John Lothian Newsletter: FSA backs LME’s £1.4bn sale to HKEx; LCH.Clearnet set for Asian expansion; Dodd-Frank Swap-Clearing Rule Gets CFTC Final Approval

Nov 29, 2012

Hong Kong Exchange gets approval from Britain’s financial regulator to proceed with its acquisition of the London Metal Exchange. Clearing house LCH.Clearnet looks to Asia as a way to diversify beyond Europe in the hunt for new business. The CFTC gives a final approval to a Dodd-Frank related swap clearing rule, starting waves of effect at banks and clearing houses. In today’s First Read, check out the new interview with Ryan Baccus of Sapient, who discusses Dodd-Frank compliance and the Clearing Connectivity Standard. Next, there’s a MarketsWiki Five Minutes interview with Alice Botis of Fidessa, who talks about liquidity and clearing in Latin America. And of course, if you haven’t seen part 2 of our Restoring Customer Confidence video series, we’ve got the link for you.

First Read

Ryan Baccus

Ryan Baccus of Sapient on Dodd-Frank Compliance and the Clearing Connectivity Standard

Ryan Baccus is vice president of market infrastructure and initiatives at Sapient Global Markets, a capital markets consulting firm. His work with MII involves advising clients on regulatory reporting, clearing, collateral management and general compliance issues. He spoke with John Lothian News Editor-at-Large Doug Ashburn about the status of Dodd-Frank related regulation and the Clearing Connectivity Standard (CCS), a reporting and communication standard for asset managers, futures commission merchants, central counterparties and custodians, which was developed by Sapient.

On October 24, 2012, the International Swaps and Derivatives Association (ISDA) announced their support of CCS and committed to help develop the standard with Sapient Global Markets.

Watch the video »


Five Minutes With Alice Botis, Fidessa’s Head of Business Development in Latin America
NYSE Euronext and Americas Trading Group announced early this month that they will team up to create a liquidity pool for Brazilian stocks in the over-the-counter (OTC) markets. The venture, which will be named ATS Brasil, will be controlled by ATG, as the Brazilian trading systems provider is known, and will not seek to compete with Brazilian exchange operator BM&FBovespa SA.

Alice Botis is the head of Latin American business development and the senior vice president of new sales enterprise services for Fidessa. The new Latin American venture is in the professional wheelhouse for Botis, as she has responsibility for expanding Fidessa’s presence across the Americas and growing new business. In a conversation with JLN Managing Editor Christine Nielsen, she discussed her concerns about the creation of a liquidity pool for Brazilian stocks in OTC markets and an anticipation that Latin America will continue to become more of a focus for U.S. investors.

Q: Your press person said you have some misgivings about the clearing logistics with the liquidity pool that is being created?

A: ATS Brasil will either have to clear through the BM&FBOVESPA facility, or they would have to find an alternative clearing facility, which clearly the regulators have a little bit more concern about from a risk standpoint. If a second clearing facility was formed, it would have to integrate with the BM&F facility, and that presents more challenges than using a central facility.

The exchange has been very clear over the last year or so, since BATS and Direct Edge announced their entry into the market, that it will take quite some time for them to accommodate clearing for a third party.

They’ve got a lot of things going on in their market – the new matching engine PUMA, their new market data feed UMDF and their post-trade initiative.

(**Editor’s note: BM&FBOVESPA (BVMF) provides matching via their Platform Unified Multi Asset-class (PUMA) matching engine located in Sao Palo and based on the CME Globex platform. Futures and options on all derivatives products available at the exchange are supported.)

They need to sort their own house, complete the implementation of the new technology and systems before they start changing their systems to clear third parties. It’s going to be at least 2014 before they can start doing that. Also ATS Brasil will need CVM – Brazilian Securities and Exchanges Commission (Comissão de Valores Mobiliários) approval to enter the market.

They are smart though. They are making an announcement that they have intentions to move into the market. What they will be doing over the next several months is continuing to talk to regulators about their approval and talk to the community to gain their support. The most important thing about starting another exchange or trading facility is having the local community support and liquidity when you start.

