Industry news
Date: Feb 20, 2013
February 20, 2013: NYSE takeover deal passes U.S. antitrust overseers; CME Derivatives That Skirt Dodd-Frank Attracting Review by CFTC; Exchanges in 11th hour lobbying effort
The ICE-NYSE Euronext takeover plan passes an antitrust hurdle as the US Department of Justice takes no action to stop the deal. The CFTC is taking a closer look at CME Group’s new interest-rate swap futures contracts, to see if they allow traders to bypass new regulations and oversight. In Europe, exchanges and trade groups are lobbying heavily against passage of the latest MiFID rules. In today’s First Read, our final video in JLN’s Restoring Customer Confidence series debuts; Brian Fox of Capital Confirmation discusses how the company’s third party confirmation service can help protect customer funds and restore customer faith in the audit system used in the futures industry.
First Read
New Restoring Customer Confidence Video
The final scheduled video in our Restoring Customer Confidence series deals with electronic confirmations of customer funds. As the industry continues to deal with these issues, John Lothian News may highlight new ideas or developments in future Restoring Customer Confidence videos.
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Confirmations: Plugging Into Electronic Confirmations Capital Confirmation, which runs Confirmation.com, is credited with helping to unveil the massive $215 million fraud at Peregrine Financial Group (PFG) in July 2012. The web-based audit confirmation service was hired by the National Futures Association (NFA) last year and applied its technology to PFG. After forcing PFG to use the electronic confirmation service, rather than use the traditional paper-based auditing system, PFG’s fraud was discovered by the NFA. Brian Fox, founder and chief marketing officer of Capital Confirmation, explains how this straightforward technology of providing a third party confirmation service, can help protect customer funds and restore customer faith in the audit system used in the futures industry. +++++ About the Restoring Customer Confidence video series
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Former CBOE head Alger B. ‘Duke’ Chapman dies at 81
Lynne Marek – Crain’s
Alger B. “Duke” Chapman, who was CEO and chairman of the Chicago Board Options Exchange from 1986 to 1997, died Monday in Little Rock, Ark., of congestive heart failure at age 81.
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**** Condolences to the family and friends of Mr. Chapman.
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Markets: In search of a fast buck
By Arash Massoudi and Michael Mackenzie – FT.com
In a quiet room overlooking Madison Avenue, seven miles uptown from the New York Stock Exchange, a dozen people are focused intently on banks of computer screens, where programs trade about a 10th of all the US stocks exchanged in a given day. For this select group of high-frequency traders, part of the 133-person staff at Virtu Financial, using lightning-fast computer systems to trade US equities is just a start. The company now wants to make high-speed trading the norm in new asset classes such as bonds, currencies and derivatives.
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***** Good comprehensively reported commentary about HFT from the FT.
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All eyes on Italy’s high-frequency rules
Philip Stafford – FT.com
Italy is set to become a testing ground for the regulation of high-frequency trading as politicians wrestle with the contentious topic. Over Christmas, Italy introduced a financial transactions tax that went further than a French equivalent last August.
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***** Eye’s off. No looking.
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Innovate to Sustain Today… and Disrupt Tomorrow
Steve Decker – Trading Technologies
I was recently reacquainted with the book The Innovator’s Dilemma by Clayton M. Christensen (Harvard Business School Press, 1997). This classic work presents example after example of well-managed, successful companies across various industries, which failed to recognize the future impact of, and subsequently struggled to respond to, newer disruptive technologies.
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***** One of my favorite books.
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UK think tank mulls ‘empirical’ HFT study
Tim Cave – Financial News
A leading UK think tank that contributed to a UK government-sponsored study into high-frequency trading – which attracted criticism for being “methodically-challenged” – is planning to launch a new “empirical” assessment of the activity.
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***** Good luck with that.
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CFTC’s 60-second rule will force rejections, FCMs warn
Risk.net
As clearing for over-the-counter derivatives takes off, clients may find an increasing number of their trades being rejected by the futures commission merchants (FCMs) that stand between them and a clearing house, dealers are warning – the result of a Commodity Futures Trading Commission (CFTC) rule that means FCMs have a maximum of 60 seconds to accept or reject a trade for clearing, they claim.
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***** There are a lot of things FCMs can do in 60 seconds. And then there are things that take forever to get done.
