Industry news
Date: Jun 6, 2013
June 6, 2013: Martin Abbott to step down as HKEx’s Co head of Global Markets and LME’s CE; SEC moves to tighten regulations on money market funds; LME sets date for clearing house launch
London Metal Exchange Chief Executive Martin Abbott announces his departure from HKEx. The SEC as expected announces their proposed new regulations for the money market industry. The London Metal Exchange sets its date to launch its new clearing operations, confirming the previously announced discontinuation of clearing operations with LCH.Clearnet.
First Read
People Moves – WILD Edition
Jessica Titlebaum – Orc Group
As mentioned Monday, here are a few people on the move that if you don’t know, you should be introduced to.
WILD Chicago Member Julie DeMatteo has joined RJ O’Brien as a Managing Director of Asset Management this week. She said that she joined the firm because its world class operational and risk management infrastructure excited her and she would be able to leverage it to expand the firm’s asset management business. She is looking forward to developing additional alternative investment vehicles and partnering with a variety of distribution channels to bring those products to market.
Julie joins RJ O’Brien from Barclays Capital where she served as Director of Prime Services for three years. Prior to that, Julie was the Executive Director of Business Development at AlphaMetrix. She served as President and CEO of UBS Managed Fund Services before that. She also spent time in legal and compliance roles at UBS Securities, ING Securities and Bank of America.
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WILD Board Member Katherine Murray was appointed Brand Strategist at Artisan Partners. Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. As part of the firms marketing and communications team, Katherine will oversee Artisan’s global brand strategy.
Katherine was most recently Director of Business Development at Dean Media Group in Chicago. She also spent time at Patsystems as the Global Head of Marketing and at US Bank where she worked as a Sales and Relationship Manager.
As if having a baby recently wasn’t change enough, Katherine has moved to Milwaukee for this new role.
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And a WILD London Steering Committee Member who is literally on the move… After breaking her pelvis in six places in a car accident and having to learn to walk again, Samantha Page from Bank of America Merrill Lynch, is training for the Chicago Marathon this October.
Sam has a personal connection to Chicago as her father trained as a commodities broker in the soya bean pit at the Chicago Board of Trade. He worked for Merrill Lynch Pierce Fenner and Smith. Samantha proudly displays his framed business card on her desk at work.
Samantha will be running the Chicago Marathon to raise money for Futures for Kids, an organization founded by members of the futures and options industry to give back and help children’s charities. She has raised over 1100 British Pounds. If you are interested in donating, please click here: jlne.ws/ZliM6P
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Martin Abbott to step down as HKEx’s Co head of Global Markets and LME’s CE
Hong Kong Exchanges and Clearing Limited and The London Metal Exchange announce today that Martin Abbott, HKEx’s Co-head of Global Markets and LME’s Chief Executive, has tendered his resignation from the HKEx group. Mr Abbott has agreed to stay in his current positions until the end of this year in order to facilitate a smooth and orderly transition.
jlne.ws/18699h3
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CME Clearing Europe’s Lamb to Retire, Succeeded by Lee Betsill
Nandini Sukumar – Bloomberg
Andrew Lamb, chief executive officer of CME Group Inc.’s European clearinghouse, will retire on July 31, four years after joining the world’s biggest futures exchange. Lee Betsill, chief operating officer and managing director of CME Clearing Europe, succeeds Lamb. During his career, Lamb was also CEO of LCH.Clearnet Ltd., advised IntercontinentalExchange Inc. and worked at the Bank of England.
