Industry news
Date: Jun 4, 2013
June 4, 2013: Nasdaq to reinforce monitoring with performance metrics tool; Investors Approve NYSE Sale to ICE; LCH Begins N.Y. Service to Give Customers U.S. Bankruptcy Cover
Exchange operator Nasdaq announces that they are toughening up real-time system monitoring to improve their oversight of their trade flow. Shareholders give a substantial thumbs-up to the ICE-NYSE merger. LCH.Clearnet starts a service in the US to give clearinghouse customers bankruptcy protection. In First Read today, take a look at the latest MarketsWiki.tv video interview: Tom Lloyd, general counsel at Campbell & Co., talks with John Lothian News Editor-at-Large Doug Ashburn about the emergence of managed futures mutual funds as an additional investment choice in the alternatives space, and explained some of the logistics behind setting up such a fund and carrying out the accounting, reporting and marketing functions.
First Read
Approaching Personal Challenges
Jessica Titlebaum – Orc Group
On a flight to Toronto a few months ago, I read that people who exercise regularly make nine percent more money than people that don’t. It was an interesting statistic because I had recently started training for the Tough Mudder with Brenna Hardman
The Tough Mudder is a 12-mile mud run with 22 obstacles strategically placed throughout the course. The obstacles include swimming through electrical cords, jumping across fire and crawling through dark, muddy underground tunnels (littered with garden snakes).
I will say for the record that I hate running and I am not a fan of getting electrocuted – especially on purpose – but facing my fears was attractive and I knew that the preparation could be almost as much of a challenge as the event itself. In addition to working out with a trainer, I would envision myself jumping in a pool of ice, climbing over stacked logs and walking a narrow wire – real life obstacles I knew I would encounter.
I had trained for about a year, incorporating weightlifting and cardio exercises into my daily routine. Brenna and I took spinning classes together to help prepare, went boxing at that gym on Wells Street, near the Cactus Bar & Grill, and I tweeted every morning while I was on the treadmill. We had physically and mentally prepared for for the race but I will admit, it was pure determination that got me to the finish line.
The Tough Mudder showed me that mud runs are like chicken soup: they are good for the soul. They also remind us that preparation, hard work and determination enable us to accomplish our greatest goals.
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Campbell’s Tom Lloyd Talks Managed Futures Mutual Funds and JOBS Act
MarketsWiki.tv
Tom Lloyd is general counsel at Campbell & Co., a Baltimore, MD-based provider of absolute return investment management, specializing in systematic managed futures and equity market-neutral strategies. Lloyd, a former managing director for Deutsche Bank Alex Brown, joined Campbell in 2005 to head the legal and compliance functions of the firm and its subsidiaries. In addition, Lloyd oversees Campbell’s fund administration function and, in November 2012, he was named to the firm’s board of directors.
Lloyd spoke with John Lothian News Editor-at-Large Doug Ashburn about the emergence of managed futures mutual funds as an additional investment choice in the alternatives space, and explained some of the logistics behind setting up such a fund and carrying out the accounting, reporting and marketing functions. He closes with a discussion of the JOBS Act and how possible changes to general solicitation and advertising could affect Campbell’s marketing strategy.
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OneChicago Announces Trading Volume for May 2013
OneChicago, LLC (OCX), an equity finance exchange, today announced May 2013 volume of 1,094,616, an increase of 322% compared with the same period in 2012.
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SGX securities and derivatives activities grow in May
Singapore Exchange (SGX) today said its securities and derivatives activities grew in May both month-on-month and year-on-year. Total securities turnover was S$37.3 billion, up 45% year on year and up 22% month on month Total futures and options volume was a record 11.0 million contracts, up 59% year on year and up 13% month on month. Volume hit a one-day record of 1.2 million contracts on 28 May. Volume of cleared OTC swaps and options doubled to a record 50,980 contracts from a year earlier and was up 21% month on month.
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Sun-Times columnist Terry Savage exits
Lynne Marek – Crain’s
The Chicago Sun-Times and longtime personal finance columnist Terry Savage have parted ways, as parent company Wrapports LLC accelerates its cost-cutting and redefines its columnist coverage.
