Industry news
Date: Oct 2, 2013
October 2, 2013: US derivatives begin electronic shift; U.S. securities watchdog proposes new rules for dark pools; Gold and oil benchmarks face tighter regulation
Brand new SEF Javelin Capital Markets begins processing its first electronic swaps matching as dawn breaks on the brave new world of swaps regulation. FINRA wants dark pools to begin reporting transaction data. Benchmark rates in gold and oil may be in line for new regulations to guard against manipulation and abuse.
First Read
KPMG’s Constance Hunter Says the Fed is True to Its Word on QE
MarketsWiki.tv
When Constance Hunter looks at the Federal Reserve Bank and US economy, she sees some positive and negatives like all economists do. She also says the Fed didn’t fool markets when it didn’t change its quantitative easing in September. Actually, she argues that the Fed was doing just what they said they would do.
Hunter, who joined audit, tax and advisory firm KPMG as its chief economist, Alternative Investments in June, says that the markets misread Fed Chairman Ben Bernanke’s comments about tapering its quantitative easing program in September. In an interview with John Lothian News editor-in-chief Jim Kharouf, Hunter says the Fed has been quite direct with the bond market about its strategy, direction and potential moves over the past several months. That may strike some in the market as odd, because many in the bond market were surprised to see the Fed hold its line again in September on QE, and maintain the policy again. Here’s Hunter’s view on where the Fed is coming from on the issue of QE.
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John’s Comments
I am in Washington, DC tomorrow for the Securities Traders Association conference. I am moderating a fireside chat between Ed Provost of the CBOE and Elizabeth King of KCG. At the end of October, I will be attending the World Federation of Exchanges, or WFE, Annual Meeting in Mexico City. This will be a first for me, being in Mexico City. Travel suggestions are welcome.
I have some good news to report about Jim Kharouf’s bad luck streak of having things stolen from him. Over the summer, Jim had his Jeep Cherokee truck stolen from the repair shop he uses. Last week the Chicago Police Department found his truck just two blocks away from the shop. Missing from the truck was the battery, the spare tire and his bungee cords. Amusingly, they left all of his CDs as they did not value his music selections.
The FIA Expo is coming up. Let us know if you are doing something special there which we can publicize for you in JLN.
Jon Matte, Jim Kharouf and Doug Ashburn will be editing JLN tomorrow and Friday. Enjoy the newsletter and their wit.
~John J. Lothian
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SGX looks to expand overseas presence
Jeremy Grant in Singapore – FT.com
SGX, the Singapore Exchange, is looking for a replacement for David Battle as chief representative for its London office as it embarks on an expansion of its overseas presence aimed at boosting participation in its markets from overseas customers, three people familiar with the matter said.
jlne.ws/1g39X7K
***** I know a guy.
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SEC Once Slowed by Data Gap to Report High-Speed Trader Research
Bloomberg
The U.S. Securities and Exchange Commission will soon issue research from its new system for monitoring markets, including a look at practices that some blame for giving high-speed traders an unfair edge.
jlne.ws/151xzFp
***** It is one thing to be able to watch the market, it is another to be able to tell what is really going on.
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Identity crisis for algos
Christian Voigt – FOW
Yesterday saw the publication of the XETRA and Eurex rule changes relating to the German HFT Act in which they provide details of how to implement the new RegulatoryID. Under the new rules it will no longer be enough simply to differentiate between algo and non-algo orders (such as under the current CME regime).
jlne.ws/1g39YIN
***** Stand up and be counted.
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Swap Execution Faciltities: A Very Fragmented Market
Candyce Edelen – TabbFORUM
As of September 27, 18 firms had current or pending SEF applications with the CFTC. If all of these venues actually start trading in the next few months, the US swaps market will be among the most fragmented markets in the world, in any asset class.
jlne.ws/1g39X7T
***** It will also be one of the most transparent markets, which is the intent of Dodd-Frank. The OTC market was always fragmented.
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Thomas Rollinger of Red Rock Capital Explains the Trouble with Trend Following and Why He Likes Sortino Ratios
MarketsWiki.tv
Thomas Rollinger has a unique perspective on the markets.
