Industry news

July 26, 2013: U.S. CFTC looks set to keep margin rules despite industry outcry; Mifid reforms fail to benefit smaller fund managers; WFE 2013 1H Highlights: Share Trading Value Increases 23pct

The CFTC is ready to maintain its position that it’s a bad thing for one trader’s unused funds to be temporarily diverted to pay for somebody else’s problems. In Europe, six years after the Mifid financial reforms, little benefit appears to have accrued for smaller fund managers. The World Federation of Exchanges reports a substantial boost in share value and trading volume in the first half of 2013 compared to the prior six months… although results are considerably less exciting when compared to the same period of 2012.

First Read

JLN Team Offsite
The JLN Team is having an off-site day today, or what we like to call a disaster recovery location test exercise and company meeting. We will not be publishing a JLN Options or JLN Interest Rates today as a result. JLN FX is posted to its blog already. Have a great weekend!

***JM: They say “offsite” like it’s some kind of event…

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Futures for Kids – 3rd Annual Walk to Work, Friday September 13th
via David Setters
Futures for Kids (FFK) is now preparing for its 3rd annual Walk to Work. In its first two years it has attracted support from all over the exchange traded derivatives and FX industries and is now aiming to become even bigger and better! Walkers can choose from 4 routes starting in Kent, Surrey, Essex and Hertfordshire and there are 4 distances to choose from……as short as 10 miles (only an afternoon out of the office!) through 20, 35 and up to 50 for the real enthusiasts! With most walkers starting at 6am, the all day endurance test will see over 100 walkers converging in the City from about 5.30 onwards.

Eurex are once again generously sponsoring all the Checkpoints and the Finish Line party while Traiana is continuing its support by sponsoring the Awards. Other supporters include Fidessa, Trading Technologies, Cinnober and Icap. The event is also supported by the Futures and Options Association (FOA) and ACI – The Financial Markets Association.
Recruitment is going extremely well with sizeable contingents already signed up from the likes of Sungard and Trading Technologies while ‘celebrity’ walkers include London exchange heads William Knottenbelt of CME Group and Charlotte Crosswell of Nasdaq OMX NLX

Executives from the F&O and FX industries are urged to join the Walk to help 4 fantastic charities, Demelza, Everychild, Hope HIV and Variety and help FFK reach its £100,000 target. (In 2011 we raised £48,000 and in 2012, £72,000).

Entry details can be found at jlne.ws/169bpRx

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World Federation Of Exchanges Publishes 2013 First Half Market Highlights – Share Trading Value Increases 23% While Exchange-Traded Derivative Volumes Rebound
Press Release
The World Federation of Exchanges’ (WFE) semi-annual survey of global markets found that the value of share trading on its member exchanges increased 23% during the first half of 2013, while the volume of exchange-trade derivatives increased 14% after a negative performance in 2012.
jlne.ws/15Q25zL

***** This story tells it all, share trading down, derivatives back up.

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No, the Comex is not going to default
Izabella Kaminska | FT Alphaville
There’s a stupid rumour going around in the gold community that the Comex is “bleeding” inventory (especially from the JP Morgan vault) and that this will in some way compromise delivery that causes a default.
jlne.ws/15Q25Qh

***** Stupid rumor is a constant in the gold markets.

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SAC Case Threatens a Wall St. Cash Cow
PETER EAVIS – NYTimes.com
Wall Street now has to contemplate life without SAC Capital Advisors, the hedge fund that manages billions of dollars. In a rare and aggressive action, federal authorities on Thursday indicted the fund on criminal charges. And in doing so, the government may have threatened the life of a big golden goose for Wall Street.
jlne.ws/15Q24Mt

***** It turns out the goose may have been a darker shade of brown rather than golden.

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Wall Street’s Exposure to Hacking Laid Bare
NATHANIEL POPPER – NYTimes.com
Recent indictments of hackers raise concerns that programmers are developing tools that could wreak havoc on the broader financial system. The indictment on Thursday of a long-running hacking ring is kindling fears that rogue programmers are going beyond theft and developing the capacity to wreak havoc on the broader financial system.
jlne.ws/15Q24Mu

