Industry news

September 24, 2013: trueEX To Commence Swap Execution Services On October 2nd; Fed Misses Perceived Deadline on Commodity Ownership Review; NYSE eyes changes to options cancellations

New swap trading platform trueEX plans to start execution on October 2. The US Federal Reserve was expected to conclude a commodity storage review by now, but hasn’t, leaving watchers wondering when to expect an update. NYSE Euronext wants to change its rules to make it less likely that trading houses will cancel option trades because of technology failures.

First Read

A big thank you to all who joined us for Friday’s MarketsWiki Party
A number of people attended our MarketsWiki editing party on Friday, did some wiki editing, ate some pizza and calzones, and had a lot of fun. To all of you, thank you so much for joining us, whether in person or remotely. We welcome outside editors to MarketsWiki and are very grateful to those of you who contribute.

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Thank you to all who joined us on Friday. You did a great job! Till our next wiki party!

Joining us in the office were:

Ray McKenzie of ICE US Futures
Corey Dean of Eris Futures
John Needham of Needham Consulting
Angela Kotso and Jennifer Strom of OCC/OIC
Curt Wichmann of GlobalRisk

Working remotely:

Chadwick Campbell of ProOpticus

And drumroll please….our winner of a $50 gift card (picked out of a hat among all the participants) is:

John Needham

Thank you John!

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NYSE eyes changes to options cancellations
Arash Massoudi and Tracy Alloway in New York – FT.com
NYSE Euronext is seeking to amend its rules to make it less likely for trading houses to cancel options trades because of computer glitches such as the one recently suffered by Goldman Sachs
jlne.ws/1akIN8s

***** This is called a cancel replace.

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CFTC chair Gary Gensler warns on fund cuts to police derivatives
Caroline Binham and Daniel Schäfer in London – FT.com
The head of the regulator that oversees the US’s vast derivatives market has warned that a lack of resources could severely damage his agency’s ability to protect the public from future financial scandals. “We do not have the people to do annual examinations of the clearing houses – these very systemically important clearing houses that Congress is saying we have to annually examine,” Mr Gensler told the Financial Times in an interview.
jlne.ws/1akIKcI

***** We have heard Commissioner Chilton come out for the transaction tax to fund the CFTC. What is Chairman Gensler’s stand on the issue?

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Mark Ibbotson Joins G. H. Financials As Group CEO
G. H. Financials Group, a leading independent clearing firm for exchange-traded derivatives, announces the appointment of Mark Ibbotson as Group Chief Executive Officer, effective 7th October. Based in the London headquarters, Mark Ibbotson will be leading the global growth and expansion of the Group, which currently has offices in Chicago and Hong Kong.
jlne.ws/1akINoN

***** Congrats to Mark Ibbotson. This will bring even more LIFFE to GHF.

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NYSE Liffe U.S. to Launch Futures on the NYSE Arca Gold Miners Index (GDM)
NYSE Liffe U.S., the innovative U.S. futures exchange of NYSE Euronext, today announced that it will launch a new futures contract based on the widely followed NYSE Arca Gold Miners Index on October 7th, 2013. These innovative new futures will complement the existing market for the Market Vectors Gold Miners ETP listed on NYSE Arca as well as options on GDX traded on the NYSE Arca and NYSE Amex options platforms.
jlne.ws/1eC7Ad9

***** Will GMI be able to process the trades for this new GMI index?

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GMEX Appoints Non-Executive Chairman And Directors
Global Markets Exchange Group Limited (“GMEX”), the new exchange focused on the launch of differentiated Interest Rate Swap Futures contracts and emerging markets development across asset classes, today announced a number of key Board appointments.
jlne.ws/1akINoR