As the managing partner and chief investment officer of Red Rock Capital, Rollinger joined the managed futures firm in March after being a long-time customer of the firm. But Rollinger also has an interesting background, as a student and colleague of Edward O. Thorp, who is also known as the “godfather of quants.” Rollinger co-developed and co-managed the systematic futures strategy which Thorp called “System X,” which was featured in Scott Patterson’s “The Quants” and well as in Jack Schwager’s book “Hedge Fund Market Wizards.”
Rollinger now works alongside Red Rock’s founder Scott Hoffman and helps run the 10-year-old Chicago-based firm’s programs which include: the Systematic Global Macro and the Commodity Long/Short program, which was launched just a few months ago.
JLN Managed Futures newsletter editor Jim Kharouf spoke with Rollinger about his experience and lessons learned from Thorp, as well as what’s been hampering trend followers as well as why the Sharpe Ratio doesn’t isn’t better than the Sortino Ratio.
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Markit appoints Gooch as CFO
Philip Stafford – FT.com
Markit, the financial data provider, has appointed Jeff Gooch, head of its trade processing business MarkitServ, as chief financial officer, according to two people familiar with the situation.
jlne.ws/1g39XVp
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Edwin Marcial: No More Mr. ICE Guy
Jake Thomases – WatersTechnology
Edwin Marcial has been in the technology driver’s seat since before ICE’s meteoric rise. In the early 2000s, he wore the ‘upstart’ label like a badge of honor. But with the purchase of the NYSE, he doesn’t seem so comfortable with it anymore.
jlne.ws/1g39YIT
***** Waters on ICE with a warm interview of Edwin Marcial
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OneChicago Equity Futures Volume Jumps Again Year-Over-Year
Volume Up 49% Month-Over-Month Driven By Managed Futures Community Diversifying Holdings Using Single Stock Futures – Volume Of 6,963,257 Million In The First Nine Months Of 2013, An Increase Of 64% As Compared To The Same Period Last Year
jlne.ws/1g39X7V
***** There was a time when this would get me excited.
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MGEX: September 2013 Volume Up Over 50 Percent From September 2012
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today announced September 2013 volume up 55 percent from September 2012. Total Exchange volume was reported at 135,876 contracts traded. Total Exchange open interest was reported at 52,885 contracts, a 13 percent increase from September 2012. September 2013 also makes the record monthly electronic volume top 25 with 105,963 electronic contracts traded.
jlne.ws/1g39YIW
***** This still gets me excited.
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ICE scoops double victory at FN trading awards
Tim Cave – Financial News
IntercontinentalExchange was last night named as exchange operator and clearing house of the year at Financial News’ 11th Annual Awards for Excellence in Trading and Technology, held in London.
jlne.ws/1g39X7X
***** I think I am going to die today of ICE related headline puns
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GFI’s CTO Races Against Derivatives Deadlines
Ivy Schmerken – Wall Street & Technology
With tight deadlines for rolling out new derivatives trading platforms, GFI Group‘s CTO, Jerry Dobner, is relying on the firm’s in-house development staff to launch a swap execution facility by October.
jlne.ws/1g39YJ2
***** Him and 18 other CTOs.
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OIC Announces Investor Education Day In The Boston Area October 12
The Options Industry Council (OIC) today announced that its next Investor Education Day (IED) for 2013 is taking place in Cambridge, MA on October 12. Interested parties can obtain schedule and location details and also register through OIC’s website, http://www.optionseducation.org/ied, or by calling 1-888-OPTIONS (1-888-678-4667). Registration opens one hour prior to the start of the event at 8:00 a.m. and coffee breaks and lunch are included.
jlne.ws/1g39X7Z
***** I wish there was a FIC, Futures Industry Council.
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Extensive Market Data Cloud Launched by Barchart – Introducing Barchart OnDemand
Barchart.com, Inc., a leading provider of market data and information, today announced the launch of Barchart OnDemand, a cloud-based service developed for accessing and delivering market data and information using web services.
