Industry news

September 6, 2012: CBOE looks to set up London base; Citigroup to launch commodity trade finance business; Liquidnet launches Philippines dark pools

CBOE announces plans to expand into London with VIX futures.  Citigroup, seeing the European exodus from commodity trading by banks and other firms, decides to take a seat at the table.  Liquidnet opens up its ninth dark venue in Asia in the Philippines.

First Read

NYSE Euronext Names Crutchfield to Lead U.S. Options
By Jacob Bunge – Dow Jones
NYSE Euronext (NYX) appointed Steve Crutchfield to oversee its U.S. stock-options operations as the Big Board parent continues to shuffle senior management roles.
jlne.ws/PL6YBR

**** Congratulations to Steve Crutchfield on his new position.  Also, best of luck to Paul Finnegan who leaves NYSE Arca to become CEO of Livevol.  

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Van Griethuysen Leaves NYSE After 33 Years in Business
Bloomberg
NYSE Euronext’s Alan van Griethuysen, business head of the Benelux region and Asia, has left the exchange after 33 years amid a review of operations.
jlne.ws/PL71gZ

**** Alan is the fine gentleman in Amsterdam that invited me to ring the closing bell of the exchange there.  I shall always be grateful for the opportunity to do so and wish him the best in his future endeavors.  He is always great to be with and represented his exchange and country well.

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R.J. O’Brien Appoints Gabriele CFO of Holding Company
R.J. O’Brien & Associates (RJO), the nation’s oldest and largest independent futures brokerage and clearing firm, announced that Jim Gabriele joins the firm today as Executive Vice President and Chief Financial Officer (CFO) of the firm’s holding company, RJO Holdings Corp. Gabriele, 45, has spent more than two decades in senior operational, financial, management and consulting roles for alternative investment and brokerage firms.
jlne.ws/PL71h4

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Trading Technologies Plans Connection to Eris Exchange
By Jacob Bunge – Dow Jones
Trading Technologies International Inc. plans to connect its platform to the Eris Exchange, adding a host of potential new customers for the nascent derivatives market.
jlne.ws/PL71h6

**** It is always a good thing when TT connects to you.

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CBOE RMC Europe Daily Recap
The inaugural CBOE Risk Management Conference (RMC) Europe kicked off this afternoon with three sessions designed as options and volatility primers to set the table for the next two days. In the first session, CBOE’s Jim Bittman and Mercurious’ Jerry de Leeuw discussed the fundamentals of options pricing and strategies.
jlne.ws/PL6YBW

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HFRX Global Hedge Fund Index up 0.51% in August (+2.29% YTD)
Opalesque
Global equity markets posted gains for the 3rd consecutive month in August, with significant sector contributions from Energy and Telecom and geographic contributions from Italy and Spain; Asian equities experienced mixed performance. Trading volumes declined throughout the month, as implied volatility declined despite an early month spike associated with a trading loss at a large US executing broker dealer.
jlne.ws/PL71hg

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Pruning Hedge Fund Regulation Without Cultivating Better Rules
New York Times
The Securities and Exchange Commission has proposed rules to lift advertising restrictions for hedge funds, but the way this looks on paper and the way it will play out in the real world are a tad different.
jlne.ws/PL6YC3

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Top Bank Lawyer’s E-Mails Show Washington’s Inside Game
Robert Schmidt and Jesse Hamilton – Bloomberg
It had been two days since U.S. lawmakers negotiated all night to finish rules that would reshape the business of Wall Street. The 20-hour session left legislators, aides, lobbyists and regulators exhausted. Almost no one had a grip on all the details. Then Annette Nazareth stepped in. That Sunday morning, she e-mailed a dozen Securities and Exchange Commission officials about the bill that would become the 2,300-page Dodd-Frank Act.
jlne.ws/PL6YC4

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JPMorgan flip flops on commodity ETFs
Jack Farchy in London – FT.com
Will JPMorgan’s planned physical copper exchange-traded fund “wreak havoc” on the global economy? For the first time since a group of US copper consumers, a large copper trader, and Senator Carl Levin launched a fierce attack on the product in May, JPMorgan has responded. Unsurprisingly, the bank argues that the new copper ETF would have no untoward effects on the global economy; more surprisingly, it says that physical metal ETFs have no impact on prices at all.
jlne.ws/PL71hh

