Industry news
Date: May 30, 2013
May 30, 2013: SEC to propose money-fund reform next week; LME traders back HKEx’s Asia-centric plans; The SEC’s Play-by-Play of Nasdaq’s Facebook Disaster
The SEC intends to announce its first ideas for reform in the money market sector next week. Even as the focus for the London Metal Exchange shifts toward Asia and its new parent, traders there are supportive of the new direction. The SEC’s anticipated fine and decision arrives for Nasdaq’s substandard handling of last year’s Facebook IPO.
First Read
Guest Editor for Next Week is Familiar, Unforgettable and WILD
Former John Lothian News editor at large Jessica Titlebaum will be the guest editor of this newsletter next week while I am away testing my knees on a Boy Scout camping trip to Mammoth Cave in Kentucky. Ms. Titlebaum, who is currently head of marketing in the Americas for Orc Group has been the butt of many snarky comments in this newsletter since she left, and thus this is her chance to even the score. Who says I am not fair (besides Jessica)?
Tomorrow sometime MarketsWiki will pass the 40 million page view mark. MarketsReformWiki is coming up on 5 million page views.
The John Lothian News Special Report on Turkey is now scheduled for release on June 10. We are still seeking sponsors. Contact me if you are interested in learning more about becoming a Special Report sponsor.
++++
Hedge Funds Care 11th Annual Midwest Charity Gala Raises Over $650,000 to Prevent and Treat Child Abuse
The Midwest financial community united on May 22, 2013 at the 11th Annual Hedge Funds Care Midwest “Open Your Heart to the Children” Benefit and raised over $650,000 to provide support for local charities that prevent and treat child abuse. A highlight of the Chicago social calendar, the Benefit brought together over 450 members of the hedge fund, proprietary trading, private equity, and venture capital communities in support of this vital charitable cause. During the Benefit the Kelly Lively Award was presented to GEM Realty Capital for an outstanding commitment to the mission of Hedge Funds Care. Legendary sports trainer Tim Grover also attended and signed copies of his new book “RELENTLESS: From Good To Great To Unstoppable.”
jlne.ws/11dsnvS
***** Congratulations on the successful event.
++++
Jonathan Lenchard Warren Earns Eagle Rank
He wrote to me the following:
“I wanted to let you know that I am now an Eagle Scout. I raised over $6,000 to replace more than 200 American flags/poles flown in downtown Hinsdale for U. S. holidays. I retired all the old flags via a Flag Retirement Ceremony and I built a storage locker to house the new flags in the Chamber of Commerce Office space. I wanted to thank you for your help in my project. From the notice in your newsletter about my project, I received a number of donations from Elmhurst, Wilmette, Chicago, and other places all the way to Singapore! I wanted to thank all of the people who contributed monetarily, as well as through words of encouragement about my Eagle project. I learned a lot about leadership and teamwork, as well as fundraising and I met a lot of people, like you, who were very helpful along the way.”
***** I want to thank all of the readers who helped Jonathan with his project and helped him learn valuable lessons on his way to earning his Eagle rank. You did good!
++++
Will the next week herald a new age of competition in Europe?
William Mitting – FOW
Three events in the European exchange traded interest rate markets over the next week, could open up the market to competition like never before but few would be against Liffe emerging on top. NLX, Nasdaq OMX’s new MTF, announced today it will go live on Friday. Eurex will relaunch its Euribor contract on Monday while on the same day Liffe will face Dutch rival TOM (The Order Machine) in a Dutch court. All three events will impact how the exchange traded market will evolve over the coming years. And all three threaten Liffe.
jlne.ws/11dsnvV
***** Forget heralding, it just screams competition.
++++
We Have the Tools to End TBTF, We Just Have to Use Them
Mayra Rodriguez Valladares
Twenty-nine years ago this month, as I was registering early for my freshman year of college, the government rescued Continental Illinois in what remains the largest bank resolution in U.S. history. Although I was unaware at the time, during those years bank regulators went through incredible soul-searching to determine how they missed the warning flags at Continental, the original “too big to fail” institution. I graduated in 1988, the year of the Basel Accord.
jlne.ws/11dst6x
***** Too Big Too Fail needs to be solved and yet in some ways will never be solved.
++++
CME Group Announces Treasury Futures Trading Volume Record
CME Group, the world’s leading and most diverse derivatives marketplace, today announced a record in daily trading volume for its Treasury futures complex on Tuesday, May 28, 2013. Total daily volume for Treasury futures reached 10,476,906 surpassing its previous record of 10,103,808 set on February 26, 2013.