For the rest of the interview, visit MarketsWiki at


CFTC Swap-Data Policies Amended Following CME Group Lawsuit
Silla Brush – Bloomberg
U.S. policies for swaps data have been amended and opened for additional public comment after a lawsuit challenging the rules was filed by CME Group Inc., owner of the world’s largest futures exchange. The U.S. Commodity Futures Trading Commission withdrew part of a document governing how trade price and volume information is routed to new databases under the Dodd-Frank Act.

**** I should have become a lawyer.


Industry veterans unveil trading tape plan
Michelle Price – Financial News
Two industry veterans who plan to build a tape of European equity data have unveiled their ambitious proposals to overhaul the industry’s current commercial data model. Ex-NYSE Euronext (NYX) data chief Mark Schaedel and former Chi-X Europe board member Graham Dick, founders of the Coba Project, yesterday said they hoped to create an industry-led commercial tape by mid-2013.

**** The word “tape” is an anachronism.


New Restoring Customer Confidence Video
The second video in our Restoring Customer Confidence series deals with customer segregation. Each week we will post a new idea answering the question – how do you restore customer confidence and bring traders back?

Restoring Customer Confidence More ideas»
Customer Segregation: A Clear View - Byron Baldwin

Customer Segregation: A Clear View

Moving excess customer funds to a clearing house is one way to reduce the amount of capital at risk. Byron Baldwin, SVP, Buyside Relations at Eurex, says his exchange developed segregated account services that can be as wide or granular as needed.

Watch the video »

This video is sponsored by:


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.


Fidessa explores intelligent scale in latest white paper
Following Fidessa’s earlier white paper, Survival of the Fittest: Evolution of the new smart broker, this new paper explores the impact of the same profound environmental changes on the international and super-regional broker community. It focuses on the paradigm shift between these large-scale brokers and technology and examines the new smart decisions that these firms are having to make about where to innovate and where to commoditise.

**** You have to respect Fidessa for their thought pieces.


R.J. O’Brien Appoints David Mudie CEO of RJO (UK) Limited
R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced today the appointment of David Mudie as Chief Executive Officer of the firm’s R.J. O’Brien (UK) Limited subsidiary, its London-based operation established earlier this year.


New TABB research – “Many Shades of Vanilla: The Complexity of Hedging”
According to new research from TABB Group, central clearing of formerly bilateral trade structures will impose new costs on market participants – mainly margin-related opportunity costs – that will serve as the primary catalyst in the cascade of product selection toward less exotic instruments and outright “vanillas.” While this may sound like one of those rare circumstances when the landscape becomes less complex, the opposite is actually true, says TABB Group Senior Analyst E. Paul Rowady Jr, author of new research published today, Many Shades of Vanilla: The Complexity of Hedging.

**** If the vanilla is the wrong color, it has been in the freezer too long.


CME: No plans to shut grains floor trading
The CME Group, the biggest operator of U.S. futures exchanges, has no plans to shut open-outcry trading pits but will not change new price settlement rules for grains despite a lawsuit by a group of traders, its CEO said on Wednesday.

**** Instead, they will continue to kill it slowly. Just sayin.


An Ally of the Old Boss Also Goes Her Own Way
When Elisse Walter steps into Mary Schapiro’s shoes as the nation’s top securities regulator next month, she will be inheriting an agency run by a close friend she often agrees with—but not always.

**** It is what your friends say behind your back that really matters.


The SEC, from lapdog to watchdog
Dana Milbank – The Washington Post
In the early days of the Obama administration, I sat in a Capitol Hill hearing room and listened to Harry Markopolos, the whistle-blower in the Bernie Madoff scandal, bemoan the toothless Securities and Exchange Commission. But since then, the private investigator has come upon a rather different trail of evidence.

**** Sounds like it is still a dog.


Is the SEF model under threat?
Galen Stops – FOW
There has been much discussion about Swap Execution Facilities (SEFs) over the past year, what they will look like and how they will function, but with the final SEF rules expected before December, the conversation has turned to whether they will be necessary at all.