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Fidessa Named Best Equities Trading Platform At The Wall Street Letter Awards
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For Corporate Boards, Lessons From JPMorgan’s Trading Disaster
MICHAEL W. PEREGRINE – NYTimes.com
Last month, JPMorgan Chase released the internal analysis of the $6 billion loss in its synthetic credit portfolio in 2012. While the losses may seem as if they were aberrations that couldn’t happen elsewhere, the governance recommendations that were released as part of the internal analysis are highly relevant across corporate America, not just financial institutions.
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***** Ya think?
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Too Big to Fail Casts Long Shadow
DAVID REILLY – WSJ.com
Should the government backstop even more of the financial system than it already does? That seems an almost heretical notion given the desire to end bailouts and the too-big-to-fail status of some banks. Yet it is also a possibility being debated within regulatory circles in regard to nonbank financing activity and was recently raised by the head of the Federal Reserve Bank of New York.
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***** At least the sun is shining if there is a shadow.
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Why the euro crisis is not yet over
Martin Wolf – FT.com
If all members of the eurozone would rejoin happily today, they would be extreme masochists
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***** It is never over, got that!
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Ringleaders shout to be heard in electronic era
Suzi Ring – Financial News
The long-standing tradition of open-outcry trading took another hit this month as the CME Group moved the Kansas City wheat futures pits to Chicago. It once again raised questions over the life expectancy of the trading art of gesticulation and shouting.
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***** I have a gesticulation for you right here.
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MarketsWiki
MarketsWiki Page of the Day
Martin E. Zweig
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MarketsWiki Recent Updates
People
David Goone; Brookly McLaughlin; Michael Shore; Paul Finnegan; Martin E. Zweig; Brian Fox; Ronald Kent
Companies, Organizations and Groups
Miscellaneous
Statistics
35,115,409 pages viewed, 7,401 articles, 154,970 edits
MarketsWiki Statistics
Lead Stories
NYSE takeover deal passes U.S. antitrust overseers
Jacob Bunge – Dow Jones
U.S. antitrust authorities cleared the way for IntercontinentalExchange Inc.’s planned takeover of NYSE Euronext, marking the first major regulatory hurdle passed in the mega-exchange deal. The Federal Trade Commission and Department of Justice raised no objections to the proposed $8.2 billion purchase, according to a Monday statement from the exchange groups, which still must secure approval from many other authorities in the U.S. and Europe.
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CME Derivatives That Skirt Dodd-Frank Attracting Review by CFTC
By Matthew Leising – Bloomberg
CME Group Inc.’s decision to allow users of its interest-rate swap future contracts to avoid tougher oversight is drawing scrutiny from its U.S. regulator, the Commodity Futures Trading Commission. The contracts, which begin as futures and are converted to swaps guaranteed by CME’s clearinghouse if held until delivery, won’t be included in totals determining whether users face higher collateral, capital and trading requirements, said Laurie Bischel, a CME spokeswoman.
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Exchanges in 11th hour lobbying effort
Michelle Price – Financial News
Europe’s major exchange lobby group and two Nordic trading associations have staged a last-minute attempt to reverse a provision in the Market in Financial Instruments Directive, in a further sign that the industry is scrambling to influence policy makers as they put the finishing touches on the game-changing new rules.
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Deutsche Börse takes hit on Eurex deal
Philip Stafford – FT.com
Deutsche Börse, Europe’s largest exchanges operator, revealed late on Tuesday full-year losses had widened, after taking a hit on the fair value of its purchase of the stake it did not own in Eurex, the derivatives exchange.
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SEC eyes release of aggregate trading data: Walter
Market Watch
WASHINGTON – The Securities and Exchange Commission is exploring ways to publicly reveal an “unprecedented aggregation of trading information data” which the agency hopes will help it and others monitor trading, SEC Chairman Elisse Walter said Tuesday.
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EU talks to cap bankers’ bonuses stall
Reuters via Yahoo! News
BRUSSELS – Negotiations to introduce a cap on bankers’ bonuses in the European Union stalled on Tuesday, after EU countries and the bloc’s parliament clashed over how far to go in curbing pay for the industry’s top earners. The talks, described as tense by one person present, with some in the room “doing a lot of yelling”, resume next week.
