John Lothian Newsletter: Bats Chi-X Europe remains firm market favourite; Stress for Banks, As Tests Loom; Eurozone launches E500bn rescue fund

Oct 9, 2012

BATS Chi-X Europe has seen its share of big changes, and it has managed to continue its role as a significant competitor in the region. Banks and regulators jockey for position regarding this fall’s latest stress tests, as banks want more details about how regulators are producing their results, and the regulators are so far content with their “none of your business” stance.  Eurozone ministers formally unlock the doors for a half-trillion euro rescue fund, but they still haven’t conclusively indicated whether Spain and Ireland are allowed to come inside for help.

First Read

CME Group’s CIO Tackles Merger Integrations, Big Data
Lucas Mearian – Computerworld
Kevin Kometer started at futures exchange CME Group as a lead programmer, but by accepting myriad positions over the past 20 years, he accumulated the knowledge to lead a global company that electronically processes 3 million futures contracts a year.

**** If the CME would have moved to Austin, TX as I predicted, he would have had to tackle Big Hair too.


Jay Levy, Part of ‘Dynasty’ That Forecast 2008 Crash, Dies at 90
Laurence Arnold – Bloomberg
Jay Levy, who worked with his father, then his son, to publish an economics-forecasting newsletter, now in its seventh decade, that predicted the collapse in housing and latest recession, has died. He was 90.

**** A predictor who got it right.


Roundtable Recap: SEC’s Technology Panels, October 2, 2012
On Tuesday October 2, 2012, technologists from automated trading companies told the Securities and Exchange Commission that the industry would benefit internally from enhanced quality control and externally from the adoption of safeguards like “kill switches.”

**DA: Roundtable summary and commentary by Mayer Brown attorney and “ex-quant” Zach Ziliak.


Quick View: London fights for European voice
Philip Stafford –
London is fighting financial markets battles on two fronts. Last week it hosted Gary Gensler, chair of the Commodity Futures Trading Commission and one of the most high-profile critics of UK markets regulation in the wake of the Libor scandal and the “whale” at JPMorgan. This week UK officials face more battles in Brussels debating the legislation that will govern Europe’s financial markets for the next few years.


IPO pioneer proposes exchange for small-caps
Tracy Alloway and Arash Massoudi in New York –
Bill Hambrecht, the high-profile financier who pioneered the use of auction-based initial public offerings, is proposing the creation of a stock exchange that would specialise exclusively in smaller companies.

**** Drucker said business is about 2 things; innovation and marketing.  So let’s get on with it.


Mysterious Algorithm Was 4% of Trading Activity Last Week
A single mysterious computer program that placed orders — and then subsequently canceled them — made up 4 percent of all quote traffic in the U.S. stock market last week, according to the top tracker of high-frequency trading activity. The motive of the algorithm is still unclear.

***** Right here I am with the anti-HFT crowd on this type of testing the market.  If I were a regulator, I would be all over these people with 99 questions about their intent for the testing they did.  


New tower looms large in Europe as HFT firm triples revenues
Tim Cave – Financial News
Spire Europe, a secretive high-frequency trading firm with seven employees, almost tripled revenues and more than doubled profits last year, giving it an average revenue per head of £13.7m.

**** Spire Europe is a polite way of saying something else not so nice.


It’s Time to Redefine ‘Financial Regulation’
Perry Mehrling – The Exchange via Yahoo! Finance
Robert Frost famously once said that “good fences make good neighbors.” But when it comes to regulating the global financial markets today, one could easily conclude that the expression should be “good fences make good policy.”

**** Oh, stop being so folksy and rational.


UBS’s algo iPad app proves editor’s winner
Michelle Price – Financial News
The financial services industry is rapidly embracing tablet technology for presenting content in innovative ways. But deploying apps and tablets for more technical, interactive tasks represents the cutting-edge of use.

***** There is also an expense account app for the iPad called iPad.


Economic storms start to rock Nordic havens
Richard Milne in Stockholm –
The Nordic countries have long been seen as a haven in Europe. But while the currencies of Sweden, Norway and Denmark are still providing investors a port from the eurozone storm, the region’s economies are no longer immune from the recessionary forces sweeping the continent.


