Industry news
Date: May 16, 2013
May 16, 2013: Banks Set to Win Rollback in Dodd-Frank Swap-Trade Rules; LSE eyes E800tn settlement market; Nasdaq eyes European derivatives push
The CFTC today prepares to vote on Dodd-Frank rules pertaining to swap trading, and is expected to adopt rules easier than originally expected for banks. The London Stock Exchange looks toward the settlement side of finance as a possible avenue for growth. Nasdaq’s new NLX exchange hooks up with tech firm Trading Technologies as it ramps up to compete with NYSE Liffe and Eurex.
First Read
And now, for some good news
Jim Kharouf
“We’re not going to solve poverty by just throwing dollars at it. We’re going to beat it by thinking smarter.” – Paul Tudor Jones, on 60 Minutes.
There are days when it feels like all the good news has been sapped from the world. The industry has seen its fair share of bad news, some of it self-inflicted, but when folks think about Wall Street and financial markets today, what they rarely see is the dedication to causes that are bigger than ourselves.
So it was refreshing and heartening to see 60 Minutes do a segment on Paul Tudor Jones and the Robin Hood Foundation, which has given over $1 billion to programs over the past 25 years. Jones was inspired by Gene Lang, a millionaire who paid for an entire Harlem class’ college education, and was also featured on 60 Minutes.
Last year, we at John Lothian & Co. had the privilege of meeting Meade Welles, another hedge fund leader with Octagon Asset Management, who founded A Leg To Stand On, to help pay for impoverished kids with prosthetic limbs. His program went from helping provide prosthetics to 50 kids in 2002 to nearly 2,000 in 2012.
There is the Liger Foundation, funded by Liger Investments in London by Trevor Gile and his wife Agnieszka Tynkiewicz-Gile, which supports orphans and impoverished kids in developing countries. Their first program called “Trading Futures,” sponsors residential learning centers in Phnom Penh, Cambodia. Its goal is to support kids, help the brightest and most motivated, educate and help them become leaders in their communities.
There is Futures For Kids and many other charities that this industry supports that are very worthy and admirable. And when I think of what these professionals in our industry provide, it is far greater than the sum of ourselves. We don’t need Christmas or a conference to remind people about the good work, but it sure helps with 60 Minutes stops to take a look as well.
No matter how much we hear about poor markets and economics, failures, overbearing regulation and the like, there are other matters that are more important.
“New ideas, different ideas, crazy ideas – those are ones that change the world,” said Tudor-Jones.
That’s our good news of the day.
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Robin Hood’s “venture capitalism”
60 Minutes
Billionaire Paul Tudor Jones’ charity, the Robin Hood Foundation, fights poverty with Wall Street hardheadedness and that can mean funding innovative ideas that are also controversial — like giving clean needles to drug addicts.
Modern-day Robin Hood applies business skills to philanthropy
jlne.ws/16AwzcR
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Barclays Executive Kevin Murphy’s Wild Ride
At the end of August Barclays executive Kevin Murphy will be joining 16 cyclists from Barclays in taking on the challenge of cycling from London to Monte Carlo, all in support of the UK charities, Richard House and Wooden Spoon. The cycling challenge will consist of 8 days of riding starting on the cobbled streets of the city of London, across France, over the Alps in the process including the infamous Alpe D’Huez which is a major landmark in the Tour de France. Kevin’s goal is to raise £3,000 with the broader Barclays team shooting for £100,000. Anything you can contribute to support these causes would be greatly appreciated. Please use this link to contribute: jlne.ws/19xUYfW
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Debby Hallett of Arthur Bell CPAs on Performance Reporting for CTAs & Managed Accounts
MarketsWiki.tv
Debby Hallett is director of performance analysis for Arthur Bell Certified Public Accountants, a firm specializing in audit, tax, accounting, and advisory services for the alternative investment sector. Hallett, a licensed CPA, focuses on CTA and fund manager reporting procedures. She spoke with John Lothian News Editor-at-Large Doug Ashburn about presenting performance when a managed account is a fund, the differences between fund performance and CTA program performance, performance record examinations, and why more CTAs are outsourcing performance reporting services to a third party provider.
