Industry news

July 23, 2013: High-frequency trader fined in transatlantic clampdown; Hong Kong ETF turnover surges 80pct during first half; US watchdog acts on metals warehousing

Regulators in the UK and US bag a trader for electronic order spoofing. ETF trading volume in Hong Kong nearly doubles in the first half of this year as investors sought out mainland stocks. News coverage intensifies along with regulatory scrutiny of physical commodity trading and warehouse practices.

First Read

Summer Intern Education Series Update: Sold Out No More
Today is session 3 of the Intern Education Series. Because we were able to secure the larger CME Auditorium for the event, and Thursday’s, we still have some room left for additional attendees.

Also, on 7/30 we are moving the event to the CBOE where we also have more room, so the series is sold out no more.

Also, we have added Yvonne Downs to the 7/25 event and moved George Hanley to 7/25 as well. We will start that day’s program at 3:15 as we have seven speakers lined up, so come early.

Contact me if you have additional interns or new employees interested in attending: johnlothian@johnlothian.com

~John J. Lothian

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Companies double use of global depositary receipts
Stephen Foley in New York – FT.com
A Russian fertiliser company found investors in the UK, a Korean sports clothing group raised money in Singapore and a British drug company specialising in cannabis medicine won new backers in the US this year – all thanks to a financial structure designed to allow cross-border investment.
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Commodities and banks, a recap
Izabella Kaminska | FT Alphaville
The New York Times ran a big piece on the ongoing commodity shuffle this weekend. The one FT Alphaville (and others) have been writing about for a long while now, and which applies to both metals and energy markets. The story followed a Reuters article reporting that the Fed was now “reviewing” a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets. It was this, we always noted, that allowed for the emergence of a so-called physical loophole for a number of top Wall Street institutions active in commodity markets.
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***DA: Where’s Teddy Roosevelt when you need him?

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Eurex Launches Options On French Government Bond Futures
With effect from 10 September, the international derivatives market Eurex Exchange will launch options on futures that are based on notional long-term bonds issued by the French Republic with a notional coupon of 6 percent and a remaining maturity of 8.5 to 10.5 years.
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Jeremie Bacon aims to expand Orc’s market share in the Americas
Lynne Marek – Crain’s Chicago Business
WHO: JEREMIE BACON; Job: President, Orc Americas, in Chicago, since May 20; Vitals: 38 years old; bachelor’s in international studies, global economics, Brigham Young University, 1999; associate in institutional equity sales, Goldman Sachs Group Inc., 2000-03, Chicago; CEO, Backstop Solutions Group, Chicago, 2003-13.
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***DA: For more on Mr. Bacon, see the MarketsWiki.tv interview from last month

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SunGard Study Reveals Short-Termism in Risk Management Could Jeopardize Competitive Advantage and Profitability in Financial Services
New global research undertaken by SunGard has found that banks continue to take a short-term view when it comes to risk management priorities, which is affecting future competitive advantage and profitability. The research, which surveyed 760 risk professionals across 60 countries*, investigated current executive level risk management priorities and concerns.
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***DA: Someday, maybe. Until then, let’s keep borrowing at the Fed window and using the proceeds to fund everything from carry trades to 30-year mortgages.

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Where Have All the Cowboys Gone?
Joshua M Brown | The Reformed Broker
So you want to ride the rallies and sit out the corrections, repeating again and again until your drawdown-free positive returns pile up to the rafters? Be my guest, cowboy.
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***DA: A good cowboy knows when to hang up the six-guns and ride off into the sunset. Are you listening, Mr. Paulson?

***JM: …or in Mr. Cohen’s case, riding into the canyon with the posse hot on his trail. It’s all good.

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Glass-Steagall 2.0
Clarke Camper – Inside the Beltway
Is a Glass-Steagall 2.0 on the way? Senator Elizabeth Warren (D-MA) introduced a bill recently week to reverse the 1999 repeal of the original legislation, which required banks to separate commercial and investment banking activities.
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***DA: I vividly remember the media reports surrounding the Citi-Travelers merger that led to the heave-ho of Glass-Steagall. All this one-stop shopping was supposed to be good for consumers, because we were sweeping away, these tired, old, Depression-era inessentials.