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MF Global payout plan approved for creditor vote
Reuters via Yahoo! News
NEW YORK – A bankruptcy judge on Tuesday approved the outline of a plan by liquidators and creditors of failed brokerage MF Global to repay the company’s creditors, a key step toward ending its $40 billion Chapter 11 bankruptcy.
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ECB Seeks to Close Euro-Zone Gap
WILLIAM HOROBIN – WSJ.com
There is little point in the European Central Bank cutting interest rates if it only impacts countries in the core of the euro zone, governing council member Christian Noyer said Tuesday, noting that the Frankfurt-based institution has been much more focused on closing the gap between its lending rates and those in credit markets in the currency bloc’s periphery.
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A tribute to Zweig’s many contributions
Mark Hulbert, MarketWatch
Marty Zweig, who parlayed a successful career as a finance professor and investment-newsletter editor into a formidable mutual-fund empire, a successful institutional money-management business and even television stardom, has died.
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EU banks face strict transparency rules
Alex Barker and James Fontanella-Khan in Brussels – FT.com
European banks are facing the threat of having to reveal their taxes and profits on a country-by-country basis in the latest twist to the EU negotiations over rules to make banks safer.
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Regulatory
Harnessing Tomorrow’s Technology for Today’s Investors and Markets (Speech by Chairman Elisse B. Walter)
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U.S. business seeks more clarity on foreign bribery law
Reuters via Yahoo! News
WASHINGTON – U.S. business groups on Tuesday renewed their campaign to amend an anti-foreign bribery law, suggesting authorities should give companies additional defenses against criminal charges.
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ASIC digital activities help primary students get cash savvy
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Exchanges & Trading Facilities
Deutsche Börse AG releases preliminary results for Q4 and full-year 2012
Deutsche Börse AG published its preliminary figures for the fourth quarter and the financial year 2012 on Tuesday. Net revenue declined by 9 per cent in financial year 2012 to E1,932.3 million (2011: E2,121.4 million) due to the challenging market environment. As a result of historically low key interest rates, net interest income from the banking business decreased to E52.0 million (2011: E75.1 million), in spite of higher average customer cash deposits.
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Cleartrade Exchange Launches Unique Data Tool For Freight And Iron Ore Derivatives Market
Cleartrade Exchange (CLTX), the Singapore-regulated futures exchange, has unveiled the Cleartrade Exchange Data Centre (CDC), a web-based service that delivers unprecedented data transparency on iron ore and freight derivatives markets.
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First Indian Company Infosys, to be Listed on NYSE Euronext
INDOlink
Bangalore: Software services major Infosys will get listed on NYSE Euronext London and Paris markets tomorrow, becoming the first Indian company to be admitted to trade on the leading global bourse.
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BM&FBOVESPA S.A. Announces Results For The Fourth Quarter 2011
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FIF Capacity Statistics For January 2013
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Montreal Exchange Achieves New Volume Records
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Cyprus Stock Exchange’s Bulletin – January 2013
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Hedge Funds & Managed Futures
Paulson Leads Funds to Bermuda Tax Dodge Aiding Billionaires
Bloomberg
Last year, about $450 million belonging to top executives at billionaire hedge fund manager John Paulson’s New York firm took a quick round trip to Bermuda.
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Belize Bondholder Group Agrees To Restructuring
Katy Burne – WSJ.com
A group representing a majority of Belize sovereign bondholders has agreed to a restructuring that will give the country nine more years to pay off some of its debt. The Coordinating Committee of Belize Bondholders said in a statement Tuesday that its members agreed unanimously to exchange their old dollar-denominated bonds due 2029 for new ones that fall due in 2038.
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U.S. Fund Managers Drawn by Rally to Japan Stock Meetings
Bloomberg
U.S. fund managers and their European and Asian counterparts are increasing attendance at Japanese equity-investor conferences as foreign buying propels the country’s strongest stock rally in 40 years, according to CLSA Asia-Pacific Markets and Mizuho Securities Co.
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Strong Start to 2013 for Asia Hedge Funds
Wall Street Journal Blogs
Following a difficult 2012 for Asia’s hedge fund industry, this year is getting off to its best start in years. That’s especially the case for hedge funds with a focus on Japan as risk returns to equity markets.
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Man Group set for management shake-up
Sam Jones, Hedge Fund Correspondent – FT.com
Man Group’s incoming chief is poised to announce a sweeping management shake-up of the world’s largest listed hedge fund. Emmanuel Roman is due to take over as chief executive from Peter Clarke on February 28, when the company announces its full-year results for 2012, a year in which Man haemorrhaged assets and its share price slumped 36 per cent.
