Industry news
Date: Dec 7, 2012
December 7, 2012: SEC to Lift Ban on Actively Run ETFs Using Derivatives; BSE eyes IPO next year, seeks $1 billion value; More Hedge Funds Shut Down
The SEC will switch off its ban on actively-managed ETFs that emphasize derivatives use. The operator of the Bombay Stock Exchange plans for a 2013 IPO. Several hedge funds, facing high levels of redemption, announce their intention to shut down in the near future. In First Read today, there’s another chance to watch our new video interviews from the recent SEFCON III convention.
First Read
2012 SEFCON III Videos
MarketsWiki.tv
The Wholesale Markets Brokers’ Association Americas (WMBAA) is an industry advocacy group made up of five inter-dealer brokerage firms (IDBs): BGC Partners, GFI Group, ICAP, Tradition and Tullett Prebon. Since 2010, the WMBAA has hosted an annual conference on issues surrounding swap execution facilities (SEFs), a new type of financial transaction execution entity created by the Dodd-Frank Act. On November 13, 2012, John Lothian News Editor-at-Large Doug Ashburn attended the third such conference, 2012 SEFCON III.
During 2012 SEFCON III John Lothian News interviewed five key members of the WMBAA. Click hereto watch all the interviews or choose one from below:
- 2012 SEFCON III Interview Highlights (watch »)
- European Swaps Perspective from Alex McDonald of the WMBA (watch »)
- An Intro to IDBs and SEF Regulation from ICAP’s Chris Ferreri (watch »)
- OTC Brokers vs. Exchanges and the Futurization of Swaps from Julian Harding of Tradition (watch »)
- Evolution of OTC Products and Regulations Across Jurisdictions from Shawn Bernardo of Tullett Prebon (watch »)
- Chris Giancarlo of GFI Group Discusses the Need for Regulatory Balance (watch »)
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CBOE Claims Two Top Awards from Futures And Options World:
The Chicago Board Options Exchange (CBOE) today was named “Exchange of the Year, North America,” and “U.S. Options Exchange of the Year” at an awards ceremony during Futures and Options World magazine’s Derivatives World London Conference.
jlne.ws/VqkR9Z
**** I only wish I had been there to see it.
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Nasdaq’s New NLX Exchange Hires NYSE Liffe’s David Helps
Nandini Sukumar – Bloomberg
Nasdaq OMX Group Inc.’s new derivatives trading market has hired David Helps from NYSE Euronext’s Liffe as it prepares to open in London. Helps, who was head of business development for fixed- income derivatives at NYSE Liffe, will work on business development at NLX market, the company said. The executive worked at Liffe, Europe’s second-largest futures market, from March 2008 to October 2012 as part of a 25-year career in the derivatives industry. He joins Carl Slesser, the chief technology officer of NLX, who also worked at NYSE Euronext.
(via email)
***** The name NLX seems almost familiar.
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US Derivatives Market Reforms Will Benefit the Largest Futures Commission Merchants, Says New TABB Research
A structural shift in the futures commission merchant business model is underway, says TABB Group in new research, “US FCM Business 2012: The Listed Part of the Equation.” The competitive landscape for futures commission merchants (FCMs) is changing to a new model in which investment and interest rate income are no longer the keys to profitability, this at a time when FCMs are facing rising operating costs in a significantly weaker revenue environment. But according to Matt Simon, a TABB senior analyst and author of the new report, as well as “US Futures Market: State of the Industry 2012” published in October, there is good news: the new landscape will favor larger FCMs that provide investors with cutting-edge execution technology, efficient ways to manage and deploy capital and improved customer service.
jlne.ws/VB7mdE
**** No kidding.
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US Interest Rate Swap Futures: Why Market Participants Would Switch
TABB Group
The IR swap is in trouble. A regulatory preference for standardized products that are centrally cleared and traded on an exchange is the antithesis of the highly flexible, privately negotiated swaps market. Analysis of the initiatives announced by the Chicago Mercantile Exchange (CME), Eris Exchange and the Intercontinental Exchange (ICE) show that the most significant advantages include margin, trading and regulatory designations.
