John Lothian Newsletter: CME Group sues to freeze CFTC swap reporting rules; Trade bodies warn on clearing capital burden; Pressure Rises on Fiscal Crisis

Nov 9, 2012

CME Group goes to court, asking for help in preventing the CFTC from enforcing its new swap reporting regulations. Two broker trade groups in Europe are warning that new capital requirement rules may wreck the clearing industry in that region. Pressure mounts on the US adminstration and legislature from all sides to stop kicking cans and hiding in basements, and take steps to shrink or avoid the upcoming fiscal cliff.

First Read

Analysis: Regulation remains uncertain…….still
If last week’s FIA Expo 2012 served to illustrate one thing it was both how important, and still uncertain, the impending wave of regulation set to hit the industry is. A telling moment came on one panel when John Lothian, president and CEO of John Lothian & Company, asked the panelists what career advice they would give to someone starting out in the industry today and the unanimous response was that they should have a compliance or a risk background, given that these areas were where the panelist’s firms were most focused on.

**** I am sending all my children to law school whether they like it or not.


NYSE picks Citi risk chief for clearing project
Michelle Price – Financial News
NYSE Euronext has appointed a new chief risk officer to its London-based clearing business, as the exchange pushes ahead with plans to launch a full-service derivatives clearing house by June next year.

**** NYSE has the greatest collection of first names for executives around.


ED&F Man Capital Markets Approved as Full Clearing Member of CME
Business Wire via Yahoo! Finance
ED&F Man Capital Markets, the global financial brokerage business, is pleased to announce that it has today been approved as a full clearing member of the CME Group, operator of the Chicago Mercantile Exchange; under the approval, ED&F Man Capital Markets becomes a member of the CME, CBOT, NYMEX and COMEX.

**** They must think the Man name has value in these parts. Amusing.


Be prepared for US political cliff dancing
Gillian Tett –
A decade ago, economists sometimes like to say, the west was experiencing an era of “Great Moderation”; at least, in the sense that inflation was tame, central bankers looked wise and economic growth assured. Then, when the financial crisis erupted, moderation was replaced by an Age of Turbulence (to use the ironically apt title of Alan Greenspan’s memoir).

**** Big deal, there are people who lived for many eons on cliffs. Just watch the first step.


FSA slams asset managers for putting themselves first
William Hutchings – Financial News
The Financial Services Authority has found that the UK mainstream and hedge fund management industry is generally failing to put its clients’ interests ahead of its own, despite managers’ repeated claims that “clients come first”.

**** Headline writer must be a wrestling fan.


Time to stop digging
Mike Foster – Financial News
When you’re in a hole, it makes sense to stop digging. Or that’s what the Bank of England seems to think.

**** The theory of holes is a deep subject.


Whistleblower to Get Big Payment in Bank of New York-Virginia Deal
Bank of New York Mellon Corp. has reached an agreement with the state of Virginia to resolve accusations the bank charged hidden markups on currency transactions to Virginia’s employee pension fund, in a deal that will also involve a $1.1 million payment to a whistleblower group, according to a person familiar with the negotiations.

**** The law at work.


Sheila Bair For Treasury Secretary
Tim Geithner seems to be on his way out as U.S. Treasury Secretary. While he played an instrumental role in keeping the global financial system afloat, he unfortunately protected the banks that had the biggest role in the 2008 meltdown.

**** I propose Gary Gensler for Treasury Secretary.


Barclays Dismisses Asia FX Banker After Outburst
Wall Street Journal Blogs
Barclays has dismissed a senior Singapore-based banker after a video surfaced on the Internet showing him in an expletive-laced tirade at a construction site adjacent to his home.

**** Anyone can have a bad %^&*()_+ day.


Bart Chilton: Financial Regulator, Poet
Writing rules for Wall Street doesn’t afford much opportunity for artistic license. Unless, that is, you’re Bart Chilton. Mr. Chilton, a Democratic member of the Commodity Futures Trading Commission, is prone to waxing poetic on arcane financial matters. But the muse was speaking to him on Thursday, when he fired up two rounds of verbal fireworks in describing the process of putting the Dodd-Frank financial overhaul into effect.

