Industry news
Date: Sep 17, 2013
September 17, 2013: U.S. options trading again halted due to systems glitch; Markets tally cost of safer global trading; Thwarted merger raises question of transatlantic power balance
It’s the new normal; options exchanges suspended operations briefly yesterday as pricing information temporarily became unavailable. In Dubai, attendees at this year’s SIBOS conference look at the new financial landscape amid the regulatory changes in recent years. Last year’s failed exchange merger between Deutsche Boerse and NYSE Euronext looms large as industry mergers continue to change the balance of power between the world’s exchanges.
First Read
MarketsWiki Invites You!
Sarah Rudolph – JLN
We’re having a MarketsWiki party and invite you to join us on Friday, Sept. 20, in an all-day bout of wikiing. If you would like to update your company’s MW page, add in a new page for a new hire, or add information about the people, products, exchanges and issues involving the financial markets, please join us either from the comfort of your own chair or sofa, or here, live and in person at our offices at 141 W. Jackson, Suite 1602.
For those in Chicago who would like to join us at JJLCO headquarters, we will begin at noon and you can stay as long as you like. We will provide lunch to give you the energy to edit. Feel free to bring a laptop if you have one – we have a few we can provide as well.
Don’t know how to Wiki? Don’t sweat it – we’ll show you how along with all the proper wiki etiquette so you can show off to your friends and colleagues at the weekend cookout.
Everyone who contributes on that day will get a special mention in the John Lothian Newsletter the following Monday, and will be eligible to win a $50 gift card. And who doesn’t want $50?
So come join us online, or face-to-face for a day of fun and help update the best source of information on the industry – MarketsWiki.com
If you are interested, please RSVP to: SarahRudolph@johnlothian.com
What: Friday Wiki Party
When: September 20, 2013; Noon CST
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Winds of change blow through Chicago exchanges
Neil Munshi – FT.com
In the early 1980s Milton Friedman phoned up Leo Melamed, then the head of the Chicago Mercantile Exchange, with an idea for a Consumer Price Index-based futures contract. “This is near the hand of God handing something down, so I said, ‘of course, send me your notes’,” says Mr Melamed, now chairman emeritus of CME Group. “Our people came back almost in embarrassment and said, ‘Leo, we don’t know if we can make a market with this’.”
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***** The fact that most new futures contracts fail is not well known.
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Industry Veteran Seeks Companionship for 18 Hole Excursion
Next Monday, September 23, is the date of the Ninth Annual FIA Chicago Golf Outing. Our editor-at-large Doug Ashburn, who will be representing John Lothian & Co., has yet to pair himself up with a group. Anyone interested in joining him should send an email to dougashburn@johnlothian.com. Though the event is sold out, we may still have room for a few hole sponsors. Plus, FIA Chicago members are welcome to come join us for dinner at Arrowhead Golf Club (for a nominal fee). Doug hopes to see you there.
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***** Doug is a good golf partner. He is particularly good at the windmill hole, though the clown one creeps him out.
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U.S. swaps watchdog names Libor enforcer as oversight chief
Douwe Miedema | Reuters
The U.S. swaps regulator on Monday named a veteran of its enforcement unit to head its markets oversight unit, as the agency deals with a raft of high-profile commodities markets probes.
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***** Will the watchdog have any bite? Or just bark?
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High-frequency trading: Business gets tough for Wall Street gunslingers
Arash Massoudi in New York – FT.com
The prospects of a return to the good old days continue to fade for Wall Street’s fastest gunslingers. These are the trading firms that dart in and out of shares at rapid-fire speeds using sophisticated technology to make fractions of a penny.
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***** I thought the problem was most HFT traders shot blanks.
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STAC Scholarship Fund’s Texas Hold ‘Em Tournament
Thursday, September 19; Chicago Mart Plaza, 350 W. Mart Center Drive, 15th Floor
The STAC Scholarship Fund is holding our annual poker tournament this coming Thursday in Chicago. The fund supports college students by underwriting grants, and has contributed $20,000 so far this year. The event is open to players in the industry as well as the general public and has been a great event for players and spectators alike. We’ll have live entertainment, raffles, and side games as well as the main event, poker, available.
For details and to purchase tickets, visit jlne.ws/14eaaQC
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Technology Testing Culture at Exchanges Threatens Markets
Jacob Northey – TabbFORUM
Without a new approach to technology testing, incidents like the recent NASDAQ trading glitch and last summer’s Knight Capital mess will inevitably keep popping up and weakening the strength and reputation of our markets. Exchanges need to adopt an approach that tightly integrates testing into development.