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Orc Webinar: Explore opportunities in the energy markets
Wednesday, October 3 at 10 am CT/ 4 pm GMT/ 11 pm HKT
Join Orc, Advantage Futures and Intercontinental Exchange (ICE) as they dive into one of the most liquid and exciting markets. Listen, interact and learn from energy expert, Mike Davis, Director of Market Development at ICE Futures Europe, talk about ICE’s energy offering. Understand how to take advantage of these opportunities with a product demo from Orc’s Engineer Paul Bolton and finally, gain Ambaj Sharma’s perspective, Senior Vice President of Technology at Advantage Futures, as he shares his experience supporting ICE trading.

For details and to RSVP: jlne.ws/PL71xE

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TABB Group and CFN Services’ Webinar to Examine High Performance Cloud and Big Data Strategies for Financial Services Firms
CFN Services, a leading provider of managed automated trading enablement services and TABB Group are hosting an informational webinar titled, Seeing through the Clouds: Practical Applications for Financial Institutions on Tuesday, September 25th at 11:00 a.m. EDT / 8:00 a.m. PDT.
jlne.ws/PL6YSv

MarketsWiki.tv

Eirvin Knox of Ambata Capital Partners Discusses Managed Funds in the Middle East
MarketsWiki.tv
Eirvin Knox has been the in the international banking business for more than 30 years, spending the past decade in the Middle East, as CEO of Abu Dhabi Commercial Bank. He spoke with JLN Managed Futures editor Jim Kharouf at the 2012 Emerging Managers Forum about the Middle East’s investment climate, and what it takes to attract investment from customers in that region. Knox currently serves as CEO of Ambata Capital Middle East, a division of the global investment and advisory firm, Ambata Capital Partners and non-executive director of Banque Havilland.
jlne.ws/O8Fnio

SEC Tables Money Market Fund Regulation: Michael Markowitz Analysis
MarketsWiki.tv
Michael Markowitz is chief investment officer at Horizon Cash Management LLC, an investment advisory firm specializing in the managing of cash portfolios for hedge funds, managed futures funds, family offices and institutional investors. Markowitz spoke with John Lothian News Editor-at-Large Doug Ashburn about the SEC‘s decision in August 2012 to table proposed changes to money market fund regulations.
jlne.ws/NzyiY5

JLN Options

Shake-up at Top of NYSE Euronext’s U.S. Options Business
Peter Chapman, Traders Magazine
Steve Crutchfield has become sole head of NYSE Euronext’s two U.S. options exchanges—NYSE Amex Options and NYSE Arca Options—taking on a job previously handled by three executives. Previously, Crutchfield was head of NYSE Amex Options.
jlne.ws/OYRXiN

Van Griethuysen Leaves NYSE After 33 Years in Business
Nandini Sukumar, Bloomberg
NYSE Euronext’s Alan van Griethuysen, business head of the Benelux region and Asia, has left the exchange after 33 years amid a review of operations. Van Griethuysen, 52, joined the European Options Exchange in 1979. That company merged with the Amsterdam Stock Exchange and was in turn acquired by Euronext NV.
jlne.ws/Ob1AfI

VIX Roars Into September
John Nyaradi, Wall Street Sector Selector
The VIX index did not hesitate to surge into September today as the index rose 2.92% to close in the green. VIX ETFs did not respond so well, as the iPath S&P 500 Short Term Futures ETN (NYSEARCA:VXX) closed .7% in the red, and the VelocityShares Daily 2X VIX Short-Term ETN (NYSEARCA:TVIX) lost 2.68% today. The gap between a positive VIX index and negative VIX ETNs likely represents the fact that most VIX ETNs do not directly track the VIX index itself, but rather futures contracts associated with the “fear” component of the S&P 500.
jlne.ws/NRw2FW

MarketsWiki

MarketsWiki Recent Updates

People

James Hyde; Ellen M. Warwick; Susan M. Schultz; Richard Repetto; Steven Crutchfield; Amy Farnstrom; Paul Finnegan; Scott Burrill; Joseph Gawronski; Alan van Griethuysen; Justin Schack; Richard A. Rosenblatt

