Industry news

September 20, 2013: Vienna Stock Exchange throws in towel on derivatives; CFTC’s Gensler says Libor overhaul will take time; Wall Street launches defense of physical commodities role

The Vienna Stock Exchange declares itself unhorsed and bested by Eurex, and will leave the derivatives field of combat next March. Gary Gensler of the CFTC, having once called for the termination of the LIBOR benchmark rate, now says that the rate doesn’t need to be eliminated; it’s enough to let the global regulatory community pull it back and forth until it’s good and fixed. Under suspicion of not being entirely wholesome participants in the physical commodity sector, major banks have stepped forward with a new study to assure the world that actually, it’s really good to have them around.

First Read

MarketsWiki party: Yes, it’s happening today; starts at noon Central
Sarah Rudolph – JLN
We’re having a MarketsWiki party and invite you to join us on Friday, Sept. 20, in an all-day bout of wikiing. If you would like to update your company’s MW page, add in a new page for a new hire, or add information about the people, products, exchanges and issues involving the financial markets, please join us either from the comfort of your own chair or sofa, or here, live and in person at our offices at 141 W. Jackson, Suite 1602.

For those in Chicago who would like to join us at JJLCO headquarters, we will begin at noon and you can stay as long as you like. We will provide lunch to give you the energy to edit. Feel free to bring a laptop if you have one – we have a few we can provide as well.

Don’t know how to Wiki? Don’t sweat it – we’ll show you how along with all the proper wiki etiquette so you can show off to your friends and colleagues at the weekend cookout.

Everyone who contributes on that day will get a special mention in the John Lothian Newsletter the following Monday, and will be eligible to win a $50 gift card. And who doesn’t want $50?

So come join us online, or face-to-face for a day of fun and help update the best source of information on the industry – MarketsWiki.com

If you are interested, please RSVP to: SarahRudolph@johnlothian.com

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Gensler not ruling out targeted Sef relief
Nick Sawyer – Risk.net
The Commodity Futures Trading Commission (CFTC) may entertain requests from individual, would-be swap execution facilities (Sefs) for a delay to an October 2 registration deadline – but firms must be specific with their requests, and a broad delay is unlikely, according to Gary Gensler, chairman of the agency.
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***DA: Though Mr. Gensler is responding to a question at today’s ISDA Europe conference, I feel he is really responding to our commentary from yesterday. I do not think targeted, time-limited no-action relief is enough here.

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JPMorgan’s $920 Million Admission of Guilt
Nick Summers – Bloomberg
It’s a nearly billion-dollar day for Jamie Dimon. Admitting that JPMorgan Chase violated federal securities laws, the bank’s chief executive agreed to pay a combined $920 million to a cluster of U.S. and U.K. regulators to settle charges tied to its massive 2012 “London Whale” trading losses.
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***JM: Big news either because it’s interesting or because they finally got it over with. In either case, we’ve collected a box full of stories on JPMorgan and the Whale; take a look just below our Lead Stories for a special section today. But… y’know, don’t just jump right down there. It’s okay to read this section first.

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Inside Nasdaq’s succession planning process
Reuters
For more than two years, a recurring question has gnawed at the board of Nasdaq OMX Group Inc: If Chief Executive Bob Greifeld were to leave, who would step into his shoes?
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***JM: Well… who will be acquiring them? Good first place to start.

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HFT and Big Data: Not a Technology Barrier, but a Cultural One
Jennifer L. Costley – Wall Street & Technology
There is a growing consensus that the limits of value generation from the low-latency segment of high-frequency trading are being reached and that the next wave of algorithmic trading will be based on the combination of real-time processing with unstructured “big data” sources. In my view, integration of technologies is unlikely to be the greatest obstacle to the successful integration of “big data” into HFT. There are three fundamental cultural differences that are going to be harder to resolve
jlne.ws/15b9MzQ

***JK – I always mix my HFT with the opera, much more cultured that way.

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Computer Flaws Get Wry Smile From Humans Displaced
WILLIAM ALDEN – NYTimes.com
After a technological breakdown froze the Nasdaq stock market for three hours last month, investors across Wall Street wrung their hands. But Thomas H. Shafer allowed himself a bitter laugh. After all, he had forged a career as a stock exchange specialist — buying and selling shares to help the market function properly — only to have his profession sharply diminished by technology.
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***DA: Though I was one of those market-makers whose business model was upended by technology, I find absolutely no joy in witnessing these glitches. Shame on anyone who does.