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FIA Japan needs an executive secretary
Tony Crane
Following the planned retirement of FIA-J’s Executive Secretary, I’ve been asked to identify candidates for a part-time secretarial position starting next month (independent contract-based; roughly 20 hours/week; working from home). This person should be able to communicate in both English and Japanese and, ideally, would have experience working as a secretary for executives in the financial industry.
Please feel free to contact me (tanguycrane@gmail.com) if you know anyone who fits the profile and could be interested in working for FIA Japan. Thank you in advance for your help and support.
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Horizon Cash Management Promotes Michael Markowitz to President
Horizon Cash Management LLC, the leading investment advisor specializing in active cash management solutions for the alternative investment industry, today announced that Michael Markowitz has been named president, effective April 24, and continues as chief investment officer. Mr. Markowitz replaces Pauline Modjeski, who served as president since 2008.
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***DA: For more on Mr. Markowitz, check out the video he made for our Restoring Customer Confidence series at jlne.ws/TZQPLa
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CME Group Announces Open Interest for WTI-Brent Crude Oil Spread Options Contract Exceeds 125,000 for First Time
CME Group, the world’s leading and most diverse derivatives marketplace, today announced it reached a record in open interest for its NYMEX WTI-Brent Crude Oil Spread Option contract (BV) yesterday, May 14. Open interest in NYMEX BV reached 126,675 contracts, compared to 123,075 on May 13, 2013, the last record for this contract.
jlne.ws/15PzUW0
***** WTI Brent Crude Oil Options. Say that fast 5 times.
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CFTC’s Gensler, Chilton’s Positions May Not Be Renewed — FIA’s Lukken
Forbes
Positions held by Commodity Futures Trading Commission Chairman Gary Gensler and CFTC Commissioner Bart Chilton are up for renewal, but so far neither official has had their position renewed, which suggests new blood may come into the agency, said an futures industry official on Wednesday.
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***** FIA CEO Walt Lukken would not name whispered-about potential replacements when asked at yesterday’s FIA Chicago Division Washington Update in Chicago. He is very disciplined. Hoosiers can be that way.
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Energy Risk USA: Dodd-Frank implementation ‘maddening’, says O’Malia
Risk.net
The US Commodity Futures Trading Commission (CFTC) practice of finalising rules to implement the Dodd-Frank Act and then granting last-minute exemptions is “maddening” and detrimental to open government, according to CFTC commissioner Scott O’Malia
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***** Scott O’Malia is not who comes to mind when I think of “mad” CFTC Commissioners.
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Bloomberg cannot take Wall Street for granted
John Gapper – FT.com
In the three decades since Michael Bloomberg launched his electronic terminal to supply financial information and analytics, his company has been called many things: ambitious, competitive, brilliant, fearsome, relentless and totalitarian. Until now, it wasn’t known as stupid. Yet Bloomberg, the company that its founder put under new management to become mayor of New York, has done a foolish thing.
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***** Go ahead and take Wall Street for granted and see where that gets you.
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Live Webinar: Trading Russell Futures on ICE – New Contracts, New Tools
16 May — 4:30 PM ET/1:30 PM PST/9:30 PM GMT
Please join ICE and Russell Indexes for a live webinar about trading Russell index futures contracts on ICE. ICE is the exclusive home for Russell futures, and now offers new products and features that enhance the ability to manage risk using Russell products on ICE. Among the topics included in this presentation are:
* The suite of Russell products exclusively available on ICE, including the new Russell 2000 growth and value futures;
* The reasons behind the creation and construction of the indexes, the advantages they offer, and why Russell Indexes reconstitutes them;
* The importance of measuring index tracking error and how tracking error can significantly affect the performance of a portfolio, particularly during dynamic market periods when tracking error can increase dramatically;
* The new Trade at Index Close (TIC) order type now offered by ICE, a mechanism for funds to equitize cash at a fair value to the closing cash value of an index underlying a futures contract.
For more information, please contact webinar@theice.com or visit jlne.ws/10RCYhm
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Technology Trends That Matter: Panel Discussion – based on the upcoming book “Architects of Electronic Trading”
W Chicago – City Center, 172 W. Adams St., Chicago
When: June 6, 2013 3:30 p.m. to 6:30 p.m.
