Industry news
Date: Jan 15, 2013
January 15, 2013: Nasdaq plan to offer algorithmic trading denied by U.S. regulator; CFTC Follows SEC in Permitting Offsets for Cleared CDS at ICE; Traders warn Germany on HFT licensing
Nasdaq’s plan to offer algorithmic benchmark trading skids off the rails as the SEC gives a thumbs-down, citing competition and other concerns. The CFTC stamps approval on a permit for ICE to offset cleared swaps for individual investors. In Europe, exchange operators and high-frequency traders warn Germany that proposals to require HFT entities to seek approval to trade could cause more trouble than they save. The next installment of JLN’s Restoring Customer Confidence series has arrived in First Read today; be sure to take a look.
First Read
New Restoring Customer Confidence Video
The seventh video in our Restoring Customer Confidence series deals with high frequency trading. 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» |
HFT Rules: Three Part HFT Harmony High Frequency Trading (HFT) has been in the financial press a lot over the past several years. From the Flash Crash of 2010 to the collapse of Knight Capital in 2012, trading glitches and the negative impact of HFT on markets and investor confidence is well-documented. In this segment of the Restoring Customer Confidence series, Mayer Brown attorney Zachary Ziliak outlines the three sources that will address HFT and help restore customer confidence. Ziliak says regulatory bodies will likely continue to address HFT guidelines, exchanges are imposing new fees on HFT practices and AT 9000, standards system for HFT practices, will help establish a higher bar for HFT participants. 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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CBOE Revamping Board to Drop Traders
JACOB BUNGE – Dow Jones
The biggest U.S. stock-options exchange is cutting ties between its board and traders on its markets following a federal probe into the exchange’s regulation of its members, according to people close to the situation.
jlne.ws/X13EEF
**JK – There once was a day when traders ruled the exchanges. Not anymore.
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Singapore broker expands in Chicago
Neil Munshi in Chicago – FT.com
Phillip Capital, one of Singapore’s largest brokers, is to deepen its ties with the Chicago derivatives markets by offering high-speed trading for its US customers. Phillip will extend a relationship with Trading Technologies, a local software provider, and offer its US customers ultra-high-speed access to the markets on CME Group’s Globex platform supported by the software group.
jlne.ws/X13DQV
**JK – Also see JLN’s piece: New Kids On The Block: Phillip Futures at jlne.ws/UEDJTu
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mini MSCI Futures on NYSE Liffe U.S. Reach Records in 2012
NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE Euronext, today announced several 2012 trading records for its mini MSCI Futures Complex, including all-time highs in Volume, Open Interest and Block trade at Index Close activity.
jlne.ws/X13DQX
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VIX Futures Open Interest Reaches New High Of Nearly 450,000 Contracts For Second Straight Day
The CBOE Futures Exchange, LLC announced today that open interest in futures on the CBOE Volatility Index reached a new all-time high for the second consecutive day. Open interest stood at 449,816 contracts this morning, surpassing the previous high mark of 438,038 VIX futures contracts last Friday, January 11.
jlne.ws/XaDOi8
**JK – Do I hear 500,000?
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R.J. O’Brien Launches Newly Designed Website and Rebranding Initiative with New Logo and Tagline
R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, today announced the launch of its newly designed and improved website, www.rjobrien.com, along with a new corporate logo and rebranding initiative.
jlne.ws/X13EV0
**JK – Old firm with a new look.
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Are Exchange System Errors the New Normal in High Speed Markets?
Ivy Schmerken – Advanced Trading
Technical blips that cause computerized exchanges to go dark or breakdown for a few minutes have become a frequent occurrence lately. Perhaps that’s the reason why Wall Street professionals calmly reacted to the latest event reported by BATS Global Markets, which executed hundreds of thousands of short sale trades at incorrect prices due to a programming bug.
jlne.ws/10upBUM
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JPMorgan slapped on wrists by regulators who forget to slap own wrists too. Grrr.
