Industry news

September 5, 2013: Aquis gears up for launch with latest hire; NY regulator probes European banks over Turkish family; CME Europe Seeks End September Launch

Aquis Exchange hires a senior compliance officer, as its October launch date approaches. In a thoroughly international story, regulators in New York demand transaction records from local European bank branches regarding their dealings in Jordan and Turkey. CME Group’s new London exchange is said to be hoping to launch at the end of this month.

First Read

Leigh Faber Discusses Family Offices and Allocating to Managed Futures
MarketsWiki.tv

Leigh Faber is a veteran of the alternatives space, who has conducted over hundreds of due diligence reviews in her career on behalf of family offices. She has covered hedge funds, commodity trading advisors, private equity, venture capital, and other alternative investments. She spoke with John Lothian News editor-in-chief Jim Kharouf about the differences between family offices and other institutions when seeking an allocation to managed futures. The key, according to Faber, is education – on both sides. Managers must explain performance, investment strategy and risk in an easy-to-understand manner, and managers themselves must be sensitive to the nature of family office wealth and how objectives may differ from those of pensions and endowments.

Watch the video »

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How the Bank Lobby Loosened U.S. Reins on Derivatives
Silla Brush & Robert Schmidt – Bloomberg
One by one, Gary Gensler’s supporters deserted him. Now the chief U.S. regulator of derivatives was being summoned by Treasury Secretary Jacob J. Lew to explain why he refused to compromise. Banks and lawmakers, as well as financial regulators from around the world, had besieged Lew with complaints about Gensler’s campaign to impose U.S. rules overseas.
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***** This excellent article will take you some time to read. A great example of Bloomberg’s long form story.

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NASDAQ Did the Right Thing by Halting Its Markets Last Week
Irene Aldridge – Wall Street & Technology
Two weeks ago, NASDAQ stopped trading mid-day, fueling a new wave of speculation about the reliability and, ultimately, appropriateness of using computer technology in trading. Critics of trading algorithms readily jumped on the news bandwagon, happily denouncing technology as a source of all economic ills. In reality, however, on August 22, 2013, NASDAQ halted its servers to comply with instructions from the SEC.
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***** All hail the SEC.

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CME Group Prices $750 Million Aggregate Principal Amount of Senior Unsecured Notes
CME Group Inc. today announced it priced an underwritten public offering of $750 million aggregate principal amount of 5.300% notes due 2043. The offering is being made under CME Group’s existing shelf registration statement and is expected to close on September 9, 2013, subject to customary closing conditions.
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***** Who will the CEO be when these get paid off?

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No ETF Left Behind Begins at NYSE
Brendan Conway – Barrons.com
That’s my term, not NYSE Euronext’s (NYX), for a plan the exchange hopes can breathe some life into dormant ETFs, which make up a surprisingly large proportion of the industry. The exchange just announced the launch of a program whereby fund companies can subsidize market making in any of the hundreds of exchange-traded funds investors won’t touch — or, the exchange hopes, they’ll begin using once they see other people go first.
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***** Marketing is the creation of demand. If the product is not trading, creating a little demand would be a good thing.

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Why Regulators Should Not Be Afraid of the Dark
Rebecca Healey – TabbFORUM
European dark volumes have exceeded 10% in Europe for the first time, but this should not alarm regulators and politicians. On the contrary, there are valid, viable reasons for institutional investors to trade in the dark. And while politicians may want greater transparency, trying to push all order flow onto primary exchanges will harm the very pension funds and retail investors they claim to want to protect.
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***** Not all things that happen in the dark are good, which is why we mostly like things in the lit markets.

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The Options Industry Council Announces Equity Options Seminar Schedule For Fall 2013
The Options Industry Council (OIC) recently announced its seminar schedule for fall. The seminars focus on basic, intermediate and advanced options topics as well as volatility and the Greeks. The fall lineup will also debut an interactive introduction to options workshop, which will be held in Houston, TX; New Brunswick, NJ; and Tampa, FL.
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***** Educate yourself about options or watch your vega melt away like a car in London.