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***JT: I had the honor of interviewing Terry Savage at the first annual WILD Symposium last year hosted by the Federal Reserve Bank of Chicago. When Terry was starting out, she was told women couldn’t become brokers or traders and then successfully pursued both careers. Currently, she is one of two women on the board at the CME Group. She is my kind of woman! I wish her the best of luck on her new endeavors.
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The S.E.C. Is ‘Bringin’ Sexy Back’ to Accounting Investigations
PETER J. HENNING – NYTimes.com
In April 2003, a New York Times article discussed the push by federal prosecutors to crack down on accounting fraud in which one expert said, “These have become the hot, sexy cases.” The attraction seems to have worn off. But The Wall Street Journal is reporting that Mary Jo White, the S.E.C.’s new chairwoman, wants to turn the agency’s attention back to what was once seen as its core mission of policing corporate disclosure to ensure investors are protected.
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***JT: WILD is “bringing sexy back to accounting” too… on June 20.
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No Easy Fix for Insider Trading
WILLIAM ALDEN – NYTimes.com
The government has made it a priority to root out insider trading, pursuing prominent hedge funds and securing dozens of convictions in recent years. And yet, a more comprehensive solution to end the illegal practice is elusive.
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***JT: There is no easy fix for any kind of wrong doing.
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Australian dark-pool rules mark a test case for Asia
Michelle Price – Financial News
The Australian securities market last week saw new rules, designed to curb so-called dark pools, come into force in a development that is being closely watched the world over. The rules, implemented by the Australian Securities and Investments Commission, come as regulators in the US, Europe and Asia attempt to get to grips with the increasingly divisive topic and many market participants expect the rules to have international influence.
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Call to press fund managers over fees paid by pension trustees
Norma Cohen, Demography Correspondent – FT.com
Fees collected by fund managers add up to a rising proportion of the returns they generate for pension trustees, with a vast divergence between what different investment groups charge for similar services, according to a report.
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IPXI Web Presentation on First ULR Contract Offering: OLED Technology
Wednesday, June 5, 2013, 10 a.m. Central time and at 8 p.m. Central time
Please join IPXI as we unveil the first Unit License Right (ULR) contract offering, present important offering details and launch the start of the marketing campaign for the ULR contracts. This first-of-its-kind offering will enable operating companies, investors and other market participants to buy and sell ULR contracts for a portfolio of more than 600 patent assets, including 225 granted patents worldwide, related to organic light-emitting diode (OLED) technology for display screen applications. The portfolio is the result of nearly 20 years of research in the field by Koninklijke Philips N.V. (Philips), the global leader in healthcare, lifestyle and lighting.
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MarketsWiki
MarketsWiki Page of the Day
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jlne.ws/11h9KEa
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Lead Stories
Nasdaq to reinforce monitoring with performance metrics tool
Philip Stafford – FT.com
Nasdaq OMX is reinforcing real-time monitoring of the billions of trades processed across its US trading platforms, amid a crackdown by US authorities on exchanges’ supervision of the markets they operate.
jlne.ws/17l8kjg
Investors Approve NYSE Sale to ICE
KAITLYN KIERNAN And JACOB BUNGE – WSJ.com
NYSE Euronext shareholders on Monday approved a plan to sell the storied Big Board stock exchange to rival IntercontinentalExchange Inc., a 13-year-old commodity market operator. The deal, currently valued at about $9.7 billion, passed with heavy support from NYSE shareholders at a special meeting convened at the NYSE’s downtown Manhattan headquarters Monday, according to preliminary results released by the company.
jlne.ws/17l8kji
LCH Begins N.Y. Service to Give Customers U.S. Bankruptcy Cover
Matthew Leising – Bloomberg
LCH.Clearnet Group Ltd., owner of the world’s largest interest-rate swap clearinghouse, began a U.S.- based service to give customers the protection of American bankruptcy law.
jlne.ws/17l8kjn
US regulators name groups for more supervision
Tom Braithwaite in New York – FT.com
AIG, Prudential Financial and GE Capital face increased levels of supervision and higher capital requirements after being branded “systemically important” by regulators, in a new system designed to identify institutions that could pose a threat to financial stability.
