Industry news

September 17, 2012: ICE push into Europe with Dutch purchase; Exchanges Face SEC Scrutiny on New Products; Nasdaq pushes into post-trade monitoring

IntercontinentalExchange hops on the bus to Europe, preparing to take a majority interest in a Dutch energy exchange. The SEC begins to target and investigate exchanges and the way that high-frequency trading customers and processes are handled relative to the rest of the trading population.  As brokers search for better ways to manage trade risk, Nasdaq signals its entry into the post-trade risk arena.

First Read

David C. Bowker
April 13, 1963 – September 15, 2012
David C. Bowker, 49 years old and a professional with more than 25 years of futures and options experience in the Chicago community with various capacities including exchange floor, back office, front office and technical roles with J.P. Morgan (June 2008 – October 2011), Bear Stearns (November 1993 – June 2008), Refco (October 1992 – November 1993) and Stottler (1984 – 1986) passed away suddenly yesterday.

Loving Husband of Ann Marie (nee Brach); beloved father of Lauren and Jason Bowker; cherished son of Ronald and Beverly Bowker, dearest brother of Steven (Marilyn) Bowker also survived by many nieces, nephews, sister and brother in laws. Family will receive friends at Kurtz Memorial Chapel, 65 Old Frankfort Way, Frankfort IL 60423, on Tuesday, September 18, 2012 from 3-9pm. Funeral service on Wednesday, September 19, 2012 at 10:00am in the funeral home chapel. Interment at Good Shepherd Cemetery, Orland Park. In lieu of flowers memorial donations to the Humane Society would be appreciated.
http://jlne.ws/U3SzGL

*** Our condolences to the family, friends and colleagues of David Bowker.

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VIX Futures Single-Day Volume Record Set On Thursday – New Highs In Open Interest Reached This Week
CBOE Futures Exchange (CFE) today announced that trading in futures on the CBOE Volatility Index (the VIX Index) set a new volume record yesterday, while open interest reached consecutive all-time highs this week.
jlne.ws/PrA7TI

****JK – CBOE never stops talking about the VIX. And it’s paid off.

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NYSE Liffe U.S. Has Record Day of Trading with MSCI and GCF Leading the Way
Even amid the usually slower summer months and generally lower market volumes, on Thursday we experienced our most active trading day of 2012 with 186,046 contracts traded across all of our products. Additionally, this was our 2nd best day of trading since we launched NYSE Liffe US in 2008!
jlne.ws/U2UBVO

**** In honor of the record volumes, NYSE Liffe US will be forming a circle of hands around the NYSE building in New York.

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Occupy Wall Street Anniversary: Protestors To Surround New York Stock Exchange
The Inquisitr
Occupy Wall Street will celebrate its first anniversary on Monday. To acknowledge the milestone, thousands of protestors are preparing to march from various locations in Manhattan to Foley Square and attempt to surround the New York Stock Exchange.
jlne.ws/PrAgGQ

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Super funds call for high frequency trade ban
Business Day
Australian regulators should consider banning high-frequency trading in the equities market, according to Industry Super Network, which represents the $1.3 trillion pension funds industry.
jlne.ws/PrA62h

**JK – The parallel universe of pension funds.

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The Lonely Redemption of Sandy Lewis, Wall Street Provocateur
New York Times
For years Sandy Lewis has railed against Wall Street’s deceit. But vindication isn’t sweet.
jlne.ws/PrA7TY

**JK – I can’t tell if he is nuts, honest or both.

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Wall Street and the Cost of Forgetting
Bartlett Naylor – Huffington Post
Wall Street wants America to forget September 15, 2008. That’s because outside events of violence, few dates have signified more calamity than this fateful day. On that black Monday, Lehman Brothers Holdings Inc. declared bankruptcy. This legal action revealed the rotten core of the world’s financial industry.
jlne.ws/PrA8ad

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Why did Bernanke change his mind?
Gavyn Davies – Financial Times
The Fed’s actions last Thursday have been widely seen as a fundamental shift in its monetary policy, and its communications with the public. The tone of the FOMC’s statement, and of the Chairman’s subsequent press conference, clearly gave much less weight to the control of inflation than usual, and much more weight to the need to achieve a substantial reduction in unemployment.
jlne.ws/PrA8ai

