Industry news

March 11, 2013: ICE to Launch Index CDS Futures in May; Russell Strikes Exclusive Options Deal With CBOE and NYSE; US and Europe launch derivatives reform

IntercontinentalExchange targets May as it’s planned release date for credit-default swap futures. Russell Investments teams up with CBOE and NYSE to create stock index option investment products. New derivative reform rules are slated to take effect this week in both Europe and the USA.

First Read

ICE Offers Pledges on Soft Commodity Markets
JACOB BUNGE – Dow Jones
IntercontinentalExchange Inc. has committed to a five-year ceiling on fees for some of the handful of commodity derivative contracts where it competes with prospective merger partner NYSE Euronext, according to a senior executive.
jlne.ws/Y0xY3V

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CFTC Announces Departure of General Counsel Dan M. Berkovitz
Press Release
Commodity Futures Trading Commission (CFTC) General Counsel Dan M. Berkovitz today announced he will depart the agency ending a 30-year career in the Federal government.
jlne.ws/YS5uMa

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CME needs to find the next big thing
By Joe Cahill – Crain’s
Terrence Duffy‘s left arm hasn’t completely recovered from combination shoulder-bicep-elbow surgery, but he still hammers home his points like a master carpenter.
jlne.ws/YS5v2t

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Battle to keep HFT probe on right lines
Kara Scannell and Arash Massoudi in New York – FT.com
US authorities examining high-frequency trading are facing an uphill battle to combat potential market manipulation, from incomplete records to interpreting volumes of trades executed in milliseconds.
jlne.ws/YS5xHP

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Block trades come back into vogue
Tim Cave – Financial News
It is a perennial problem facing the biggest holders of equities such as pension funds and other institutional investors – how to build or reduce those positions without the market moving against you. The issue has come into sharp focus in recent months as investors have rediscovered an appetite for equities, forcing a rotation back into the asset class through large repositioning trades.
jlne.ws/YS5v2w

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ISE Renews CBOE Automated-Markets Patent Court Fight
Bloomberg
International Securities Exchange LLC, an electronic options-trading forum, is set to renew legal hostilities with Chicago Board Options Exchange Inc. today in a fight over an automated trading patent.
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CME Group Announces Record Open Interest and Large Open Interest Holders in its Suite of FX Products
CME Group, the world’s leading and most diverse derivatives marketplace, announced it achieved record Open Interest yesterday in its global suite of FX products. A record US$278 billion (FX futures = US$167 billion/FX Options US$111 billion equivalent to 2.4 million contracts) was posted yesterday on CME. CME Group’s FX futures are listed by and subject to the rules of CME. In addition, the company announced a record number of 915 Large Open Interest Holders in FX, which is a 15% increase year over year.
jlne.ws/YS5v2E

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MarketAxess Seeks CFTC Exemption Easing Shift to Dodd-Frank Rule
By Silla Brush – Bloomberg
MarketAxess Holdings Inc., the electronic trading platform for bonds that is expanding into swaps, is asking the top U.S. derivatives regulator for an exemption to ease its transition to Dodd-Frank Act rules. The New York-based company, which facilitates trading of credit swaps tied to indexes of securities, said a limited exemption should be granted by the Commodity Futures Trading Commission because it is already regulated by the Securities and Exchange Commission and Financial Industry Regulatory Authority.
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At the S.E.C., a Revolving Door That Helps the Public
DAVID ZARING – NYTimes.com
Both Mary Jo White, President Obama’s nominee for chairwoman of the Securities and Exchange Commission, and her likely enforcement deputy, Andrew J. Ceresney, had lucrative careers as white-collar criminal defense lawyers after leaving their jobs as federal prosecutors in Manhattan. Now that it appears that they are likely to rejoin the government, people have wondered, here and elsewhere, whether we should worry about picking law enforcement officials from the ranks of those whose résumés include stints prosecuting and defending the same sorts of people.
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Commodities Squeeze Banks
CHRISTIAN BERTHELSEN And JERRY A. DICOLO – WSJ.com
Wall Street’s commodity-trading gold mine is all but tapped out. Once a booming source of bank profit, the business has been hit hard by tougher new rules and subdued markets. Revenue from trading the likes of oil, metals and soybeans dropped 16% last year at J.P. Morgan Chase & Co. and 20% at Morgan Stanley, according to securities filings.
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A U.S. derivatives broker’s 10-year grudge ends, with big penalties
Karen Brettell – Reuters
Old grudges can die hard, particularly in the world of derivatives trading and brokerage. A judgment delivered by the New York State Supreme Court this week showed that sometimes they can also be costly.
jlne.ws/Y0pLwL