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HKEx CEO plans more Asia-friendly changes to LME
Market Watch
Metal-market participants in Asia can expect more changes from the London Metal Exchange, owner Hong Kong Exchanges & Clearing Ltd.’s Chief Executive Charles Li promised on its website late on Monday.
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The Icemen cometh to London
Tim Cave – Financial News
The official starting gun was fired on IntercontinentalExchange’s $10bn takeover of NYSE Euronext last month when the exchanges filed deal plans for approval with European antitrust authorities. The European Commission’s Directorate General for Competition, has 25 working days to review the deal, with a preliminary decision expected on June 24.
jlne.ws/17l8kjr
U.K. Banks Cut Lending Despite Aid
JASON DOUGLAS AND NICHOLAS WINNING – WSJ.com
A U.K. initiative to thaw a freeze in lending made little progress in the first three months of the year, as banks continued to cut back lending and reduced their appetite for central-bank cash earmarked for new loans.
jlne.ws/17l8ibf
Hindenburg Omen Creator: ‘I’m Hunkering Down for Possible Rough Ride’
Steven Russolillo – MoneyBeat – WSJ
The man behind the “Hindenburg Omen” said he’s prepping to bail out of the stock market after his ominous-sounding technical indicator was tripped last week for the second time in two months.
jlne.ws/17l8kjt
Regulatory
CFTC’s Division of Clearing and Risk Issues Extension of Time for Compliance with Certain Pre-Trade Screening Requirements of the Commission’s Rule Regarding Bunched Orders for Futures
The Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) announced on Friday the issuance of an extension of time for compliance in order to provide additional time for market participants to coordinate on the communication of limits for bunched orders for futures.
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Robert E. Rice Named As Chief Counsel To SEC Chair
Securities and Exchange Commission Chair Mary Jo White today announced that she has appointed Robert E. Rice as her Chief Counsel. A former federal prosecutor, Mr. Rice comes to the SEC from Deutsche Bank AG in New York, where he was head of governance, litigation and regulation for the Americas, and the global co-head of its governance, litigation and regulation operating committee.
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Despite Regulations, Financial Analysts Say Private Calls with Executives Are Essential
Newswise
A study of 365 sell-side financial analysts shows that private phone calls with managers remain an essential source of analysts’ earnings forecasts and stock recommendations – even in light of regulations limiting businesses’ selective disclosure of financial information.
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Advisers call for crackdown on pensions liberators
Mark Cobley – Financial News
Pensions advisers, lawyers and administrators have called for tougher action from the UK tax authorities, after being left with the “time-consuming and expensive” task of monitoring “suspicious” pensions liberation providers.
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[AMF Canada] Instructions for filing interim returns and other documents – Damage (P&C) insurers and insurers of persons
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[AMF Canada] Extension of consultations pertaining to take-over bids and warning system rules
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[Japan] FSA publishes Weekly Review No.48
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IOSCO Publishes The Responses To Financial Benchmark Consultation
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Exchanges & Trading Facilities
LME posts new monthly trading record
Record volumes were transacted for the second consecutive month on the London Metal Exchange (LME) in May 2013, with 14,597,723 lots traded. April 2013 saw a record of 14,517,213 lots traded.
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BOX Price Improvement Activity for May
In the month of May, price improved contracts on BOX Options Exchange averaged 246,242 per day, which represented a 13% increase over last month.
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MGEX Reports Eighth Month In A Row Of Year Over Year Volume Growth
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today announced total Exchange volume in May at 89,382 contracts traded. This is the eight month in a row that the Exchange has experienced year over year growth. Open interest was reported at 42,519 contracts. Apple Juice Concentrate (AJC) volume saw 15.7 percent growth from April 2013 with 362 contracts traded. AJC open interest, reported at 320 contracts, saw 58.4 percent growth from April 2013.
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ISE Reports Business Activity for May 2013
The International Securities Exchange (ISE) today reported an average daily volume of 2.7 million contracts in May 2013. This represents a decrease of 5.2% compared to May 2012. Total options volume for the month was 58.3 million contracts. ISE was the second largest U.S. equity options exchange in May with a market share of 17.2%*.
