Industry news

September 23, 2013: U.S. Startups Freed to Solicit Funds Fight SEC Over Disclosures; Dark pools hit new trading high; Abnormal Euribor quotes down sharply

The SEC’s 80-year ban on advertising private investments comes to an end, and startup companies worry about running afoul of unclear disclosure rules. In Europe, dark pools took a record high percentage of trading volume in August. Questionable Euribor-setting quotes are suddenly, sharply down in occurrence since regulators began paying closer attention and fining banks for rate rigging.

First Read

DERIVATIVES: SEF applications getting only a ‘cursory view’ – Gensler
Helen Bartholomew – IFR
Applications for firms seeking regulatory approval as swap execution platforms are getting little more than a cursory glance according to Gary Gensler, chairman of the Commodity Futures Trading Commission
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***** This is not a recipe for success. This is a recipe for something else. We have suggested moving the October 2 deadline to give everyone more time. We politely ask Chairman Gensler to reconsider his stand.

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NYSE Trading Volume Jumps on ‘Quadruple Witching’ Day
Jacob Bunge – MoneyBeat – WSJ
More than two billion shares traded on the New York Stock Exchange on Friday as major stock indexes rebalanced and a host of derivatives expired, making it the busiest trading session of the year for the exchange, it said.
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***** “Daddy, where do derivatives go to when they expire?”

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Futures markets fight back as CFTC toughens regulation
Joe Cahill – Crain’s Chicago Business
Simmering tensions between the futures industry and its primary regulator have erupted into open warfare. Flashpoints include new rules for high-speed trading, broker reserve requirements, commodity trading position limits, anti-fraud enforcement and a regulatory framework for moving over-the-counter derivatives onto exchanges.
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***** Chairman Gary Gensler has set the tone. Will the CFTC stop playing the same tune after December 31, 2013?

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It Won’t Work: Central Counterparty Clearing for OTC Derivatives
Ivan Schneider – Wall Street & Technology
At the Sibos conference in Dubai, a vocal critic opened fire on Dodd-Frank regulations calling for central clearing of OTC derivatives. Collecting data on individual deals won’t yield a clear picture of the aggregate markets, he said, and it’s a huge cost to the industry and its clients.
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***** Cleared derivatives trading is about two things; liquidity and risk transfer. We are building the concentrated liquidity facilities, or SEFs. We shall see if there is enough to make the risk transfer work properly.

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Billions of dollars wasted on investment advice
Steve Johnson – FT.com
Pension funds and other large investors are throwing away billions of dollars a year on worthless advice from investment consultants, according to academic research. The funds recommended by consultants do no better than any other, and by some measures they underperform the wider market significantly, the research found.
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***** No one has a crystal ball, but many have cherry-pickers.

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When Trying to Follow Rules Isn’t Enough
JAMES B. STEWART – NYTimes.com
As the Securities and Exchange Commission’s chief of enforcement from 2001 to 2005, the era of landmark fraud settlements with Enron, WorldCom and Tyco, Stephen M. Cutler earned a reputation as a tough and, at times, feared regulator. He was particularly dismayed by chief executives, chief financial officers, general counsels and compliance officials who, even if not directly implicated in wrongdoing, created a culture in which it was ignored, tolerated, or even worse, tacitly encouraged. How times have changed.
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***** Damned if you do and damned by others if you don’t.

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OptionsCity to Offer Direct Access to CME Europe
OptionsCity Software, a leading provider of electronic trading solutions, today announced that the company has completed conformance testing with CME Europe, a new London-based derivatives exchange (subject to Financial Conduct Authority Approval) and wholly owned subsidiary of CME Group. Upon the September 29, 2013 launch date of the exchange, and pending regulatory approval, OptionsCity will provide its clients that are members of the exchange with direct access to CME Europe.
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***** OptionsCity should open an airline. I would like direct access to CME Europe, first class, hold the martini.