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Time for more investing and less betting
Benoit Lallemand – FT.com
A few weeks from now, the European Parliament and Council will finalise their positions on the review of the Markets in Financial Instruments Directive (Mifid II), including a new regulation. The legislative marathon will then enter its last phase, with negotiations between those two bodies and the Commission expected to produce a final common text by early 2013.
jlne.ws/PrA8aq

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New Breed of MLP: Sky-High Yields and Increased Risk
TELIS DEMOS AND TOM LAURICELLA – WSJ.com
For investors ramping up their search for high-yielding assets, Wall Street has a deal for you. Private-equity firms, eager to offload assets, are turning mountains of sand, gas stations and coal mines into a special type of security that offers investors annual yields as high as 19% for years to come.
jlne.ws/PrA8au

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Pandit, Paulson, Cohn, Soros, Schwarzman Lead Galas
Bloomberg
Gary Cohn’s hand surgeon will operate for another year, Vikram Pandit will help disadvantaged children save for college and George Soros is sending aid to threatened scholars. Financial-industry executives are set to take leading roles in New York’s nonprofit gala season.
jlne.ws/PrA8qO

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Volcker Rule Needs Narrow Hedge Exemption, CFTC’s Chilton Says
Silla Brush – Bloomberg
Banks including Goldman Sachs Group Inc. and Morgan Stanley should be prevented from skirting a ban on proprietary trading through an exemption for hedging, said Bart Chilton, a member of the Commodity Futures Trading Commission.
jlne.ws/PggEFM

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Delta Strategy Group and Hume Brophy Regulatory Webinar, Tuesday, Sept. 18
Delta Strategy Group
On Tuesday, September 18, Delta Strategy Group of Washington, DC and Hume Brophy of Brussels will host a one-hour webinar comparing US and European derivatives implementation. Discussion topics include registration, reporting requirements and exemptions for OTC derivatives under Dodd-Frank and EMIR.
jlne.ws/QMdefk

MarketsWiki

MarketsWiki Page of the Day
Mary McDonnell
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MarketsWiki Recent Updates

People

Diwakar Janannath; Alexander Broderick; Ira J. Krulik; Mary McDonnell

Companies, Organizations and Groups

Bionic Trader Systems; New York Portfolio Clearing, LLC; Orc Group

Miscellaneous

Five Minutes With Cliff Weber; Upcoming Events

Statistics

28,492,931 pages viewed, 7,107 articles, 147,580 edits
MarketsWiki Statistics

Lead Stories

ICE push into Europe with Dutch purchase
Philip Stafford – FT.com
IntercontinentalExchange (ICE) is preparing an aggressive push into European gas and power trading with the acquisition of a majority stake in a business demerged from APX-Endex, a Dutch energy exchange.
jlne.ws/PrA8r1

Exchanges Face SEC Scrutiny on New Products
JENNY STRASBURG AND SCOTT PATTERSON – WSJ.com
Exchanges are bracing for greater scrutiny from the top U.S. securities regulator as it clamps down on their efforts to bolster profits by pumping out products that increasingly have catered to high-speed traders.
jlne.ws/PrA8Hl

Nasdaq pushes into post-trade monitoring
Philip Stafford – FT.com
Nasdaq OMX, the US exchanges operator, is moving into risk management of post-trade services such as clearing as brokers look to exert greater control over their ability to monitor and halt risky trades.
jlne.ws/PrA8Ho

JPMorgan faces money laundering probe: source
Reuters via Yahoo! News
JPMorgan Chase & Co’s compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.
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NYSE to Pay $5 Million to Settle Favoritism Charges
Reuters
The New York Stock Exchange will pay $5 million to settle U.S. civil charges that it gave certain customers “an improper head start” on trading information due to software issues and compliance failures.
jlne.ws/PrA9uX