May 2013 Trading Volumes In VIX Futures Post Gains Over Year Ago
May 2013 was the third most active trading month all-time for VIX futures at CFE, trailing only April 2013 (4,056,760 contracts) and March 2013 (3,220,977 contracts). During May, a total of 3,212,399 VIX futures contracts traded. This was an increase of 61 percent versus the 1,999,974 contracts traded in May 2012 and a decrease of 21 percent when compared to the all-time high of 4,056,760 contracts traded in April 2013.
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CBOE Holdings May Volume is Highest for 2013
CBOE Holdings, Inc. reported today that May trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange, LLC totaled 107.14 million contracts, the highest monthly volume to date in 2013. Average daily volume in May was 4.87 million contracts, up four percent from 4.67 million contracts in April 2013 and down four percent from 5.06 million contracts in May 2012.
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Average daily volume of 10.1 million contracts at Eurex Group in May
In May, the international derivatives exchanges of Eurex Group achieved an average daily volume of 10.1 million contracts (May 2012: 11.2 million). Of those, almost 7.4 million were Eurex Exchange contracts (May 2012: 8.4 million), and 2.7 million contracts (May 2012: 2.6 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 162.4 million contracts were traded at Eurex Exchange and 58.3 million at ISE. This makes May the best month in terms of trading volumes in 2013.
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Turnover at Deutsche Börse’s cash markets at 109 billion euros in May
Order book turnover on Xetra, the Xetra Frankfurt Specialist trading and Tradegate stood at E109.2 billion in May (May 2012: E101.3 billion). Of the E109.2 billion, E99.5 billion were attributable to Xetra (May 2012: E94.1 billion). E5.4 billion were attributable to the Xetra Frankfurt Specialist trading (May 2012: E4.8 billion). Order book turnover on Tradegate Exchange* totalled approximately E4.3 billion in May (May 2012: E2.3 billion).
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The Options Industry Council Announces May Options Volume Increased 2 Percent
The Options Industry Council (OIC) announced today that 386,428,255 total options contracts traded in May, which is up 2.35 percent compared to last year when 377,539,997 contracts were traded.
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Key figures for SIX Swiss Exchange and Scoach Switzerland May 2013
To date, a total of 14,727,457 transactions have been executed on SIX Swiss Exchange and Scoach Switzerland in 2013 – a 4.9% increase year-on-year. Transactions in the equities segment, which includes funds and ETPs, were up 5% at 13,696,319. ETF segment transactions also advanced 24.6% year-on-year to 417,613 transactions.
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NASDAQ OMX Nordic and Baltic Trading Statistics May 2013
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May Turnover At Boerse Stuttgart Climbs Above EUR 7.8 Billion Mark – Surge In Equities Trading Accompanied By Rise In Turnover From Securitised Derivatives
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Trading On The Warsaw Stock Exchange: May 2013
The value of total trading in equities on the Main Market was PLN 17.4 billion in May 2013, an increase of 17.2% year on year. Total trading on the Main Market year to date in 2013 increased by 23.1% year on year. The total volume of trading in index futures decreased by 41.6% year on year (544 thousand contracts in May 2013 v. 932 thousand contracts in May 2012).
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LME enhances Asian Benchmark pricing
The London Metal Exchange (LME) today launched a new, shorter, pricing period for its Asian Benchmark prices in response to growth in Asian trading on the Exchange’s electronic platform, LMEselect. The new five-minute pricing window, reduced from 15 minutes, focuses liquidity and enhances the price discovery process.
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NASDAQ OMX Announces Proposed Senior Notes Offering
The NASDAQ OMX Group, Inc. today announced that it plans to commence a public offering of Euro-denominated senior notes due 2021 pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission, or SEC.
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Moscow Exchange To Launch Calendar Spreads
The Moscow Exchange is launching a new financial instrument that will allow investors to avoid slippage risk while rolling over futures contacts, and will provide new strategies to trade futures.
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Oslo Børs Offers Trade In Nordic Instruments From Today
The merger between Oslo Børs and Burgundy is now completed and the marketplace Burgundy has become a part of the Oslo Børs’ comprehensive Nordic offering. From today trading in securities listed in Norway, Sweden, Denmark and Finland is available in the Oslo Børs trading system.
