John Lothian Newsletter: Foreign regulators warn on derivatives reform; Exchanges, Trading Firms Face Continuation of Dodd-Frank With Obama Win; The runners and riders to replace Geithner

Nov 8, 2012

Regulators outside the US met face to face with CFTC commissioners in an attempt to explain the consequences of the CFTC attempting to dictate regulatory policy to other countries. In the US election’s aftermath, exchanges and other financial companies see fading chances of a Congressional regulatory turnaround on Dodd-Frank. And as the current administration’s first half comes to a close, names go up on the whiteboard for candidates to fill the position of US Treasury Secretary to succeed Tim Geithner.

First Read

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CFTC facing struggle to revive commodity position limits
Peter Madigan – Risk magazine
US federal commodity position limits were defeated in court in September, but the Commodity Futures Trading Commission has not thrown in the towel. In a two-pronged attack, the agency is expected to appeal against the ruling and is also thought to be working on a new version of its regulation – but it faces some big obstacles.
jlne.ws/VUUIkt

**** CFTC should be restricted to just one position on this matter.

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Views from the top: What will drive the growth of securities in Asia?
Financial News
As investors increasingly turn towards Asia, Financial News asks senior executives what they see as the single biggest driver for growth of the region’s securities industry.
jlne.ws/VUUGct

**** What can we learn?

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Futures trading on CBOE volatility index briefly halted
Reuters
Trading of all futures products on the CBOE Futures Exchange, including contracts for the CBOE Volatility index, was briefly halted on Wednesday due to technical problems, according to exchange operator CBOE Holdings Inc.
jlne.ws/VUUGcv

**** When volatility stops we are all dead.

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NFA Improves Transparency for Futures Customers: Public online access to FCM financial information begins today
To increase the amount of information available to futures customers, the National Futures Association (NFA) is launching a new service to assist them in their due diligence review of Futures Commission Merchants (FCM). Beginning today, individuals can view certain financial information of any FCM via an easy-to-read display that appears on each FCM’s Background Affiliation Status Information Center (BASIC) system page on NFA’s website.
jlne.ws/VUUIkC

***** One small step for the NFA, one giant leap for customer protections.

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New Daily Record In The Eurex KOSPI Product On 7 November 2012 – More Than 352,000 Contracts Traded On A Single Day
The Eurex KOSPI Product traded 352,562 contracts on 7 November 2012 – a new daily record since the June 2012 introduction of the 500,000 KRW contract multiplier. The trading value of this daily record equals 121 billion Korean Won.
jlne.ws/VUUIAQ

**** I always loved the Bill Kospi show.

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Pensions need some ‘regulatory relief’
Mark Cobley – Financial News
Insurers and pension funds in Europe are being held back from shifting their portfolios into higher-risk, higher-return investments by a gathering wave of post-crisis regulation, according to a report from consultants Greenwich Associates. Separately, another survey found that UK pension funds are continuing to reduce equity allocations.
jlne.ws/VUUGsO

**** Take 2 aspirin and call your lobbyist in the morning.

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Going vertical: Dealers mimic futures exchanges
Duncan Wood – Risk magazine
If a clearing business is part of an institution that also makes markets in over-the-counter derivatives, there are lots of things it cannot do. The US Commodity Futures Trading Commission (CFTC) summed them up in its final rules on internal business conduct earlier this year.
jlne.ws/VUUIAT

**** They used to do more that just that.

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Haldane calls for common bank infrastructure
Brooke Masters, Chief Regulation Correspondent – FT.com
Banks and policy makers should combine forces to create a common technology platform for retail banking that would function as a “public utility” and spur greater competition in the sector, according to Andrew Haldane, a Bank of England official.
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**** Utility equals greater competition? Where did this guy come from, the equity options business?