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Quanterra Advisors leverages Orc’s technology expertise for hardware replacement and ad-hoc tuning
Orc, a leading provider of technology and services for the global financial industry, today announced that Quanterra Advisors LLC has leveraged Orc’s recently launched Professional Services offering to help them with server configuration and trading preparation.
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***** When is a technology firm going to give out pry bars at a conference? Come leverage our technology!

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IntercontinentalExchange’s European man of mystery
Suzi Ring – Financial News
It was a busy summer for the IntercontinentalExchange. In December 2012, Ice announced it was to buy NYSE Euronext for $8.2 billion pending regulatory approval, marking the biggest move by the ambitious bourse yet. That process has cranked up in recent months. But, talking to David Peniket, president and chief operating officer of Ice Futures Europe, one gets the impression that busy is normal.
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***** There is busy, busier, and then there is ICE busy.

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Janet Yellen: The cheery economist tipped to be the first lady at the Fed
Robin Harding and Richard McGregor – FT.com
There is perhaps only one thing in their notoriously contentious discipline upon which all economists agree: Janet Yellen is unusually kind and decent. Sir Partha Dasgupta, now a professor at Cambridge who rented his house to her in the late 1970s, says: “If we were neighbours I can easily see myself discussing personal worries with her.”
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***** Kind and decent people are the kind that normally get eaten alive in Washington.

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Gary DeWaal’s Bridging the Week: September 16 to 20 and 23, 2013
Gary DeWaal and Associates LLC
During the week of September 16 to 20, 2013, the biggest news was the coordinated enforcement actions by four international regulators against JP Morgan related to its London Whale incident. But what also was big news was that the US Commodity Futures Trading Commission was not among the regulators joining in this coordinated enforcement action — for now. Why? However, the JP Morgan matter was just the tip of the iceberg in a very hectic week featuring many interesting US litigation developments, new regulatory requirements, regulatory proposals, and an important speech by the CEO of the UK Financial Conduct Authority — all potentially impacting a wide-range of industry participants worldwide.
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***** Gary DeWaal missed the biggest news of the week, my 24th wedding anniversary today.

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Commodity brokers lack regulation
Doug L. Bell | TheGazette
Farmers, are your commodity accounts safe? Do you know how the person or firm that holds a large amount of your funds and is a key part of your financial planning and stability is regulated? You should be concerned — they are a self-regulatory group.
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***** An angry farmer makes the case for fairness in regulation.

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Global Clearing and Market Access using TTNET, October 3, NYSE
G.H. Financials
G.H. Financials and Trading Technologies will be hosting a presentation at the New York Stock Exchange on October 3, 2013, from 3-6pm. The event includes a tour of the exchange during the closing bell, a presentation from GH Financials on clearing and access to the world’s derivatives markets, a demonstration of TT’s fully managed hosting solution, and a cocktail reception.
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Lead Stories

U.S. Startups Freed to Solicit Funds Fight SEC Over Disclosures
Dave Michaels – Bloomberg
Startup companies that celebrated the passage of a U.S. law allowing them to solicit investors more more openly say regulators may undercut that move by requiring detailed disclosures of their fundraising.
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Dark pools hit new trading high
Anna Irrera – Financial News
The percentage of European equities traded on dark pools – which this week came under criticism from former NYSE chief executive John Thain – hit new highs in August.
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Abnormal Euribor quotes down sharply – watchdog
Reuters
The number of “abnormal” quotes for setting the Euribor interest rate benchmark is down sharply after fines for two banks who rigged it led to tighter supervisory scrutiny, an EU regulator said on Friday.
jlne.ws/1aYA2la