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NASDAQ OMX Completes Acquisition Of Thomson Reuters Investor Relations, Public Relations And Multimedia Businesses
NASDAQ OMX To Integrate Businesses With Global Technology Solutions – Accretive To EPS Within The First 12 Months, Excluding Transaction-Related Costs
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NZX’s Strong Progress And Full Compliance Noted By New Zealand’s Financial Markets Authority
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New Zealand’s Financial Markets Authority Report On NZX General Obligations Review
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IntercontinentalExchange Stockholders Approve Acquisition of NYSE Euronext
Press Release
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NYSE Euronext Shareholders Approve Acquisition by IntercontinentalExchange
Press Release
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CBOE Holdings To Participate In Sandler O’Neill Global Exchange and Brokerage Conference On June 7
CBOE Holdings, Inc. announced today that Edward T. Tilly, Chief Executive Officer, will participate in the Sandler O’Neill Global Exchange and Brokerage Conference in New York City on Friday, June 7, 2013 at 11:30 a.m. Eastern Time.
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[CBOE] Restrictions on Transactions in Telestone Technologies Corporation (TSTC)
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NYSE to Suspend Trading in Jaguar Mining Inc and Commence Delisting Proceedings
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Direct Edge Trading Notice #13-22: Mega Tier Criteria Update
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Moscow Exchange Launches Trading In Futures On Yandex N.V. Ordinary Shares
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Hedge Funds & Managed Futures
Carlyle takes full control of Dutch fund of funds
Anne-Sylvaine Chassany, Private Equity Correspondent – FT.com
Carlyle Group has offered to buy the 40 per cent stake it did not already own in Dutch fund of funds manager AlpInvest, giving the US private equity group greater control of a large investor in many of its rivals’ funds.
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BlackRock Warns of Regulating Market Indexes After Libor
Bloomberg
BlackRock Inc. , the world’s largest asset manager, warned against over-regulation of market indexes in the wake of the London interbank offered rate-rigging scandal.
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UBS O’Connor Said to Cut 16 Jobs in Equity Long-Short Fund
Bloomberg
UBS O’Connor LLC, the $5.7 billion hedge-fund unit within the biggest Swiss bank, is cutting 16 of 46 positions at an equity fund and plans to triple a corporate credit fund’s workforce, said a person familiar with the plans.
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Steve Cohen should worry less about Picassos and more about fleeing big clients
Quartz via Yahoo! Finance
The question of what Steve Cohen should do with his hedge fund SAC Capital, which is being investigated for insider trading, may be answered by his clients.
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An Earlier Hedge Fund Inquiry May Have Led to the SAC Capital Case
New York Times
While investigating Sedna Capital, a hedge fund run by Rengan Rajaratnam, the government found communication between him and an SAC trader about tech stocks.
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ING appoints Stan Beckers CEO of ING Investment Management International
ING announced today the appointment of Stan Beckers as CEO of ING Investment Management International, succeeding Gilbert Van Hassel who has decided to leave ING. The appointment of Beckers has been approved by the Dutch Central Bank and will become effective 1 July 2013.
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Calamos Launches Long/Short Mutual Fund
Calamos Investments announces the launch of the Calamos Long/Short Fund as of June 2, 2013.
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Nuveen Closed-End Funds Declare Monthly Distributions
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Guggenheim Investments Announces June 2013 Closed-End Fund Distributions
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Banks & Brokers
ICAP launches i-Swap in Sterling
ICAP, a markets operator and provider of post trade risk mitigation and information services, has begun trading in Sterling (GBP) on i-Swap, its electronic interest rate derivative platform.
jlne.ws/17l8iYG
FX prime brokers forced to terminate double give-up trades
Risk.net
Foreign exchange prime brokers have been forced to terminate double give-up relationships, which involve two buy-side firms trading with each other through a prime-brokerage arrangement, because the prime broker cannot supply the pre-trade mark required by the US Dodd-Frank Act.
