Industry news
Date: Jul 17, 2013
July 17, 2013: EuroCCP-EMCF Sign Deal to Form Pan-European Clearinghouse; Cordray Confirmed as Head of Financial Watchdog; Half of exchanges fight off cyber attacks
Clearing companies EuroCCP and European Multilateral Clearing Facility begin the merger process, the end result of which would be Europe’s biggest stock clearing facility. Richard Cordray is finally confirmed as head of the Consumer Financial Protection Bureau in the US, allowing him to actually hold that title before he retires from the job. Half the world’s financial exchanges actively ward off challenges to their electronic security, prompting questions about the stability and security of the financial world going forward. In First Read today, check out two new pieces from JLN: A MarketsWiki.tv interview with Ted Leveroni of Omgeo; and a Five Minutes interview with Lynn Martin, new CEO of NYSE Liffe US.
First Read
Collateral Update from Ted Leveroni of Omgeo
MarketsWiki.tv
Ted Leveroni is the Executive Director of Derivatives Strategy and External Relations for Omgeo, a financial services company specializing in post-trade operations such as trade allocation, confirmation and settlement for investment managers, broker/dealers and custodians. In a follow-up to a May 2012 interview in which we discussed innovation in collateral efficiency, John Lothian News Editor-at-Large Doug Ashburn asked Leveroni about collateral shortages, futurization, and post-trade efficiency. He also discussed the results from a recent survey conducted by Omgeo and Celent on maximizing collateral advantage.
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Five Minutes with Lynn Martin, CEO of NYSE Liffe U.S.
Lynn Martin was just named CEO of NYSE Liffe U.S., the U.S. division of NYSE Euronext’s international derivatives business. She was previously chief operating officer at the company and senior vice president at NYSE Euronext. She has been with the exchange for twelve years. She spoke with JLN editor Sarah Rudolph about her new role, the exchange’s acquisition of the Libor index, the one-year anniversary of the DTCC GCF repo index futures, and new and forthcoming products.
Q: Congratulations on being the first woman to head a U.S. exchange since the 1980s. What does that mean to you?
A: Thank you so much. You know, I didn’t realize that was the case until John [Lothian] pointed it out in his newsletter the other day. It makes the appointment special not just from a professional standpoint, but also from a personal standpoint. When I was growing up my mom and my grandma always used to say to me that I was so fortunate to be born when I was born, at a time when a woman had all the opportunities in the world in front of her. Being reminded of that every day forced me to work hard throughout my life, and it motivates me to continue to work hard, and also to be thankful for any opportunities that are presented to me, because women in the past didn’t always have those opportunities.
However, it’s not just the fact that I am the first woman to head a U.S. exchange since the ‘80s that makes this appointment special. Being named CEO of NYSE Liffe US is special because it’s always been our goal to deliver innovative products and services to meet the needs of our customers. It’s something that I think we’ve done extremely well in the last five years, and it is going to continue to be our mission going forward.
To read the rest of the interview, visit MarketsWiki at jlne.ws/192oRJO.
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Intern Education Series Sold Out
Yesterday was the kickoff of our summer Intern Education Series. We had over 100 people attend the first session, which featured CME’s Chairman Emeritus Leo Melamed.
One reason I put this program together was that anyone who is coming into this industry should hear Leo Melamed (and others) speak at least once. And Leo delivered a great presentation of his personal story helping start the IMM and turning the CME around from a less savory reputation into the growth powerhouse that outgrew its new 1970s headquarters and ultimately turned into the CME Group.
Due to space constraints, the complete series package for the event is sold out. We did move the 7/23 event to the CME Auditorium, so we have more room for that session. Check johnlothiannewsletter.com for availability.
Our next session is on Thursday, at the CME Building at 20 South Wacker, starting at 3 PM. It will feature Gerard Pannekoek of IPXI, Steve Borsand of Trading Technologies, Neal Brady of Eris Exchange, Ray McKenzie of ICE and Mike Persico of Anova Technologies.