Companies, Organizations and Groups

Envex; FlexTrade Systems, Inc.; ITG; Rosenblatt Securities Inc.; Eris Exchange

Products

VIXH; Let There Be Light

Miscellaneous

High-frequency trading; Direct Market Access

Statistics

28,038,365 pages viewed, 7,097 articles, 147,141 edits
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Lead Stories

CBOE looks to set up London base
Philip Stafford – FT.com
The Chicago Board of Options Exchange is looking to push beyond its US base with plans to extend trading of its popular market volatility index around the clock and establish a base in London.
jlne.ws/PL6YSB

Brodsky At CBOE Risk Management European Conference: Announces Plans For 24-Hour VIX Futures Trading And CFE London Hub
Press Release
CBOE Futures Exchange, LLC plans to expand trading hours for CBOE Volatility Index futures to virtually 24 hours from eight hours beginning sometime in 2013, CBOE Holdings Chairman and CEO William J. Brodsky announced today at the CBOE Risk Management Conference Europe near Dublin, Ireland.
jlne.ws/SmnLRH

Citigroup to launch commodity trade finance business: FT
Reuters via Yahoo! News
Citigroup is set to start up a finance business for commodity trade to move into a void left by a pullback from the market by major European lenders, according to a report in The Financial Times.
jlne.ws/PL71O0

Liquidnet launches Philippines dark pools
Jeremy Grant in Singapore – FT.com
Liquidnet, the US dark pool trading systems operator, expanded its block trading system to its ninth market in Asia with the launch of trading in Philippines stocks. The move on Wednesday is a sign that dark pools, which allow the matching of large blocks of shares, are growing in Asia.
jlne.ws/PL71O7

ASX head extends dark pool warning
The Trade News
Elmer Funke Kupper, Australian Securities Exchange (ASX) managing director and CEO, has cited dark execution as the ASX’s number one concern.
jlne.ws/PL71Oa

EU prepares for clampdown on Libor-style indexes
Reuters via Yahoo! News
The EU executive opened talks with the financial industry on Wednesday on how to impose curbs on financial market benchmarks and indexes, marking the start of a regulatory clampdown following rigging in London’s inter-bank lending market.
jlne.ws/PL71Oi

Exclusive: A fourth trader under scrutiny in JPM “Whale” probe
Reuters via Yahoo! News
A fourth London-based JPMorgan Chase trader is under scrutiny in the investigation by U.S. authorities into the bank’s nearly $6 billion trading loss, according to sources familiar with the situation.
jlne.ws/PL6Z91

Current Account: French Banks Say Adieu to Financing Asian Trade
FRANCESCO GUERRERA – WSJ.com
The banker on the other end of the line sounded anxious. It was the morning after the collapse of Lehman Brothers Holdings Inc. in September 2008, and he was calling from Hong Kong with stunning news. “The ships are not moving,” he said. “Not moving.”
jlne.ws/PL724B

Regulatory

Regulators Clarify Timing of New Derivatives Rules
BEN PROTESS – NYTimes.com
As Wall Street gears up for an overhaul of the $600 trillion derivatives business, big banks have grumbled that regulators failed to specify when the new policies will take effect.
jlne.ws/PL6Z94

CFTC to Give Banks More Time on Swaps Rules
Dow Jones
The Commodity Futures Trading Commission will tell banks they can have until the end of the year to comply with new “swaps” rules, giving them a reprieve from an Oct. 12 deadline, and clarifying earlier confusion about when they would have to register.
jlne.ws/PL724I

CFTC to Hold Open Meeting to Consider Proposed Rules on Enhancing Customer Protections and Final Rules on Adaptation of Existing Regulations to Incorporate Swaps
The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Wednesday, September 12, 2012, at 9:30 a.m., to consider: Proposed Rules on Enhancing Customer Protections and Customer Funds Held by Futures Commission Merchants; Final Rules on Adaptation of Existing Regulations to Incorporate Swaps.
jlne.ws/PK8fsZ

ISDA to Release Details on Committee’s Credit Swaps Decisions
Matthew Leising – Bloomberg
The International Swaps and Derivatives Association will begin publishing details of the committee meetings held by banks and investors that determine when credit-default swaps are triggered.
jlne.ws/PL724N

ISDA Publishes Amendments To The Credit Derivatives Determinations Committees Rules To Further Improve Transparency
Press Release
jlne.ws/PL724P