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***JM: It puzzles me that people are treating financial software like it’s some kind of new arrival. Reducing software defects was a hot topic 30 years ago when I joined the software industry. Here’s what’s already known: Iterative and automated testing are important processes, along with other things like ongoing and rigorous reviews of design, code and code complexity. But automated testing is no silver bullet. There are no silver bullets.
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Are “Kill Switches” the Answer for Exchanges?
Ivy Schmerken – Wall Street & Technology
Last week, exchanges were summoned to Washington, D.C. to discuss the market infrastructure after Nasdaq’s outage on Aug. 22 led to a three hour trading halt when it’s securities information processor (SIP) suffered a technical failure. SEC officials asked US stock and option exchanges to create “kill switches” that would enable them to shut down trading when technological failures occur. But are kill switches the right remedy for exchanges?
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***** Kill switches might work, or they might just kill someone trying to mitigate their risk.
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Satyajit Das: Equity markets have one foot in the grave
Satyajit Das – FT.com
Stock markets keep reaching new highs. But the impression of good health may be misleading. As Thomas Mann wrote in Buddenbrooks: “I know that the outwards, visible and tangible signs and symbols of happiness and achievement often only appear when in reality everything is already starting to go downhill again. The outer signs take time to arrive – like the light of a star which shines most brightly when it is on the way to being extinguished.” While equity markets may not be quite dead, summoning a priest and next of kin may be advisable.
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***** I love fortune tellers. They are always wrong.
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Bill Herder: Chicago ‘pit man’ surveys the Asian horizon
Jeremy Grant – FT.com
As a young man working as a trader in the foreign exchange “pit” at the Chicago Mercantile Exchange, Bill Herder found his height an advantage. At 6ft 8in (2m) tall, he could scan the sea of waving arms and hands and catch sight of traders’ buy or sell signals better than many others around him of smaller stature. Now, many years later, Mr Herder is using his position as head of the industry body for the futures markets in Asia to scan a rather bigger area.
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***** Jeremy Grant’s headline writer takes a cheap shot at Chicago crime era reputation. I thought we had seen the end of that silliness.
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From August’s Trading Places: Aquis Vision Attracts Support
Huw Jones – Mondo Visione
There’s not long to go before the industry finds out if Europe’s newest share trading platform, Aquis, will ring in the right changes when it launches in October — or if it will simply fade away like many others before it. Aquis chief executive Alasdair Haynes seeks to break new ground with a “telecoms style” fee structure based on message traffic rather than a percentage of the value of each stock traded or ad valorum, as exchanges currently charge.
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Regulators Should Draw a Line Between Finance and Commerce
Francesco Guerrera – MoneyBeat – WSJ
To be or not to be a bank? The Federal Reserve, Congress and some of the world’s largest financial institutions are about to tackle the existential issue of what a bank is.
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***** They don’t call them piggy banks because they are shaped like pigs.
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CQG to Connect Gateways to CME Europe for FX Trading
CQG, Inc. today announced its planned connectivity to CME Europe Ltd, CME Group’s forthcoming London-based derivatives exchange launching September 29, 2013, subject to Financial Conduct Authority approval. CQG will offer both high-speed market data and trade execution connectivity to CME Europe from the September 29 launch.
(via email)
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U.S. broker’s Facebook misstep leads to fine, suspension
Reuters
A Facebook post defending a drug company stock has spurred more than a year of headaches for a broker who has been fined and suspended in a case that highlights the perils of running afoul of the securities industry’s social media rules.
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MarketsWiki
MarketsWiki Page of the Day
Lawrence H. Summers
jlne.ws/1aFv9gU
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Lead Stories
U.S. options trading again halted due to systems glitch
Reuters
Options trading was halted sporadically across all U.S. markets on Monday due to an unexplained issue with the system that distributes price quotes, the latest technology failure to spotlight disruptions in U.S. securities trading.
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NYSE Reviewing Upgrade as Possible Cause of Options Outage
Sam Mamudi & Nikolaj Gammeltoft – Bloomberg
NYSE Euronext is looking into whether a software upgrade at a subsidiary disrupted a price feed that briefly halted U.S. options exchanges today. Securities Industry Automation Corp., the NYSE unit that oversees the quote dissemination service linking U.S. options markets, is focusing on a programming update that may have led to today’s halt, said Rich Adamonis, an NYSE Euronext spokesman.