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Most Influential 50’s New Names Show Shakeup in Finance
Robert S. Dieterich – Bloomberg
They shape economies, move markets, do deals — and change the world. They hold sway by virtue of the money they manage, the companies they control, the policies they enact and the ideas they propound. The people on the third annual 50 Most Influential list, to be published in the October issue of Bloomberg Markets magazine, command attention as masters of the global financial system.
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***** For some it is purely what position they hold. For others, it is who they are and who they have made themselves into.

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Germans Hide Cash in Diapers as Swiss Secrecy Crumbles
Catherine Bosley – Bloomberg
Germans who avoided taxes by keeping money in Switzerland are bringing wads of cash home and hiding it in odd places. With Swiss banks the target of an international crackdown against tax evasion, the government wants the industry to stop managing undeclared funds. This requirement, combined with high-profile cases such as Bayern Munich President Uli Hoeness, who is charged with using a Swiss account to evade paying taxes, and the purchase of client data by German officials, has frightened tax cheats into action, according to customs agents.
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***** I keep my extra bottle of scotch in my diapers, not cash. My cash is rolled up in a tent, in a secret compartment in the camping stove, in the bottom of the bag for my camping chair and stuffed into popcorn tins.

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TABB Group webinar: Looking for the Edge in Options Trading
Tuesday, September 17, 2013, 10:00 AM – 10:30 AM EDT
Range-bound volatility is forcing buy-side traders to adapt to a new trading environment in which they need to be more precise in their strategies. At the same time, traders are challenged to find liquidity in less actively traded options as brokers continue to rein in capital as part of efforts to rationalize the level of service they provide to clients. As these pressures build, the buy side is expanding its efforts to use automated tools to make workflows more efficient, increasingly adapting algorithms and DMA to support execution requirements. Join Andy Nybo, Principal and head of derivatives at TABB Group, as he reviews the findings from his recent research report, “US Options Trading 2013: Looking for the Edge.” Based on interviews with 52 buy-side traders, the presentation will explore the challenges facing them as they expand their use of listed options to manage risk and portfolio exposures.
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MarketsWiki

MarketsWiki Page of the Day
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MarketsWiki Recent Updates

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Lead Stories

Aquis gears up for launch with latest hire
Suzi Ring and Tim Cave – Financial News
Aquis Exchange, a new pan-European equities trading platform that has piqued the interest of investors such as former Barclays chief executive Bob Diamond, has hired a senior Liquidnet compliance officer ahead of its planned October launch.
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Exclusive: NY regulator probes European banks over Turkish family
Reuters
New York’s state banking regulator has ordered local branches of half a dozen European banks to turn over details of their transactions with a Jordanian bank, along with documents related to Turkey’s Uzan family, the subject of a series of legal actions over their business dealings.
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CME Europe Seeks End September Launch
FOW Intelligence [subscription required]
CME is understood to be working towards a launch date of September 29 for its new European exchange, dependent upon regulatory approval. The new launch date represents a delay from the planned target date of September 9 and a significant delay from the original plan to launch in Q2 this year.
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BGC Partners Files Swap Execution Facility Application with the CFTC
BGC Partners, Inc., a leading global brokerage company servicing the wholesale financial and real estate markets, today announced that it has filed an application with the U.S. Commodity Futures Trading Commission to become a Swap Execution Facility, consistent with the latest derivatives trading regulations under the Dodd-Frank Act.
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Glitch hits Nasdaq system at center of trading outage
Reuters
Nasdaq OMX Group said the system at the center of the Nasdaq exchange’s three-hour trading halt on August 22 had a six-minute outage on Wednesday for a small number of stock symbols, but the issue had been resolved and trading was not affected.
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Citi Offers Algorithmic Trading and DMA Through Moscow Exchange
Business Wire via Yahoo! Finance
Citi will this month begin offering clients algorithmic trading and direct market access to securities traded on the Moscow Exchange.
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ECB, Bundesbank clash over who to pull plug on banks
Reuters
The European Central Bank clashed with the European Commission and the Bundesbank on Wednesday over who should have the power to decide a bank is no longer viable under Europe’s planned banking union.
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G20 to back moves to expose tax evaders
Vanessa Houlder in London and Javier Blas in Madrid – FT.com
The Dutch government has offered to renegotiate loophole-ridden tax treaties with nearly two dozen developing countries, in a sign of the drive to crack down on avoidance and evasion that is set to intensify at the summit of world leaders in Russia this week.
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Did NSEL investors’ money never reach borrowers?
Business Standard
Contrary to National Spot Exchange Ltd (NSEL)’s claims that a default by 24 borrowers and their clients had resulted in the Rs 5,600-crore payment crisis, more and more borrowers are claiming the money invested by about 13,000 investors never reached them. And, in what supports this argument, some of the ledgers provided by the exchange do not contain any details of the trades settled on the T+2 cycle.
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MCA looking at possible violations by NSEL
Business Standard
Corporate Affairs Ministry is looking into whether the crisis-ridden National Spot Exchange violated company laws and is yet to take a final decision on SFIO probe into the matter.
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Chronicles of an NSEL investor
Business Standard
It is not difficult to miss Dalmia House on the Sikandra Road as you speed past the Mandi House metro station and the adjacent construction site. Lying under the greenery inside a huge compound, is a sprawling Lutyens era Bungalow painted in pale green. It is not easy to miss the Hussains lining up the narrow staircase.
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Regulatory