Quick View: SEC chips at bourses’ status
Philip Stafford – FT.com
In levying the first-ever fine against an exchange, the charge sheet amassed by the US regulator against NYSE Euronext looks damning. The Securities and Exchange Commission has been investigating computer system failures at electronic marketplaces like NYSE Euronext, Nasdaq OMX, Direct Edge and BATS Global markets for the last 18 months following the flash crash and is now coming out swinging.
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NYSE Data Violations Extend U.S. Exchanges’ Reputation Woes
Joshua Gallu and Nina Mehta – Bloomberg
NYSE Euronext’s $5 million penalty over rule violations for giving certain customers trading data before the public delivers a fresh blow to the reputation of securities exchanges.
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SEC chart detailing allegations now settled with NYSE Euronext
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Britain opposes MEPs seeking ban on high frequency trading
Alice K Ross, Will Fitzgibbon and Nick Mathiason | TBIJ
High-frequency trading (HFT) faces possible extinction in Europe as politicians from across the political spectrum join forces to impose restrictions on a practice blamed for two market crashes in recent years. But behind the scenes, the UK Treasury is trying to water down attempts by EU legislators to impose tough limits on the fiendishly complicated trading systems that generate a significant slice of trading on Europe’s stock exchanges.
jlne.ws/PrA9Lu

Euro Zone Discord on Banks Threatens Spain
JAMES KANTER – NYTimes.com
Beleaguered countries like Spain have been counting on a quick and neat way to fix their banks without taking on more crippling debt. But a weekend meeting here of European Union finance ministers that was intended to lay the groundwork for that plan revealed the continued difficulty of reaching consensus among the 27 member states — even on measures to which they have already agreed in principle.
jlne.ws/PrA9Lz

EU Bank Plan Hits Roadblock
FRANCES ROBINSON And LAURENCE NORMAN – WSJ.com
Europe’s plan for a new single bank supervisor hit its first major roadblock Saturday, with a number of countries saying that a proposed Jan. 1, 2013, launch date left too little time to resolve key issues thrown up by the plan.
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Ex-UBS trader confessed to cooking the books, court told
Reuters
Former UBS trader Kweku Adoboli confessed in an email that he had cooked the books to conceal unhedged positions that eventually caused the Swiss bank to lose $2.3 billion, a British court heard on Friday.
jlne.ws/PrA9ev

Analysis: Euro crisis tests limits of “French exception”
Reuters via Yahoo! News
PARIS – The French consider themselves an exceptional lot. With much of the world’s finest food, wine, landscape, architecture, literature and arts, it’s hardly surprising. But the French economic exception faces a reality check almost three years into the euro zone’s sovereign debt crisis.
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US deal tackles overseas tax evasion
Vanessa Houlder – FT.com
Details of British bank accounts and investments held by US citizens will be automatically passed to the US government under a pioneering agreement on tackling tax evasion signed on Friday.
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Risk and reason behind the Fed’s plan
James Mackintosh – FT.com
Central banks are often accused of being behind the curve. Now the US Federal Reserve has set out an explicit goal of being late, saying it will not start tightening policy until an economic recovery is well under way.
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Regulatory

Probe focuses on JPMorgan’s monitoring of suspect transactions
Reuters
A U.S. regulatory probe of JPMorgan Chase & Co’s anti-money laundering systems is focusing on potential lapses in how the largest U.S. bank monitors suspect money transactions, according to people familiar with the situation.
jlne.ws/PrAca3

Wheatley, Gensler to Head IOSCO Task Force on Benchmark Rates
Gavin Finch – Bloomberg
The International Organization of Securities Commissions, which represents regulators in more than 100 countries, started a task force to investigate benchmarks such as Libor after allegations banks rigged the rate.
jlne.ws/QZmkrr

FDIC Chief: Volcker Rule Done By Year-end
MarketWatch
A top bank regulator on Friday said agency officials are working to release by year-end a final version of the so-called Volcker rule that would prohibit big banks from trading stocks and derivatives with their own money and significantly limit banks’ investments in hedge funds and private-equity funds.
jlne.ws/PrAca4