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Markets tally cost of safer global trading
Philip Stafford – FT.com
Delegates at this week’s annual Sibos conference in Dubai are gathering at an apposite moment. Five years ago market infrastructure – the trading, clearing and settlement institutions on which financial markets rest – was thrown into the spotlight amid the fallout from the collapse of Lehman Brothers. As the worst subsided, global policy makers homed in on the huge and usually uninsured one-way positions in over-the-counter (OTC) derivatives that went unnoticed by banks until it was too late, in part because the opacity of the market allowed brokers to reap huge rewards.
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Thwarted merger raises question of transatlantic power balance
Philip Stafford – FT.com
To mention European competition policy to a senior Deutsche Börse executive is to touch on a sensitive subject. Last year Brussels squashed the plans by Europe’s exchanges operator to merge with rival NYSE Euronext. Deutsche Börse argues that the consequences go far beyond its own interest.
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MarketAxess SEF Corporation Receives Temporary Registration Approval From the CFTC
GlobeNewswire via Yahoo! Finance
MarketAxess Holdings Inc. (MKTX), 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, announces that it its wholly-owned subsidiary MarkerAxess SEF Corporation has received temporary approval from the CFTC to operate as a Swap Execution Facility (SEF).
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JPMorgan Chase Is Said to Admit Fault in Settlement of Trade Los
BEN PROTESS and JESSICA SILVER-GREENBERGs – NYTimes.com
JPMorgan Chase has agreed to pay about $800 million to a host of government agencies in Washington and London — and make a groundbreaking admission of wrongdoing — to settle allegations stemming from a multibillion-dollar trading loss, people briefed on the matter said.
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FCA quizzes hedge funds on interest rate exposure
Duncan Wood – Risk.net
Big hedge funds received a letter from the UK’s Financial Conduct Authority (FCA) in early August, asking for information on their exposure to rising interest rates – a request some see as a response to violent moves in UK interest rate markets in June, which was rumoured to be the result of a hedge fund sell-off.
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Sheila Bair: Five Years After Crisis, ‘Much More Remains to Be Done’
Bradley Davis – MoneyBeat – WSJ
Five years after the financial crisis, former Federal Deposit Insurance Corporation Chairman Sheila Bair says plenty of work needs to be done on the regulatory front to improve financial conditions in the U.S.
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U.S. indicts ex-traders in JPMorgan ‘London Whale’ scandal
Reuters
A U.S. grand jury has indicted two former JPMorgan Chase & Co traders at the center of the bank’s “London Whale” scandal, court papers made public on Monday show.
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Collecting swap trades data ‘pointless’
Anish Puaar in Dubai – Financial News
Insufficient data, fragmentation and a lack of regulatory resources could undermine efforts to monitor the potential build-up of risk in the over-the-counter derivatives market through the use of trade repositories.
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Former NSEL MD takes blame, says he kept board in the dark
Business Standard
The NSEL payment crisis is taking a new turn with its former MD & CEO Anjani Sinha filing an affidavit with a local magistrate, taking the blame for the crisis and accusing his senior team for the mess. The shocking part of the affidavit is that the crisis was brewing over the past two years when borrowers on the exchange were not able to pay and the exchange even allowed them to borrow more to pay interest and exchange fees.
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Pilot promises action on NSEL for breach of Companies Act
Business Standard
The corporate affairs ministry is examining a probe report on the National Spot Exchange (NSEL) payment crisis, minister Sachin Pilot said here on Monday.
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Cornered on all fronts, Shah wages a lonely battle
Business Standard
Waging battles on several fronts, Jignesh Shah is unable to cover all his flanks.
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Regulatory
Regulatory complexity stifling OTC shake-up
Anish Puaar in Dubai – Financial News
Haphazard rulemaking could be detrimental in the creation of a safer over-the-counter derivatives market, firms involved in the implementation of G20-led reforms have warned.
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Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks
LYNNLEY BROWNING – NYTimes.com
A sweeping new federal law has a seemingly simple goal — curbing offshore tax evasion by Americans through foreign banks, trusts and shell companies. But behind the scenes, foreign banks and financial firms are increasingly finding that complying with the law is a major headache.