jlne.ws/11dst6B
***** Ya Baby!!!!
++++
World Federation Of Exchanges Reports On High Frequency Trading
The World Federation of Exchanges (WFE) today released a review on High Frequency Trading (HFT), describing it as a technology that financial firms are embracing around the world. Besides, the study notes the many initiatives and risk management practices that exchanges have adopted to enhance the safety, stability and integrity of the markets.
jlne.ws/11dsqb7
***** The WFE is an organization on the move and should be watched closely.
++++
Stephanie Hammer Speaks About the New Mindset for Financial Technology
MarketsWiki.tv
Stephanie Hammer talks about some of the key themes and takeaways in putting together her new book, “Architects of Electronic Trading: Technology Leaders Who Are Shaping Today’s Financial Markets.” In it, Hammer interviews 15 financial industry professionals across the spectrum of the trading space in a Q&A format, exploring topics such as transformational technology, affordable desktop supercomputing, cloud computing and microwave data technology. She also discusses how technology is being implemented at top trading firms today, along with how technologists are being integrated into the trading and business decisions made at trading firms today.
++++
Barchart Releases Free Market Data Widgets for Websites
Barchart.com, Inc., a leading provider of market data and information, today announced that it has introduced a series of free market data widgets. Anyone can now visit Barchart’s market data solutions website and create customized displays using a widget builder, and then integrate the widget into their website.
jlne.ws/11dsqb8
***** I used to love deep fried widgets.
++++
Asset manager PEAK6 selects SunGard for a comprehensive portfolio management and risk system
PEAK6 Advisors LLC, a Chicago-based asset manager specializing in alternative investments, has gone live with SunGard’s Front Arena and Monis solutions. The solutions help PEAK6 better service its clients by providing customized portfolio and risk management, valuations and trade processing.
jlne.ws/11dst6H
****** PEAK6 is an asset manager? Since when?
++++
The Banker Behind Goldman Sachs Elevator Spills On Secrecy, Ethics, And How He Crafts His Tweets
Linette Lopez – Business Insider
There was an audible cringe on Wall Street when Goldman Sachs Elevator (@gselevator, GSE) started Tweeting. It may have even been louder than the laughter.
jlne.ws/11dsqro
****** Who talks on elevators anyway?
++++
Cocktail Reception and Educational Event, June 6, Kansas City
Join NYSE Liffe, G. H. Financials and Trading Technologies for an educational seminar and cocktail reception, Thursday, June 6, InterContinental Hotel at the Plaza, Kansas City, MO. Topics include opportunities in the milling wheat market, clearing and access to the world’s commodity markets, and creating automated trading strategies and reduced pricing for X Trader licensing. If you have any questions, or would like to register for the event, please contact Dayre Lashnits at DLashnits@nyx.com
****** To all our Kansas City readers, please come to this event and drink a lot of NYSE Liffe’s, Trading Technologies’ and G.H. Financial’s booze and learn what you can before the booze kicks in. Seriously, they serve the good stuff.
++++
High Performance Trading: To Standardize or Not to Standardize? That is the Question
FPL AMERICAS REGIONAL MEETING – CHICAGO
Wednesday, June 5th, 2013, 4-7 PM CT
What if there was a new way to represent FIX to increase its effectiveness in high speed environments. Interested? The FIX High Performance Working Group (HPWG) is developing standards that make the FIX Protocol more fit for high performance trading applications. Join us at this session to learn more about this initiative, including additional discussions
on:
* Encoding messages for high performance messaging – is one approach sufficient?
* Optimizing the FIX trading model for high performance
* What are the requirements for a session layer suited for high performance computing?
* Testing – Are you onboard?