Banksters: The Scandals Continue
Forbes
Four years into the economic crisis, a Harris poll of U.S. adults in 2012 found that 70 percent believed ?most people on Wall Street would be willing to break the law if they believed that they could make a lot of money and get away with it?. Despite efforts to regulate better behaviour in banking, there is ample evidence that little has changed.
jlne.ws/PL750e

Exchanges & Trading Facilities

CME’s volume falls 40% in August
Crain’s Chicago Business
CME Group Inc.’s August volume declined 40 percent compared with the same month last year as low interest rates and recent market debacles carved into futures trading.
jlne.ws/PL6Zpt

CME Group Volume Averaged 10.3 Million Contracts per Day in August 2012
Press Release
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that August 2012 volume averaged 10.3 million contracts per day, down 40 percent from an all-time record in August 2011 that was driven by extremely high market turbulence that month. Total volume for August 2012 was more than 237 million contracts, of which 86 percent was traded electronically.
jlne.ws/PL6Zpv

ICE Reports August Futures Volume; Surpasses One Million CDS Trades Cleared to Date
IntercontinentalExchange (ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported futures volume for August 2012. Average daily volume (ADV) for ICE’s futures markets was 1,345,080 contracts, a decline of 18% from the prior August. Year-to-date through August 31, ADV across ICE’s futures exchanges was 1,550,296 contracts, up 2% compared to the first eight months of 2011. Total futures volume in August 2012 was 30.9 million contracts.
jlne.ws/RmtS1j

EEX Trading Results in August
In August 2012, the total trading volume on the Natural Gas Market of the European Energy Exchange (EEX) amounted to 8,398,308 MWh . The Natural Gas Derivatives Market developed particularly well. The traded volume on this market grew by 28 per cent in comparison to August 2011.
jlne.ws/RmA3md

EPEX SPOT & EEX Power Derivatives: Power Trading Results in August 2012
In August 2012, a total volume of 26.5 TWh was traded on EPEX SPOT’s Day-Ahead and Intraday markets (August 2011: 25.0 TWh). During the same period, the volume in power derivatives trading on EEX Power Derivatives amounted to 78.5 TWh (August 2011: 94.3 TWh).
jlne.ws/PL750f

Boerse Stuttgart Generates Turnover Of Around EUR 7.2 Billion In August – Two-Digit Growth In Investment Products Compared With Previous Month – Total Turnover Below Record Levels Of August 2011
jlne.ws/PL72l9

CME Group Raises $750 Million in First Bond Offering Since 2009
Matthew Leising – Bloomberg
CME Group Inc., owner of the world’s largest futures exchange, sold $750 million of bonds in its first offering in more than three years after boosting the size by $250 million. CME’s 3 percent, 10-year senior unsecured bonds yield 145 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The debt is set to be rated Aa3 by Moody’s Investors Service, the fourth-highest level of investment grade.

CME Group Prices $750 Million Aggregate Principal Amount of Notes
Press Release
jlne.ws/PL750l

Deutsche Börse new network operator for CEESEG
Deutsche Börse: Deutsche Börse AG and CEE Stock Exchange Group (CEESEG) have recently concluded a major IT agreement. From mid-September 2012, Deutsche Börse IT will act as network operator for the largest stock exchange group in Central and Eastern Europe and provide its ExServes CEESEG FIX Connectivity solution for connecting customers to the CEESEG FIX Gateway.
jlne.ws/PL72lk

South Africa’s Securities Exchanges Regulation Declared Number One By World Economic Forum
For the third consecutive year, the regulation of South Africa’s securities exchanges has again been declared number one out of 144 countries included in the World Economic Forum (WEF)’s Global Competitiveness Survey. The country’s securities market regulators are the Johannesburg Stock Exchange and its regulator, the Financial Services Board (FSB).
jlne.ws/PL750p

September 2012 InBOX
This is the September issue of InBOX, your news source from inside the BOX Options Exchange. This monthly publication will provide convenient summaries of recent developments at BOX.
jlne.ws/PL750q

CBOE Holdings, Inc. To Present At Barclays Global Financial Services Conference On September 11
CBOE Holdings, Inc. (Nasdaq: CBOE) today announced that Edward T. Tilly, President and Chief Operating Officer, will present at the Barclays Global Financial Services Conference in New York, NY, on Tuesday, September 11, at 9:45 a.m. Eastern Time.
jlne.ws/PL72By