(via email)
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Man Group shares tumble after steep losses by flagship AHL fund
Sam Jones, Hedge Fund Correspondent – FT.com
Shares in Man Group, the world’s second largest hedge fund, tumbled as much as 15 per cent in London after steep losses for the company’s flagship fund. Man’s $16.4bn “black box” fund AHL, which uses complex computer models to spot and ride trends in hundreds of markets around the world, lost more than 10 per cent of its value in May and is down more than 12 per cent from a peak earlier this year.
jlne.ws/17r18SX
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TABB Says EMIR Requirement for Improved Trade Reporting is Leading Move to Automated Workflows, Transforming European OTC Equity Derivatives Markets
Business Wire via Yahoo! Finance
Change is underway in the European OTC equity derivatives markets. Greater transparency is being created from the necessity of improved clearing, collateral and trade reporting driven by EMIR Regulation 648/2012, which became effective March 2013.
jlne.ws/17r17yo
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SEC Approves NYSE Proposal to Temporarily Restore Stock-Volatility Curbs
Chris Dieterich and Jacob Bunge – Dow Jones
Regulators approved the New York Stock Exchange‘s proposal to temporarily restore proprietary stock- volatility curbs after a series of violent drops in high-profile stocks.
jlne.ws/ZRFMvq
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Platts, rivals ask for exemption from benchmark regulations
Reuters
Leading commodity price reporting agencies have called on global regulators to exempt them from new rules aimed at preventing financial benchmark manipulations, arguing that it would reduce liquidity and transparency in markets such as oil.
jlne.ws/15AKSKY
***JT: All those competitors should meet at Benchmark for a pow-wow and to reduce the bar’s liquid offering.
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Tackling European trade reporting requirements
Dan Barnes – FOW
Derivatives traders are facing new and tighter deadlines for reporting trades, which will impact the rest of their post-trade processing. From September 23, the European and Markets Infrastructure Regulation (Emir) will demand that credit and interest rate derivative trades are reported to a trade repository or to the European Securities and Markets Authority, with other financial derivatives being reported from January 1 2014. Reporting of energy derivatives to the Agency for the Cooperation of Energy Regulators (ACER) is expected to start in January 2014.
jlne.ws/17r199f
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Asia exchanges set for overhaul as competitiveness wanes
Risk.net [subscription/trial only]
Recent high-profile outages on Asian exchanges have raised questions over the robustness of the region’s trading infrastructure. Is the solution greater competition or an increased spend on technology?
jlne.ws/17r199h
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Quant hedge funds hit by US bonds sell-off
Sam Jones – FT.com
Some of the world’s biggest quant hedge funds have suffered steep losses in the past two weeks following the sell-off in global bond markets. So-called “CTAs”, which use computer models to automatically spot and ride market trends, were caught out as investors anticipated an end to the Federal Reserve’s measures to stimulate the US economy, triggering a global rout in fixed income investments.
jlne.ws/17r17OK
***JM: A “commodity trading advisor” CTA isn’t a hedge fund, nor is it defined as a company that trades computer models or rides trends. Who’s so-calling them that, anyway? We need to talk.
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Intellectual Property Exchange International Launches First Offering
Intellectual Property Exchange International, Inc., the world’s first financial exchange for licensing and trading intellectual property rights, today launched its first Unit License Right contract offering. During its first public web presentation held at 10 a.m. CT, IPXI unveiled details about the first-of-its-kind offering covering a portfolio of more than 600 patent assets – including 225 granted patents globally – related to organic light-emitting diode technologies for display screen applications.
jlne.ws/17r17yq
***JT: Congrats IPXI on the launch! I was just out to lunch with Danijel Medic and we were talking about your former Chief Technology Officer Jessica Zemple. She was one of the first women I ever interviewed in derivatives.
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Socially conscious mutual funds are quickly growing
Pittsburgh Post-Gazette
A growing number of mutual funds cater to investors who strive to generate a financial return as well as improve the world in some way.
jlne.ws/17r17OL
***JT- We are out to change the world.
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How to Turn Your Generosity Into Philanthropy
MELISSA KORN – WSJ.com
Before business school students set out to master capitalism, Stanford University lecturer Laura Arrillaga-Andreessen teaches them how to master philanthropy.
jlne.ws/17r17ON
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OptionsCity Chicago Algorithmic Trading Conference: for Developers, by Developers
June 12, 2013, W Chicago – City Center
1:00pm – 6:00pm sessions
6:00pm – 8:00pm networking reception
We invite you to register for an afternoon of sessions detailing the hottest topics and trends shaping the financial technology community. Expand your knowledge base at versatile presentations and interactive panel discussions from leading algorithmic trading and development experts. Harness cutting-edge ideas from industry peers and take an exclusive look inside Automated Trader’s Global Trading Trends Survey. The day ends with a networking reception.