~John J. Lothian
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Frantic Rule-Writing Won’t Avert New Banking Crisis
Clive Crook – Bloomberg
Five years after the great financial meltdown, have the U.S. and other advanced economies done enough to head off the next calamity? The short answer is no.
jlne.ws/1dEnSNv
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Traiana CreditLink for swaps trade certainty gains momentum
Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces today its pre-trade clearing certainty initiative continues to gain momentum and has received the support of leading futures commissions merchants (FCMs) and trading venues.
jlne.ws/1dEnTBd
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CQG Adds Foreign Exchange Trade Execution through KCG Hotspot
Continuum and CQG, Inc. today announced the addition of foreign exchange trade execution to its services through integration with KCG Hotspot, the award-winning electronic communication network (ECN) for the institutional foreign exchange market. The connection is powered by Continuum’s new Access Direct API family.
jlne.ws/1bIvwbA
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Allston Trading hires new legal and compliance head
After an extensive search, Allston Trading (www.allstontrading.com) has hired Nancy Stern to join the Allston management team and lead its legal and compliance efforts. Nancy has had an impeccable track record in the legal field, having clerked for a United States District Judge and earned partnership status at the two law firms she has worked at in her career. She most recently was a partner at Katten (http://www.kattenlaw.com/) where she advised multiple CEOs and boards on a diverse set of issues and opportunities.
(via email)
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R.J. O’Brien Further Expands Chicago Institutional Brokerage Operation
R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced that the firm has set the stage for further expansion of its Chicago institutional brokerage operation. RJO exercised an option for more square footage on the floor that houses its institutional group, renovated and expanded the trading floor the firm established in 2010, and prepared space to attract new experienced teams of institutional brokers.
jlne.ws/12DhpRJ
***** Here is the link to yesterday’s RJO story.
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Men of Steel: How Retail Investors Saved the Muni Market
John Bagley – BondDesk Trading
Bond funds experienced record outflows during June of more than $60 billion, with the selloff reaching a peak on the morning of June 25. Then a furious rally ensued. The hero who saved the day? The humble retail investor.
jlne.ws/10YFDon
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High Frequency Traders Make The Markets Much More Liquid, Transparent, And Fair
John Tamny – Forbes
Several years ago, when ‘high frequency’ trading first captured the imagination of the commentariat, I was on a radio show panel on which the health of the stock market was discussed. One participant, a fairly well known columnist for a major market publication, opined that the existence of computerized, high speed trading was a barrier to the retail investor returning to the market and boosting it.
jlne.ws/1dEnRcz
***** A good argument is made that the market is not fair and that is a good thing.
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Tracy Wills-Zapata Talks About Campbell & Co.’s Methods and Mutual Funds
MarketsWiki.tv
Baltimore-based Campbell & Co. has grown into one of the top managed futures firms in the world over the past 40-plus years. Tracy Wills-Zapata, managing director, business development at Campbell spoke with Jim Kharouf, JLN editor-in-chief about how the firm approaches the markets, how it attracts clients and its recent entry into the managed futures mutual fund space.
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Nearly 40 Percent Of Young Wall Street Workers Say They Would Engage In Insider Trading
Jillian Berman – Huffington Post
For a large share of young Wall Street workers, the pursuit of a buck is of utmost importance. For this group, it’s possible that the only thing stopping them from using illegal means to make money is the prospect of getting caught, a new survey finds.
jlne.ws/18myN1j
***** While that number would seem high, it is also probably a reflection of the lax sentences for white collar crime.
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Quick View: US-EU swaps trading deal is not the end of the story
Philip Stafford – FT.com
“Relief” was the word that sprang to mind for many people last week when the US and EU agreed how they could oversee their corners of the world’s derivatives markets.
jlne.ws/1dEnRcC
***** The end of the story goes like this: The End
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Investors seek ways of dealing with ‘zombies’
Alec Macfarlane – Financial News
Investors face an uneasy situation when attempting to deal with the so-called zombies in private equity. Zombies are private equity firms that have run out of money to invest and have little prospect of raising a new fund, while their existing fund is typically struggling to make a profit.
jlne.ws/1dEnSNy
***** Zombie funds come in all sorts of flavors. Try the Commodity Pool business for one.
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Job Wanted: Baseball MVP Candidate Seeking Work on Wall Street
Mason Levinson – Bloomberg
Paul Goldschmidt said he was unsure of whether he’d reach the big leagues as a minor-leaguer in Mobile, Alabama. So he lined up an internship at Morgan Stanley.
