Industry news
Date: Nov 14, 2012
November 14, 2012: Brokers Scramble as Exchanges Dominate Derivatives; Financial Watchdogs Move to Rein In Money Funds; CME gets more time in U.S. compliance spat with regulator
Swaps brokers find themselves in a fight for career survival as the regulatory landscape shifts in favor of futures trading. In the U.S., regulators begin to busy themselves with the topic of new controls for the money market, with some urging the SEC to proceed at full speed. In the ongoing dispute over swaps reporting, CME Group gains more time to supply data to the CFTC after it filed a lawsuit this week. If you haven’t seen the JLN video preview for the new Restoring Customer Confidence series coming later this month, do take a look. This is one of the most critical issues facing the industry right now. Also, check out the brand new MarketsWiki.tv interview with Philippe Buhannic, co-founder, chairman and CEO of TradingScreen, who discusses the state of his industry and new swaps regulation.
First Read
Restoring Customer Confidence
Coming November 15: Restoring Customer Confidence Video Series Launch
MarketsWiki.tv
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back?
John Lothian News interviewed more than a dozen professionals in the industry to get their ideas and solutions. As these ideas become practice, or as new concepts are adopted by the industry, we will continue to add them to the site.
This video series addresses solutions by category: Protection Fund, Confirmations, Daily Reports, Third-Party Custodians, Ratings, Customer Segregation, Regulatory Changes, HFT Rules.
Visit MarketsWiki.tv over the next several weeks for new ideas and solutions.
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TradingScreen CEO Philippe Buhannic on Dodd-Frank and the Futurization of Swaps
MarketsWiki.tv
Philippe Buhannic, Co-Founder, Chairman and CEO of TradingScreen has had his feet firmly planted at the executive level in the financial industry for many years now, including in positions as a managing director at Credit Suisse First Boston (CSFB) and as chairman and CEO of Fimat Futures USA Inc. He recently talked with JLN Managing Editor Christine Nielsen about the current environment and outlook for the industry, including an anticipation for the futurization of swaps, a topic which has garnered a good deal of attention recently as Dodd-Frank regulation starts to take hold and new ways of doing business must be built.
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HFT curbs led to ‘healthier’ trading
Philip Stafford – FT.com
Measures taken by one of the world’s largest currency trading platforms to curb the predatory practices of high-frequency traders have led to a healthier order book without damaging volumes, according to its chief executive. Gil Mandelzis, head of EBS, said on Tuesday the quality of trading on the venue had elevated in the seven weeks since it introduced the changes.
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NYSE Euronext Hires Stacey Cunningham as Vice President, Relationship Management, Global Sales
NYSE Euronext (NYX) today announced that Stacey Cunningham will join the company’s Global Sales team as Vice President for U.S. Relationship Management with responsibility for account management including revenue production across the full suite of equities-based products and services. Ms. Cunningham will report to Christine Sandler, Executive Vice President, Global Sales and will begin her new role on Dec. 10, 2012.
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CBOE Seeks $525 Million in Patent Case Against ISE
By Jacob Bunge – Down Jones
The parent of the Chicago Board Options Exchange sued a smaller rival over its use of electronic-trading functions, according to court documents filed Monday. CBOE Holdings Inc. (CBOE) is seeking $525 million in damages from the International Securities Exchange, an all- electronic stock-options market based in New York.
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For more reports and information about this story, see the JLN blog post at jlne.ws/TYrUtM
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OptionsCity Software renews commitment to CBOE
OptionsCity Software, a leading provider of end-to-end electronic trading solutions, today announced its recent certification on Chicago Board Options Exchange’s (CBOE) updated CMi 2.0 exchange protocol. OptionsCity Metro and Freeway clients are now experiencing improved trading performance as a result.
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ICAP warns of toughest market in 36 years
Philip Stafford – FT.com
Michael Spencer, chief executive of ICAP, on Wednesday warned of one of the toughest markets in his 36-year career as he revealed a 50 per cent drop in first-half profits at the interdealer broker.
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Beefing Up Competition In The Exchanges Sector Starts To Rumble
The Mondo Visione Exchange Forum kicks off today amongst a flurry of recent activity to increase competition in the exchanges and trading sector, with the launch of several new trading platforms in Europe announced. Key speakers at the event are some of the influential leading industry executives behind the recent announcements include Aquis Exchange CEO Alasdair Haynes; CME Europe CEO Robert Ray and NASDAQ OMX NLX CEO Charlotte Crosswell.
