Industry news
Date: Sep 10, 2013
September 10, 2013: Europe financial transaction tax hits legal wall; Derivatives watchdog hones in on speed traders; Banks Seen at Risk Five Years After Lehman Collapse
Europe’s big plans for a financial transaction tax are tripped up after legal advisers in the EU suggest that the plan might run afoul of existing treaties and laws. The CFTC asks for input on ideas that it has about regulating automated trading. Five years after the Lehman Brothers collapse that began a long series of global banking problems, the banking industry is seen as still not far from where we left it in 2008.
First Read
CFTC Announces Public Meeting of the Technology Advisory Committee
The Commodity Futures Trading Commission announces that on Thursday, September 12, 2013, the CFTC’s Technology Advisory Committee will hold a public meeting at the Commission’s headquarters in Washington, DC from 10:00 a.m. to 5:00 p.m. The meeting will focus primarily on issues related to swap data reporting, the Commission’s concept release on automated trading, and issues related to swap execution facilities.
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***JM: Doug Ashburn stayed up all night reading the 137-page automated trading concept release. It was so cool that he wrote a brand new MarketsReformWiki summary page for it, which you can read at jlne.ws/15OooLl
***** John Lothian slept like a baby knowing Doug Ashburn would stay up and read the 137 page release.
***DA: Doug Ashburn is…zzz…
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CME Group Honored for the Tenth Year in a Row on the 2013 InformationWeek 500 List of Top Technology Innovators across America
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it made this year’s InformationWeek 500 – a list of the top technology innovators in the U.S. This marks the tenth year in a row the company has been recognized by InformationWeek. The full list can be found at informationweek.com/500
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***** CME is going to need a new wall for all these plaques.
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OptionsCity Software Continues European Expansion with First International Office
OptionsCity Software, a leading provider of electronic trading solutions, today announced the opening of a London office, the company’s third location and its first in Europe. The new office, located in the City of London, will service OptionsCity’s existing clients and growing customer base in the European region. The London office will be managed by Darran Hodder, Director of Sales EU / UK and Head of London office, who joins the company with over a decade of sales and management experience in the trading software industry, most recently as Sales Director at both Sungard and T-Bricks.
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***** From Chicago to London, both are OptionsCity’s.
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LME may find it tough trading agricultural futures
South China Morning Post
London Metal Exchange faces an uphill battle with its planned introduction of agricultural commodities, with mainland traders and farmers unlikely to pay much attention. The world’s largest base metal exchange’s incoming chief executive, Garry Jones, a former head of US commodities exchange NYSE Liffe, has said he will consider introducing agricultural commodities and currency products.
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***** There is gold in that there corn.
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Professor Who Helped Pop Junk Bubble Says Trace Slows Trade
Matthew Leising – Bloomberg
The decade-old system of publicly reporting U.S. corporate bond transactions reduced trading while cutting price volatility in the $4.2 trillion-a-year market, according to the Massachusetts Institute of Technology and Harvard University.
jlne.ws/15eGd3z
***** Worth a good read.
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Traders: what does your in-tray hold?
Tim Cave – Financial News
With the bulk of the City’s traders and technologists back at their desks after the summer break, the rest of the year looks set to be dominated by regulatory discussions, new exchange launches, and the fallout from IntercontinentalExchange‘s $10 billion acquisition of NYSE Euronext
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***** You can’t even imagine the challenges in my inbox.
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Opening Saudi’s Market to Foreigners a Marathon, Not a Sprint
Ellen Knickmeyer – WSJ
Saudi Arabia’s stock-market chairman is assuring foreign investors that the kingdom remains interested in them – but offering no promises as to when the Gulf’s largest and most liquid exchange might open wider to outsiders.
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***** They would be smart to keep the market closed. They are not ready.
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CME’s London Futures Exchange Launch Delay Is Nothing To Worry About
Trefis
The CME Group announced recently that it would launch its London-based futures exchange on September 26, instead of September 9 as previously planned, due to regulatory reasons. Although launching on the earlier date would have been symbolic for the firm, we believe that the delay is not material.