Milk-Cow Drought Culling Accelerates as Prices Jump: Commodities
Elizabeth Campbell – Bloomberg
U.S. milk production is headed for the biggest contraction in 12 years as a drought-fueled surge in feed costs drives more cows to slaughter.


New York Hedge Fund Awaits Decision From Ghanaian Court on Argentinean Naval Vessel
The New York Observer
A lot of people will be watching Ghana’s Supreme Court tomorrow, which is not something that can be said everyday. Then again, it’s neither a common occurrence for a hedge fund to impound a sailing vessel used for training by a sovereign navy.


Middle-Aged Men in Lycra Becoming Target for Bike Makers: Retail
Sarah Shannon – Bloomberg
Move over Yuppies and Dinks, here come the Mamils. Britain’s middle-aged men in lycra are a growing group of sought-after consumers who rely on spandex for comfort, carbon fiber for strength and as many $2,000 bikes as they can smuggle past their partners.

**** Jon Matte is actually legally forbidden to wear lycra.  


New York Times Newsroom to Very Politely Stage a Walkout
The Atlantic Wire
While an optional, 15-minute walkout at The New York Times might seem pretty polite as labor actions go, it is the biggest step the Times newsroom has taken at showing their displeasure with the progress of contract negotiations on wages and benefits.

**** Are you sure it was not lunch time?

How the Presidential Election Impacts Dodd-Frank: UBS Lobbyist John Savercool Interview
John Savercool, senior lobbyist and managing director of UBS Americas knows his politics. A 23-year veteran of Capitol Hill, Savercool recently spoke at the CTA EXPO in Chicago about the presidential election and prospects for Mitt Romney and President Obama next month. Savercool sat down with JLN editor-in-chief Jim Kharouf and spoke about the impact the presidential election will have on financial markets and Dodd-Frank, his expectations for coming Dodd-Frank rules, and what legislation is on his radar for next year.


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Lead Stories

Bats Chi-X Europe remains firm market favourite
Dan Barnes – Financial News
Bats Chi-X Europe has undergone its most transformational year since its launch in 2008, moving to a fresh clearing model and merging with its rival Chi-X Europe.

Stress for Banks, As Tests Loom
U.S. banks and the Federal Reserve are battling over a new round of “stress tests” even before the annual exams get going later this fall. The clash centers on the math regulators are using to produce the results. Bankers want more detail on how the calculations are made, and the Fed thus far has resisted disclosing more than it has already.

Eurozone launches E500bn rescue fund
Peter Spiegel in Luxembourg –
Eurozone finance ministers formally inaugurated a permanent E500bn rescue fund on Monday, but left unresolved whether it would be used to shoulder existing bad debts of Irish and Spanish banks.

China injects Rmb265bn into money markets
Simon Rabinovitch in Beijing –
China’s central bank has pumped Rmb265bn ($42bn) into the country’s money markets, continuing its pattern in recent weeks of using short-term liquidity injections to suppress lending rates. The injection on Tuesday via reverse bond repurchase agreements was the second biggest ever by the People’s Bank of China.

Libor, Set by Fewer Banks, Losing Status as a Benchmark
John Glover – Bloomberg
After being rigged by some of the world’s biggest financial institutions, the London interbank offered rate, the benchmark for more than $300 trillion of securities and loans, is now increasingly being set by a smaller group of banks.

Transatlantic gap opens up in equities trading pay
Giles Turner – Financial News
Investment banking bonuses for equities sales and trading bankers decreased by up to 30% in the past year, according to research from headhunter Selby Jennings, but bankers in the US have suffered far less than their European rivals.

Greek Creditors Can’t Find Common Ground
Greece’s creditors are still at loggerheads over how to tackle the country’s debt crisis, with the International Monetary Fund threatening to stop its financing unless the euro zone accepts debt restructuring worth tens of billions of euros to bring the country’s debt to a sustainable level, people with direct knowledge of the matter said Tuesday.

I.M.F. Lowers Its Forecast for Global Growth
The International Monetary Fund is cutting its global economic forecasts yet again, calling the risks of a slowdown “alarmingly high,” primarily because of policy uncertainty in the United States and Europe.