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CFTC Announces Vincent A. McGonagle as Director of the Division of Market Oversight
Press Release
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NFA Notice to Members I-13-24
New Quarterly Filing Requirements for CTAs under NFA Compliance Rule 2-46 to Commence with Quarter Ending September 30, 2013
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NFA Notice to Members I-13-25
New Recordkeeping Requirements under NFA Compliance Rule 2-10(a) and CFTC Regulation 1.35(a) and Guidance for Relying on Other Commission Registrants for Complying with the New Recordkeeping Requirements
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Sahara accuses Sebi of lackadaisical approach
Business Standard
Sahara on Monday alleged that after nine months of depositing Rs 5,120 crore with the Securities and Exchange Board of India (Sebi), the market regulator had distributed only Rs 1.67 lakh to investors.
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Exchanges & Trading Facilities
Update: Nasdaq waited two weeks to fix flaws
Jaikumar Vijayan and Jeremy Kirk – IDG News Service
A Swiss security firm says that cross-site scripting critical vulnerabilities it discovered on Nasdaq’s website weren’t fixed until more than two weeks after it alerted the stock exchange to the problems. The vulnerabilities could have let a hacker to gain full access to Nasdaq.com and execute commands at will, said Geneva-based High-Tech Bridge. The flaw was fixed on Monday.
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Deutsche Börse To Enhance Its International Network In Europe – New Access Point In Interxion’s Vienna Data Centre Is Available
As of today, Deutsche Börse offers a new Access Point in Interxion’s Vienna data centre campus. Interxion Holding N.V. is a major European provider of cloud- and carrier-neutral co-location data centre services.
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August 2013 FIF Market Share And Market Dynamics Reports – Executive Summary
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Equity Options Exercise Totals BRL 3.55 Billion On BM&FBOVESPA
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SGX reports 1Q FY2014 results on 17 October
Singapore Exchange (SGX) is reporting 1st quarter results for Financial Year 2014 (FY2014) after the market closes on 17 October 2013.
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Thomson Reuters Global Equities Monthly Market Share Data Updated To reflect August 2013 Activity
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Xetra/FWB: Subscription Launch For Bastei Lübbe AG Shares – Shares Can Be Subscribed Directly Via Xetra For The First Time
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Hedge Funds & Managed Futures
Hedge funds and the last half-decade: you don’t know what you’ve got ’til it’s gone
Dan McCrum | FT Alphaville
The financial crisis was tough for hedge funds: some collapsed, some merely lost half of their investors’ carefully managed capital, while others swallowed the key to the safe and said no one would get their money back until the panic was over. Winners were few and lucky. But here’s the thing that we don’t think many people have noticed yet: since the start of 2009 the US stock market has returned eight times as much as the average hedge fund.
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The S&P 500 Beats Hedge Funds And Adam Smith Knew Why
Tim Worstall – Forbes
Simple index trackers beating hedge funds with their masses of highly trained brains busting a gut to make money on our behalf? Can these numbers really be true? Yes, they most certainly can and Adam Smith knew why all the way back in 1776.
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Montepeque of Platts Caught in Battle Over Oil Assessments
Asjylyn Loder & Lananh Nguyen – Bloomberg
By the time Jorge Montepeque came to London in January 2002 to revamp Platts energy-price benchmarks amid a series of manipulation scandals, he’d already earned a reputation as the company’s troubleshooter.
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Linn Energy SEC inquiry sparks hedge accounting debate
Alexander Osipovich – Risk.net
Linn Energy, once fêted as a leader in risk management, is under scrutiny by US regulators for its derivatives accounting practices – something that is casting a shadow over other master limited partnerships in the upstream oil and gas business, finds Alexander Osipovich
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Morgan Creek Starts Mutual Fund
ALEXANDRA STEVENSON – NYTimes.com
Morgan Creek Capital Management has started a mutual fund, offering individual investors a chance to invest as they would in a hedge fund.
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Baupost’s Klarman Returns Money To Clients Amid “Too Few Opportunities”
Zero Hedge
Seth Klarman’s Baupost Group will be returning money to investors at year-end . As II Alpha reports, though the amount has yet to be determined, this would be only the second time the hedge fund has returned money in the firm’s 31-year history.
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Banks & Brokers
Britain Sells Stake in Lloyds for $5.1 Billion
MARK SCOTT – NYTimes.com
The British government raised £3.2 billion, or $5.1 billion, on Tuesday after it sold part of its stake in the Lloyds Banking Group.
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Horta-Osorio vindicated by Lloyds Bank share sale
Reuters
For Chief Executive Antonio Horta-Osorio, Britain’s move to sell a 3.3 billion pound ($5.3 billion) stake in Lloyds Banking Group is a vindication after his leadership was nearly derailed by health issues just months into his tenure.