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Me and My Machine – Step by step
Automated Trader
Before Fabien Oreve joined Dexia Asset Management two years ago, the group did not even use algorithms to trade equities. Now the total is 10%, and the plan is for that to keep rising. Adam Cox talks to Fabien, the group’s global head of trading, about why he favours a slow-but-steady approach to automation.
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***DA: In the modern era, slow and steady profitability makes one a takeover target.

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Meet the new kids on the (Wall St) block
William Wright – Financial News
Too much experience is not the issue at most investment banks. In fact, it is a lack of experience at the top of the industry that is beginning to unsettle regulators. By my calculations, the median average number of months that the chief executive or co-chief executives of the biggest investment banks have been in office is just 11.
jlne.ws/12f0oim

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Meet MarkITx, the ‘New York Stock Exchange of IT’
Crain’s
Used computer equipment — such as servers, switches and hard drives used by corporations and governments — is a commodity, so why not trade it like one? That is the mantra of Frank Muscarello, 42, founder and CEO of MarkITx, an online exchange for Enterprise IT hardware.
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***DA: Frankslist? Frankazon.com? FrankBay? How about FME Group?

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MarketsWiki

MarketsWiki Page of the Day
Guy Eden
jlne.ws/1bXDYns

MarketsWiki Recent Updates

People

Lance Zinman; Sanjib Sahoo; Guy Eden; Carlos Saez; John P. Kelley; Timo Pentner

Companies, Organizations and Groups

NYSE Liffe U.S.; OptionMONSTER Holdings Inc.; GFI Group Inc; IntercontinentalExchange Inc.

Products

NYSE Liffe US 2-Year Note Futures; NYSE Liffe US 5-Year Note Futures; NYSE Liffe US 10-Year Note Futures

Statistics

41,980,133 pages viewed, 7,598 articles, 162,293 edits
MarketsWiki Statistics

Lead Stories

High-frequency trader fined in transatlantic clampdown
Philip Stafford in London and Arash Massoudi and Gregory Meyer in New York – FT.com
US and UK authorities have used beefed-up powers to punish a small high-frequency trading firm for attempting to rig commodity markets, in a sign that authorities are looking to team up to crack down on market abuse. On Monday the US Commodity Futures Trading Commission, the UK Financial Conduct Authority and CME Group, the exchanges operator, each fined Panther Energy Trading and one of its traders for manipulating futures markets on both sides of the Atlantic with computer algorithms in a three-month period.
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CME Orders Trader to Pay $2.1 Million in Trade-Manipulation Case
Matthew Leising – Bloomberg
Michael Coscia and his company, Panther Energy Trading LLC, were fined $800,000 by CME Group Inc. (CME) and ordered to give back more than $1.3 million for allegedly manipulating electronic markets using algorithmic computer programs.
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Valuable Lessons Learned: CFTC, UK FCA and CME File Charges and Settle with Proprietary Trading Company and Principal for Spoofing
Gary DeWaal and Associates LLC
The Commodity Futures Trading Commission, the UK Financial Conduct Authority, and the Chicago Mercantile Exchange announced today enforcement actions and settlements for disrupting trading practices involving various commodity futures traded on the CME and ICE Futures Europe utilizing algorithmic trading by Panther Energy Trading LLC and its manager and sole owner, Michael Corsica, of New Jersey, USA. According to the CFTC, the nature of the disruptive practices – spoofing (or layering, as the FCA calls it) — occurred from August 8 through October 18, 2011.
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Hong Kong ETF turnover surges 80% during first half
Michelle Price and Suzi Ring – Financial News
Trading of exchange-traded funds in the Hong Kong market increased 80% during the first half of 2013 as investors flocked to access mainland Chinese stocks.
jlne.ws/12f0oiv