jlne.ws/1g39Xod
***** Can I get market related movies from Barchart OnDemand too?
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MarketsWiki
MarketsWiki Page of the Day
David Meister
jlne.ws/17181Wr
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Lead Stories
US derivatives begin electronic shift
Michael Mackenzie in New York – FT.com
The US derivatives market has begun the shift towards electronic platforms as a new market entrant announced its first transactions as a swap execution facility on Tuesday. Javelin Capital Markets said it had begun matching buyers and sellers of US dollar swaps for a fee through its Sef platform.
jlne.ws/1g39Xoh
U.S. securities watchdog proposes new rules for dark pools
John McCrank | Reuters
A U.S. securities industry watchdog has proposed new rules to monitor transactions in “dark pools” run on alternative trading systems (ATSs), rivals to traditional exchanges whose growth critics blame for less transparency in the stock market. ATSs would be required to report weekly volume and the number of trades for each security under the rule proposal the Financial Industry Regulatory Authority (FINRA) filed on Sept. 30 with the U.S. Securities and Exchange Commission.
jlne.ws/1g39Xoi
Gold and oil benchmarks face tighter regulation
Neil Hume in Rome – FT.com
Key commodity benchmarks could fall under the UK’s market abuse rules, which carry stiff penalties, including jail for manipulating prices, according to the country’s financial markets regulator.
jlne.ws/1g39YZn
BGC Partners Launches its Swap Execution Facility
BGC Partners, Inc., a leading global brokerage company servicing the wholesale financial and real estate markets, today announced that its subsidiary BGC Derivative Markets, L.P. has launched operations as a Swap Execution Facility, consistent with the derivatives trading regulations under the Dodd-Frank Act.
jlne.ws/1g39YZp
SuperDerivatives Applies to the CFTC for SEF Status
Marina Daras – WatersTechnology
Derivatives pricing and risk management software provider SuperDerivatives has announced today it has filed an application with the US Commodity Futures Trading Commission (CFTC) to become a swap execution facility (SEF).
jlne.ws/1g39YZr
CFTC relief welcomed but concerns remain as Sef rules begin
Robert Mackenzie Smith – FX Week
Industry participants have broadly welcomed a string of relief letters issued by the US Commodity Futures Trading Commission (CFTC) over the past few days in respect of new rules for swap execution facilities (Sefs), which come into force today, but some still believe the requirements for reporting, confirmations and client on-boarding documentation could be difficult to implement.
jlne.ws/1g39YZt
Buy-Side Firms Turn to New Swap Termination Tool as SEFs Set to Go Live, Says TABB Group
The CFTC rule requiring the registration of new swap trading venue operators is expected to go live tomorrow, October 2. Despite the possibility of a delay, buy-side firms tell TABB Group they have turned their attention to workflow challenges related to swaps execution, specifically, trade terminations and compactions.
jlne.ws/1g39YZv
Aquis Exchange to Hold Rehearsals Before Start of Trading
Nandini Sukumar & Andrew Rummer – Bloomberg
Aquis Exchange Ltd., a London-based trading system founded by Alasdair Haynes, plans to hold two “dress rehearsals” in the coming weeks before starting operations, according to a notice sent to clients.
jlne.ws/1g39Xok
Government shutdown: the Heisenberg uncertainty principle
Izabella Kaminska | FT Alphaville
Gold apparently did not get the memo about the government shutdown. Gold prices have consequently been falling all day. Awkward.
jlne.ws/1g39Xol
Five things in Garry Jones’ inbox
Anna Irrera – Financial News
A new month brings a new job for Garry Jones at the London Metal Exchange. Jones, the former head of derivatives exchange NYSE Liffe, took over the reins of the 136-year old LME yesterday. He succeeds Martin Abbott, the chief executive who oversaw the metals bourse’s £1.49 billion sale to Hong Kong Exchanges & Clearing in December 2012.
jlne.ws/1g39Xoo
Some U.S. industries say Wall Street commodity bets a help
Reuters via Yahoo! News
Several of America’s largest enterprises including Boeing Co and United Parcel Service Inc warned the Federal Reserve on Tuesday that restricting Wall Street’s trading in physical commodity markets could harm their business.
jlne.ws/1g39YZB
Regulatory
Government Shutdown Puts CFTC in Sleep Mode, Prompts Potential Freezes at SEC
Scott Patterson and Jamila Trindle – MoneyBeat – WSJ
As the government shutdown rippled across Washington, one agency particularly hard hit was the Commodity Futures Trading Commission. The agency’s spokesman sent an email Tuesday saying that the agency’s public affairs office “is now closed due to a lack of appropriations.”