CFTC Approves Swap-Execution Facility Plans for ICE, TrueEX
Matthew Leising – Bloomberg
The U.S. Commodity Futures Trading Commission approved applications from TrueEX Group LLC and IntercontinentalExchange Inc. (ICE) to operate swap execution facilities.
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Lifting ban on ads puts funds on the spot
Crain’s New York Business
Coming soon to a flat screen near you might be advertisements from the likes of George Soros saying he’s bullish on America, or that when Henry Kravis speaks, people listen. That’s because Monday marks the day when decades-old restrictions preventing hedge funds, private-equity and venture-capital firms from marketing themselves to the masses are lifted.
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U.S. Stocks at Risk With Government Shutdown Looming
Mike Dorning – Bloomberg
Even as the U.S. stock market roars to new highs, helped last week by the Federal Reserve, a risk is rising from another corner of Washington.
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Fed Faces New Era of Thinking Global as Yellen Nomination Nears
Simon Kennedy – Bloomberg
At the height of the 1998 Asian economic crisis, then-Federal Reserve Chairman Alan Greenspan declared the U.S. was no “oasis of prosperity” in times of global stress. It is a lesson Ben S. Bernanke’s successor will need to heed upon inheriting a central bank once again facing a domestic need to think internationally.
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Regulatory

Corporate and Financial Weekly Digest, September 20
Katten Muchin Rosenman
Among the topics of this week’s digest are SEC proposed rule on CEO to worker pay ratio, CFTC’s amended EFRP rule, NFA’s new filing Requirement for Commodity Trading Advisors, and a judgment regarding Madoff-related claims.
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Asia trumps Europe in swaps reporting reforms
Sophie Baker and Anish Puaar at Sibos in Dubai – Financial News
Asia-Pacific is set to overtake Europe in providing a vital pillar of G20-led market reforms for over-the-counter derivatives trades.
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Clearing contagion risk ‘ignored’ by regulators
Anish Puaar and Sophie Baker – Financial News
Senior executives in the banking industry have warned that regulators have neglected the risk of potential contagion should a major clearing house member collapse.
jlne.ws/1aYA2lf

Gensler not ruling out targeted Sef relief
Nick Sawyer – Risk.net
The Commodity Futures Trading Commission (CFTC) may entertain requests from individual, would-be swap execution facilities (Sefs) for a delay to an October 2 registration deadline – but firms must be specific with their requests, and a broad delay is unlikely, according to Gary Gensler, chairman of the agency.
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Industry forced to rethink reporting after Esma rejects GFMA proposal
Kathy Alys – FX Week
Regulators at the European Securities and Markets Authority (Esma) have rejected an industry proposal for dual trade reporting, creating a setback for foreign exchange market participants as they gear up for compliance with the European Market Infrastructure Regulation (Emir).
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Regulators need to connect the dots
Sophie Baker – Financial News
In an old Indian parable, several blind men struggle to identify an elephant. The first handles the tail and proclaims he has found a rope. The second feels the elephant’s side and thinks he is next to a wall, while the third happens upon a tusk and thinks he has hold of a spear. And so it goes on.
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Opening Statement Of CFTC Commissioner Scott D. O’Malia, Chairman Of The CFTC Technology Advisory Committee, Washington, DC
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Boom, Boom, Out Go The Lights – Statement Of CFTC Commissioner Bart Chilton
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Abide Financial and REGIS-TR Sign Business Alliance to Provide Europe-Wide Transaction Reporting Services
REGIS-TR, the European Trade Repository, and Abide Financial, experts in regulatory reporting and one of only three commercial approved reporting mechanisms (ARM), today announced they have signed a business alliance to provide a MiFID FCA compliant transaction reporting service to all REGIS-TR clients across Europe.
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Exchanges & Trading Facilities