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S&P warns exchange glitches could trigger downgrade
Arash Massoudi in New York – FT.com
A spate of technical snafus at global exchanges reveal their growing vulnerability to operational hazards and could trigger a downgrade of their credit ratings, according to Standard & Poor’s
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Canada to Set Up New Securities Regulator
IAN AUSTEN – NYTimes.com
Thwarted by a court ruling blocking it from unilaterally establishing a national securities regulator, the government of Canada joined with two provinces to form a “cooperative” agency on Thursday.
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***JK – A step in the right direction for Canada’s regulatory regime. Imagine dealing with regulators in all 50 states.

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The Faltering Financial Transaction Tax And The Future Of Wall Street
Jeremy Scott – Forbes
The financial meltdown in 2008 was supposed to change how banks and Wall Street were regulated and taxed. The idea that trading was too volatile and that banks were engaged in numerous risky transactions caught hold. However, five years later little has changed. The United States got the Dodd-Frank Act, a heavily watered-down regulation package, and some of the European Union pushed ahead with a financial transaction tax. But Treasury and the SEC are struggling to implement the former, and the latter has run afoul of the complicated European legal framework. The United States’ efforts to re-regulate the financial sector have been largely nonexistent.
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***JM: You’re hereby cited for careless expression. Efforts in the US to re-regulate have been far from nonexistent; in fact, those efforts are so pervasive that we’re suffocating in them. Now, RESULTS… that’s a whole other story. As for the rest, it looks more like standing on a mountain and shouting, hoping to start an avalanche because they look really neat.

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Social media helps traders keep up with market moving factors
Tanya Powley – FT.com
Social media can bring enormous benefits for traders attempting to keep up with market gyrations. Used carefully it can be an invaluable tool for traders. Keeping on top of breaking news through social media has become essential for traders in recent years. In today’s markets, success or failure in trading can depend on an unexpected comment from a eurozone politician. However, experts say traders need to be careful about the people they choose to follow for market news, information and insights.
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***JM: “Market gyrations” is so 2012. Now we call it “market twerking”.

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Patented Automated Derivative Trading System for Sale by ICAP Patent Brokerage
ICAP Patent Brokerage announces for sale a patent portfolio claiming a system for fast, safe, and automated derivatives trading from Edge Capture, LLC.
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***JK – How about putting it on the IPXI?

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MarketsWiki

MarketsWiki Page of the Day
JPMorgan Chase & Co.
jlne.ws/gYkkyp

MarketsWiki Recent Updates

People

Nancy Laethem Stern; Sol Waksman

Companies, Organizations and Groups

TeraExchange; JPMorgan Chase & Co.; Allston Trading, LLC

Miscellaneous

Swap Execution Facility; Investment bank; London whale

Statistics

43,765,436 pages viewed, 7,659 articles, 165,478 edits
MarketsWiki Statistics

Lead Stories

Vienna Stock Exchange throws in towel on derivatives
Reuters
The Vienna Stock Exchange has decided to halt trading in derivatives from March, it said on Thursday, throwing in the towel in the face of overpowering competition from Eurex.
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CFTC’s Gensler says Libor overhaul will take time
Reuters
A top U.S. regulator stepped back from previous calls to scrap the Libor interbank lending rate, saying instead that reform needed to be led at a global level and would take time.
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Wall Street launches defense of physical commodities role
Reuters
Wall Street launched its first concerted defense of its role in physical commodity markets on Thursday, funding a report that highlighted the risks of banks being pushed out of the sector by political and regulatory pressure, and gaining support from an influential trade group.
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BGC Partners Granted Swap Execution Facility Approval from the CFTC
BGC Partners, Inc., a leading global brokerage company servicing the wholesale financial and real estate markets, today announced that its subsidiary BGC Derivative Markets, L.P. has received temporary registration approval from the U.S. Commodity Futures Trading Commission to operate a Swap Execution Facility.
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CFTC Grants TeraExchange Temporary SEF Registration
TeraExchange, a US based multi- asset execution venue has been granted Swap Execution Facility registration.
jlne.ws/15b9MQj