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Former Getco duo emerge at rival HFT
Tim Cave – Financial News
Tibra Capital has appointed two former executives at Getco Europe, with one described as a “game-changing” hire for the Australian high-frequency trading firm looking to improve its fortunes in Europe.
jlne.ws/VUUGJe

***** Did they hire Sarah Palin?

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FN Rising Star joins PwC
Tom Osborn – Financial News
A senior regulatory affairs director at the Futures and Options Association, Europe’s largest trade body for the listed derivatives markets, has left to join consultancy PwC, Financial News has learned.
jlne.ws/VUUIB3

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No respite for Man’s AHL
Harriet Agnew – Financial News
AHL, the struggling computer-driven hedge fund that is one of the main profit drivers of Man Group, is unlikely to attract significant inflows any time soon, according to a research note from RBC Capital Markets.
jlne.ws/VUUGJi

**** One Man’s burden.

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City careers lose their glitter
Daniel Schäfer and Jennifer Thompson – FT.com
A sharp drop in jobs in the financial services sector has prompted both graduates and investment bankers to re-engineer their careers. With the Centre for Economics and Business Research forecasting that more than 30,000 such jobs will go in the City of London this year, university graduates are starting to lose interest in what used to be seen as a glitzy path to riches.
jlne.ws/VUUGJm

**** I love a good end of the City story.

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MarketsWiki.tv


Harrell Smith

Harrell Smith of Portware on FX Market Structure
MarketsWiki.tv

Harrell Smith is the head of product strategy for Portware, a software company specializing in trade execution systems for equities, futures, options and foreign exchange markets. He spoke with John Lothian News Editor-at-Large Doug Ashburn about several critical topics affecting FX, including the regulatory landscape, algorithmic and high-frequency trading, and transaction cost analysis.

Watch the video »

JLN Options

Demand for Options to Hedge Against Treasury-Yield Drop Surges
Liz Capo McCormick, Bloomberg
Demand for options that profit if Treasury yields fall this week has surged as traders speculate that the outcome of the Presidential and Congressional elections will give U.S. government bonds a boost.
jlne.ws/Uk9FB3

CBOE Wins Illinois Court Ruling Barring ISE Max SPY Index
Andrew Harris, Bloomberg
CBOE Holdings Inc. (CBOE) won an Illinois judge’s decision preventing International Securities Exchange LLC from offering new options trading based on the McGraw-Hill Cos. (MHP) S&P 500 Index.
jlne.ws/SOCwsH

Stock options gain traction on NSE (India)
Palak Shah & Sameer Mulgaonkar, Business Standard
The National Stock Exchange (NSE) has become a hot spot for options traders. In the equity derivatives segment, the market share of the futures segment has gone down, while that of options is gaining.
jlne.ws/SOEzwW

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MarketsWiki Page of the Day
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jlne.ws/Ux0XKg

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Companies, Organizations and Groups

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Miscellaneous

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30,475,072 pages viewed, 7,211 articles, 149,679 edits
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Lead Stories

Foreign regulators warn on derivatives reform
Shahien Nasiripour in Washington – FT.com
Financial regulators from around the world have rounded on the main US swaps regulator over its attempts to extend new rules on derivatives overseas, warning of destabilising effects on the global financial system.
jlne.ws/VUUGJo

Exchanges, Trading Firms Face Continuation of Dodd-Frank With Obama Win
Jacob Bunge – Dow Jones
For financial exchanges and trading firms, President Barack Obama‘s reelection likely ensures they will have to continue the complex and sometimes painful process of complying with Dodd-Frank.
jlne.ws/VUUGJp

The runners and riders to replace Geithner
Shanny Basar in New York – Financial News
Curtis Arledge, the vice-chairman of BNY Mellon and chief executive of BNY Mellon Investment Management, has said the most important economic message President Obama can send following his re-election is through his choice of a new Treasury Secretary.
jlne.ws/VUUIRp

BNP Paribas CEO says systemic crisis giving way to economic slowdown
Dow Jones Newswires
Recent steps by European policymakers have helped restore investor confidence but the financial crisis in the eurozone has given way to an economic slowdown, the chief executive of France’s largest publicly listed bank, BNP Paribas, said yesterday.
jlne.ws/VUUIRs

Greek government defies protests to approve more austerity
Reuters
Greece’s government voted by a razor thin margin on Thursday to approve an austerity package needed to unlock vital aid and avert bankruptcy, despite an internal rift and violent protests at the gates of parliament.
jlne.ws/VUUIRu

Debt sale completes Spain’s 2012 funding target
Miles Johnson in Madrid – FT.com
Spain has completed its funding target for this year by selling E4.76bn of debt in an auction enjoying robust investor demand in spite of uncertainty over whether Madrid will apply for European aid to bring down its borrowing costs.
jlne.ws/VUUGJu