jlne.ws/11QrRU4
***** There is no regulatory equality for swaps.
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New Restoring Customer Confidence Video
The third video in our Restoring Customer Confidence series deals with confirmation of segregated funds. 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» |
Confirmations: Made in China Gary DeWaal, group general counsel at Newedge, noted that Peregrine Financial Group (PFG) was able to dodge regulatory audit checks of its customer segregated funds for more than 20 years. DeWaal says that simply wouldn’t happen if the US adopted the system used in China’s futures markets called the China Futures Margin Monitoring Center Co. Ltd. (CFMMC). In November 2012, the National Futures Association and CME Group did just that, hiring AlphaMetrix to take on the job of confirming the money FCMs say they have in their segregated accounts, with money that is held at the bank. In this video, a simple animation and interview with DeWaal help explain the CFMMC model. 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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ICAP’s Charity Day raises more than £100 million worldwide since 1993
ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, has raised $17.7 million (£11 million) worldwide on its 20th annual Charity Day, held yesterday. This brings the total amount raised through ICAP Charity Day, which started in 1993, to more than £100 million ($161 million).
jlne.ws/11QrRUa
***** My cap is doffed to ICAP.
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An embezzler’s empire parceled out at auction
The Des Moines Register
The former trading floor of the defunct Peregrine Financial Group was crowded with bidders in hooded sweatshirts and work boots Wednesday as the remnants of jailed financier Russell Wasendorf’s empire were auctioned off to compensate his nearly 25,000 victims.
jlne.ws/11QrRUd
***** What an absolute jerk.
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Regulators need to ‘get under bonnet’ of HFTs
Tim Cave – Financial News
European regulators are facing growing calls from senior trading practitioners to improve their understanding of computer-driven and high-frequency trading, as a wave of new rules threatens to seriously curtail the activity in the region.
jlne.ws/11QrTvi
***JM: Consider the opposite: “Regulators need not bother to understand that which they oversee.” Yeah, that doesn’t sound so good to me, either.
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Watch out for the second US cliffhanger
Gillian Tett – FT.com
Another week, another round of shadow boxing on the edge of America’s fiscal cliff. But as Washington and Wall Street nervously try to work out whether there will be a $600bn fiscal shock on December 31, there is a second potential “cliff” investors should be watching, this time in relation to the banks.
jlne.ws/11QrTLG
**** The next Cliff involves Cliff Clavin.
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Trade-secret cases raise thorny legal issue
Chicago Tribune
Citadel LLC is a giant Chicago-based hedge fund whose sophisticated automated trading system generates enormous profits. Citadel closely guards the secrecy of its electronic trading platforms and does not license them to anyone. Should an employee go to prison for copying confidential information related to the trading systems without permission?
jlne.ws/11QrSaI
***** Theft is a crime, right?
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Eyebrows Go Up as Auditors Branch Out
MICHAEL RAPOPORT – WSJ.com
Auditing wasn’t all Deloitte LLP did for Autonomy Corp., the software firm recently accused of accounting improprieties by its parent company. To many observers, that sort of multitasking is potentially an industry problem.
jlne.ws/11QrTLU
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Green investing is back in vogue
Thomas Kostigen – MarketWatch
Going green is back in vogue and you can bet investment opportunities will follow. Superstorm Sandy, droughts, and freakish weather events around the world have turned people’s attentions to the climate and climate change once again.
jlne.ws/11QrU2h
**** Green is the new black.
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Low yielding assets, and sausages
Lisa Pollack | FT Alphaville
Plenty of analysts and pundits have gone to the trouble of explaining the challenge confronting savers in the current low-yield environment…
jlne.ws/11QrV6q
**** This research must be from Milwaukee, WI.
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JLN Interest Rates
Finbarr Hutcheson of NYSE Liffe on Libor and regulation in the EU
MarketsWiki.tv
Finbarr Hutcheson, is the head of FICC Europe and co-CEO of NYSE Liffe along with Mark Ibbotson. Hutcheson recently visited the JLN News office and shared his thoughts on challenges the industry is facing, including the Libor situation and the outlook for regulation in the EU. He also hinted at some of the new initiatives – public and not yet released – that have been taking up his time.