jlne.ws/1g39ZfQ
How Government Shutdown Affects Financial Regulators
Clarke Camper – Inside the Beltway
Financial regulators are responding to the government shutdown by keeping essential functions going with reduced staff, according to contingency plans submitted by the agencies.
jlne.ws/1g39ZfR
CFTC Special Announcement On Commitment Of Traders, Cotton On Call, And Bank Participant Reports
The U.S. Commodity Futures Trading Commission will not produce public reports such as the cotton on call, Commitment of Traders and the Bank Participation Report during a government shutdown.
jlne.ws/1g39ZfT
FBI Agent: Hedge-Fund Compliance Can Miss the Point, but the FBI Won’t
Juliet Chung – MoneyBeat – WSJ
Hedge-funds may have swung too far in their efforts to prevent insider trading, an FBI supervisory agent said Tuesday—but funds should remain prepared for consequences if they run afoul of the law.
jlne.ws/1g39ZfV
SEC Ramps Up Fine Amounts to Deter Misconduct
JEAN EAGLESHAM – WSJ.com
The Securities and Exchange Commission is ramping up its penalties in an “aggressive” bid to deter misconduct by imposing more punitive sanctions, the agency’s co-chief of enforcement said Tuesday.
jlne.ws/1g39Xoq
Canucks Sports & Entertainment and the B.C. Securities Commission announce financial literacy partnership
jlne.ws/1g39ZfW
Exchanges & Trading Facilities
LSE moves to re-energise derivatives markets
Anish Puaar – Financial News
The London Stock Exchange Group has laid out plans for revitalising its UK and Italian derivatives markets, which have both suffered from falling volumes this year.
jlne.ws/1g39ZfY
IntercontinentalExchange, Group Prices $1.4 Billion in Senior Notes
IntercontinentalExchange, a leading operator of global markets and clearing houses, announced that its subsidiary IntercontinentalExchange, Group priced an underwritten public offering of $1.4 billion in new senior notes.
jlne.ws/1g39Xor
MexDer to use CME Repository Service for TIIE Swaps
MexDer announced today it will use CME Repository Service to report Swap transactions based on Mexico’s benchmark TIIE interest rate.
jlne.ws/1g39Xot
CME Group’s Duffy to Testify before House Committee on Agriculture
CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture, subcommittee on general farm commodities and risk management, Wednesday, October 2, to discuss protection of customer property in the futures industry.
jlne.ws/1g39Zg2
Warsaw Bond Market Catalyst Is Four Years Old
It was four years ago (on 30 September 2009) that the Warsaw Stock Exchange opened Catalyst, Poland’s first comprehensive platform of trading in debt instruments issued by companies, local governments, and banks. The transparent, organised and secure bond market has allowed thousands of entities to raise funding on the public capital market.
jlne.ws/1g39Zg4
The Options Industry Council Announces September Options Volume Down 4 Percent
The Options Industry Council (OIC) announced today that 315,911,302 total options contracts traded in September, which is 4.16 percent less than last September when 329,627,631 contracts were traded.
jlne.ws/1g39Zg6
CBOE Holdings Reports September Volume
CBOE Holdings, Inc. reported today that September trading volume for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange totaled 95.48 million contracts. Average daily volume was 4.77 million contracts, a three-percent increase from August 2013 and a two-percent decrease from September 2012.
jlne.ws/1g39XEJ
CBOE Futures Exchange Reports September Trading Volume
September exchange-wide trading volume at CFE totaled 2.98 million contracts, a 23-percent increase from September 2012 and a 16-percent decrease from August. Exchange-wide monthly ADV during September was 148,832 contracts, a 17-percent increase from a year ago and a seven-percent decrease from August.