jlne.ws/1dEnRcG
***** This is your baseball All-Star Week Wall Street story.
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Beer Brewers Blast Wall Street Banks Over Aluminum Business Amid Congressional Scrutiny
Huffington Post
A loose coalition of beer brewers, automakers, Boeing and Coca-Cola is accusing big banks, including Goldman Sachs and JPMorgan Chase, of anti-competitive behavior in the aluminum market, fueling regulatory concerns and prompting a Senate probe as part of an international political battle over Wall Street’s expansion into the commodities business.
jlne.ws/12EXIsJ
***** This tab has just been opened on this story.
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| View Special Report » |
It’s been quite a summer for Turkey – once a darling emerging economy for investors, the country has been turned on its ear over, of all things, a planned shopping mall on a park in Istanbul. That snowballed into massive demonstrations airing a litany of complaints against Turkish Prime Minister Recep Tayyip Erdogan and sent investors to the exits.
But in the longer term view, Turkey has made tremendous strides economically. The consolidation of its equities and derivatives markets into the Borsa Istanbul is considered a critical step in the development of its capital markets growth.
This special report features: a feature article on Turkey, a Q&A with Valerie Bannert-Thurner on Nasdaq OMX’s partnership with Borsa Istanbul and video interviews with key players in the Turkish capital markets.
| View Special Report » |
- SPONSORS -
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jlne.ws/hipdrH
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Lead Stories
EuroCCP-EMCF Sign Deal to Form Pan-European Clearinghouse
Nandini Sukumar – Bloomberg
EuroCCP, the European unit of Depository Trust & Clearing Corp., and European Multilateral Clearing Facility NV agreed to merge, hoping to form the biggest pan-European clearinghouse for stocks by the end of the year.
jlne.ws/1dEnRt1
LSE to open second eurozone depository
Philip Stafford – FT.com
The London Stock Exchange Group is to open a second eurozone-based central securities depository (CSD) in an attempt to wrest market share from Euroclear of Belgium and Deutsche Börse’s Clearstream in Europe’s E800tn settlement market.
jlne.ws/1dEnSNJ
Cordray Confirmed as Head of Financial Watchdog, After Long Wait
BINYAMIN APPELBAUM – NYTimes.com
The Consumer Financial Protection Bureau was conceived by a Harvard professor, embraced by the Obama administration and pushed into law by Congressional Democrats determined to expand the federal government’s authority to protect borrowers from abusive lending practices — all in the space of just three years.
jlne.ws/1dEnRt7
Half of exchanges fight off cyber attacks
Philip Stafford – FT.com
More than half the world’s securities exchanges have fought off cyber attacks over the past year, industry figures have revealed, raising fears that markets are becoming vulnerable to hackers who could destabilise trading.
jlne.ws/1dEnSNM
Fund staff millionaires endure pay drop
Madison Marriage – FT.com
Fund management staff earning more than E1m at UK banks have seen their total pay drop by almost 50 per cent to levels far beneath their French, German and Italian counterparts.
jlne.ws/1dEnRJt
Meet the Snowden of Swiss Banking
BusinessWeek
Hervé Falciani blew a gaping hole in Swiss banking secrecy. The former systems engineer at HSBC (HBC)‘s private bank in Geneva leaked details on thousands of client accounts to tax authorities in other countries, who say the data has helped them uncover some E200 billion ($260 billion) in tax fraud. Switzerland considers him a criminal, though.
jlne.ws/1dEnT41
Wall Street’s Hottest Address Is Not in New York
CNBC via Yahoo! Finance
A nondescript office building on K Street in Washington houses the servers that deliver some of the most in-demand government data to high speed traders on Wall Street. Here’s why 1275 K Street matters …
jlne.ws/1bC05Q5
Return of the blueblood macro hedge funds
Sam Jones – FT.com
It used to be said that you could get on in the world of macro trading – betting on the ups and downs of the global economy – by following two simple rules: the trend is your friend and don’t fight the Fed. For much of the past few years though, with markets veering between panic and central bank-backed calm, it has seemed at times like those two maxims have been tugging in opposite directions.