Lisa Pollack | FT Alphaville
On Monday, the Office of the Comptroller of the Currency and the Federal Reserve issued “enforcement actions” against JPMorgan, which makes it sound a lot more exciting than it is. The slaps on the wrist for the “London whale” trades, and failures concerning anti-money laundering procedures, come with no fines and no admission or denial of any wrongdoing. The Fed does, however, reserve the right to take further action and the UK’s Financial Services authority said it’s still looking into it.
jlne.ws/X13EV9
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CTAs stay true to the trend
William Mitting – FOW
Last year was a tough one for CTAs as markets were over-correlated and moved more by government intervention and “risk-on, risk-off” plays than fundamentals. The sector ended the year down, the first two consecutive years of draw-downs in its history. However, many funds are sticking to their strategies and riding out the storm.
jlne.ws/X13Fbq
**JK – When the trend is not your friend.
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Goldman’s ‘Secret’ Team Shows Volcker’s Folly
William D. Cohan – Bloomberg
An enterprising piece of investigative reporting by Bloomberg News’s Max Abelson, about a “secret” team inside Goldman Sachs Group Inc. (GS) charged with investing $1 billion of the firm’s money, raised eyebrows on Wall Street.
jlne.ws/X13GMF
**JK – And that’s just one of the secret Goldman teams we know about.
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Jefferies Sets Table in Pay Clash
FRANCESCO GUERRERA – WSJ.com
Financial journalism has its risks. Take a recent lunch meeting I had with the head of a large U.S. bank. We had barely sat down in the wood-paneled dining room when he launched into a long, angry speech on reckless pay practices at one of his rivals. For a few gut-churning moments, I feared we might never get to order our appetizers.
jlne.ws/X13GMN
**JK – Tough job when you can’t order your appetizer.
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Comment: A global public good
Alberto Giovannini – FT.com
In recent years, the challenge of building more efficient financial market infrastructures has been dominating the time and intellectual energies of both regulators and market participants. In Europe, the effort to provide a less expensive system to enable securities transactions across the region has been in place at least since 2001, the year a group I headed published its first report.
jlne.ws/X13FbG
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Hedge Funds’ Manhattan Migration
JULIET CHUNG – WSJ.com
For fledgling hedge funds, Manhattan’s skyline is shining a bit brighter these days. When Chris Hentemann left Bank of America Corp. in the summer of 2008 with an eye toward starting his own fund, he hung his shingle in Stamford, Conn. By the time the fund launched that fall, he had moved his firm to Midtown Manhattan.
jlne.ws/X13FbI
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Commodity volatility, where art thou?
Izabella Kaminska | FT Alphaville
Remember the whipsawing days of 2008? The days when commodity prices couldn’t get crazier? Well, Goldman Sachs put out a research note this week clocking that things have got awfully quiet of late. Almost strangely so.
jlne.ws/X13H36
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Object Trading Unveils Four Trends Shaping Financial Services in 2013
2013 will be about rebuilding trust in markets, firms and infrastructure through regulation, risk management and strong client support according to Object Trading, an independent provider of global direct market access (DMA). Based on interactions with buy- and sell- side clients around the world, they predict that regulation, risk management, managed products and capital efficiency will be the trends shaping the financial services landscape in 2013.
jlne.ws/X13Fs0
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The quest for the right kind of stupidity
Andrew Hill – FT.com
If you’re still wondering what inflated the dotcom bubble, inflamed the financial crisis and ignited a series of recent corporate disasters, the answer is staring you in the face: it’s the stupidity, stupid. Failure to step back and question flawed assumptions and established working practices condemned internet start-ups, international banks and parts of the world economy to oblivion at worst, or at best, years of painful rehabilitation.
jlne.ws/X13Fs7
**JK – There are so many kinds of stupidity it’s really hard to choose.
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Webinar: Enhancing Opportunities with Eurex’s New Trading Architecture
January 22, 2013 at 10 am CT/4 pm CET
In conjunction with Eurex, Orc has organized a webinar to explore how business and trading opportunities are significantly enhanced within Eurex’s new trading architecture. Please join the discussion with Andreas Pee, the NTA project – market readiness leader at Eurex, Thomas Winter, senior project manager at Eurex and Lina Widmark, Product Manager at Orc, who aim to :
* Help traders and IT support plan for the simulation and migration process
* Introduce a new instrument concept including the definitions and drivers for the change
* Assist members in handling complex instruments
* Provide an overview of enhancements to Orc’s Eurex offering
jlne.ws/S8TrdQ
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MarketsWiki.tv
CEO Jorge Alegria on the Growth Potential for MexDer
MarketsWiki.tv
Jorge Alegria, CEO of the Mexican Derivatives Exchange (MexDer), has seen his share of change since joining the exchange in 2003. The exchange has partnered with CME Group to offer its products on the CME Globex platform and vice versa. It also is set to launch its new derivatives trading platform in March. Alegria also sees an opportunity in its bond contract and the possible addition of commodities. In this interview with John Lothian, he also outlines the regulatory reforms in Mexico and their impact on the derivatives market.