MarketsWiki
MarketsWiki Page of the Day
Wholesale Markets Brokers’ Association Americas Inc.
jlne.ws/REPm0z
MarketsWiki Recent Updates
People
Douglas Ashburn; R. D. Weeks; John Ward; Deborah J. Bollman
Companies, Organizations and Groups
Compagnie Financière Tradition; Wholesale Markets Brokers’ Association Americas Inc.
Miscellaneous
Swap execution facility; Interdealer broker; Upcoming Events
Statistics
31,931,123 pages viewed, 7,272 articles, 150,911 edits
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Lead Stories
SEC to Lift Ban on Actively Run ETFs Using Derivatives
Bloomberg
The U.S. Securities and Exchange Commission is lifting its ban on actively managed exchange- traded funds that make significant use of derivatives, a move that may clear the path for more of the funds and allow changes at existing products.
jlne.ws/11QrU2o
BSE eyes IPO next year, seeks $1 billion value
Reuters
BSE Ltd, the operator of the Bombay Stock Exchange which has lost market share to rivals, has chosen 14 banks for a share offering planned for the first half of 2013, its chief executive said.
jlne.ws/11QrVmN
More Hedge Funds Shut Down
HARRIET AGNEW – Financial News
At least six hedge-fund firms announced plans to close in November and two more joined the list this week, underscoring the shakeout hitting the industry from uncertain markets, tighter regulation and what some fund managers say are investors with ever-shorter time horizons.
jlne.ws/11QrVmW
CFTC Said to Consider Six-Month Delay in Cross-Border Oversight
Silla Brush – Bloomberg
The main U.S. derivatives regulator is considering a delay of about six months in applying Dodd- Frank Act swaps rules to banks trading business overseas, according to two people briefed on the matter.
jlne.ws/11QrVn0
Regulator sat in on Deutsche audits
Patrick Jenkins and Daniel Schäfer in London and James Wilson in Frankfurt – FT.com
German regulators were briefed about Deutsche Bank’s valuation of a clutch of complex derivatives now under investigation by the Securities and Exchange Commission. The revelation potentially sets up a transatlantic regulatory conflict with US investigators.
jlne.ws/11QrVDk
BNP eyes custody expansion in Asia
Philip Stafford – FT.com
BNP Paribas is pushing its securities custody operations further in Asia with a service to help investors trade blue-chip stocks on the “international board” being set up by the London and Singapore bourses. The French broker’s securities service unit will allow both brokers to use its membership of local clearing and settlement houses in both London and Asia to finalise deals traded on the board.
jlne.ws/11QrUzv
Regulatory
In SEC Action Against ‘Made-in-China’ Stock Scams, A Second Shoe Drops
Forbes
A second shoe has dropped in the SEC’s ostensible effort to crack down on the “red collar” crime wave. The term refers to stock scams emanating from China that, by TheStreet.com’s estimate, already by last year had cost U.S. investors at least $34 billion. As I pointed out on Tuesday, this scandal puts the United States and China on an epic collision course.
jlne.ws/11QrUPO
Review & Outlook: Schapiro’s Boss
WSJ.com
Chairman Mary Schapiro has announced she’s leaving the SEC, and Democrats are applauding her tenure. But she shouldn’t be allowed to leave without more attention to her delay, in order to appease a lobbyist, of a new rule that would ease capital formation.
jlne.ws/11QrVTR
CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter on the Obligation of Swap Dealers and Major Swap Participants to Provide the Pre-Trade Mid-Market Mark for Certain Foreign Exchange Transactions
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter that provides swap dealers and major swap participants with relief from the requirement to disclose the pre-trade mid-market mark to counterparties in certain foreign exchange (“forex”) transactions that are identified in the no-action letter (“Covered Forex Transactions”).
jlne.ws/11QrUPT
SEC, FINRA Issue New Investor Alert: Year-End Investment Considerations for Individual Investors
The SEC’s Office of Investor Education and Advocacy and the Financial Industry Regulatory Authority (FINRA) have issued a new Investor Alert called Year-End Investment Considerations for Individual Investors. This new alert provides individual investors with a few suggestions for year-end investment planning as the year draws to a close.
