Industry news
Date: Nov 27, 2012
November 27, 2012: Schapiro stepping down at SEC, Walter to step in; Britain names Canadian to head Bank of England; Spanish Futures Trading Resumes After BME Technical Fault
As expected, Mary Schapiro announces her departure from the SEC, and Elisse Walter is tapped to take her place. Canada’s Mark Carney heads to Britain to take the head chair at the Bank of England. Spanish futures exchange MEFF shut down for several hours today; a “connectivity” issue was blamed, and trading has now resumed. The second installment in JLN’s Restoring Customer Confidence series has arrived: Eurex’s Byron Baldwin talks about the exchange’s flexible segregated account services.
First Read
New Restoring Customer Confidence Video
The second video in our Restoring Customer Confidence series deals with customer segregation. Each week we will post a new idea answering the question – how do you restore customer confidence and bring traders back?
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| Restoring Customer Confidence | More ideas» |
Customer Segregation: A Clear View Moving excess customer funds to a clearing house is one way to reduce the amount of capital at risk. Byron Baldwin, SVP, Buyside Relations at Eurex, says his exchange developed segregated account services that can be as wide or granular as needed. This video is sponsored by: +++++ About the Restoring Customer Confidence video series The Restoring Customer Confidence video series answers that question by exploring potential solutions using expert interviews and simple animations. 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. Visit the video series page on MarketsWiki.tv over the next several weeks for new ideas and solutions. |
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IntercontinentalExchange Introduces New FX Products; First U.S. Exchange to Offer Indian Rupee Futures Contract
IntercontinentalExchange, a leading operator of global markets and clearing houses, announced today it will launch two new cash-settled foreign exchange futures contracts on ICE Futures U.S. for the trade date of Monday, January 28, 2013.
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***** I can’t wait for the advertising campaign for this new contract. ICE Cold Rupees, the new hard currency.
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New version of Xetra enables intelligent order-on-event
Deutsche Börse rolled out Xetra Release 13.0 on Monday. This new version of the trading system allows investors to use the intelligent order type order-on-event for the first time. This allows a market or limit order to be linked to selected market events. The order is automatically triggered if the events occur. Initially, it will be possible to use the most important benchmark indices and the DAX and Bund future as reference values.
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***** I used to do stuff like this as a broker manually.
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ISE Announces Mini Options Launch Date of March 18, 2013
The International Securities Exchange (ISE) today became the first exchange to confirm a launch date of March 18, 2013 to commence trading in Mini Options. Since receiving Securities and Exchange Commission (SEC) approval for this innovative new product offering, ISE has been coordinating with its member firms to determine an appropriate date for launch readiness. Mini Options will represent a deliverable of 10 shares of an underlying security, whereas standard contracts represent a deliverable of 100 shares. ISE will initially list Mini Options on the following securities: AAPL, AMZN, GLD, GOOG, and SPY.
jlne.ws/TiM12h
**** Mini Options are not to be confused with Mini Wheats.
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BATS Global Markets Expands Access Of Risk Management And Kill Switch Tools To All Members
BATS Global Markets (BATS), a leading operator of securities markets in the U.S. and Europe, today rolled out a suite of risk management tools available at no charge to all members of its U.S. equities and equity option markets to help them mitigate risk.
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**** Did you get your kill switch yet? Did you test it? Are you still alive?
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Top 50 Brokers: The good, bad and ugly of a post-MF Global world
Daniel P. Collins, Ginger Szala – Futures Magazine
It has been a challenging year for futures commission merchants (FCMs). One dominated not by the usual issues of technology builds, disintermediation, transitioning to cleared over-the-counter (OTC) trading and the continuous challenges of a competitive landscape, but by a customer base weary of the very structures they have depended on and assumed were rock solid. End-user confidence in the industry took a double-barreled hit over the last year with the Peregrine Financial Group (PFG) failure occurring eight months after the MF Global debacle. Futures invited six industry leaders representing the entire spectrum of the FCM community to talk about the state of the industry. Here is what they had to say.
jlne.ws/TiM12r
**** Backhanded compliment: This is the best piece of journalism I have seen from Futures Magazine in a long time. Excellent roundtable discussion with key industry FCM leaders who let it all hang out. Nice job.
