Energy

World Bank Climate Change Report Says ‘Turn Down The Heat’ On Warming Planet
Anna Yukhananov – Reuters
All nations will suffer the effects of a warmer world, but it is the world’s poorest countries that will be hit hardest by food shortages, rising sea levels, cyclones and drought, the World Bank said in a report on climate change.

EU Talks Said to Bring No Breakthrough on CO2 Supply Fix
European Union talks on a carbon market fix failed to bring clarity on whether governments will back a proposal by the bloc’s regulator to curb a glut of emission permits, two EU officials said.

**RKB – Next? EU Climate Commissioner Connie Hedegaard has said she aims for a decision on the backloading measure before the end of this year. The next meeting of the Climate Change Committee is scheduled for Dec. 13.

ICE Cleared 2013 Carbon Trade Worth About 195 Million Euros
A European Union carbon trade worth about 195 million euros was cleared on the ICE Futures Europe exchange yesterday.

Kazakhstan launches the start of emission trading system from 2013
The Ministry of Environmental Protection of RK has developed the National Allocation Plan aimed at reducing greenhouse gas emissions.


Bursa Malaysia Signs MOU With Shanghai Stock Exchange To Foster Continuing Relationship

HSBC May Sell $9 Billion Stake in Chinese Insurer
HSBC Holdings said on Monday that it was in talks about selling its stake in Ping An Insurance of China, which could be worth more than $9 billion.

SGX Bull Charge 2012 raises $1.388 million for charity
Singapore Exchange (SGX) has raised $1.388 million from the Bull Charge 2012 charity run. This year, the beneficiaries will receive a 20% increase in funds compared to last year.

HKEx Stock Exchange Participants’ Market Share Report

Increasing Overseas Investor Participation In HKEx’s Derivatives Market Reflects Hong Kong’s Role As An International Financial Centre

Tokyo Stock Exchange: New ETFs To Be Listed On Dec.6,2012(Thu.) Simplex AM

SET-Listed ETFs Shows Robust Growth With Assets Up 53 Pct In Jan-Oct

Frontier Markets

India’s lending rules tie up thundering herd
Sophie Baker – Financial News
India’s securities lending market is a growth story waiting to happen. All the building blocks are in place but tough regulations are impeding progress.

Qatar Exchange Gives Presentation To Pakistani Professional Forum Qatar
On Monday November 12, the Qatar Exchange gave a presentation to the Pakistani Professional Forum Qatar at the Al Sharq Hotel. The presentation, which was entitled “Qatar Exchange – an Investment Opportunity for Professionals”, is part of a greater QE strategy to engage with the non-Qatari investor base in Qatar.

First Namibian Government Bond Lists On JSE

Malawi Stock Exchange Weekly Report – 16th November, 2012


After 5 Years of Hiding, a Banker Reappears
New York Times
The German hedge fund manager Florian Homm, who disappeared five years ago, resurfaced, vowing to disprove stock-fixing accusations and unveiling a book about his years underground.

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