Singapore overhauls rate-setting mechanism after price-fixing scandal
Viren Vaghela – Risk.net
Following a price-fixing scandal involving 20 banks in Singapore, the Monetary Authority of Singapore not only heavily penalised those involved but switched to a benchmarking system for its rate-setting mechanism
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New derivatives rules push global banks to form subsidiaries
Alex Davis – Risk.net
The tension between establishing global regulatory standards to prevent a repeat of the events of 2008/2009 and protecting individual state interests has created a dilemma for international banks operating throughout Asia. Derivative market reform, new capital requirements and updated resolution regimes have led not only to a rethink around the legal entities banks use in individual territories but whether to exit some markets entirely.
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Esma surprises market with fast-tracked advice
Michelle Price – Financial News
At a time when the market expects nothing but delays from regulators, Europe’s key watchdog the European Securities and Markets Authority did something unprecedented yesterday: it fast-tracked its hotly-awaited advice on foreign supervisory regimes.
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Do Regulation and Customer Service Go Hand in Hand?
Becca Lipman – Wall Street & Technology
At the moment, and to the surprise of few, many financial institutions are only funding projects based on some regulatory component. It’s an essential change to stay viable in the industry, but can it help make firms more competitive?
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National Futures Association: Rules to Govern the Conduct of Swap Dealers and Major Swap Participants – Proposed Adoption of NFA Compliance Rule 2-49
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Schwab Case Casts Spotlight on Securities Arbitration and Its Flaws
SUSAN ANTILLA – NYTimes.com
Class-action lawsuits are the bane of most financial firms, and many recoil at the prospect of paying out millions to groups of clients if investments go sour. Now, the discount brokerage firm Charles Schwab & Company finds itself at odds with regulators as it seeks to eliminate the option of such suits for its clients.
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Paula Dubberly, Deputy Director in Division of Corporation Finance, to Retire After More Than 20 Years at SEC
The Securities and Exchange Commission today announced that Paula Dubberly, Deputy Director of the Division of Corporation Finance, is retiring from the agency later this month after more than 20 years of service.
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New Zealand’s Financial Markets Authority AFA Update: Issue # 13 – Regulatory Reporting – Getting Ready To Report Online
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Exchanges & Trading Facilities