jlne.ws/1dEnRJv
This Is Why America Hasn’t Forgiven Wall Street (Infographic)
Forbes
It is difficult to walk down Wall Street today without encountering a person considering a furtive act, committing one or merely thinking about someone else up to no good.
jlne.ws/1dEnRJw
Regulatory
CFTC Names Christopher Ehrman as Director of Whistleblower Office
Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced that Christopher Ehrman has been named as the new director of the CFTC’s Whistleblower Office.
jlne.ws/1dEnRJx
SEC Announces Compliance Outreach Program Regional Seminars For Investment Adviser And Investment Company Senior Officers
The Securities and Exchange Commission today announced the schedule for its upcoming Compliance Outreach Program regional seminars in several cities around the country for investment adviser and investment company senior officers, including chief compliance officers (CCOs).
jlne.ws/1dEnT44
Kenneth Lench, Chief Of Enforcement Division’s Structured And New Products Unit, To Leave SEC After 23 Years Of Service
The Securities and Exchange Commission today announced that Kenneth R. Lench, chief of the Enforcement Division’s Structured and New Products Unit, will leave the agency for the private sector at the end of this month after more than 23 years of service.
jlne.ws/1dEnRJB
Regulatory Rumpus: The Battle Over Reinstating Glass-Steagall
The Curious Capitalist
Among the small number of Americans who are passionate about financial regulation, no topic raises hackles more than the so-called Glass-Steagall act. It is “so-called” because when you hear the term “Glass-Steagall” the speaker is most certainly referring to four provisions from the Banking Act of 1933, which was sponsored by Senators Carter Glass and Henry Steagall.
jlne.ws/1dEnRJC
IOSCO Publishes Paper on Cyber-Crime, Systemic Risk and Global Securities Markets
The Research Department of the International Organization of Securities Commissions (IOSCO) today published a joint Staff Working Paper, with the World Federation of Exchanges (WFE), entitled Cyber-crime, securities markets and systemic risk.
jlne.ws/1dEnT45
Financial Stability Board Releases Guidance Papers On Recovery And Resolution Planning
jlne.ws/1dEnT47
CSA Requirements to improve disclosure for Investors are now in effect
jlne.ws/1dEnRJJ
[Japan] FSA publishes Weekly Review No.54
jlne.ws/1dEnT4c
Exchanges & Trading Facilities
CME Group’s Duffy to Appear before U.S. Senate Committee on Agriculture
CME Group Executive Chairman and President Terry Duffy will appear before the U.S. Senate Committee on Agriculture, Nutrition & Forestry, Wednesday, July 17, regarding CFTC reauthorization.
jlne.ws/1dEnS01
Toronto Stock Exchange And TSX Venture Exchange Host Second Annual Charity Golf Tournament
jlne.ws/1dEnT4f
[CBOE] Restrictions on Transactions in Kubota Corporation (KUB)
jlne.ws/1dEnS03
Hedge Funds & Managed Futures
Hedge funds lose big in June as outflows jump
CNBC
Hedge funds across the world posted their largest loss for 12 months in June, as heightened fears surrounding slowing growth in China and the tapering of the Federal Reserve’s bond buying program hit performance, new research has found
jlne.ws/1dEnS07
Elite firms dominate European fundraising
Hillary Canada – Financial News
Amid signs of life in the European exit market, overall private equity fundraising in the region grew modestly during the first six months of the year, with credit-focused strategies showing solid growth.
jlne.ws/1dEnS08
DealBook: Despite Fears, Bond Market Is Functioning Fine
New York Times
In the last few days, the three big American bond-trading firms – JPMorgan Chase, Citigroup and Goldman Sachs – all reported second-quarter financial results that were helped by healthy bond trading revenue.
jlne.ws/1dEnS0e
Blackstone Starts Mutual Fund to Win Individual Investors
Bloomberg
Blackstone Group LP , the world’s biggest manager of alternative assets, is starting a mutual fund that will invest in hedge funds, part of an industrywide push to attract assets from individual investors.
jlne.ws/1dEnTkw
DealBook: When an Executive Turns Buyout Adviser, Alarm Bells Go Off
New York Times
In its bid to buy Gardner Denver, Kohlberg Kravis Roberts hired the company’s former chief, Barry Pennypacker, to provide advice, raising questions of fairness.
jlne.ws/1dEnTkx
Kazarian Emerges After 20 Years With Bid for 10% of Greek Debt
Bloomberg
Millionaire investor Paul Kazarian is ready to be noticed again.
jlne.ws/1dEnTkA
Pimco bumped up bond holdings as yields jumped
Min Zeng – MarketWatch
Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co. boosted exposure to interest-rate risk in June at a time when yields jumped, a move that led to the fund’s record quarterly loss in the second quarter.
jlne.ws/1dEnSgx
Hedge Fund Ads: Will They Grab You?