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Exclusive: Goldman names Chavez as CIO, when Scopellite retires
Reuters
Goldman Sachs Group Inc has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.
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FN at Sibos: HSBC boss calls on banks to rebuild trust
Sophie Baker in Dubai – Financial News
The chief executive of global banking and markets at HSBC has called on banks to stand together to bring back the integrity of their “vital” industry.
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Barclays Faces Fine in Qatar Deal
JULIA WERDIGIER – NYTimes.com
Barclays said on Monday that Britain’s financial regulator had concluded the bank acted “recklessly” when it raised emergency money from Qatari investors during the financial crisis and could be fined $79 million.
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Credit Suisse Boosts Australian Equities Team
Gillian Tan – MoneyBeat – WSJ
Credit Suisse has poached CIMB Group Holdings Bhd. equities analyst Fraser McLeish as its head of telecommunications and media research, a spokeswoman for the Swiss bank said Tuesday.
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Gain Capital names Jason Emerson as new CFO
Associated Press via Yahoo! News
Investment brokerage Gain Capital said Monday that Jason Emerson of financial services firm KCG Holdings will become its chief financial officer.
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Clearing & Settlement
Clearing houses: The new heart of a safer system
Philip Stafford – FT.com
Of all the changes global regulators have sought to introduce to guard against systemic risk, one of the most profound has been the increasing importance of clearing houses.
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LCH.Clearnet to introduce SWIFT MX Standard messaging to improve collateral management efficiency
LCH.Clearnet Ltd and LCH.Clearnet LLC, the UK and US based subsidiaries of the world’s largest multi-national clearing house, are implementing SWIFT MX standard messaging for securities and cash collateral instructions provided to the clearing house by members. The move eliminates the need for manual intervention, improving the efficiency of the collateral management process by allowing clearing members to provide instructions from their own systems.
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US: Rivals vie for custom in changing world of swaps
Michael Mackenzie – FT.com
The financial reforms triggered by the financial crisis are starting to make their presence felt in the $300tn privately negotiated US derivatives market. With the counterparty risk of swap transactions now being assumed by centralised clearing houses, the focus of the industry is on how the trading of swaps will develop.
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Australian Securities Exchange Goes Live With Calypso Technology – Live On OTC Derivatives Clearing And Cross-Margining
Calypso Technology Inc., the leading integrated capital markets software provider, announced today that the Australian Securities Exchange (ASX) has cleared its first OTC derivatives transaction on its OTC clearing service that uses the Calypso System as the core clearing platform. The ASX OTC Derivatives Clearing Service launched on July 1st, 2013, with client clearing for Australian clients expected to be commercially launched in Q2 2014.
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SIX Securities Services Industry Update – Collateral Management: The Financial Services Industry Speaks Out
Post-trade services provider SIX Securities Services today launches a new study revealing current attitudes to collateral management. ‘Collateral Management: How Collateral Values Can Prevent The Next Crisis’ highlights the views of senior figures responsible for collateral management at 60 leading financial institutions in the UK, France and Germany.
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Omgeo announces 17 percent growth of Omgeo CTM community in 2013
Omgeo, the global standard for institutional post-trade efficiency, today announced that its Omgeo Central Trade Manager community has grown by more than 17 percent during 2013, with the addition of 220 investment management and broker/dealer clients worldwide.
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Numerix and MH Derivative Solutions Join Forces to Help Swap Market Participants Meet Regulatory Initiatives for Central Clearing, Collateral Management and Counterparty Credit Risk
Numerix, the leading provider of cross-asset analytics for derivatives valuations and risk management and MH Derivative Solutions today announced a new partnership agreement. As an independent resource, MHDS will provide market training to existing Numerix users and offer support for product research.
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Indexes & Products
NYSE Euronext Announces Final Index Composition for Enhanced NYSE Arca Gold Miners Index
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Adjustment Made To The Constituents Of Shenzhen Stock Exchange ChiNext Index
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Semi-Annual Changes To The NASDAQ Clean Edge Green Energy Index
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Technology
Scivantage Acquires Portfolio Director from Scottrade
Becca Lipman – Wall Street & Technology
Scivantage, a financial technology provider, announced Monday morning it has acquired Portfolio Director, a leading supplier of investment management technology products, from Scottrade Financial Services.