***** Lamon Rutten resurfaces at GMEX, as well as former CME European executive Mark Blundell. Congrats to both.

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World Federation Of Exchanges To Award The 2013 WFE Award For Excellence To Nobel Laureates Robert C. Merton And Myron S. Scholes
The World Federation of Exchanges (WFE) announced today that the 2013 WFE Award for Excellence will be awarded to Professor Robert C. Merton, MIT Sloan School of Management, and Professor Myron Scholes, Stanford Graduate School of Business and the late Fischer Black, former Director of the Quantitative Strategies Group at Goldman Sachs, in recognition of their development of the groundbreaking Black-Scholes Model in 1973.
jlne.ws/1akINoV

***** Here is a question for you. What does the CFTC say is the correct option pricing model? Shouldn’t they be potentially bringing action against anyone who does not use the correct model? Is that Black-Scholes? Or is it a modified version of Black-Scholes. As the potential action against DRW showed, the CFTC seemingly has very strong opinions about which price analysis model to use? If people were using Black-Scholes and that is not the model commonly believed to be correct, are those people manipulating the markets? Where does this start and where does this stop?

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6 Big Trading Problems That Are Easily Solved With a Rules Engine
Ty Danco – TABB Forum
Using a rules engine makes trading faster, safer, easier and more profitable. Here are 6 examples of how a rules engine can make you a better and smarter trader.
jlne.ws/1akIPNn

***** My favorite engine is Thomas, because he is blue and he is Number 1.

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MarketsWiki

MarketsWiki Recent Updates

People

John P. Kelley; Lynn Martin; Olivia Lauezzari; Steven Probst

Companies, Organizations and Groups

G.H. Financials LLC; NYSE Liffe U.S.; New York Portfolio Clearing, LLC; Clarus Financial Technology; GlobalRisk Corporation

Products

NYSE Liffe US Eurodollar Futures; Eris Interest Rate Swap Futures

Statistics

43,854,144 pages viewed, 7,668 articles, 165,621 edits
MarketsWiki Statistics

Lead Stories

trueEX To Commence Swap Execution Services On October 2nd
PR Newswire
trueEX LLC, the first CFTC-regulated DCM for swaps, today announced that execution services for swaps will be provided on both of its CFTC-regulated platforms (DCM & SEF) commencing on October 2nd, 2013.
jlne.ws/1akIPNp

Fed Misses Perceived Deadline on Commodity Ownership Review
Michael R. Crittenden – MoneyBeat – WSJ
The Federal Reserve’s ongoing review of banks’ ownership of oil tankers, aluminum warehouses and other physical commodities has pushed past what many industry participants had thought of as a hard deadline for a decision.
jlne.ws/1akIPNt

Sef execution agreement requirement angers buy side
Peter Madigan – Risk.net
Buy-side firms are refusing to sign participation agreements with some newly registered US swap execution facilities (Sefs), because of a controversial requirement that commits end-users to negotiate bilateral trade breakage agreements with any counterparty they transact with on the trading venues, Risk has learned.
jlne.ws/1akINp1

CFTC Issues Notices of Temporary Registration as a Swap Execution Facility to 360 Trading Networks Inc.
jlne.ws/1akIPNC

JPMorgan Chase, 12 More Banks Said to Be Sued Over Libor
Andrew Harris – Bloomberg
JPMorgan Chase & Co., Barclays Plc, Credit Suisse Group AG and 10 other international lenders were sued by a U.S. credit union regulator alleging they illegally manipulated benchmark Libor interest rates.
jlne.ws/1akINFf

NY Fed tests repo facility for rate rise
Michael Mackenzie in New York – FT.com
The Federal Reserve Bank of New York on Monday began preparing operationally for a possible rise in interest rates, testing with money funds, banks and other investors a new overnight financing programme that is set to play a crucial role.
jlne.ws/1akIQ3S

German election results revive FTT threat
Tim Cave – Financial News
The prospect of a controversial European financial transaction tax may have been revived following the results of the German elections.
jlne.ws/1akINFk

Goldman, Nike, Visa Ding Dow in Debut
Matt Jarzemsky – MoneyBeat – WSJ
Goldman Sachs, Nike and Visa are weighing on the Dow Jones Industrial Average on their first day in the benchmark.
jlne.ws/1akINFm