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Oracle of Tampa Is a Rare Breed
MICHAEL CORKERY – WSJ.com
Jay Bowen’s stock picking has made the Tampa Firefighters and Police Officers Pension Fund one of the best-performing public pensions in the U.S. Some retired cops and firefighters attend pension board meetings to catch a glimpse of the money manager they consider their own Warren Buffett. But in the hypercompetitive industry of pension fund investing, Mr. Bowen is an anomaly.
jlne.ws/YS5vja

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(Deliberately) missing the point on the bonus cap
William Wright – Financial News
There are so many things wrong with the proposed European Union cap on bonuses that it is difficult to know where to start. But critics of the cap have done themselves a disservice over the past few weeks in at least two ways.
jlne.ws/YS5yeN

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Lost Inheritance
MISSY SULLIVAN – WSJ.com
LIFE AS A “WEALTH STRATEGIST” can seem pretty comfortable these days. Tom Rogerson, for one, makes a nice living, working half the month from his Boston-area home office. The other half, the senior Wilmington Trust executive might find himself hopscotching between exclusive zip codes, meeting with affluent families at their Palm Beach mansions, Wyoming ranches and other private retreats. Or he might be holding sway at swanky hotels, presenting his wealth-preservation strategies to a roomful of potential clients.
jlne.ws/YS5yeP

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MarketsWiki.tv

FIA Boca Preview: Walt Lukken on State of Futures Industry

In advance of the FIA Boca 2013 conference next week, John Lothian News traveled to Washington D.C. this week to interview Walt Lukken, president and CEO of the Futures Industry Association to get his comments on the state of the futures industry today and what is in store for the rest of the year.

This two-part interview focuses on the key issues facing exchanges and brokers, as well as a rundown on the Dodd-Frank regulatory process.

This year’s FIA Boca conference will be one of the more important events of the year as industry participants begin to make the transition from regulatory compliance into new growth and opportunities.

Watch Part 1 of the interview:

FIA Boca Preview: Walt Lukken on the 2013 Outlook for the Futures Industry (Part 1)

Watch Part 2 of the interview:

FIA Boca Preview: Walt Lukken on the Impact of Regulation on the Futures Industry (Part 2)

MarketsWiki

MarketsWiki Page of the Day
Russell Investments
jlne.ws/f3rlAO

MarketsWiki Recent Updates

People

Christine Lagarde

Companies, Organizations and Groups

International Monetary Fund; Russell Investments; LCH.Clearnet Group Ltd.

Miscellaneous

Swap; U.S. Federal Reserve System

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Lead Stories

ICE to Launch Index CDS Futures in May
Katy Burne – Dow Jones
IntercontinentalExchange Inc. ( ICE ) said it will launch credit-default swap futures in May, potentially opening up the clubby corner of the derivatives markets to retail and other new investors.
jlne.ws/YS5vzx

UPDATE: Russell Strikes Exclusive Options Deal With CBOE and NYSE
Kaitlyn Kiernan and Jacob Bunge – Dow Jones
NYSE Euronext (NYX) and CBOE Holdings Inc. (CBOE) are getting exclusive rights to list options on Russell Investments’ stock indexes, the two exchange operators and the indexing company announced Friday.
jlne.ws/YS5vzz

US and Europe launch derivatives reform
Michael Mackenzie, Philip Stafford and Neil Munshi – FT.com
The drive to overhaul the derivatives markets in the wake of the financial crisis will take a significant step forward in the US and Europe this week when new rules start protecting investors from defaults.
jlne.ws/YS5yv9

For Mary Jo White, Few Big-Bank Cases as a Prosecutor
New York Times
Mary Jo White, nominated to head the S.E.C., has a long résumé as a prosecutor, though it includes few cases against large financial institutions.
jlne.ws/YS5vzF

After FATCA, Swiss Government Tackles Money Laundering too
Forbes
UBS and other Swiss banks have faced investigations and prosecution and it?s not over yet. Wegelin was convicted and is closing. The Swiss government has had its work cut out for it to placate investors and repair relations with the U.S. government that it must feel are critical.
jlne.ws/YS5yvk