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Regulate U.S. Markets Like the Nuclear Industry
David L. Kornblau – Bloomberg
With the uncertainty of the U.S. presidential election behind us, it’s time for regulators of financial markets to get serious about preventing market malfunctions — from out-of-control algorithms to initial public offerings marred by technology breakdowns.
jlne.ws/TiM12u
**** Or better, like the airline industry.
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Wall Street 3.0 Changing the Rapidly Evolving Financial Advisory Business, Says TABB Group
In a new research note published today, “Mobile Markets: Too Flexible to Fail,” TABB Group says that fast emerging financial communities on social networks, disseminating financial data much faster than traditional media outlets, now rival investment banks as a source for market color, trading analysis and investment ideas.
jlne.ws/V28y3C
**** Interesting analysis.
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Judge allows grain traders lawsuit against CME Group
Reuters
A group of grain traders can proceed with a lawsuit to overturn new price-settlement rules at CME Group that they say are killing business in the historic open-outcry trading pits, a judge in Chicago ruled on Monday.
jlne.ws/TiM1iS
**** When the CME bought the CBOT, they also bought a legacy of litigation until the bitter end, and then some.
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Knowledge Is Money, but the Peril Is Obvious
By ANDREW ROSS SORKIN – NYTimes.com
Toward the end of 2007, Silver Lake Partners, a well-respected investment firm, made what then seemed like a curious investment: it paid about $200 million to buy slightly less than a quarter of a fast-growing company called the Gerson Lehrman Group. The investment was unusual because Gerson Lehrman, a so-called expert network firm that links hedge fund investors with experts in various fields, had been under scrutiny by regulators and the press for creating a business model that some said was tailor-made to foster insider trading on Wall Street.
jlne.ws/TiM2Du
**** I have done some consulting for some similar organizations and they bend over backwards to make sure there is no conflict of interest and that no insider information will be disclosed. The peril is there, though.
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There’s No Such Thing as a Painless Fiscal-Cliff Deal
Paul Vigna – Wall Street Journal Blogs
A resolution of the fiscal-cliff debt negotiations will likely be more painful for the economy in the short-term than the market expects.
jlne.ws/TiM2DD
***** Wake me up when this is over.
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FBI uses Twitter, social media to look for securities fraud
Matthew Goldstein and Jennifer Ablan – Reuters
The FBI sees social media as a potential breeding ground for securities fraud, and has agents scouring Twitter and Facebook for tips, according to two top agents overseeing a long-running investigation into insider trading in the $2 trillion hedge fund industry.
jlne.ws/TYZlIi
***** And they should use these tools.
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Recrimination follows false Google story
Richard Waters in San Francisco – FT.com
A number of online news and social media sites lit up with retractions and recriminations on Monday after a widely reported claim that Google had made a $400m acquisition turned out to be false. [...] The rapid dissemination of the false claim cast an unflattering light on the news sites that reported it as fact, as well as the Twitter users who amplified the message by tweeting it to their own followers.
jlne.ws/TiM1zj
***** Not us, thank goodness.
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Could Fine Art And Collectibles Become A New Asset Class?
Forbes
You can love it, hate it and hang it on your wall. But you can’t make art into an asset class, no matter what the pitchmen say.
jlne.ws/TiM1zl
***** Talk about bespoke.
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JLN Metals
Chinese copper data’s warning signal
Jack Farchy – FT.com
Chinese copper data have just taken a worrying turn for the worse. The country’s imports of the red metal tumbled 22 per cent in October to their lowest in more than a year. At the same time, stocks of the metal have risen to a record high:
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Gold builds following among investors
Jack Farchy – FT.com
Gold prices rallied above $1,750 a troy ounce on Friday for the first time in more than five weeks, propelled higher by a weaker dollar and growing investor confidence in the precious metal.
jlne.ws/QGe54s
Targeting India’s 2trn rupee gold market
Shivom Seth – MINEWEB
While the Indian government is going all out to woo its citizens away from gold, jewellery houses, companies and even the World Gold Council are eagerly dishing out new schemes to convince more Indians to invest in their favourite metal.