Brown, Staples, Lorberg Said to Leave NYSE’s Liffe Amid Shake-Up
By Nandini Sukumar, Bloomberg
Three senior executives at NYSE Euronext’s Liffe derivatives exchange are departing as the company overhauls its operations. James Brown, head of U.K. business development for the Equity Derivatives and OTC Services division of NYSE Liffe, and account managers Tina Staples and Stuart Lorberg, are leaving the company, according to three people familiar with the situation. James Dunseath, a spokesman for Liffe in London, declined to comment.


[NFA] Board and Nominating Committee Members Whose Terms Will Expire at the 2013 Annual Election
NFA Bylaw 406 provides that before October 15th of each year, NFA’s Secretary shall notify all Members in the FCM, IB, CPO and CTA categories of the elected Directors and the members of the Nominating Committee whose terms shall expire at the Annual Election and shall request that the names of eligible persons to fill those positions be submitted to the Nominating Committee.

EDHEC-Risk Institute Considers That The European Commission White Paper On Pensions Could Be Improved
EDHEC-Risk Institute has released a comprehensive new study in response to the European Commission White Paper entitled “An Agenda for Adequate, Safe and Sustainable Pensions,” published on February 16th, 2012, which proposed a series of measures related to information and monitoring, European harmonisation and portability, and pension design.

Exchanges & Trading Facilities

South Africa’s JSE says hit by system glitch
Reuters via Yahoo! News
The Johannesburg Stock Exchange said on Tuesday that some users were unable to see market data due to a system glitch, but that trade had not been halted. “The JSE and its service provider are still investigating the issue. The JSE will not be halting the market,” the JSE Ltd, which operates Africa’s biggest bourse, said on its web site.

Deutsche Börse buys back corporate bonds totalling E309 million
Successful conclusion of buyback offer to holders of existing bonds

NYSE Euronext Multimedia Ad Campaign Shows Business Leaders Unlocking Potential Through the Power of Capital Markets
Unlocking the potential for businesses to grow, expand and innovate by accessing the benefits of the capital marketplace is explored in a series of digitally designed multimedia advertisements from NYSE Euronext that features four enterprise leaders: Freescale Semiconductor LTD, FXCM Inc., TD Ameritrade Holding Corp., and Yelp Inc

Boerse Berlin Raises Turnover By 12%
In Q3 2012 both marketplaces, XONTRO and Equiduct, reached a turnover of E 12.9 billion, a plus of 12% compared to Q2 2012 (E 11.5 billion). In the same period of time the number of trades amounted to 2 million, a raise of over 5% (1.9 million in Q2 2012).

DGCX Records Highest Monthly Volumes in History   
Dubai Gold and Commodities Exchange (DGCX) registered its highest ever monthly volumes in September, reaching 971,675 contracts, a 100% increase from the same month last year.

Barclays Capital Securities Limited – New Member On Oslo Børs

Warsaw Stock Exchange Remains European Leader By Number Of IPOs In Q3 2012
The WSE Is The European Leader By The Number Of IPOs And #4 In Europe By The Value Of IPOs In Q3 2012

BM&FBOVESPA announces trading times that will come into effect as of October 22

CHX: Consolidated Audit Trail (“CAT”) Industry Event – October 15 and 16, 2012

NASDAQ OMX Stockholm Disciplinary Committee Gives Nobia AB A Warning

Hedge Funds & Managed Futures

Swiss Target Commodities Secrets Risking $21 Billion Hegemony
Vitol SA, one of the world’s biggest oil traders, is being enticed from its Geneva base by Dubai and Singapore as Switzerland considers scrapping policies that made the country a global center for commodities.

Winton profits rise on 65% asset growth
Harriet Agnew – Financial News
Winton Capital Management, the computer-driven UK hedge fund manager founded by David Harding, enjoyed a profits jump of nearly a quarter last year following a 65% rise in assets under management.

Management fees bounty boosts buyout executive pay
Kiel Porter – Financial News
Some of Europe’s largest buyout firms have increased salaries shortly after raising new funds in news that is likely to ignite concerns over management fees.