Polish Power Exchange: Closer To The Exchange Gas Market
jlne.ws/PL72Bz

IntercontinentalExchange Sets Date of November 5 for Third Quarter 2012 Earnings Announcement
jlne.ws/PL75gK

Direct Edge Trading Notice #12-38: Route Peg Order Will Launch On September 7th
jlne.ws/PL75gN

Hedge Funds & Managed Futures

New Study: Hedge Funds Strengthening Risk Management Practices
Business Wire via Yahoo! Finance
A new study from the Managed Funds Association (MFA), BNY Mellon, and HedgeMark outlines new data showing that hedge funds are continuing to develop risk management practices that fit the needs of investors and fund managers alike.
jlne.ws/PL75gT

Larger hedge funds more resilient post financial crisis – Conclusion
Komfie Manalo, Opalesque Asia
Before the 2008 global financial crisis, smaller Asia-focused hedge funds generally outperformed their much larger peers. But this trend was reversed after the crisis with the exception of funds with assets between $200m and $500m, said GFIA’s latest Asia Note report.
jlne.ws/PL75gW

Summer Rally Puts the Hurt on Fund Managers
TOM LAURICELLA – WSJ.com
It was the rally that left many fund managers behind. Stocks jumped nearly 10% over the summer, defying the expectations of many hedge- and mutual-fund managers who had bet on a decline. They saw a multitude of headwinds from Europe’s woes to the slowing U.S. economy and sluggish corporate earnings.
jlne.ws/PL72Sa

Nagaswami Leaves New York City Pension Post to Join Bridgewater
Bloomberg
Ranji H. Nagaswami, appointed by New York Mayor Michael Bloomberg two years ago as the city’s first chief investment officer for pensions, has left to join Bridgewater Associates LP, the world’s biggest hedge fund.
jlne.ws/PL75xh

Bill Gross: Fed Is Harming, Not Helping Economy
CNBC via Yahoo! Finance
Pimco’s Bill Gross has suggested that the Federal Reserve’s current zero percent interest rates are harming the economy rather than helping it.
jlne.ws/PL72Sk

SunGard Identifies the Top Ten Asset Management Trends Affecting the Fund Management Industry
Martin Boyd, president of SunGard’s asset management business said, “The lines between institutional asset managers and alternative investors are becoming increasingly blurred due to investment strategies, priorities and goals becoming aligned.
jlne.ws/PL75xm

Hatteras Funds Celebrates 10-Year Anniversary Of Hatteras Alpha Hedged Strategies Fund
Hatteras Funds, a boutique alternative investment specialist providing unique alternative investment solutions for financial advisors and their clients, marks the 10-year anniversary of the Hatteras Alpha Hedged Strategies Fund (ALPHX, APHAX, APHCX, ALPIX) on September 23, 2012.
jlne.ws/PL738D

Bruce Berkowitz Update
Nasdaq
Bruce Berkowitz the talented manager of the Fairholme Fund , who surprised many by going all-out in troubled financials after the financial crisis. Here is an update on how he is faring so far in 2012.
jlne.ws/PL738F

Banks & Brokers

Europe, equities bear brunt of Nomura’s $1 billion cost cuts
Reuters via Yahoo! News
Nomura Holdings Inc , Japan’s biggest brokerage, said it will make cuts in its equities and investment banking businesses as it looks to chop $1 billion in costs, mainly from its ailing overseas operations, cooling its global ambitions.
jlne.ws/PL738J

Nomura Announces Evolution of Global Equities Franchise
Press Release
Nomura Holdings, Inc. today announced the next step in the evolution of its Global Equities franchise, with the business now being organized along three primary segments:
jlne.ws/PL738P

Citigroup Sued in New York Over $137 Million in Mortgage Bonds
Bloomberg
Citigroup Inc. (C), Goldman Sachs Group Inc. (GS) and UBS AG (UBSN) were sued separately in New York over losses on $368.7 million in mortgage-backed securities.
jlne.ws/PL738S