Brazil’s Antitrust Authority May Change Rules Governing Funds
Bloomberg
Brazil’s antitrust authority may change merger reporting requirements for investment funds after complaints that the regulations, which took effect three months ago, are too sweeping.
jlne.ws/PrAca7

U.S. Treasury, United Kingdom Sign Bilateral Agreement To Improve Tax Compliance, Combat Offshore Tax Evasion And Implement FATCA
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NFA’s BASIC System – Public Display of FCM Financial Information
NFA is adding new sections to each FCM’s BASIC page to disclose certain financial related information. Specifically, from each FCM’s BASIC page, the public will be able to access three separate FCM Reports – FCM Capital Report; FCM Customer Segregated Funds Report; and FCM Customer Secured Funds Report. Below is a description of the information that will appear in each report:
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[NFA] Chief Compliance Officer Requirements Become Effective for Certain FCMs on October 1, 2012
Effective October 1, 2012, FCMs that are currently regulated by a U.S. prudential regulator or that are also in some capacity registrants of the Securities and Exchange Commission must have a designated Chief Compliance Officer (CCO) under CFTC Regulation 3.3, and that person must also be a listed principal of the firm.
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“Twists and Turns in Tradium” – Keynote Address Of CFTC Commissioner Bart Chilton Before The Joint Annual Meeting Of The Independent Connecticut Petroleum Association And Education Foundation Oil Heat Institute, Inc. Of Rhode Island, Mashantucket, CT
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ESMA Proposes Remuneration Guidelines For Firms Providing Investment Services
The European Securities and Markets Authority (ESMA) has published today a
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BCSC announces new Enforcement and Corporate Finance directors
The British Columbia Securities Commission announced today, the appointment of Teresa Mitchell-Banks Q.C. as Director of Enforcement, and Peter Brady as Director of Corporate Finance.
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[ASIC] Proposed guidance for operating and financial reviews
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Public warned about scams impersonating ASIC and ATO
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[Japan] FSA publishes English translation of Main Points of Annual Supervisory Policies for Program Year 2012
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[Japan] FSA publishes English translation of Composition of Supervisory Policy (Major Banks)
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[Japan] FSA publishes English translation of Composition of Supervisory Policy (Regional Financial Institutions)
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[Japan] FSA publishes English translation of Composition of Supervisory Policy (Financial Instruments Business Operators, etc.)
jlne.ws/PrAaPw

[Japan] FSA publishes English translation of Composition of Supervisory Policy (Insurance Companies, etc.)
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ISDA: Response To EBA Consultation On Draft Regulatory Technical Standards For CVA Risk On Determination Of A Proxy Spread And Specification Of A Limited Number Of Smaller Portfolios
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Exchanges & Trading Facilities

ICE and Gasunie Announce Transaction for the Derivatives and Spot Gas Business of APX-ENDEX
Press Release
IntercontinentalExchange, a leading operator of global regulated futures exchanges, clearing houses and over-the-counter markets, and gas infrastructure company Gasunie today announced an agreement to form a new company based on the derivatives and spot gas exchange of APX-ENDEX. ICE has entered into an agreement to acquire a majority stake in the derivatives and spot gas business of APX-ENDEX and Gasunie will retain a shareholding at a similar level to its current APX-ENDEX shareholding.
jlne.ws/PrAb5S

NYSE EURONEXT STATEMENT REGARDING SETTLEMENT AGREEMENT WITH SECURITIES AND EXCHANGE COMMISSION
Press Release
NYSE Euronext announced today that it has reached a settlement agreement with the Securities and Exchange Commission (SEC) relating primarily to alleged violations by New York Stock Exchange LLC of Rule 603(a) of Regulation NMS, a rule governing the timing of delivery of certain exchange market data.
jlne.ws/PrAcXM