Norway’s wealth fund adds to property holdings
The Wall Street Journal
Norway’s sovereign wealth fund said on Monday it is buying a stake in the UK’s Meadowhall Shopping Centre, continuing its shift into real estate investments and away from fixed income as it diversifies its $650bn investment portfolio.

Axa Private Equity appoints new debt co-head
Kiel Porter – Financial News
Axa Private Equity has appointed a new co-head of its private debt business, which is looking to raise an extra E500m for its latest fund on the back of an expected increase in investment opportunities.

Thomson Reuters And BlackRock Launch New Fixed Income Derived Analytics To Support Risk Management Of Fixed Income Portfolios
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals and BlackRock, Inc., a leader in investment and risk management, today announced an agreement to create and distribute a set of fixed income derived analytics from BlackRock Solutions, which provides risk analytics, investment systems and advisory services.

Banks & Brokers

Goldman Fined $6.75 Million by Options Exchanges Over Order Marking
By Liz Moyer and Jacob Bunge – Dow Jones Newswires
Goldman Sachs Group Inc. (GS) agreed to pay a $6.75 million fine to eight U.S. stock-option exchanges to settle allegations it improperly marked trading orders that may have allowed some trades to get executed ahead of others.

Morgan Stanley continues its domination
Tim Cave – Financial News
Morgan Stanley retained the flagship title of Best IT Department of the Year, Sellside. Having dominated the category between 2005 and 2007, the US bank ceded the crown to rival Deutsche Bank in 2008 and 2009 but it has won every year since.

EU proposal on bank rules have merit: German watchdog
Reuters via Yahoo! News
Germany’s markets regulator signaled support on Monday for the proposals of an EU advisory group that last week called for banks’ deposit-taking business to be legally separated from higher-risk activities.

Project Chardonnay leaves acidic taste for Plus shareholders
Tom Osborn – Financial News
The new board of Plus Markets is investigating a series of what it calls “significant” payments made to advisers, executives and employees relating to the sale of the group’s stock exchange business to interdealer-broker Icap earlier this year.

Ex-prop trader rejoins JP Morgan at new-look CIO
Farah Khalique – Financial News
JP Morgan has hired a former member of its now-defunct proprietary positioning division as a senior researcher at its chief investment office, which the US bank is rebuilding following billion-dollar losses incurred at the unit earlier this year.

Goldman hires ex-SEC division head
Crain’s New York Business
Goldman Sachs Group’s asset management unit on Monday named a former head of the U.S. Security and Exchange Commission’s investment management division as its deputy general counsel. Andrew “Buddy” Donohue, who most recently was a partner in the New York office of Morgan Lewis & Bockius, will join Goldman Sachs Asset Management effective Nov. 1.

Julius Baer to cut 1,000 jobs after Merrill deal
Reuters via Yahoo! News
Swiss private bank Julius Baer will cut up to around 1,000 jobs as it seeks to rein in costs following its purchase of Bank of America Merrill Lynch’s international wealth management business.

Barclays Agrees to Buy ING Direct UK’s Mortgages and Assets
Barclays Plc said it agreed to buy the deposits, mortgages and business assets of ING Direct UK. The U.K. lender will buy a deposit book with balances of 10.9 billion pounds and a mortgage book with balances of 5.6 billion pounds, Barclays said in a statement.

Nomura’s fixed-income sales star in talks over future
Matt Turner – Financial News
Cactus Raazi, the global head of spread product sales at Nomura, who gained notoriety two years ago following the publication of a US Senate committee report into the financial crisis, is in talks over his future with the bank, Financial News can reveal.

European banks head stateside with bond issues
Matthew Attwood – Financial News
US bond investors are turning to European banks following strong expressions of support for the financial sector by the European Central Bank.

Revenues rise at special situations broker
Matt Turner – Financial News
The UK subsidiary of United First Partners, the special situations broker co-founded by Financial News Rising Star Stephane Mardel, grew revenues to more than £6m in 2011, despite a moribund market for mergers and acquisitions.

Client Feedback Sees Additional Products Added To CMC Markets Latest Platform Upgrade – Forward Contracts Now Available
CMC Markets, one of the leading providers of spread betting and CFD trading, has today announced a further upgrade to the Next Generation trading platform. This upgrade is the culmination of extensive client feedback requesting additional trading products and increased functionality.