**** Yes, they will be necessary. This is a big world with lots of complexity and one size does not fit all.


Uncertain future for Intrade’s markets
Gregory Meyer and Arash Massoudi in New York –
Former Intrade chief John Delaney’s swagger looks especially bold in retrospect. It was 2008, and the US futures regulator was trying to decide whether trading on the outcome of events such as elections and wars served a public purpose or was no better than gambling. The Ireland-based website Intrade, founded by the now deceased Delaney, was a pioneer in the so-called prediction markets.

**** What arethe odds of Intrade making it? Is that listed on the site?


Dealmakers downbeat about 2013
Giles Turner – Financial News
Senior dealmakers – from bankers to C-suite executives – are even more pessimistic than they were a year ago, following a lacklustre period for capital markets across Europe.

**** When they are most then we will have the bottom.


JLN Options

Approval Pending, Miami Exchange Plans Its Launch
Jacob Bunge, The Wall Street Journal
The Miami Options Exchange plans to open for business Dec. 7, though the market has yet to be granted formal approval by U.S. regulators.
The planned stock-options exchange, which aims to become the 11th U.S. options market, told banks and financial firms of the expected launch in a notice that outlined the final tests of its new trading system.

Only The VIX Gets The Fiscal Cliff
Joe Weisenthal, Business Insider
If you watch coverage of the Fiscal Cliff, you might think that on January 1, the economy is going to go full on Thelma & Louise and crash to its fiery death into a gigantic canyon if there’s no deal. Every network is running countdown clocks to the moment the US meets its demise. 38 days! 37 days! 36…

NYSE Arca Options announces Mini Options Launch Date of March 18, 2013
Press Release
NYSE Arca Options is pleased to announce that it will commence trading Mini Options on March 18, 2013. This launch date has been selected after extensive consultation with a broad cross section of the options industry including liquidity providers and order flow providers. NYSE Arca Options will initially list Mini Options on the following securities: APPL, AMZN, GLD, GOOG, and SPY.
Via email (no link)

** NYSE Arca was first to announce they had filed a proposal to list mini options back in April, but ISE filed shortly after and then was first to announce the launch date of March 18, 2013 (see yesterday’s lead story). The two exchanges’ proposals originally differed in some specifics, including in the underlying stocks, and the exchanges had been working with the SEC to come up with a common proposal. According to the latest press releases the underlying stocks are now the same; also, the SEC released an order granting approval to the proposals as modified by the exchanges (see link here: According to another SEC filing, NASDAQ OMX PHLX has also filed a proposal to offer mini options (see link: ) — SR


MarketsWiki Page of the Day
Jeff Ward

MarketsWiki Recent Updates


Byron Baldwin; Mary L. Schapiro; Alice Botis; Jeff Ward

Companies, Organizations and Groups



Fiscal cliff; Segregated funds; Clearing house; Five Minutes With Alice Botis; Five Minutes With Steffen Gemunden


31,360,589 pages viewed, 7,241 articles, 150,463 edits
MarketsWiki Statistics

Lead Stories

FSA backs LME’s £1.4bn sale to HKEx
The London Metal Exchange said that the Financial Services Authority cleared its £1.4bn sale to Hong Kong Exchanges and Clearing on Thursday, in a move that brings closer the end of the LME’s 135-year status as a member-owned entity.

LCH.Clearnet set for Asian expansion
Jeremy Grant in Singapore –
LCH.Clearnet has embarked on plans to expand into Asia in the first sign that the Anglo-French clearing house is diversifying beyond Europe and its rapidly growing US swaps clearing business.

Dodd-Frank Swap-Clearing Rule Gets CFTC Final Approval
By Silla Brush – Bloomberg
Wall Street’s largest swap dealers, including Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM), will be required to guarantee trades at clearinghouses starting in March under a rule made final by the top U.S. derivatives regulator.

Treasury Official Pegged as Potential SEC Chairman Is Out of Running
A Treasury Department official eyed as a candidate for chief U.S. markets regulator is no longer in the running, according to people close to the vetting process. Mary John Miller, the Treasury’s under secretary for domestic finance, has said that she isn’t interested in becoming the next chairman of the Securities and Exchange Commission, according to one person.