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Equities: Change is in the air for stocks
Samantha Pearson – FT.com
From the moment they are born Brazilians are taught to invest in anything other than equities, says Edemir Pinto, chief executive of the country’s stock exchange operator BM&FBovespa.
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Chicago HFT trades up with new London HQ
Tim Cave – Financial News
Jump Trading, one of the most active proprietary trading firms operating on US stock exchanges, has taken up new office space in the heart of the Square Mile, where it has doubled headcount over the past year.
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LME Clear appoints Adrian Farnham as COO
The London Metal Exchange (LME) has appointed Adrian Farnham as the chief operating officer for LME Clear. Mr Farnham joined Turquoise Global Holdings Ltd (LESG) in 2007 as chief operating officer and became chief executive officer in 2010.
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**CN: The LME announced last week the appointment of Chris Jones as chief risk officer for LME Clear, who will also be joining the team early in the new year.
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Stock exchanges: Trading surge brings region together
Adam Thomson – FT.com
A few weeks ago, a full mariachi orchestra accompanied by dancers in long white flowing skirts was piping out tunes as the sun climbed into a clear sky over Mexico City. But the venue was not one of the city’s many cantinas and the audience was not a group of inebriated punters. Instead, the songs were blaring from the Mexican stock exchange (the BMV) and the assembled crowd comprised bankers celebrating the listing of Santander México, the Spanish bank’s local arm.
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Bourses: Uniting to build critical mass
Andres Schipani – FT.com
“In union there is strength,” goes the old truism. For some of the Andean countries, unity goes well beyond an adage thanks to the Mercado Integrado Latinoamericano, or Mila – a tie-up between the Chilean, Colombian and Peruvian bourses.
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Futures Industry Veteran Scott Slutsky Launches New Brokerage Firm With a Focus On International Clientele
Veteran Chicago futures trader Scott Slutsky has launched BRICS GLOBAL Markets a brokerage firm specializing in futures, Forex, and managed products with a focus on international clientele.
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Activists in MF Global case refuse to be ignored
Crain’s Chicago Business
Two Chicago futures trading advisers seek seats on a regulatory board even after being bypassed by the nominating group.
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MarketsWiki.tv
Nodal Exchange CEO Paul Cusenza Discusses The Grid and How Power Trading is Changing
Nodal Exchange CEO Paul Cusenza spoke with JLN Editor-in-Chief Jim Kharouf about how the power markets are changing, the impact of Dodd-Frank on the industry and the growth potential for Nodal Exchange and the power markets. Nodal Exchange is the first commodities exchange dedicated to offering locational (nodal) futures contracts and related services to participants in the organized North American power markets.
MarketsWiki
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Leucadia National Corporation
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Adrian Farnham; Philippe Buhannic; Bette Smith; Luc Bertrand
Companies, Organizations and Groups
Chicago Board Options Exchange; International Securities Exchange; Murphy & McGonigle; TMX Group Inc.; Leucadia National Corporation; Jefferies & Company, Inc.
Miscellaneous
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Lead Stories
Brokers Scramble as Exchanges Dominate Derivatives
Katy Burne and Jacob Bunge – Dow Jones
Brokers of swaps are fighting for their future. The firms known for facilitating banks’ trades in privately negotiated derivatives are reaching for relevance in response to new rules that may threaten their livelihood in swaps while boosting exchanges that cater to openly traded futures.
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Financial Watchdogs Move to Rein In Money Funds
SCOTT PATTERSON – WSJ
WASHINGTON—The $2.6 trillion money-market-fund industry might not be free much longer of the postcrisis strictures that the Securities and Exchange Commission chairman tried, and failed, to impose earlier this year.
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CME gets more time in U.S. compliance spat with regulator
Reuters via Yahoo! News
U.S. exchange operator CME Group has been granted more time to report trading data by the Commodity Futures Trading Commission after it sued the regulator in a spat over compliance that has split the derivatives industry.
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DTCC Files to Defend CFTC in CME Swaps Lawsuit
By Katy Burne – Dow Jones
The Depository Trust & Clearing Corp. took legal action Monday night in response to a lawsuit CME Group Inc. (CME) filed last week against a federal regulator concerning the reporting of derivatives trades.
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SEC Expands Knight Probe
JENNY STRASBURG AND SCOTT PATTERSON – WSJ.com
The Securities and Exchange Commission has deepened its probe into whether Knight Capital Group Inc. did enough to police its trading systems before computer errors nearly destroyed the brokerage.