U.S.News & World Report LP via Yahoo! News
The Securities and Exchange Commission has voted to lift an 80-year ban on advertising by hedge funds and private equity groups, and the secretive funds are likely to become more visible soon. But there are a few things investors should know that are not likely to be a big part of the high-end funds’ ad campaigns.
jlne.ws/1aL517t
Profile: Curtain call for Jupiter’s Gibbs
Joe McGrath – Financial News
Philip Gibbs’ departure from Jupiter Asset Management next year will bring the curtain down on a triumphant 17 years in fund management at the investment group.
jlne.ws/1dEnSgz
Taking the Temperature of Weather Futures
Adam Warner | Schaeffer’s Investment Research
Tired of trading the same old, same old? I’m watching Bloomberg yesterday and they have a feature on something I can’t say I’ve ever heard of: weather futures. I’m clearly behind the times. Weather futures have apparently traded over-the-counter forever, and in various forms on the CME since 1999.
jlne.ws/10YHeuo
Guggenheim Partners Appoints Tyler Page Head of Fund Solutions for Europe
Guggenheim Partners today announced that Tyler Page, Global Head of Business Development for Guggenheim Fund Solutions, has become Head of Hedge Fund Solutions for Europe based in London.
jlne.ws/1dEnTkJ
Banks & Brokers
Bank of America Earnings: Strong Trading Revenue Boosts Profit
SAABIRA CHAUDHURI – WSJ.com
Bank of America Corp.’s second-quarter profit jumped 63%, beating analyst estimates, as the bank’s results were boosted by strong income from its global markets arm and improved credit quality, although it was hit by greater losses in its mortgage-banking unit.
jlne.ws/1dEnTkK
Goldman Sachs, Other Bank Earnings Somehow Soar Despite Onerous Regulations
Mark Gongloff – Huffington Post
It’s a Festivus Miracle in July! Banks are somehow making gigatons of money despite onerous new regulations and capital requirements. Why, it’s almost like they’re not telling the truth when they warn, repeatedly, that these new rules will destroy their profits and the economy.
jlne.ws/13hUlrt
Why Basel s Latest Leverage Ratio Is Better
Mayra Rodríguez Valladares – American Banker
Due to the extremely negative influence that leveraged banks had on the global economy in 2008-09, the 2010 Basel III reforms included a leverage ratio for the first time in the Basel Accords’ history. Yet, a wide range of academics, regulators and financial reform advocates such as myself have felt that the Basel III leverage ratio of 3% is too low for globally systemically important banks.
jlne.ws/1dEnSgA
Urbi Loses Bid to Dismiss Barclays Suit Over Derivatives
Bloomberg
Barclays’s Mexican unit sued Urbi for breach of contract in state court in Manhattan , saying the builder failed to pay $3 million that was due March 15 after the bank had to terminate a 2010 swaps and derivatives agreement.
jlne.ws/1dEnSgF
Goldman Sachs Raises $2.5 Billion With Sale of Five-Year Bonds
Bloomberg
Goldman Sachs Group Inc. , the Wall Street bank that generates most of its revenue from trading, sold $2.5 billion of five-year bonds after reporting second-quarter profits that beat analysts’ estimates.
jlne.ws/1dEnTkO
Morgan Stanley Told to Face Metlife Mortgage Securities Suit
Bloomberg
Morgan Stanley was orderd by a New York judge to face a suit by MetLife Inc. over $757 million in mortgage securities. MetLife sued Morgan Stanley in state court in April 2012.