Getco, Virtu make rival bids for Knight Capital: sources
Reuters via Yahoo! News
Rival electronic trading firms Getco Holding Co and Virtu Financial LLC have made competing bids for Knight Capital Group, valuing the company at a minimum of $1.1 billion, as they both eye Knight’s lucrative market-making business, sources said.

Lawmakers seek Libor controls at Deutsche Bank hearing
Reuters via Yahoo! News
BERLIN – German politicians called for tighter regulation of global interest rates after questioning Deutsche Bank about the manipulation of London’s Libor benchmark lending rate.

ECB Wins Ruling to Deny Access to Secret Greek Swap Files
The European Central Bank will be allowed to refuse access to secret files showing how Greece used derivatives to hide its debt after defeating the first court challenge brought under the European Union’s freedom of information rules.

Greece Agrees to Borrow to Pay for Debt Buyback
New York Times
The government said it would have to borrow 10 billion euros to 14 billion euros to pay for a debt buyback that its international creditors have demanded.

Greece says voluntary debt buy back must succeed
Reuters via Yahoo! News
ATHENS – Greece’s debt buyback plan, a key element of the cash-strapped country’s bailout deal, will be voluntary but must succeed, Finance Minister Yannis Stournaras said on Wednesday.

Anglo Irish Bank sues Ernst & Young
Jamie Smyth in Dublin –
Anglo Irish Bank has begun legal action against its former accountant Ernst & Young, which audited the lender’s financial returns in the years leading up to Ireland’s financial crisis and the bank’s nationalisation in 2009.


LCH Given Six-Month Extension to Meet Swap Acceptance Time Rule
By Matthew Leising – Bloomberg
LCH.Clearnet Group Ltd., the largest interest-rate swap clearinghouse, has been given an extra six months by the main U.S. derivatives regulator to meet a requirement to accept trades in less than a minute.

CFTC Said to Grant Swaps Clearing Delay to JPMorgan, Barclays
Matthew Leising – Bloomberg
The Commodity Futures Trading Commission granted JPMorgan Chase & Co., Barclays Plc and six other lenders a three-month delay to meet swaps-clearing rules, according to a person with knowledge of the decision.

Fledgling Monitor for Wall St. Risks an Early Compromise
The financial industry is obsessed with President Obama’s second-term regulatory appointments. Who will be Treasury secretary? Who could head the Federal Housing Finance Administration? But hardly anyone is paying much attention to the Office of Financial Research.

FINRA and JSDA Sign Cooperation Agreement
The U.S. Financial Industry Regulatory Authority (FINRA) and Japan Securities Dealers Association (JSDA) have entered into a Memorandum of Understanding (MOU) to support more robust cooperation between the two regulators.

CFTC Seeks Public Comment On Request From The Chicago Mercantile Exchange Inc. To Adopt New Chapter 10 (“Regulatory Reporting Of Swap Data”) And New Rule 1001 (“Regulatory Reporting Of Swap Data”) Of CME’s Rulebook
The Commodity Futures Trading Commission (Commission) is requesting public comment on a request from the Chicago Mercantile Exchange Inc. (CME) for approval of a rule (Rule 1001) submitted pursuant to section 40.5 of the Commission’s regulations.

Fed outlines tougher regulations for foreign banks
Dow Jones Newswires
A top Federal Reserve official yesterday outlined a tough set of new rules for foreign banks operating in the US that could force some banks to raise billions in additional capital.

Barroso Says He Fears Complacency on Banking Reforms
New York Times
José Manuel Barroso, president of the European Commission, said there was a false sense of security in financial markets after the E.C.B. pledged to buy the debt of vulnerable countries.

