John Lothian Newsletter: Deutsche Boerse to Close Market That Didn’t Gain Traction; Complexity of Stock Market an Obstacle to Fixing Glitches; SGX and Clearstream join forces to grab slice of Asia’s market

Sep 11, 2013

Deutsche Börse decides to shut down its pan-European platform Xetra in December, after failing to claim enough trading volume. An exec at Nasdaq OMX suggests that present and future efforts to upgrade the reliability of stock exchanges are at odds with the complexity of the overall system. Singapore Exchange and Clearstream agree to team up to develop a collateral management system for Asia.

First Read

9/11 anniversary to be marked with somber tributes
Sept. 11 victims’ loved ones were gathering at ground zero early Wednesday to commemorate the attacks’ 12th anniversary with the reading of names, moments of silence and serene music that have become tradition.

***** We remember.


Hershel Oliff, 1920 – 2013
Hershel Oliff age 93. Veteran of world war II. Member of Bnai Zion and Temple Jeremiah, Long time member of the Chicago Mercantile Exchange and a Mason. Beloved husband of the late Adelle nee Rossin. Loving father of James (Margo) Oliff and Marlene (Julian) Sowa.

***** Condolences to CME Group’s Jim Oliff as he celebrates the life of his father.


CME Group Awards Sal Khan, Founder of Khan Academy, the 2013 Melamed-Arditti Innovation Award
CME Group‘s Center for Innovation today announced that Sal Khan is the 2013 CME Group Melamed-Arditti Innovation Award recipient. Khan is the founder of the Khan Academy, a free online education platform and not-for-profit organization. CME Group will present the award at the sixth annual Global Financial Leadership Conference in Naples, Florida on Tuesday, November 19.

***** This is an excellent choice; congratulations to Sal Khan. Congratulations to the Center for Innovation on the selection. Congratulations to Leo Melamed on the renaming of the Fred Arditti innovation award to reflect the names of the first two winners. Sal Khan has pioneered and popularized Internet learning, something we’re working to emulate.

***** Sal, speaking of math… what did the zero say to the eight?


Volcker Rule to Curb Bank Trading Proves Hard to Write
The Volcker rule, a centerpiece of the sweeping overhaul of financial regulation known as Dodd-Frank, is an attempt to protect the financial system from risk. It is simple in concept. Banks are prohibited from making investment bets with their own money. But it has proved fiendishly difficult to apply.

***** If you make money on the investment, and smoke a Volcker-like cigar to celebrate, the Volcker Rule applies. If you’re just making a market, you can take a cigarette break.


CFTC Should Stick to Principles
Dan Collins | Dan Collins Report
In 2000 Congress passed the Commodity Futures Modernization Act (CFMA) which, in addition to lifting the ban on single stock futures, introduced the concept of principle based regulation. It was hugely popular but came during a different era. It was passed in a business friendly administration with a competitive threat pushing it —the London Financial Futures and Options Exchange (Liffe) was about to list single stock futures on U.S. equities— and with a much more business friendly administration about to take over. It came amid many reforms that lifted some supposed antiquated Depression era regulations—like Glass-Steagall— and when exciting innovations were opening up a new world of derivatives trading.

***** Dan, I agree; however, the horse is out of the barn. Dodd-Frank killed principles-based regulation.


CQG expands data stream with FastMarkets Premium Metals News
Automated Trader
CQG, Inc. has partnered with London-based metals news and market data provider FastMarkets Ltd. to supply the CQG platform with FastMarkets Premium Metals News. This news feed, together with the metals market data and trade execution capabilities available in CQG, provides traders with a consolidated solution for metals markets.

***** Where’s the picture of the Most Interesting Man in the World, in this release?


Barchart Launches Next Generation Market Data and Trading Platform – Barchart Trader, Inc., a leading provider of market data and information, today announced the release of their new flagship market data and commodities trading platform, Barchart Trader. Featuring real-time price data from major futures and equities exchanges, advanced charting, streaming news, analytics and integrated electronic trading, Trader provides a complete set of features for commodities traders of all types.