jlne.ws/11QrUQ3
SEC Completes 18th Annual International Enforcement Institute
The Securities and Exchange Commission announced the completion of its 18th Annual International Enforcement Institute, held from Nov. 5 to Nov. 9 at SEC headquarters in Washington, D.C., with participants from 60 different countries. In all, 161 officials from foreign stock exchanges and other regulatory and law enforcement agencies attended the weeklong training program.
jlne.ws/11QrWaq
NFA updates “News, Facts, Actions” with a new look and distribution schedule
jlne.ws/VyGNFX
Remarks To The ALI CLE 2012 Conference On Investment Adviser Regulation: Legal And Compliance Forum On Institutional Advisory Services By Norm Champ, Director, Division Of Investment Management, U.S. Securities And Exchange Commission
jlne.ws/11QrWaB
Rising Regulatory Pressures And Data-Driven Approach To Oversight Top Key Concerns For Financial Organizations Next Year
jlne.ws/11QrY20
Canadian Securities Regulators seek comment on Model Rules relating to Derivatives: Product Determination and Derivatives Trade Repositories and Data Reporting [CSA]
jlne.ws/11QrWr6
Exchanges & Trading Facilities
As Listings Declined, Exchanges Hit the Road
KATHY CHU – WSJ.com
In the middle of the last decade, U.S. stock exchanges were struggling with a decline in listings, and markets in Asia boomed. To fight back, NYSE Euronext and Nasdaq OMX Group Inc. began to compete in China for new companies.
jlne.ws/11QrY29
HKEx and LME announce completion of transaction
Hong Kong Exchanges and Clearing Limited (HKEx) and LME Holdings Limited (LME Holdings), the parent company of The London Metal Exchange Limited (LME), are pleased to announce that the acquisition of the entire issued ordinary share capital of LME Holdings by HKEx has completed today. Completion was effected by the delivery of the relevant court orders to the Registrar of Companies for England and Wales.
jlne.ws/11QrWHw
MIAX Options Exchange Waives Transaction Fees Until the End of the Year; Confirms December 7, 2012 Launch Date
MIAX Options Exchange (“MIAX”), the newest U.S. equity options exchange, announced today that it will waive transaction fees until the end of the year, other than select transaction and regulatory fees applicable to members trading options on and using services provided by MIAX. MIAX also confirmed that it will launch trading operations on December 7, 2012, as previously announced.
jlne.ws/11QrYiv
The Montréal Exchange’s Quarterly Derivatives Newsletter
The December feature article, “STIR Futures: The versatility of BAX strips”, shows how BAX strips can be used for swap replication, to establish credit spreads and for trading standardized strips in a single transaction. As regulatory reforms come into play, BAX strips represent an increasingly cost-effective trading tool with many advantages over OTC products.
jlne.ws/11QrWHE
Consolidated Audit Trail: SROs Publish RFP Concepts Document on CAT NMS Website
jlne.ws/11QrYiH
Program Trading Averaged 40.5 Percent of NYSE Volume during Nov. 26-30
jlne.ws/11QrWY3
Borsa Italiana Monthly Update – November 2012
jlne.ws/11QrXeo
Ljubljana Stock Exchange Monthly Statistical Report November 2012
jlne.ws/11QrYPD
TMX Group Equity Financing Statistics – November 2012
jlne.ws/11QrXeH
MIAX Options Exchange: Trading In Cliffs Natural Resources Inc. (“CLF”) Options
jlne.ws/11QrZ67
MIAX Options Exchange Regulatory Circulars
jlne.ws/11QrZ6g
NZX Agri Launches Global HQ Expansion
jlne.ws/11QrZmz
Direct Edge Regulatory Notice #12-10: Consolidated Audit Trail: SROs Publish RFP Concepts Document On CAT NMS Website
jlne.ws/11QrZmE
Hedge Funds & Managed Futures
Hedge fund Diamondback to close after clients pull out
Reuters via Yahoo! Finance
Hedge fund Diamondback Capital Management, one of a handful of firms embroiled in a government insider trading investigation, told investors it would close down after nervous clients demanded the return of more than a quarter of its assets.