CFTC to Hold 2012 Research Conference to Discuss Key Issues in Derivatives Markets
Press Release

CFTC’s Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps entered into by Certain Cooperatives
Press Release

CFTC’s Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps between Affiliated Counterparties
Press Release

CFTC Issues Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps
Press Release

CFTC Meeting Scheduled for November 29, 2012, Has Been Cancelled
Press Release

Statement Of Support: Clearing Determination For Certain Credit Default Swaps And Interest Rate Swaps – CFTC Chairman Gary Gensler

Speech By Governor Tarullo On Regulation Of Foreign Banking Organizations At The Yale School Of Management Leaders Forum, New Haven, Connecticut

BIS, ECB And IMF Publish Third Part Of Handbook On Securities Statistics

Exchanges & Trading Facilities

UK’s Financial Services Authority Approves HKEx’s Acquisition Of Control Over The LME
The board of Hong Kong Exchanges and Clearing Limited is pleased to announce that the Financial Services Authority of the United Kingdom has approved HKEx’s acquisition of control over The London Metal Exchange Limited through its indirect wholly-owned subsidiary, HKEx Investment (UK) Limited, by way of a scheme of arrangement and a capital reduction under the United Kingdom’s Companies Act.

A Monster $69 Trillion Order Forced The Stockholm Stock Exchange To Shut Down Today
Business Insider
Trading was halted on the Stockholm Stock Exchange today after a monster futures order valued at around $69 trillion appeared in the system, according to Swedish business newspaper SvD Näringsliv.

CME Group’s Duffy to Appear Before House Financial Services Subcommittees to Discuss Impact of Proposed Rules to Implement Basel III Capital Standards

NYSE Liffe welcomes SinoPac Futures as a new member


TMX Group Holiday Operating Schedule

Hedge Funds & Managed Futures

SAC Said to Get Wells Notice From SEC on Insider Trading
The U.S. Securities and Exchange Commission told SAC Capital Advisors LP that it is considering suing the $14 billion hedge fund run by Steven Cohen for fraud involving alleged insider trading by a former portfolio manager who was arrested last week, according to three people with knowledge of the matter.

Dismal year for quantitative hedge funds
Sam Jones, Hedge Fund Correspondent –
Quantitative hedge fund managers are facing up to one of their worst years on record as losses mount for many of the sector’s biggest names.

BlackRock: Ahead of the Street
Henny Sender and Dan McCrum –
Larry Fink was once a prince of Wall Street. In the 1980s he became the youngest managing director ever at First Boston, where he was a pioneer in the mortgage bond market. He might have been fitted for the crown at the investment bank, now owned by Credit Suisse, but in 1986 his mortgage department lost $100m in a single quarter. Two years later he was out.

Ridley Park becomes latest hedge fund casualty
Harriet Agnew – Financial News
A former star portfolio manager at Polar Capital is shutting down his hedge fund firm after just over two years in business, becoming the latest manager to throw in the towel against a backdrop of difficult markets.

NY appeals court stays Argentina debt ruling
Associated Press via Yahoo! News
Argentina got some breathing room Wednesday in its billion-dollar debt showdown as an appeals court indefinitely suspended a federal judge’s ruling that threatened to push the country into default.

Senior consultant quits Towers Watson
Mike Foster – Financial News
Industry veteran Keith Jecks will step down as a senior consultant at investment consultant Towers Watson at the end of the year.

MBS and gold among Fleming’s top picks for 2013
Mark Cobley – Financial News
Mortgage-backed securities, emerging markets and gold are among the best investment opportunities for 2013, according to one famous-name family office – but avoid developed-market bonds, funds of hedge funds and maybe even utilities.

Greensphere completes maiden investment
Kiel Porter – Financial News
Greensphere Capital, the infrastructure investment firm co-founded by private equity veteran Jon Moulton at the start of the year, has completed its first investment.

For Hedge Fund Investors, The Real Crime Of The Year Is Lousy Performance, Not Insider Trading
Steve Cohen’s investors are digesting news that SAC Capital Advisors has received a Wells notice from the SEC. But at least they have been making good money investing with the hedge fund billionaire.

Mongolia Invades Debt Market With Genghis Bonds
Wall Street Journal Blogs
Mongolia is in the spotlight, as it sells dollar bonds, tentatively nicknamed Genghis Bonds, with borrowing costs that look set be cheaper than Spain’s.