Complimentary passes are available for OptionsCity customers. Contact Sarah McNabb at smcnabb@optionscity.com.
For complete details and to register, visit jlne.ws/11mktmS
***JT: Hi Hazem, even guest editors have to play fair (grin) sometimes!
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Informatica Seminar: Ultra Messaging Low Latency Developer Forum
Wednesday, June 12, 2013, 1:00 pm – 6:00 pm CT
Mid-America Club, 200 East Randolph Street, 80th Floor, Frank Lloyd Wright Room, Chicago, Illinois 60601
Attend the 2013 Ultra Messaging Low Latency Developer Forum to hear the secrets behind the newest record-setting low latency architecture from the people who wrote it and from the people who build high-performance apps with it every day. Register today and you’ll learn…
Innovative ways developers and architects are using UM in their organizations
Lessons our developers have learned in building UM
Performance tuning secrets for developers of UM applications
Recent and future UM developments that your organization can use
Talks will include details on the development of our record breaking IPC performance improvements and new features like dynamic routing between topic resolution domains and topic-level monitoring GUI.
For complete details, visit jlne.ws/13cMbhe
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MarketsWiki.tv
Campbell’s Tom Lloyd Talks Managed Futures Mutual Funds and JOBS Act
MarketsWiki.tv
Tom Lloyd is general counsel at Campbell & Co., a Baltimore, MD-based provider of absolute return investment management, specializing in systematic managed futures and equity market-neutral strategies. Lloyd, a former managing director for Deutsche Bank Alex Brown, joined Campbell in 2005 to head the legal and compliance functions of the firm and its subsidiaries. In addition, Lloyd oversees Campbell’s fund administration function and, in November 2012, he was named to the firm’s board of directors.
Lloyd spoke with John Lothian News Editor-at-Large Doug Ashburn about the emergence of managed futures mutual funds as an additional investment choice in the alternatives space, and explained some of the logistics behind setting up such a fund and carrying out the accounting, reporting and marketing functions. He closes with a discussion of the JOBS Act and how possible changes to general solicitation and advertising could affect Campbell’s marketing strategy.
MarketsWiki
MarketsWiki Page of the Day
Wayne Luthringshausen
jlne.ws/at4Vjg
MarketsWiki Recent Updates
People
Companies, Organizations and Groups
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Lead Stories
SEC moves to tighten regulations on money market funds
By Sarah N. Lynch – Reuters
A portion of the $2.6 trillion money market fund industry would be required to fundamentally change how it prices its shares under proposals issued by U.S. regulators on Wednesday to reduce the risk of abrupt withdrawals. But the Securities and Exchange Commission plan was not as strict as some market players feared and included an industry-favored provision for funds to charge withdrawal fees and delay return of funds to customers during times of financial distress.
jlne.ws/17r199n
LME sets date for clearing house launch
Philip Stafford – FT.com
The London Metal Exchange’s new clearing house is set to go live in September next year after the world’s largest metals exchange agreed a date to move its contracts from its current service provider LCH.Clearnet.
jlne.ws/17r17OQ
Trading on NYSE Euronext starts an hour late
Neil Dennis – FT.com
Trade in several of Europe’s top stock exchanges failed to start on time on Thursday after a technical problem with NYSE Euronext’s systems.
jlne.ws/17r199p
Regulators Ramp Up Scrutiny of ‘Dark Pools’
SCOTT PATTERSON – WSJ.com
Regulators are ramping up scrutiny of an opaque corner of the market where stocks change hands in the dark. The Financial Industry Regulatory Authority, Wall Street’s self-regulatory body, last month sent 15 examination letters to operators of “dark pools”—lightly regulated, off-exchange trading venues that have been a rising concern for regulators and some investors as more activity shifts away from exchanges.