***** Right,the people inside the markets are not the only ones who can wreak havoc.

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CBOT soymeal trade limits will not expand despite limit-down move
Reuters
The daily trading limit for Chicago Board of Trade soymeal contracts will remain at $20 per ton on Friday, the CME Group said on its website, despite the two front months closing limit-down – typically the trigger to expand price limits.
jlne.ws/15Q25Qi

***** Just be careful out there.

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[Podcast] Alphachat: MF Global nostalgia edition
FT Alphaville
This time, Izzy and David chat with repo specialist Scott Skyrm about the fall of MF Global, those slippy seg funds and Jon Corzine’s attempt to build a mini-Goldman.
jlne.ws/15Q252L

***** Not revisionist history, but not history either. The sore is still open.

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Futures exchanges chase CDS out of the shadows
David Wigan – FOW
Warren Buffett, in his now infamous “weapons of mass destruction letter” presciently warned that the explosion of credit default swaps had “concentrated risk in the hands of relatively few dealers, which can trigger serious systemic problems”.
jlne.ws/15Q252M

***** June Furlan of ICE will be talking about the history of CDS at our summer Intern Education Series on Tuesday.

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Wall Street’s Resistance to Technology Standards Puts Us All at Risk
Dave Lauer – TabbFORUM
Regulation SCI is the SEC’s latest attempt to try to grapple with the complexity of the modern electronic marketplace. In the wake of the Knight Capital debacle, last October the SEC convened a Technology Roundtable, on which I had the honor of participating. Regulation SCI (Systems, Compliance and Integrity) has largely come from that discussion and others among regulators and the industry.
jlne.ws/15Q252Q

***** SCI will be the subject of an upcoming CSI episode.

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Wall Street & Washington: Cross Border Swaps and Free Trade
Why the recent CFTC cross-border swaps agreement isn’t the end of the story; why viewers need to keep their eyes on the US/EU free trade agreement; items about political perversity regarding the June federal budget surplus.
jlne.ws/15Q252U

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Wall Street Decathlon Draws Ex-NFL Players for Top Athlete Crown
Erik Matuszewski – Bloomberg
Jake Stoller was in training camp with the Pittsburgh Steelers last summer, trying to win a job in the National Football League. The former Yale University defensive lineman and Barclays Plc (BARC) debt capital markets analyst is pursuing a new goal this year: the title of Wall Street’s best athlete.
jlne.ws/15Q25Qo

***** Hey Chicago, let’s have an LaSalle Street Decathlon.

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MarketsWiki

MarketsWiki Page of the Day
Zachary Ziliak
jlne.ws/1463AOG

MarketsWiki Recent Updates

People

Zachary Ziliak; Gerard J. Pannekoek; David Johnson; June Furlan; Michael Gorham; Najib Lamhaouar; Michael Dawley; Michael Yarian

Companies, Organizations and Groups

Commodity Futures Trading Commission; LiquidPoint, LLC; ConvergEx Group LLC

Miscellaneous

Commitments of Traders reports

Statistics

42,071,745 pages viewed, 7,603 articles, 162,492 edits
MarketsWiki Statistics

Lead Stories

U.S. CFTC looks set to keep margin rules despite industry outcry
Ann Saphir – Reuters
U.S futures regulators on Thursday signaled they will keep new rules barring brokers from using excess money from one customer to cover the temporary shortfall of another, despite criticism that the change could cost the industry hundreds of billions of dollars.
jlne.ws/15Q252W

***JM: For more coverage of the residual interest issue, take a look at our Special Report from earlier this year

Mifid reforms fail to benefit smaller fund managers
Anish Puaar – Financial News
Almost six years since the introduction of European trading rules aimed at transforming equity markets, smaller buyside firms are still struggling to see material improvements to their trading performance.
jlne.ws/15Q25Qp

SAC indictment describes ‘insider trading group’ at Citadel: sources
Reuters
A former employee of SAC Capital Advisors’ Chicago office was once part of an “insider trading group” at a rival hedge fund, according to an indictment filed on Thursday against SAC.
jlne.ws/15Q252Y

US presses banks for multibillion payments over mortgage securities
Tom Braithwaite in New York – FT.com
Bank of America, JPMorgan Chase and Royal Bank of Scotland are being pressed for multibillion-dollar payments to the US government over toxic mortgage-backed securities, according to people familiar with negotiations.
jlne.ws/15Q25Qv