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***** Always pick the over in the over-under when waiting for regulatory approval of a new exchange?
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tradeMONSTER Selected as Finalist for Third Annual Constellation SuperNova Awards
tradeMONSTER, the online brokerage industry’s leader in user experience, announced today that they, from a pool of over 220 applicants, were selected as a 2013 SuperNova Award finalist for the categories: Matrix Commerce; Next Generation Customer Experience; Technology Optimization and Innovation
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***** I am not sure about this one. Brokerage firms getting awards named after exploding stars might be the wrong image.
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Gary DeWaal’s Bridging the Week: September 2 to 6 and 9, 2013
Gary DeWaal and Associates LLC
The UK FCA sued and settled with Aberdeen Asset Managers and Aberdeen Fund Management, large asset managers, for approximately $11.25 Million; the CFTC sued and settled with Macquarie Futures USA, LLC for $150,000; the Basel Committee on Banking Supervision and IOSCO issued their “Final Framework Regarding Margin for Non-Cleared Derivatives;” ESMA’s issued advice to the European Commission on six countries’ (including the USA’s) rule equivalence to EMIR; the CFTC issued No Action relief for reporting by certain CPOs trading for Controlled Foreign Corporations
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Bits Blog: A Data Weapon to Avoid the Next Financial Crisis
New York Times
The financial crisis was, among other things, a data failure. Now the Treasury’s Office of Financial Research is trying to use data to create an early warning system for risk.
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***** We are at DEFCON II.
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Rising to the Top: Differentiating Funds in a Crowded Marketplace
Katten Muchin Rosenman
Katten will present “Rising to the Top: Differentiating Funds in a Crowded Marketplace” at 5:30 p.m. on Thursday, September 12. Partners Henry Bregstein and Lance Zinman will join industry experts from BlackRock, Bloomberg, Point Frederick and Vermillion to discuss strategies to effectively structure, operate and market hedge fund management companies and their products in the “new normal” of the 2013 US hedge fund arena. The panel discussion and cocktail reception will be held at Katten’s New York office, 575 Madison, beginning at 5:30pm EDT.
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***DA: Panelists include Lance Zinman, who recently spoke with us on the SEC hedge fund marketing rule.
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Helping Clients Meet Dodd-Frank Execution Requirements
Eris Exchange Webinar, Sept. 12
End users and liquidity providers are increasingly using Eris Swap Futures as an alternative to cleared OTC swaps that are soon to be traded on SEFs and DCMs. Join this webinar to learn more about the benefits of Eris Swap Futures and how to get started.
jlne.ws/17QvElA
***** Tell Eris that John Lothian sent you.
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Lead Stories
Europe financial transaction tax hits legal wall
Alex Barker in Brussels – FT.com
Europe’s plan for an expansive financial transaction tax has hit a legal wall after the top legal adviser to finance ministers concluded it exceeds national jurisdiction, “infringes” on EU treaties and “is discriminatory” to non-participating states.
jlne.ws/16hgirT
***** A fly in the ointment.
Derivatives watchdog hones in on speed traders
Reuters
The U.S. derivatives regulator put computerized trading in its sights on Monday in a long-awaited study that could be the first step to rein in a sector often blamed for market disruptions. Citing a long series of recent glitches as evidence that its rules needed updating, the Commodity Futures Trading Commission (CFTC) asked for industry input on a long list of possible measures to make trading safer.
jlne.ws/16hggR4
***** Saying you want to watch the high speed traders better and getting the funding to be able to do so are two different things.
Banks Seen at Risk Five Years After Lehman Collapse
Yalman Onaran, Michael J. Moore & Max Abelson – Bloomberg
Ruth Porat didn’t see it coming. The Morgan Stanley (MS) banker who thought she understood the risks to the financial system in September 2008 was advising the U.S. Treasury Department on its rescue of Fannie Mae and Freddie Mac when she got a message: Would she come back to Washington to deal with the collapse of American International Group Inc. (AIG)?