**** I wonder if he writes music to go with the poems too. That would be too cool.


McGladrey year-end tax planning considerations for individuals and family business
On November 15, McGladrey will offer a complimentary webcast to discuss the current tax environment and the resulting planning issues individuals and family businesses may need to address by year end.

Topics will include:
* Critical income tax planning considerations, including those stemming from tax relief provisions scheduled to expire Dec. 31, 2012
* Specific estate and gift tax planning steps addressing potential unpleasant surprises in 2013 and beyond
* Tax and investment strategies to address the new 3.8 percent Medicare tax on portfolio income
* Unique planning challenges facing closely held business owners in 2012

To register, go to


TAC Recap: Summary of the CFTC Technology Advisory Committee’s October 30 Meeting
Zachary Ziliak, senior associate at Mayer Brown and former “quant,” spent October 30 listening to updates from the four subcommittees of the CFTC Technology Advisory Committee. Zach summarized the 8-hour meeting into a five minute commentary.


Harrell Smith

Harrell Smith of Portware on FX Market Structure

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 Interest Rates

New faces likely for key U.S. economic posts, starting at Treasury
LA Times
WASHINGTON — President Obama’s second term is likely to have some different faces in key economic positions, starting with a new Treasury secretary to replace departing Timothy F. Geithner. Securities and Exchange Commission Chairwoman Mary Schapiro also reportedly is considering stepping down, a year before her five-year term ends in early 2014. And Federal Reserve Chairman Ben S. Bernanke might not want to re-up for another four-year term as head of the central bank.

Boehner opens door to ‘new revenue’ to curb debt
Washington Post
Quickly pivoting the political conversation from President Obama’s reelection to Washington’s looming budget battles, House Speaker John A. Boehner on Wednesday offered a potential path to compromise, saying Republicans are “willing to accept new revenue” to tame the soaring national debt and avert an ugly battle over the approaching “fiscal cliff.”

Focus Shifts to ‘Fiscal Cliff’
The day after a hard-fought election that left Barack Obama in the White House and control of Congress divided between the two parties, the nation’s political leaders promised to try to avoid year-end spending cuts and tax increases that threaten to push the U.S. back into recession.


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Lead Stories

CME Group sues to freeze CFTC swap reporting rules
Exchange operator CME Group asked a U.S. court on Thursday to prevent the chief U.S. derivatives regulator from enforcing swap reporting rules passed after the 2008 financial crisis. Thursday’s lawsuit, filed in federal court in Washington D.C., is the third industry challenge to the Commodity Futures Trading Commission (CFTC) in its history.

Trade bodies warn on clearing capital burden
Michelle Price – Financial News
New European capital requirements threaten to undermine the competitiveness of the European clearing market, two broker-dealer associations have warned, in a further example of growing anxiety over regulatory divergence.

Pressure Rises on Fiscal Crisis
The White House and Republican lawmakers faced pressure to reach a solution to the looming budget crisis after a nonpartisan agency detailed Thursday how inaction would push the U.S. economy back into recession next year, and skittish investors continued to drive stocks lower.

HSBC probes alleged client data leak
Hannah Kuchler, Patrick Jenkins and Vanessa Houlder –
HSBC was scrambling on Friday to investigate the alleged leak of data relating to 4,000 clients of its Jersey operation, after claims that some of the bank’s offshore accounts were being used by serious criminals.

Libor rates cull proposed
Brooke Masters, Chief Regulation Correspondent –
Libor will be gradually pruned back from 150 daily fixings to 30 by April of next year under proposals unveiled by the British Bankers’ Association on Thursday. The London Interbank Offered Rate is currently set daily for 15 different time periods and 10 different currencies, but a government-led review recommended broad changes in September to help restore confidence after a rate-fixing scandal.

Central Bank Says Athens Aid Up to Euro Zone
European Central Bank President Mario Draghi dismissed calls for the central bank to help Greece reduce its crushing debt burden, putting the onus on euro-zone governments to find the money needed to give Athens more time.

Euro Zone Faces Brinkmanship on Greece
Peter Spiegel in Brussels – Financial Times
Euro zone leaders face a new round of brinkmanship over Greece’s E174bn bailout after international lenders failed to bridge differences on how to reduce Athens’ burgeoning debt levels, pushing the country perilously close to defaulting on a E5bn debt payment due next week.