***** The only trading platform yet to take a loss.


Green Key Technologies Launches The Block Pool: A Quote Management Platform for OTC Brokers
Green Key Technologies, a technology solutions provider, announced today the launch of The Block Pool, a click-entry platform designed specifically for over-the-counter brokers executing off-exchange transactions. The environment enables the private negotiation, aggregation and crossing of quotes, which can be routed to a central clearing house to be matched, cleared and made available for audit.


Embracing Wynne Godley, an Economist Who Modeled the Crisis
If the economics profession takes on the challenge of reworking the mainstream models that famously failed to predict the crisis, it might well turn to one of the few economists who saw it coming, Wynne Godley of the Levy Economics Institute. Mr. Godley, unfortunately, died at 83 in 2010, perhaps too soon to bask in the credit many feel he deserves.

***** No puns for Godleyness.


HTML5: The Future of Mobile App Development in Financial Services
Gabriel Lowy – TabbFORUM
As more users interact with their institutions via mobile devices, robust application performance is critical amid intense competition. Here’s why CIOs at many financial firms see HTML5 as a high-ROI solution for developing cross-platform web and mobile applications.

***** HTML4, we hardly knew ye.


Business Boot Camp for Commodity Trading Advisors, Chicago, September 18
Horizon Cash Management
Business Boot Camp for Commodity Trading Advisors is designed to educate and advise managed futures managers about the key ingredients necessary for building a successful asset management business. The curriculum will provide value to emerging managers, firms that want to enhance their internal processes, and businesses in need of fresh approaches to best practices. The afternoon seminar will cover top line business subjects to introduce concepts and/or serve as a good business refresher, followed by a networking reception.

***** Do I h
ave to shave my head?



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Lead Stories

Deutsche Boerse to Close Market That Didn’t Gain Traction
Nandini Sukumar – Bloomberg
Deutsche Boerse AG, which owns the German stock exchange and Eurex derivatives platform, plans to shut its pan-European equity market after failing to win significant business. The Xetra International Market, which opened for business in November 2009, will close on Dec. 13 because Frankfurt-based Deutsche Boerse wants to “concentrate liquidity in European blue chips,” the exchange said in a statement today.

Complexity of U.S. Stock Market an Obstacle to Fixing Glitches, Nasdaq Exec Says
Jacob Bunge – MoneyBeat – WSJ
The complexity of the U.S. stock market is the biggest obstacle to protecting against glitches that have proven able to paralyze trading, a senior executive for Nasdaq OMX Group Inc. said Tuesday.

SGX and Deutsche Börse join forces to grab slice of Asia’s market
Philip Stafford –
SGX Singapore exchange has agreed a tie-up with Deutsche Börse as both exchanges aim to grab a slice of the growing business in Asia for managing the billions of dollars of securities investors need to back their trading.

U.K. Probing Alleged ISDAfix Rate Manipulation, Regulator Says
Matthew Leising & Ben Moshinsky – Bloomberg
U.K. regulators are investigating alleged manipulation of a benchmark measure tied to interest-rate swaps, the agency’s chief told lawmakers in London today.

Banks Face Physical Commodity Curbs
Wall Street is bracing for a ruling that may hasten the exit of J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley from businesses such as metals warehousing, oil shipping and power generation.

Thomson Reuters Files SEF Application for FX Products
Forex Magnates
The inter-dealer FX platform that specializes in non US currencies has submitted its SEF application, according to a report on Automated Trader, three weeks before the October 2nd deadline.

Nasdaq OMX agrees Stuttgart tech deal
Philip Stafford –
Nasdaq OMX, the transatlantic exchanges group, has agreed a deal to license its technology to Börse Stuttgart, Germany’s second-largest stock exchange. The operator will provide its Genium Inet platform for trading all of Borse Stuttgart’s services, products and asset classes. It will commence in 2015, the groups said in a joint statement.

Lawyers for Corzine Seek Case’s Dismissal
Jon S. Corzine, the former New Jersey governor accused of a failure of leadership at the helm of the brokerage firm MF Global, is fighting back. Lawyers for Mr. Corzine filed a motion late Tuesday to dismiss a civil case against him brought by the Commodity Futures Trading Commission, the federal agency that regulated MF Global until its demise in 2011.

Lehman Recovery Seen as Justifying $2 Billion Bankruptcy
Erik Larson – Bloomberg
Harvey Miller, the lawyer guiding Lehman Brothers Holdings Inc. through the biggest-ever U.S. bankruptcy, sipped a cappuccino at a tourist-filled cafe near Manhattan’s Central Park and reflected on how his client’s collapse five years ago went from unthinkable to inevitable.