jlne.ws/17r17OW
Unraveling Monday’s Early Data Release to Traders
CNBC
Monday’s market-moving ISM manufacturing data were inadvertently sent early to a select group of high-frequency traders, many of whom immediately traded on the information before it was available to the wider market, CNBC has learned.
jlne.ws/17r17OX
Reuters Admits It Accidentally Leaked Key Market Data To High Frequency Traders On Monday
Zero Hedge
Back on Monday, following the huge miss in the Manufacturing ISM, in collaboration with Nanex, we exposed yet another instance of blatant headline data frontrunning in “15 Milliseconds Of HFT Fame: Watch Today’s Early Leak Of The ISM Print” where we showed aggressive trading amounting to tens of millions in notional contracts ahead of the 10am release of the key economic indicator.
jlne.ws/17r185b
Fed Grants Foreign Banks Leeway in Dodd-Frank Swap Pushout Rule
Silla Brush – Bloomberg
Foreign-based banks won leeway in Dodd-Frank Act requirements to separate swaps trading from their U.S. branches under a Federal Reserve policy released yesterday.
jlne.ws/17r199t
CFTC sues US Bank over Peregrine Financial fraud
Associated Press via Yahoo! News
The Commodity Futures Trading Commission on Wednesday accused U.S. Bank National Association of illegally using an investment firm’s funds to back loans to that company’s owner, who was later convicted of stealing millions from his investors.
jlne.ws/17r199u
Brussels proposal seeks to hand Libor to European body – FT
Reuters via Yahoo! Finance
The European Commission is going to suggest stripping London of its control over the scandal-hit Libor lending rate and hand over supervision to the Paris-based European Securities and Markets Authority (ESMA), the Financial Times said.
jlne.ws/17r199w
Exchange operator Direct Edge to open Chicago data center Sept. 3
Samantha Bomkamp – Chicago Tribune
Direct Edge, the nation’s third-largest exchange operator, is preparing to open disaster recovery facilities in Chicago on Sept. 3, the latest in a long-running, industrywide effort to get backup centers further away from trading centers on the East Coast.
jlne.ws/17r19pM
I.M.F. Concedes Major Missteps in Bailout of Greece
NYTimes.com
The International Monetary Fund released an internal report on Wednesday that sharply criticizes its first bailout program for Greece, the latest in a series of partial mea culpas as the fund reassesses the austerity that it has insisted on for ailing, debt-plagued economies.
jlne.ws/17r19pP
Regulatory
Quick View: The critical hour for Europe’s trading rules
Philip Stafford – FT.com
Could momentum be building to finalise Europe’s long-delayed markets legislation, colloquially known as Mifid? The awkward five-letter acronym – meaning Markets in Financial Instruments Directive – that covers trading in the region has become something of a problem child in Brussels.
jlne.ws/17r185i
SEC Proposes Money Market Fund Reforms
Press Release
The Securities and Exchange Commission today voted unanimously to propose rules that would reform the way that money market funds operate in order to make them less susceptible to runs that could harm investors.
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Opening Statement At The SEC Open Meeting By Chairman Mary Jo White
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Opening Statement at the SEC Open Meeting By SEC Chairman Mary Jo White – Money Market Funds Reform
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Statement At SEC Open Meeting – Proposed Rules Regarding Money Market Funds By SEC Commissioner Daniel M. Gallagher
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Striving To Restructure Money Markets Funds To Address Potential Systemic Risk By SEC Commissioner Luis A. Aguilar
jlne.ws/17r185m
Statement At Open Meeting Regarding A Rule Proposal On Money Market Fund Reform By SEC Commissioner Troy A. Paredes
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New Zealand’s Financial Markets Authority Update 6 June 2013
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Exchanges & Trading Facilities
New services launched to support trading in VSTOXX derivatives
Effective today, the international derivatives market Eurex Exchange is offering new research tools via its website enabling interested investors to obtain a comprehensive insight into the world of analysis, valuation and trading of volatility derivatives.
jlne.ws/17r19q3
NASDAQ OMX Appoints New President For NASDAQ OMX Stockholm And Head Of Nordic Fixed Income And NASDAQ OMX Baltics
The Nasdaq OMX Group, Inc. today announced that Magnus Billing has been appointed President of NASDAQ OMX Stockholm. Magnus Billing has been with NASDAQ OMX for the last 12 years, and since 2008 as Senior Vice President and Chief Legal Counsel Europe.