Regulatory

Senate Lawmakers to Take Up Basel III Capital Rules
Andrew Ackerman and Alan Zibel – WSJ
Amid the slew of big-ticket items lawmakers are likely to address during the lame-duck session of Congress, add new bank-capital standards developed in response to the financial crisis.
jlne.ws/VUUGJw

National Futures Association: Integration of Swap Dealers and Major Swap Participants into NFA’s Membership and Governance Structure – Proposed Amendments to Articles of Incorporation
To increase the amount of information available to futures customers, the National Futures Association (NFA) is launching a new service to assist them in their due diligence review of Futures Commission Merchants (FCM). Beginning today, individuals can view certain financial information of any FCM via an easy-to-read display that appears on each FCM’s Background Affiliation Status Information Center (BASIC) system page on NFA’s website.
jlne.ws/VUUGZK

SEC Announces Agenda and Panelists for Small Business Forum
The Securities and Exchange Commission today announced the agenda and panelists for next week’s Government-Business Forum on Small Business Capital Formation.
jlne.ws/VUUGZP

Opening Remarks Before Global Markets Advisory Committee Meeting – CFTC Commissioner Jill E. Sommers
jlne.ws/VUUGZS

The Challenges In Assessing Capital Requirements For Banks – Speech By Andrew Bailey, Managing Director, Prudential Business Unit, Financial Services Authoriy, At The Bank Of America Merrill Lynch Conference, London
jlne.ws/VUUJ80

ISDA And AFME Response To The EC Re. Compromise Draft On Capital Requirements For Bank Exposures To Central Counterparties
jlne.ws/VUUJ85

ASIC releases guidance on insolvency reforms: Winding up of abandoned companies and assetless administration fund
jlne.ws/VUUGZX

Exchanges & Trading Facilities

CME Group Inc. Declares Quarterly Dividend
CME Group, the world’s leading and most diverse derivatives marketplace, today declared a fourth-quarter dividend of $0.45 per share, payable December 26, 2012, to shareholders of record December 10, 2012. The amount of the dividend per share reflects the company’s five-for-one split of its common stock, effective July 20.
jlne.ws/VUUJ88

NZX Announces New Head Of Cash Markets
NZX is pleased to announce the appointment of Amelia Wong as Head of Cash Markets effective December 10th 2012.
jlne.ws/VUUH02

ASX Finalises Enhanced Disclosure Rules For Mining And Oil And Gas Companies
jlne.ws/VUUHgg

BM&FBOVESPA Announces October Market Performance
jlne.ws/VUUHgj

Institutional Investors Accounted For Largest Share Of ETF Trading On BM&FBOVESPA In October
jlne.ws/VUUJoq

Ljubljana Stock Exchange Monthly Statistical Report – October 2012
jlne.ws/VUUJov

TOM Insight October 2012
jlne.ws/VUUJoA

NASDAQ OMX Welcomes Endomines To The Main Market
jlne.ws/VUUHgp

Hedge Funds & Managed Futures

Most U.S. hedge funds lost ground in October
Reuters via Yahoo! Finance
Hedge funds fell 0.5 percent on average in October, the industry’s first loss in five months, hedge fund tracking data published on Wednesday showed. Funds lost money last month as the S&P 500 sank 2 percent.
jlne.ws/VUUJoE

Investors Pull Money From Funds Broadly
NATHALIE TADENA – WSJ.com
Investors pulled $488 million from long-term mutual funds in the latest week as equity-fund levels continued to weaken and as hybrid funds recorded a slight decline, according to the Investment Company Institute.
jlne.ws/VUUHgs

The New Haven for Investors
PATRICK MCGEE and KATY BURNE – Dow Jones
Treasurys have a new rival for safe-haven status: U.S. companies. Bonds of Exxon Mobil XOM -3.14% and Johnson & Johnson JNJ -0.94% are trading with yields below those of comparable Treasurys, a sign that investors perceive them as a safer bet. It is a rare phenomenon that some market observers said could be the beginning of a new era for debt markets. It could ultimately mean some companies will borrow at lower rates than the U.S. government.
jlne.ws/VUUJoG