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SunGard Introduces Astec Analytics Reporting Services To Provide Custom Reports And Accurate Program Analysis
SunGard’s Astec Analytics has introduced reporting services as the latest addition to its solution suite to provide customers with the ability to generate reports with detailed information on their borrowing and lending programs.
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Misys And SWIFT Partner On Reference Data To Enhance Payments Information
Misys Users Gain Access To More Complete, Accurate And Timely Payment And Reference Data With SWIFTRef
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300 Customers Choose Alliance Lite2 As Their SWIFT Connection Over The Last 12 Months
Successful Uptake Highlights Industry’s Need For Cloud-Based Connectivity
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Enforcement
CFTC Orders Futures Broker Employee Susan Butterfield to Pay $50,000 Penalty in Settlement of Charges of Making False Statements to the CFTC During Her Investigative Testimony
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it entered an Order requiring Susan Butterfield of New Lenox, Illinois, to pay a $50,000 civil monetary penalty for making false statements of material fact in testimony to CFTC staff during a CFTC Division of Enforcement investigation. The Order enforces the false statements provision of the Commodity Exchange Act (CEA), which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).
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Citigroup must pay couple $3.1 million for not overseeing broker: panel
Reuters
A Citigroup Inc C.N. unit must pay $3.1 million to a Florida-based couple who alleged the firm did not properly supervise a broker who steered them to invest in a politician’s real estate developments that later went broke, a securities arbitration panel has ruled.
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Judge OKs SEC’s Falcone settlement with admission of wrongdoing
Reuters
A federal judge on Monday approved the U.S. Securities and Exchange Commission’s $18 million settlement with hedge fund manager Philip Falcone, the regulator’s first big case to include an admission of wrongdoing since a recent policy change.
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Environmental & Energy
EU Delays Decision on UN Carbon Validity Pending More Data
Bloomberg
European Union factories and power stations will be able to exchange United Nations carbon offsets for EU permits from February next year, even as the EU delayed a decision on the eligibility of some offsets.
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SocGen sees weak German power price despite recent surge
Reuters
Societe Generale cut its estimates for German forward power prices, despite a recent surge to five-month highs, saying Europe’s economic outlook remained subdued while renewable energy generation and efficiency measures were advancing.
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E.P.A. Is Expected to Set Limits on Greenhouse Gas Emissions by New Power Plants
The New York Times
Following up on President Obama’s pledge in June to address climate change, the Environmental Protection Agency plans next week to propose the first-ever limits on greenhouse gas emissions from newly built power plants.
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Asia-Pacific
Zhongguancun signs agreement with Deutsche Börse Group
By Wang Yifei (chinadaily.com.cn)
Zhongguancun Administrative Committee and Deutsche Börse Group signed a strategic cooperative agreement on September 12, which will enable Beijing Zhongguancun Science Park to accelerate its development.
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NYSE Technologies Obtains License to Distribute Market Data in China
NYSE Technologies, the commercial technology division of NYSE Euronext, today announced that it has obtained approval from the Chinese State Council Information Office to distribute market data in China. With the license from the SCIO, NYSE Technologies will disseminate financial information including NYSE Euronext’s real-time and historical market data, as well as SuperFeed services to market participants in mainland China.
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Competition for Hong Kong’s Family-Owned Banks Heats Up
Isabella Steger – MoneyBeat – WSJ
Hong Kong’s banking sector is looking like the next hot spot for mergers and acquisitions, with buyers eyeing two of the city’s four family-owned banks.
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Shenzhen Stock Exchange Market Bulletin 16 September, 2013 – Issue 17
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The 12th Session Of Qualification Training Course For Board Of Secretary Of SME Board Held By Shenzhen Stock Exchange
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Frontier Markets
Citadel Capital to abandon private equity
Becky Pritchard – Financial News
Egypt-listed private equity firm Citadel Capital announced today that it is moving away from private equity as the economic fallout from the Arab spring continues to bite.
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Citi names veteran African banker as sub-Sahara head
Reuters via Yahoo! News
JOHANNESBURG – Citigroup said on Tuesday it had appointed Ade Ayeyemi, a 25-year veteran of the bank, as its chief executive for sub-Saharan Africa. Ayeyemi, who formerly led Citigroup’s transaction services on the continent, takes over from Naveed Riaz who has taken a position with the bank in London.
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Dubai Commodities Clearing Corporation To Host CCP12 Special General Meeting – Bi-Annual CCP12 Meeting To Take Place In Dubai On 20th September 2013
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