US watchdog acts on metals warehousing
Gregory Meyer in New York and Emiko Terazono in London – FT.com
The US commodity futures watchdog has sent letters to metals warehouse owners demanding they preserve records, in a sign of a looming regulatory probe of their storage practices.
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A Towering Fine for Naught, as the S.E.C. Tracks Cohen
ANDREW ROSS SORKIN – NYTimes.com
“We’re willing to pay $600 million because we have a business to run and don’t want this hanging over our heads with litigation that could last for years.” That’s what Steven A. Cohen’s lawyer told a judge just four months ago to justify why Mr. Cohen had agreed to pay $616 million to the Securities and Exchange Commission to settle civil accusations that his firm was involved in insider trading without admitting or denying guilt.
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Singapore assets under management rise 22%
Jeremy Grant in Singapore – FT.com
Singapore’s position as one of the world’s fastest-growing wealth management hubs was highlighted on Tuesday when it said assets under management rose more than a fifth over the past year.
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The unpopular reason behind the finance sector’s staffing fall
Paul Hodkinson – Financial News
Last week’s grim news that staffing levels in the UK financial services sector have hit a near-nine-year low is likely to elicit all the usual explanations.
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MillerCoors urges LME, bank regulation over metal warehousing
Reuters
Brewer MillerCoors LLC urged U.S. lawmakers and regulators to boost oversight of the London Metal Exchange (LME) and Wall Street banks’ ownership of warehousing firms, saying inflated aluminum prices have cost buyers billions of dollars.
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U.S. Weighs Inquiry Into Big Banks’ Storage of Commodities
GRETCHEN MORGENSON and DAVID KOCIENIEWSKI – NYTimes.com
A tactic devised by Goldman Sachs and other financial players that has inflated the price of aluminum — and ultimately cost consumers billions of dollars — is coming under federal scrutiny.
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Obama Said to Consider Raskin for No. 2 Treasury Post
Bloomberg
President Barack Obama is considering Federal Reserve Governor Sarah Bloom Raskin, a former state banking regulator, to serve as deputy Treasury Secretary, according to two people familiar with the matter.
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Regulatory

New Powers Invoked to Curb a High-Speed Trading Feint
NATHANIEL POPPER – NYTimes.com
Regulators are using new powers to crack down on a high-speed trading firm that they contend was trying to manipulate the prices of futures contracts.
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A Legal Bane of Wall Street Switches Sides
BEN PROTESS and PETER LATTMAN – NYTimes.com
After he left his position as Wall Street’s top federal enforcer, Robert S. Khuzami was wooed by several financial giants and white-shoe law firms.
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In Washington’s glare, Wall Street commodity trade falls under a shadow
Reuters
Wall Street’s multibillion-dollar commodity trading operations will be put under the political spotlight on Tuesday as a powerful U.S. Senate committee questions whether commercial banks should control oil pipelines, power plants and metals warehouses.
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If Dodd-Frank doesn’t work, here are four things that could
Mike Konczal, Wonkblog
A certain narrative about the Dodd-Frank Act, which celebrates its third anniversary on Sunday, is starting to get set in stone. This narrative, which Noam Scheiber laid out in a recent book review, is a little too self-satisfied about what was accomplished, and downplays the more aggressive ideas that were considered.
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FINRA Significantly Increases Transparency In The Mortgage-Backed Securities Market
The Financial Industry Regulatory Authority (FINRA) today significantly increased transparency in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae, as well as in securities backed by loans guaranteed by the Small Business Administration.
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CFTC Commissioners Scott O’Malia And Mark Wetjen To Testify Before The House Committee On Agriculture, Subcommittee On General Farm Commodities And Risk Management
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Concurring Statement Of CFTC Commissioner Bart Chilton In The Matter Of Panther Energy Trading LLC And Michael J. Coscia
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Consumers warned about another off shore cold calling scam impersonating ASIC
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ASIC consults on regulatory relief for greyhound racing and breeding syndications
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Exchanges & Trading Facilities

Abenomics Boosts Singapore Bourse Profit: Southeast Asia
Jonathan Burgos & Eleni Himaras – Bloomberg
Singapore Exchange Ltd. (SGX) may post a 51 percent jump in fourth-quarter profit, the fastest growth in six years, as renewed interest in Japanese shares made it the No. 1 venue for trading Nikkei 225 Stock Average futures.
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HKEx To Introduce Five New Stock Option Classes On 5 August
Hong Kong Exchanges and Clearing Limited (HKEx) will introduce five new stock option classes on Monday, 5 August: China Minsheng Banking, Great Wall Motor, Lenovo, MGM China and People’s Insurance Company of China.
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Bolsas y Mercados Españoles (BME) Approves The Distribution Of A E33.3 Million Interim Dividend
It Represents A Gross E0.40 Per Share – To Be Paid On September 9
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BME Posts A Net Profit Of E39 Million In The Second Quarter, Up 1.3% On 2Q2012
BME reported net profit of E39 million in the second quarter of 2013, up 1.3% from the same period in 2012 and up 18.3% from the first quarter of the year. Net profit for the first six months amounted to E72 million, 2.7% lower than a year earlier, although this was an improvement on the 7.1% setback registered during the first quarter.
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NYSE Liffe To List Equity Options On Gemalto N.V.
jlne.ws/12f0lTR