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Goldman, Visa, Nike will join Dow industrials
Victor Reklaitis, MarketWatch
The Dow Jones Industrial Average will have three new members in Goldman Sachs Group Inc., Visa Inc. and Nike Inc., while Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc. have been shown the door.
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Icap faces $109 mln fine for Libor rigging-Sky
Reuters
Broker-dealer ICAP is in talks about a settlement over its role in the Libor rate-rigging scandal that would involve paying about 70 million pounds ($109 million) to British and U.S. regulators, Sky News reported.
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GMEX announces pioneering swap futures contract to allow effective hedging of interest rate exposure
Global Markets Exchange Group Limited today announced that it will launch a unique and versatile new interest rate swap futures contract on its London Derivatives Exchange segment.
jlne.ws/16hgh7t
We are not heeding lessons from Lehman
Larry McDonald – Financial News
Larry McDonald, a former vice-president at Lehman Brothers, tells Financial News that the warning signs of future crises are there if you know where to look.
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Interview: Chris Dodd on the Financial Crisis
Wall Street Journal Blogs
Former Sen. Chris Dodd of Connecticut and The Wall Street Journal’s Jerry Seib talk five years after the financial crisis about the Dodd/Frank Wall Street Reform and Consumer Protection Act and its legacy.
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Swiss bury tax fraud hatchet with US, but at what cost?
AFP via Yahoo! News
Switzerland is racing to end a bitter dispute with Washington over Swiss bank accounts held by US tax dodgers, but observers warn the new-found peace could come at a high cost.
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Regulatory
CFTC Publishes Concept Release on Risk Controls and System Safeguards for Automated Trading Environments
The U.S. Commodity Futures Trading Commission (Commission) today approved for publication in the Federal Register a Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (Concept Release).
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CFTC Announces that the Third Phase of Mandatory Clearing of Certain Credit Default Swaps and Interest Rate Swaps Begins Today
The Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (Division) reminds all swaps market participants that the third phase of required clearing for certain credit default swaps (CDS) and interest rate swaps begins today. Accounts managed by third-party investment managers, ERISA pension plans, and entities that were not subject to the Commission’s first two implementation deadlines are required to begin clearing CDS and interest rate swaps that are executed on or after September 9, 2013.
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Startup investors seek gay-couple equality from SEC
Reuters
A group of startup investors and venture capitalists are asking U.S. Securities and Exchange Commission Chair Mary Jo White to ensure investment rights equality for gay couples.
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FCA to carry out market study into cash savings – study is part of programme to look at competition across financial services markets
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CFTC Chairman Gary Gensler’s Statement Of Support Concept Release On Risk Controls And System Safeguards For Automated Trading Environments
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CFTC Commissioner Scott O’Malia’s Statement Of Concurrence Regarding Concept Release On Risk Controls And System Safeguards For Automated Trading Environments
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CFTC Commissioner Bart Chilton’s Statement Of Concurrence Regarding Concept Release On Risk Controls And System Safeguards For Automated Trading Environments
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“Competition And Conduct Regulation In Financial Services” – Speech By Christopher Woolard, Director Of Policy, Risk And Research, UK’s Financial Conduct Authority, At The Regulatory Policy Institute’s Annual Competition And Regulation Conference
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The Australian Hedge Funds Sector And Systemic Risk
A Speech By ASIC Commissioner, Greg Tanzer, Delivered At The AIMA Australia Hedge Fund Forum, Sydney, 10 September 2013
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Exchanges & Trading Facilities
CFTC Releases Rule Enforcement Review of the CBOE Futures Exchange
The Commodity Futures Trading Commission today notified CBOE Futures Exchange (CFE) of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight. The review covered the target periods from November 1, 2009 to November 1, 2010 (first target period) and November 1, 2010 to August 1, 2012 (second target period).
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CFTC Releases Rule Enforcement Review of ELX Futures, L.P.