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Disagreement Over Banking Regulation Marks Second Day of E.U. Talks
New York Times
Finance ministers from the 27 European Union nations diverged over a timetable for bringing banks under a new regulatory plan.
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Spain, Portugal, Greece Hold Anti-Austerity Strikes
ILAN BRAT and DAVID ROMÁN in Madrid,and PATRICIA KOWSMANN in Lisbon – WSJ.com
Unions in Spain, Portugal and Greece went on strike Wednesday to protest government austerity plans amid a wide economic contraction across Europe’s periphery, but questions remained about the unions’ ability to influence economic policy.
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Brazil: Derivatives market enjoys solid outlook
Vivianne Rodrigues – FT.com
Brazil’s derivatives markets has long been popular among local and foreign investors who use it mostly to make money from the difference between the country’s benchmark interest rates and those in developed markets. While Brazilian equities and its currency have suffered this year, the number of derivatives contracts negotiated has continued to rise.
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Regulatory
CFTC International Rules Harming U.S. Firms, Swaps Brokers Say
Matthew Leising – Bloomberg
The main U.S. swaps regulator risks harming American firms with how it’s telling international counterparts to interpret rules to oversee the $648 trillion swaps market, according to executives at brokers from ICAP Plc to Tradition North America Inc.
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SEC Still Has Reservations about IFRS
Accounting Today
Officials with the Securities and Exchange Commission are taking a wait-and-see attitude toward incorporating International Financial Reporting Standards into the U.S. financial system, even as an increasing number of foreign companies file their financial reports with the SEC using IFRS.
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Commodity position limits cause Mifid II confusion
Jay Maroo – Risk.net
The European Union (EU) is edging closer to implementing a position limits regime for commodity derivatives as part of Mifid II. However, market participants say the current proposals grant too much leeway to national authorities in setting position limits, sowing confusion regarding which entities are ultimately responsible for them.
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Crisis Command for Markets Needed: CFTC’s Chilton
CNBC
U.S. Commodity Futures Trading Commissioner Bart Chilton said the trouble with Wall Street’s contingency plans during Super Storm Sandy was simply that they had never been adequately tested, and he’s pushing to correct that with a new emergency command structure.
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[Video] Geithner Presses SEC to Make Money Funds Safer
Bloomberg
Nov. 13 — U.S. Treasury Secretary Timothy Geithner, Securities and Exchange Commission Chairman Mary Schapiro, Federal Reserve Chairman Ben S. Bernanke, Commodity Futures Trading Commission Chairman Gary Gensler and Federal Deposit Insurance Corporation Acting Chairman Martin J. Gruenberg speak in Washington at a meeting of the Financial Stability Oversight Council about rules governing money market funds. Geithner, stepping up pressure on the SEC to make money funds safer, outlined three options to overhaul the $2.6 trillion industry.
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Remarks Of CFTC Chairman Gary Gensler Before Financial Stability Oversight Council
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A Better Regulatory Path: Applying Good Government To Dodd-Frank Implementation – CFTC Commissioner Scott D. O’Malia Before Mercatus Center, George Mason University
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FINRA Increases Transparency In The TBA Market For Agency Pass-Through Mortgage-Backed Securities
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**CN: FINRA continues to study Collateralized Mortgage Obligations (CMO) and asset-backed securities, which together represent 7 percent of par value traded in all asset- and mortgage-backed securities.
Statement On Financial Transaction Tax And Savings At ECOFIN Council
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SIFMA Executive Vice President Ken Bentsen Remarks At SIFMA-IIAC Canada-US Securities Summit
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ASIC consults on revised financial requirements for C & D service providers and holding assets of managed investment schemes
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ASIC consults on SMSF auditor competency standards
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ASIC to update and consolidate takeover guidance
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Exchanges & Trading Facilities
Micex Seen Needing Legal Certainty to Expand: Russia Overnight
Bloomberg
Russia will lure overseas funds to equity markets once laws improve to give foreign investors confidence they will be treated as a local stockholder, according to JPMorgan Chase & Co.
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New Oslo Børs Trading Platform For Equities And Fixed Income Instruments
Following a successful launch on Monday 12 November, Oslo Børs is now using one of the fastest and most advanced trading systems in the world. The Millennium Exchange trading platform is particularly suitable for modern trading methods, and strengthens Oslo Børs’ distribution to international broking firms and global investors.