BNP Paribas Joins The Vienna Stock Exchange As New Trading Member
As of today, BNP Paribas Arbitrage S.N.C, headquartered in Paris, and BNP Paribas Arbitrage S.N.C. in London joined the Vienna Stock Exchange as new trading members. BNP Paribas Arbitrage S.N.C. will take part in trading on the cash market of the Vienna Stock Exchange from its head office in Paris and subsidiary in London.
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Xetra/FWB: Enterprise Holdings Ltd. Plans Bond Issue In Entry Standard – Subscription Period 17 September – 24 September 2012
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BM&FBOVESPA Registers Record 1,319,559 Trades On Stock Market
BM&FBOVESPA reached a record number of 1,319,559 stock market (BOVESPA segment) trades yesterday (September 13). The previous record was 1,202,421, on September 12, 2012.
jlne.ws/PrAde8

NYSE Liffe US: Increase in Position Limits for mini MSCI Index Futures
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NYSE EURONEXT ANNOUNCES TENDER OFFERS FOR ANY AND ALL OF ITS US$750,000,000 4.80% NOTES DUE 2013 AND UP TO E250,000,000 OF ITS 5.375% NOTES DUE 2015
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[CBOE] Trader E-News
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August 2012 FIF Market Share And Market Dynamics Reports – Executive Summary
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TOM MTF Statistics Week 37
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TOM Insight August 2012
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Hedge Funds & Managed Futures

Ex-Touradji Trader Crone Starts Up Citrine Commodity Hedge Fund
Bloomberg
Paul Crone, the former head trader at Touradji Capital Management LP who left the firm in March after seven years, has started a metals hedge fund in New York, according to Citrine Capital Management LLC, his new company.
jlne.ws/PrAduH

Swap Buyers Led by Vanguard Seen Gaining Assurance on Collateral
Bloomberg
Large swap buyers including Vanguard Group Inc. may get assurance from the U.S. Commodity Futures Trading Commission that Dodd-Frank Act rules protect all of their collateral in a broker default, according to a person briefed on the matter.
jlne.ws/PrAbCW

Here Come the Chasing Hedge Funds
Yahoo! Finance: Breakout
According to the folks at Hennessee, the average U.S. hedge fund was up 3.8% through August, compared to 11.9% for the S&P500. Barring a sizable comeback, 2012 will go down as the third consecutive year of under-performance for the nearly $2 trillion hedge fund industry.
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CFTC Commitments Of Traders Report
The Commitments of Traders (COT) reports provide a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.
jlne.ws/PrAbCY

Warren Buffett completes prostate cancer treatment
chicagotribune.com
Warren Buffett, the 82-year-old billionaire investor, said he has completed cancer treatment, according to a report in the Omaha Herald
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Banks & Brokers

Top Chinese bank targets Europe
Patrick Jenkins in London and Simon Rabinovitch in Beijing – FT.com
One of China’s biggest banks is planning to make the country’s biggest foreign bank acquisition to date and has set its sights on potential targets in Europe.
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Deutsche Bank’s Wenning Supports Salary Bonus Caps – Report
Dow Jones
Banks need to cap salary bonuses for investment bankers and managers, Deutsche Bank AG supervisory board chairman Werner Wenning says in a Frankfurter Allgemeine Sonntagszeitung interview published Sunday.
jlne.ws/PrAbDa

Faissola Seeks Deutsche Bank Profit in Money Management
Nicholas Comfort and Annette Weisbach – Bloomberg
Michele Faissola, who spent 17 years helping expand Deutsche Bank AG’s investment bank, has a new project: building a money management unit that can compete with UBS AG and Credit Suisse Group AG.
jlne.ws/PrAdLi

Goldman Sachs to name new partners November 14: source
Reuters via Yahoo! News
Goldman Sachs Group Inc plans to announce internally its list of newly appointed partners on November 14 and its list of new managing directors the following day, according to a person familiar with the matter.
jlne.ws/PrAdLj

UBS Head Ermotti Rejects Spinning Off Investment Bank – Report
Dow Jones
UBS AG isn’t planning to spin off its investment banking business, Chief Executive Officer Sergio Ermotti said in an interview with Finanz Und Wirtschaft to be published Saturday.
jlne.ws/PrAe1A