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Private industry leader is keen on social change
Paul Hodkinson – Financial News
Building for the future is in Volkert Doeksen’s blood. His father and, before that, his grandfather helped build a family business that is flourishing 100 years on.
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The Carlyle Group Raises $308 Million for Investments in Peru
Business Wire via Yahoo! Finance
Global alternative asset manager The Carlyle Group (CG) today announced it has raised $308 million for Carlyle Peru Fund, L.P. and its parallel vehicles, extending the South America investment presence the firm established five years ago.
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Algebris’s Wager on Japan Abenomics Boosts Hedge Funds’ Returns
Bloomberg
Algebris Investments LLP, a U.K. hedge fund with $1.2 billion in assets, has boosted investments in Japanese financial stocks on bets that Prime Minister Shinzo Abe will move more aggressively to end deflation.
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EDHEC-Risk Alternative Indexes: Hedge Funds Make Strong Gains In January
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Banks & Brokers
ICAP launches i-Swap in the US
ICAP (IAP.L), the world’s leading interdealer broker and provider of post trade risk and information services, announces that it launched i-Swap, its electronic interest rate derivative platform in the US for trading of US Dollar (USD) interest rate swaps (IRS) on Friday, 15 February.
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optionsXpress Reduces Commissions on Futures Products and Introduces Simple, Straightforward Fee Structure
Business Wire via Yahoo! Finance
optionsXpress, Inc., a wholly-owned subsidiary of Charles Schwab, announced today that it has replaced its tiered commission structure for futures and futures options with new pricing of $3.50 per contract.
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Bailey Appointed BOE Deputy Governor for Prudential Regulation
Bloomberg
Andrew Bailey will become deputy governor for prudential regulation at the Bank of England as the central bank prepares for its new role as Britain’s financial regulator.
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JPMorgan Leads U.S. Banks Lending Least of Deposits in 5 Years
Bloomberg
The biggest U.S. banks including JPMorgan Chase & Co. and Citigroup Inc. are lending the smallest portion of their deposits in five years as cash floods in from savers and a slow economy damps demand from borrowers.
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Cross-Selling Won’t Be Easy At Morgan Stanley
Forbes
It turns out no one is safe from cross-selling, not even the financial advisors at Morgan Stanley.
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Citigroup Agrees to Buy Capital One’s Best Buy Card Portfolio
Bloomberg
Citigroup Inc. agreed to buy the Best Buy co-branded credit card business from Capital One Financial Corp.
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Citigroup-SEC: Why we need a trial
CNN Money
Given the concerning revolving door between the SEC and banks like Citigroup, it’s important that the settlement between the two is put aside and the case goes to trial.
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Credit Agricole CEO: Proposed Banking Reform Would Affect 1% of Revenue
Dow Jones
Proposed banking reform that would force banks to hive off part of their investment banking activities into a separate entity would affect only about 1% of Credit Agricole SA’s revenue, Chief Executive Jean-Paul Chifflet said Wednesday, speaking on French radio.
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HSBC Holdings to Sell HSBC Bank Panama to Bancolombia for $2.1 Billion
Dow Jones
HSBC Holdings PLC, said Tuesday that its subsidiary HSBC Latin America Holdings U.K. Ltd, has entered into an agreement to sell HSBC Bank Panama S.A.
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Big payday for Bank of America CEO
CNN Money
Bank of America shares doubled in value last year, and CEO Brian Moynihan has been rewarded with a big pay raise.
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Merrill Lynch to Create $12 Million Fund to Settle Class-Action Suit
Dow Jones
Merrill Lynch has agreed to create a $12 million fund to settle a class-action lawsuit alleging it didn’t properly pay overtime to employees who provide support services for brokers.
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TradeStation Once Again Declared “Best” in Six Major Categories by TASC Readers; Rated Best Trading System for Stocks …
GlobeNewswire via Yahoo! Finance
TradeStation, a Monex Group company (TSE:8698) and award-winning broker-dealer and futures commission merchant, continued its winning streak in the 2013 Readers’ Choice Awards given by Technical Analysis of Stocks & Commodities (TASC) magazine, topping all other brokers in six major categories.