Join Mike Persico of Anova Technologies, John Knuff of Equinix, Bernard Hosman of Eurex Exchange and Robert Walker of xCelor for a panel discussion on the latest trends in technology that are relevant for low-latency firms. You’ll hear how microwaves and FPGAs are changing the market landscape and how exchanges are integrating these technologies to enhance their offerings. Experts also will address how low-latency firms can embrace the emerging “Trading Smart” trend to gain a competitive edge. Special guest moderator, Suhit Gupta, former CTO of hedge fund Maverick Capital will frame the discussion around transformational technology and how technology gives savvy firms greater agility.
The content for the panel discussion is based on Stephanie Hammer’s book, Architects of Electronic Trading, which features interviews with a range of technology leaders that include this event’s panelists and others including Mark Gorton of Tower Research Capital, William Murphy of The Blackstone Group, W. Brennan Carley of Thomson Reuters and others.
jlne.ws/15PzUW4
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Lead Stories
Banks Set to Win Rollback in Dodd-Frank Swap-Trade Rules
Silla Brush – Bloomberg
JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. and the world’s largest banks are set to win a rollback in final Dodd-Frank Act rules intended to transform the swaps market by increasing competition.
jlne.ws/15PzSxB
***** So now you just need one brother-in-law to get a quote from and you are good?
LSE eyes E800tn settlement market
Philip Stafford – FT.com
The London Stock Exchange Group has set its sights on the E800tn eurozone securities settlement market as it looks to extend its corporate transformation by pushing further into risk management. Xavier Rolet, group chief executive, said on Wednesday he would look to exploit a planned European project intended to foster competition among Europe’s incumbent central securities depositories.
jlne.ws/15PzUW7
Nasdaq eyes European derivatives push
Neil Munshi in St Louis and Philip Stafford in London – FT.com
Nasdaq OMX is to connect its new European derivatives platform with one of the world’s largest trading software companies, raising the US exchange’s ability to pose serious competition to dominant players NYSE Liffe and Deutsche Börse’s Eurex. Trading Technologies will connect its popular X_Trader software platform to NLX, Nasdaq’s new London venue for trading European fixed income derivatives, the companies announced on Wednesday.
jlne.ws/15PzSxC
RP Martin Said to Suspend CEO, Senior Director Amid Libor
Liam Vaughan and Matthew Leising – Bloomberg
RP Martin Holdings Ltd. suspended its chief executive officer and a senior director almost six months after two employees were arrested as part of the probe into Libor, two people with knowledge of the matter said
jlne.ws/15PzUW9
LCH.Clearnet Triples Fee for LME Before End of Clearing Deal
Bloomberg
LCH.Clearnet Group Ltd., which clears trades made on the London Metal Exchange, plans to triple a fee levied on contracts before the LME takes over clearing itself next year.
jlne.ws/15PzSxE
CFTC probe provokes bafflement and anger
Gregory Meyer in New York – FT.com
The US commodity market regulator is taking aim at a system usually lauded as a template for reform. The FT reported this week that the Commodity Futures Trading Commission has requested documents from energy and metals traders to prove their over-the-counter swaps trades were not futures contracts masquerading as swaps. The reaction in commodity markets has ranged from puzzlement to outrage.
jlne.ws/15PzSxF
J.P. Morgan Seeks Bloomberg Data
AARON LUCCHETTI, DAN FITZPATRICK and WILLIAM LAUNDER – WSJ.com
J.P. Morgan Chase & Co. sent a letter to Bloomberg LP this week asking that the financial news and information company show logs of all staff members since 2008 who used the company’s data terminals to search activities of J.P. Morgan subscribers.
jlne.ws/15PzUWf
375 Buy-Side Firms Unprepared for June 10 Category II Swaps Clearing Deadline, Says TABB Group
With the June 10 date for phase two of the OTC clearing mandate fast approaching, a large portion of buy-side firms say they are not ready to meet the Category II Clearing Deadline for swaps.
jlne.ws/YYjYOb
Regulatory
US regulators press forward with rule that could force foreign banks to flee
Quartz via Yahoo! Finance
Foreign banks are giving US regulators flak for setting rules about how they operate on domestic soil. Michael S. Gibson, director of the division of banking supervision and regulation at the Federal Reserve, is helping fan the flames. In a speech he gave today, Gibson signalled that US regulators are going to hold international regulators accountable with a new rule that discourages foreign banks from doing business in the US.