Wall Street trading software not adequately tested, experts warn
Jessica Meek –
Recent high-profile technical glitches within financial institutions are due to an aggressive culture of pushing through new technology without testing it first, industry experts warn. Failures in software at Goldman Sachs and the New York Nasdaq stock exchange in August have led to accusations that Wall Street is pushing through software that may not be ready for use – leaving compliance departments to catch up.

NSEL defaults again, by a huge margin
Business Standard
In its fourth default, the crisis-ridden National Spot Exchange Ltd (NSEL) on Tuesday announced the disbursal of Rs 13.45 crore to investors, against the total commitment of Rs 174.72 crore.

Ex-Wall Street chieftains living large in post-meltdown world
Center for Public Integrity
Nearly five years ago, on Sept. 15, Lehman Brothers Holdings Inc. filed for Chapter 11, the largest bankruptcy in the nation’s history. The move set off a series of dramatic actions in Washington, D.C., and on Wall Street as bankers and regulators sought to avoid a shutdown of the global economy. To mark the anniversary, the Center for Public Integrity is publishing a three-part series on what has happened since the meltdown.


EU makes Libor rigging punishable with fines and bans
Companies found guilty of rigging market benchmarks like Libor could be fined the equivalent of 15 percent of their turnover under a European Union law approved on Tuesday.

Under the hood of the GMEX Constant Maturity Future
William Mitting – FOW
The changes within the OTC interest rate market are well documented. The mandate to clear and electronically trade contracts among other rules designed to make the OTC landscape inhospitable for all but the hardiest market participants has led to a flurry of new launched from exchanges and electronic trading platforms to provide electronically traded alternatives and seeking to get their slice of a $600tr pie

SEC Announces Agenda for September 17 Meeting of Advisory Committee on Small and Emerging Companies
The Securities and Exchange Commission today announced the agenda for a meeting of its Advisory Committee on Small and Emerging Companies on Tuesday, September 17.

US House Oversight And Government Reform Committee Probes SEC’s Slow Take-up OF XBRL
Today, House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., wrote to Securities and Exchange Commission Chair Mary Jo White asking for an explanation of why the SEC has been so slow to embrace the use of eXtensible Business Reporting Language, XBRL, even as she seeks more funds to hire more staff.

House Panel Criticizes Gensler’s Email Use as CFTC Head
House Republicans criticized Commodity Futures Trading Commission Chairman Gary Gensler and other former government officials over their use of personal email accounts for official business at a hearing Tuesday.

Testimony Of CFTC Chairman Gary Gensler Before The U.S. House Committee On Oversight And Government Reform, Washington, DC

ASIC releases stakeholder survey

ASIC launches check on annual credit compliance certificates

Exchanges & Trading Facilities

ASX to launch bookbuild facility
The Australian
THE Australian Securities Exchange will go live with its plan to conduct bookbuilds on the market on October 8. The system, called ASX BookBuild, was developed by Ben Bucknell, a former broker with Macquarie Group who heads a company called On-Market BookBuilds that has licensed it to the ASX.

[SIX] August 2013: less trading activity
In August 2013, and recorded the lowest number of transactions so far this year: with 2,719,608, it is -5.7% lower than in the previous month. Turnover also declined in August, by -3.4% to CHF 74,847 million. However, this values are higher than those of August 2012, by 12.1% (transactions) and 8.3% (turnover).

Moscow Exchange: Start Of The Additional Trading Session On 13th And 16th Of September

NASDAQ OMX To Host Commemorative Closing Bell Ceremony In Remembrance Of 9/11

Direct Edge Trading Notice #13-40: Direct Edge To Observe a Moment Of Silence On Wednesday, September 11, 2013

TSX And TSXV Trading List Leaders By Volume And By Values – August 2013

Hedge Funds & Managed Futures

Mercado Livre stock dances to a strange (earnings) beat
Joe Leahy and Arash Massoudi | FT Alphaville
Try to buy something on the internet in Brazil – tools, car seats for babies, cellphone covers – and one of the first sites to pop up will inevitably be Mercado Livre. Investors have used this Latin American version of eBay to ride the region’s internet boom since MercadoLibre, as it is known in Spanish, was listed in 2007.