A E5bn Greek bond imminently falling due? Did we mention we have deckchairs by this abyss?
David Keohane | FT Alphaville
So, we’re going to the wire once again in the now traditional dance between Greece and the troika.


SEC unlikely to adopt money fund rules proposed by industry
The Wall Street Journal
A bid by money funds to head off substantial new regulations to safeguard funds during times of financial stress is receiving a chilly reception from federal regulators.

Exclusive: SEC left computers vulnerable to cyber attacks – sources
Reuters via Yahoo! News
WASHINGTON – Staffers at the U.S. Securities and Exchange Commission failed to encrypt some of their computers containing highly sensitive information from stock exchanges, leaving the data vulnerable to cyber attacks, according to people familiar with the matter.

CFTC presents new proposed Dodd Frank swaps guidance, says not looking for identical foreign rules in substitute compliance
Automated Trader
An official for the Commodity Futures Trading Commission (CFTC) presented new proposals on guidance for Dodd-Frank measures governing swaps trading, saying the CFTC took on board comments from market participants and that it was not proposing that substitute compliance be applied on a rule-by-rule basis.

Bloomberg Gathers Market Leaders for FX12 New York Summit
Business Wire via Yahoo! Finance
One week after the U.S. elections, foreign exchange industry and government leaders will convene at Bloomberg’s FX12 Summit to examine how politics and regulation will shape the global financial markets.

‘No More Excuses’ from Banks or Regulators: Analyst
Regulators need to write new financial services rules and banks need to get back to banking, CLSA analyst Mike Mayo told CNBC’s “Squawk on the Street” on Thursday.

“Boarding All Rows” – Speech Of CFTC Commissioner Bart Chilton Before The 5th Annual Risk Management In Energy Trading Conference, Houston, Texas

“Red Zone” – Statement Of CFTC Commissioner Bart Chilton On Dodd-Frank Implementation Progress

ESMA Seeks Senior Officers For Post-Trading And Corporate Reporting

Isda launches OL Plus
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of its Online Library’s new functionality, OL Plus.

[ASIC] Corporate insolvencies: September quarter 2012

Canadian Securities Regulators seek comment on the regulation of Market Data Fees [CSA]

Media Invited: Experts in Vancouver to discuss crowdfunding and best interest standard

U.S. Financial Stability Oversight Council (FSOC) To Meet November 13

Swedish Financial Supervisory Authority, Finansinspektionen: Risks In The Financial System 2012

Exchanges & Trading Facilities

Johannesburg Stock Exchange Celebrates 125 Years
Today, the Johannesburg Stock Exchange (JSE) celebrates 125 years of trading since it first opened its doors on 8 November 1887, a year after the gold rush in the Witwatersrand.

NYSE Euronext announces its 2013 holiday calendar and early closing dates for its European markets

Program Trading Averaged 33.0 Percent of NYSE Volume during Oct. 30-Nov. 2

Hedge Funds & Managed Futures

Argentina, holdouts, and finding a formula
Joseph Cotterill | FT Alphaville
As the Financial Times put it, “[s]ince last week’s US Appeals Court ruling went against Argentina, there’s been a lot of comment about how the country could try changing the trustee or payments structure of the bonds which came out of its 2005-2010 restructuring.” (Attachment G.) It is clear that Argentina now is in the process of trying to render the Equal Treatment Orders ineffective and will employ and exploit any delay tactics necessary to evade this Court…

Even as U.S. hedge fund returns lag stock market, pay rises
Reuters via Yahoo! Finance
U.S. hedge fund compensation has risen in 2012 even as the industry has failed to keep pace with a rising stock market, according to data published on Thursday.

Rothschild venture firm makes speedy exit
Jennifer Bollen – Financial News
A venture firm run by the Rothschild family has secured one of its fastest exits to date and stands to make a 10-times return on its investment, defying a quiet European environment for venture deals.

Blackstone Leads Hedge Funds Attracting Bond-Rally Bears
Hedge funds that seek to profit from credit markets without wagering on the direction of prices are attracting the most new money in five years as skepticism mounts about whether a four-year rally in bonds can continue.