DealBook: British Proposal to Rein In Banks Is Faulted
International Herald Tribune
British lawmakers will warn in a report to be published on Monday that proposed legislation to protect Britain’s financial services sector from future crises does not go far enough and may fail to stop banks from engaging in risky trading.
jlne.ws/YS5yvn

Preparing for Day When Rates Rise
MATT WIRZ – WSJ.com
Don’t fight the Fed has been a market mantra for the past four years. But some bond investors are starting to lace on their gloves.
jlne.ws/YS5yvp

Central Banks Pause but ‘Currency War’ Not Over
CNBC via Yahoo! Finance
Last week saw a remarkable five of the Group of 10 central banks hold policy board meetings. All were on hold and none made any policy moves. Yet the hints that they gave were enough to infer that this is just an interregnum in what’s been called the ” currency wars .”
jlne.ws/YS5vQ1

Fugitive Hedge Fund Manager Arrested in Italy
CNBC
German hedge fund manager Florian Homm, who had been a fugitive for more than five years, was arrested in Italy on U.S. fraud charges, according to a statement from the U.S. attorney’s office in Los Angeles.
jlne.ws/YS5vQ3

Regulatory

CFTC General Counsel Berkovitz Leaving the Agency
Jamila Trindle – WSJ.com
Commodity Futures Trading Commission General Counsel Dan Berkovitz, one of Chairman Gary Gensler’s top advisers, is leaving the agency.
jlne.ws/YS5yLQ

CFTC’s Division of Market Oversight Issues Advisory Reminding Market Participants of Certain Swap Data Reporting Requirements
The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) today issued an Advisory reminding market participants that swap dealers were required to begin reporting data regarding equity, foreign exchange and other commodity swaps, under Parts 43 and 45 of the CFTC’s regulations, on February 28, 2013.
jlne.ws/YS5vQc

Aguilar Q&A on money-fund reform, hedge fund ads
Market Watch
Luis Aguilar, a Democratic member of the Securities and Exchange Commission, wants to clear up a “persistent misconception” about the agency’s efforts to increase regulation on the $2.7 trillion money-market-fund industry.
jlne.ws/YS5z2e

Reg SCI Gets A ‘Yes But’ From SEC Commissioner Aguilar
Forbes
On March 7, 2013, the SEC proposed Regulation SCI, a scheme of new rules requiring certain key market participants to have comprehensive policies and procedures in place surrounding their technological systems.
jlne.ws/YS5w6w

SEC seeks Midas touch in abuse crackdown
Shanny Basar in New York – Financial News
In a world where multimillion-dollar trades take place in less than millionths of a second, and high-frequency traders devise ever-changing ways to trade the markets, a big market regulator faces a Herculean task to keep pace.
jlne.ws/YS5z2l

Serious Fraud Office prosecutions plod on
Giles Turner – Financial News
The growing length of time taken by the Serious Fraud Office to complete a prosecution has come under scrutiny.
jlne.ws/YS5z2q

SEBI issues regulations on sale of preference shares
Reuters via Yahoo! Finance
The Securities and Exchange Board of India (SEBI) has introduced regulations overseeing the public sale of preference shares and will allow hybrid securities, which debt and equity components, to be listed on exchanges.
jlne.ws/YS5BHp

ISDA Publishes EMIR Non-Financial Counterparty Representation Protocol And Timely Confirmation Amendment Agreement
jlne.ws/YS5ziJ

[Japan] FSA publishes Weekly Review No.36
jlne.ws/YS5BXP

Exchanges & Trading Facilities

NYSE Readies New Big Board Disaster Plan
Dow Jones Newswires
The New York Stock Exchange is revamping its disaster recovery plan in the wake of superstorm Sandy to allow the Big Board to manage the opening and closing of stock markets even if its iconic trading floor is shut, according to people involved in the effort.
jlne.ws/YS5BXT

ICE Plans to Cap Trading Fees for Cocoa, Sugar, Coffee in London
Bloomberg
IntercontinentalExchange Inc. will cap trading fees for Liffe coffee, sugar and cocoa futures at the same level as its energy contracts for five years after its $8.2 billion takeover of NYSE Euronext, the company said.
jlne.ws/YS5ziW