jlne.ws/1g39XEL
Average Daily Volume Of 9.1 Million Contracts At Eurex Group In September – Dividend Derivatives With New All-Time High In Monthly Traded Volume
In September 2013, the international derivatives markets of Eurex Group recorded an average daily volume of 9.1 million contracts (September 2012: 10.2 million). Of those, 6.7 million were Eurex Exchange contracts (September 2012: 7.5 million), and 2.4 million contracts (September 2012: 2.7 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 140.4 million contracts were traded at Eurex Exchange and 48.1 million at ISE.
jlne.ws/1g39Zwm
International Securities Exchange Reports Business Activity For September 2013
The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.4 million contracts in September 2013 for its two exchanges, ISE and ISE Gemini. This represents 17.3% of U.S. equity options market share.
jlne.ws/1g39Zwo
Turnover At Deutsche Börse’s Cash Markets At 96.9 Billion Euros In September
Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at E96.9 billion in September (September 2012: E98.9 billion). Of the E96.9 billion, E88.8 billion were attributable to Xetra (September 2012: E91.1 billion).
jlne.ws/1g39Zws
Key figures for SIX Swiss Exchange and Scoach Switzerland: September 2013 [pdf]
Compared with the corresponding period last year, there was an overall increase of 7.1% in the number of transactions conducted on SIX Swiss Exchange and Scoach Switzerland in the first nine months of the year, while trading turnover was up 11.0%. In all, 2,732,910 trades were conducted in September, equating to a month-on-month increase of 0.5%. Conversely, turnover was down by 2.4% to CHF 73.2 billion.
jlne.ws/1g39Zww
Trading On Warsaw Stock Exchange: September 2013
The value of session trading in equities on the Main Market was PLN 20.4 billion in September 2013, an increase of 35.6% year on year; the average value of trading per session was nearly PLN 1.0 billion.
jlne.ws/1g39ZwA
The Spanish Stock Exchange Traded E48.2 Billion In September, Up 33% From August
jlne.ws/1g39ZwC
Nordic Growth Market NGM AB: September Turnover Exceeds 3.8 Billion SEK (437 Million Euro) At NGM
jlne.ws/1g39XET
Trading Volume At Boerse Stuttgart Rises To Around EUR 7 Billion In September
Strong Growth In Debt Instrument Trading – Increases Also Recorded In Trading In Equities And Exchange-Traded Products
jlne.ws/1g39XEV
Moscow Exchange Turnover Increases 33% Yoy In September
jlne.ws/1g39ZMU
MIAX Options Exchange Enters into Strategic Transaction with Six Exchange Members: Bank of America-Merrill Lynch, Interactive Brokers Group, KCG Holdings, Inc., Morgan Stanley, Susquehanna International Group and Wolverine
The MIAX Options Exchange (MIAX) today announced it has completed its equity rights transaction whereby six leading order flow providers and market making MIAX Exchange Member firms entered into strategic agreements providing these members with the right to invest in the Exchange’s parent holding company, Miami International Holdings, Inc. (MIH) in exchange for payment of an initial purchase price or the prepayment of certain transaction fees and the achievement of certain liquidity addition volume thresholds on the Exchange.
jlne.ws/1g39ZMW
CME Group: Dairy and Livestock Customer Letter on U.S. Government Shutdown
jlne.ws/1g39XEX
Hedge Funds & Managed Futures
Baillie Gifford appoints new manager for UK small cap fund
Joe McGrath – Financial News
Baillie Gifford has appointed a new manager to run the British Smaller Companies Fund, as former manager Douglas Brodie assumes a more global focus.
jlne.ws/1g39XEZ
Pensions warm to behavioural finance
Mark Cobley – Financial News
Exactly a year has passed since the UK government began auto-enrolling millions of people into pension schemes. As well as handing over their savings, these new savers are also handing the industry something perhaps even more useful — data. And the industry is beginning to use it.
jlne.ws/1g39XF1
SAP Ventures Raises $650 Million Fund
MICHAEL J. DE LA MERCED – NYTimes.com
Seventeen years ago, SAP created a venture arm with the aim of gaining a toehold in promising new start-ups. Now that business is aiming to continue branching out from its parent company.
jlne.ws/1g39ZN4
Another SAC Capital trader heads for the exit
CNBC
Nick Tiller, who managed one of the larger portfolios at the hedge fund SAC Capital, told colleagues he would leave by the end of the year.