Boerse Stuttgart: Subscription To Ekosem-Agrar GmbH Bond Issue Closes Early – Trading In The Agricultural Company’s New Bond Starts Today

Banks & Brokers

Barclays eyes retreat from crop trading
Daniel Schäfer in London –
Barclays is considering exiting agricultural commodities trading as part of the UK lender’s attempts to rebuild its battered reputation after a series of scandals.

What do zoos and investment banks have in common?
Richard Partington – Financial News
‘What do zoos have in common with global investment banks?’ is perhaps one of the stranger questions bankers have pondered in the wake of the Libor scandal. However, a group of 125 senior Barclays bankers were asked to consider the links between the two last week, according to the head of its investment bank.

Goldman Sachs Asset Management Names New Asia Head
Wall Street Journal Blogs
Goldman Sachs Asset Management has named Sheila Patel the new head of its operations in Asia excluding Japan, according to a memo seen by The Wall Street Journal Wednesday.

U.S. judge says FHFA cases against banks can proceed
Reuters via Yahoo! News
NEW YORK – A U.S. judge kept alive a federal regulator’s lawsuits against big banks including Credit Suisse Group AG and Bank of America Corp over allegations they misled Fannie Mae and Freddie Mac into purchasing billions of dollars worth of risky mortgage debt.

Barclays says 5 staff fired over Libor rigging
Reuters via Yahoo! News
LONDON – Barclays has fired five employees following its internal investigation of the rigging of Libor interest rates and disciplined another eight people, the head of its investment bank said on Wednesday.

Barclays Adds a Dash of Quant to Equity Research
Wall Street Journal Blogs
A new Barclays effort in its research department aims to go beyond traditional buy-or-sell stock advice, embracing numbers-based “quantitative” research with a program designed to supplement its analysts’ opinions.

Knight Capital Group Confirms Receipt Of Proposal From Getco

Knight Capital Group Postpones Analyst And Investor Meeting

Clearing & Settlement

Clearstream opens hedge fund processing center in Dublin
Clearstream has established a branch in Dublin to extend its post-trade offering in the area of investment funds to hedge funds. Clearstream Banking S.A., Dublin Branch, will extend the company’s investment funds business to alternative funds and allow Clearstream to service the entire range of funds: mutual funds, exchange-traded funds and hedge funds.

Risk management is a vital benefit of CCP clearing
Jennifer Liu – Finextra
In the trade life cycle, central counterparties (CCPs) play a critical role in post-trade management. After a trade has been negotiated, submitted and confirmed, a CCP takes on the counterparty risks by standing between two counterparties through novation, nets offsetting transactions between multiple counterparties, and provides ongoing risk and collateral management until the end of the transaction’s term.

CME Group Clearing Advisory: Reminder: Daily EUA Futures Contract Listing Resumes

CME Group Clearing Advisory: New Final Settlement Date Rules

CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (9T, 9U, 9V, F, JO, Z, OE, OT, OU, OY, JCL, PEP, PML, PSG, CSZ, N9P, PJD, PJN) Effective Thursday, November 29, 2012

Indexes & Products

Xetra/FWB: ETF Securities Launches First ETC On A Commodity Basket Ex Agriculture And Livestock
A further ETC (exchange traded commodity) issued by ETFS Commodity Securities Limited has been tradable on Xetra since Thursday.

S&P Dow Jones Indices Announces Changes In Canadian Indices – A Graduation From TSX Venture Exchange


Banque Morval Goes Live on SunGard’s Ambit Private Banking Solution
Banque Morval, a Swiss private banking institution, has implemented SunGard’s Ambit Private Banking solution as its new core banking platform to improve operational efficiency and client centricity.

SunGard Enhances Asset Arena InvestOne with Advancements in Accounting Workflow Efficiencies and IFRS Requirements
SunGard has released a new version of Asset Arena InvestOne, a global accounting solution for asset managers, custodian banks and third party administrators.

NYSE Technologies Open Platform Launches the OpenMAMA Enterprise Edition
NYSE Technologies, today announced the launch of the OpenMAMA Enterprise Edition as a part of its Open Platform which also features the Open Market Data Model (OpenMDM) and an upcoming OpenMAMA Enterprise Edition certification program.