Barclays Woos Investors With CoCo Bond That May Open Market
Margot Patrick – Dow Jones
Barclays PLC (BCS) is courting investors this week with a controversial new type of bond that pays high coupons but also can become entirely worthless. The bank’s finance director, Chris Lucas, held one-on-one meetings with top London bond investors Wednesday, while two other teams spread across the U.S. and Asia, as part of a global charm offensive to sell Barclays’ first “contingent capital” bond, better known in the market as CoCos.
jlne.ws/VUUJoH

The Carlyle Group Raises $1.1 Billion for Middle Market Buyouts in North America
Business Wire via Yahoo! Finance
Global alternative asset manager The Carlyle Group today announced that it has raised $1.1 billion for U.S. middle market buyout investments. Carlyle Equity Opportunity Fund targets control investments in middle market companies requiring equity capital of $25 million to $150 million per transaction.
jlne.ws/VUUHgz

Ex-Hermes activist team relaunch with new fund
Mark Cobley – Financial News
RWC Partners, the boutique manager that acquired Hermes’ “Focus Funds” team of activist managers in September, has launched a new vehicle for them aimed at tapping interest from the US institutional market.
jlne.ws/VUUHwN

Banks & Brokers

ICAP announces average daily electronic broking volumes of US$674 bn for October 2012
ICAP (IAP.L), the world’s leading interdealer broker and provider of post trade risk and information services, announces today that average daily volumes for October 2012 were 6% lower than in September 2012 and 17% lower than October 2011.
jlne.ws/VUUJEX

Instinet Adds NPD DisplaySearch to Independent Research Platform
Instinet Incorporated, an independent, global agency-only broker* that will serve as the equity trading arm of the Nomura Group, today announced it has added DisplaySearch Investment Research to the Instinet Access platform, providing access to the NPD DisplaySearch syndicated research portfolio and global analyst team.
jlne.ws/VUUJF3

Wells Fargo Named Best Corporate/Institutional Internet Bank In North America by Global Finance Magazine
Business Wire via Yahoo! Finance
Wells Fargo & Company today was named Best Corporate/Institutional Internet Bank in North America for the second year in a row by Global Finance magazine.
jlne.ws/VUUHwT

Citigroup Sued by Sealink Over Mortgage-Backed Securities
Bloomberg
Citigroup Inc., the third-biggest U.S. bank by assets, was sued by Sealink Funding Ltd. for damages tied to an investment in $513 million worth of residential mortgage-backed securities.
jlne.ws/VUUJF8

UBS Denies It Helped Germans to Evade Tax
Dow Jones
UBS AG Thursday denied claims it had helped thousands of German customers evade tax by transferring money out of the country to Switzerland.
jlne.ws/VUUJFb

UBS Denies Blocking Employees From Testifying for Adoboli
Bloomberg
UBS AG ’s top employment lawyer in Europe denied claims by former trader Kweku Adoboli that bank workers are barred from testifying in his defense at a trial over a $2.3 billion trading loss.
jlne.ws/VUUJFc

UBS takes back some traders on leave amid overhaul: sources
Reuters via Yahoo! News
LONDON – UBS AG has brought back several employees who were put on leave when it unveiled a drastic pullback from fixed income last week, and more could follow, sources familiar with the situation said.
jlne.ws/VUUJVt

Societe Generale Profit Plunged in Third Quarter
DAVID JOLLY – NYTimes.com
Société Générale, the big French bank, said on Thursday that its third-quarter profit plunged as it booked large one-time charges.
jlne.ws/VUUHwW

Commerzbank warns of rising loan losses
James Wilson in Frankfurt – FT.com
Commerzbank scaled back ambitions for its struggling retail bank and ruled out paying a dividend until at least 2014 as Germany’s second largest bank by assets continues to restructure following the financial crisis.
jlne.ws/VUUJVB

Morgan Stanley Connects To ASX Centre Point Block
jlne.ws/VUUJVD

HSBC eyes sale of U.S. loans to speed reshaping
Reuters via Yahoo! News
LONDON – HSBC is nearing the sale of more than $6 billion of U.S. mortgages and other personal lending as part of its accelerated run-down of its troubled U.S. loans book. HSBC this week said in its quarterly results it had moved $3.7 billion of unsecured personal loans in the United States to its “assets held for sale.
jlne.ws/VUUHx4