The Commodity Futures Trading Commission has notified ELX Futures, L.P. of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight. The review covered the target period from June 1, 2011 to May 31, 2012.
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CFTC Releases Rule Enforcement Review of the Minneapolis Grain Exchange, Inc.
The Commodity Futures Trading Commission has notified the Minneapolis Grain Exchange, Inc. (MGEX) of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight. The review covered the target period from June 1, 2011 to May 31, 2012.
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Nasdaq’s Genium INET to Power German Exchange
Jake Thomases – WatersTechnology
Boerse Stuttgart, a 150-year old exchange serving private investors, has selected Nasdaq OMX’s Genium INET trading technology to power its market.
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Rusal urges greater transparency in LME’s disclosure of positions
Platts
Russian aluminum producer Rusal said Monday that there is a need for greater transparency in the London Metal Exchange’s disclosure of commercial and non-commercial positions on the exchange.
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NYSE Euronext Enters Strategic Partnership with ACE to Transform the Private Capital Markets
NYSE Euronext (NYX), the leading global operator of public financial markets, today announced a strategic partnership with ACE, a leading transaction management platform for private placements of equity, debt and other securities. NYSE Euronext and ACE will establish an independent technology backbone for new issuances of private securities, with the goal of bringing greater transparency and efficiencies to the private market, just as NYSE Euronext has brought to the public market.
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BOX Options Exchange Price Improvement Activity For August
In the month of August, price improved contracts on BOX Options Exchange (“BOX”) averaged 171,056 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction, PIP, averaged $195,265 per day, while total savings to investors this month was $4.3 MM. With this, BOX has saved investors over $447 MM since its inception in 2004. Overall average daily trading volume on BOX in the month of August was 332,134 contracts, a 5.2-percent increase over the previous month.
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SPOT – SIX Swiss Exchange Open Day 2013
On Thursday 26 September 2013, the SPOT – SIX Swiss Exchange Open Day 2013 will take place in the ConventionPoint in Zurich. The event provides Exchange members and the extended financial community a unique opportunity to network with peers from other institutions as well as meeting thought leaders from the financial industry and a wide range of independent providers of software, services and connectivity relevant to the exchange business.
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CBOE Holdings To Present At UBS Best Of Americas Conference In London On September 13
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CME Group Chief Financial Officer to Present at the Barclays Global Financial Services Conference, September 10
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Legal Entity Identifier – Irish Stock Exchange Web Portal Open For Registration
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BOX Options Exchange September 2013 InBOX
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Moscow Exchange: Equities Trading Volumes Strong For First Week Of T+2
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Athens Exchange Monthly Statistical Bulletin August 2013
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Hedge Funds & Managed Futures
Hedge Funds Slashing Fees Amid Industry Shift
Steven Russolillo – MoneyBeat – WSJ
Pressure from disappointed investors is forcing hedge funds to roll back their fees and has put the traditional “2 and 20” model on the endangered list.
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S.&P.’s Counterattack on the Government
PETER J. HENNING – NYTimes.com
With the start of the football season, we are sure to hear an analyst trot out the old cliché that the best defense is a good offense. But it certainly applies to the approach McGraw-Hill Companies is taking in defending its Standard & Poor’s unit against the fraud lawsuit filed by the Justice Department. In its defense, the company accuses the government of improperly targeting S.&P. because it lowered the credit rating on federal debt two years ago.
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Pension fund drops Portland hedge fund after prostitution arrest
KATU Portland
Cincinnati Retirement System trustees on Thursday voted to drop Portland hedge fund Common Sense Investment Management after the firm’s CEO, Jim Bisenius, was arrested in a prostitution sting.
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Ontario Teachers Appoints Kozun to Replace Mock in Team Shuffle
Bloomberg
Ontario Teachers’ Pension Plan, Canada’s third-largest pension manager, appointed Wayne Kozun senior vice president of fixed income and alternative investments, as part of an investing team shuffle.
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Tiger Global launches long-only fund
CNBC
Chase Coleman’s more than $11 billion stock-focused hedge- and private-equity firm is launching a long-only vehicle.