For complete details, visit http://jlne.ws/11dsqrp
***** I never try to miss a FIX event, but alas will be on a scout trip.
++++
IPXI Web Presentation on First ULR Contract Offering: OLED Technology
Please join IPXI as we unveil the first Unit License Right (ULR) contract offering, present important offering details and launch the start of the marketing campaign for the ULR contracts. This first-of-its-kind offering will enable operating companies, investors and other market participants to buy and sell ULR contracts for a portfolio of more than 600 patent assets, including 225 granted patents worldwide, related to organic light-emitting diode (OLED) technology for display screen applications. The portfolio is the result of nearly 20 years of research in the field by Koninklijke Philips N.V. (Philips), the global leader in healthcare, lifestyle and lighting.
jlne.ws/11dst6L
***** You are not going to want to miss this one.
++++
MarketsWiki
MarketsWiki Page of the Day
NASDAQ OMX NLX.
jlne.ws/ZtACp8
MarketsWiki Recent Updates
People
Stephanie Hammer; Ian Axe; Jacques Aigrain; Mike Persico
Companies, Organizations and Groups
LCH.Clearnet Group Ltd.; NASDAQ OMX NLX; Anova Technologies; HighGround Trading Group, Inc.
Miscellaneous
Statistics
39,913,652 pages viewed, 7,500 articles, 159,461 edits
MarketsWiki Statistics
Lead Stories
SEC to propose money-fund reform next week
Market Watch
WASHINGTON – The Securities and Exchange Commission on June 5 will introduce a long-awaited proposal to reform the $2.7 trillion money-market fund industry. The money-fund industry, so far, has successfully blocked efforts by the SEC to impose new regulations.
jlne.ws/11dsqrr
LME traders back HKEx’s Asia-centric plans
Suzi Ring – Financial News
London Metal Exchange traders have offered their support for the latest in a host of changes to the platform floated by new owner Hong Kong Exchanges & Clearing, despite indications that it is increasingly shifting its focus from London to Asia.
jlne.ws/11dst6M
The SEC’s Play-by-Play of Nasdaq’s Facebook Disaster
BusinessWeek
Nasdaq OMX Group agreed earlier today to pay $10 million to settle charges over the spectacularly botched Facebook IPO last May. In striking the deal, the exchange did not admit or deny allegations.
jlne.ws/11dsqrv
CME Group Puts Nymex Building in Manhattan Up for Sale
Prashant Gopal & Matthew Leising – Bloomberg
CME Group Inc. (CME), the world’s largest futures exchange, hired real estate brokers to sell its 16-story New York Mercantile Exchange tower, with plans to potentially lease back a portion of the building and its trading floor.
jlne.ws/11dst6O
CFTC faces ‘huge challenge’ in analysing swap data, says O’Malia [subscription required]
Alexander Osipovich – Risk.net
The US Commodity Futures Trading Commission (CFTC) must drastically improve its technical capabilities in order to analyse the trading data it is now collecting in accordance with the Dodd-Frank Act, or else it will be unable to fulfil its congressional mandate to oversee over-the-counter derivatives, warned commissioner Scott O’Malia.
jlne.ws/11dsqrw
European regulators clash with US over derivatives market reforms
Gregory Meyer in New York and Alex Barker in Brussels – FT.com
European regulators have clashed with the US over the timing of reforms to the $633tn derivatives market in a letter urging further delays to guidelines that would extend Washington’s reach overseas. The letter sent on Tuesday is the latest sign of strain over how different countries should split the job of overseeing the global derivatives market.
jlne.ws/11dstn3
Banks, traders back new Nasdaq derivatives market
Reuters via Yahoo! News
LONDON – Key banks, brokerages and high-frequency trading firms are backing a new London derivatives market set up by Nasdaq OMX , which the exchange is launching to shake up competition in trading European interest-rate products.
jlne.ws/11dstn4
FINRA Foundation Releases Nation’s State-By-State Financial Capability Survey
California, Massachusetts And New Jersey Most Financially Capable; Mississippi, Arkansas And Kentucky Near Bottom
jlne.ws/11dsqrz
Got a Swiss bank account? Time to fess up.
CNN Money
Now that Switzerland has agreed to cooperate with a broad U.S. tax evasion probe, thousands of wealthy American account holders may soon be exposed to the IRS.
jlne.ws/11dsqrA
Dissatisfaction with financial companies at record high
Lucy Warwick-Ching – FT.com
Customer dissatisfaction with financial companies has reached record levels, with four of the UK’s big banking groups accounting for almost two-thirds of complaints to the Financial Ombudsman Service.
jlne.ws/11dsqrE
Shuanghui Agrees to Buy Smithfield for $4.7 Billion
MICHAEL J. DE LA MERCED and DAVID BARBOZA – NYTimes.com
Demand for pork in China reflects its booming economy and rising middle class. But that rapidly growing appetite has strained its food production systems, leading to breakdowns and a number of food safety scandals.