West’s debt explosion is real story behind Fed QE dance
Gillian Tett – FT.com
The danger with addictions is they tend to become increasingly complusive. That might be one moral of this week’s events. A few days ago, expectations were sky-high that the Federal Reserve was about to reduce its current $85bn monthly bond purchases. But then the Fed blinked, partly because it is worried that markets have already over-reacted to the mere thought of a policy shift. Faced with a choice of curbing the addiction or providing more hits of the QE drug, in other words, it chose the latter.
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Global banks look to share back-office costs
Philip Stafford and Daniel Schäfer – FT.com
After decades of developing their own infrastructure and technology, corporate and investment banks are finally waking up to the realities of falling returns. Prompted by a failure to reduce expenditure sufficiently in the wake of the financial crisis, they are making their first moves to co-operate in infrastructure areas as a way to cut costs.
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JPMorgan and the London Whale

Five Takeaways From J.P. Morgan’s Settlements
David Benoit – MoneyBeat – WSJ
J.P. Morgan was slapped Thursday with $920 million in fines and consent orders from its regulators in the U.S. and U.K. over the London Whale trading debacle.
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Rebuke makes grim reading for Dimon
Kara Scannell, Tom Braithwaite and Tracy Alloway in New York – FT.com
The JPMorgan Chase “senior management” slammed by the Securities and Exchange Commission refers to only five people in leadership positions at the bank. Only two are still in their jobs: a relatively unknown auditor and one Jamie Dimon, chief executive.
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SEC Calls Out JP Morgan Management More Than 100 Times
Robin Sidel – MoneyBeat – WSJ
Regulators didn’t call out James Dimon by name when they lambasted J.P. Morgan Chase & Co. for the way it handled the “whale” trading blunder, but it is very clear that the CEO was in their sights as they analyzed the mess.
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As Inquiries Persist, JPMorgan Loses Favor
JESSICA SILVER-GREENBERG and BEN PROTESS – NYTimes.com
High above Park Avenue, in a 50th-floor conference room overlooking Central Park, JPMorgan’s board members had a pressing question about regulatory problems that have dogged the bank for more than a year: are we done yet? In short, according to people briefed on the meeting held on Monday, the answer was no.
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In JPMorgan Settlement, Testing the Lines of Admitting Wrongdoing
PETER J. HENNING – NYTimes.com
The settlements announced on Thursday by JPMorgan Chase over the “London Whale” trading included a much-anticipated admission of wrongdoing in its resolution with the Securities and Exchange Commission.
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J.P. Morgan’s Failure to Inform Audit Committee in “London Whale” Case Runs Afoul of Sarbanes-Oxley Law
Deborah Solomon – MoneyBeat – WSJ
Among the biggest sins J.P. Morgan Chase & Co. is faulted for in Thursday’s settlement with the Securities and Exchange Commission is keeping its board of directors, particularly its independent audit committee, in the dark. Doing so wasn’t just bad form – it helped the bank run afoul of the 2002 Sarbanes-Oxley law.
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J.P. Morgan Had Just One Person to Check the Books on “London Whale”-Size Trades
Jamila Trindle – MoneyBeat – WSJ
One of the “woefully deficient” accounting controls that J.P. Morgan Chase & Co. admitted to in a settlement with the Securities and Exchange Commission on Thursday was having one person in charge of checking the books on the bank’s giant “London Whale” trades.
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Once Again, Punishing the Bank but Not Its Top Executives
PETER EAVIS – NYTimes.com
It’s an outcome that has vexed the public since the financial crisis of 2008. The government says there is wrongdoing at a large bank and makes it pay a fine. But senior executives who seemed to play a role in the missteps are not singled out for individual punishment.
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SEC’s White Recused on J.P. Morgan Whale Vote
Scott Patterson and Jean Eaglesham – MoneyBeat – WSJ
Only three of the five commissioners who run the Securities and Exchange Commission were able to take part in the agency’s vote on its landmark enforcement action against J.P. Morgan Chase & Co over the firm’s ‘London Whale” trading blunders, according to a person close to the agency. They voted in favor 2 to 1.
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Statement On SEC Enforcement Action Against JPMorgan – By SEC Co-Director Of Enforcement George Canellos
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Regulatory