Nasdaq Gets LCH Seat; LSE Firms Up Purchase
Vladimir Guevarra and Margot Patrick – Dow Jones
London Stock Exchange Group PLC said Thursday it has finalized the details of its agreement to buy a majority stake in clearinghouse LCH.Clearnet Group Ltd. for E536 million ($695 million), while Nasdaq OMX Group Inc. is also increasing its stake in LCH and Nasdaq Chief Executive Robert Greifeld is joining the LCH board.
jlne.ws/MzCVih

FIA Volume Report: Global Futures And Options Volume Fell 15.3% In 2012
The number of futures and options traded on exchanges around the globe fell 15.3% in 2012 to 21.2 billion contracts from 24.9 billion in 2011. 2012’s total was the lowest number of contracts traded since 2009 and reflected double-digit declines across Asia-Pacific, Europe and North America, according to statistics compiled by Futures Industry Association.
jlne.ws/YS5BY3

Thomson Reuters Global Equities Monthly Market Share Data Updated To Reflect February 2013 Activity
jlne.ws/YS5zPG

[CBOE] Multi-Class Broad-Based Index Spread Orders
jlne.ws/YS5Cem

[CBOE] Trader E-News
jlne.ws/YS5Ceu

TOM MTF Statistics Week 10 – 2013
jlne.ws/YS5CeA

Hedge Funds & Managed Futures

Managed futures under pressure on fees
Hamlin Lovell – Financial News
Could a new systematic macro fund that charges less than half of traditional hedge fund fees trigger a wholesale price war in the world of computer-driven hedge fund strategies?
jlne.ws/YS5zPV

Hedge Funds Cut Bets to ’09 Low as Goldman Says Buy: Commodities
Bloomberg
Hedge funds cut bets on a commodity rally to a four-year low on signs of surplus supply in everything from coffee to zinc before Goldman Sachs Group Inc. said prices had fallen too far and investors should buy.
jlne.ws/YS5A6d

First-time funds struggle to find their feet
Alec Macfarlane – Financial News
In February 2008, Vitruvian Partners, a mid-market firm co-founded by former executives from Apax Partners, successfully closed its debut fund. At E925 million, the fund still ranks as the largest first-time buyout vehicle ever to be raised in Europe, and gave hope to the multitude of private equity managers looking to go it alone.
jlne.ws/YS5CuW

Decline in debt issuance threatens FICC
Matt Turner and Matthew Attwood – Financial News
A sharp slowdown in debt issuance in February has set alarm bells ringing among investment bankers, financial analysts and investors in bank stocks, with many concerned about what it will mean for first quarter revenues.
jlne.ws/YS5Cv0

LGV Capital told to start shutting up shop
Paul Hodkinson – Financial News
Insurance giant Legal & General has put its 26-year-old private equity arm into run-off in a move that is set to bring an end to one of the UK’s oldest buyout firms.
jlne.ws/YS5AmI

Yes, Virginia, HFT and Liquidity are Not All They Are Cracked Up to Be
Naked Capitalism
You may have seen a big outbreak in the academic literature and business media of defenses of liquidity for liquidity’s sake, evidently prompted by increased interest in and in the EU, implementation of transaction taxes as a way to tame speculation and secondarily raise revenues.
jlne.ws/YS5Cv6

KKR Financial Holdings LLC (KFN) Ex-Dividend Date Scheduled for March 12, 2013
jlne.ws/YS5CLp

First Bitcoin Hedge Fund Launches From Malta
Forbes
Ever since the bitcoin cryptocurrency first launched and achieved initial success, institutional investors and hedge fund managers have secretly sought a regulated investment vehicle for bitcoin placements. Malta-based Exante Ltd. has the solution with their new Bitcoin Fund.
jlne.ws/YS5CLv

Banks & Brokers

Berkeley Futures Offers DMA Through CQG
WatersTechnology
Berkeley Futures, a UK futures, options and foreign exchange (FX) broker is now offering direct market access (DMA) via all CQG platforms, including CQG Trader, QTrader, ChartTrader, CQG API, and CQG’s flagship product, CQG Integrated Client.
jlne.ws/YS5AmQ