Deutsche Bank Forms Executive Committee For Integrated Asset & Wealth Management
RTTNews
Deutsche Bank (DB) announced the Executive Committee for its integrated Asset & Wealth Management division. Michele Faissola, Chair, Head of Asset & Wealth Management, will chair the committee. The AWM Executive Committee also include Jon Eilbeck, Chief Operating Officer.
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Russia’s Sberbank Said to Begin Share Sale Tomorrow
Bloomberg
Russia’s central bank is selling 7.58 percent of OAO Sberbank, the country’s largest lender, as the government seeks to reduce its role in the economy.
jlne.ws/PrAe1J

MSSB Admits Asking Former Risk Officer to Investigate Rainmaker
Dow Jones
Morgan Stanley Smith Barney has acknowledged it asked a former risk officer to investigate certain trades executed by a big-money broker’s team, but the firm denies the officer discovered that the broker was improperly “churning” securities or that the officer was fired because of the alleged discovery.
jlne.ws/PrAei4

Brazil’s Central Bank Orders Cruzeiro do Sul Liquidation
FOX Business
The Central Bank of Brazil on Friday ordered the liquidation of distressed bank Banco Cruzeiro do Sul SA, the central bank said in a statement.
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Clearing & Settlement

Pirum Delivers Real-Time Tri-Party Required Value (RQV) Automation With J.P. Morgan
Pirum is pleased to announce the production deployment of the final component of its new Tri-Party Required Value (RQV) processing service, in partnership with J.P. Morgan. Customers are now using the new service to automatically calculate, reconcile, agree and submit their RQVs across all counterparties, whether they are Pirum participants or not.
jlne.ws/PrAeih

NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (LO) Effective Monday, September 17, 2012
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Indexes & Products

S&P Dow Jones Indices Announces The Results Of September 2012 Canadian Index Reviews
jlne.ws/PrAeyJ

BATS 1000 Index Gains 2.0% This Week
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S&P Dow Jones Indices Announces The Results Of The Annual Review Of The S&P/TSX SmallCap Index
jlne.ws/PrAfmi

UnitedHealth Replaces Kraft on Dow Jones Industrial Average
KAITLYN KIERNAN – WSJ.com
The Dow Jones Industrial Average will become a little more health-sector-heavy on Sept. 24, when insurer UnitedHealth Group Inc. will replace Kraft Foods Inc. in the 30-component average.
jlne.ws/PrAfmj

S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – A Deletion From The S&P/TSX Venture Composite Index
jlne.ws/PrAfmo

MSCI Frontier Markets 100 Index Forms Basis Of New Frontier Markets ETF From BlackRock
jlne.ws/PrAhus

Technology

37% Growth for Brady
Brady plc, the leading global supplier of trading and risk management solutions to the metals, energy and soft commodities markets, announces its interim results for the six months to 30 June 2012.
jlne.ws/PrAfCO

Vantage Order Routing System (VORS) Powered By Baymarkets
Vantage Capital Markets HK (Vantage) recently announced the launch of an order routing system for Convertible Bonds for its clients.
jlne.ws/PrAfCQ

Get Your Show On The Road With NASDAQ OMX’s Mobile Corporate Intelligence – Unified, Intuitive Platform Expands To Accommodate On-The-Go Investor Relations Professionals
jlne.ws/PrAfCV

Enforcement

Trial Over $2.3 Billion Trading Loss Puts UBS in Spotlight
DANA CIMILLUCA – WSJ.com
U.K. prosecutors opened their case in the trial of Kweku Adoboli, the former UBS AG trader accused of a $2.3 billion fraud, by casting the 32-year-old as the lone perpetrator of an illegal scheme that shook the Swiss bank last year.
jlne.ws/PrAhKW

Connecticut Resident Charged With Running Ponzi Scheme
Feisal Sharif, 42, of Branford, Conn., was charged by criminal complaint with operating a scheme to defraud multiple investors of at least hundreds of thousands of dollars via a Ponzi scheme, announced David B. Fein, U.S. Attorney for the District of Connecticut; Kimberly K. Mertz, Special Agent in Charge of the New Haven Division of the FBI; and Robert Bethel, Inspector in Charge, U. S. Postal Inspection Service, Boston Division.
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Environmental & Energy