HSBC Liable for Ignoring Madoff-Linked Loss: Investors
Bloomberg
HSBC Holdings Plc failed to keep millions in clients’ assets invested with Bernard Madoff safe “under lock and key,” investors in an Irish fund said.
jlne.ws/VUUHx5

Clearing & Settlement

Orc expands connectivity to ABN AMRO Clearing for US equity and derivatives markets
Orc, a leading provider of technology and services for the global financial industry, announced today that it has enhanced its connectivity offering by providing access to the US execution services of ABN AMRO Clearing (AAC). Connecting to AAC’s infrastructure will provide traders with high-performance access to the US equity and derivatives markets.
jlne.ws/VUUKc2

Omgeo names Jeff Kiley director of industry relations for the Americas
Omgeo, the global standard for post-trade efficiency, today announced that Jeff Kiley has been named its new director of industry relations for the Americas.
jlne.ws/VUUHNj

Segregation clash could stop European firms using US CCPs
Joe Rennison – Risk magazine
Buy-side firms in France, Germany and other European Union (EU) countries may not be able to use central counterparties (CCPs) in the US because of a clash between the two jurisdictions’ segregation regimes. It is a particular problem for credit markets. Currently, only CME Group and Ice Clear Credit offer client clearing for credit default swaps – and both are in the US.
jlne.ws/RFhyOI

Banks look for tech solution to collateral crunch
Clive Davidson – Risk magazine
With the frequency and volume of collateral calls set to increase dramatically, banks and buy-side firms alike are investing in new systems to help them manage their stock of assets in an efficient way
jlne.ws/VUUKc5

DTCC Processed Nearly $19 Trillion In Securities Transactions The Week Of October 29
jlne.ws/VUUKc8

CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (GX) Effective Thursday, November 8, 2012
jlne.ws/VUUHNs

Indexes & Products

The World’s Most Misleading ETF Names
IndexUniverse.com via Yahoo! Finance
As an ETF analyst diving regularly into prospectuses to figure out how a fund truly works, I’m frankly surprised by how often what I expect to find is not what’s actually there. Some of the ETF names I see have little to do with what the funds actually hold or how they are structured.
jlne.ws/VUUKcf

Dow Jones Islamic Market Titans 100 Index Finished Down 2.27% in October
Index Measures Performance Of 100 Of World’s Leading Shariah-Compliant Stocks – Dow Jones Islamic Market U.S. Titans 50 Index, Dow Jones Islamic Market Asia/Pacific Titans 25 Index End October In Negative Territory – Dow Jones Islamic Market Europe Titans 25 Index Increase 0.38%
jlne.ws/VUUKss

MSCI November Index Review Announcement Scheduled for November 14, 2012
Business Wire via Yahoo! Finance
MSCI Inc. , a leading provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services, will announce the results of the November 2012 Semi-Annual Index Review for the MSCI Equity Indices – including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indices
jlne.ws/VUUKsu

Technology

Views from the top: Can IT reduce the regulatory burden?
Financial News
As regulators across the world attempt to prevent another financial meltdown, Financial News asks senior executives for their views on the role of technology in alleviating the effects of cross-border regulation.
jlne.ws/VUUHNw

International Asset Manager Selects SunGard’s SGN Global Fund Trading Solution
PRWeb via Yahoo! News
SunGard has announced that GAM, an independent, active investment management firm with USD 48.0 billion in assets under management, has chosen the SunGard Global Network global fund trading solution to help broaden and streamline the distribution of its mutual fund products.s
jlne.ws/VUUKsB

Puppet Labs Announces Deployment at International Securities Exchange
Marketwire via Yahoo! Finance
Puppet Labs, the leading provider of IT automation software for system administrators, today announced that the International Securities Exchange (ISE), a leading US options exchange, has completed the initial phase of its deployment of the Puppet Enterprise solution.
jlne.ws/VUUHNA

CITIC Bank International chooses SuperDerivatives to enhance risk transparency
SuperDerivatives, the global leader for cloud-based real time market data, derivatives technology and valuation services for the financial and commodity markets, today announced that it has been selected by CITIC Bank International’s (CBI) risk management division.
jlne.ws/VUUKsD