jlne.ws/15PzUWh
Energy Risk USA: New CFTC position limits due in June, O’Malia says
Risk.net
The US Commodity Futures Trading Commission (CFTC) will unveil its new rule on speculative position limits in the next six weeks, after its previous effort was rejected in an embarrassing court ruling, says commissioner Scott O’Malia.
jlne.ws/15PzSNV
Oil-Pricing Firm Platts Fought a Push for Regulation
JUSTIN SCHECK, CHRISTIAN BERTHELSEN and SARAH KENT – WSJ.com
LONDON—When an international group of market regulators last year considered imposing new controls on world oil benchmarks, the leader in that field, McGraw Hill Financial Inc.’s MHFI +0.58% Platts, fought back.
jlne.ws/15PzVcx
AMF seeks advanced Market Analysis Platform
The Autorité des marchés financiers (“AMF”), the regulatory and oversight body for Québec’s financial sector, today released a Request for Information (RFI) seeking information from potential suppliers of components for a Market Analysis Platform (MAP) or a Market Analysis Platform in its entirety.
jlne.ws/15PzVcA
SEC Names Lona Nallengara As Chief Of Staff
The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in December 2012 as its acting director.
jlne.ws/15PzSO2
SEC Names Keith F. Higgins As Director Of Division Of Corporation Finance
The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public companies about securities offerings, mergers and acquisitions, compliance, and corporate governance.
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Michael S. Gibson, Director, Federal Reserve Division Of Banking Supervision And Regulation – Cross-Border Resolution – Before The Subcommittee On National Security And International Trade And Finance, Committee On Banking, Housing, And Urban Affair, U.S. Senate, Washington, D.C. , May 15, 2013
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Exchanges & Trading Facilities
Rusal Says London Metal Exchange Should Provide More Information
Bloomberg
The London Metal Exchange should provide more information about trader holdings to better analyze metals markets, Oleg Mukhamedshin, deputy chief executive officer of United Co. Rusal, the world’s biggest aluminum producer, said.
jlne.ws/15PzSO5
Warsaw-Viennese waltz ups tempo for the CEE dance
Anish Puaar – Financial News
Merger talks between Vienna and Warsaw stock exchanges have ignited speculation of further tie-ups in central and eastern Europe as exchanges fight for a slice of markets stretching from the Bosporus to the Baltic.
jlne.ws/15PzVcJ
SIX Financial Information Launches New Income Distribution Service
jlne.ws/15PzSO8
General Counsel Honored During Annual Legal Recognition Dinner
Corporate Board Member magazine and global business advisory firm FTI Consulting, Inc. hosted the sixth annual Legal Recognition Dinner last night at the Grand Hyatt in New York City, honoring five distinguished general counsel and the top 25 national corporate law firms.
jlne.ws/15PzVcL
NYSE Euronext Announces Date for Second Quarter 2013 Earnings Release and Conference Call
jlne.ws/10PJAwQ
FESE European Equity Market Report – April 2013 Figures
jlne.ws/15PzSO9
Ljubljana Stock Exchange: Monthly Statistical Report April 2013
jlne.ws/15PzVcN
[CBOE] AIM Auto-Match with a Limit
jlne.ws/15PzVcO
Hedge Funds & Managed Futures
Soros Leads Gold-Stake Cuts Before Bear Market Drop
Bloomberg
Billionaire investor George Soros joined Northern Trust Corp. and Blackrock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.
jlne.ws/15PzVJB
Hedge Funds’ Bet on Corbat Pay Off as Citigroup Surges
Bloomberg
Moore Capital Management LP and Appaloosa Management LP are among hedge fund firms that counted Citigroup Inc. among their top holdings before the bank posted a 16 percent rally in a month and a half.
jlne.ws/15PzVt4
Investors Flood Into Loan Funds
MATT WIRZ AND KATY BURNE – WSJ.com
Money is flooding into funds that buy up loans to companies as some investors brace for the end of ultralow interest rates. The activity is adding fuel to the roaring corporate-refinancing boom by driving loan prices up, in turn pushing interest rates lower for companies rated below investment grade.