Guest post: A central bank unwind and collateral damage
Manmohan Singh | FT Alphaville
Some central banks (Fed, Bank of England) have become large repositories of good collateral as a result of their QE policies. But excess reserves at central banks are not the same thing as good collateral that circulates through the non-bank/bank nexus. As a result of this, the non-bank/bank nexus over time has begun to give way to a new central bank/non- bank nexus that has weakened the market’s financial plumbing and increased shadow banking “puts” to compensate for the lack of good collateral.
jlne.ws/1akINFn

Regulatory

Path To CFTC’s Whale Case Seen in U.K. Settlement
Jamila Trindle – MoneyBeat – WSJ
The U.S. Commodity Futures Trading Commission is still chasing J.P. Morgan’s “London whale,” even after U.K. regulators settled over the same conduct. The CFTC didn’t join the $920 million settlement with J.P. Morgan Thursday because it’s still investigating whether the bank manipulated derivatives markets in early 2012 with the large positions that earned trader Bruno Iksil the nickname “London whale.”
jlne.ws/1akIQ3W

Mitigating risk by taking control of valuations
Kevin Milne – FOW
While much has been made of regulations aimed at improving the transparency and integrity of derivatives markets, many of these efforts, such as clearing, will have limited impact unless underpinned by accurate valuations.
jlne.ws/1akINFs

For a Better Way to Prosecute Corporations, Look Overseas
BRANDON L. GARRETT and DAVID ZARING – NYTimes.com
The favored new tool of the corporate prosecutor, the deferred prosecution agreement, is being actively exported to other countries. In these agreements, prosecutors allow large corporations to avoid a criminal prosecution entirely by agreeing to pay a fine and adopt reforms. Five years after the financial crisis, many doubt whether prosecutors have taken business crime seriously enough, and some of the blame is laid on lenient deferred prosecution agreements.
jlne.ws/1akINFw

OCC’s Curry: Heightened Scrutiny for Banks Not Going Away
Michael R. Crittenden – MoneyBeat – WSJ
The era of tougher oversight for the biggest U.S. banks isn’t going away and may soon be more formalized, a top U.S. regulator said Monday.
jlne.ws/1akIQ3Z

US bank regulator OCC starts post-crisis soul-searching exercise
Reuters
A top U.S. bank regulator said on Monday it will call on foreign peers to help assess its shortcomings after the 2007-2009 financial crisis, when it failed to spot major lapses at some of the biggest firms it oversees.
jlne.ws/1akIPNu

BME: Abide Financial And REGIS-TR’ Sign Business Alliance
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 reporting service to all REGIS-TR clients across Europe.
jlne.ws/1akINVL

Orrick Law Firm Adds Senior SEC Official to DC Office
LawFuel
Orrick, Herrington & Sutcliffe LLP announced today that Elaine C. Greenberg , the inaugural Chief of the Securities and Exchange Commission’s Municipal Securities and Public Pensions Enforcement Unit and former Associate Director of the Division of Enforcement at the SEC, has joined the firm as a partner, resident in Washington, D.C.
jlne.ws/1akINVN

[ISDA] Comments in Response to the Consultative Document on the Revised Basel III Leverage Ratio Framework and Disclosure Requirements (PDF)
www2.isda.org/attachment/NTkwMA==/GFMA%20Joint%20Trades%20Basel%20III%20Leverage%20Ratio%20Comment%20Letter.pdf

Exchanges & Trading Facilities

CME to halt delivery of cattle given feed additive Zilmax
Reuters
The Chicago Mercantile Exchange will no longer accept delivery of cattle fed the growth additive Zilmax on Oct. 7 to conform with exchange guidelines for deliveries against CME live cattle futures, said CME in a statement on Monday.
jlne.ws/1akINVR