jlne.ws/11Qs0qK
Blackstone plans to give retail investors access to hedge funds
Reuters via Yahoo! Finance
Blackstone Group LP, one of the world’s biggest investors in hedge funds, is preparing to launch a portfolio that will give retail investors a taste of these normally exclusive funds.
jlne.ws/11QrZmJ
Black box hedge funds buy exchange seats to dodge brokers
Reuters via Yahoo! Finance
Some of the world’s top computer-driven hedge funds are buying exchange memberships to trade directly on the biggest commodities and financial futures markets, saving on the sizeable commissions normally paid to brokers.
jlne.ws/11Qs0H9
Mainstream manager takes on hedge funds with ABS fund
Sarah Krouse – Financial News
Fixed-income boutique TwentyFour Asset Management, together with Numis Securities, is launching a fund investing in asset-backed securities – traditionally the realm of hedge funds.
jlne.ws/11Qs0Hb
Retail investors embrace Ucits hedge funds
Harriet Agnew – Financial News
The proportion of retail investors opting for regulated hedge funds in the Ucits structure has almost doubled in the past year, as investors look for yield and downside protection in uncertain markets, according to new research.
jlne.ws/11Qs0Hf
Toronto-Dominion to Buy Epoch for $668 Million
MICHAEL J. DE LA MERCED – NYTimes.com
The Canadian lender Toronto-Dominion Bank agreed on Thursday to buy the parent company of Epoch Investment Partners for $668 million, as it moved to bolster its asset management operations in the United States.
jlne.ws/11QrZDk
Transport for London tunnels cash into hedge funds
Reuters via Yahoo! News
LONDON – The pension fund for Transport for London, the government body in charge of the capital’s giant transport network, is putting more of its money into hedge funds. TfL’s fund is in the final stages of investing with hedge funds Och-Ziff Capital Management and Arrowgrass Capital Partners, and is set to boost its holding with Bridgewater Associates
jlne.ws/11QrZTD
Ex-Goldman economist lands SWF role
Giles Turner and Matt Turner – Financial News
The former chief economist for Asia Pacific at Goldman Sachs has joined Singapore’s $160bn sovereign wealth fund, Financial News can reveal.
jlne.ws/11Qs0XF
Nuveen Intermediate Duration Municipal Term Fund Attracts $630 Million
Business Wire via Yahoo! Finance
Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced it has successfully completed the initial public offering of the Nuveen Intermediate Duration Municipal Term Fund .
jlne.ws/11QrZTK
IMF Releases 2011 Coordinated Direct Investment Survey Results
jlne.ws/11Qs0a5
Banks & Brokers
Deutsche Bank Says Report That It Hid Losses Lacks Merit
New York Times
Deutsche Bank, the big German lender, said claims made by whistle-blowers that it had hidden $12 billion in losses during the financial crisis had been investigated previously and found to be without merit.
jlne.ws/11Qs1ek
Deutsche Halts Nearly Half Its Japanese Equities Coverage
Bloomberg
Deutsche Bank AG stopped equity coverage of 11 out of 27 Japanese sectors, the brokerage said in a note to clients today, citing “organizational changes.”
jlne.ws/11Qs1eo
Credit Suisse takes axe to European equities
Matt Turner – Financial News
Credit Suisse this week began a plan to shed more than 30 staff from its equities sales and trading business in Europe, with its head of global sales among those to be cut.
jlne.ws/11Qs35O
Tullett Prebon Named Interdealer Broker of the Year at Futures and Options World International Awards
Marketwire via Yahoo! Finance
Tullett Prebon has been named the inaugural Interdealer Broker of the Year at the Futures and Options World International Awards 2012.