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Exclusive: Bank of America Merrill Lynch sheds top muni analysts
Reuters via Yahoo! News
By Hilary Russ – Nearly half of the municipal research team at Bank of America Merrill Lynch , the biggest lead manager of municipal bond sales in the $3.7 trillion U.S. market, left the firm last week in a restructuring of the unit, the company confirmed on Monday.
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Insight: Corbat faces ghost of Weill’s deals in Citi’s machines
Reuters via Yahoo! News
By Dan Wilchins, David Henry and Nadia Damouni – When Vikram Pandit was abruptly ousted as Citigroup Inc’s chief executive late last year, senior bank employees speculated for weeks about who would follow him out the door. Chief Operating Officer John Havens had already left with Pandit, and the employees bet the new CEO, Michael Corbat, would push out other Pandit loyalists.
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RBS Turns Over Libor Records in Canada Competition Bureau Probe
Bloomberg
Royal Bank of Scotland Group Plc has started turning over documents to Canada’s Competition Bureau as the regulator probes possible manipulation of the London interbank offered rate, court records show.
jlne.ws/17l8iYI
Goldman joins $8 bln syndicated loan to Alibaba
Market Watch
HONG KONG–Goldman Sachs Group Inc. has joined nine other banks in an $8 billion syndicated loan to Chinese e-commerce firm Alibaba Group Holding, a person with knowledge of the matter said Tuesday.
jlne.ws/17l8iYJ
HSBC to Be Sued by N.Y. for Foreclosure Law Violations
Bloomberg
HSBC Holdings Plc broke New York foreclosure law and put homeowners at greater risk of losing their homes, according to New York Attorney General Eric Schneiderman, who said he is suing the bank today.
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SEC estimated value guidance causing concern among investors
Risk.net
Some investors have expressed surprise at the estimates banks are providing for the value of their structured notes. Banks report that some dealers and investors are startled by how low the estimate is compared to how much banks are charging for the notes.
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Clearing & Settlement
LCH.Clearnet launches US clearing service
Philip Stafford – FT.com
LCH.Clearnet has launched a US-domiciled version of its successful interest rate swap clearing service ahead of an incoming domestic deadline requiring more investors to clear their derivatives trades.
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OCC Announces Cleared Contract Volume In May Increased 3%
OCC announced that total cleared contract volume in May reached 391,347,069 contracts, representing a 3 percent increase from the May 2012 volume of 380,417,938 contracts. OCC’s year-to-date cleared contract volume is up 0.2 percent from 2012 with 1,774,634,896 contracts.
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Indexes & Products
UBS To Shut Next-Gen Internet ETN, 6 Others
IndexUniverse.com via Yahoo! Finance
The Swiss bank will close seven ETNs that haven’t gathered many assets.
jlne.ws/17l8iYO
BlackRock And Euroclear Bank Announce Ground-Breaking Plans To Grow The European ETF Market
New Centralised Post-Trade Arrangements Will Revolutionise Settlement Of ETFs In Europe
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Revised Lists Of The Moscow Exchange Indices Announced
jlne.ws/17l8iYP
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – A Deletion From The S&P/TSX Composite And Global Mining Indices
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Component Change Made In STOXX Europe 50, STOXX Asia/Pacific 50 And STOXX North America 50 Indices
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Moscow Exchange Indices Weekly Review: May 27-31, 2013
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Technology
ABG Sundal Collier Selects SunGard’s Hosted Front Arena Electronic Trading Platform To Support Global Operations And Growth
ABG Sundal Collier (ABGSC), a Nordic institutional brokerage firm, has chosen SunGard’s Front Arena to replace its former multi-vendor infrastructure for trade execution, order management, and proprietary trading. Front Arena will provide ABGSC with a hosted platform and managed services to help support trading activities from the firm’s offices in Oslo, Stockholm, Gothenburg, Copenhagen, Frankfurt, London and New York.
jlne.ws/17l8iYT
Panopticon Releases Version 6.2.2: Extends Real Time Capabilities In Java
Panopticon Software, the leading provider of visual data discovery and analysis software for real-time, CEP and historical time series data, today announced it has released Panopticon 6.2.2, the latest version of its popular data visualization software suite.