HKEx Announces US Access To Its CES 120 And VHSI Volatility Futures
The Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Monday) that investors in the US can now trade its CES China 120 Index (CES 120) futures and HSI Volatility Index (VHSI) futures contracts directly from within the country, after they were certified by the US’s Commodity Futures Trading Commission (CFTC).
jlne.ws/1akIQ44

Moscow Exchange: no downside left for stock market
Reuters
Russia’s stock market is set to rebound, thanks in part to reforms to bring trading in line with international norms, Moscow Exchange’s chief executive said on Monday.
jlne.ws/1akINVW

TSE : Change in Corporate Name of Tokyo Stock Exchange Regulation
We hereby announce that Tokyo Stock Exchange Regulation will change its corporate name as follows. New corporate name: Japan Exchange Regulation. It will be referred to as JPX Regulation or JPX-R. Date of change (planned): April 1, 2014
jlne.ws/1akINVY

[OSE] Change in Trade Name
We hereby announce that our exchange will change the trade name as follows. New trade name: Osaka Exchange, Inc. Date of change (planned): March 2014
jlne.ws/1akIQko

Hellenic Exchanges S.A. – Draft Merger Agreement – Draft Spin-Off Terms
jlne.ws/1akINW2

Hedge Funds & Managed Futures

Science can help to spot symptoms of executive hubris
Gillian Tett – FT.com
How can an investor tell if a bank is heading for danger? In the past five years, analysts have proposed all manner of financial measures. But why not analyse the words of the person running the bank? Researchers have been looking at the speech patterns of leaders such as British politicians and bank chief executives. And this has revealed a point that we instinctively know but often forget: power not only goes to the head, but also to the tongue.
jlne.ws/1akIQks

Don’t feel bad, the pros can’t pick managers either
The Reformed Broker
Today’s must-read article belongs to Steve Johnson at the Financial Times, who concludes that institutions have wasted billions of dollars on the advice of manager-picking consultants.Picking investment managers is neither art nor science, it is something else entirely and, in the aggregate, it cannot really be done over long stretches of time.
jlne.ws/1akIOci

Australia’s Allegro Seeks $188 Million For New Fund
Gillian Tan – MoneyBeat – WSJ
Australian private equity firm Allegro Funds has begun seeking capital for its first original fund, one of its managing directors said Tuesday.
jlne.ws/1akIQkB

U.S. public pension investments jump, costs surge too
Reuters
Asset values at U.S. public pension funds rose 8.4 percent in the latest fiscal year to the highest level in more than 40 years, but their costs also rose, the U.S. Census reported on Monday.
jlne.ws/1akIOcm

SAC seeks to settle insider trading charges: Bloomberg Businessweek
Reuters
Lawyers for Steven A. Cohen’s embattled $14 billion hedge fund, SAC Capital Advisors, have reached out to U.S. prosecutors in Manhattan to try to settle insider trading charges, Bloomberg Businessweek reported on Monday.
jlne.ws/1akIOcn

US convertible bond sales slow sharply
Arash Massoudi in New York – FT.com
The pace of convertible bond issuance in the US unexpectedly slowed through the summer, defying investor expectations that a rapid number of new deals would come to market as interest rates moved higher.
jlne.ws/1akIQkE

EDHEC-Risk Institute Study Shows That Corporate Bonds Can Be A Highly Attractive Addition To ALM Solutions
In a paper produced as part of the research chair on “The Case for Inflation-Linked Corporate Bonds: Issuers’ and Investors’ Perspectives” at EDHEC-Risk Institute, supported by Rothschild & Cie, EDHEC-Risk researchers have provided a comprehensive analysis of the sources of added-value of corporate bonds for institutional investors.
jlne.ws/1akIOco

Ray Dalio Explains the Economy, for Free
Paul Vigna – MoneyBeat – WSJ
Ray Dalio would like to explain the economy to you. Mr. Dalio, the founder of Bridgewater Associates and whose $13 billion net wealth placed him 31st on the Forbes 400 list, produced the following half-hour video.
jlne.ws/1akIOcs