Clearing & Settlement

Clearstream’s September 2012 figures
In September 2012, the value of assets under custody held on behalf of customers registered an increase of 3 percent to EUR 11.2 trillion (compared to EUR 10.8 trillion in September 2011). Securities held under custody in Clearstream’s international business increased by 2 percent from EUR 5.9 trillion in September 2011 to EUR 6.0 trillion in September 2012 – while domestic German securities held under custody increased by 5 percent from EUR 4.9 trillion in September 2011 to EUR 5.1 trillion in September 2012.

CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (GX) Effective Tuesday, October 9, 2012

Indexes & Products

ISE Announces The Launch Of Two New Wealth Indexes – Horizon Kinetics And ISE Debut The Asia Ex-Japan Wealth Index And tThe Global Wealth Index
The International Securities Exchange today announced the launch of two new indexes in collaboration with Horizon Kinetics: the Horizon Kinetics ISE Asia ex-Japan Wealth Index, which tracks publicly-held companies that are managed by some of the wealthiest individuals in Asian countries excluding Japan; and the Horizon Kinetics ISE Global Wealth Index, which tracks the performance of publicly-held companies that are managed by some of the wealthiest individuals in the world.

Northern Trust makes another play in ETFs
Market Watch
More than three years after a stormy financial crisis forced Northern Trust Corp. out of the exchange-traded funds market, the Boston custody bank has re-emerged with newfound popularity.

Spain Wavering on Bailout Holds Back Gold ETFs
ETF Trends via Yahoo! Finance
The European Central Bank reiterated it is ready to buy sovereign bonds but Spain is still refusing to ask for the necessary bailout. The news is holding back gains in gold and other precious metal ETFs.

The FTSE Cürex FX Index Series Expands to a Total of Eight Executable Offshore Renminbi FIX Benchmarks

IndexIQ Launches New Market Neutral ETF
ETF Database via Yahoo! Finance

Tokyo Stock Exchange : ETF/ETN Monthly Report For Sep 2012 – 20% Increase In Average Daily Trading Value

Institutional Investors Accounted For Largest Share Of ETF Trading On BM&FBOVESPA In September

FTSE And Bursa Malaysia Introduce Shariah Compliant Small Cap Index

ZURICH (October 9, 2012) –  –  STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the launch of the STOXX Europe Low Risk Weighted 100 Index which represents a hypothetical investment portfolio that selects those 100 components with the lowest volatility from the STOXX Europe 600 Index.


SunGard Launches Loanet Automated Rebate Collection Service To Help Streamline Securities Finance Operations
SunGard has expanded its Loanet suite of securities finance solutions with the launch of Loanet Automated Rebate Collection to help securities finance, operations, trading and technology professionals more efficiently handle the collection and settlement of rebates from firms borrowing or lending securities.


UBS trader discussed “slush account” with Adoboli
Reuters via Yahoo! News
LONDON – A UBS trader raised the issue of a “slush account” in an electronic chat with Kweku Adoboli months before he was arrested over allegations he lost the Swiss bank $2.3 billion, a London court heard on Monday.

Scotts Valley investor John Geringer files response to SEC’s complaint accusing him of running a Ponzi scheme
Jessica M. Pasko – Santa Cruz Sentinel
A Scotts Valley man accused by federal officials of running a multimillion-dollar investment scam filed a response last week stating that he has entered into settlement discussions with the Securities and Exchange Commission.

Sydney liquidator’s registration cancelled

Environmental & Energy

EU Parliament Eyes April 15 Plenary Vote on Carbon Law Fix
The European Parliament set April 15 as the indicative date for a plenary vote on an amendment to the emissions trading law that would enable curtailing an oversupply of pollution permits.

EU Power, Gas Market Coordination Can Help Cut CO2, Exxon Says
Closer integration of the European Union’s natural gas and power markets can encourage a shift to less-polluting fuels in the bloc’s member states and help reduce carbon-dioxide emissions, according to Exxon Mobil Corp. (XOM).