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Elisse B. Walter
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Lead Stories
Schapiro stepping down at SEC, Walter to step in
Aruna Viswanatha – Reuters
The head of the U.S. Securities and Exchange Commission, Mary Schapiro, will step down next month after a tumultuous four years spent rehabilitating the agency’s battered reputation, handing the reins temporarily to a close ally.
jlne.ws/TiM1zq
Britain names Canadian to head Bank of England
Los Angeles Times
Worried over its sputtering economy, the British government decided to seek outside help Monday by appointing a Canadian as the next head of the Bank of England, one of this country’s most powerful unelected public posts.
jlne.ws/TiM1zr
Spanish Futures Trading Resumes After BME Technical Fault
Nandini Sukumar – Bloomberg
Trading on Spain’s MEFF futures market resumed after a “connectivity issue” lasting more than six hours, Bolsas & Mercados Espanoles SA (BME), operator of the Madrid exchange, said.
jlne.ws/TiM1zs
Meet Elisse Walter, The New SEC Chairman, For Now
David Benoit – WSJ
Elisse B. Walter has been named as the soon-to-be chairman of the SEC, an appointment that comes after a long career as a regulator
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Walter? Miller? An SEC Succession Explainer
Scott Patterson – WSJ
Soon after the Securities and Exchange Commission announced Monday that Mary Schapiro would step down as chairman, the White House issued a statement about her replacement that triggered a wave of confusion among close watchers of the agency. The White House said President Barack Obama “intends to designate Elisse Walter, a current Commissioner, as Chair upon Ms. Schapiro’s departure next month.”
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Schapiro Reflects, Acknowledges Some Failures
Scott Patterson – WSJ
Days after taking the job of chairman of the Securities and Exchange Commission in January 2009, Mary Schapiro taped a sheet of white printer paper to her office door that read “How does it help investors?” That paper is still there, and Ms. Schapiro said in an interview Monday that she might leave it on the door when she exits her office for the last time next month.
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Ten things Mark Carney has said about regulation
Vivek Ahuja and Darren Lazarus – Financial News
Mark Carney, the Bank of Canada Governor, was yesterday named as the UK government’s choice to succeed Mervyn King, who retires as the Bank of England Governor next year.
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India’s National Stock Exchange names new CEO
Reuters
India’s National Stock Exchange (NSE) has named Chitra Ramkrishna as its new chief executive officer, effective April 1, 2013, the country’s biggest stock exchange said on Monday.
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Kabul Bank Audit Details Extent of Fraud
New York Times
Afghanistan’s largest bank institutionalized fraud that reached into the hundreds of millions of dollars, according to a forensic audit with new details about the extent of the theft.
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MF Global customers to seek subpoenas for Corzine, others
Reuters via Yahoo! News
NEW YORK – A group of former MF Global customers on Monday asked a court for permission to subpoena the commodities broker’s executives, including former CEO Jon Corzine, who was blamed in a congressional report this month for MF Global’s collapse.
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Regulatory
Schapiro’s exit leaves broker fiduciary plan up in air
Reuters via Yahoo! News
Mary Schapiro’s exit from the U.S. Securities and Exchange Commission means more uncertainty for Wall Street about a key reform that she championed: requiring securities brokers who give advice to clients to act in their clients’ best interests.
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Credit Agricole CEO blasts draft French bank curbs
Reuters via Yahoo! News
PARIS – Proposed rules to curb French banks’ risky trading will go further than anywhere else in Europe and will make it harder for them to lend, Credit Agricole’s chief executive told the daily Les Echos newspaper.
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HK warns Asia over financial reforms
Paul J Davies in Hong Kong – FT.com
Asian institutions would be “unbelievably stupid” to ignore the mistakes of western finance in their own regulation, Hong Kong’s lead market regulator warned on Tuesday.
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Power struggle as regulators turn heat on energy trading
Tom Osborn – Financial News
Energy markets on both sides of the Atlantic have in the past two months been at the centre of a storm over allegations that participants had manipulated prices in the gas and electricity markets, leading to losses for other counterparties and the publication of inaccurate prices.
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Statement By President Obama On The Departure Of SEC Chairman Mary Schapiro
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SIFMA Statement On Resignation Of SEC Chairman Mary Schapiro
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FINRA Statement On SEC Leadership Changes
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NYSE Euronext Statement Re SEC Chairman Mary Schapiro – Statement From Duncan Niederauer, CEO, NYSE Euronext
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ASIC’s areas of focus for 31 December 2012 – financial reports
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Swedish Financial Supervisory Authority- Finansinspektionen – The Economy Will Benefit From Stricter Requirements On Banks
jlne.ws/TiM3HI
General Regulation of the AMF – Book III – Service providers (Last amended on 15 October 2012)
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[Japan] FSA publishes Weekly Review No.22
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Exchanges & Trading Facilities
Nasdaq taps futures market talent
Tom Osborn – Financial News
Nasdaq OMX has added to its nascent London derivatives team, as it bids to compete in the European interest rate futures market with its new trading platform.