ADM considering locations for new headquarters
Reuters
Agribusiness Archer Daniels Midland Co (ADM.N) said on Monday that it is considering locations for new corporate headquarters because the company is becoming more global.
jlne.ws/1akIOct

FNEX Announces the Launch of FNEX.com
FNEX today announced the launch of FNEX.com, a new online marketplace for alternative investments, including placements in private companies, hedge funds and managed futures accounts. The innovative web-based platform provides accredited investors, family offices and institutions access to investment opportunities offered by investment banks and funds across the United States.
jlne.ws/1akIOcu

Banks & Brokers

The Wall Street Trading Machine Is Sputtering
Nathan Vardi – Forbes
Wall Street is experiencing a painful weakening in trading revenue that appears to have hurt both big and small banks in recent weeks.
jlne.ws/1akIQAW

JPMorgan’s Legal Hurdles Expected to Multiply
BEN PROTESS and JESSICA SILVER-GREENBERG – NYTimes.com
JPMorgan Chase paid $1 billion to resolve an array of government investigations last week. But its biggest battles with federal authorities may still lie ahead.
jlne.ws/1akIOcv

Goldman Sachs Said to Expand Electronic Bond-Trading Sessions
Bloomberg
Goldman Sachs Group Inc. has added trading sessions and increased the money it makes available to buy securities on its electronic bond-trading platform as the industry grapples with changes in market structure, according to a person briefed on the decision.
jlne.ws/1aiWioU

In Latin America, Brazilian Banks Fill Void Left by Global Giants
DAN HORCH – NYTimes.com
The erratic performance in Latin American markets in recent months is leading some global banks to shy away from volatile regions and rethink their strategies. But for investment bankers based here, their home market is a growth market. As Wall Street-based firms retrench, local Latin American bankers are ready to jump in to fill the void.
jlne.ws/1akIQAZ

Regulator sues Morgan Stanley, eight others over faulty securities
Reuters
A U.S. regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing.
jlne.ws/1akIOcy

Citigroup’s Greer Leaves as Investor Matchmaker for Hedge Funds
Bloomberg
Chris Greer, global head of a Citigroup Inc. business introducing hedge-fund clients to new investors, has left the New York-based lender.
jlne.ws/1akIQB4

Citigroup to cut 1,000 mortgage jobs, mostly in Las Vegas
Reuters
Citigroup Inc said it is eliminating about 1,000 jobs in its U.S. home mortgage business, making it the latest bank to lay off staff as higher interest rates cut into demand for new loans and refinancing.
jlne.ws/1akIOcz

BlackRock shuts unusual ‘bank-as-you-earn’ pension scheme
Mark Cobley – Financial News
BlackRock, the world’s largest fund manager, and one of the biggest players in the UK’s pensions market, has shut down an innovative pension product after it failed to “gain enough traction with consultants or clients”.
jlne.ws/1akIOsM

The incredible shrinking investment banks
William Wright – Financial News
It is something approaching an article of faith that one of the failures of the barrage of regulatory reform in the five years since the collapse of Lehman Brothers is that big banks have continued to get bigger and that the system is as risky as ever.
jlne.ws/1akIQB9

Bankia purges 800 external directors
Miles Johnson in Madrid – FT.com
Bankia is purging hundreds of external directorships across its network of industrial holdings as the nationalised Spanish bank removes politicians and trade unionists it paid to sit on the boards of related companies before its government rescue.
jlne.ws/1akIOsS

Clearing & Settlement

CFTC’s Division of Clearing and Risk Issues Time Limited No-Action Letter for LCH.Clearnet Ltd and its Clearing Members
The Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today issued a time limited no-action letter stating that DCR will not recommend that the Commission take enforcement action against LCH.Clearnet Ltd (LCH) for clearing certain swaps (DCM/SEF Swaps) executed on, or subject to the rules of, designated contract markets or swap execution facilities, and will not recommend enforcement action against LCH’s clearing members for clearing DCM/SEF Swaps through LCH.
jlne.ws/1akIQBd