Incitec Pivot Goes Live With Broadridge And SWIFT For Automated Trade Confirmations – Treasury Operations To Benefit From Reduced Risk And Improved Process Efficiencies


SEC Charges Oil Company CEO as Source in Insider Trading Case
The Securities and Exchange Commission today announced charges against the former CEO of a Denver-based oil-and-gas company at the center of an insider trading scheme that the SEC began prosecuting last month.

SEC Charges New York-Based Fund Executives for Overvaluing Assets During Financial Crisis
The Securities and Exchange Commission today charged three top executives at a New York-based publicly-traded fund being regulated as a business development company (BDC) with overstating the fund’s assets during the financial crisis. The fund’s asset portfolio consisted primarily of corporate debt securities and investments in collateralized loan obligations (CLOs).

FINRA Files Complaint Charging the President and Owner of Brooklyn Brokerage Firm TWS Financial for Operating Fraudulent Scheme Targeting Polish Community
The Financial Industry Regulatory Authority (FINRA) announced today that it has filed a complaint against Roman Sledziejowski, President and owner of Brooklyn, NY-based brokerage firm TWS Financial, LLC, charging him with defrauding three customers of more than $4 million through a scheme, carried on primarily outside the securities firm, involving converting client funds to his personal use while providing falsified account statements to his customers.

Environmental & Energy

Qatar Hosting Climate Talks Spotlights Carbon-Data Void
Middle Eastern companies lag behind those in the rest of the world in reporting carbon-dioxide emissions. They mirror governments in a region that for the first time is hosting global talks to limit climate change.

EEX concludes contract with Hungary for auctioning of Phase II allowances
Press Release
The European Energy Exchange (EEX) is pleased to announce the successful completion of a contract agreement with the Hungarian Ministry of National Development for the auctioning of EU Allowances (EUA) for the second trading period of the EU ETS, signed today.

China, EU Comments Show Reduced Scope of UN Climate Talks
China teamed with the European Union and envoys from the bloc of 48 Least Developed Countries to dial back expectations for United Nations climate talks, indicating that there probably aren’t any new promises for aid or cuts in greenhouse gases on the horizon.


HSBC in talks on closing South Korean retail bank unit: report
Reuters via Yahoo! News
SEOUL – HSBC is talking with South Korean regulators about shutting its local retail banking operations after a failed attempt to sell the business, the Donga Ilbo newspaper reported on Thursday. Korea Development Bank said in July it dropped talks to acquire HSBC’s South Korean retail banking operations after the banks failed to reach an agreement on employment conditions.

First Chinese IPO since April rises 10% in debut
CNN Money
YY, the first Chinese company to brave the U.S. initial public offering market since April, was expected to meet a wary investor base Wednesday. Yet YY’s stock managed to rise 10% in its debut on Nasdaq.

Chinese investors shun Shanghai equities
Josh Noble in Hong Kong –
China’s benchmark equity index seems impervious to good news. Despite a brightening domestic economy, a successful transfer of power in Beijing and efforts by regulators to boost participation, the Shanghai Composite has tumbled. On Tuesday, it closed below 2,000 points for the first time since January 2009.

Zhengzhou Commodity Exchange Will Launch Glass Futures

HKFE Announces Revised Margins For Futures Contracts

Frontier Markets

DGCX caps seventh anniversary with new volumes milestones
Dubai Gold and Commodities Exchange (DGCX) capped its seventh anniversary this month with a series of volumes milestones that reinforced its rising international profile.
The Exchange’s total volumes since inception touched 18.6 million, valued in excess of $803bn. 2012 volumes reached 8.5 million, already the highest annual volumes it has achieved since launch in 2005.

Updated List Of Shariah-Compliant Securities By Securities Commission Malaysia ‘s Shariah Advisory Council
The Securities Commission Malaysia (SC) today released an updated list of Shariah-compliant securities approved by its Shariah Advisory Council (SAC).

Head Of Palestine Chapter Of The Middle East Investor Relations Society Joins Regional Representatives For The First Country Chapter Meeting To Discuss Cooperation And Investor Relations Development In The Middle East

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