Larry Summers: Obama’s bad penny
David Weidner – Market Watch
Today is a lucky day. How do I know? Because the nation woke up and Lawrence Summers was not chairman of the Federal Reserve. Enjoy it. It might not last.
jlne.ws/15Q2531

Church of England admits investing in backer of payday lender
Reuters via Yahoo! News
LONDON – The Church of England confirmed on Thursday that its pension fund invests in Accel Partners, the U.S.-based venture capital firm that led fundraising in 2009 for Wonga, a payday lender. The Financial Times newspaper reported the investment a day after Archbishop of Canterbury Justin Welby said that the church would seek to drive payday lenders, such as Wonga, out of business
jlne.ws/15Q25jg

Equity trading surges in first half
Anish Puaar – Financial News
Stock exchanges in Asia have driven the most substantial half-year gains in the value of share trading across the globe since the bankruptcy of Lehman Brothers.
jlne.ws/15Q252Z

Stock Trading on Exchanges Dropped 2.4%, WFE Says
Nandini Sukumar – Bloomberg
Equities trading on exchanges globally fell 2.4 percent in the first half, led by declines in the U.S. and Europe, according to data provided by members of the World Federation of Exchanges. The number of trades executed electronically dropped to 5.11 billion from 5.24 billion in the same period last year, WFE said in a statement today.
jlne.ws/1dY5srt

Regulatory

Traders attack plans for UK tax on HFT
Tim Cave – Financial News
Senior traders and analysts have strongly criticised plans for a UK financial transactions tax on high frequency trading, which was proposed today by a group UK MPs conducting a study into the Kay review on UK equity markets.
jlne.ws/15Q25jl

For Banks, FATCA is a Technological Challenge
Becca Lipman – Wall Street & Technology
The FATCA deadline may have been pushed back, but is there still enough time to react? How has the roll-out of compliance solutions progressed from a technology standpoint?
jlne.ws/15Q25Qy

Canadian Securities Regulators Enter Into Supervisory Cooperation Arrangements With EU And EEA Financial Regulators
The Ontario Securities Commission (OSC), Autorité des marchés financiers (AMF), Alberta Securities Commission (ASC) and British Columbia Securities Commission (BCSC) today announced they have entered into supervisory Memorandums of Understanding (MOUs) with financial regulators of member states of the European Union (EU) and European Economic Area (EEA) regarding the supervision of alternative investment fund managers as required under the EU Alternative Investment Fund Managers Directive.
jlne.ws/15Q25jn

CFTC Announces That Mandatory Clearing Of iTraxx CDS Indices For Category 2 Entities Begins Today
The Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission (Commission) announces that the second phase of required clearing for certain iTraxx credit default swap (CDS) indices begins today for Category 2 Entities.
jlne.ws/15Q25jq

Should regulators prevent banks from getting physical in commodities?
Craig Pirrong – FOW
Who woulda thunk that commodities-especially ones like aluminum-would become such a huge story. Maybe it’s the summer news doldrums, but in the last week there have been two major, related stories using up loads of ink and pixels.
jlne.ws/15Q266R

Canadian securities regulators will not implement proposed rules for venture issuers
jlne.ws/15Q25ju

Exchanges & Trading Facilities

Deutsche Börse AG Publishes Results For Q2/2013
Deutsche Börse AG published its figures for the second quarter of 2013 on Thursday. The Group generated net revenue of E497.1 million, up 3 per cent on the first quarter of 2013. The increase is attributable to a slight improvement in the business environment. However, net revenue was down slightly on the prior-year quarter (Q2/2012: E506.7 million) in light of the ongoing difficult capital market environment. The Group’s operating costs amounted to E234.1 million, adjusted for special items (Q2/2012: E224.0 million). The planned year-on-year increase in operating costs was attributable to higher investments in growth initiatives and infrastructure. Adjusted for special items, earnings per share amounted to E0.97 in the second quarter of 2013 (Q2/2012: E1.01).
jlne.ws/15Q25jw

Direct Edge Highlights Retail Flow in Market Data Deal
Ivy Schmerken – Wall Street & Technology
Direct Edge, operator of the third-largest U.S. stock exchange, entered into a distribution agreement with Interactive Data Corporation to make its EdgeBook Depth, available through IDC’s consolidated market data feed. The move positions Direct Edge to increase the visibility and sales of its market data to a broader range of customers, and to differentiate its data as coming from retail transactions.
jlne.ws/15Q266T