CME Group Volume Averaged 12.2 Million Contracts per Day in August 2013, Up 18 Percent from August 2012
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that August 2013 volume averaged 12.2 million contracts per day, up 18 percent compared with August 2012. Total volume for August 2013 was more than 268 million contracts, of which 85 percent was traded electronically. Year-to-date volume averaged 12.9 million contracts, up 13 percent from full-year 2012, and current open interest of 92 million contracts is up 31 percent year to date.
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ICE Reports Increase in August Daily Futures Volume
IntercontinentalExchange, a leading operator of global markets and clearing houses, today reported futures volume for August 2013. ICE’s average daily volume for futures and options was 2,971,139 contracts, an increase of 2% from the prior August. Total volume in August 2013 was 65 million contracts.
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NYSE Euronext Announces Trading Volumes For August 2013
Global Derivatives ADV Up Year-Over-Year But Down Sequentially, Ex Bclear – European Cash Equities ADV Up Year-Over-Year But Down Sequentially – U.S. Cash Equities ADV Down Year-Over-Year And Sequentially
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MarketAxess Announces Monthly Volume Statistics for August 2013
Business Wire via Yahoo! Finance
MarketAxess Holdings Inc. , the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced total monthly trading volume for August 2013 of $51.0 billion, consisting of $33.0 billion in U.S.
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BATS Global Markets Reports August Volume and Activity
BATS Global Markets (BATS) today reported that BATS Chi-X Europe posted overall market share of 24.1% in August, with new monthly market share records set in Oslo’s OBX (25.1%) and Stockholm’s OMXS30 (31.6%).
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TMX Group Consolidated Trading Statistics – August 2013: Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, Montreal Exchange, NGX
Trading volume on Toronto Stock Exchange in August 2013 was down 4% compared to July 2013, but was up 8% year-over-year. In August 2013, volume on TSX Venture Exchange increased 5% from the previous month, but decreased 5% compared to August 2012. TMX Select trading volume decreased 7% in August 2013 compared to the previous month, but increased 14% compared to the same month last year. Alpha trading volume in August 2013 increased 5% compared to July 2013, but was down 43% compared to the same month a year earlier.
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ASX Group Monthly Activity Report – August 2013
The value of ASX-listed stocks, as measured by the All Ordinaries Index, rose 1.8% in August 2013. This performance was in contrast to those observed in other major markets, including Hong Kong down 0.7%, Japan down 2.0%, Germany down 2.1%, the UK down 3.1%, the US down 3.1%, and Singapore down 6.0%.
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BM&FBOVESPA Publishes August Market Performance
BOVESPA segment has record financial volume of BRL 187.09 billion and record 21,736,691 trades. ETFs have record 134,294 trades
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Warsaw Stock Exchange: Derivatives Market In August 2013
The volume of trading in all derivatives was 0.97 m instruments in August 2013. The number of open interest was 269 thousand at the end of August 2013.
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MIAX Options Exchange Announces MOU with Taiwan Stock Exchange; Listing of Options on EEM; and Commencement of …
MIAX Options Exchange announced today that it has recently entered into a Memorandum of Understanding with the Taiwan Stock Exchange for mutual cooperation and information sharing.
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Eris Exchange: September News
Open Interest Milestone; 7 Year Standard Swap Future; Eris Webinar: September 12; Clearing Firm: Wells Fargo; KMPG Tax Opinion
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IntercontinentalExchange Sets Date of November 5 for Third Quarter 2013 Earnings Announcement
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ASX Compliance Monthly Activity Report – August 2013
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Hedge Funds & Managed Futures

Fund closure fears after EC law change
Joe McGrath – Financial News
Widespread closures of money market funds are predicted after the introduction of new European regulations that require investment managers to hold a minimum capital buffer in case of a run on the funds.
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Gross, Gundlach Hit by Outflows in August Amid Jitters Over Fed
Min Zeng – MoneyBeat – WSJ
Two of the world’s biggest bond-fund managers were hit again in August as investors pulled out cash, a sign that jitters over rising interest rates continue to rattle investors’ appetite for fixed-income assets.
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Ackman’s Pershing Square loses 3.6 pct in August
Reuters
Hedge fund manager William Ackman told investors on Wednesday that his Pershing Square Capital Management lost 3.6 percent last month, according to a portfolio update sent to investors.
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BondDesk Group: Market Transparency Report: August 2013
Based on customer buy transactions on the BondDesk platform in August, median yields were up for all asset classes. Trade volumes were up for Treasurys but down for all other asset classes, while the buy-to-sell ratio was up for Corporates and Municipals while down or flat Treasurys, Agencies and CDs.
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ETF ‘Godfather,’ two others, to exit trading firm KCG
Reuters
KCG Holdings Inc, the trading firm formed in July after Getco Holding Co’s $1.4 billion takeover of Knight Capital Group, said on Wednesday that the head of its exchange-traded funds team and two other managers were leaving the company.
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SAC to offer retention bonuses to some staff for next year
Reuters
SAC Capital Advisors announced a second round of retention bonuses to some employees on Wednesday as the hedge fund attempts to keep staff as the firm faces charges of securities fraud.
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U.S. judge puts SAC Capital civil lawsuit on hold
Reuters
A U.S. judge put on hold a civil forfeiture lawsuit against Steven A. Cohen’s SAC Capital Advisors hedge fund on Wednesday while a criminal insider-trading case moves forward.
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Fund Responds to Chief’s Prostitution Arrest
ALEXANDRA STEVENSON – NYTimes.com
Common Sense Investment Management, a $2.9 billion fund of funds based in Oregon, sought to distance itself on Wednesday from a prostitution scandal involving its chief executive.
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Banks & Brokers