EU Got ‘Not Many Indications’ on Carbon Volumes to Be Postponed
European Union member states offered “not many” opinions on the volumes of carbon permits they think could be delayed at auctions as of 2013 during the first round of talks on a draft regulation, an EU document showed.

Abu Dhabi bank plans aggressive expansion in Asia
Channel 8 San Diego
The National Bank of Abu Dhabi launched its commercial banking operations in Malaysia on Monday, and will also debut in Shanghai this week as part of its expansion in Asia.


Thai Bourse Ready To Connect ASEAN Trading Link On Oct 15
The Stock Exchange of Thailand (SET) will connect on the ASEAN Trading Link on October 15 after completing system tests with Thai brokers and the bourse will become the third stock exchange to add in the regional trading network following the connection between Bursa Malaysia and Singapore Exchange, with expectations that ASEAN investors should be attracted into Thai stock market by potential of Thai economy and strength of Thai listed companies.

HKEx: On-Floor & Off-Floor Trading Statistics

HKEx Announces New Chief Regulatory Officer Position

HKEx Monthly Market Highlights – September 2012

Shanghai Stock Exchange: Notice of Disclosure of 3rd Quarter Reports of 2012 by Listed Companies

Frontier Markets

The Brics have taken an unhappy turn
Gideon Rachman –
Over the past three years, conventional wisdom divided the world’s major economies into two basic groups – the Brics and the sicks. The US and the EU were sick – struggling with high unemployment, low growth and frightening debts. By contrast the Brics (Brazil, Russia, India, China and, by some reckonings, South Africa) were much more dynamic. Investors, businessmen and western politicians made regular pilgrimages there, to gaze at the future.

Bloomberg Launches Bloomberg TV Mongolia
Business Wire via Yahoo! Finance
Bloomberg Television, in partnership with The Trade & Development Bank of Mongolia , today announced the official launch of Bloomberg TV Mongolia.

CEO Al-Mansoori stresses on Qatar Exchange’s important role in the development of Qatar’s Capital Market
Mr. Rashid bin Ali Al Mansoori, CEO of Qatar Exchange (QE), stressed on the vital role played by Qatar Exchange in supporting the development of Qatar’s finance and capital market sector, along with other concerned government agencies and regulatory authorities.

Goldman, Morgan Stanley lose top Qatar bankers to local firms: sources
Reuters via Yahoo! News
Morgan Stanley and Goldman Sachs Group Inc have lost their two top Qatar executives to local firms, three sources said on Monday, as the gas-rich Gulf Arab state lures back high-profile citizens with better pay and prospects.

Janus Capital Appoints Head Of The Middle East And Announces The Opening Of New Office – Meshal Jaber Al Faras To Lead The Middle East Business Out Of Dubai
Janus Capital International Limited, the international arm of Janus Capital Group Inc., today announced the appointment of Meshal Jaber Al Faras, as Head of the Middle East for Janus Capital’s international business, effective immediately. The firm has also opened a representative office in Dubai out of which Meshal will be based.

Securities Commission Malaysia Allows Trading, Introducing Representatives For Stockbroking Industry
The Securities Commission Malaysia (SC) today issued the Guidelines for Registered Persons which provides for two new classes of registered persons, namely Trading Representative and Introducing Representative.


Half of Wall Street Employees Expect Bigger Bonuses
Almost half of Wall Street employees expect their year-end bonuses to be higher this year than they were a year ago, according to an survey.

Ireland Mortgage Bill Aims to Aid Owners and Jump-Start Economy
With its economy still reeling from the housing crash, Ireland is making a bold move to help tens of thousands of struggling homeowners. The Irish government expects to pass a law this year that could encourage banks to substantially cut the amount that borrowers owe on their mortgages, a step that no major country has been willing to take on a broad scale.

The question on every pair of lips
Najmeh Bozorgmehr –
“Chi mikhad beshe?” – what is going to happen? – is the most common question Iranians ask each other. It is asked in taxis, grocery stores, hairdressers and in the queues to buy bread. No one, however, seems to know the answer. Economically, the past few months have been particularly difficult as the effects of international sanctions have made themselves apparent in daily life.

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