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NASDAQ OMX May 2013 Volumes
jlne.ws/17r185p
ASX Group Monthly Activity Report – May 2013
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ASX Compliance Monthly Activity Report – May 2013
jlne.ws/17r19Gn
Irish Stock Exchange Reports 35% Increase In Pre-Tax Profits For 2012
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EEX Trading Results in May
In May 2013, the total volume traded in power derivatives on the European Energy Exchange (EEX) amounted to 66.9 TWh compared to 68.8 TWh in May 2012. The Power Derivatives Market volume contained 29.4 TWh from OTC clearing.
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Warsaw Stock Exchange Derivatives Market In May 2013
jlne.ws/17r18lG
Ljubljana Stock Exchange: Monthly Statistical Report May 2013
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CME Group Chairman Emeritus to Speak at Sandler O’Neill Conference, June 7
CME Group announced today that Chairman Emeritus Leo Melamed will be a keynote speaker on the topic “A Look-Back at the U.S. Exchange Development” at the Sandler O’Neill Global Exchange and Brokerage Conference luncheon, to be held at Le Parker Meridien, New York, on June 7.
jlne.ws/17r19Gr
TMX Group CFO Michael Ptasznik to present at the Sandler O’Neill Global Exchange & Brokerage Conference
jlne.ws/17r18lM
SIX To Manage All Of UBS AG’s Registered Mortgage Deeds – New Service Allows Efficiency Gains When Processing Mortgage And Land Register Transactions
jlne.ws/17r18lN
[CBOE] Restrictions on Transactions in Affymax, Inc. (AFFY)
jlne.ws/17r18lO
[CBOE] New Order Designations
jlne.ws/17r18lQ
Top 20 Largest Consolidated Short Position Report – May 31, 2013
jlne.ws/17r18lU
NZX May 2013 Shareholder Metrics
jlne.ws/17r18lY
Hedge Funds & Managed Futures
CQS Said to Plan Equity Hedge Fund With Ex-SAC Manager Morant
Bloomberg
CQS U.K. LLP, the $12 billion hedge- fund firm founded by Michael Hintze, is looking to start an equity fund as the company expands beyond its focus on credit investments, said two people familiar with the matter.
jlne.ws/17r18Cf
Gottex Fund Cuts Bets on Small Japanese Companies After Rally
Bloomberg
Gottex Fund Management Holdings , which allocates $6.4 billion to hedge funds, has cut its largest Asia fund’s bets on small Japanese companies whose share prices may fall more sharply in the market correction.
jlne.ws/17r19WM
Family Offices, the New Hedge Funds
CNBC
Many hedge funds have turned their hedge funds into family offices to benefit from less regulation. Could SAC be next?
jlne.ws/17r18Ck
SAC Capital to remain a hedge fund amid client redemptions, but it’s too early to claim victory
Quartz via Yahoo! Finance
SAC Capital, under a cloud of insider-trading allegations, told employees it will survive as a hedge fund. In an email to employees sent yesterday, SAC President Tom Conheeney said the withdrawals of client money were “significant” but the hedge fund still has a stable capital base, according to a Bloomberg report.
jlne.ws/17r18Ct
As Investors Bail Out, SAC Shows a Brave Face
New York Times
The hedge fund, which is under investigation for insider trading, told employees in an e-mail that it was stable despite a surge in investor withdrawals.