Exclusive: JPMorgan subject of obstruction probe in energy case
Reuters
U.S. authorities are conducting a criminal investigation into whether several employees of JPMorgan Chase & Co tried to impede a regulatory investigation into alleged manipulation of power markets, according to multiple sources familiar with the matter.
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Goldman Names Bernstein to Lead Venture Capital Client Group
Bloomberg
Goldman Sachs Group Inc., the top global merger adviser this year, named Stuart Bernstein as head of a group that focuses on venture capital investors.
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Judge Dismisses Bank of America Suit Against 2 Bear Stearns Executives
New York Times
A federal judge dismissed a lawsuit brought by Bank of America against two former Bear Stearns executives that accused the two men of lying about the health of their hedge funds, which had invested heavily in subprime mortgages.
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HSBC Said to Appoint Ex-M&S CEO Stuart Rose for Advisory Role
Bloomberg
HSBC Holdings Plc appointed Stuart Rose , former chairman and chief executive officer of Marks & Spencer Group Plc, to its investment-banking unit’s European advisory council, according to a person briefed on the move.
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Clearing & Settlement

ATG, Risk Office to Build Clearinghouse in Brazil
Timothy Bourgaize Murray – WatersTechnology
ATS Brasil, a new exchange-like equities matching platform initially announced in November 2012 by ATG and partner NYSE Euronext, will be the first to compete with the BM&FBovespa, the exchange operator that, to date, is solely authorized to handle lit equities trading in the country. The venture with Risk Office will provide a full range of clearing and settlement services in support of the new venue, which applied for authorization from Brazil’s Securities and Exchange Commission (CVM) last June.
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LCH lays out asset protection plans
Anish Puaar – Financial News
LCH.Clearnet has unveiled plans to protect buyside assets under new swaps rules, reigniting criticism among market participants over a lack of harmonisation on how clearing houses will safeguard collateral.
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Pelagus Capital Fund clears first trades on Newedge’s OTC clearing service
Pelagus Capital Fund has cleared OTC interest rate swaps (IRS) at LCH.Clearnet’s SwapClear using Newedge’s SwapClear clearing membership, which operates alongside its futures commissions merchant membership.
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Indexes & Products

European equity ETPs enjoy hot August
Sarah Krouse – Financial News
Risk appetite among investors in equity exchange-traded products jumped in August, with products tracking developed markets that are considered more volatile attracting net inflows, while those tracking the more stable US equity market suffered hefty outflows.
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Osram Licht AG, Evonik Industries AG And RTL Group To Be Included In MDAX – Deutsche Börse Reviews Index Composition – Changes Are Effective On 23 September 2013
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Technology

Post-EMIR, Sapient Clients Want Reporting in the Cloud
Jake Thomases – WatersTechnology
Sapient Global Markets explored the viability of a cloud-based version of its Compliance Management and Reporting System (CMRS) as far back as 2010, when it was first laying out the product roadmap for Dodd–Frank compliance. Customer feedback was largely negative. Data security was considered too important. Sapient decided it would design for cloud but not build for it.
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Dion Appoints Managing Director For Australia & New Zealand
Dion Global Solutions (BSE: DION), technology partner to the financial services industry, has appointed Rudi Pecker as its Managing Director for Australia & New Zealand. In this role, Rudi will be tasked with managing and expanding Dion’s operations in Australia.
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InfoReach Adds Interfaces for “R” Language and Bloomberg Data to Global Trading Platforms
Clients of electronic trading technology provider InfoReach (www.inforeachinc.com) now can access two of the most popular tools in the global trading community directly from InfoReach trading platforms. New integration with the “R” programming language and a new interface for Bloomberg data fields eliminate the need for traders to toggle between software programs to view the information they need.
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Enforcement