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IPO Indicator Points To Improved Sentiment On Primary Market – Deutsche Boerse Publishes Forecast For Q4 2012
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FESE European Equity Market Report – October 2012 Figures
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Direct Edge Trading Notice #12-54: EDGX Systems Change Implemented
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October 2012 FIF Market Share And Market Dynamics Reports – Executive Summary
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Hedge Funds & Managed Futures
Analysis: Asia’s hedge funds wither on the vine as money flows shift
Reuters via Yahoo! Finance
The Asia hedge fund run by Howard Wong and Rajesh Ranganathan has produced returns nearly four times better than its peers this year, with an experienced team that over the last decade has notched up some of the industry’s best performance numbers. And yet, Doric Capital is struggling to drum up interest in its $44 million fund, forcing one of Asia’s oldest hedge funds to give up its office overlooking the Hong Kong governor’s mansion for much smaller, humbler digs as it cuts costs.
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Investors shift from bonds to equities
Sarah Krouse – Financial News
Investors are increasingly turning to equities rather than bonds as their global growth and corporate profit expectations improve, according to a Bank of America Merrill Lynch survey.
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Investors move back into hedge funds in October: data
Reuters via Yahoo! Finance
Investors put more cash into hedge funds than they withdrew over the past month, attracted back into the sector by one of the few recent months in which managers outperformed stocks, new data showed on Monday.
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NYSE Delivers Analyzed Data To Clients
Forbes
NYSE Technologies has several investment firms participating in a new pilot — instead of downloading all the end of day trade and quote data they are taking the result of NYSE Technologies’ analytics. Actually, said Jennifer Nayar, head of global data products at the firm, most are taking both so they can test the value of the analysis NYSE Technologies performs.
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Mass. state pension board taps Eric Nierenberg to be senior investment officer
Boston Globe
The Massachusetts state pension board announced that it has hired that Eric R. Nierenberg as senior investment officer, overseeing hedge fund strategies, filling one of several vacant posts. Nierenberg holds a Ph.D. in business economics from Harvard University and is a former portfolio co-manager at Lee Munder Capital Group.
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Argentina: hear us out
New York Post
Argentina yesterday asked a federal appeals court to grant it a new hearing in its contentious battle with Paul Singer’s Elliott Management over $1.3 billion the New York hedge fund says the country owes it.
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Cotton merchant rejects price manipulation
Gregory Meyer in New York – FT.com
The world’s biggest cotton merchant has brushed off market manipulation accusations by Glencore’s former head of cotton as the complaints of a speculator who lost money on “ill-timed and poorly executed” trades.
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Hedge Fund Compensation Survey Closing this Week
The annual Hedge Fund Compensation Benchmark Survey is almost complete and data gathering closes this week. Hedge fund investment professionals are invited to participate and the online survey only takes minutes to complete.
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René Lezard plans bond issue in Entry Standard
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Thomson Reuters Launches New Equity And Fixed Income Index Solution For Asset Servicing Industry – Northern Trust Is First Asset Servicing Provider To Offer The New Solution To Institutional Fund Clients For Benchmarking Purposes
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Banks & Brokers
Bank of America Offers to Buy MBIA Bonds to Block Amendment
Charles Mead and Mary Childs – Bloomberg
Bank of America Corp. (BAC) is seeking to buy the majority of $329 million of MBIA Inc. (MBI) bonds to block the insurer’s efforts to distance itself from a cash-strapped unit that sold products protecting the lender from losses on more than $6 billion of debt. MBIA fell the most in three years.
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Bank of New York Mellon Unit to Pay $210 Million in Madoff Settlement
DAN STRUMPF – WSJ.com
A Bank of New York Mellon Corp. unit will pay $210 million to resolve a series of lawsuits claiming that it concealed doubts about the business operated by convicted Ponzi schemer Bernard L. Madoff.
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ICAP plc Half year results to 30 September 2012
ICAP plc (IAP.L), the world’s leading interdealer broker and provider of post trade risk and information services, today announced its results for the six months ended 30 September 2012.
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BofA Client-Meeting Quota Said to Vex Investment Bankers
Bloomberg
Bank of America Corp. salespeople assigned to the world’s biggest stock portfolio managers were given new orders by their boss in September: attend at least 30 meetings a month with clients, or else.
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UBS joins equity connectivity platform
Tom Osborn
UBS MTF has become the first pan-European share-trading platform to sign up to FixSpec, a newly-launched market connectivity service, as trading platforms look for ways to offer members swifter access amid declining activity in European equity markets.