jlne.ws/1dEnTB3
Schwab Earnings Miss Expectations as Expenses Climb
BRETT PHILBIN – WSJ.com
Charles Schwab Corp.’s second-quarter earnings missed analysts’ estimates as the discount brokerage’s expenses climbed 8.7% from a year earlier amid higher compensation and technology costs.
jlne.ws/1dEnSgG
Barclays Reveals Punchy Pay Plan for New CFO
Margot Patrick – MoneyBeat – WSJ
Has Barclays missed the memo on the fact Europe wants to cap bankers’ bonuses? On Tuesday the bank named Tushar Morzaria, previously chief financial officer, corporate and investment banking at J.P. Morgan as its new finance director, replacing Chris Lucas who will retire next year.
jlne.ws/1dEnTB7
HSBC shuffles research pack
Matt Turner – Financial News
HSBC has reshuffled the senior management of its research business covering Europe and the emerging markets, handing expanded roles to two of its top analysts.
jlne.ws/1dEnSgI
GAIN Capital Announces Monthly Metrics for June 2013
jlne.ws/1dEnSgJ
Clearing & Settlement
Clearstream’s investment funds strategy for Latin America strengthens with Latin Clear joining Vestima
Clearstream has taken an important step in strengthening its ties with Latin American financial markets by signing Latin Clear Panama as the first transfer agent (TA) to join its investment funds platform, Vestima. Accordingly, in the course of July 2013, investment funds domiciled in Panama will be eligible for order routing, settlement and custody at Clearstream.
jlne.ws/1dEnSx3
London Stock Exchange Group To Expand CSD Services
London Stock Exchange Group today announces that it is in the process of establishing a new Central Securities Depository in Luxembourg. The CSD will provide a full range of custody and settlement services and will build on the existing infrastructure of the Group’s Italian CSD, Monte Titoli.
jlne.ws/1dEnTBf
ISDA Credit Derivatives Determinations Committee: Desarrolladora Homex, S.A.B. De C.V. Failure To Pay Credit Event
jlne.ws/1dEnTBg
Indexes & Products
SIX Swiss Exchange – ETF Quarterly Statistics: 2nd Quarter 2013
jlne.ws/1dEnTBh
Technology
Finextra: Dom Inwestycyjny Investors selects SunGard Valdi
Dom Inwestycyjny Investors S.A. (DI Investors), an independent Polish brokerage house, has selected SunGard’s Valdi to provide a front-to-back trading and direct market access (DMA) connectivity solution to the Warsaw Stock Exchange (WSE).
jlne.ws/1dEnTBi
NYSE Technologies and Citadel Securities First to Distribute Grey Sheet OTC Quote Feed Globally
NYSE Technologies, the commercial technology division of NYSE Euronext, today announced that it has reached an agreement with market-maker, Citadel Securities LLC, to offer the Citadel Securities Grey Sheet OTC Quote feed via SuperFeed.
jlne.ws/1dEnSx9
ITG Introduces ITG Dynamic Implementation Shortfall Algorithm 2.0
jlne.ws/1dEnTRy
Enforcement
Barclays, Four Traders, Fined $453 Million For Allegedly Manipulating California Energy Prices
Reuters
The Federal Energy Regulatory Commission (FERC) ordered Barclays and four of its power traders to pay fines totaling $453 million on Tuesday, saying the bank manipulated California’s electricity markets last decade.
jlne.ws/15kkzIH
Hedge fund exec testifies in NYC case
Associated Press via Yahoo! News
A former hedge fund executive testified Tuesday at a New York securities fraud trial that the fund purposely bet against investments tied to high-risk mortgages as the housing market teetered on the edge of a meltdown — a strategy that the Securities and Exchange Commission says allowed the fund to make $1 billion.
jlne.ws/1dEnSxb
Former Hedge-Fund Manager Skowron Must Pay Morgan Stanley $10.2 Million in Restitution -Appeals Court
Dow Jones
Ex-hedge-fund manager Joseph F. “Chip” Skowron III must pay his former employer Morgan Stanley ( MS ) $10.2 million in restitution, a U.S. appeals court ruled Tuesday, denying his request to have a judge’s order overturned.