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MIAX Options Exchange Final Planned Mock Trading Test – December 1, 2012
In Preparation for a December 7, 2012 Launch, Pending SEC Approval, the Miami Options Exchange Final Planned Mock Trading Test will be held on December 1, 2012. MIAX Options Exchange final planned industry mock trading test will take place on Saturday, December 1, 2012 from 9:00 a.m. – 1:00 p.m. ET.
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IntercontinentalExchange CFO to Present at KBW Securities Brokerage & Market Structure Conference on November 28
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CME Group Chief Financial Officer to Present at KBW Securities Brokerage & Market Structure Conference, November 28 More
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NYSE Euronext to Present at the Goldman Sachs Financial Services Conference
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Top 20 Largest Consolidated Short Position Report – November 15, 2012
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Direct Edge Trading Notice #12-55: Route Peg Order Functionality
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Vienna Stock Exchange Successfully Completes XETRA Update
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Warsaw Stock Exchange Amends The Code Of Best Practice For WSE Listed Companies
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Hedge Funds & Managed Futures
Smart Money? Hedge Funds Now Worse Than Mutual Funds
CNBC
Hedge fund managers don’t have much to be thankful for these holidays, as failure to beat low-fee index funds will likely infuriate investors shelling out hefty fees for their services.
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Doll joins Nuveen Asset Management
Shanny Basar in New York – Financial News
Bob Doll, the well-known “perma-optimist” who had been expected to retire after stepping down as BlackRock’s chief equity strategist in June, has instead joined smaller US rival Nuveen Asset Management.
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Outflows persist at Aberdeen’s alternatives strategies
Sarah Krouse – Financial News
Investors continued to pull cash from Aberdeen Asset Management’s alternative investment strategies division – which the firm has spent much of the last year seeking to build – in the last three months of its financial year, despite strong firm-wide performance.
jlne.ws/TiM665
BlackRock’s new infra team to focus on bespoke funds
Mark Cobley – Financial News
BlackRock, which announced the recruitment of a new infrastructure-debt team this morning, is the latest fund manager to begin a business helping to arrange bespoke and co-investments for insurers in the sector, as larger investors seek to supplant banks as direct lenders.
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Billionaire’s Hedge Fund Rebuffs NY Fed In Argentina Case: No Risk To $2.6T Payments System
Forbes
A hedge fund owned by billionaire Paul Singer disputed the New York Fed’s opinion that a court ruling in its battle against Argentina over the world’s largest sovereign debt default could disrupt its payments system and global bond markets.
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Cost to Insure Argentina Bonds Spikes, Highest Since 2009
Katy Burne – Dow Jones Newswires
The cost to insure Argentina sovereign bonds against nonpayment soared 15% Friday to its highest since April 2009 on increased concern that the country may not honor its financial obligations in the next few weeks.
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Speculators Raise Wagers First Time in Seven Weeks: Commodities
Bloomberg
Speculators raised bullish commodity wagers for the first time since early October as signs of improving economic growth in the U.S. and China pushed prices higher for three straight weeks.
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CFTC.Gov Commitments Of Traders Reports Update
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Banks & Brokers
Knight Capital Was Saved, Why Is It Up For Sale?
Forbes
Just four months after a down-to-the-wire rescue by outside investors Knight Capital is apparently considering a sale.
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Goldman Releases Its Analysis On The Appointment Of Goldman As Bank Of England Head
Zero Hedge
There are so many “meta” things going on in here, we wouldn’t even know where to start, so we will simply present Goldman’s just released analysis of the implications of Carney’s “surprise” appointment to the head of the BOE as is, in all its faux ” shock ” glory.
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Barclays’s Libor Submissions Diverge From Other Banks
Ronald D. Orol, MarketWatch
One measure of Barclays PLC’s (BCS, BARC.LN) short-term funding costs rose in recent days, even as daily estimates from other banks were little changed.