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CQS’s Former Hedge-Fund Manager Said to Start Own Firm
Bloomberg
Alistair Lumsden, who stepped down as head of a $2.3 billion hedge fund focused on asset-backed securities at CQS U.K. LLP last year, is starting his own firm, said a person with knowledge of the matter.
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Norway Oil Fund Agrees to Buy 45% of Times Square Tower
KJETIL MALKENES HOVLAND – WSJ.com
Norway’s sovereign-wealth fund said it agreed to buy a 45% stake in the 47-story Times Square Tower office building in New York for $684 million as part of a joint venture with Boston Properties Inc.
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Evercore returns to UBS for fresh hires
Alec Macfarlane – Financial News
US advisory firm Evercore Partners has for the second time this summer hired private equity secondaries market advisers from UBS.
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ASIC; Hedge Funds – No Systemic Risk To Financial System
Australian hedge funds do not currently pose a systemic risk to the Australian financial system, an ASIC report released today has found.
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Mariner Investment Group Becomes Signatory To The Principles For Responsible Investment
Also Begins Incorporating MSCI Research Ratings And Analysis Into Significant Multi-Strategy Client Mandate With Focus on Fixed Income and Long-Short Investments
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Platts To Unveil 2013 Top 250 Global Energy Company Rankings On October 29 Annual Roster And New “Asia CEO Of The Year” To Be Announced At Singapore Dinner
Platts, a leading global provider of energy, petrochemicals and metals information, will announce its 2013 Top 250 Global Energy Company Rankings on October 29 during Singapore International Energy Week (SIEW), an annual series of events addressing pertinent energy issues. The Platts Top 250 Rankings, now in their 12th year, will be unveiled at the company’s Asia Awards Dinner to be held this year at The Fullerton Hotel, Singapore.
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BlackRock’s Management Presents at Barclays 2013 Global Financial Services Conference (Transcript)
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Banks & Brokers
JPMorgan’s board takes some power from Dimon
Reuters
JPMorgan Chase & Co’s board, under fire for the bank’s trading losses and myriad government probes, said on Monday that it was adding two directors and handing more power to its lead independent director, steps that give it extra supervision over Chairman and Chief Executive Jamie Dimon.
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JPMorgan and Insurer Settle Suit
REUTERS
JPMorgan Chase and a large insurer have agreed to a $300 million settlement to resolve accusations that they forced homeowners into buying overpriced property insurance and entered into kickback arrangements that inflated policy prices.
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JPMorgan Chase Picks 2 for Board Seats
DEALBOOK – NYTimes.com
JPMorgan Chase said on Monday that its board intended to elect two new directors. Linda B. Bammann, who was deputy head of risk management at JPMorgan until her retirement in 2005, is expected to be elected to the board on Sept. 16, the bank said. Michael A. Neal, a vice chairman at General Electric, is expected to join the board in January after he retires from G.E.
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JPMorgan Raises Legal Reserve by at Least $1.5 Billion
Dawn Kopecki – Bloomberg
JPMorgan Chase & Co., the biggest U.S. bank by assets, increased its litigation reserve by more than $1.5 billion in the third quarter to help cover a “crescendo” of potential legal claims.
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U.S. regulators nearing deadline on systemic tag for Prudential
Reuters
U.S. regulators are nearing a final decision on whether to bring mega insurer Prudential Financial under the tougher oversight usually reserved for Wall Street’s largest banks.
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At Goldman, a Paycheck No Longer Equals an Account
SUSANNE CRAIG – NYTimes.com
For years, employees automatically received an account at Goldman. It came with a bit of cachet, allowing staff members to say their money was managed by Goldman, which has a $10 million minimum for its private wealth clients. The perk also had a practical application for Goldman, making it easier to monitor employee trading. In recent months Goldman has notified several employees, most of whom have assets valued at less than $1 million, that their brokerage accounts are being transferred to Fidelity.