jlne.ws/17r1bxS
Top-performing Ivy Cundhill fund focuses on Europe
Reuters via Yahoo! Finance
Over the last year, fund manager Andrew Massie has made his investors happy by buying what he calls “unloved” stocks. Now, he’s trying to keep them satisfied with a new crop of spurned investments: Italian and Greek companies, South Korean exporters and Japanese gaming stocks.
jlne.ws/17r1bxT
Towers Watson’s pooled funds. A hedge by any other name…
Harriet Agnew – Financial News
In Romeo and Juliet, William Shakespeare’s tale of “star-cross’d” lovers, the heroine muses: “What’s in a name? That which we call a rose, by any other name would smell as sweet.”
jlne.ws/17r1bxV
AlpInvest’s Doeksen with Carlyle ‘for the long term’
Dan Dunkley – Financial News
Volkert Doeksen, the chairman and managing partner of Dutch private equity fund-of-funds AlpInvest, has insisted the firm’s management will remain with parent group Carlyle “for the long term”, despite selling its remaining 40% stake to the buyout group this week.
jlne.ws/17r1bxX
Worrying about volume: Volume is not a reliable leading indicator
Mark Hulbert, MarketWatch
Which comes first, price or volume? That question is at the heart of a debate that takes on special urgency every year about this time, as traders in increasing numbers go on their summer vacation: Is trading volume a leading indicator of imminent market weakness?
jlne.ws/17r19WR
Banks & Brokers
JPMorgan Joins Samurai Bond Boom With Biggest Sale Since October
Bloomberg
JPMorgan Chase & Co. , the biggest U.S. lender, raised 105.6 billion yen in the largest sale of Samurai bonds since October as overseas borrowers flock to a market flush with stimulus cash.
jlne.ws/17r1by2
Thain, in Interview, Reflects on Merrill and CIT
ANDREW R. JOHNSON AND AARON LUCCHETTI – WSJ.com
Regrets? John Thain has one. “I wouldn’t have taken the Merrill job,” he said in an interview. “I think that’s probably the single biggest thing.”
jlne.ws/17r19WT
Clearing & Settlement
Prime brokers look to capitalise on central clearing drive
Risk.net
Prime broking covers a variety of functions provided mainly to hedge funds including global custody – which also covers clearing, and asset servicing – as well as securities lending, financing and managing margin exposure. Customised technology also provides clients with portfolio reporting needed to effectively manage money and the prime broker is often the contact point between other broker-dealers.
jlne.ws/17r19WV
LME Clear And LCH.Clearnet Agree Migration Date For LME Clearing Services
The London Metal Exchange (LME) and LCH.Clearnet Ltd (LCH.Clearnet) have reached an agreement to migrate LME contracts currently cleared by LCH.Clearnet to LME Clear. Both parties have agreed to migrate the exchange contracts to LME’s clearing platform on 22 September 2014, in order to give members and the market time to implement new EMIR regulations and to better manage an already busy period of change in the market.
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Indexes & Products
Changes To MDAX And SDAX – Deutsche Boerse Reviewed Index Composition – Changes Are Effective On 24 June 2013
jlne.ws/17r19WZ
SEMI-ANNUAL REVIEW OF OMX COPENHAGEN 20 CAP INDEX
jlne.ws/17r1bOp
TSE Publishes Calculation Methodology for JASDAQ Indices
jlne.ws/17r1adk
S&P Dow Jones Indices: Dow Jones-UBS Commodity Index: Commodities Fall Short In May
jlne.ws/17r1bOv
FTSE China Index Series Quarterly Review
jlne.ws/17r1adm
Methodology Of The Moscow Exchange Indices Calculation Has Been Registered
jlne.ws/17r1adn
IndexIQ Announces May 2013 Performance of Its IQ Hedge Family of Investable Benchmark Hedge Fund Replication Indexes
jlne.ws/17r1ado
ETF Closures Strike Again: UBS Shuttering Seven Products
Zacks via Yahoo! Finance
UBS is reducing its ETN lineup by seven, getting rid of a handful of unpopular products.