jlne.ws/11dsqHU
Regulatory
ASIC Scraps Minimum-Resting-Time Plan for Equity Trade Orders
Bloomberg
Australia’s securities regulator said it will not proceed with a proposal to impose a minimum time period that small equity trade orders must remain on order books before they can be withdrawn.
jlne.ws/11dstn7
Remarks At Joint News Conference On National Financial Capability Study By SEC Chairman Mary Jo White
jlne.ws/11dstn8
Remarks by Richard Ketchum About the National Financial Capability Study
jlne.ws/11dsqHX
FINRA Foundation Releases Nation’s State-by-State Financial Capability Survey
jlne.ws/11dstnh
ESMA Promotes Global Supervisory Co-Operation On Alternative Funds
jlne.ws/11dsqI6
The Autorité des Marchés Financiers publishes a guide for investment management companies on the impact of the European regulation on clearing OTC derivatives
jlne.ws/11dsqYr
ASIC seeks comments on approach to auditor resignation, removal and replacement
jlne.ws/11dstDy
ASIC consults on relief for the ASX Managed Fund Service
jlne.ws/11dstDA
New Zealand’s Financial Markets Authority Update 30 May 2013 – Hybrid Financial Instrument Disclosures
jlne.ws/11dsqYt
Exchanges & Trading Facilities
LSE halves fees for ETF market makers
Suzi Ring – Financial News
The London Stock Exchange Group is cutting fees for its registered market makers in exchange-traded funds by 50%, in a bid to better serve specialist ETF dealers and guard against increasing competition for liquidity.
jlne.ws/11dsqYu
Alexandre Zeller Elected Chairman Of The Board Of Directors Of SIX
jlne.ws/11dstDC
CME Group Hires Newmark Grubb Knight Frank and HDREP to Market NYMEX Headquarters
CME Group, the world’s leading and most diverse derivatives marketplace, in partnership with its strategic global real estate advisor Holly Duran Real Estate Partners LLC of Chicago, has retained Newmark Grubb Knight Frank to explore the sale of the NYMEX Building, the headquarters to the New York Mercantile Exchange.
jlne.ws/11dsqYv
SIX Financial Information To Provide Consolidated Data To Superderivatives’ Market Data Platform
SIX Financial Information has won SuperDerivatives as new client, a global leader for cloud-based real-time market data, derivatives technology and valuation services for the financial and commodity markets. SuperDerivatives relies on SIX’s real-time pricing data for its market data platform, DGX.
jlne.ws/11dstDH
NZX: Amendments To The Final Settlement Price Calculation Method
jlne.ws/11dsqYx
Hellenic Exchanges S.A. : HELEX – Dividend For Fiscal Year 2012
jlne.ws/11dstDJ
Hedge Funds & Managed Futures
Bloomberg Hedge Funds Summit to Focus on Mainstream Investors
Business Wire via Yahoo! Finance
Bloomberg today announced that it will gather hedge fund managers and investors in New York City on Tuesday, June 4, for the Bloomberg Hedge Funds Summit, one of the most significant annual gatherings for the industry.
jlne.ws/11dsqYy
Ex-Janus Managers Join Former Colleagues at Hedge Fund
Bloomberg
Brian Schaub and Chad Meade, fund managers who quit Janus Capital Group Inc. this month, have joined Arrowpoint Partners, a Denver-based hedge-fund firm co-founded by their former colleague David Corkins.
jlne.ws/11dsqYA
HSBC Asia Prime-Finance Team Seeks to Double Hedge-Fund Assets
Bloomberg
HSBC Holdings Plc , the largest European bank by assets, plans to double its Asia-Pacific prime finance team’s cut of hedge-fund assets in the coming year, said Melvyn Ford, regional head of the business.
jlne.ws/11dstDM
Petraeus Reboots With Private-Equity Giant KKR
MIKE SPECTOR – WSJ.com
David Petraeus, the former U.S. Army general who resigned last year as Central Intelligence Agency chief, is rebooting his career with KKR & Co., the giant private-equity firm.
jlne.ws/11dsqYB
Banks & Brokers
Sallie Mae to split into two companies, names new CEO
Reuters via Yahoo! News
By Tanya Agrawal – Sallie Mae Corp. , the largest U.S. student loan provider, said on Wednesday it would split into two publicly traded companies as it seeks better valuation for its private student lending business.