Thomson Reuters Boosts Data for German Financial Markets with Next Generation Elektron Feed in Frankfurt
Thomson Reuters has expanded its next-generation consolidated feed, Elektron Real Time, to Frankfurt to provide regional market participants with full tick depth-of-market data from multiple venues around the world. The development is the next step in the Company’s plans to roll the new high-performance feed out globally, following deployment in London, New York, Chicago and Tokyo.
jlne.ws/VUUI3P

Sidera Unveils its New Branding
New Logo, Messaging, and Website Reflect the Company’s Focus on High-Performance Networking for Large Enterprise,Carrier, and Data Center Customers
jlne.ws/VUUI3R

Enforcement

Adoboli jury awaits closing statements
Vivek Ahuja – Financial News
Prosecutors are set to begin closing their case in the trial of Kweku Adoboli after the former UBS trader stepped down from the witness stand.
jlne.ws/VUUKsJ

Environmental & Energy

Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says
Bloomberg
Barack Obama may consider introducing a tax on carbon emissions to help cut the U.S. budget deficit after winning a second term as president, according to HSBC Holdings Plc.
jlne.ws/Z3rVO8

Japan Takes Different Tack on Climate-Change Efforts
The Wall Street Journal
Japan is sidestepping multilateral efforts to limit greenhouse-gas emissions, working with Indonesia and other Asian countries on a bilateral basis to tackle climate change.
jlne.ws/VG03R9

Reid on climate change: ‘I hope we can address it’
The Hill’s E2 Wire
Senate Majority Leader Harry Reid (D-Nev.) said Wednesday that he hopes the Senate will act to address climate change. But he didn’t say how.
jlne.ws/PYKnY5

Asia-Pacific

Hu Jintao dashes hope for political reform
Leslie Hook and Jamil Anderlini in Beijing – FT.com
With just one week left as leader of the Communist Party of China, President Hu Jintao outlined a highly conservative vision for the future of the world’s most populous nation on Thursday, insisting there must be no change to state dominance of the economy or to one-party rule.
jlne.ws/VUUKIZ

Japan burns bright as IPO hotbed
Ben McLannahan in Tokyo – FT.com
Japan has become a hotbed for initial public offerings as long-suffering retail investors try to seek out the next SoftBank or Gree.
jlne.ws/VUUI3Y

Hong Kong Investors Look To Malaysia To Tap Into ASEAN’s Growth
Bursa Malaysia, the world’s 3rd largest IPO venue this year, together with OSK Investment Bank, today presented the Invest Malaysia capital market roadshow themed Capitalise on ASEAN’s Multinational Marketplace to Hong Kong fund managers
jlne.ws/VUUKJ2

Tokyo Stock Exchange Monthly Short Selling Value
jlne.ws/VUUKJ5

Hong Kong’s Securities And Futures Commission: New Regulators’ Forum Seeks To Enhance Proficient Takeover Regulation
jlne.ws/VUUI42

Shanghai Stock Exchange Organizes Experts To Talk about China’s Capital Market
jlne.ws/VUUKJ6

Frontier Markets

Tighter fiscal policy brings upgrade for Nigeria
Reuters via Yahoo! News
ABUJA – Standard & Poor’s upgraded Nigeria’s credit rating on Wednesday because of improved financial stability and optimism over reforms to the banking and electricity sectors. Nigeria is among the world’s top 10 crude oil exporters and a key supplier to the United States, China and India.
jlne.ws/VUUKJa

Analysis: Foreign insurers enter Myanmar market with hope, caution
Reuters via Yahoo! News
HONG KONG – The world’s top insurance firms are setting their sights on Myanmar, steeling themselves for a fight with corruption and ghosts from the nation’s political past.
jlne.ws/VUUKZu

IFC, Malaysian Central Bank Help Strengthen Credit-Risk Management to Boost Access to Finance
IFC, a member of the World Bank Group, and Malaysia’s central bank are working together to help strengthen credit-reporting techniques and risk management in ways that are expected to expand access to finance for small entrepreneurs in emerging markets.
jlne.ws/VUUKJe

Johannesburg Stock Exchange Announced Winners Of 11th Annual Spire Awards
The results of the 11th annual Spire Awards, recognising excellence in South Africa’s fixed income market, were announced at a gala dinner last night. Absa Capital received top honours as the overall best fixed income and currency house and the best bond house while Rand Merchant Bank took the overall best research house and best interest rate and currency derivatives house.
jlne.ws/VUUKZC

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