jlne.ws/15PzVt5
New Terms Weighed on Default Swaps
KATY BURNE – WSJ.com
An industry group wants to add criteria to a form of debt-default insurance that would lead to payouts for bondholders when banks are rescued.
jlne.ws/15PzVt6
Teaching an old market new tricks
Giles Turner – Financial News
While there is a lot of money to be made in investment banking, there is not a lot of love lost between those who work in the glass towers of the City and Canary Wharf and those who move into small, boutique offices in the greener, grander surroundings of the West End of London and start telling clients about the tricks of the trade.
jlne.ws/15PzVJE
The Dow Jones Credit Suisse Hedge Fund Index Finished Up 1.39% in April
jlne.ws/15PzVt7
Volume At Price
Trade Talk – Trading Technologies
As I mentioned in my last blog, X_STUDY charts offer more than traditional bar data. Along with the open, high, low, close and volume for each bar, we have a list of volume at each traded price. This list is commonly referred to as Volume at Price, or VAP, and can be visually displayed on an X_STUDY chart. The VAP data is then used to calculate many key technical price levels like Volume Weighted Average Price (VWAP), Volume Point of Control (POC) , Value Area High (VAH) and Value Area Low (VAL).
jlne.ws/15PzVJF
Swaps market faces liquidity drain from unprepared buyside
Anish Puaar – Financial News
A large number of institutional investors remain unprepared for the next wave of US rules on derivatives clearing, according to two studies, which could lead to as much as $55 trillion worth of liquidity being drained from key markets.
jlne.ws/15PzVta
In Landmark Argentine Bond Case, Five Scenarios to Watch For
Ken Parks and Michael J. Casey – MoneyBeat – WSJ
The U.S. Second Circuit Court of Appeals is deliberating over a closely-watched case that could determine whether holders of Argentine bonds continue to get paid and which might set an important precedent for sovereign-debt markets worldwide.
jlne.ws/15PzVJG
Boerse Stuttgart’s Bondm Segment For Medium-Sized Enterprises – More & More AG Issues Bond In Bondm Segment – Investors Can Subscribe To The New Bond Issue Starting On 3 June
jlne.ws/15PzVtb
Banks & Brokers
Cantor Fitzgerald Expands CLO and Structured Credit Team
Cantor Fitzgerald has announced four key hires in CLO, CDO and Structured Credit in New York and London. Florian Bita joins the team in New York, and Jason Eppleston, Martin Deville and Damian Horton join Cantor Fitzgerald Europe in London, strengthening Cantor’s global presence in the CLO arranging business.
jlne.ws/15PzVtc
Laurent Imbert Joins BGC Brokers As Senior Managing Director
BGC Brokers L.P., an entity of BGC Partners, Inc., a leading global brokerage company servicing the wholesale financial and real estate markets, today announced the appointment of Laurent Imbert as Senior Managing Director.
jlne.ws/15PzVte
HSBC Plans More Job Cuts in Effort to Save Up to $3 Billion
New York Times
HSBC said on Wednesday that it planned to find an additional $2 billion to $3 billion in cost cuts by 2016 that would include the elimination of as many as 14,000 jobs.
jlne.ws/15PzVtg
Blankfein Says Bank Valuations to Climb as Rules Become Clear
Bloomberg
Many U.S. banks are trading below book value because of concerns over regulation, and share prices will rise as those rules are finalized, said Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein.
jlne.ws/15PzVth
The Myth of a Perfect Orderly Liquidation Authority for Big Banks
New York Times
Yet another report on too-big-to-fail institutions fails to address the right issues, an economist writes.
jlne.ws/15PzVJJ
‘Back to Our Roots’: AIG CEO Benmosche
CNBC
AIG has refocused on its core businesses and is now a simpler company, CEO Robert Benmosche tells CNBC.
jlne.ws/15PzVJM
Goldman Sachs Tax Deal Didn’t Break U.K. Law, Judge Rules
Bloomberg
Goldman Sachs Group Inc. ’s deal with the U.K. government that may have saved the investment bank as much as 20 million pounds on its taxes didn’t break any laws, a judge ruled.