EEX New Participant Emission Allowances and Power: Göteborg Energi AB
jlne.ws/12f0oPr

New participant joins SIX Swiss Exchange
Capital Markets Trading UK LLP starts on the highly liquid and efficient marketplace for Swiss and international securities.
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[CBOE] Supplement to Regulatory Circular RG13-098 – Changes to Information Barrier Requirements in CBSX Rule 53.2
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SIX Swiss Exchange Bonds Quarterly Statistics: 2nd Quarter 2013
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Hedge Funds & Managed Futures

As Banks Retreat, Hedge Funds Smell Profit
IANTHE JEANNE DUGAN – WSJ.com
Private investment funds, facing diminished returns in some other areas, have piled into the business of lending to struggling companies, part of a so-called shadow-lending system that operates under different rules than commercial banks. Hedge funds D.E. Shaw Group and Oaktree Capital Management, for example, recently set up funds to lend to small and midsize businesses, including distressed ones.
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Nontraded REIT Pulls In Bundles Of Cash
CRAIG KARMIN – WSJ.com
Individual investors increasingly are turning to real estate in search of higher returns, and few in the industry have capitalized on this trend more than Nicholas Schorsch. The 52-year old chief executive’s American Realty Capital has emerged as the dominant money-raiser in the rapidly rising nontraded real-estate-investment-trust industry.
jlne.ws/12f0mac

Thai Billionaire Plans $2.3 Billion Infrastructure Fund I.P.O.
NEIL GOUGH – NYTimes.com
True Corporation, the Thai telecommunications company controlled by the billionaire Dhanin Chearavanont, said Tuesday that it would spin off 3G and broadband networks into an infrastructure fund in an initial public offering worth at least 70 billion baht — a potential record for a Thai company.
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Billionaire Batista’s Battered OGX Bonds Lure Hedge Funds
Bloomberg
CarVal Investors LLC, the hedge-fund manager with $8 billion in assets, is buying bonds sold by Brazilian oil producer OGX Petroleo & Gas Participacoes SA after they posted the worst selloff in emerging markets.
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Jupiter trading head to depart
Tim Cave – Financial News
The long-standing head of dealing at Jupiter Asset Management is to leave the buyside group later this year, Financial News has learnt.
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EDHEC-Risk Institute Welcomes Eight Distinguished New Members To Its International Advisory Board
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Watch Out Gold Bears, Remember the Technicals
MoneyBeat – WSJ
Investors who put money on further near-term losses in gold may be living to regret it Monday.
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Banks & Brokers

Nomura’s Instinet slips into the red in Europe
Tim Cave – Financial News
Instinet Europe, the agency broker owned by Nomura, has posted its first full-year loss since 2009. In the year to March 31, 2013, Instinet Europe recorded an operating loss in Europe of £270,000, a period in which it effectively became Nomura’s equities execution arm for all regions outside Japan.
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Jefferies appoints international funds chief
Richard Partington – Financial News
Jefferies, the US investment bank, has appointed a long-serving portfolio manager to run its international asset management division after the head of the unit left in May.
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Goldman Makes the Case for Its Future
Francesco Guerrera – MoneyBeat – WSJ
Less than a mile separates the Manhattan federal courthouse at 500 Pearl Street from Goldman Sachs Group Inc.’s gleaming headquarters at 200 West Street, but for the bank the distance is measured in light-years.
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Top rates strategist swaps Morgan Stanley for BNP Paribas
Suzi Ring – Financial News
Morgan Stanley global head of rates strategy, Laurence Mutkin, has left the investment bank to join BNP Paribas, Financial News has learnt.
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The banker who knows what’s on Hungarian PM’s mind
Reuters
Sandor Csanyi, chief executive of Hungary’s OTP bank, is one of a select group of people who know what Prime Minister Viktor Orban is thinking, which is why markets flinched last week when the banker dumped 36 million euros’ worth of his firm’s shares.
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Julius Baer CEO Sees Progress on U.S. Tax Deal
MoneyBeat – WSJ
Swiss bank executives are generally reluctant to say too much on the record about resolving the U.S. tax evasion crackdown, given the confusing process of hashing out a comprehensive legal settlement has dragged on for years.
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BNP Paribas Sells StanChart Debt Notes After Muddy Waters Rout
Bloomberg
BNP Paribas SA sold the first structured notes tied to Standard Chartered Plc ’s debt in more than a year after short-seller Carson Block triggered a surge in the cost of insuring the debt of the U.K. bank by saying he had bet against it.
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Clearing & Settlement