CFTC Orders Florida Resident Matthew L. Hall to Pay over $200,000 in Restitution for Illegal, Off-Exchange Precious Metals Transactions
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Matthew L. Hall, individually and doing business as Pacific Exchange Group (PEG), for engaging in illegal, off-exchange precious metals transactions. Hall resides in West Palm Beach, Florida, and PEG is a telemarketing firm with a virtual office in Henderson, Nevada. Neither Hall nor PEG has ever been registered with the CFTC.
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CFTC Orders Florida Resident Isaac Grossman and His Company, London Metals Market LLC, to Pay over $121,000 in Restitution for Illegal, Off-Exchange Precious Metals Transactions
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Isaac Grossman, a resident of Parkland, Florida, and his company, London Metals Market LLC (London Metals), of Deerfield Beach, Florida, for engaging in illegal, off-exchange precious metals transactions.
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NFA takes emergency enforcement action against California firm Newport Private Capital LLC, Jonathan M. Hansen, the firm’s principal, and David M. Giunta, a former principal of the firm
National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Newport Private Capital LLC (Newport Private Capital), a registered commodity pool operator and commodity trading advisor and NFA Member located in Newport Beach, California; Jonathan M. Hansen (Hansen), an associated person and listed principal of Newport Private Capital; and David M. Giunta (Giunta), a former listed principal and associated person of Newport Private Capital.
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[Video] U.S. Case Against SAC No `Slam Dunk,’ Powers Says
Bloomberg
Marc Powers, head of securities litigation at law firm Baker & Hostetler LLP, talks about the outlook for SAC Capital Advisors LLC, which has been charged with money-laundering by Manhattan U.S. Attorney Preet Bharara and the potential impact of the case on the hedge-fund industry.
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Environmental & Energy

EEX Trading Results in August – Monthly record on the CO2 Secondary Market
In August 2013, the total volume traded in power derivatives on the European Energy Exchange (EEX) amounted to 66.5 TWh compared with 78.5 TWh in August 2012. The overall volume comprised 26.9 TWh from Trade Registrations, the registration of trades for clearing.
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Asia-Pacific

Asia Real Estate Begins to Attract Small Investors, Fund Manager Says
Chao Deng – MoneyBeat – WSJ
London-based real-estate fund manager M&G Real Estate has raised an additional $112 million since the start of the year toward a $1.2 billion fund focused on Asian investments, amid growing interest among small pensions funds and insurance companies.
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Multiple trade repositories cause reporting headache in Asia
Jeffrey Kan – Risk.net
Giving regulators access to an accurate picture of the derivatives activity taking place in their markets is a key aim of the move to central clearing – but there are several unresolved issues in setting up the trade reporting architecture across Asia, not least the proliferation of trade repositories across the region
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Taiwan Stock Exchange Promotes Listings To Japanese Companies
With the aim of further expanding the scale of the Taiwan capital market and strengthening its international profile, Taiwan Stock Exchange (TWSE)’s Senior Executive Vice President Mr. Lih-chung Chien will lead a delegation alongside the Taipei City government to Japan in early September.
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PSE-PDEx merger threatened
BusinessWorld Online
THE BANKERS Association of the Philippines is reviewing a planned merger between the Philippine Stock Exchange and Philippine Dealing & Exchange Corp. following the filing of an antimonopoly lawsuit against the latter.
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Frontier Markets

BRICbreaker
Joshua M Brown | The Reformed Broker
The BRICs theme is coming apart. The idea of owning Brazil, Russia, India and China stocks as though they’re some sort of special grouping or separate asset class is losing credibility among investors at an alarming rate.
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Falling Economic Tide in India Is Exposing Its Chronic Troubles
KEITH BRADSHER – NYTimes.com
India had seemed tantalizingly close to embarking on the same dash for economic growth that has lifted hundreds of millions of people out of poverty in China and across East Asia. Its economy now stands in disarray, with the prospect of worse to come in the next few months.
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Malawi Stock Exchange Monthly Markert Performance Report – August 2013
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