JLN Options
Options Traders Discard Safety Net as Stocks Rise
Kaitlyn Kiernan, The Wall Street Journal
In the new year, options traders seem to have settled on a resolution: no more hedging for the worst.
jlne.ws/10uja49
**TD Ameritrade’s Joe Kinahan: “What we know about the government is that they like to push everything to the last minute.” Uh huh. — SR
FX options clearing analysis in final stages
Joel Clark, Risk Magazine
The GFMA’s global forex division is understood to be close to completion of its analysis of five years of options trading data – a project that is intended to lead to a solution for options clearing.
jlne.ws/WGSeWw
**Six CCPs – ICE, CME Group, Eurex, Singapore Exchange, LCH.Clearnet and the DTCC – have been meeting to discuss this issue with the GFXC regularly over the past year. LCH.Clearnet completed a similar data collection exercise on a smaller scale in 2010. — SR
The Stock Market’s Seinfeld Show
Steven M. Sears, Barron’s
At the moment, the VIX is mainly about nothing, although investors, as usual, are placing import on its readings.
jlne.ws/10uiKLa
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Lead Stories
Nasdaq plan to offer algorithmic trading denied by U.S. regulator
Reuters via Yahoo! News
Nasdaq OMX Group Inc’s proposal to offer algorithmic trading services that would compete against similar services offered by broker-dealers has been denied by a U.S. regulator. The exchange operator did not prove it would not have a competitive advantage over broker-dealers offering similar products if its proposal was granted, the U.S. Securities and Exchange Commission said in a filing dated January 11.
jlne.ws/X13FIs
CFTC Follows SEC in Permitting Offsets for Cleared CDS at ICE
Katy Burne – Dow Jones
A federal regulator gave the green light Monday for investors clearing credit derivatives trades with a unit of IntercontinentalExchange Inc. to offset certain positions in the clearinghouse, a move that is expected to lead to savings for traders.
jlne.ws/X13HjN
Traders warn Germany on HFT licensing
James Wilson in Frankfurt and Gerrit Wiesmann in Berlin – FT.com
Germany’s exchange operators and Europe’s high-frequency traders have warned of the risk of an “own goal” for the country’s financial sector if lawmakers press ahead with plans to force ultra-fast computer-driven traders to seek authorisation to operate.
jlne.ws/X13FIA
Peregrine’s Wasendorf to be sentenced Jan. 31
Reuters
Peregrine Financial Group’s former chief executive, who pleaded guilty to embezzling more than $100 million from customers of his futures brokerage, will be sentenced on Jan. 31, according to court documents filed on Monday.
jlne.ws/X13FIJ
Tough Love: Running a Greek Company
DEBORAH BALL And ALKMAN GRANITSAS – WSJ.com
When Titan Cement Co. Chief Executive Dimitris Papalexopoulos found out how much a backup generator for the company’s kilns would cost last year, he told his staff to think creatively. Titan’s engineers responded by converting a car engine into a generator.
jlne.ws/X13FZ0
How Pursuit of Billionaire Hit One Dead End
PETER LATTMAN and BEN PROTESS – NYTimes.com
When Jonathan Hollander left his high-flying job at SAC Capital Advisors in late 2008, he departed one of Wall Street’s premier hedge funds. Weeks later, when two Federal Bureau of Investigation agents confronted him outside the Equinox gym in Greenwich Village, Mr. Hollander realized that investigators viewed his former employer as something else — a corrupt organization rife with insider trading.
jlne.ws/X13HAk
Japan warns on impact of weaker yen
Jonathan Soble in Tokyo – FT.com
Japan’s economy minister surprised financial markets on Tuesday by warning of the potential ill effects of a sharply weaker yen, a rare rhetorical departure from Tokyo where officials have spent years trying to talk the currency down.
jlne.ws/X13FZ3
Regulatory
CFTC Announces Appointment of Melissa Jurgens to Serve as Secretary of the Commission
The Commodity Futures Trading Commission (CFTC) today announced the appointment of Melissa Jurgens to serve as the Secretary of the Commission.