jlne.ws/1g39ZN5
U.S. Supreme Court takes no action on Argentina bonds case
Reuters via Yahoo! News
By Lawrence Hurley WASHINGTON – The U.S. Supreme Court on Tuesday took no action on Argentina’s appeal of a lower court ruling in favor of hedge funds that refused to take reduced payments under a restructuring agreement the country reached with other bondholders after its 2002 default.
jlne.ws/1g39ZN7
Crispin Odey on Recovery, Regulation and Skin in the Game
Harriet Agnew – MoneyBeat – WSJ
Crispin Odey, probably the only hedge fund manager who’s had a sausage named after him, knows a thing or two about navigating uncertain markets.
jlne.ws/1g39ZN8
***JM: Repost from yesterday, no longer paywalled.
Banks & Brokers
ECB’s Constancio says Europe’s banks better than perceptions: FT
Reuters
Banks in Europe are not in as bad shape as markets commonly judge them to be, European Central Bank Vice-President Vitor Constancio was quoted as saying on Wednesday.
jlne.ws/1g39ZN9
Bank of America Names Kevin Skelton as Australia Country Head
Gillian Tan – MoneyBeat – WSJ
Bank of America Merrill Lynch has appointed Sydney-based Kevin Skelton as chief executive of its Australian unit, according to an internal memo seen by MoneyBeat.
jlne.ws/1g3a03o
New York to Sue Wells Fargo Over Mortgage Settlement
JESSICA SILVER-GREENBERG – NYTimes.com
Fielding complaints from borrowers struggling to save their homes, New York’s top prosecutor is preparing a lawsuit against Wells Fargo, accusing the bank, the nation’s largest home lender, of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses.
jlne.ws/1g3a03p
J.P. Morgan’s Jamie Dimon Stays Upbeat in Bank’s Dark Days
ROBIN SIDEL – WSJ.com
James Dimon smiled and made small talk as he welcomed guests to a cocktail reception at J.P. Morgan Chase & Co.’s Manhattan headquarters last week, just hours after being notified a federal lawsuit against the bank could be filed imminently.
jlne.ws/1g3a03q
RBS Names Higgins as Head of European Fixed-Income Trading
Bloomberg
He will take up the job immediately and be based in London, the Edinburgh-based bank said in a statement today. Higgins was formerly co-head of fixed income in Europe at Nomura Holdings Inc., following a 13-year career at Lehman Brothers Holdings Inc.
jlne.ws/16eBmjC
Clearing & Settlement
EuroCCP narrows losses on higher market share
Philip Stafford – FT.com
Pre-tax losses at EuroCCP narrowed by a fifth last year as Europe’s largest cash equities clearing house grabbed a leading market share from new clearing arrangements.
jlne.ws/1g39XVj
CME Group Clearing: Update on September 2013 CME Dairy Futures and Options Settlement
jlne.ws/1g39XVl
Indexes & Products
S&P Dow Jones Indices Expands Its S&P GSCI Dynamic Roll Family
jlne.ws/1g3a03t
Deuctsche Rolls Out Trio of Hedged Currency ETFs
jlne.ws/1g39XVn
Technology
CQG to co-locate at SGX data centre
Automated Trader
CQG has announced its forthcoming co-location at the Singapore Exchange (SGX) data centre, placing the company’s trading infrastructure in closer proximity to the SGX matching engine.
jlne.ws/1g3a03v
Anova’s RFConnect hybrid laser/millimeter wave networks won at the Golden Bridge Awards
jlne.ws/1g3a03w
Enforcement
SEC Halts Texas-Based Scheme Targeting Foreign Investors Seeking U.S. Residency Through EB-5 Visa Program
The Securities and Exchange Commission today announced fraud charges against a husband and wife in Texas for stealing funds from foreign investors under the guise of an investment opportunity to create U.S. jobs and a path to U.S. residency.
jlne.ws/1g39XVr
SEC Awards More Than $14 Million to Whistleblower
The Securities and Exchange Commission today announced an award of more than $14 million to a whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds.