FIF Capacity Statistics For August 2013: Two New Record Peaks: Deutsche Borse CEF Core Scoach And BATS Options MCASTPITCH AGG
This month’s bulletin from the Financial Information Forum (FIF) finds that SIAC OPRA was up 5% to 5,081,671 mps over the 1 second interval. Deutsche Borse CEF Core Scoach was up 10% to a record 113,818 mps over the 1 second interval. BATS Options MCASTPITCH AGG was up 6% to a record 2,145,319 mps over the 1 second interval.
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Warsaw Stock Exchange (WSE): Futures With A New Multiplier
Early autumn this year is a time of important changes on the Warsaw Stock Exchange. On 23 September 2013, the WSE not only begins to calculate and publish its new blue-chip index WIG30 but it is also making major changes on the futures market.
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London Metal Exchange’s warehousing plan fails to entice
Reuters via Yahoo! Finance
The London Metal Exchange (LME) may have to return to the drawing board as enthusiasm wanes for its third attempt in as many years to head off a crisis over its warehouse system.
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Liffe Said to Make Cocoa Delivery Proposal to Warehouse Owners
Isis Almeida – Bloomberg
NYSE Liffe is seeking feedback from warehouse owners on a proposal to set minimum delivery rates for the first time for cocoa tied to its futures contracts, according to three people with direct knowledge.
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TOM MTF Statistics Week 38, 2013
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Hedge Funds & Managed Futures

Longevity: opportunity or flop?
Tom Osborn – Risk.net
Pension schemes are sitting on a huge amount of longevity risk, and capital markets investors could provide a home for this exposure. It looks like a tempting opportunity for bank intermediaries – but many dealers have tried and failed.
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Ucits funds continue fee battle
Georgina Kenyon – Financial News
The arrival this summer of a new EU-regulated multi-asset hedge fund from Man Group that charges a low fixed management fee and no performance levy has added further momentum to the war over hedge fund fees. Investment returns, however, are still what wins investors’ money.
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Commodity trading houses face questions over systemic risk
Alexander Osipovich – Risk.net
The rapid growth of commodity trading houses has led critics to question whether these firms have become a source of systemic risk. But trading houses strongly reject such arguments, and suggest they are little more than paper tigers.
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Ben Bernanke Is No Master of the Universe
Spencer Jakab – MoneyBeat – WSJ
Legendary investor Warren Buffett called the Federal Reserve “the greatest hedge fund in history” this week. If it were really a fund, Ben Bernanke would be the worst paid manager in history.
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Losses force closure of Clive Capital hedge fund
Sam Jones and Ajay Makan in London and Gregory Meyer in New York – FT.com
Clive Capital, one of the world’s largest commodity hedge funds, is to shut down and return about $1bn of capital to investors at the end of the month.
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Fidelity challenges companies on long-term incentives
David Oakley, Investment Correspondent – FT.com
One of the world’s biggest fund managers is taking aim at the long-term incentives of chief executives in an effort to tie executive pay more closely to the performance of the company.
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CFTC Commitments of Traders Reports Update
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Banks & Brokers

Britain’s ICAP nears Libor settlement: WSJ
Reuters
Britain’s ICAP Plc may pay less than $100 million to settle a civil probe into the broker-dealer’s alleged role in the manipulation of a key interest rate, the Wall Street Journal reported, citing people familiar with the settlement talks.
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Goldman Sachs revamps bond-trading platform
Tracy Alloway and Michael Mackenzie in New York – FT.com
Goldman Sachs has radically restructured its electronic bond trading platform in a last-ditch effort to lure customers to the struggling system. The move underscores one of the biggest challenges facing Wall Street. Banks and investors both say that their ability to trade corporate bonds has dropped sharply in recent years, but the two sides cannot agree on how best to improve liquidity in the $9.2tn market for US companies’ debt.
jlne.ws/1aYA2BP