jlne.ws/X13FZ5
CFTC Grants Order to ICE Clear Credit Permitting Portfolio Margining of Swaps and Security-Based Swaps in a Cleared Swaps Customer Account
Today the Commodity Futures Trading Commission issued an order granting a request made by Ice Clear Credit LLC (ICC), a Commission-registered derivatives clearing organization (DCO), pursuant to Section 4d(f) of the Commodity Exchange Act (Act).
jlne.ws/TWf6o5
Statement Of Support By CFTC Chairman Gary Gensler – Client Portfolio Margining
jlne.ws/X13HQD
Statement By CFTC Commissioner Scott D. O’Malia – Approving Portfolio Margining Of Swaps And Security Based Swaps In 4d(f) Accounts
jlne.ws/X13FZb
[Japan] FSA publishes Weekly Review No.28
jlne.ws/X13Gfz
Exchanges & Trading Facilities
CNBC Exclusive: CNBC Transcript: IntercontinentalExchange CEO Jeffrey Sprecher Speaks with Maria Bartiromo Today on CNBC
CNBC
Following is the unofficial transcript of a CNBC EXCLUSIVE interview with IntercontinentalExchange CEO Jeffrey Sprecher today, Monday, January 14 on CNBC’s “Closing Bell.”
jlne.ws/X13I7b
EGX signs license agreement with NYSE Liffe to enable the listing of an EGX 30 index futures contract on NYSE Liffe London
The Egyptian Exchange (EGX) is pleased to announce that it today signed a license agreement in London with NYSE Liffe, the European derivatives business of NYSE Euronext, to list the EGX 30 index. Witnessing the signing ceremony was His Excellency, Mr. Osama Saleh, Minister of Investment of Egypt.
jlne.ws/X13Gw0
Thomson Reuters Global Equities Monthly Market Share Data Updated To Reflect December 2012 Activity
jlne.ws/X13Gw4
[CBOE] Overview Sessions: Re-Location of PM-Settled S&P 500 Index Options (SPXPM) from C2 to CBOE
jlne.ws/X13Gw9
MIAX Options Exchange Updates To Quote Mitigation Setting
jlne.ws/X13InI
Corporate Board Member to Convene General Counsel Forum
jlne.ws/X13Gwj
Cyprus Stock Exchange Monthly Bulletin – December 2012
jlne.ws/X13JrL
NZX Notice Of Financial Assistance Transaction To CEO Tim Bennett
jlne.ws/X13InR
MIAX Options Holiday Schedule – Martin Luther King Jr. Day
jlne.ws/X13JrV
SIFMA Market Close Recommendations For The US Martin Luther King Day In The US, The UK And Japan
jlne.ws/X13IEa
TSX Trading List Leaders By Volume And By Value – December 2012
jlne.ws/X13JIk
CBOE, CFE, C2, And CBSX Trading Schedule For The Martin Luther King, Jr. Holiday
jlne.ws/X13JIr
TMX Group Limited To Announce Financial Results For Q4 2012 On Wednesday, February 6, 2013
jlne.ws/X13JIu
Hedge Funds & Managed Futures
Why Vanguard Is Bucking Its Peers on Money Funds
BusinessWeek
In recent days, major institutions that offer money market funds have rushed to follow each other in announcing a change of heart: posting the net asset values for some of their funds every day, allowing investors to see the minor fluctuations that can occur even as shares trade at a constant $1 apiece. One company, though, is conspicuously not on the list: Vanguard.
jlne.ws/X13JYK
Hedge funds say good riddance to 2012
CNN Money
What does it take for a hedge fund to beat the overall stock market? Harpooning JPMorgan’s London Whale ? Nope. Despite sniffing out and profiting from JPMorgan’s bet on an obscure credit derivative index, Boaz Weinstein’s Saba Capital appears to have lost money for investors in 2012.
jlne.ws/X13IUG
Europe Not in Same League as New York for Tech IPOs
Ben Rooney – WSJ
A U.K.-based technology company is to go public next year, but will list in New York due to the city’s status as the “premier league” for tech IPOs.