jlne.ws/17r1adp
Technology
Maitland Selects SunGard’s Investran To Boost Operational Efficiency For Global Growth
Maitland, the largest third party administrator in South Africa, has selected SunGard’s Investran. Investran will help to automate the investment accounting process and investor reporting operations. The automation of key processes will help increase Maitland’s business efficiency to better service its clients and enable agile growth into new markets.
jlne.ws/17r1bOz
Enforcement
SEC Charges Penny Stock Company and CEO for Illegal Stock Offering and Insider Trading
The Securities and Exchange Commission today charged a microcap company that was ensnared in an SEC trading suspension proactively targeting questionable penny stocks, and also charged the CEO who illicitly profited from selling his shares while investors were unaware of the company’s financial struggles.
jlne.ws/17r1bOC
CFTC Files Complaint against U.S. Bank, N.A. Alleging Unlawful Use of Peregrine Financial Group, Inc.’s Customer Segregated Funds and Violation of Customer Segregation Laws
The U.S. Commodity Futures Trading Commission (CFTC) today filed a Complaint in the U.S. District Court for the Northern District of Iowa against U.S. Bank National Association (U.S. Bank) for unlawfully using and holding Peregrine Financial Group, Inc.’s (Peregrine) customer segregated funds.
jlne.ws/14h3xwp
FCA fines investment firm Sesame £6m for failing to ensure advice given to customers was suitable and for poor systems and controls
The Financial Conduct Authority (FCA) has fined Sesame Limited (Sesame) £6,031,200 for two sets of failings: failing to ensure that investment advice given to its customers was suitable; and failings in the systems and controls that governed the oversight of its appointed representatives (ARs).
jlne.ws/17r1adq
November trial date set for ex-hedge fund manager
Associated Press via Yahoo! News
A judge on Wednesday set a November trial date for the insider trading trial of a former hedge fund portfolio manager for SAC Capital Advisors. Mathew Martoma is accused of earning $9 million in bonuses after persuading a medical professor to leak secret data from an Alzheimer’s disease trial between 2006 and 2008.
jlne.ws/17r1bOH
AMF cautions about offers from Vilaron Corporation and Simon Vodovos
jlne.ws/17r1c4Z
Environmental & Energy
Power companies want help on prices to keep clients in Europe
Reuters
Europe’s squeezed utility firms say they cannot cut prices to stop their big industrial clients moving to the United States, where fuel costs around a quarter as much.
jlne.ws/18WOBHe
Shell CEO Calls for Europe Carbon Reduction Target Extension
Bloomberg
Royal Dutch Shell Plc Chief Executive Officer Peter Voser said Europe needs to extend its targets for curbing greenhouse gases and promoting renewable energy by a decade through 2030.
jlne.ws/10QrvgY
German utility RWE backs 40 percent carbon cut
Reuters
The European Union should aim for a 40 percent cut in carbon emissions for 2030 and strengthen its emissions trading scheme, but steer clear of a fixed carbon price, the chief executive of German utility RWE AG said.
jlne.ws/18WPvnd
Asia-Pacific
SGX welcomes TEE Land to Mainboard
jlne.ws/17r1adv
Shenzhen Stock Exchange Market Bulletin 3 June,2013 – Issue 3
jlne.ws/17r1adw
Frontier Markets
NCDEX liberalizes Algo norms to attract more participation
Business Standard
Faced with a drastic decline in business, the National Commodity& Derivatives Exchange, India’s largest agri – centric commodity derivatives trading platform, has liberalized its algo trading norm to catch traders’ active interest in this segment.
jlne.ws/17r1c55
Goldman Breaks Drought With Saudi Property Bond: Islamic Finance
Bloomberg
Goldman Sachs Group Inc. , whose shariah-compliant bond program was questioned by Islamic scholars in 2011, led its first sukuk in more than three years after helping a Saudi property developer raise $450 million.
jlne.ws/17r1c58
Borsa Istanbul Equity Market And Emerging Companies Market Trading Hours Change
jlne.ws/17r1c5a
Palestine Exchange Monthly Investor Newsletter – May 2013
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