Barclays names boss for Europe retail banking
Reuters via Yahoo! News
LONDON – Barclays’ new chief executive Antony Jenkins has handed the running of its Continental European retail and business banking division to Curt Hess, currently the division’s chief financial officer, the bank said on Wednesday.
jlne.ws/PL75xu

ING Group to Sell Stake in Capital One
MARK SCOTT – NYTimes.com
The Dutch financial services giant ING Group plans to sell its 9 percent stake in Capital One in a deal that could be worth around $3 billion. ING acquired the stake in the American firm when Capital One bought ING Direct USA for $9 billion in February.
jlne.ws/PL73p9

Survey Deems JPMorgan’s Investment Bank Best Place to Work
New York Times
In a survey of some 3,500 Wall Street professionals, JPMorgan’s investment bank was selected as the best firm to work for in North America this year, judging by quality of life and overall prestige.
jlne.ws/PL75NL

Don’t Make Banks Too Small to Succeed
Bloomberg
Calls by former Citigroup Inc. Chief Executive Officer Sanford Weill and others to break up the big banks reflect lingering public fear and anger toward financial institutions that seem too big to fail.
jlne.ws/PL75NO

Morgan Stanley’s Fleming Visits Brokers Amid Technology Flaws
Bloomberg
Morgan Stanley Smith Barney President Greg Fleming , seeking to avert broker defections, met with financial advisers in the U.S. to discuss disruptions caused by a new technology and operations system.
jlne.ws/PL73FD

Barclays lands Morgan Stanley NYC broker team
Crain’s New York Business
Barclays said on Wednesday it landed a top-ranked Morgan Stanley Smith Barney adviser and his team in New York, expanding its wealth and investment management division in the region. Adviser Edward Moldaver, who moved to Barclays’ Park Avenue office in August, managed $1.35 billion in client assets, according to a 2012 Barron’s ranking of top financial advisers, which listed him as …
jlne.ws/PL75NW

UBS Said to Seek Brazil CEO as Salles Prepares to Retire
Bloomberg
UBS AG , Switzerland’s biggest bank, is seeking a chief executive officer for its Brazil unit as Lywal Salles prepares to retire, according to two people with direct knowledge of the plans.
jlne.ws/PL73FM

Goldman Boosts Private Loans to Wealthy
Tracy Alloway, Financial Times
The private bank of Goldman Sachs is quietly beefing up its lending to wealthy individuals with a host of new loan products and credit offerings.
jlne.ws/PL75O2

New Turn in Brokerage Fight
SUZANNE KAPNER, AARON LUCCHETTI AND BRETT PHILBIN – WSJ.com
In the latest twist in an increasingly contentious negotiation, Morgan StanleySmith Barney’s owners are battling over how much capital the brokerage should hold, according to people close to the talks.
jlne.ws/PL73FR

UK rejects claim it singled out Barclays in tax row
Reuters via Yahoo! News
LONDON – Chancellor George Osborne has rejected a claim by Barclays Plc that the bank was singled out for harsh treatment in a tax row and said the government took action due to the amount of tax at risk.
jlne.ws/PL764l

Former Goldman Executive Joins Strategic Value Partners
By MARK SCOTT – NYTimes.com
Stephen J. McGuinness, the former co-chief operating officer of Goldman Sachs Asset Management, has joined the investment firm Strategic Value Partners as a senior managing director.
jlne.ws/PL73W9

R.B.S. Insurance Unit to Cut 900 Jobs
MARK SCOTT – NYTimes.com
The insurance unit of the Royal Bank of Scotland plans to cut almost 900 jobs as it looks to reduce costs ahead of an initial public offering.
jlne.ws/PL764u

Clearing & Settlement

EEX and ECC offer OTC registration via EFETnet
The European Energy Exchange (EEX) and European Commodity Clearing (ECC) are offering their participants a new and straight-forward solution for clearing OTC transactions. With immediate effect, EEX and its clearing house are connected with the EFETnet network
jlne.ws/QlklLA

Indexes & Products

Protect the virtue of exchange traded funds
John Gapper – FT.com
They are among the biggest and most useful innovations for the retail investor since the advent of mutual funds. But it is time for those investors to look a little more closely at exchange traded funds.
jlne.ws/PL76kN