jlne.ws/17l8iYU
NASDAQ OMX To Implement Corvil Operational Performance Monitoring Across U.S. Trading Platforms
Optimizes Electronic Trading Reliability And Transparency For The Most Efficient And Scalable Global Platform With A Big Data IT Environment – First Exchange Group To Deploy Independent Solution To Better Serve Regulatory Functions For Member Firms
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Enforcement
SEC Charges Fortune 200 Company for Accounting Deficiencies
The Securities and Exchange Commission today charged a Bellevue, Wash.-based commercial truck manufacturer and a subsidiary for various accounting deficiencies that clouded their financial reporting to investors in the midst of the financial crisis.
jlne.ws/17l8iYV
SEC Suspends Trading of 61 Companies Ripe for Fraud in Over-The-Counter Market
The Securities and Exchange Commission today announced the second-largest trading suspension in agency history as it continues its “Operation Shell Expel” crackdown against the manipulation of microcap shell companies that are ripe for fraud as they lay dormant in the over-the-counter market.
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Federal Court Orders Melissa C. Rushton to Pay $50,000 to Settle Charges Pertaining to Her Husband’s Fraudulent Operation of Summit Trading & Capital LLC
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained a federal court order on May 30, 2013 requiring defendant Melissa C. Rushton of Gridley, Illinois to pay a $50,000 civil monetary penalty to settle fraud and other charges stemming from her role in the operation of Summit Trading & Capital LLC (Summit).
jlne.ws/17l8iYX
Former JPMorgan Trader Gulati Said to Get $300 Million for Fund
Bloomberg
Deepak Gulati, a former head of global equity proprietary trading at JPMorgan Chase & Co. , started investing at his own hedge fund after raising about $300 million, two people with knowledge of the matter said.
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[France] The AMF warns investors against the company Exelyum Ltd
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Environmental & Energy
Airlines agree on plan to offset emissions
Reuters
Global airlines have agreed on a proposal for tackling aircraft emissions in a bid to break international deadlock over an issue that has stoked fears of a carbon trade war.
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**RKB — Additional coverage in Carbon section.
Exclusive: Ex-head of clean energy loan program breaks silence
Fortune/CNN Money
Jonathan Silver was hired in November 2009 to run the U.S. Department of Energy’s $34 billion loan guarantee program, which was started under President Bush but super-charged under President Obama as part of the economic stimulus.
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**RKB– Range of questions, including role of private equity and venture capital involvement.
Japan Set to Overtake Germany as World’s Largest Solar Market
Bloomberg
Japan is set to overtake Germany as the world’s largest solar market by annual installations this year as government incentives to encourage clean energy after the Fukushima nuclear crisis attract investment.
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**RKB — From the article: The outlook from Bloomberg New Energy Finance revises the lower end of a forecast by the London-based researcher, which earlier called for Japan to install 6.1 gigawatts to 9.4 gigawatts of capacity. Based on the most conservative estimates, BNEF previously said China would edge out Japan as the world’s largest market this year.
Asia-Pacific
Exclusive – Abe to urge review of Japan’s public fund strategy: sources
Reuters via Yahoo! Finance
Japan’s government is set to urge the nation’s public pension funds – a pool of over $2 trillion – to increase their investment in equities and overseas assets as part of a growth strategy being readied by Prime Minister Shinzo Abe, according to people with knowledge of the policy shift.
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Fed Unwinding of QE Has Limited Hong Kong Impact, JPMorgan Says
Bloomberg
A gradual increase in U.S. interest rates will have limited impact on Hong Kong equities because benefits from a stronger economy will outweigh the negatives, according to JPMorgan Asset Management Ltd.
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Beijing returns to global metals market
Jack Farchy in London – FT.com
China’s powerful stockpiling agency has purchased base metals on the international market for the first time since prices crashed during the global financial crisis, as Beijing takes advantage of the recent price slide .
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Frontier Markets
Myanmar Investors Need Vietnamese Lessons
DUNCAN MAVIN – WSJ.com
The flavor of the month in emerging markets is a fish-based broth with rice noodles, ginger and lemongrass called mohinga. Myanmar’s national dish, it’s sure to be on the menu at this week’s World Economic Forum event in the former pariah state.
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Malawi Stock Exchange Monthly Market Performance Report – May 2013
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