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Merrill hires advisers from Goldman, Morgan Stanley
Reuters
Merrill Lynch Wealth Management has begun the school year by hiring a multi-million dollar private banker in Denver from Goldman Sachs Group Inc and a two-person broker team in Miami that had been with Morgan Stanley for 13 years.
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Bank of America to lay off thousands in mortgage business
Reuters
Layoffs at Bank of America Corp’s mortgage business will amount to about 2,100 positions, a source told Reuters on Monday, in response to weak refinancing activity.
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Ex-Icap equities co-chief to join Panmure
Tim Cave – Financial News
UK broker Panmure Gordon has hired one of the key architects of Icap’s now defunct cash equities business as head of securities.
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GFI Sues Ex-Trainee Broker Over Confidential Data E-Mails
Bloomberg
GFI Group Inc. sued a former trainee broker in Singapore for e-mailing data to himself before informing the company that he planned to quit and join a rival.
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Scottrade Recognized as One of the Most Innovative Companies in the U.S.
Business Wire via Yahoo! Finance
For the seventh consecutive year, St. Louis-based financial services company, Scottrade, Inc., earned a spot on the InformationWeek 500 list of the nation’s top innovators.
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Clearing & Settlement
With Final Clearing Countdown, Competitive Landscape Takes Shape
Will Rhode – TabbFORUM
The Sept. 9 Category III clearing deadline is upon us. Pension funds, ERISA funds, and endowments will soon be mandated to centrally clear their over-the-counter (OTC) swaps.
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TriOptima Turns on DTCC Data Link
Max Bowie – WatersTechnology
TriOptima – a provider of post-trade infrastructure, processing and risk management solutions for over-the-counter derivatives, owned by interdealer broker Icap – has gone live with a link to capture market data on OTC derivatives trades reported to the Depository Trust & Clearing Corp.’s US trade repository.
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Relief for banks as India gives clearing green light
Michelle Price in Hong Kong – Financial News
European and Indian regulators have reached an agreement that will allow European banks to continue trading in the South Asian country for the next six months.
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ISDA Publishes The 2013 ISDA Arbitration Guide
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Indexes & Products
Record outflow from gold ETFs on profit-booking in Aug
Business Standard
Gold is losing sheen for investors who’d been reaping good returns in recent years through exchange traded funds (ETFs). In August, when India’s overall gold import slipped to a several-year low of eight tonnes, gold ETFs witnessed a record net outflow of Rs 588 crore.
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Moscow Exchange Indices Weekly Review: September 2 – 6, 2013
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BME EXPANDS ITS IBEX 35 INDEX FAMILY
BME has created a new family of 8 target volatility indices, expanding the IBEX35 index series. The new IBEX 35 VOLATILIDAD OBJETIVO (IBEX 35 Target Volatility) indices will be calculated and disseminated, in real time, as of 24 September.
(via email)
Technology
Tradition Deploy Corvil’s Operational Performance Monitoring to Provide Transparency Across its Trading Platforms
Corvil, a provider of Operational Performance Monitoring (OPM) for IT, today announced that Tradition, one of the world’s largest interdealer brokers in over-the-counter financial and commodity related products, has deployed CorvilNet for real-time trading visibility and operational performance monitoring (OPM) of their Trad-X and ParFX platforms.
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METRO2C Alliance And Volta Data Centres Add Low Latency Connectivity To Key Trading Venues
Unique Low Latency Environment Created For Trading Firms In Ireland And The UK
jlne.ws/16hgibA
RTS Launches RTD Tango QUANT Version 2.0
Updated Comprehensive Tool Enables Quantitative Traders To Design, Optimize, Analyze And Execute Fully Automated Trading Strategies Based On Technical Analysis
jlne.ws/16hgjfI
Enforcement
SEC Halts Florida-Based Prime Bank Investment Scheme
The Securities and Exchange Commission today announced charges and an emergency asset freeze against a Miami-based attorney and other perpetrators of a prime bank investment scheme that promised exorbitant returns from a purported international trading program.