NZX 1H13 Shareholder Metrics
jlne.ws/15Q266U

NZX 2Q13 Regulation Metrics
jlne.ws/15Q266V

Program Trading Averaged 28.6 Percent Of NYSE Volume During July 15-19
jlne.ws/15Q25zM

Direct Edge Trading Notice #13-33: NBBO Offset Peg
jlne.ws/15Q25zP

NYSE MKT Issues Short Interest Report
jlne.ws/15Q2674

Requests for CBSX Login Setup and Termination
jlne.ws/15Q2675

Requests for CBOE Login Setup and Termination
jlne.ws/15Q25zS

Hedge Funds & Managed Futures

Bloomberg cancels its new wealth management product
Reuters
Bloomberg LP is canceling its new wealth management service, BloombergBlack, before it hits the market. For $100 a month, the service was expected to cater to individuals looking to track their investment portfolios – including mutual fund holdings, 401K retirement plans and college savings plans.
jlne.ws/15Q26nn

Asset manager Janus misses estimates as clients exit, managers quit
Reuters
Asset manager Janus Capital Group Inc reported a weaker-than-expected quarterly profit as clients withdrew money from its underperforming funds and some key managers defected, sending its shares down nearly 4 percent.
jlne.ws/15Q26np

Hedge fund compliance to ‘ratchet up’ after SAC indictment for insider trading
Jessica Meek – Risk.net
The hedge fund industry is set to intensify its focus on compliance after SAC was indicted on criminal charges for insider trading.
jlne.ws/15Q25zU

Plenty to Blame for High-Pressure Hedge-Fund Culture
Jason Zweig – MoneyBeat – WSJ
In Thursday’s indictment of SAC Capital Advisors on insider-trading charges, there is plenty of blame to go around.
jlne.ws/15Q26nv

JP Morgan fund review claims fifth victim
Joe McGrath – Financial News
JP Morgan Asset Management has confirmed another fund closure in its “comprehensive” strategic review of its open-ended investment company and unit trust range and says further closures are possible.
jlne.ws/15Q25zX

SkyBridge Multi-Advisor Hedge Fund Portfolios – Series G: SkyBridge Capital
Margie Lindsay – Risk.net
If it walks like a duck and quacks like a duck, it is a duck – but maybe not always. The SkyBridge Multi-Advisor Hedge Fund Portfolios is a fund of hedge funds that acts and behaves like a multi-strategy hedge fund.
jlne.ws/15Q26nw

M&G veteran takes real estate role at KKR
Alec Macfarlane – Financial News
Kohlberg Kravis Roberts has appointed a dedicated adviser to its European real estate unit, an appointment that comes a month after the global buyout giant sealed its first property deal on the continent.
jlne.ws/15Q25zZ

Armistice Capital Fund: Armistice Capital
Kris Devasabai – Risk.net
Armistice Capital, named best new hedge fund at the Americas Awards 2013, has posted sizzling returns by investing in under-followed and misunderstood companies
jlne.ws/15Q26nz

S&P CapIQ, BondDesk Ally on Odd-Lot Bond Pricing Service
Max Bowie – WatersTechnology
S&P Capital IQ is developing an evaluated pricing service for odd-lot fixed income securities in partnership with bond trading platform BondDesk Group, to bring transparency to participants in the odd-lot-trades of less than $1 million in size-securities market.
jlne.ws/15Q26nA

BondDesk And S&P Capital IQ To Develop An Innovative Odd-Lot Fixed Income Pricing Service
Recognizing the need for improved price transparency in the odd-lot fixed income markets, BondDesk Group LLC and S&P Capital IQ today announced a new pricing service for U.S. corporate and municipal bonds, Odd-Lot Valuations. The evaluated prices in this new service will be derived using S&P Capital IQ’s proprietary methodologies and factor in market data from the BondDesk ATS, the largest odd-lot fixed income trading venue in the United States.
jlne.ws/15Q28vt

IMF worries Argentine case will hamper debt relief
Associated Press via Yahoo! News
WASHINGTON — A yearslong court battle in New York could have major implications for the world’s financial system as investors seek to recover unpaid debts from Argentina’s massive 2001 default.
jlne.ws/15Q26DQ