COMDER Selects Calypso To Power New Chilean OTC Derivatives CCP
Calypso Technology Inc., the leading integrated capital markets software provider, today announced that COMDER Central Counterparty has selected Calypso to provide the core clearing platform for a new central counterparty (CCP) for OTC derivatives created by a consortium of Chilean banks.
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Indexes & Products

U.S. court rejects appeal over leveraged funds’ volatility
Reuters
In a decision that reminds investors about the potential dangers of leverage, a federal appeals court on Monday rejected a lawsuit challenging how risks were disclosed by a group of exchange-traded funds that aimed to magnify market movements.
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ISE ETF Ventures and SecuredGrowth Quantitative Research Announce Partnership and Launch of Innovative Indices
The International Securities Exchange, a leading U.S. options exchange, and SecuredGrowth Quantitative Research, Inc., a leading financial technology and research development company, announced today their partnership agreement to develop and promote indexes that combine the performance of popular Exchange-Traded Products with the proprietary SecuredGrowth process to enhance the return of any benchmark index or portfolio in a fully transparent, low-risk and liquid manner.
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Rewiring Europe’s ETP industry
Suzi Ring – Financial News
European exchange-traded products are being delisted at a record rate as the region battles with fragmented liquidity and high running costs.
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Deutsche Börse: DAX Ex Financials 30 Index Licensed For The First Time To Deka Investment – New ETF Based On Index Launched Today On Xetra
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Technology

Thomson Reuters Eikon Becomes First Native Market Data App For Blackberry 10
Thomson Reuters today announced the release of Eikon for BlackBerry 10, the first financial markets data application to be developed using the native development tools for the BlackBerry 10 platform. Thomson Reuters has worked closely with BlackBerry throughout the development of the latest Eikon app to ensure customers can benefit from the enhanced privacy, enterprise security and user experience that BlackBerry 10 provides.
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Volante Technologies Expands Global Operations
Key Hires In London, US And Mexico With The Expansion Of The Technical Team In India To Support Growing Customer Base
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Enforcement

Tourre Lawyers Focus on Reliability of Federal Witness
MICHAEL J. DE LA MERCED and SUSANNE CRAIG – NYTimes.com
More than six years ago, Gail Kreitman contacted a former colleague to pitch a new debt investment that her employer at the time, Goldman Sachs, was putting together.
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Ex-ACA chief says in ‘Fabulous Fab’ trial he was surprised by Paulson bet
Reuters
The former chief executive of a bond insurer central to the fraud trial of one-time Goldman Sachs trader Fabrice Tourre said on Monday he was “pretty surprised” to learn billionaire John Paulson’s hedge fund had bet against the mortgage deal at the center of the case.
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Ex-Goldman Saleswoman Called to Bury Tourre With Praise
Bloomberg
A former colleague of Fabrice Tourre heaped praise on the ex-Goldman Sachs Group Inc. vice president, saying she was “very impressed” with his detailed knowledge of the complicated mortgage-backed investments he created and sold.
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SAC to Employees: Cohen Didn’t Read Dell Email at Heart of SEC’s Case
JAMES STERNGOLD and JENNY STRASBURG – WSJ.com
SAC Capital Advisors LP fired back at the U.S. government, telling employees Monday that the evidence shows Steven A. Cohen “did not even read” the email at the heart of allegations he failed to take proper steps to prevent insider trading at his hedge-fund firm.
jlne.ws/12f0mXH