jlne.ws/15PzYoI
GOLDMAN: ‘We Don’t Have A Major Concern’ With Bloomberg
Business Insider
During the interview, Liesman took the opportunity to bring up the Bloomberg Terminal spying scandal. Goldman was the bank that complained to Bloomberg LP after it discovered some of the Bloomberg News reporters were using private client data to fuel coverage of their stories.
jlne.ws/15PzVJP
DealBook: JPMorgan Shareholders Are Denied Access to Results
New York Times
In the midst of a closely watched investor vote on whether to separate the roles of chairman and chief executive at JPMorgan Chase, the firm providing tabulations of the vote stopped giving snapshots to the proposal’s sponsors.
jlne.ws/15PzYoL
Deutsche Bank Names U.S. Wealth Management Executive
Dow Jones
Deutsche Bank AG on Wednesday named a new head of its U.S. asset and wealth management division for the Americas, effective immediately, as part of the bank’s efforts to revive the unit.
jlne.ws/15PzVJQ
Top Goldman Sachs energy banker retires
The Wall Street Journal
One of Goldman Sachs’ top energy bankers, Stephen Daniel, has retired, leaving the firm a year after his personal stock holdings in a pipeline company proved a point of controversy in a takeover deal.
jlne.ws/15PzYoO
Tullett Prebon Voted Broker Of The Year At 2013 Energy Risk Awards
jlne.ws/15PzVJR
Clearing & Settlement
NGX Adds Three New Locations to its U.S. Clearing Network
Natural Gas Exchange Inc. (NGX), a wholly-owned subsidiary of TMX Group, today announced that it has added three new natural gas clearing locations in the United States.
jlne.ws/15PzYoR
KDPW And NSD Sign Memorandum Of Understanding
The Central Securities Depository of Poland (KDPW) has signed a Memorandum of Understanding with the National Settlement Depository of Russia (NSD). It is the first step towards a future operational link.
jlne.ws/15PzYoS
Progress Of Discussions On Merger Between Japan Securities Clearing Corporation And Japan Government Bond Clearing Corporation
jlne.ws/15PzYoT
CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (WCO, LO) Effective Thursday, May 16, 2013
jlne.ws/15PzW06
Indexes & Products
Two SPDR equity index ETFs launched on Xetra
jlne.ws/15PzW08
JPX Group And Nikkei Agree On Joint Development Of New Index
jlne.ws/15PzW0f
Warsaw Stock Exchange Consults The Market On Replacement Of WIG20 With WIG5 And WIG30
jlne.ws/15PzYoU
China’s First Cross Border Exchange Traded Fund — The Guotai NASDAQ-100 ETF — Begins Trading On The Shanghai Stock Exchange
jlne.ws/15PzW0j
Tokyo Stock Exchange To Begin Calculating US Dollar Hedged Index
jlne.ws/15PzYoV
KBW Announces Change to KBW Global Financials (Ex-U.S.) Index (KGXSM)
jlne.ws/15PzYoW
Technology
ConceptONE announces new Head of Business Development
ConceptONE, LLC, a leading provider of data aggregation, risk management, reporting, and advisory solutions, is pleased to announce that Cary I. Goldstein has joined the firm as Managing Director and Head of Business Development.
jlne.ws/15PzYp0
Trading Technologies To Connect To NASDAQ OMX’s New NLX Exchange
Trading Technologies International, Inc. announced today that TT will connect its X_TRADER platform and related products to NASDAQ OMX NLX, a new London-based derivatives trading market.
jlne.ws/15PzWgA
Enforcement
SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use
The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use.
jlne.ws/15PzYFh
[ASIC] Sydney businessman Andrew Sigalla charged with breaches of directors duties
jlne.ws/15PzYFk
ASIC shuts down China Environment Group share scam
jlne.ws/15PzWgG
Environmental & Energy
Nodal Exchange Named “Exchange of the Year” at Energy Risk Awards 2013
Business Wire via Yahoo! Finance
Nodal Exchange has been named “Exchange of the Year” by Energy Risk magazine at The Energy Risk Awards 2013.
jlne.ws/15PzYFq
China Unlikely to Stimulate New Carbon Credit Supply Efforts
Bloomberg
China, the world’s biggest emitter of greenhouse gas, will probably avoid importing carbon credits for two decades, challenging diplomats as they craft a new emissions market that will increase supply, a government official said.
jlne.ws/10Ys03T
**RKB — Su says focus will be on internal offsetting credits absent a global agreement and more progress on global markets.