Renewables and Emissions Trading: Do Schemes like the EU ETS Work?
Renewable Energy World
Emissions trading is growing in popularity across the globe, but doubts about its high costs and ultimate effectiveness at promoting renewable energy have hampered its adoption. The key question is whether emissions trading schemes — as exemplified by the E.U. ETS — can be made to work successfully.
jlne.ws/QiqQPP

Carbon Trading Heating Up
The Wall Street Journal
After a series of false starts, the market for trading carbon-emission credits is showing new signs of life in California.
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Why the recent plunge in U.S. carbon emissions may not last
The Washington Post
Over the winter, the United States reached what seemed like an encouraging milestone. Carbon dioxide emissions from energy sources dropped to their lowest levels in 20 years. At first glance, the country looked like it was making progress in reining in its planet-warming greenhouse-gas emissions.
jlne.ws/Pkly4H

Asia-Pacific

HKEx Announces Additional Market Maker For RMB Currency Futures
Hong Kong Futures Exchange Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has appointed ICBC International Futures Limited as a market maker for RMB Currency Futures that will begin trading on Monday, 17 September 2012.
jlne.ws/PrAfTn

Citi’s Southeast Asia financial institutions head resigns: source
Reuters via Yahoo! News
SINGAPORE – Citigroup’s Southeast Asia head of financial institutions, David Khoo, has resigned less than two years after joining the U.S. bank, a banking source with direct knowledge of the matter said on Monday. Khoo, who has also worked for RBS and ABN AMRO, joined the firm in early 2011.
jlne.ws/PrAi1j

Thai Bourse Encourages Developing Investor Relations Of Listed Firms
The Stock Exchange of Thailand (SET) continues to increase opportunities for Thai listed companies to develop their potential by providing guidelines and advice on Investor Relations (IR) in order to attract investors to listed firms.
jlne.ws/PrAg9I

Press Conference By Tadahiro Matsushita, Japan’s Minister For Financial Services – Competitiveness Of Japanese Exchanges – Insider Trading
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TAIFEX Monthly Newsletter- September 2012
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Frontier Markets

India agrees to let in foreign retailers, again
Associated Press via Yahoo! News
India agreed Friday to open its huge market to foreign retailers such as Wal-Mart in a surprising decision that was part of a flurry of economic reforms aimed at sparking new growth in the country’s sputtering economy.
jlne.ws/PrAg9S

Opposition Mounts to Indian Overhauls
RUMMAN AHMED and ROMIT GUHA – WSJ.com
India’s attempts to boost its economy by allowing greater foreign participation have sparked protests across the political spectrum, a sign of the battles ahead for the ruling Congress party.
jlne.ws/PrAihO

Istanbul Aims to Outshine Dubai With $2.6 Billion Bank Center
Bloomberg
It’s now little more than a dusty patch of land in the modern suburb of Atasehir on the Asian side of Istanbul. Within three years, if all goes according to plan, high-rise office buildings will dominate the site, forming an upstart Wall Street on the Sea of Marmara: the Istanbul International Financial Center.
jlne.ws/PrAgqh

Myanmar to open insurance sector to foreigners in 2015
Reuters via Yahoo! News
NAYPYITAW – Myanmar will allow foreign investors into its insurance sector by around 2015 once local private insurers have had time to establish themselves, a senior government official told Reuters.
jlne.ws/PrAgqk

Qatar Islamic Bank Plans $500-$750 Million Islamic Bond Sale
Bloomberg
Qatar Islamic Bank plans to raise $500 million and $750 million with the sale of Islamic bonds after the board approved a $1.5 billion sukuk program today, the lender said at a shareholders’ meeting in Doha today.
jlne.ws/PrAgqp

DFSA Action in the Financial Markets Tribunal to be Made Public
The DIFC Courts, on an appeal from the Financial Markets Tribunal (FMT), delivered its decision in the matter of Arqaam Capital Limited (Arqaam) vs the Dubai Financial Services Authority (DFSA).
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MCX Weekly Market Report (September 07, 2012 – September 13, 2012)
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Malawi Stock Exchange Weekly Tading Report
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