Australian FX Broker Pepperstone Mulls Options After Rejecting Bids
Gillian Tan – MoneyBeat – WSJ
Pepperstone Financial Pty Ltd.–Australia’s largest foreign exchange broker–is considering its options after several parties expressed interest in buying the business, its chief executive said Monday.
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Tullett Prebon Voted Commodities Interdealer Broker Of The Year By Derivatives Week
Tullett Prebon, one of the world’s leading interdealer brokers, has been voted Commodities Interdealer Broker of the Year by Derivatives Week in the 2013 Global Derivatives Awards. The award was announced at a gala dinner held last night in London.
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Citi had significant drop in trading revenue: FT
Reuters
Citigroup (C.N) had a significant drop in trading revenue during the third quarter which could hurt the bank’s earnings, the Financial Times reported on Sunday, citing people familiar with conversations between investors and the bank.
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RBS Buys More Than $500 Million in Lehman Bankruptcy Claims
Katy Burne and Joseph Checkler – MoneyBeat – WSJ
Royal Bank of Scotland has agreed to buy a roughly GBP350 million ($560 million) claim against the bankruptcy estate of Lehman Brothers International (Europe) from an investment firm, according to people familiar with the matter.
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Weekend Reading: For JPMorgan, Trouble Still Looms
ERIC OWLES – NYTimes.com
Even after approving $1 billion in fines and an admission of wrongdoing, the board of JPMorgan Chase is confronting more regulatory problems.
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Bankers’ morale slides in line with their pay
Matt Turner – Financial News
It is said that the first rule of trading is knowing when to cut your losses. By that logic, it might be time for a few traders to leave the industry.
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City discontent sparks banking exodus fears
Sarah Krouse – Financial News
More than half of investment banking professionals are reconsidering their careers in the financial services industry, according to the results of a survey by Financial News.
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SMC Global ties with Saxo Bank to offer online intn’l trading
Business Standard
SMC Global Securities will offer Saxo Bank’s online trading platform to its clients in India. Saxo Bank A/S, which is a multi-asset online investment bank, provides access to equities, ETFs and bonds spanning 33 stock exchanges across USA, Europe, Asia, South America and Australia.
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Deutsche Bank Drops on Report Jain Will Warn on Trading
Bloomberg
Deutsche Bank AG , Europe’s biggest investment bank by revenue, dropped in Frankfurt following a report that one of its co-chief executive officers will warn next week about a decline in the debt-trading business.
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Clearing & Settlement

Eurex Clearing To Act As CCP For SL-x Trading’s Innovative European Securities Lending Platform
Eurex Clearing, one of the world’s leading clearing houses, and SL-x Trading Europe (SL-x) have signed an agreement whereby Eurex Clearing will act as clearing house for securities borrowing and lending (SBL) transactions executed via SL-x’s innovative and patents pending electronic trading platform.
jlne.ws/1aYA50p

Acting as a clearing member will be uneconomical – Isda panel
Matt Cameron – Risk.net
New proposed capital rules will make it uneconomical for banks to act as clearing members, fatally damaging regulatory attempts to bake an incentive to clear into financial market reforms, according to industry experts.
jlne.ws/1aYA50r

ANZ first Australian bank granted direct clearing membership of LCH.Clearnet’s SwapClear
ANZ today announced that it has become a Direct Clearing Member of LCH.Clearnet’s SwapClear interest rate swap clearing service and successfully cleared its first trade as a direct member.
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CME Clearing – List Additional Contract Months for RINs Products on CME Globex
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Indexes & Products

Tokyo Stock Exchange to launch rival to Nikkei 225 and Topix
Ben McLannahan in Tokyo – FT.com
The Tokyo Stock Exchange is preparing to launch a rival index to the decades-old Topix and the Nikkei 225, amid a concerted effort to sustain overseas interest in the world’s best-performing major equity market this year.
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State Street gets ‘aggressive’ to lead European ETFs market
Joe McGrath – Financial News
State Street Global Advisors, the world’s third largest asset manager, is about to take on market leader BlackRock in the European exchange-traded funds market.
jlne.ws/1aYA2Sj

Three New iShares ETFs Launched On Xetra – ETFs Based On Interest-Rate Hedged Corporate Bonds And Large And Mid-Caps
jlne.ws/1aYA50B