Water security threatens China
Financial Times
China’s water resources are running scarce. Farming and other human activities are turning large parts of the country into deserts and forcing residents to migrate.
jlne.ws/1436xLB
**RKB — Interesting vantage point in quick 3-minute video.
Asia-Pacific
China to launch offshore renminbi fund
Simon Rabinovitch in Beijing – FT.com
China is set to push its currency deeper into global capital markets with the launch of the country’s first-ever privately managed fund that invests in offshore renminbi assets.
jlne.ws/15PzWgH
Daiwa to Increase Retail Staff, Branches by 50% on Japan Rally
Bloomberg
Daiwa Securities Group Inc. , Japan ’s second-largest brokerage, plans to increase the number of bankers at its retail branches by 50 percent over the next few years as the stock market rally boosts demand from households.
jlne.ws/15PzYFu
As Baht Rises, Thai Tycoons Spend
JAMES HOOKWAY – WSJ.com
Fifteen years ago, Thailand and other Asian countries let their currencies slide, using cheap exports to help lift them out of a devastating economic slump. Today, Thailand’s currency is soaring, and some of its tycoons are going on a buying spree.
jlne.ws/15PzYFv
Hong Kong’s Securities And Futures Commission Proposes To Enhance Professional Investor Regime, Client Agreement Requirements
jlne.ws/15PzYVL
Investor Structure And Characteristics Of Behavioural Changes In Shenzhen Market: Evidence From Data Of Recent Years
jlne.ws/15PzWgJ
Frontier Markets
Morale hits a new low on Egypt stock market
Los Angeles Times
His phone doesn’t ring and his charts are gloomy. But every day Mostafa Ismail, a financial broker with a hangman’s demeanor, steps into the Egyptian stock exchange hoping for positive blips. They are rare in a nation where revolution has brought two years of political instability and turned “investor confidence” into a quaint phrase from a more prosperous era.
jlne.ws/15PzYVP
CEO Of Qatar Exchange Participates In Annual Meetings Of Arab Federation Of Exchanges In Tunisia
Mr. Rashid bin Ali Al Mansoori, CEO of Qatar Exchange, highlighted QE’s support to the efforts made by the General Secretariat of the Arab Federation of Exchanges (AFE) aiming at promoting joint efforts of the Arab exchanges and financial institutions and thus contributing to support the Arab economies.
jlne.ws/15PzWgM
Dubai’s Arqaam Capital eyes South Africa, Saudi expansion
Reuters via Yahoo! News
By Mirna Sleiman DUBAI – Dubai-based investment bank Arqaam Capital plans to expand into sub-Saharan Africa by the fourth quarter this year and may look at acquisitions in Saudi Arabia as part of its push into fast-growing emerging markets, its chief executive said.
jlne.ws/15PzWgN
London firm launches Islamic insurance platform
Reuters via Yahoo! News
By Bernardo Vizcaino SYDNEY – London-based firm Cobalt has developed a sharia-compliant insurance platform that uses a syndication model to help spread risk across a panel of underwriters, a novel format that could boost capacity in the sector.
jlne.ws/15PzYVS
The Nigerian Stock Exchange Partners CBi On Corporate Governance
The Nigerian Stock Exchange (NSE) has today taken steps which will lead to the establishment of a Corporate Governance Index for listed companies in Nigeria.
jlne.ws/15PzWgT
The Egyptian Exchange (EGX) Monthly Statistical Report April 2013
jlne.ws/15PzYVX
Ghana plans up to $1 billion Eurobond in 2013
Reuters via Yahoo! News
By Kwasi Kpodo ACCRA – Ghana plans a Eurobond worth up to $1 billion to refinance debt and fund infrastructure projects, its vice president said, adding to the list of developing countries tapping yield-hungry investors to bolster their economies.
jlne.ws/15PzWx8
Miscellaneous
Krawcheck Agrees to Buy the Women’s Network 85 Broads
New York Times
Sallie L. Krawcheck, a former executive of Bank of America and Citigroup, has agreed to buy 85 Broads, a global organization that supports women.
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