LCH.Clearnet Receives Recognition as a Clearing Agency in Ontario, Canada
LCH.Clearnet Limited, a leading global clearing house, has been granted clearing agency recognition by the Ontario Securities Commission, for interest rate swaps, bonds and repos, and other cleared contracts, for Canadian market participants based in Ontario, where a large proportion of Canadian market activity occurs.
jlne.ws/1akIOt2

FIX Trading Community announces formation of Global Post-Trade Working Group, further expanding the organisation’s collaborative business reach
FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, today announces the formation of a Global Post-Trade Working Group. The new group will bring together the existing Americas Buy-side Post-Trade Working Group with the EMEA Post-Trade Working Group, in addition to welcoming participation from members based across the Asian and Japanese markets, providing a forum where the business and regulatory challenges impacting the post-trade environment can be effectively addressed through the use of standards.
jlne.ws/1akIOJk

Indexes & Products

Source and Man Group partner for ‘beta plus’ strategy ETFs
Yakob Peterseil – Risk.net
Exchange-traded fund provider Source has today launched two ETFs that provide ‘beta plus’ exposure to Europe and Asia. The Source Man GLG Continental Europe Plus Ucits ETF, which tracks the stocks of companies based in 16 European countries excluding the UK, aims to outperform the MSCI Europe ex UK Index by 2–8% per year.
jlne.ws/1akIQRt

NYSE Euronext Rolls Out New Index
Zacks via Yahoo! Finance
NYSE Euronext Inc. launches a new index, Diversified High Income Index.
jlne.ws/1akIQRx

MSCI Launches Two MSCI Market Neutral Barra Factor Indices Licensed to J.P. Morgan
MSCI Inc. , a leading provider of investment decision support tools worldwide, announced today that it has launched two new MSCI Market Neutral Barra Factor Indices targeting two fundamental Barra style factors: Momentum and Volatility.
jlne.ws/1akIQRz

China Exchanges Services Company Welcomes Today’s Listing Of Second ETF Tracking A CESC Index
jlne.ws/1akIOJp

WisdomTree ETFs Declare Distributions
jlne.ws/1akIOJr

Enforcement

SEC Charges 10 Brokers for Roles in McGinn Smith Ponzi Scheme
The Securities and Exchange Commission today announced charges against 10 former brokers at an Albany, N.Y.-based firm at the center of a $125 million investment scheme for which the co-owners have received jail sentences.
jlne.ws/1akIOJv

SEC Charges Former Qualcomm Executive and His Financial Advisor With Insider Trading Through Secret Offshore Accounts
The Securities and Exchange Commission today charged a former executive at Qualcomm Inc. and his former financial advisor with insider trading ahead of major announcements by the San Diego-based wireless technology company for more than a quarter-million dollars in profits.
jlne.ws/1akIQRF

SEC Charges TD Bank and Former Executive for Roles in Rothstein Ponzi Scheme in South Florida
The Securities and Exchange Commission today charged TD Bank and a former executive with violating securities laws in connection with a massive South Florida-based Ponzi scheme conducted by Scott Rothstein, who is now serving a 50-year prison sentence.
jlne.ws/1akIR7W

SEC Charges Independent Filmmaker With Insider Trading
The Securities and Exchange Commission today charged a Manhattan-based independent filmmaker with insider trading on confidential information about impending takeovers of two biotechnology companies.
jlne.ws/1akIOJy

TD Bank to pay $52.5 million in U.S. settlements over Ponzi scheme
Reuters
Toronto-Dominion Bank will pay $52.5 million to settle U.S. civil regulatory charges that it failed to report suspicious activity in accounts linked to a Ponzi scheme by Florida lawyer Scott Rothstein, who is serving a 50-year prison term.
jlne.ws/1akIR7X

Australian regulator blasts potentially misleading marketing documents
Risk.net
Distributor Instreet Investment and four banks in Australia have changed their marketing materials for retail structured products after the Australian Securities and Investments Commission (Asic) called them “potentially misleading”.
jlne.ws/1akIOJA