Banks & Brokers

Top EU lobbyist exits BBA
Vivek Ahuja – Financial News
The British Bankers’ Association is on the hunt for someone to lead its efforts to engage with Brussels after the departure of Arjun Singh-Muchelle, the UK banking industry lobby group’s head of European Union affairs.
jlne.ws/15Q28vu

Advisory revenues surge at Lazard
Vivek Ahuja – Financial News
Lazard’s financial advisory business has bounced back from its weakest quarter in four years in the first three months of this year to turn in a second-quarter performance that outstripped the same period last year and helped propel underlying net profits up 81%.
jlne.ws/15Q28vw

Goldman Sachs Makes $255 Million Storing 3% of Global Aluminum Production
Forbes
The murky yarn about Goldman Sachs’ 27 aluminum storage units in Detroit boils down to some very simple dollars and cents. A respectable source informed me this morning that Goldman charges 48 cents a day for each ton of aluminum it stores.
jlne.ws/15Q26DV

SEC Asks Goldman to Break Down Trading Revenue by Product
Bloomberg
The Securities and Exchange Commission asked Goldman Sachs Group Inc. to disclose how much products such as mortgages and commodities contribute to its trading revenue to give investors more clarity on how the firm makes most of its money.
jlne.ws/15Q28vy

RBS rules out restructuring as CEO search continues
Reuters via Yahoo! Finance
Royal Bank of Scotland on Thursday ruled out another shake-up of its investment bank and sources familiar with the matter said such strategic changes were unlikely until RBS appoints a new chief executive.
jlne.ws/15Q26DW

GFI Group Inc. Announces Second Quarter 2013 Results; Declares Quarterly Cash Dividend
GAAP Total Revenues: $242.3 Million; Non-GAAP Total Revenues: $241.1 Million; GAAP Net Revenues: $198.4 Million; Non-GAAP Net Revenues: $197.3 Million
jlne.ws/15Q28vz

Clearing & Settlement

DTCC To Integrate Services From Full Ownership Of Omgeo
Nicholas Hamilton – WatersTechnology
The Depository Trust and Clearing Corporation’s (DTCC) decision to acquire 100% ownership of Omgeo will help DTCC to grow globally, and will benefit industry participants through the integration of the two companies’ services, according to an executive at the post-trade processing services vendor.
jlne.ws/15Q28vD

CMEGroup – NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (OB, OH, I, ON) Effective Friday, July 26, 2013
jlne.ws/15Q26DY

Indexes & Products

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.
jlne.ws/15Q28vJ

WisdomTree launches U.S. small-cap dividend growth ETF
jlne.ws/15Q28LX

Measuring Emerging Markets…Defensively: Russell Emerging Markets Defensive Index Outperformed Its Dynamic Counterpart For One, Three & Five-Year Annualized Return As Of July 23rd
jlne.ws/15Q26E4

S&P Dow Jones Indices, TMX Group Launch High Income Energy Index – Index Licensed To Guggenheim Investments For ETF Development
jlne.ws/15Q28M0

Technology

SunGard named best Market Risk Solution Provider
SunGard’s Adaptiv solution has been awarded “Best Market Risk Solution Provider” in the 2013 Waters Technology Rankings. The awards, which are voted for by readers of Waters magazine and industry participants, recognize excellence among providers to the financial industry.
jlne.ws/15Q28M1

DelphX Chooses Thomson Reuters Elektron Treasury Feed To Support Its Real Time MAV=N Fair-Value Pricing Engine For Fixed Income Market
Thomson Reuters Streaming U.S. Treasury Pricing Data Will Be Used to Calculate MAV=N Fair-Value Prices and Adjust Orders on DelphX ATS in Real Time
jlne.ws/15Q28M3

Enforcement

U.S. charges SAC Capital with insider trading crimes
Reuters
U.S. prosecutors indicted billionaire Steven A. Cohen’s hedge fund for insider trading, a rare move that could end the career of one of Wall Street’s most successful investors and trigger a fundamental change in how traders try to gain an edge over rivals.
jlne.ws/15Q26Ul

Manhattan U.S. Attorney – Charging & Supporting Documents: U.S. V. S.A.C. Capital Advisors, L.P., Et Al.
jlne.ws/15Q28M8