UK’s Financial Conduct Authority v Former iSOFT Directors
The Financial Conduct Authority (FCA) has today announced that it has decided not to pursue a second retrial in the case against Stephen Graham, Timothy Whiston and John Whelan (formerly of ISoft plc) at Southwark Crown Court. The FCA will also not be pursuing the prosecution of Patrick Cryne (former chairman of Isoft plc).
jlne.ws/12f0mXP

CFTC Orders Panther Energy Trading LLC And Its Principal Michael J. Coscia To Pay $2.8 Million And Bans Them From Trading For One Year, For Spoofing In Numerous Commodity Futures Contracts
Press Release
jlne.ws/12f0pCP

UK’s Financial Conduct Authority Fines Us Based Oil Trader US $903k For Market Manipulation
Press Release
The Financial Conduct Authority (FCA) has fined US based High Frequency Trader, Michael Coscia, US $903,176 (£597,993) for deliberate manipulation of commodities markets.
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[ASIC] Criminal charge against Jonathan Moylan
jlne.ws/12f0mXV

Environmental & Energy

Shuttle diplomacy under way on global aviation emissions deal
Reuters
Diplomatic talks on a deal to curb greenhouse gas emissions from the global aviation industry have intensified recently as EU and U.S. officials try to stave off the threat of a trade war, lawmakers and observers said.
jlne.ws/15Ddpzn

Barack Obama urged to act on deal for global aviation pollution
The Guardian
Barack Obama must act fast to avoid a trade war over Europe’s efforts to curb airlines’ carbon pollution, a key member of the European parliament has warned.
jlne.ws/13V1JVC

Carbon emissions trading gains momentum in China
China Daily
Chinese government officials, environment and energy experts, and entrepreneurs have vowed to join hands in accelerating the process of building a nationwide carbon emissions trading market.
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Asia-Pacific

Fighting the taper in China
David Keohane | FT Alphaville
China is leaking. It’s probably America’s fault. China is, after all, the the most exposed to the quantity effect of liquidity withdrawal due to QE tapering and may have the most difficulty dealing with it.
jlne.ws/12f0ne8

Deutsche hires UBS banker in Thailand as SE Asia talent war grows
Reuters
Deutsche Bank has hired UBS AG’s veteran head of investment banking in Thailand, Phumchai Kambhato, as the search for well-connected bankers intensifies in Southeast Asia where deals have soared on the back of rapid economic growth.
jlne.ws/12f0pCT

TSE Listed Companies White Paper on Corporate Governance 2013
TSE conducted a comprehensive analysis of the current corporate governance situation of TSE listed companies and issued the “TSE Listed Companies White Paper on Corporate Governance 2013.”
jlne.ws/12f0pD2

Shenzhen Stock Exchange Market Bulletin 22 July,2013
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ACTIV Financial Expands Global Market Coverage In Asia – Addition Of More Than 10 Markets Bolsters ACTIV’s Asian Coverage
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Frontier Markets

Nasdaq Dubai adds permanent chief
David Thomas – Financial News
Nasdaq Dubai has installed a permanent chief executive as it looks to expand its regional footprint by listing more small and medium-sized companies.
jlne.ws/12f0nef

HSBC India Appoints Retail Bank and Wealth Management Chief
MoneyBeat – WSJ
The India unit of HSBC Holdings Monday named Sanjiv Sud as the country head of its retail banking and wealth management division.
jlne.ws/12f0pTi

India clamps down on gold imports
Avantika Chilkoti – FT.com
The Reserve Bank of India (RBI) has put new restrictions in place to limit gold imports, in an attempt to control the country’s unsustainable current account deficit and ease pressures on the depreciating rupee.
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Tehran Stock Exchange Trading Updates
jlne.ws/12f0pTm

Miscellaneous

Wealth Means Having No Financial Limits And $1M Is Not Enough, Millionaires Say
Halah Touryalai – Forbes
A dollar isn’t what it used to be, and neither is one million dollars apparently. That’s according to about 4,500 investors surveyed by UBS UBS +3.22% who say wealth comes at the $5 million mark. Anything under that and chances are you won’t feel wealthy.
jlne.ws/12f0nen