FINRA tightens screws on Wall Street broker bonus disclosures
Reuters
Wall Street brokers must keep their clients in the loop about bonuses they receive when the brokers switch firms, under a preliminary measure approved by the Financial Industry Regulatory Authority’s board on Thursday.
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Hank Paulson warns of regulatory conflict
Tom Braithwaite in New York – FT.com
Hank Paulson has warned that competing financial regulations could “devolve into financial protectionism”, serving narrow national interests of companies and regulators while hurting the public.
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Money Funds Are Circling the Wagons on Rules
New York Times
As proposed rules are weighed, the industry is fighting vigorously to avoid even weak regulation.
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CFTC Issues Notices of Temporary Registration as a Swap Execution Facility to Javelin SEF, LLC and BGC Derivative Markets, L.P.
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CFTC Issues Notice of Temporary Registration as a Swap Execution Facility to TeraExchange, LLC
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First substituted compliance determinations by year-end, says Gensler
Nick Sawyer – Risk.net
US substituted compliance determinations for entity-level rules in the six largest overseas jurisdictions should be completed by December 21, when a current exemptive order runs out, according to Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC). But he is less certain about transaction-level rules, raising the prospect the non-US swap dealers, non-US swap participants and foreign branches of US banks will have to temporarily comply with certain Dodd-Frank rules.
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Board of Governors Authorizes FINRA to File Recruitment Compensation Proposal with the SEC
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that its Board of Governors approved a proposal requiring brokers to disclose recruitment compensation paid to them as an incentive to move to a new firm.
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FINRA Issues Public Statement, Framework Regarding FINRA’s Approach to Economic Impact Assessment for Proposed Rulemaking
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[AMF Canada] Canadian securities regulators provide an update regarding the consultation on proxy adviser firms
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Future into focus
Speech by Martin Wheatley, Chief Executive, the FCA, at the International Swaps and Derivatives Association (ISDA) conference, London.
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Remarks Of CFTC Chairman Gary Gensler Before The ISDA European Conference
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Exchanges & Trading Facilities

Moscow Exchange: New Calculation Methodology For Indicative FX Rates Takes Effect
jlne.ws/15b9PLL

MIAX Options Exchange: Option Industry Expiration Date Move From Saturday To Friday
jlne.ws/15b9Nne

Direct Edge Trading Notice #13-41: Direct Edge To Participate In SIFMA Annual Industry-Wide Business Continuity Test
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Moscow Exchange Announces Results Of Supervisory Board Meeting
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Program Trading Averaged 24.5 Percent Of NYSE Volume During Sept. 9-13
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Hedge Funds & Managed Futures

New wingman for Fidelity star Danoff could be his successor
Reuters
Fidelity Investments’ superstar portfolio manager Will Danoff has a new partner helping him run $120 billion in assets and there is a chance this wingman could become his eventual successor at the giant Contrafund.
jlne.ws/15b9PLX

Hedge-Fund Manager Citrone Posts Big Gains
JULIET CHUNG – WSJ.com
In football terms, hedge-fund manager Robert Citrone is a big-play guy. The emerging-markets specialist—and part-owner of his hometown team, the Pittsburgh Steelers—is posting big gains this year by dodging much of the global turmoil that has tripped up other investors.
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BlueCrest fee income nudges $1 billion
Harriet Agnew – Financial News
BlueCrest Capital Management, one of Europe’s largest hedge funds, saw its fee income increase to just shy of $1 billion for 2012, a 28% increase on the previous year.
jlne.ws/15b9Nnp

Pensions have been a seller’s market – that’s the problem
Mark Cobley – Financial News
The Office of Fair Trading’s report into the workplace pensions market published this morning does not pull any punches, and if you only take one sentence from it, this is the one: “The buyer side of the DC workplace pensions market is one of the weakest that the OFT has analysed in recent years.”
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Banks & Brokers