Criminal case against SAC is strong -lawyers
Reuters
The decision by federal prosecutors to bring criminal charges against hedge fund SAC Capital Advisors LP, rather than its billionaire owner, Steven A. Cohen, makes it more likely that the government will be able to secure a guilty verdict, lawyers say.
jlne.ws/15Q26Ur

US attorney says SAC ‘magnet for cheaters’
Kara Scannell, Dan McCrum and Tom Braithwaite in New York – FT.com
US prosecutors delivered the biggest blow yet in their crackdown on Wall Street insider trading, filing criminal charges against SAC Capital that threaten the survival of the $14bn hedge fund and the fortune of its billionaire founder Steven Cohen.
jlne.ws/15Q28M9

U.S. regulator announces $885 million settlement with UBS
Reuters
A U.S. regulator on Thursday said it reached an $885 million settlement with UBS over allegations the bank misrepresented mortgage-backed bonds that were sold to Fannie Mae and Freddie Mac during the housing bubble.
jlne.ws/15Q28Ma

CFTC: Federal Court In Illinois Orders Michael Peskin To Pay More Than $480,000 And Imposes Other Sanctions To Settle Charges That Peskin Violated A Permanent Trading Ban
jlne.ws/15Q28Md

NFA sanctions James E. Green, principal of FX Direct Dealer LLC (FXDD), with fine of $75,000
National Futures Association (NFA) has issued a $75,000 fine against James E. Green, chief compliance officer (CCO), a listed principal and an associated person of FX Direct Dealer LLC (FXDD). FXDD is a futures commission merchant, forex dealer member and retail foreign exchange dealer Member of NFA located in New York City.
jlne.ws/15Q26Uv

NFA permanently bars Sacramento, California commodity trading advisor ABL Traders Trading Group and sanctions its principal, Abdul Latona
National Futures Association (NFA) has permanently barred ABL Traders Trading Group (ABL), a commodity trading advisor Member of NFA located in Sacramento, California, from NFA membership. NFA has also permanently barred ABL’s principal, Abdul Latona (Latona) from acting as a commodity trading advisor and from managing or directing any customer accounts.
jlne.ws/16Ur18p

2013/52 BCSC panel sanctions director and president and CEO of parking technology company
jlne.ws/15Q26Ux

ASIC acts on rent to buy advertisements
jlne.ws/15Q292t

[ASIC] Credit licensee updates its licensing structure
jlne.ws/15Q26Uz

Environmental & Energy

China, India to Drive World’s Growing Energy Use
Reuters
The world will use far more of every type of energy in coming decades, the U.S. Energy Department said Thursday in a report that predicts China and India will drive growing consumption.
jlne.ws/18GeNXP

Developing countries to vastly outpace OECD in carbon emissions -U.S. EIA
Reuters
Energy-related carbon dioxide emissions from developing countries will be 127 percent higher than in the world’s most developed economies by 2040, according to figures released Thursday by the U.S. Energy Information Administration (EIA).
jlne.ws/1bogjPi

Labor unveils ETS reform details
AAP
The federal government has unveiled the changes it wants to make to its carbon pricing laws to allow for an emissions trading scheme (ETS) to start a year earlier than planned.
jlne.ws/18GfLTP

Asia-Pacific

Philippine Bonds, Peso Rise as Moody’s Signals Possible Upgrade
Bloomberg
Philippine seven-year sovereign bonds headed for a fourth weekly gain and the peso climbed after Moody’s Investors Service placed the nation’s credit rating on review for a possible upgrade.
jlne.ws/15Q292u

SGX welcomes OUE Hospitality Trust to Mainboard
jlne.ws/15Q26UA

Frontier Markets

Bursa Malaysia Derivatives’ Open Interest Hits All Time High
Bursa Malaysia ended the day with two new historical record highs. Open Interest (OI) for all products hit a new high of 251,994 contracts at the end of day on Thursday 25th July, whilst FCPO saw 201,209 contracts remained open at the end of the same day.
jlne.ws/15Q292x

MCX Weekly Market Report July 19, 2013 – July 25, 2013
jlne.ws/15Q26UD

Miscellaneous

Pearson puts Mergermarket on the block
Reuters via Yahoo! Finance
British publisher Pearson put its Mergermarket news service on the block on Friday while insisting that it intends to hang on to the Financial Times newspaper.
jlne.ws/15Q292y