jlne.ws/11dstDN
BOE Targets June to Complete Review of Banks’ Capital Raising
Bloomberg
The U.K.’s Prudential Regulation Authority is aiming to tell all lenders their individual share of a 25 billion-pound capital shortfall by the end of June, according to a senior bank supervisor.
jlne.ws/11dstDQ
Choosing the Next Head of the Federal Reserve
New York Times
The Federal Reserve needs a leader who is tough on big banks, and it’s unlikely to get one soon, an economist writes.
jlne.ws/11dsqYH
Morgan Stanley sues high-producing brokers for jump to Stifel
Reuters
Morgan Stanley has asked an Idaho court to prohibit three brokers it says generated over half the revenue at its Coeur d’Alene branch from contacting former colleagues about joining them at a Stifel Nicolaus & Co. office they have set up in the same city
jlne.ws/11dstDR
Keefe, Bruyette & Woods Hires Domenico Santoro to European Research Team
Business Wire via Yahoo! Finance
Keefe, Bruyette & Woods Limited, a boutique investment bank and broker-dealer that specializes in the financial services sector, and a wholly owned subsidiary of KBW LLC, today announced the appointment of Domenico Santoro to its European Research Team where he will be responsible for Italian bank coverage.
jlne.ws/11dsreW
Blankfein Leads Bank CEO Pay With $26 Million Deemed as Overpaid
Bloomberg
Bankers at Goldman Sachs Group Inc. had a tumultuous 2012. The firm cut 900 jobs, promoted the fewest executives to the exalted post of partner in more than a decade and slashed the portion of revenue set aside for compensation to 38 percent from 42 percent a year earlier.
jlne.ws/11dsreY
UBS AG Cuts Energy, Financial Analysts in Canada
Bloomberg
UBS AG , Switzerland ’s largest bank, eliminated four analysts from its Canadian team as it curbs costs, according to a person with direct knowledge of the cuts.
jlne.ws/11dstU6
Bank Of Cyprus: Appointment Of Interim Group Chief Executive Officer
jlne.ws/11dsrf1
Meet James Gorman, C.E.O. and Music Agent
New York Times
James Gorman, Morgan Stanley’s chief executive and proud father, sent an e-mail on Wednesday promoting his daughter’s music career.
jlne.ws/11dsrf2
HSBC Settles Thema Fund’s Suit Over Madoff-Linked Losses
Bloomberg
HSBC and Thema said the deal, for an undisclosed amount, doesn’t include an “admission of liability on the part of any party.” The settlement needs to be approved by Thema shareholders, who are expected to meet in July for that purpose, the parties said in a joint statement today.
jlne.ws/11dstU8
Clearing & Settlement
The end of the waterfall: Industry faces up to CCP recovery and resolution
Michael Watt – Risk.net
A clearing house is often thought of as a place of complete safety. Once a trade passes through its doors, the counterparties can relax, protected from each other by variation and initial margin, as well as a default fund built up by an inner circle of member firms and the capital of the central counterparty (CCP) itself. But what if this waterfall of resources is not enough?
jlne.ws/11dstUb
Clearstream offers enhanced market access to Russia as of 31 May 2013
As momentum continues in the reform of Russia’s capital markets, Clearstream is keeping pace and is supporting the set-up of an effective settlement framework by delivering its improved settlement solution and introducing municipal bonds via its direct link to the new Russian Central Securities Depository (CSD), the National Settlement Depository (NSD).
jlne.ws/11dsrf5
CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members Effective Thursday, May 30, 2013
jlne.ws/11dstUd
Indexes & Products
Fidelity’s Active ETF Plans Take Shape
IndexUniverse.com via Yahoo! Finance
Fidelity has begun putting into registration its first ETFs in a decade—actively managed portfolios focused on corporate bonds and on mortgage-backed securities, beginning an exciting new phase for the company that became famous a generation ago with the Magellan Fund.
jlne.ws/11dsrf7
Technology
CQG APIs Power Event Trading in AlphaFlash Trader
CQG, Inc. today announced that it has partnered with Deutsche Börse to provide automated, event-driven trade execution via the AlphaFlash Trader application through the CQG Integrated Client and CQG Trader APIs. Through these CQG API connections, AlphaFlash Trader accesses CQG’s robust market data feed and its global network of Hosted Exchange Gateways for high-speed order routing.