jlne.ws/1dEnSxd
A fine time to forget
New York Post
For a financial whiz, Paolo Pellegrini sure has a fuzzy memory. Pellegrini, who helped hedge-fund manager John Paulson make billions off the housing market collapse, couldn’t remember what CDO, or collateralized debt obligation, stood for during his testimony yesterday in the trial of ex-Goldman Sachs banker Fabrice Tourre.
jlne.ws/1dEnSxf
SEC Folds Forex Fraud
TheStreet
Claiming to be “one of the world’s leading private investment firms,” an unregistered firm has been charged by the Securities and Exchange Commission with defrauding investors in a $7.1 million foreign currency exchange trading scheme.
jlne.ws/1bG0UHV
FCA fines Swinton Group Limited £7.38 million for mis-selling monthly add-on insurance policies
jlne.ws/1dEnTRF
ASIC permanently bans mortgage broker
jlne.ws/1dEnTRK
[ASIC] Professional Investment Services enters into monitoring program
jlne.ws/1dEnVsG
ASIC concerns prompt Woolworths to change insurance ads
jlne.ws/1dEnVsH
Environmental & Energy
Barclays, Traders Fined $487.9 Million by U.S. Regulator
Bloomberg
Barclays Plc (BARC) and four former traders must pay a combined $487.9 million in fines and penalties, the U.S. Federal Energy Regulatory Commission said in an order tied to an investigation of alleged manipulation of energy markets.
jlne.ws/12JnNSO
Free market is best way to combat climate change, study suggests
esciencenews blog
The best way to reduce carbon emissions and combat climate change is through the use of market forces, according to a new study. Researchers who monitored the effectiveness of the European Climate Exchange (ECX) — the world’s biggest carbon trading platform — found it to be as efficient as Europe’s two biggest exchanges, the London Stock Exchange and the Euronext Paris.
jlne.ws/16IFnsn
**RKB — Citing University of Edinburgh and International Journal of the Economics of Business. Link not immediately available.
Power Plants Face ‘Collision Course’ With Water, Researchers Say
Bloomberg
U.S. power producers must reduce their dependence on water or they may be forced to lower output as drought and other extreme weather events curtail their access to water supplies, researchers said today.
jlne.ws/1bnmFNU
Asia-Pacific
Shanghai Freight Forward Market Volumes Slump to All-Time Low
Journal of Commerce Online
Trading in container freight contracts on Shanghai’s Shipping Freight Exchange has collapsed to the lowest level since the platform was launched just over two years ago, as extreme volatility on the spot market has forced traders to shun futures, industry analyst Alphaliner said.
jlne.ws/1dEnVsI
Citigroup Said to Appoint New Asia-Pacific Commercial Bank Head
Bloomberg
Citigroup Inc. , the U.S. lender that operates in more than 160 countries, named Ashish Bajaj to head its Asia-Pacific commercial bank as it seeks more revenue from small and medium sized companies in the region.
jlne.ws/1dEnTRO
China vows to step up bribery probes
Ft.com
China has vowed to step up its fight against bribery, just days after police revealed details of a wide-ranging investigation into UK drugmaker GlaxoSmithKline .
jlne.ws/1dEnTRR
Frontier Markets
RBI Shock Erases Best BRIC Gain on $8 Billion Exit: India Credit
Bloomberg
India’s surprise decision to boost borrowing costs just two months after cutting them has erased the biggest bond gains among the top four emerging markets, fueling bets $8 billion in fund outflows will be extended.
jlne.ws/1dEnU87
Cracks appear in Brics
Anna Irrera – Financial News
Long-time darlings of investors worldwide, the Bric nations – Brazil, Russia, India and China – seem to have lost their allure. In the decade after former Goldman Sachs Asset Management chief Jim O’Neill coined the term Bric – an acronym for the fast-growing economies of Brazil, Russia, India and China – it seemed the four largest emerging markets could do no wrong.
jlne.ws/1dEnU88
Dubai Financial Market Announces Its Board of Directors Meeting To Be Held On 21 July 2013
jlne.ws/1dEnU8a
DIFC Strengthens Core Emirati Team – The Authority Appoints New Head Of Marketing & Corporate Communication And Promotes Two UAE Nationals
jlne.ws/1dEnU8b
WisdomTree Emerging Markets Local Debt Fund (ELD) Receives NAIC Designation
jlne.ws/1dEnU8c