Banks Pass Stress Tests But That Doesn’t Mean Much: William Cohan
Yahoo! Finance: The Daily Ticker
If the U.S. economy fell into another recession, American banks would likely face a loss of $462 billion, according to the the Federal Reserve’s annual examination of the health of U.S. banks. Seventeen of the nation’s largest banks would survive the economic crisis, according to the Fed. Of the banks tested, Ally Financial is the [...]
jlne.ws/YS5AmU

E-Trade chairman to leave, Lawson named successor
Associated Press via Yahoo! News
E-Trade Financial Corp. said Friday it is replacing its Chairman Frank J. Petrilli after its shareholder meeting in May.
jlne.ws/YS5D1V

Nomura Sues Monte Paschi in London Court Over Derivatives Case
Bloomberg
Nomura is seeking a declaration from the British court that its derivatives contracts with Monte Paschi are valid, said a person with knowledge of the matter who asked not to be identified because the legal proceedings are under way.
jlne.ws/YS5D25

Video: Goldman CEO: Marriage equality is good business
CBS News
Goldman Sachs’ Lloyd Blankfein was the first major leader in corporate America to take a public stand supporting same-sex marriage. He explains to CBS MoneyWatch Editor-at-Large Jill Schlesinger why he thinks same-sex marriage is not only a civil rights issue, but a business issue.
jlne.ws/YS5ADf

Goldman cannot ignore proposal to split chairman, CEO roles: SEC
Reuters via Yahoo! News
NEW YORK – Goldman Sachs Group Inc lost its battle to ignore an investor proposal to strip Chief Executive Lloyd Blankfein of his chairman role, according to correspondence posted on the Securities and Exchange Commission’s website on Friday.
jlne.ws/YS5Dis

Michael P. Duffy, JPMorgan Chase Card Unit Executive, Dies at 54
Bloomberg
Michael P. Duffy, who helped make JPMorgan Chase & Co. one of the largest U.S. processors of credit card and electronic payments as head of its Dallas-based Chase Paymentech unit, has died. He was 54.
jlne.ws/YS5ADo

HSBC to appoint Harvey-Samuel as new Singapore boss
Reuters via Yahoo! Finance
SINGAPORE, March 8 – HSBC is to appoint Guy Harvey-Samuel as the new head of its Singapore business to replace Alex Hungate, who is leaving the bank, it said on Friday.
jlne.ws/YS5Dit

Barclays says paid 428 staff over 1 million pound in 2012
Reuters via Yahoo! News
LONDON – Barclays paid 428 bankers more than 1 million pounds in 2012, a torrid year for the British bank after its fine for rigging Libor interest rates. The number of staff paid over 1 million pounds was down from 473 in 2011, according to new disclosures in its annual report released on Friday.
jlne.ws/YS5Dix

Barclays Says CEO Jenkins Awarded 63% Less in Pay Than Diamond
Bloomberg
Barclays Plc said it awarded Chief Executive Officer Antony Jenkins 63 percent less in pay and bonuses than predecessor Robert Diamond as the U.K.’s second- largest bank by assets seeks to cut annual costs by 1.7 billion pounds.
jlne.ws/YS5Diy

Clearing & Settlement

Central clearing splits the market
Lynn Strongin Dodds – Financial News
One of the key regulatory responses to the financial crisis has been the demand for over-the-counter derivative trades to clear through central counterparties to prevent losses in the event of a default. Talks have resurfaced in the securities lending industry over whether it should also move to a CCP model ahead of it possibly being imposed by regulators.
jlne.ws/YS5ATL

CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (OS) Effective Monday, March 11, 2013
jlne.ws/YS5DiF

Indexes & Products

Russell Announces Exclusive Agreements with NYSE Euronext and CBOE Holdings for Russell U.S. Index Options
Press Release
Russell Investments today announced that NYSE Euronext, one of the world’s premier exchange operators and technology innovators and home of the NYSE Amex and NYSE Arca exchanges, and CBOE Holdings, Inc., home of Chicago Board Options Exchange (CBOE), the creator of listed options and leader in index options trading volume, will trade Russell U.S. Index-based options exclusively.
jlne.ws/YS5DyZ

Kraft Foods Group, Inc. To Join The NASDAQ-100 Index Beginning March 18, 2013
jlne.ws/YS5Dz3

S&P Dow Jones Indices Announces The Results Of March 2013 Canadian Index Reviews
jlne.ws/YS5AU1