JPMorgan’s Day Just Got Worse: Must Refund $309M To Credit Card Customers
Halah Touryalai – Forbes
Here’s some salt for JPMorgan’s $920 million wounds. JPMorgan Chase is being ordered to refund $309 million to credit card customers regulators say the were charged for services they never received.
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Ex-Morgan Stanley retail head Copplestone launches structured products boutique
Risk.net
Frank Copplestone goes it alone after leaving Morgan Stanley, where he was head of retail structured products in London; Nomura poaches BAML team; Citi hires head of index trading; Hogbin exits HQX; StanChart bolsters equity sales in Hong Kong
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BGC Partners’ Third Quarter 2013 Financial Results Announcement to be Issued Prior to Market Open on Thursday, October 31, 2013
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Wells Fargo cutting 1,800 jobs in mortgage business
Reuters
Wells Fargo & Co, the largest U.S. mortgage lender, said on Thursday that it will cut 1,800 jobs in its home loan business due to lower demand for refinancing amid higher interest rates.
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Statement from Prudential Financial, Inc. regarding final non-bank SIFI designation
Prudential Financial, Inc. confirmed today that it has been notified by the Financial Stability Oversight Council that the company has been designated a systemically important financial institution by a final vote.
jlne.ws/15b9NDO

Veteran UBS Banker to Depart
JULIA WERDIGIER – NYTimes.com
LONDON – A veteran UBS banker, Simon Warshaw, is leaving the bank after 27 years. The move comes less than a month after the he helped his client Vodafone seal a $130 billion deal, one of the largest in history.
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Goldman hit by debt auction error at New York Fed: FT
Reuters
Goldman Sachs (GS.N) was hit by a clerical error at the New York Federal Reserve that left the bank without any of the three-month Treasury bills it ordered at a debt auction, the Financial Times reported, citing people familiar with the matter.
jlne.ws/15b9Q2q

Morgan Stanley wealth complex manager Marchassalla leaves: sources
Reuters
The managing director and complex manager for some of Morgan Stanley Wealth Management’s most profitable offices in New York has left after more than 20 years at the company, people familiar with the matter said.
jlne.ws/15b9Q2t

SocGen, Crédit Agricole Exploring Ending Brokerage, Asset Management Ties
NOÉMIE BISSERBE – WSJ.com
Société Générale SA and Credit Agricole SA are exploring ways to end their partnership in brokerage firm Newedge and asset management firm Amundi, according to people with direct knowledge of the matter, as two of France’s top banks refocus their business on core activities.
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Indexes & Products

NYSE Euronext Launches the NYSE Diversified High Income Index
NYSE Euronext today announced the launch of the NYSE Diversified High Income Index (NYDVHI), a new index designed to measure the performance of a broad, diversified basket of 138 publicly-traded securities that provide exposure to multiple asset classes, sectors and segments that historically pay high dividends on distributions.
jlne.ws/1dsXQyz

Exclusive: ETF ‘godfather’ Browne to join Cantor Fitzgerald
Reuters
Reggie Browne, the former head of the exchange-traded funds team at KCG Holdings Inc, is joining Cantor Fitzgerald’s ETF market making team, two sources familiar with the situation told Reuters Thursday.
jlne.ws/15b9Q2y

New SPDR Bond Index ETF Launched On Xetra – ETF Offers Access To High-Yield US Corporate Bonds
jlne.ws/15b9Qzk

Deutsche launches fixed-income ETF series
Risk.net
jlne.ws/15b9Qzo

MSCI excludes Brics in new emerging markets index
Risk.net
jlne.ws/15b9Qzq

Technology

Banks Face Big Data And IT Talent Shortage
Greg MacSweeney – Wall Street & Technology
Financial services IT expertise is hard to find and locating data scientists is all but impossible, say speakers at SIBOS. While many discussions at this year’s SIBOS conference have been focused on big data, data analytics and cloud computing, one common theme emerged during the Technology Forum presentations: finding IT talent.
jlne.ws/15b9Qzu

Aquis Exchange Deploys AlgoSpan’s AlgoNet to Reduce latency
Aquis Exchange, a UK based multi-lateral trading facility (MTF), announced that it has selected a low latency technology solution by AlgoSpan.
jlne.ws/15b9Qzx

Enforcement

JPMorgan Chase Agrees to Pay $200 Million and Admits Wrongdoing to Settle SEC Charges
Press Release
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[FCA] JPMorgan Chase Bank N.A. fined £137,610,000 for serious failings relating to its Chief Investment Office’s “London Whale” trades
Press Release
jlne.ws/15b9QiS

NFA fines New York forex firm FXDirectDealer LLC $1.1 million and orders the firm to pay $1.8 million in restitution to customers
National Futures Association (NFA) has issued a $1.1 million fine and a $1.8 million restitution order against FXDirectDealer LLC (FXDD), a registered futures commission merchant Forex Dealer Member of NFA located in New York City.
jlne.ws/16FeYzq