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Goldman spots opportunity in European crisis
Giles Turner – Financial News
The chief executive of Goldman Sachs has highlighted Europe as a key region for the investment bank, as rival firms cut back operations.
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Bankers Beginning to Look a Smidge Desperate: Goldman Looking for Technology Magic Bullets to Fix its Cost Problem
Naked Capitalism
Now that Wall Street blew up the global economy in its search for fun and profit, it is finally having to eat its own cooking in the form of more modest profits. Of course, the slightly chastened Masters of the Universe seem constitutionally unable to recognize that their own actions might have something to do with the fix they are in.
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European Cross-Border Bank M&A Unlikely in Near Term, UBS Says
Bloomberg
Cross-border European financial- services takeovers are unlikely to pick up in the next 18 months as regulatory change makes it harder for banks to allocate capital and tough market conditions persist, UBS AG said.
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Goldman Sachs Said to Plan Exit From Korea Asset Management
Bloomberg
Goldman Sachs Group Inc. plans to exit the South Korean asset management business amid sluggish global stock markets, according to three people with knowledge of the situation.
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StanChart tries to kick-start share price
Henny Sender and Patrick Jenkins – FT.com
Standard Chartered this week flew 20 of its top shareholders to Beijing for a three-day immersion into the intricacies of the bank’s operations in China and elsewhere.
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Deutsche Bank loses bid to end U.S. mortgage lawsuit
Reuters via Yahoo! Finance
A U.S. judge on Monday rejected Deutsche Bank AG’s (DBK.DE) bid to dismiss a federal regulator’s lawsuit accusing it of misleading Fannie Mae (FNMA) and Freddie Mac (FMCC) into buying billions of dollars of risky mortgage debt.
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UK bank reform plan slammed for moral hazard risk
Reuters via Yahoo! News
LONDON – Britain’s plan to force banks to shield their retail operations from riskier activities could create a moral hazard from the expectation that lenders will be bailed out if they hit trouble, a top banker said on Monday.
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Clearing & Settlement
Uncleared margin rules threaten E&P hedging
Alexander Osipovich – Risk.net
Oil and gas exploration and production (E&P) firms face a dizzying range of challenges, including hurricanes, oil spills, collapses in energy prices and expropriations of their assets by foreign governments. Now, the firms have a new danger to worry about: the US Dodd-Frank Act.
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LarrainVial, Celfin Capital and IM Trust Live on Central Matching Solution from Omgeo and Chilean Depository (DCV)
Omgeo, the global standard for post-trade efficiency, in partnership with the Chilean central depository, Depósito Central de Valores, S.A. (DCV), today announced that three Chilean brokers, LarrainVial, Celfin Capital and IM Trust are now live on their joint trade matching service.
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Technology
Öhman Capital chooses Scila Compliance
Öhman Capital meets the increased regulatory pressure by implementing Scila Compliance from the leader in trading surveillance technology, Scila. Following the company’s success in the trading venue market, Scila now enters the compliance space with its recently developed software, Scila Compliance.
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Portware Named Best Buy-side EMS
Portware (http://www.portware.com/), the leading provider of global, multi-asset trading solutions, today announced that Buy Side Technology has recognized Portware as the Best Buy-side execution management system (EMS) in the 2012 Buy Side Technology Awards.
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Dion Develops Interface With Cofunds – Provides Seamless Integration Between Leading Platform And Portfolio Management Solution
Dion Global Solutions, technology partner to the financial services industry, has developed an electronic interface between its Invantage solution and the leading financial services platform, Cofunds. The interface delivers straight through processing for the dealing and administration of Cofunds holdings. The solution is now available to all mutual clients using Dion’s Invantage or Portfolio solution and has a very short implementation timescale.
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Emulex and Gnodal Partner to Deliver Solution for High Frequency Trading Environments
Emulex Corporation today announced a partnership with Gnodal, a provider of high-speed 10 and 40Gb Ethernet (40GbE) network switches, to deliver a solution that eliminates network congestion and provides industry-leading low latency, addressing the needs of high frequency trading (HFT) environments.
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Enforcement
Insider-Trading Trial Begins for Fund Managers
CHAD BRAY – WSJ.com
Prosecutors told jurors that two former hedge-fund managers were part of a “corrupt chain” of individuals who made tens of millions of dollars trading on confidential information about technology companies. Defense lawyers countered that their clients made decisions based on legitimate research.