ETFs And ETPs In Asia Pacific Ex-Japan Saw Net Outflows Of $1.3 Billion US Dollars In February 2013
jlne.ws/YS5Ban

Technology

Trayport Wins Post-Trade Services And Coal Trading Awards
Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide, today announced that it has won two awards – best Post-Trade Services and best Coal Trading from Energy Risk magazine.
jlne.ws/YS5Dza

Brady Physicals Appoints New CEO
Brady plc, the leading supplier of trading and risk management solutions for metals, recycling, energy and soft commodities, announced today that, with effect from 2nd April 2013, Brian Collins has been appointed CEO of Brady’s Physicals Division, replacing Robert De Picciotto, who will be retiring from the operational side of the Company.
jlne.ws/YS5Dzb

Brady Plc Revenues Up 47% – Revenues And EBITDA Up 47% And 52% Respectively
Brady plc, the leading supplier of trading and risk management solutions for metals, recycling, energy and soft commodities, announced today reports on what has been a significant year both from a financial and operational perspective.
jlne.ws/YS5BqT

Enforcement

Merrill Lynch adviser sentenced for embezzlement
Tallahassee Democrat
A former Merrill Lynch financial adviser from Tallahassee was sentenced to 106 months for funneling nearly $900,000 in client funds to his personal accounts.
jlne.ws/YS5BqU

Environmental & Energy

Investors Embrace Climate Change, Chase Hotter Profits
Bloomberg
Investing in climate change used to mean financing the fight against global warming. Morgan Stanley, Goldman Sachs Group Inc., and other firms took stakes in wind farms and tidal-energy projects, and set up carbon-trading desks.
jlne.ws/VXdb4P

Poland aims to pave way for 2015 climate deal
AP
Hoping to win over EU critics of Poland’s recent stance on climate change, the environment minister said Friday that the coal-powered nation will make every effort to pave the way for a lasting deal in 2015 when it hosts a U.N. global warming conference in November.
jlne.ws/WW2Mm7

Analysis: Renewables turn utilities into dinosaurs of the energy world
Reuters
Every new solar panel installed on European rooftops chips away at power utilities’ centralized production model. Unless they reinvent themselves soon, these giants risk becoming the dinosaurs of the energy market.
jlne.ws/YPvxDz

Asia-Pacific

Singapore Exchange Announcement Pursuant To Rule 703(4) Of The Listing Manual – Clarification Pertaining To Bloomberg’s Report
Singapore Exchange (SGX) wishes to make a clarification pertaining to Bloomberg’s report “Singapore Bourse Plans Thai, Philippine Futures” on 8 March 2013. The statement “SGX will increase revenue from derivatives 10 percent to 15 percent this year as the operator of Southeast Asia’s biggest bourse introduces more products linked to benchmark stock indexes in the region” was an explanation of the general growth trends of SGX’s derivatives business should there be a continuation of past trends.
jlne.ws/YS5BqY

Thailand Futures Exchange Upgrades CGF To Trade All Derivatives Products Effective From March 13
jlne.ws/YS5BqZ

Osaka Securities Exchange: SPAN Parameter Updated – March 18, 2013 – March 22, 2013
jlne.ws/YS5DPA

Tokyo Commodity Exchange: Good Delivery Material Price Differential For March 2013 Rubber Contract
jlne.ws/YS5DPH

Frontier Markets

Emerging Markets: Should You Bond With Azerbaijan?
The Wall Street Journal via Yahoo! Finance
When you reach for yield, think about how far around the globe you should stretch.
jlne.ws/YS5E5W

The Egyptian Exchange (EGX) Monthly Statistical Report February 2013
jlne.ws/YS5E5Y

Palestine Exchange Monthly Investor Newsletter – February 2013
jlne.ws/YS5E63

Lahore Stock Exchange Becomes The First Exchange Of The Country That Declared Cash Dividend After Demutualization
jlne.ws/YS5EmI

Miscellaneous

Insight: On Facebook, app makers face a treacherous path
Reuters via Yahoo! News
SAN FRANCISCO – Last spring, the future for Viddy, a video-sharing Facebook app, seemed as sunny as southern California’s skies. Based a block away from Venice Beach, the 30-person startup impressed prospective investors with skyrocketing user growth figures and won funding from them at a $370 million valuation.
jlne.ws/YS5ED1