Portland hedge fund manager who defrauded investors of $6.4 million sentenced to prison
The Oregonian
Yusaf Jawed apologized to the government, his family and the investors who trusted him in a sentencing before U.S. District Judge Ancer L. Haggerty in Portland.
jlne.ws/1akIR7Y

Environmental & Energy

E.on trading arm makes changes at the top
Risk.net
Düsseldorf-based E.on Global Commodities (EGC) named a trio of senior executives on September 2, including a new chief executive, Christopher Delbrück.
jlne.ws/1akIR81

Riverstone to IPO Fund in London
KATHY GORDON – WSJ.com
Riverstone Holdings LLC, the energy-focused private equity outfit that counts former BP PLC Chief Executive John Browne as a partner, said it expects to raise up to £1.5 billion ($2.4 billion) when it floats a new fund, attracting initial commitments from a number of investment and energy-industry luminaries.
jlne.ws/1akIOZS

Asia-Pacific

SFC readies decision on waiver for professional investors
Richard Jory – Risk.net
The Securities and Futures Commission (SFC) in Hong Kong is due to release the results of its consultation on proposals concerning its professional investor regime and client agreement requirements in its code of conduct at the end of September. Lawyers expect the regulator to abolish a waiver that some investors currently sign to declare that they are ‘professional’ investors.
jlne.ws/1akIR84

Chinese PE Firm CDH Nearing $2 Billion Fund Close
Sonja Cheung – Private Equity Beat – WSJ
CDH Investments is inching closer to a final close of its $2 billion fifth fund, as the Chinese private equity firm kicks off its three-day annual general meeting today in Hong Kong, said people familiar with the situation.
jlne.ws/1akIR88

JSE Reduces Latency, Launches Colocation Service
Greg MacSweeney – Wall Street & Technology
While it’s not the largest equities market, the Johannesburg Stock Exchange is seeing the same shift to high frequency and algorithmic trading that is happening at some of the largest markets in the world.
jlne.ws/1akIR8d

Fixed income “saved wealth management” in Asia
Richard Jory – Risk.net
Investors in Asia are continuing to look for yield but also have an eye on capital protection, say market participants. And while the revival in equity markets has ensured that most structured product providers in the region have met this year’s budgets, the fondness for foreign exchange-related products continues.
jlne.ws/1akIRow

Frontier Markets

JSE Reduces Latency, Launches Colocation Service
Greg MacSweeney – Wall Street & Technology
While it’s not the largest equities market, the Johannesburg Stock Exchange is seeing the same shift to high frequency and algorithmic trading that is happening at some of the largest markets in the world.
jlne.ws/1akIR8d

India still offers one of most exciting opportunities: Mark Mobius
Business Standard
Mark Mobius, the executive chairman of Templeton Emerging Markets Group and famed as emerging markets guru, still believes in the emerging markets growth story.
jlne.ws/1akIRoz

Probe panel puts NSEL in a spot
Business Standard
The panel chaired by Economic Affairs Secretary Arvind Mayaram to probe the crisis in the National Spot Exchange Ltd (NSEL) has given its report to the finance minister.
jlne.ws/1akIP04

NSEL investors seek halt of delivery under e-series contract
Business Standard
A small group of investors of the beleaguered National Spot Exchange Ltd (NSEL) have filed a petition in the Bombay High Court on Monday, seeking an immediate halt of delivery of precious metals and monetisation of underlying commodities under e-series contracts and even disbursal among all investors.
jlne.ws/1akIRoC

Dubai Financial Market Hosts The Africa & Middle East Depositories Association (AMEDA) Conference 22 – 25 September 2013
50 Top Delegates And Experts From 29 Depositories Gather In Dubai To Share Expertise And Promote Best Practices In CSD Services
jlne.ws/1akIP07

Tehran Stock Exchange Semi-Annual Performance Set New Records
jlne.ws/1akIRoE