jlne.ws/1g3a03C
B.C. dealer admits it did not disclose its relationship to securities it was recommending
jlne.ws/1g39XVu
Fabrice Tourre Seeks a New Trial
SUSANNE CRAIG – NYTimes.com
Fabrice Tourre, the former Goldman Sachs trader, has asked a federal judge to give him a new trial – or throw out the charges against him.
jlne.ws/1g3a03D
Environmental & Energy
Climate Change Rescue in U.S. Makes Steyer Converge With Paulson
Bloomberg
Billionaire Tom Steyer recalls a dinner at the U.S. Treasury in Washington with two senior department officials and six money managers. It was August 2012, and the meal was part of an effort by the agency to keep up with what the financial community was worrying about. The diners discussed China’s slowdown, Federal Reserve policy and other trends affecting the U.S. economy.
jlne.ws/1aIUKF4
**RKB — Sneak peek at an article to appear in November Bloomberg Magazine. As The Hill, writing about the magazine article notes, we now get some details on the goal of the new Tom Steyer-Hank Paulson-Michael Bloomberg climate initiative: make the case that failing to act on global warming is far more expensive than cutting emissions.
America within reach of her emissions pledge
Climate Spectator
With full implementation of the US President Barack Obama’s climate action plan – and a little bit of luck – America can hit Obama’s 2020 goal for reducing greenhouse gas emissions. That’s the takeaway from the 2014 US Climate Action Report just published by the White House.
jlne.ws/1bpCDs2
**RKB — Report below.
EU Carbon Market Main Hurdle to Aviation Deal, India Says
Bloomberg
The European Union’s plan to keep its curbs on pollution from airlines is the main hindrance to an international agreement on a carbon market for the industry, according to a senior Indian official.
jlne.ws/GzMzRt
Asia-Pacific
HKEx Unveils Phase One of New ‘Orion’ Data Platform
Max Bowie – WatersTechnology
Hong Kong Exchanges and Clearing has begun deploying the first phase of its new Orion Market Data platform, which will enable the exchange to distribute low-latency datafeeds with differing content to meet the needs of data vendors, market participants and investors.
jlne.ws/1g39XVw
KRX to expand overseas business to tackle market slump: CEO
Yonhap
The new chief of the Korea Exchange (KRX) said Tuesday that he will seek to expand the bourse operator’s overseas businesses to tackle the falling profitability in the local market.
jlne.ws/1g3a03E
Thailand worries that not all that glistens is gold
Michael Peel in Bangkok – FT.com
A steep rise in Thailand’s appetite for gold has triggered fears that speculative trading involving the metal could hurt consumers, the baht and the broader health of southeast Asia’s second-largest economy.
jlne.ws/1g3a0jS
Singapore Joins Malaysia And ThailandTo ntroduceThe ASEAN CIS Framework
The Monetary Authority of Singapore (MAS), the Securities Commission of Malaysia, and Securities and Exchange Commission of Thailand signed an agreement today to facilitate the cross-border offering of collective investment schemes to retail investors in the three countries. The signatories expect to implement the framework in the first half of 2014.
jlne.ws/1g3a0jU
[JCCH] Japan Commodity Clearing House: Monthly Volume & Open Interest Report, Futures Contracts Traded, September 2013 [pdf]
jlne.ws/1g3a0jW
Frontier Markets
Qatar Holding buys NYSE Euronext out of Qatar Exchange
Reuters
Qatar Holding, the investment arm of the country’s sovereign wealth fund Qatar Investment Authority (QIA), has bought NYSE Euronext’s 12 percent stake in the Qatar Exchange, the Doha-based bourse said in a statement on Tuesday.
jlne.ws/1g39YbL
CBI registers preliminary inquiry into NSEL case
The Economic Times
CBI has started an inquiry into alleged irregularities and duping of customers by the National Spot Exchange Limited which is facing a Rs 5,600-crore payment crisis.
jlne.ws/1g39YbM
Dubai International Financial Centre Records 7% Growth In Active Registered Companies And Employment In First Half Of 2013
Net Total Of 979 Registered Companies With A Combined Workforce Of 15,000 Currently Operating Within DIFC’s Financial Ecosystem
jlne.ws/1g39YbN
Securities Commission Malaysia Brings Together Global Thought Leaders At Third World Capital Markets Symposium
jlne.ws/1g3a0k0