jlne.ws/X13IUM
Hedge funds nurse heavy losses after UPS-TNT deal collapses
Reuters via Yahoo! Finance
LONDON – United Parcel Service’s decision to abandon its 5.2 billion euro bid for TNT Express has left hedge funds nursing potential losses of more than $700 million, as the Dutch delivery firm’s shares slid.
jlne.ws/X13IUU
Pioneer fills key distribution role
Sarah Krouse – Financial News
Pioneer Investments has hired industry veteran Jon Bailie as head of Western Europe and Latin America, filling a key role vacated by Sandro Pierri when he was named chief executive in July.
jlne.ws/X13Kfu
ParkRiver And MIK Join Together For Form CPO-PQR And CTA-PR Fix
ParkRiver Fund Solutions and MIK Fund Solutions today jointly announce that they have combined resources to provide fund firms with a comprehensive solution to the new regulatory requirements of Forms CPO-PQR and CTA-PR, complementing their existing Form PF solution.
jlne.ws/X13Jbb
Banks & Brokers
GFI Group Introduces GFI Direct – Its Multi-Bank Trading Platform
GFI Group Inc. announced today that the FENICS FX options multi-bank trading platform “FENICS Trader“ will now be operated by regulated subsidiaries of GFI Group Inc. and renamed GFI Direct. This repositioning of the Request for Quote “RFQ” platform for FX options responds to the requirements of the new regulatory environment introduced by the Dodd–Frank Wall Street Reform and Consumer Protection Act and the regulations issued by the CFTC.
jlne.ws/X13KvW
Newedge to Serve as Swap Counterparty to New UCITS Funds Managed by NEF Asset Management
Newedge, a global leader in multi-asset prime brokerage, execution and clearing services, announced today that the firm has been appointed as swap counterparty to the NEF Blue Mountain (GMTI) Fund and NEF Nordic Power Index Fund.
jlne.ws/X13Kw0
Tullett Claims of BGC Raiding Repo Desk Denied by Finra Panel
Bloomberg
Tullett Prebon Plc ’s claim that competitor BGC Partners Inc. improperly lured away nine traders was rejected by an arbitration panel of the Financial Industry Regulatory Authority, according to BGC.
jlne.ws/X13KMi
When Goldman’s new CFO talks, insiders listen
Lauren Tara LaCapra and Carrick Mollenkamp – Reuters
In 2004, Harvey Schwartz, who was then head of the financing business at Goldman Sachs Group Inc’s investment bank, came up with a new way for the bank to make money from a seemingly mundane activity: helping companies buy back their shares.
jlne.ws/X13Jbt
Goldman Sachs Unleashes Wave of Banker Bashing
CNBC
Goldman Sachs provoked a furious reaction in Westminster after it emerged that the U.S. investment bank was mulling a plan to delay its U.K. bonus payments to take advantage of the imminent cut to the top rate of tax, the Financial Times reports.
jlne.ws/X13KMs
RBS Said to Face $800 Million Libor Fine as Early as Next Week
Bloomberg
Royal Bank of Scotland Group Plc may pay as much as 500 million pounds in fines next week to settle allegations traders tried to rig interest rates, two people with knowledge of the matter said.
jlne.ws/X13M6X
Citi’s Head of Emerging Markets Hamid Biglari To Leave
Wall Street Journal Blogs
Citigroup Inc.’s head of emerging markets Hamid Biglari is leaving the bank, Chief Executive Michael Corbat told employees in a memorandum dated Monday. Getty Images Mr. Biglari’s departure is effective at the end of January.
jlne.ws/X13L2M
Blavatnik Takes JPMorgan to Trial for Subprime Loss
Bloomberg
Billionaire Leonard Blavatnik, in a trial over subprime mortgage losses that began today, accuses JPMorgan Chase & Co. of losing a 10th of the $1 billion he gave it to manage.
jlne.ws/X13L2S
Stop this Libor witchhunt: a defence of the RBS Two
Ben Wright – Financial News
Hanging on the wall of Peter Nielsen’s office at the Royal Bank of Scotland building near Liverpool Street in London – provided he hasn’t had to pack it away yet – is a copy of Charles Joseph Minard’s famous diagram of Napoleon’s catastrophic march on Moscow.
jlne.ws/X13L31
Morgan Stanley Covered Bond Strategist Dierks Said to Leave Bank
Bloomberg
Leef Dierks, the London-based head of covered bond strategy at Morgan Stanley , is leaving the bank, according to a person familiar with the matter.