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London Bankers Bracing for Leaner Bonuses Than New York
Bloomberg
Bankers in London, the hub for securities firms in Europe, are bracing for lower bonuses compared with New York counterparts as earnings from the region plummet and pressure to tighten compensation mounts.
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Dimon Would Be Best Treasury Secretary in Crisis, Buffett Says
Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon would be the best U.S. Treasury Secretary in a financial crisis, billionaire investor Warren Buffett said.
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Ex Deutsche Bank CEO criticizes successor for skipping hearing
Reuters via Yahoo! News
FRANKFURT – The former head of Germany’s Deutsche Bank Josef Ackermann criticized his successor Anshu Jain on Monday for not agreeing to appear at a German parliamentary hearing this week on Libor manipulation.
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Birmingham: the banker’s survival guide
David Thomas – Financial News
News that Deutsche Bank will hire sales-trading staff in Birmingham, the UK’s second largest city, has provoked raised eyebrows amongst City-based traders fearful of a move to the Midlands. After all, ‘Brum’ has long been saddled with an unwanted and undeserved reputation – that of a cultural backwater dominated by dubious Brutalist architecture.
jlne.ws/TiM7XR
Barclays falls as Qatar sells options
Camilla Hall in Dubai and Daniel Schäfer and Michael Stothard in London – FT.com
Qatar Holding has sold the rights to buy a large holding of Barclays shares that it received amid a controversial cash call at the height of the financial crisis, in a move that sent the UK bank’s share price sharply lower.
jlne.ws/TiM6Dk
Credit Suisse Seeks $108 Million From Vestia Over Rate Swaps
Bloomberg
Credit Suisse Group AG is seeking about 83.2 million euros from Stichting Vestia Groep to unwind interest-rate derivatives after the Dutch affordable-housing provider failed to provide more collateral.
jlne.ws/TiM7XY
Lehman sells Archstone for $6.5B
Crain’s New York Business
Lehman Brothers Holdings Inc.’s estate said Monday it is selling apartment-building owner Archstone Enterprise LP in a $6.5 billion cash and stock deal. The sale of its single-largest asset to Equity Residential and AvalonBay Communities Inc. will provide Lehman with further funds to pay creditors.
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Morgan Stanley, LISC Launch Pilot Small-Business Loan Fund to Fuel Growth, Create Jobs in Low-Income Communities
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JPMorgan Chase Announces Conference Call Date to Review Fourth Quarter 2012 Earnings
JPMorgan Chase & Co. will host a conference call to review fourth quarter 2012 financial results on January 16, 2013 at 9:00a.m. . Fourth quarter financial results are currently scheduled to be released at 7:00a.m.
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Clearing & Settlement
Korea to start mandatory clearing in October 2013
Viren Vaghela – Risk.net
Korean legislators failed to pass the over-the-counter clearing bill on Thursday, dashing hopes that clearing in Korea could be kick-started, with mandatory clearing now slated to commence in October next year.
jlne.ws/TiM6TP
TriOptima and four SGX members complete first portfolio compression cycle in Singapore clearinghouse
TriOptima announces that four SGX member banks successfully eliminated more than 82% of the SGD interest rate swaps they wanted to terminate in the first SGX triReduce portfolio compression cycle. The four participants, including two local institutions, reduced notional principal outstanding by $25 billion SGD in the inaugural compression cycle for cleared trades.
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DTCC Issues Third Quarter 2012 Annuity Market Activty Report – Data Reveals Relatively Steady Inflows And Declining Out Flows
jlne.ws/TiM9Pk
CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (OB, OH, I, ON) Effective Tuesday, November 27, 2012
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CME Group Clearing Advisory: BPSTM IRS Form 1099 Notification #2
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Indexes & Products
FTSE Launches Super Liquid Index Series
jlne.ws/TiM9PA
TSE has published the index value of TSE Home Price Index for September.