IsdaFix faces rival based on swap repository data
Tom Osborn –
Interest rate swap markets now have a supposedly cheat-proof new price benchmark, after London-based Clarus Financial Technology last night began publishing a suite of rates based on trades submitted to swap data repositories (SDRs) – the first time these databases have been used in such a way.

Hedge-Fund Manager Mariner Looks to Green Bonds
Mike Cherney – MoneyBeat – WSJ
Hedge-fund manager Mariner Investment Group is joining the growing ranks of ‘green bond’ investors, announcing on Tuesday that it is incorporating environmentally and socially responsible research into its investment decisions.

Hedge fund boutique shuts emerging markets fund
Harriet Agnew – Financial News
Adelante Asset Management, a boutique hedge fund manager, has closed its global emerging markets debt fund after 14 years because it believes its long-biased investment style is not right for the current environment.

Citadel chief rails against megabanks
Tom Braithwaite and Michael Mackenzie –
In the crisis, Citadel lived up to its name as a bastion of strength but only just. The Chicago-based hedge fund was almost swept away after Lehman Brothers fell, losing “hundreds of millions of dollars a week – if not more”, according to Ken Griffin, its founder and chief executive.

Hedge funds use specific criteria for prime broker selection
Hedge Funds Review editorial –
Choosing the right prime broker depends on a myriad of factors, starting with the hedge fund strategy. It is important to think ahead and select a long-term partner, not the cheapest provider

Greylock Partners raises $1 billion for new venture fund
Greylock Partners, the venture-capital firm behind companies like LinkedIn, said on Tuesday it raised a $1 billion fund, its 14th.

A Pension Plan With a Flair for Deal-Making
Pension funds typically have a mediated relationship with the private equity industry, investing money with managers that handle the deal-making. But as a $6 billion deal on Monday showed, one pension fund in Canada is a buyout player in its own right.

Goldman Sachs: Welcome to the age of the dishwasher
The “age of commodities” is drawing to a close, according to one of the world’s biggest investment banks, which has declared that the “age of consumer durables” is upon us.

Analysis: Brazil may be spending its way towards a downgrade
Brazil’s finances are set to deteriorate substantially next year, leaving the government with few options to revive a sputtering economy and raising the threat of a credit downgrade.

Banks & Brokers

After Goldman’s oil burned, banks face day of reckoning on commodities
David Sheppard | Reuters
On a sunny summer morning last month, a quiet Sacramento suburb was suddenly shaken by an explosion at the Elk Grove refinery, a small industrial plant that produces asphalt.

Private Swiss Bank Says It Is Under Investigation in U.S.
A private bank that bills itself as the oldest in Zurich disclosed it is among the 14 Swiss banks currently under investigation by U.S. authorities for allegedly aiding American tax evasion.

TD Ameritrade’s new assets to soar for 5th straight year -CEO
TD Ameritrade Holding Corp expects to report next month that new client assets rose at a double-digit rate for the fifth consecutive year, exclusive of market fluctuations, a senior executive said Tuesday.

JPMorgan shopping commodity unit, and key exec
JPMorgan’s initial round of conversations over the sale of its physical commodities unit has involved at least 50 potential suitors, according to someone familiar with the matter, as the bank attempts to ink a deal by the end of the year.

Deutsche Bank co-CEO Fitschen contract to be extended -sources
Reuters via Yahoo! Finance
FRANKFURT – Deutsche Bank co-Chief Executive Juergen Fitschen’s contract is set to be extended until 2017, two sources familiar with the plan said on Wednesday.

SocGen eyes 10 percent capital ratio by end-2013: exec
French bank Societe Generale is eyeing a 10 percent core capital ratio under tougher Basel III rules by end-2013, higher than its official target of 9.5, its deputy chief executive said on Tuesday.

Morgan Stanley keeps eye on expenses as legal costs rise: CFO
Morgan Stanley (MS.N) is focused on cost-cutting, as legal expenses remain high and revenue has slowed in a seasonally weak period for trading and investment banking, Chief Financial Officer Ruth Porat said on Tuesday.