Dobson cautious despite Schroders inflows
Sarah Krouse – Financial News
Schroders attracted £2.6bn in net inflows from clients in the third quarter but warned that flows for the rest of 2013 were likely to be less robust.

Woori readies $200 mln seed capital as Asia hedge funds seek backers
Reuters via Yahoo! Finance
Singapore-based Woori Absolute Partners is raising a $200 million seeding fund with French joint venture partner NewAlpha to invest in capital-starved Asian hedge funds looking for backers.

International Asset Manager Selects SunGard’s SGN Global Fund Trading Solution
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 (SGN) global fund trading solution to help broaden and streamline the distribution of its mutual fund products.

Carlyle Has $203.6 Million Profit as Holdings Increase
Carlyle Group LP , the private-equity firm that went public in May, posted a third-quarter profit as the value of its holdings rose.

ISDA To Publish Auction Terms For YELL Limited

Evercore Chief Financial Officer, Robert B. Walsh, to Present at the Bank of America Merrill Lynch 2012 Banking and Financial Services Conference on November 14, 2012

Banks & Brokers

Liquidnet Recognized Again as Best Trading Venue for Institutional Investors
Business Wire via Yahoo! Finance
Liquidnet, the global institutional trading network, has been named “Best Buy-Side Execution Venue” in the European Buy-Side Technology Awards 2012 for the fifth consecutive year.

Dimon is tarnished, but skills still shine
Jamie Dimon has had one of the roughest years in his career, but even under fire, he still comes across as one of the most deft executives on Wall Street.

Trading giants enjoy bumper third quarter
Giles Turner – Financial News
The trading desk at Goldman Sachs lost money on just two days in the third quarter, according to its latest 10Q filing, while rival JP Morgan enjoyed four $200m-plus days.

Tullett’s legal costs rise in BGC fight
Philip Stafford –
Shares in Tullett Prebon fell more than 5 per cent after the interdealer broker said it had racked up a further £7m in costs in recent months as part of a long-running legal case with rival BGC Partners.

Abu Dhabi fund challenges Citi victory in $4 billion arbitration
Reuters via Yahoo! News
NEW YORK – A lawyer for Abu Dhabi Investment Authority urged a U.S. judge on Thursday to overturn an arbitration panel’s ruling favoring Citigroup Inc in a dispute over a $7.5 billion investment in Citi during the subprime meltdown.

JPMorgan Reaches Agreement to Settle SEC Mortgage Probes
JPMorgan Chase & Co. , the biggest U.S. bank, reached a settlement with regulators to resolve claims tied to its home-loan business.

Investment bank of the Week: BofA Merrill Lynch
Shanny Basar in New York and Farah Khalique – Financial News
Capital markets bankers at Bank of America Merrill Lynch were busy on both sides of the Atlantic this week, working on landmark debt and equity raisings.

JPMorgan gets Fed OK to restart start buybacks
Associated Press via Yahoo! News
JPMorgan Chase said Thursday that it has won approval from the Federal Reserve to start buying back its own stock. The bank suspended the plan in May, after it revealed a surprise trading loss that grew to more than $6 billion.

State Street hires new DC head as pensions market hots up
Mark Cobley – Financial News
State Street Global Advisors, the US fund manager, has recruited a new marketing chief to lead its sales effort to defined-contribution pension plans in the UK, where government reforms will soon oblige all companies to set up pensions for their staff.

HSBC probes reported loss of Jersey client data
Reuters via Yahoo! News
LONDON – HSBC Holdings said it was investigating a report of an alleged loss of client data for thousands of its offshore account clients in Jersey but had not been notified of any investigation by tax authorities into the holdings.

Jefferies Hires Five Bankers in Hong Kong, Including Liu From RBS
Wall Street Journal Blogs
Jefferies & Co. said Friday it had made five new hires, including three from Royal Bank of Scotland PLC.

Ex-Deutsche banker at heart of Sunrise’s ECM ambitions
Matt Turner – Financial News
Sunrise Brokers, best-known as a equity derivatives broker, has hired the former head of equity capital markets execution at Deutsche Bank to launch a corporate finance business focused on small and mid-cap companies, Financial News can reveal.