Deutsche Boerse Drops Metro, MAN SE From DAX Index
Dow Jones
German stock exchange operator Deutsche Boerse AG Wednesday altered the makeup of the DAX index, dropping retailer Metro AG and truck maker MAN SE.
jlne.ws/PL76kT

Continental and Lanxess to be included in DAX
jlne.ws/PL73Wk

Technology

Exchange Data International Awarded the ISO9001 Certification
London-based financial data provider Exchange Data International (EDI) has been awarded the International Organization for Standardization (ISO) 9001 certification. This independent assessment was conducted by the leading certification body, the British Assessment Bureau and demonstrates EDI’s commitment to customer service and quality in delivery. The assessment marks the first time EDI has won this certification.
jlne.ws/PL76l0

Enforcement

SEC Charges Public Relations Executive With Insider Trading in Client’s Stock
The Securities and Exchange Commission today charged the CEO of a Los Angeles-based public relations firm with insider trading on nonpublic information she learned from a client that was about to acquire a bank in a deal assisted by the Federal Deposit Insurance Corporation (FDIC).
jlne.ws/PL76l4

SEC Charges Radio Personality For Conducting Misleading Investment Seminars
The Securities and Exchange Commission today charged a nationally syndicated radio personality and financial advice author for spreading misleading information about his “Buckets of Money” strategy at a series of investment seminars that he and his company hosted for potential clients.
jlne.ws/PL76Bj

SEC Charges Attorney And Two Other South Florida Residents In $27.5 Million Investment Fraud
jlne.ws/PL76Bm

Environmental & Energy

Linking to Europe’s carbon market carries risks
Reuters – Gerard Wynn
A link between European Union and Australian cap and trade schemes could inject new life into emissions trading as long as regulators take into account risks such as the impact of market intervention in one region on energy prices in the other.
jlne.ws/OnAgGF

No early Australian link to Californian carbon market
The Age
California officials have plans to travel to Australia in October to discuss potential market links with their counterparts, sources said, but some analysts and California officials said a tie-up between the two cap-and-trade systems would be a long way off.
jlne.ws/TjD3Gl

Shell to proceed with oil sands carbon capture project
Reuters
Royal Dutch Shell Plc said on Wednesday it has given final approval for its planned C$1.35 billion ($1.36 billion) Quest carbon capture and storage project in order to cut carbon-dioxide emissions at its 255,000 barrel per day Scotford oil sands upgrader near Edmonton, Alberta, by more than a third.
jlne.ws/Q16zhI

Asia-Pacific

China attacks foreign short-sellers in official editorial
Reuters via Yahoo! News
China said foreign short-sellers targeting Chinese companies listed in the U.S. are engaged in a “malicious act”, in an editorial published by the official Xinhua news service on Wednesday.
jlne.ws/PL76Bt

Bank of Communications Mulls ABS Sale on Shanghai Bourse -Report
Dow Jones
Bank of Communications Co. is considering selling asset-backed securities on the Shanghai Stock Exchange, the state-run China Securities Journal reported Thursday, citing unnamed sources.
jlne.ws/PL74td

Dalian Commodity Exchange Launches Assessment Activity Of Top 10 Futures Research Teams 2012
jlne.ws/PL74tg

Frontier Markets

Patience and dodgy deals needed to cash in Sudan bourse gains
Reuters via Yahoo! News
KHARTOUM – Over a cup of tea, Sudanese broker Hamid is explaining to a Yemeni bourse investor that he won’t be able to get his hands on the returns he is owed after many years of investing in the African country’s Islamic bonds.
jlne.ws/PL74ti

Dubai Group Sells Turkey Insurance Unit to Starr, Oman Insurance Group
Insurance Journal
The Dubai Group has sold its Turkish insurance arm to Starr Insurance and Reinsurance Ltd., a company owned by former AIG chief executive Maurice “Hank” Greenberg, and to a unit of Dubai lender Mashreq Bank, as the state investment firm
jlne.ws/PL74tj

Card Giants Lead Rush to Myanmar
SHIBANI MAHTANI And PATRICK BARTA – WSJ.com
Myanmar inched closer to rejoining the global financial system Thursday as MasterCard Inc. MA -0.54% said it had issued a license to one of the country’s largest banks.
jlne.ws/PL74tk

Dubai Mercantile Exchange Announces India’s Largest Oil Refiner As Newest Member
jlne.ws/PL74tm