jlne.ws/X13Mnn
UBS says Novelli rejoins as chairman of global M&A
Reuters via Yahoo! News
UBS said Piero Novelli had rejoined the Swiss bank as chairman of global mergers and acquisitions, according to a memo to staff on Monday. Novelli left Japanese bank Nomura last year, where he was global co-head of M&A, after joining it from UBS in January 2011.
jlne.ws/X13Mnw
Macquarie Capital Names Mannolini Executive Director in Perth
Bloomberg
Macquarie Group Ltd. named Justin Mannolini as an executive director of its investment banking unit in Perth to strengthen its Western Australia operations as China’s economy rebounds and metals rally.
jlne.ws/X13Ljo
Merrill Lynch taps ex-Fidelity exec to head personal retirement
Reuters via Yahoo! Finance
Bank of America Corp’s Merrill Lynch said on Monday that former Fidelity Investments executive Jeff Cimini has joined the company as a managing director and head of personal retirement.
jlne.ws/X13Ljv
AX Trading Launches DirectAX For Issuers And Sponsors – Public Companies & PE/VC Firms Can Now Leverage The AX Auction
AX Trading announced the launch of “DirectAX,” a unique offering that allows investment banks working on behalf of issuing companies and Private Equity/Venture Capital firms to leverage The AX auction to sell blocks of stock directly to leading institutional investors.
jlne.ws/X13MDV
Morgan Stanley, Kresge Foundation and LISC Launch $100 Million Investment Fund Linking Health Care and Affordable Housing in Low-Income Communities
jlne.ws/X13ME3
Liquidnet Celebrates the First Graduating Class of the Liquidnet Family High School in Rwanda
Liquidnet, the global institutional trading network, celebrates the first graduating class of the Liquidnet Family High School located at the Agahozo-Shalom Youth Village in Rwanda which took place on January 10, 2013.
jlne.ws/X13ME9
Clearing & Settlement
LCH.Clearnet Implements Industry-Leading Default Management Process For Bonds And Repos
Unique Loss Allocation Arrangements Designed In Close Collaboration With Leading Fixed Income Market Participants
jlne.ws/X13LzX
CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (OR) Effective Tuesday, January 15, 2013
jlne.ws/X13MUv
Indexes & Products
Technology
Phillip Futures and Trading Technologies Launch Software Solution at CME Group Co-Location Facility
Press Release
jlne.ws/X13LQk
RTS Selects KVH to Expand Trading Solutions in Japan
RTS Realtime Systems Group (RTS), a leading global trading solutions provider, today announced it has launched proximity hosting and low-latency connectivity services in Japan by leveraging KVH Co. Ltd., Asia’s leading information delivery platform headquartered in Tokyo, Japan.
jlne.ws/X13MUF
DCM Capital Brings Social Media Sentiment To Trading Community Through World-First Trading Platform – DCM Dealer Generates Trading Intelligence From Social Media Data
DCM Capital has launched the first ever trading platform that incorporates a real-time social media sentiment feed. DCM Dealer is a multi-asset CFD and spreadbetting platform that mines and analyses data produced by Twitter, Facebook and other social media channels, equipping users with an additional layer of intelligence when making trading decisions.
jlne.ws/X13NaZ
FinArch And FRSGlobal Rebrand To Wolters Kluwer Financial Services
Wolters Kluwer Financial Services, a leading worldwide provider of comprehensive risk management, compliance, finance and audit solutions for the financial services industry, today announced that its FinArch finance, risk and performance measurement products and its FRSGlobal financial risk and regulatory reporting products will now go to market under the company brand, Wolters Kluwer Financial Services.
jlne.ws/X13LQp
Enforcement
Hedge Fund Manager Sentenced to 12 Years Prison for Fraud
Joel Rosenblatt – Bloomberg
Albert K. Hu, who was convicted of running a California hedge-fund fraud scheme that the government said cheated investors of at least $6.5 million, was sentenced to 12 years in prison.
jlne.ws/X13Nbd
Federal Reserve Board Issues Two Consent Cease And Desist Orders Against JPMorgan Chase & Co.