Warsaw Stock Exchange (WSE) Starts To Publish Indices WIG30 And WIG30TR
Today the WSE starts to publish WIG30, an index comprised of the 30 biggest and most liquid stocks listed on the Warsaw Stock Exchange. The new index is a better reflection of the size and sector diversity of companies listed on the WSE. WIG30 will be the underlying of new index futures and options to be introduced to trading in late 2014.
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Technology

Keyboard Trader Unveils Transactional Pricing
Keyboard Trader, a trading software suite and customizable keyboard designed for the manual futures trader, is now available with transactional pricing starting at 15 cents/trade. Just pay for what you use, nothing more, nothing less. Available on TT’s X TRADER, CQG and T4 by CTS..
jlne.ws/15j6J8H

Fixnetix secures fundraising for growth
Philip Stafford – FT.com
Fixnetix, a trading technology company, has completed a major fundraising that will fuel the UK group’s plans to sell its high-speed tools and services around the world. The London-based group has secured $15m in a combination of non-dilutive loan stock from shareholders and new facilities from Barclays in recent days, according to Hugh Hughes, the group’s chief executive.
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Fixnetix Keeps Focus On Neutrality – Expands Trading, Market Data And Risk Control Globally
Aquis Exchange, Direct Edge, Euro MTS Added – Live FPGA For Pre-Trade Risk In Canada, USA And Tokyo
jlne.ws/1aYA2So

Thomson Reuters Introduces Next Generation Elektron Consolidated Feed To Financial Markets In Sydney, Hong Kong And Singapore
Asia Market Participants To Benefit From Increased Speeds Of Data Delivery As Well As Enhanced Breadth And Depth Of Content With New, High-Performance Elektron Real Time Consolidated Feed
jlne.ws/1aYA5gT

Algospan to Provide Extranet Connectivity to Aquis Exchange
Aquis Exchange, the proposed pan-European equities trading exchange, has added AlgoSpan Ltd’s AlgoNet network as an extranet supplier. AlgoNet’s infrastructure services are designed to increase the speed of market data delivery and reduce order execution latency.
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Enforcement

CFTC Orders Foremost Trading LLC, an Introducing Broker, to Pay $400,000 for Supervision Violations
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Foremost Trading LLC (Foremost), a registered Introducing Broker based in Geneva, Illinois, for failing to supervise diligently the handling of certain trading accounts by its officers, employees, and agents.
jlne.ws/1aYA5gV

SEC Charges Former Technology Company Executive for Role in Rajaratnam Insider Trading Scheme
The Securities and Exchange Commission today charged a former executive at a Massachusetts-based technology firm for illegally tipping non-public information about the company’s financial predicament as part of the insider trading scheme operated by now-imprisoned Galleon Management hedge fund founder Raj Rajaratnam.
jlne.ws/1aYA2Sr

SEC Charges Father and Son in South Carolina for Fraudulent Program Designed to Profit From Fate of Terminally Ill
The Securities and Exchange Commission today charged a father and son in Lexington, S.C., with operating a fraudulent investment program designed to illegally profit from the deaths of terminally ill individuals.
jlne.ws/1aYA5gW

SEC Charges Advisory Firm Owner and Stockbroker With Insider Trading Ahead of Merger Announcement by Pharmaceutical Firms
The Securities and Exchange Commission today charged the owner of a New York-based advisory firm with insider trading in his own account and client accounts based on non-public information in advance of a merger announcement by pharmaceutical companies.
jlne.ws/1aYA2St

Attorney Seeks Delay in Martoma Insider-Trading Case
JAMES STERNGOLD – WSJ.com
Partners one day, adversaries the next. That is the nature of New York’s cloistered white-collar defense bar, but overlapping cases could lead to a delay in one of the highest-profile trials of the year.
jlne.ws/1aYA5gY