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Facebook Tip Leads to $3 Million Trade Profit–and SEC Investigation
Philly.com
NEW YORK — A tip from a Facebook friend apparently enabled a wily stock trader to generate a tidy $3 million profit in eight days. It also led to a $5 million settlement with the Securities and Exchange Commission for insider trading.
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Secret Swiss Accounts Said No Longer Safe for Tax Dodging
Bloomberg
Taxpayers who still believe they can hide secret Swiss bank accounts from the Internal Revenue Service are “beyond foolish,” the top U.S. tax prosecutor said as a five-year crackdown expands to new offshore havens.
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BCSC panel finds that mining company and two B.C. men illegally distributed securities
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Environmental & Energy
Thomson Reuters Point Carbon lowers California carbon price forecast by two thirds
Emissions in the state of California will be significantly lower than initially expected, remaining below the allowance cap until at least 2017 with offsets subsequently making the market oversupplied through 2019, according to analysis by Thomson Reuters Point Carbon, the leading provider of market intelligence, news, analysis, and forecasting for the energy and environmental markets.
**RKB — Link not immediately available; Firm predicts long-term carbon allowance prices will drop 66% from previous expectations, with the WCI fair price assessment for allowances remaining at the floor price, $11/t in 2013 and $15/t in 2020. The average allowance price is forecast to be $13/t through this period.
Canada to Work With U.S. on Emission Cuts, Minister Says
Bloomberg
Canada’s Natural Resources Minister Joe Oliver said his nation wants to work with the U.S. to cut greenhouse-gas emissions, including from Alberta’s oil sands, the source of crude to be carried by the Keystone XL pipeline.
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Daily records on the EEX CO2 and power market
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NGX Launches US Physical Electricity Clearing Services
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Asia-Pacific
Japan Leads Charge in Asian Property
Chao Deng – MoneyBeat – WSJ
Investment in commercial real estate in Asia has surged this year as hope for an economic revival in Japan and changing policies in China combined with ideas that the region’s rapidly growing market is maturing.
jlne.ws/16hgjw7
Deutsche Bank in Tokyo anti-bribery probe
Alice Ross in Frankfurt and Daniel Schäfer in London – FT.com
Japanese regulators are scrutinising Deutsche Bank over concerns that its employees broke Japan’s anti-bribery rules by providing corporate entertainment to pension fund executives.
jlne.ws/16hgl77
Korean Regulator Reviewing Foreign Brokerages’ Derivatives Sales
Bloomberg
South Korea’s financial regulator is reviewing derivative sales at three foreign brokerages for compliance with the country’s regulations.
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JCCH: Japan Commodity Clearing House SPAN Parameter Update effective Sept 17
www.jcch.co.jp/i/parameter/
HKFE Announces Revised Margins For Bank Of Communications Futures
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TOCOM: Good Delivery Material Price Differential For September 2013 Rubber Contract
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Frontier Markets
MCX stocks recover from lows after NSEL crisis; up 84% in 2wks
Business Standard
Shares of Multi Commodity Exchange have surged over 84% over the past fortnight after suffering a massive fall that was triggered by the crisis at National Spot Exchange Ltd (NSEL).
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Fund managers dip toes into emerging markets
Mike Foster and Sarah Krouse – Financial News
Fund managers are slowly beginning to take new positions in emerging markets despite the summer sell-off across equities and bonds in developing economies.
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SWIFT White Paper Reveals Trends In Cross-Border Transaction Flows And Highlights Drivers For Change In African Banking
SWIFT Traffic Data Shows Disconnect Between Financial Flows And Commercial Flows – The Dollar Is Still The Most Important Cross-Border Trading Currency, But There Are Indications That Change May Be Coming
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Emerging markets lag as West’s ultra wealthy population jumps: report
Reuters
The number of ultra wealthy people has risen much faster in the West than in emerging markets during the past year, according to a report released on Wednesday.
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The Egyptian Exchange (EGX) Monthly Statistical Report August 2013
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