jlne.ws/11Qs35W
Citi Wins American Financial Technology Award for Best OTC Trading Initiative
Business Wire via Yahoo! Finance
Citi has won “Best OTC Trading Initiative” at the 2012 American Financial Technology Awards for its Client Money Segregation Platform. The Awards were hosted by Waters Technology, Buy-Side Technology, Sell-Side Technology and Waters magazine, and recognize industry excellence in the deployment and management of financial IT within the wholesale investment banking community.
jlne.ws/11Qs362
Timeline: Nomura’s hokey-cokey markets business
Matt Turner – FInancial News
Nomura’s top management appears to be unsure as to whether it should include its equities and fixed-income units in or out of a combined markets business. In less than 24 months, the Japanese bank has gone from running its fixed-income and equities teams independently, to combining them, to splitting them up, to combining them again.
jlne.ws/11Qs3mk
HSBC may pay $1.8B money-laundering fine: report
MarketWatch via Yahoo! Finance
SYDNEY — HSBC Holdings PLC might pay a fine of $1.8 billion for money-laundering lapses, Reuters reported late Wednesday, citing people familiar with the situation.
jlne.ws/11Qs3mr
Morgan Stanley shifts broker bonuses to reward growth
Reuters via Yahoo! News
Morgan Stanley’s wealth division, in a change to how it rewards its increasingly important brokerage force, is cutting bonuses tied to the revenue that advisers generate, but also offering discounted stock and new incentives to brokers if they bring in new assets and get their clients to borrow money.
jlne.ws/11Qs1Lj
Morgan Stanley Settles With Former Risk Officer in Whistleblower Suit
Dow Jones
Morgan Stanley Wealth Management has reached a legal settlement with a former risk officer who claimed he was fired for reporting a broker at the firm was improperly “churning” securities.
jlne.ws/11Qs3CN
Will JPMorgan’s ‘Jes’ Staley Jump Ship?
CNBC
JPMorgan investment bank chairman James E. “Jes” Staley is plotting his next move.
jlne.ws/11Qs3CR
JPM bonus bummer
New York Post
JPMorgan Chase’s bonus pool for the corporate and investment bank may shrink as much as 2 percent this year as the firm completes performance reviews, three executives with direct knowledge of the process said.
jlne.ws/11Qs21H
Partners’ Stake in Goldman Sachs Rises
SUSANNE CRAIG – NYTimes.com
The number of partners at Goldman Sachs has remained steady. But the elite group’s ownership in the Wall Street firm is rising.
jlne.ws/11Qs3Tw
Clearing & Settlement
LCH.Clearnet awarded FOW’s ‘Best Clearing House, EMEA’
LCH.Clearnet Group (LCH.Clearnet), the international clearing house, today announced it has been awarded Futures and Options World’s (FOW) award for Best Clearing House, EMEA. The judging panel said the award acknowledged LCH.Clearnet’s world-class risk and collateral management expertise, and innovative multi-asset class clearing solutions.
jlne.ws/11Qs2if
Indexes & Products
Dow Jones-UBS Commodity Indices November 2012 Commodities Commentary – Dow Jones-UBS Commodity Index Up Slightly On Positive Macro Developments By Christine Marie Nielsen
The Dow Jones-UBS Commodity Index was up 0.04% for the month of November as positive macro developments – including an agreement by Eurogroup leaders to release the next tranche of aid to Greece in December and an attempt in the U.S. to find a solution to the fiscal cliff situation – buoyed markets.
jlne.ws/11Qs4a3
Dow Jones-UBS Commodity Indices: November 2012 Performance Report
The Dow Jones-UBS Commodity Index was up 0.04% for the month of November. The Dow Jones-UBS Single Commodity Indices for orange juice, tin and aluminum had the strongest gains with month-end returns of 15.73%, 9.69% and 9.62%, respectively. The three most significant downside performing single commodity indices were soybean meal, soybean and natural gas, which ended the month down 8.48%, 7.10% and 6.78%, respectively.
jlne.ws/11Qs4qt
BOOST ETP Selects FTSE To Support New ETP Launches
BOOST ETP, the newest entrant to the European exchange traded products market, has chosen FTSE benchmarks for the creation of a new range of exchange traded products.