Saxo Bank Partners With Greenline for Testing, Certification and Monitoring Solutions
Greenline Financial Technologies, Inc., a leading provider of electronic trading marketplace solutions, today announced its partnership with Saxo Bank, the leading global online foreign exchange (Forex) trading platform, to deliver Greenline’s suite of testing, certification and monitoring technology with full support from Greenline’s Professional Services team.

Crédit Agricole Posts Loss After Greek Sales
Crédit Agricole SA said Friday the sale of its Greek banking arm pushed it to a record quarterly loss for the three months to the end of September.

Prudential Records $618 Million Loss on Derivatives
Zachary Tracer – Bloomberg
Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, swung to a loss in the third quarter as derivatives weighed on results.

Goldman Sachs Announces 10,000 Small Businesses UK National Alumni Network

BGC Partners Announces its 2012 Annual Meeting of Stockholders
BGC Partners, Inc., leading global brokerage company primarily servicing the wholesale financial and real estate markets, today announced its Annual Meeting of Stockholders on Monday, December 17, 2012, at 10:00 a.m. ET in New York City. The meeting will include a brief discussion of BGC’s business by Chairman and Chief Executive Officer, Howard W. Lutnick.

GFI Group Announces Extension for Filing of Third Quarter Form 10-Q Due to Hurricane Sandy

Clearing & Settlement

NYSE Clearing appoints Demetria O’Sullivan as Chief Risk Officer
Press Release
NYSE Euronext (NYX) today announced the appointment of Demetria O’Sullivan as Chief Risk Officer of its new full-service derivatives Clearing House in London – NYSE Clearing. NYSE Clearing intends to launch a revamped NYSE Clearing platform in June 2013 to expand its existing clearing business.

Clearstream’s October 2012 figures
In October 2012, the value of assets under custody held on behalf of customers registered an increase of 3 percent to EUR 11.1 trillion (compared to EUR 10.8 trillion in October 2011). Securities held under custody in Clearstream’s international business increased by 1 percent from EUR 5.8 trillion in October 2011 to EUR 5.9 trillion in October 2012 – while domestic German securities held under custody increased by 4 percent from EUR 5.0 trillion in October 2011 to EUR 5.2 trillion in October 2012.

Clearstream Supports New Market Infrastructure To Strengthen Link To Russia
Clearstream is ready to take the necessary steps to open a direct account with National Settlement Depository (NSD), the new Russian central securities depository (CSD) in Moscow. The link signals a significant improvement in the way Clearstream’s customers will be able to access the market and follows yesterday’s announcement by Russia’s Federal Financial Markets Service (FFMS) that NSD has been granted CSD status. The creation of this new market entity forms a crucial part of the overall reconstruction of the securities market infrastructure in Russia. It should be able to deliver a substantial contribution to the government’s stated aim of developing Moscow as an international financial centre.

DTCC Operations Ran During Sandy, Vault Status Still Unclear
Nina Mehta – Bloomberg
The Depository Trust & Clearing Corp. processed about $19 trillion in securities trades last week even as Hurricane Sandy submerged its 40-year-old underground Manhattan vault holding physical stock and bond certificates.

Indexes & Products

Dow Jones-UBS Commodity Indices October 2012 Commodities Commentary – Dow Jones-UBS Commodity Index Down On Signs Of Economic Weakness, By Christine Marie Nielsen
The Dow Jones-UBS Commodity Index was down 3.88% for the month of October as weak economic data – including word that sales of existing homes declined 1.7% the previous month to a seasonally adjusted annual rate of 4.75 million – impacted commodities, with base metals being one of the groups that was hardest hit.

Dow Jones-UBS Commodity Indices October 2012 Performance Report

New OMX Helsinki Benchmark Portfolio Selected – The New Portfolio Of The OMX Helsinki Benchmark Index Will Become Effective On December 3, 2012

New OMX Stockholm Benchmark Portfolio Selected – The New Portfolio Of The OMX Stockholm Benchmark Index Will Become Effective On December 3, 2012

New OMX Copenhagen Benchmark Portfolio Selected – The New Portfolio Of The OMX Copenhagen Benchmark Index Will Become Effective On December 3, 2012


Broadridge Partners With Archive Systems, Inc. To Expand Records Management Solutions For The Financial Services Industry


Ex-UBS Trader Accused of ‘Playing God’ With Bank’s Money
A former trader at UBS accused of causing a multibillion-dollar loss was “playing God” with the Swiss bank’s money, prosecutors told a jury here on Thursday.