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Technology
RTS plans aggressive Asian expansion
Jeremy Grant in Singapore and Philip Stafford in London – FT.com
RTS Realtime Systems Group, a trading technology company, on Tuesday announced plans to expand rapidly in Asia to meet burgeoning demand for the latest tools for investing.
jlne.ws/TiMa5P
Singapore Exchange Increases Proxy Vote Response By Approximately 300% With Broadridge Proxy Management Solution – Solution Enhances Governance And Transparency For Singapore Exchange
jlne.ws/TiMa5T
EFG Harris Allday Enhances Front Office With Dion
Dion Global Solutions, technology provider to the financial services industry, has today announced that EFG Harris Allday has gone live with its front office solution, Portfolio.
jlne.ws/TiMa5U
Bluecrest Capital Management Selects The Calypso System For Front Office Trading Solution – Solution Supports Expansion Of Global Hedge Fund’s Trading Operation
jlne.ws/TiM91V
Christiania Securities Takes The Next Step And Outsources Non-Core Business To Neonet
Neonet, the independent execution service provider, today announced an execution service agreement with the Norwegian brokerage firm Christiania Securities AS.
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Enforcement
Former hedge fund manager out on $5 million bail
Tacoma News Tribune
A former hedge fund portfolio manager was released on $5 million bail after appearing in a Manhattan court Monday to face accusations in one of the largest insider trading fraud cases in history.
jlne.ws/TiM9iq
SAC Trader Fainted as Agents Pressed on Boss
MICHAEL ROTHFELD AND CHAD BRAY – WSJ.com
As federal agents pressed Mathew Martoma late last year to turn against his former boss, hedge-fund billionaire Steven A. Cohen, he fainted in the front yard of his Florida home. “It was an upsetting experience,” Charles Stillman, Mr. Martoma’s lawyer, when asked about the incident.
jlne.ws/TiMamn
CFTC Charges Ireland-based “Prediction Market” Proprietors Intrade and TEN with Violating the CFTC’s Off-Exchange Options Trading Ban and Filing False Forms with the CFTC
The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil complaint in federal district court in Washington, DC, charging Intrade The Prediction Market Limited (Intrade) and Trade Exchange Network Limited (TEN), Irish companies based in Dublin, Ireland, with offering commodity option contracts to U.S. customers for trading, as well as soliciting, accepting, and confirming the execution of orders from U.S. customers, all in violation of the CFTC’s ban on off-exchange options trading.
jlne.ws/Slrygv
Environmental & Energy
Expand carbon market participation at Doha, urges trade body
Business Green
Access to carbon market mechanisms should be widened to help drive demand for UN carbon credits, the International Emissions Trading Association (IETA) has advised as global climate talks opened today in Doha.
jlne.ws/TnRZzH
**RKB – IETA: Parties should ensure that from 1 January 2013, broader potential demand sources are opened beyond the limited capacity allowed under the Marrakesh Accords. This will help relieve the current shortage in demand for CDM and JI, although more is needed in terms of raising ambition by Parties to solve the long-term imbalance of supply and demand in the current Kyoto-driven carbon market. IETA has also called for a second period for the Kyoto Protocol to be agreed, providing a legal framework for the global carbon market through to 2020.
UNFCCC Cop – EU ‘unlikely to increase reduction target’
Argus
The EU is unlikely to raise its emissions reduction target from 20pc to 30pc by 2020 because of a lack of commitment from other major economies, the EU’s chief climate negotiator Artur Runge-Metzger said at the UN climate change convention in Doha today.
jlne.ws/V3IepV
Euro debt crisis saps EU’s ability to lead climate debate
Reuters
The EU’s debt crisis has sapped its ability to lead the way in global climate talks, which began in Doha on Monday, and build on a fragile victory it clinched a year ago.
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Asia-Pacific
HKFE Announces Revised Margins For Esprit Holdings Futures
jlne.ws/TiM9yQ
SGX Enhances Efficiency For Clearing Members With OTC Portfolio Compression Service
jlne.ws/TiMamz
Tokyo Grain Exchange: SPAN Parameters Effective From December 3, 2012 To December 14, 2012
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Frontier Markets
MCX-SX Broker Fees, Costs to Be Transparent, Dependable:
Santanu Chakraborty – Bloomberg
Jignesh Shah, the vice chairman of MCX Stock Exchange Ltd., comments on plans to begin equities trading and developing bond markets. He made the comments in an e-mail.
jlne.ws/TiM9z3
Senior Bankers Leave BofA’s MidEast Operations – Reuters
Dow Jones
Two senior bankers at Bank of America Merrill Lynch’s Middle East and North Africa unit have left following an overhaul of the company’s regional investment banking operations, the Reuters news agency said Monday on its website, citing a spokeswoman for BofA in the Middle East.
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Tel Aviv Stock Exchange Launches Weekly Options On The TA-25 Index
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