Environmental & Energy

Administration Presses Ahead With Limits on Emissions From Power Plants
The New York Times
A year after a plan by President Obama to limit greenhouse gas emissions from new power plants set off angry opposition, the administration will announce on Friday that it is not backing down from a confrontation with the coal industry and will press ahead with enacting the first federal carbon limits on the nation’s power companies.
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Challenges Await Plan to Reduce Emissions
The New York Times
The Obama administration’s potentially pathbreaking proposal for carbon emission limits on new power plants will face political and legal challenges from opponents who argue that the technology needed has not been close to being proven as the law requires.
jlne.ws/17V6SCy

EPA Unveils Plan to Curb Emissions From New Coal Plants
The Wall Street Journal
The Environmental Protection Agency unveiled its proposal to limit greenhouse gases from new coal-fired power plants, setting up a battle with companies that say tougher standards require the use of costly and largely unproven technology.
jlne.ws/18Pel33

Asia-Pacific

Japan opens door to foreign hedge funds
Roxane McMeeken – Financial News
There are only a handful of home-grown hedge funds in Japan but changes to the rules for asset managers last year have made it easier to launch an investment management business. However, significant barriers to entry remain in the country.
jlne.ws/1aYA2Su

Hong Kong regulators widen net
Michelle Price – Financial News
Brokers and fund managers from Australia to the US could be ensnared by new electronic trading rules due to come into effect in Hong Kong next year.
jlne.ws/1aYA5gZ

HKEx: Change In Senior Executive
Reference is made to the announcement of Hong Kong Exchanges and Clearing Limited dated 27 August 2013 in relation to the appointment of Mr Garry Jones as the Chief Executive of The London Metal Exchange, an indirect wholly owned subsidiary of HKEx, and as a member of the LME board.
jlne.ws/1aYA5h1

Singapore And Other APEC Economies Sign Statement To Advance The Asia Region Funds Passport
jlne.ws/1aYA5h5

Notice Of Soliciting Public Opinions On “Shanghai Stock Exchange Measures (Trial) For Assessment Of Listed Companies’ Information Disclosure (Draft Version)”
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Frontier Markets

Economic observers say Yemen still lacks financial expertise
Yemen Times
The rooms on the fifth floor at the Cooperative and Agricultural Credit Bank of Sana’a are almost completely deserted. At one time the floor was home to 14 foreign-trained professionals, who were supposed to be a part of Sana’a’s pilot stock market. Now, there are only four employees sitting at computers, slowly pushing papers around.
jlne.ws/1aYA38M

Bursa Malaysia Receives Approval From The Securities Commission Of Malaysia For Gold Futures (FGLD) Trading
The Securities Commission of Malaysia has approved Gold Futures contract for trading on Bursa Malaysia. Bursa Malaysia Derivatives Berhad will launch their gold futures contract and commence live trading on 7 October 2013 on CME GLOBEX.
jlne.ws/1aYA38P

MCX-SX forms oversight panel on Sebi direction
Business Standard
MCX Stock Exchange (MCX-SX) has formed a committee to oversee its critical functions, on a directive of the Securities and Exchange Board of India (Sebi).
jlne.ws/1aYA5xn

Fund Managers Still Feeling Pain in Emerging Markets
Tommy Stubbington – MoneyBeat – WSJ
The U.S. Federal Reserve’s decision not to scale back its bond-buying program sparked a rally in emerging-market debt this week, but fund managers in the sector are still feeling the pain.
jlne.ws/1aYA5xp

Dubai Mercantile Exchange Reaches 5 Billion Barrels Traded Milestone
jlne.ws/1aYA38V

NASDAQ Dubai Academy Courses Will Provide Key Corporate Governance And Anti-Fraud Training
NASDAQ Dubai Academy will provide separate courses in corporate governance best practice and ways for companies to detect and prevent fraud, as it further expands its training output.
jlne.ws/1aYA5xq