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Clearing & Settlement
Options clearing pushed to 2014 as solution search begins
Risk.net
Foreign exchange prime brokers and operations heads are preparing to begin talks over possible clearing mechanisms for foreign exchange options, following an extensive data collection and analysis exercise, with the expectation that options clearing will not now begin until next year at the earliest.
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ICE Clear Credit Introduces Clearing for iTraxx
IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, announced today it has received regulatory approval for its U.S. based credit default swap clearing house, ICE Clear Credit, to clear the Markit iTraxx Europe CDS indices. Clearing for the contracts will launch on Feb. 25.
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CME Clearing – Performance Bond Requirements: Chinese Renminbi (CNY) Outrights and Spreads- Effective Wednesday, February 20, 2013
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CME Group Clearing Advisory: Updated FECPlus FIXML 5.0 Production Deployment Date: April 22, 2013
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Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (6U, ERO) Effective Wednesday, February 20, 2013
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Indexes & Products
Healthy prognosis for European ETF market
Peter Davy – Financial News
The US has led the global exchange-traded funds market since the early 1990s, but market practitioners are bullish about the prospects for Europe. Assets under management in ETFs grew 23% last year to reach $369bn, and in January continued growing to a $389bn all-time high.
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Big-name dealers back Tradeweb
Suzi Ring – Financial News
Bond trading operator Tradeweb has revealed 11 of the high-profile dealers backing its new exchange-traded-fund platform as the company looks to capitalise upon new regulations that will push more derivative products onto electronic platforms.
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A Closer Look At Managed Futures ETPs
ETF Database via Yahoo! Finance
While it was once just full of index tracking funds, the exchange-traded fund universe has continued to grow and evolve over the years. Today, investors not only have access to cheap stock and bond funds, but also to various strategies once reserved for the uber-wealthy or institutional-sized accounts.
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Warning: Hedge Fund ETFs Have A Few Surprises
ETF Database via Yahoo! Finance
The proliferation of exchange-traded products has essentially democratized the investment landscape, opening up previously hard-to-reach corners of the market to average investors. While passive, index-tracking ETFs still remain most investors’ top picks, funds with unique methodologies have become more and more popular as investors search for uncorrelated returns.
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S&P Dow Jones Indices And ASX Make S&P/ASX 200 VIX Available In Real-Time
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Technology
Numerix Introduces Cheapest-To-Deliver (CTD) Collateral Analysis Tool
Numerix (www.numerix.com), the leading provider of cross-asset analytics for derivatives valuations and risk management, today announced new functionality for Cheapest-To-Deliver (CTD) curve construction and the analysis of collateral.
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QuantHouse Leverages BT To Expand Asian Distribution Capabilities
QuantHouse, S&P Capital IQ’s Real Time operation and the global provider of next generation trading solutions, is expanding its core services to Asia by teaming-up with BT. QuantHouse will be using BT Radianz services to distribute its low-latency European and American market data feeds into the Asia/Pacific region.
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Enforcement
CFTC Examines Swings in Gas Futures Prices
JERRY A. DICOLO – WSJ.com
U.S. commodities regulators are examining sharp price swings in the natural-gas market during the past year that came just before the public announcement of weekly gas-inventory data, a person familiar with the situation said.
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CFTC Orders Enskilda Futures Limited to Pay a $125,000 Civil Monetary Penalty for Failing to Meet Minimum Capital Requirements Due to Margin Errors
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Enskilda Futures Limited (EFL), a London-based Futures Commission Merchant (FCM), for failing to meet the minimum capital requirements as set forth in Section 4f(b) of the Commodity Exchange Act (CEA) and CFTC Regulation 1.17
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FINRA Fines Five ING Firms $1.2 Million for Email Retention and Review Violations
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined five affiliates of ING $1.2 million for failing to retain or review millions of emails for periods ranging from two months to more than six years. The five firms, indirect subsidiaries of ING Groep N.V., are Directed Services, LLC; ING America Equities, Inc.; ING Financial Advisers, LLC; ING Financial Partners, Inc.; and ING Investment Advisors, LLC.
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SEC Bribe Suit Against Ex-Siemens Board Member Dismissed
Bloomberg
A lawsuit brought by the U.S. Securities and Exchange Commission against a former Siemens AG executive for his alleged role in an Argentine bribery scheme was dismissed for lack of jurisdiction.