CFTC Charges Matthew Marshall Taylor with Fraud for Fabricating and Concealing Trades from His Employer and Obstructing Their Discovery
The U.S. Commodity Futures Trading Commission (CFTC) today filed an enforcement action charging Matthew Marshall Taylor with defrauding his employer, a large futures commission merchant (FCM), by intentionally concealing from the FCM the true huge size, as well as the risk and potential profits or losses (P&L) associated with the S&P 500 e-mini futures contracts (e-mini futures) position in a firm account traded by Taylor. Taylor, a Florida resident, was a trader at the FCM.

SEC Charges Executives and Auditor of Electronic Game Card Company with Fraud
The Securities and Exchange Commission today charged three executives with repeatedly lying to investors about the operations and financial condition of an Irvine, Calif.-based company that purported to sell credit card-size electronic games. The SEC also charged the company’s independent auditor with facilitating the scheme.

SEC Charges Baton Rouge-Based Investment Adviser with Hiding Losses From Mortgage-Backed Securities Investments
The Securities and Exchange Commission today charged a hedge fund manager in Baton Rouge, La., with defrauding investors by hiding millions of dollars in losses suffered during the financial crisis from investments tied to residential mortgage-backed securities (RMBS).

FINRA Expels Hudson Valley Capital Management And Bars CEO For Defrauding Clearing Firm And Customers
The Financial Industry Regulatory Authority (FINRA) announced today that it has expelled NY-based Hudson Valley Capital Management and barred Chief Executive Officer, Mark Gillis, from the securities industry for defrauding its clearing firm and customers by using their funds and securities to cover losses caused by Gillis’ manipulative day trading.

The AMF is warning investors to be aware of the Fairvesta website

[ASIC] Former financial planner banned for failing to comply with financial services laws

Cairns financial adviser agrees to supervision following ASIC concerns

Environmental & Energy

Australia Ready to Join Europe in Extended Kyoto Climate Pledge
Australia plans to join Europe in a renewed and binding pledge to reduce emissions, Climate Change Minister Greg Combet said today.

**RKB — Aussies not showing up “with a blank check” warns Combet. Moves this year certainly put Combet and Co. in a Doha leadership position, although it’s already lost a neighbor’s alliance (See next article). U.S. gets to save face (sort of) this year with California moving forward. It’s a big state, after all. More on California’s kick-off auction below.

New Zealand Won’t Join Australia in Kyoto Renewal, Says Minister
New Zealand will align climate efforts with the largest emitters such as the U.S. and China instead of committing to a second phase of the Kyoto agreement alongside Australia, said Climate Change Minister Tim Groser.

Australia’s Biggest Carbon Developer to Start Trading EU Permits
Climate Bridge, Australia’s largest developer of emission credits under the Clean Development Mechanism, will start a trading business focused on permits from Europe and other international markets.


China in Tug of War on Yuan
China is reining in the yuan after weeks of steady appreciation, a move that could help its big exporters but undercut its long-standing pledge to give the market greater sway in the currency’s fate.

Mizuho’s New China Fund to Focus on Reform as Leadership Changes
Mizuho Asset Management Co. , a unit of Japan’s third-biggest lender, is opening a China fund, betting new leaders in the world’s No. 2 economy will boost growth and quell a territorial dispute that’s prompted other banks to cancel planned funds.

Tokyo Grain Exchange: SPAN Parameters Effective From Nov. 16, 2012 To Nov.30, 2012

Shenzhen Stock Exchange And Shenzhen Securities Information: Culture Sector Indices Launched Today

Frontier Markets

DGCX Monthly Update Newsletter

MCX Weekly Market Report November 02, 2012 – November 08, 2012

The Egyptian Exchange (EGX) Monthly Statistical Report October 2012

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