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Defense Opens Insider Trading Case With Attack on Witnesses
PETER LATTMAN – NYTimes.com
Jurors were presented with a stark choice in the insider trading trial of two former hedge fund managers. The defendants were either the senior links in a “corrupt chain” of Wall Street traders, or scapegoats for the criminal conduct of their subordinates.
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New York Attorney General Schneiderman Obtains $210 Million Settlement With IVY Asset Management In Connection With Madoff Ponzi Scheme
Defrauded Madoff Investors To Recoup Nearly All Of Their Investments – Schneiderman: This Settlement Is A Victory For Justice & Accountability For Many Victims Of Madoff’s Ponzi Scheme
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FSA fines Savoy Investment Management Limited £412,000 for wealth management failings
The Financial Services Authority (FSA) has fined Savoy Investment Management Limited (Savoy) £412,000 for failing to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients
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[ASIC] Former BG executive guilty of insider trading
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[ASIC] Sydney liquidator agrees to cancellation of registration
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Environmental & Energy
California’s First Carbon Auction Challenged in Lawsuit
Bloomberg
California should be barred from auctioning carbon allowances, a key element of the state’s cap- and-trade program aimed at reducing greenhouse gas pollution, the state’s Chamber of Commerce said in a lawsuit filed on the eve of the first sale.
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**RKB — Auction to proceed.
California on starting blocks for state cap-and-trade scheme
Business Green
California will today auction millions of dollars’ worth of emission allowances to big energy users, marking the launch of the world’s second largest carbon market.
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**RKB – One prediction: We expect auction participation to be limited to a few utilities, oil companies and key financials as smaller covered entities are not yet prepared to buy at auction,” said Ashley Lawson, senior analyst at Thompson Reuters Point Carbon. “Nonetheless, we expect these few buyers will purchase all the available volume of V2013 CCA.” However, she also predicted a lower demand for CCAs that can be used from 2015. “We think the V2015 CCAs will be undersubscribed because of long term uncertainty in the market.”
Jefferies Raises 2014 Carbon Forecast on Glut Fix
Bloomberg
Jefferies Group Inc. (JEF) boosted its forecast for European Union carbon permit prices in 2014 by 11 percent after the regulator proposed yesterday to temporarily cut supply in the three years through 2015.
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Asia-Pacific
Fund Manager Optimism Towards China Has ‘Exploded’
Business Insider
These are interesting bullet points from a Bank of America fund manager survey. Fund managers… Are more optimistic on global growth: readings have improved for all of the economy, inflation and corporate profits.
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Thai Bourse Market Report For October
The Stock Exchange of Thailand’s (SET) securities trading value in October rose 3.18 percent from a month ago, although the market mood was undermined by the European, United States, and Chinese economic woes, while the Bank of Thailand’ recent rate cut signaled more concerns of global economic risk.
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Jih Sun Futures Deploys Orc’s Low-Latency Sponsored Access Solution in Taiwan
Business Wire
HONG KONG & SYDNEY & TOKYO—-Orc, a leading provider of technology and services for the global financial industry, today announced that Jih Sun Futures Co., Ltd. has selected Orc to meet the growing market demand.
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Gui Minjie: Foreign Institutional Investors Eye On China’s A-share Market
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TAIFEX Monthly Newsletter- November 2012
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HKEx Selects MillenniumIT’s Gateway Platform For HKEx Orion Central Gateway
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Frontier Markets
Ottoman-Era Bank Taps Foreign Cash After 23 Years: Turkey Credit
Bloomberg
TC Ziraat Bankasi AS, the bank founded in 1863 during the Ottoman Empire, plans to sell Eurobonds for the first time in 23 years to finance lending at cheaper rates than the cost of deposits.
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Tehran Stock Exchange Bulletin – October 2012
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Miscellaneous
Murphy & McGonigle Recognized in National Tier One Category for Securities Regulation by U.S. News – Best Lawyers “Best Law Firms”
Murphy & McGonigle, P.C. announced today that it is the only small firm to have achieved National Tier One recognition for its U.S. securities regulation practice by U.S. News – Best Lawyers “Best Law Firms.” The two-year-old Murphy & McGonigle, with 40 total lawyers, is the only firm on the list with less than several hundred lawyers. Murphy & McGonigle is also the only recently formed firm to be included on this prestigious list of the best American securities regulation law firms.
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