jlne.ws/11dstUj
DealVector Launches First Electronic Communication Network For Fixed Income And Alternative Asset Space
Introduction Of “LinkedIn For Deals” Addresses Industry Issues Of Transparency And Information Sharing
jlne.ws/11dsrvr
Dion Successfully Deploys TradeCentre at Hartleys Limited
Global Financial Technology Provider Launches An Evolutionary Trading Platform For Australian Market
jlne.ws/11dsuaA
Enforcement
CFTC Orders FCStone LLC to Pay a $1.5 Million Civil Monetary Penalty for Failing to Have Risk Controls, in Violation of Supervision Obligations
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against FCStone LLC, a Futures Commission Merchant (FCM) headquartered in New York, New York, for failing to diligently supervise its officers and employees relating to its business as an FCM
jlne.ws/117ZH4l
SEC Charges Total S.A. for Illegal Payments to Iranian Official
The Securities and Exchange Commission today charged France-based oil and gas company Total S.A. with violating the Foreign Corrupt Practices Act (FCPA) by paying $60 million in bribes to intermediaries of an Iranian government official who then exercised his influence to help the company obtain valuable contracts to develop significant oil and gas fields in Iran.
jlne.ws/11dsuaB
SEC Charges NASDAQ for Failures During Facebook IPO
The Securities and Exchange Commission today charged NASDAQ with securities laws violations resulting from its poor systems and decision-making during the initial public offering (IPO) and secondary market trading of Facebook shares. NASDAQ has agreed to settle the SEC’s charges by paying a $10 million penalty – the largest ever against an exchange.
jlne.ws/11dsrvw
Wellington Capital distribution to unit holders found to be invalid
jlne.ws/11dsuaE
New Zealand’s Financial Markets Authority: Court Of Appeal Rejects Lombard Directors’ Appeals Against Conviction; Sentences Found To Be Inadequate
jlne.ws/11dsrvz
Environmental & Energy
EU’s greenhouse gas emissions sink to lowest since 1990
Reuters
Greenhouse gases emitted by the European Union fell by 3.3 percent in 2011 to their lowest level since 1990, the European Environment Agency said on Wednesday.
jlne.ws/118o81w
PEGAS Launched Successfully – EEX-Powernext Gas Cooperation Now Live
The European Energy Exchange (EEX) and Powernext are pleased to announce the launch of PEGAS, the natural gas trading cooperation between EEX and Powernext. In the framework of the cooperation, the trading participants can trade both exchanges´ natural gas products on a common trading platform, the Trayport Exchange Trading System (ETS).
jlne.ws/11dsuaG
Antitrust: European Commission Sends Statement Of Objections To Romanian Power Exchange OPCOM
jlne.ws/11dsrvA
Asia-Pacific
HKEx: Hong Kong To Host Its First LME Week Asia Next Month
Hong Kong Exchanges and Clearing Limited (HKEx) and the London Metal Exchange (LME) will hold the first LME Week Asia in Hong Kong in the week of 24 June this year.
jlne.ws/11dsuaH
Hong Kong’s Securities and Futures Commission & Police Issue Joint Statement To Clarify Media Report – Hong Kong Mercantile Exchange
jlne.ws/11dsrvB
MarketPrizm Starts Market Data And Infrastructure Services In Japan Exchange’s Co-Location Area
jlne.ws/11dsuaK
HKFE Announces Revised Margins For Futures Contracts
jlne.ws/11dsrvC
Frontier Markets
Abu Dhabi Securities Exchange Appoints Deputy Chief Executive
Abu Dhabi Securities Exchange (ADX) announced the appointment of Mr. Ghanem Hamad Al Dhaheri as Deputy Chief Executive of Operation Affairs at the exchange.
jlne.ws/11dsuaL
UBS Plans Hunt for African Rich With Wealth Management Expansion
Bloomberg
UBS AG , the Swiss bank seeking to boost profit from wealth-management, said it plans to expand in Africa as economic growth rates surpassing 5 percent boost demand for banking services from the continent’s rich.
jlne.ws/11dsrvF
Updated List Of Shariah-Compliant Securities By Securities Commission Malaysia’s Shariah Advisory Council
jlne.ws/11dsrvG
Palestine Exchange Notification: Trading Hours And Fluctuation Rates %
jlne.ws/11dsuaP
Malysia’s Audit Oversight Board Urges Firms To Focus On Root Causes To Improve Audit Quality
jlne.ws/11dsrvH
Egyptian Exchange Holds The 2nd Workshop With Mutual Funds To Stimulate Trading Volume
jlne.ws/11dsrvI