SIX Swiss Exchange Sanction Commission Fines Banque Profil De Gestion S.A.
jlne.ws/15b9QiU

Environmental & Energy

EEX: New Open Interest Record On The Phelix Futures Market – 600 TWh Level Exceeded For The First Time – New Volume Record
jlne.ws/15b9QiW

Carbon Trade Seen Losing Globally in Aussie Vote: Energy Markets
Bloomberg
Australia is at risk of breaching a global agreement to cut greenhouse gases as power markets signal Prime Minister Tony Abbott will exploit the widest election victory in nine years to repeal the nation’s carbon system.
jlne.ws/18DlwkI

European carbon market oversupplied until 2027
Commodities Now
The European carbon market (EU ETS) is likely to remain oversupplied with allowances until 2027, according to analysis by Thomson Reuters Point Carbon, the leading provider of market intelligence, news, analysis and forecasting for the energy and environmental markets.
jlne.ws/1aXaf0m

Court upholds Calif.’s low carbon fuel standard
AP
A panel of federal judges on Wednesday upheld California’s first-in-the-nation mandate requiring fuel producers to reduce greenhouse gas emissions.
jlne.ws/18EqFD6

**RKB — additional coverage in Carbon section.

Asia-Pacific

SGX And Bank Of China Partner To Grow China Markets
Singapore Exchange (SGX) and Bank of China (BOC) have signed a memorandum of understanding (MOU) to cooperate in growing China’s financial markets.
jlne.ws/15b9QiY

Six Foreign Hedge Funds to Gain Foothold in China
ALEXANDRA STEVENSON – NYTimes.com
China, which has been gradually opening up its financial system, is about to let foreign hedge funds stick a small toe in. Regulators in the city of Shanghai have agreed to let a group of American and British hedge funds operate in China as part of a pilot program, according to people briefed on the program.
jlne.ws/15b9QPP

Wealthy Asians snub bank capital bonds
Reuters
Tougher lending policies are threatening to drive Asia’s private-banking clients away from bank capital and towards corporate hybrids.
jlne.ws/15b9QPQ

Tokyo Commodity Exchange Foreign Customer Trades Comprised 41.2% Of Total Volume In August
The Tokyo Commodity Exchange, Inc announced today that the August 2013 monthly volume of customer trades (sell & buy) originating overseas accounted for 41.2 percent of the total trades, which renewed the all-time high ratio.
jlne.ws/15b9Qj4

Frontier Markets

MCX and its affairs with the official gazette
Business Standard
On August 13, the minister of state for consumer affairs, food and public distribution KV Thomas told the Lok Sabha that “information is being collected” for a question asked by four parliamentarians from three different parties. Even as the government collects the information, Business Standard tries to put together the formation and history of the Multi-commodity Exchange from publicly available documents such as IPO offer documents, exchange filings and government documents acquired through Right to information Act.
jlne.ws/15b9QPS

‘Mohan India beneficiary paid money to Jignesh’s private firm’
Business Standard
In a major breakthrough, investigative agencies have established a trail of transactions in the National Spot Exchange (NSEL) payment crisis, where a part of the money invested by investors has gone back to a private firm controlled by NSEL vice-chairman and promoter Jignesh Shah.
jlne.ws/15b9QPW

Fund Managers See Another Chance to Get Emerging-Market Bets Right
Prabha Natarajan – MoneyBeat – WSJ
The Federal Reserve has given emerging-market investors an unusual reprieve: the chance to prepare for tapering that they didn’t get the first time around.
jlne.ws/15b9QQ0

Emerging market volatility not a sign of crisis, says Malaysian supervisor
Risk.net
An outflow of foreign cash from emerging markets over the past few months does not mean another financial crisis is brewing, and comparisons with other emerging markets shocks are “unduly alarmist”, according to Malaysia’s top securities regulator.
jlne.ws/15b9QQ1

Egypt returns $2bn to Qatar in sign of worsening bilateral ties
Heba Saleh in Cairo and agencies – FT.com
Egypt has returned $2bn deposited by Qatar in its central bank after the failure of negotiations to convert it into a three-year bond.
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MCX Weekly Market Report September 13, 2013 – September 19, 2013
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Malawi Stock Exchange Weekly Trading Report – 20th September, 2013
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