jlne.ws/11Qs4qC
IMKB and NYSE LIFFE launch derivatives on Turkish stocks and IMKB 30 index
jlne.ws/11Qs4GY
NYSE Expert Indices Committee decisions
jlne.ws/11Qs4H5
[NYSE Euronext] Quarterly review AEX-Index family
jlne.ws/11Qs4Xo
[NYSE Euronext] Quarterly review BEL-Index family
jlne.ws/11Qs2Pm
Technology
Enforcement
Two more Oregon men charged with securities violations in alleged Grifphon hedge fund fraud
The Oregonian
Dominic O’Dierno, Stephen Persad and another man weren’t registered as broker-dealers, but Yusaf Jawed paid them nearly $800,000 to recruit investors for his hedge funds.
jlne.ws/11Qs5KW
CFTC Charges Ray Thomas Brown with Fraud, Misappropriation, and Registration Violations in Operating Two Commodity Pool Scams
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on November 26, 2012, it filed a civil enforcement complaint under seal in the U.S. District Court for the District of Arizona, charging defendant Ray Thomas Brown of Phoenix, Ariz., with fraud in operating two commodity scams since at least 2010.
jlne.ws/11Qs5Lb
NFA permanently bars commodity trading advisor, Strategic Trading Associates LLC, and temporarily bars its principal, Francis Littleton
National Futures Association (NFA) has permanently barred Strategic Trading Associates LLC (STA), a New York-based commodity trading advisor, and temporarily barred Francis Littleton, a principal and associated person of the firm, as a result of an NFA Complaint filed September 11 and a settlement offer submitted by STA and Littleton.
jlne.ws/11Qs61w
Environmental & Energy
UN Envoys in Final Push for Climate Agreement as Deadline Looms
Bloomberg
Envoys from more than 190 nations worked through the night at United Nations global-warming talks in Doha to settle differences on fossil-fuel emissions and climate aid, paving the way to a new treaty by 2015.
jlne.ws/WNiZcz
Doha: Deal still within reach as final countdown begins
Business Green
Negotiating positions at the UN’s Doha Climate Summit appear to be softening slightly as the conference heads into its final days with the future of the long-running talks still in the balance.
jlne.ws/TGoMzU
UN Climate Talks Roundup: Nations Demand Compensation, Investment Falls Short
Environmental Leader
Climate change compensation has emerged as a major issue of the UN climate talks in Doha, Qatar, the Guardian reports, with rich countries like the US and Europe opposing the idea that they should pay developing counties for “loss and damage” in vulnerable areas caused by climate change.
jlne.ws/TNZcsZ
Asia-Pacific
Japan’s Fear of Risk Is Getting Dangerous
BusinessWeek
Until she took a back-office job at her brokerage in July, Kayoko Okamoto knocked on 100 doors a day trying to persuade residents in some of Tokyo’s most well-to-do neighborhoods to sign up for free brokerage accounts. The former saleswoman for Aizawa Securities says she was lucky if she found 10 people a month willing to take a chance.
jlne.ws/11Qs5e7
HKEx Begins New Chapter In Its Development
jlne.ws/11Qs5uw
[FSA] Overview of major banks’ financial results as of September 30, 2012 (December 7, 2012)
jlne.ws/11Qs6i6
KVH To Launch Disaster Recovery Services At Busan Data Center In Korea – Low Priced Packaged Offering Including Ethernet Connecting Tokyo And Busan
jlne.ws/11Qs8q8
The Shanghai Futures Exchange (SHFE) And The Center For Copper And Mining Studies Of Chile (CESCO) Jointly Launched The Gala Dinner For The First Edition Of Asia Copper Week (ACW)
jlne.ws/11Qs8qg
Dalian Commodity Exchange Adjusts RBD Palm Olein Delivery Warehouses
jlne.ws/11Qs8qm
Frontier Markets
Malawi Stock Exchange Weekly Report
jlne.ws/11Qs6P0
MCX-COMEX Weekly Market Report November 30, 2012 – December 06, 2012
jlne.ws/11Qs8Xg
Palestine Exchange Investor Monthly Newsletter Issue #32, November 2012
jlne.ws/11Qs75u