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Why the SEC May Be Overreaching in Heinz Trading Case
CNBC
The SEC has shown little evidence that anything illegal happened in the Heinz insider trading case.
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Convicted Bank Fraudster Starts Forex Ponzi After Prison
Forbes
Sometime around April 2008, Christopher Brown Cornett, 43, of Buda, TX, came up with a business plan, an idea, a vision ? well, okay, sure, federal prosecutors would more likely prefer to describe it as a crime. In hindsight, it wasn’t all the clever a scam.
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Environmental & Energy
EU parliament hesitates in drafting law for CO2 fix
Reuters
European lawmakers backed an emergency plan to save the world’s biggest market for carbon allowances from collapse on Tuesday, but put off drafting the necessary legislation, sending prices down by as much as 20 percent.
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**RKB — Members of the environment committee gave their support to the plan by 38 votes in favor, 25 against and two abstentions but want time for wording, putting off fast-track market fix. Some note market had gained in anticipation of the vote going this way and sold off some today once vote came through.
EU lawmakers seeking to tighten cap-and-trade system to make carbon pollution more expensive
AP
European lawmakers are proposing to tighten the bloc’s cap-and-trade system to make carbon dioxide pollution more expensive.
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Working Out Kinks in the Cap-and-Trade Market
The California Report (Audio Link)
California’s cap-and-trade program to cut greenhouse gases resumes with its second auction of carbon allowances to industrial polluters. In addition to the state’s carbon footprint, billions of dollars are at stake. But some questions remain from the first auction.
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Asia-Pacific
Muddy Waters Secret China Weapon Is on SEC Website
Bloomberg
Muddy Waters LLC, whose analyst reports triggered $7 billion in losses for Chinese stocks, used an unlikely secret weapon for its research: the public website of the U.S. Securities and Exchange Commission.
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A Wealthy Nation That Can’t Afford to Retire
CNBC
The Southeast Asian city-state of Singapore may boast of the highest percentage of millionaires in the world, but retiring in this wealthy financial hub is becoming even more difficult for the common man.
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Ginga Explorer Hedge Fund Bets on Japanese Builders on Abe Hopes
Bloomberg
Ginga Explorer Fund, a Japan-focused hedge fund run by Stats Investment Management Co., is focusing on construction stocks on expectations new stimulus measures will revive the domestic economy and boost demand.
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Thai Bourse Market Report For January
Daily Average Trading Volume Up 51 Pct Year-To-Date To USD 1.93 Bln – Market Cap At THB 12.54 Trillion, Up 6.01 Pct From End-2011 – Derivatives Trading Up 57 Pct Year-To-Date At 67,772 Contracts Per Day
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South Asian Federation of Exchanges’s E-Newsletter,
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Regulatory Announcement – SGX Forms Working Committee To Review Listing Rules
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Frontier Markets
The attractions of emerging market bonds
Mike Foster – Financial News
Those who ply their trade outside the bond market would be forgiven for thinking the Balassa-Samuelson effect was a medical condition. In fact, it is a measure of the health of nations, first devised by Hungarian strategist Béla Balassa and US economist Paul Samuelson in 1964.
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Deutsche Bank South Africa Head Quits Citing Lack of Development
Bloomberg
Deutsche Bank AG’s chief country officer for South Africa, Herman Bosman, said he’s resigning after six years in the position because the role doesn’t hold enough potential for development.
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Tehran Stock Exchange Market Cap Breakdown
Based on the latest report of TSE’s Data and Information department, Basic Metals, Chemical Products and Metal Ore Mining are the leading sectors in the Exchange, with 20.21, 13.52 and 11.77 percent of total market capitalization, respectively.
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Qatar Exchange Headquarters Will Be Moving To Al Dana Tower, West Bay Monday, March 4th 2013
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Miscellaneous
Public May Use New Goldman Sachs Ferries on Hudson
New York Times
Goldman Sachs’s new ferries began making trips on Tuesday after an unexplained two years spent bobbing, unused, on the river.
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Two Ex-Goldman Traders Explain How To Tell Your Wife About Your Bad Bonus
Business Insider
eFinancial Careers Sarah Butcher has a fascinating piece on how to let a significant other know you got a really crappy bonus this year. The two best pieces of advice come from a pair of former Goldman Sachs traders.
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