jlne.ws/X13OM3
Office Of The Comptroller Of The Currency Issues Cease and Desist Order Against JPMorgan Chase, N.A., Related To Bank Secrecy Act/Anti-Money Laundering
jlne.ws/X13OM6
UK’s Financial Services Authority Statement Regarding J.P Morgan Chase Bank N.A
jlne.ws/X13OMa
Ex-Citigroup Secretary Convicted of Stealing From Salomon
Bloomberg
A former Citigroup Inc. secretary was convicted by a federal jury of stealing $1.3 million from William Salomon, the 98-year-old former Wall Street banker who was the son of the founder of Salomon Brothers.
jlne.ws/X13NrB
Tullet Prebon’s $16 Million Raiding Case Broadside Against BGC Financial Fizzles
When you demand over $16 million in damages arising from the alleged wrongful raiding of your firm, you’d sort of think that the Claimants would come to the hearings with some cannon balls rather than mere powder and wadding. From the terse dismissal by the FINRA arbitrators, it doesn’t seem that Claimants had much of a broadside.
jlne.ws/X13NrC
Environmental & Energy
Why the environmental movement couldn’t get cap-and-trade passed
Grist
Skocpol’s thesis for why cap-and-trade failed can be simplified to a few points: failed organizing efforts by advocates for the policy, an attempt to craft legislation behind closed doors at a moment that demanded transparency, and (of course) massive shifts in public opinion due to the concerted efforts of opponents of action.
jlne.ws/TVMMlL
U.S. Report Urges Action on Emissions
The Wall Street Journal
The U.S. is already suffering the impacts of human-induced climate change and needs to redouble efforts to curb emissions of greenhouse gases, according to a quadrennial climate assessment carried out by the U.S. government.
jlne.ws/V6phsV
**RKB — Report says the U.S. has made progress recently in cutting greenhouse-gas emissions through measures such as greater use of natural gas, clean-energy development and tighter fuel-economy standards for cars. However, “they are not close to sufficient” to avoid serious climate impacts. The report included, below.
An Alarm in the Offing on Climate Change
The New York Times Green blog
The natural conservatism of science has often led climatologists to be cautious in their pronouncements about global warming. Indeed, more than once they have drawn criticism for burying their fundamental message – that society is running some huge risks — in caveats and cavils.
jlne.ws/V0neTA
Asia-Pacific
NYSE Technologies Extends Asia Footprint with Creation of NYSE Philippines Inc.
NYSE Euronext (NYX) announced today that it has completed its resource transfer from Fixasia Technologies Inc., a leader in technology solutions and support services, to a newly created subsidiary, NYSE Philippines Inc. The new subsidiary will operate as a regional technology hub based in Manila.
jlne.ws/X13NrF
BlackRock Hires Goldman’s Wang to Lead China Business
Bloomberg
BlackRock Inc., the world’s largest asset manager, hired Hsueh-ming Wang from Goldman Sachs Group Inc. to head its China operations as it seeks to expand in Asia.
jlne.ws/X13NrJ
Hong Kong Exchange Fund to Boost Investments in Emerging Markets
Bloomberg
Hong Kong’s Exchange Fund will boost investments in emerging-market securities and yuan-denominated assets after posting its second-highest annual investment income on record.
jlne.ws/X13P2L
Singapore Well-Positioned to Lead Commodities Trading in Asia: Rikvin
PRWeb via Yahoo! News
Rikvin, a Singapore company formation specialist, affirms that Singapore is well-positioned to lead commodities trading activity in Asia, in spite of recent trends. http://news.yahoo.com/singapore-well-positioned-lead-commodities-trading-asia-rikvin-040022099.html
HKEx Group Strategic Plan 2013-2015
jlne.ws/X13NI2
HKEx Revises Its Plan For Options On CSOP A50 And CAM CSI300 ETFs
jlne.ws/10unmkj
Frontier Markets
Kiddie-Pool Loan Closing Indonesian Islamic Finance Gap
Bloomberg
Hanifah took out a Shariah-compliant loan from PT Bank Muamalat Indonesia after her husband’s death to help finance a store on the ground floor of a shophouse in Serang, two hours’ drive west of Jakarta.
jlne.ws/X13Pj5
Miscellaneous
The Banker Who Put His Faith in Armstrong
ANDREW ROS SORKIN – NYTimes.com
When Lance Armstrong’s interview with Oprah Winfrey about his suspected use of illegal performance-enhancing drugs is broadcast on Thursday, an investment banker will most likely be watching it very carefully (and nervously): Thomas Weisel.
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