Societe Generale adds Cash Bond Prices to Thomson Reuters Bond Trading Platform
Thomson Reuters today announced that Societe Generale is the latest financial institution to list cash bond prices on its electronic bond trading platform, Thomson Reuters Fixed Income Trading. The bank joins 17 of the world’s largest financial institutions already contributing prices to the platform.

Government makes $15 billion on Citigroup bailout
CNN Money
The government’s bailout of Citigroup has finally ended. It was profitable, but it took a while.

Clearing & Settlement

Singapore Exchange And Clearstream To Launch Collateral Management Service
SGX and Clearstream have signed a Letter of Intent on the launch of a collateral management service which enables customers to more easily and efficiently use assets held at SGX’s securities depository, CDP, for their collateral needs.

Deutsche Börse AG’s Subsidiary Clearstream Approves Terms For Settlement With U.S. Plaintiffs
Today, the relevant corporate bodies of Deutsche Börse AG and Clearstream Banking S.A. (‘Clearstream’), a 100 per cent subsidiary of Deutsche Börse AG, approved the terms of a settlement agreement resolving certain claims asserted against Clearstream in the U.S.

First Middle East Central Counterparty Joins Euroclear’s Collateral Highway
The Dubai Commodities Clearing Corporation (DCCC) has become the first central counterparty (CCP) in the Middle East to join Euroclear’s global Collateral Highway. The DCCC guarantees settlement for all trades executed on the Dubai Gold & Commodities Exchange (DGCX), which is supported by a system of initial and variation margins.

DTCC Names Raymond Disco Treasurer
The Depository Trust & Clearing Corporation (DTCC) today announced that it has named Raymond Disco as Managing Director and Treasurer. In this position, Mr. Disco is responsible for DTCC’s broadened Corporate Treasury function, which includes cash management, treasury operations and capital and liquidity planning, and funding.

Lombard Risk announces new release of COLLINE for global, cross-product collateral management and clearing
Lombard Risk Management plc, a leading provider of integrated collateral management, regulatory compliance and reporting solutions for the financial services industry, announces new release (V12.3) of COLLINE for collateral management and clearing providing enhanced and new functionality for today’s collateral management, clearing and regulatory demands.

MarkitSERV Connects to NASDAQ OMX for FX Clearing
Markit, a leading, global financial information services provider today announced that MarkitSERV, the most widely used electronic trade processing service for over-the-counter (OTC) derivative transactions, will be the first middleware provider to deliver foreign exchange (FX) trades for clearing to NASDAQ OMX.

Indexes & Products

Goldman joins Dow in big stocks shake-up
Michael Mackenzie and Arash Massoudi in New York –
Credit cards, investment banking and running shoes are coming to the world’s most recognisable stock market benchmark, reflecting the shift in the US economy from industry to services and consumer goods.

Meet the Servicey New Dow
In its biggest shakeup in nearly a decade, the elite Dow Jones industrial average booted manufacturers and welcomed companies that specialize in services and assembly. Daniel Gross on how the move reflects the new economy.

[OSE] Change of Component Issues for Dow Jones Industrial Average

[OSE] Change of Component Issues for RN Prime Index

[TSE] [News] ETF/ETN Monthly Report for Aug 2013


OptionsCity To Launch Algo-testing Integrated with Trading Platform
Becca Lipman – Wall Street & Technology
OptionsCity is preparing to launch Freeway Analytics, an algorithmic-trading program that allows traders to back-test their programs against real market scenarios – from flash crashes to a market rally, in real time, with historical data, and under fictitious scenarios.

First Derivatives to sponsor Asian Gaelic Games 2013 and Asia Irish Business Forum
First Derivatives has announced its sponsorship of the GAA Asian Gaelic Games Tournament 2013 for the second consecutive year. It is also sponsoring the Asia Irish Business Forum.

SunGard’s IntelliMatch Operational Control And XSP Solutions Awarded 2013 SWIFT Accreditations
SunGard’s IntelliMatch Operational Control and SunGard’s XSP have attained the SWIFT Certified Application Reconciliation and Corporate Actions labels for 2013, respectively. This is the fourteenth year that IntelliMatch Operational Control and ninth year that XSP have received the accreditations.


Federal Court Orders Alex Ekdeshman and Paramount Management, LLC, to Pay over $2.4 million in Restitution and a Fine for Fraudulent Foreign Currency Scheme
The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court consent Order against Defendants Alex Ekdeshman of Holmdel, New Jersey, and Paramount Management, LLC, requiring them to pay $1,146,000 in restitution to their defrauded customers and a $1,337,000 civil monetary penalty.

FCA Probing Two Banks Over PPI Claims Process, Wheatley Says
Ben Moshinsky – Businessweek
The U.K.’s markets regulator is investigating allegations that banks are dismissing claims for payment protection insurance compensation.

Fired Deutsche Bank Euribor Traders Win Labor Court Case
Deutsche Bank AG lost a lawsuit filed by four traders fired as part of the lender’s probe of the rigging of interest benchmarks. Presiding Judge Annika Gey at the Frankfurt Labor Court today said the bank must give them their jobs back and pay their salaries.

Madoff trustee wins dispute over fraud victims’ damages
A federal bankruptcy judge said victims of Bernard Madoff’s fraud are not entitled to interest or inflation adjustments on their claims, a decision that could speed the return of $1.36 billion to the swindler’s former customers.

BCSC panel upholds MFDA decision that former mutual fund salesperson breached rules

ASIC takes civil action against The Cash Store

Environmental & Energy

Record German Power Volumes On NASDAQ OMX Commodities
NASDAQ OMX Commodities’ OTC cleared German power volumes reached all-time high on September 10, 2013. OTC cleared volume was 981 GWh and an additional 602 GWh was traded on the Exchange, giving a totally cleared volume of 1583 GWh.


Japan regulator probing Deutsche Bank entertainment of pension clients: sources
Japan’s securities market watchdog is investigating whether Deutsche Bank AG employees provided excessive entertainment to Japanese pension fund executives in breach of regulations, sources with knowledge of the matter said.

Singapore tightens rules on unsecured loans to rein in debt
Singapore announced new rules on Wednesday to cap the amount of credit card and other unsecured loans that banks can extend to individuals in a bid to rein in borrowing and prevent people from falling deeper into debt.

The Korea Fund, Inc. Announces Semi-Annual Portfolio Manager Conference Call
Business Wire via Yahoo! Finance
The Korea Fund, Inc. announced today a semi-annual portfolio manager conference call, to be held at 10:00 a.m. ET, on September 18, 2013.

Frontier Markets

Malaysia Attempts to Spur Private Equity
Jason Ng – MoneyBeat – WSJ
Malaysia is taking baby steps in trying to kick-start its private-equity industry, after years of cheap credit and a buoyant stock market limited its growth.

India-focused hedge funds continue seesaw performance
Hedge funds targeting India faced a difficult operating environment over the last several months making the universe one of the most volatile in the industry as Mena performance remains strong

DoubleLine’s Gundlach calls Indian stock market ‘scary’
Jeffrey Gundlach, chief executive of DoubleLine Capital LP, on Tuesday gave a strongly negative outlook for the Indian stock market, saying it could be hit especially hard by outflows of funds from emerging markets on expected changes in monetary policy by major central banks.

BSE to move 24 stocks; NSE 13 scrips to restricted segment
Business Standard
Premiere bourses NSE and BSE have decided to transfer securities of several companies including Piramal Life Sciences and Aditya Birla Money to the restricted trading category as a measure to safeguard interest of investors in the capital market.

BSE, NSE seek clarification from MCX on increase in volume
Business Standard
Country’s leading stock exchanges — BSE and NSE — have sought clarifications from Multi Commodity Exchange of India about substantial increase in its trading volume. The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.

How fund managers are riding the storm
Business Standard
On July 15, when the Reserve Bank of India raised short-term interest rates by 200 basis points, it sent shockwaves through the bond market. Liquid funds which are considered safest investments for investors posted negative returns for the first time.


Fraud Stealing $100 Million Shows Flaws in U.S. Crop Insurance
David J. Lynch – Bloomberg
Harry Dean Canady will learn next month whether he’ll spend the rest of his life in prison for cheating taxpayers of more than $1 million and threatening to kill the U.S. agents who brought him to justice. A convicted felon with an alcohol-fueled temper, Canady, 64, pleaded guilty in December to defrauding the federal crop insurance system and is behind bars pending sentencing.

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