| July 12, 2016 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Bits & Pieces
By JLN Staff
Besides coming to Chicago for our MarketsWiki Education World of Opportunity series, FIA CEO Walt Lukken will be presenting the 2016 Annual Meeting & Washington Update to the FIA Operations Americas Division on Friday, July 15.
The Washington update covers the challenges and opportunities the industry faces in 2016, including: capital requirements, regulatory costs and Brexit, regulations, Congressional activity and the 2016 election, and how FIA's recent integration will help expand its offerings to divisions.
You can register for the event here
We will give you one last chance to register for the MarketsWiki Education World of Opportunity series in Chicago. You can still register for New York. Send your interns, your new employees, your sons and daughters. This is a program that will benefit them greatly.
We have one more change to our speaker lineup in Chicago. David Widerhorn has been caught in California on business and will be replaced by Tayloe Draughon, also of Neurensic. Tayloe, a longtime friend of mine and JLN's will present on AI.
If you are in the CBOT Building on Thursday, July 14, you are welcome to stop and give blood. Please contact Ali Mevis, Tenant Relations Administrator at [email protected] or (312)605-9179 before end of day Wednesday, 7/13, to make an appointment. This is the time of year when blood supplies run low as many people are on vacation and away from regular donation schedules. BTW, I have donated over five gallons of blood during my 55 years on this planet.
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Wizards Of Today's Markets: Blair Hull, Part 1
Rick Lane, Trading Technologies
Last month, we released the first installment of our Trade Talk series titled, "Wizards of Today's Markets." In it, we heard from Don Wilson, founder and CEO of DRW, regarding a variety of topics, including cryptocurrencies, regulation and market structure.
In our second installment, we feature legendary trader and businessman Blair Hull. Mr. Hull, who stopped by the Tech Tap to speak with me, has had a tremendous career which includes founding Hull Trading Company in 1985 - and then, in 1999, selling it to Goldman Sachs. Among his many accolades is the Joseph W. Sullivan Options Industry Achievement Award, which marks his lifetime contributions to the growth and integrity of the U.S. options market.
jlne.ws/29yaIqa
***** Blair Hull is our neighbor on the 16th floor of the CBOT Building, which means there is one legend and one great trader on our floor. OK, yes, they are the same person.
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R.J. O'Brien Hires Ethanol Specialist Jordan Stern
RJO
Chicago-based R.J. O'Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, today announced that Jordan Stern has joined the firm as Senior Vice President of Ethanol, operating out of Chicago. Stern will be focused on building out the firm's futures, swaps and physical brokerage capabilities in ethanol and other biofuels beginning August 1.
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***** In a couple of weeks, I will be an isopropyl alcohol specialist.
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Donald Trump Said Hillary Clinton Would 'Make a Good President' in 2008; Kind words for presumptive presidential rival came in a previously unreported clip from 'Trumped!,' a syndicated radio feature that aired from 2004 to 2008
By MICHAEL ROTHFELD and MARK MAREMONT - WSJ
Donald Trump is attacking Hillary Clinton these days, but eight years ago, in the midst of the 2008 Democratic primary race, he said she would "make a good president" and a lot of people thought pairing her with Barack Obama would be a "dream ticket."
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***** It is not "The man will say anything," it is "The man has said everything."
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Monday's Top Three
The top story Monday, Banker Sitting in U.S. Prison Has a Most Incredible Tale to Tell, shows that sometimes the aphorism "truth is stranger than fiction" can sometimes be true. In second place is a repeat from yesterday, Moore Capital's Barna Fired Following Hamptons Party Gone Awry. Can't wait for the movie. Bloomberg stories get the hat trick today with Hedge Funds' Tech Metamorphosis Seen in Citadel's Microsoft Hire
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| Lead Stories | Can We Ignore the Alarm Bells the Bond Market Is Ringing?
Neil Irwin - NY Times
The financial media tend to report breathlessly about what the stock market did yesterday. But savvy economic analysts have always known the bond market is the place to look for a real sense of where the economy is going, or at least where the smart money thinks it is going.
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Belgium warns on Deutsche Börse-LSE deal; Finance minister relays opposition to 'dominance' of merged group to EU's antitrust commissioner
Philip Stafford in London, James Shotter in Frankfurt and Alex Barker in Brussels - FT
The planned merger between Deutsche Börse and London Stock Exchange Group faces further opposition after Belgium warned European antitrust authorities that the deal could damage the country's economy and market stability.
/goo.gl/HReGVQ
Frankfurt Pushes for U.K. to Access Single Market in Financial Services; U.K. access in financial services would bring benefits after the Brexit vote, says Frankfurt Main Finance
WILLIAM WILKES - WSJ
Frankfurt will push for the U.K. to be allowed the maximum possible access to the single market in financial services following the country's vote to quit the European Union, even as it hopes to attract jobs from a Brexit fallout.
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Deutsche Börse Lowers Threshold for London Stock Exchange Merger
By CHAD BRAY - NY Times
The London Stock Exchange Group and the Deutsche Börse said on Monday that they would lower the acceptance threshold required from shareholders in the German exchange operator for their merger to proceed.
goo.gl/ColOC2
Money Managers' Future May Depend on Machines as Growth Stalls
Charles Stein - Bloomberg
Boston Consulting Group report highlights advanced data tools; Hedge funds have hired top technology names to boost results
Money managers, faced with stagnating assets and pressure from index funds, will increasingly need to embrace computer-driven strategies to stay competitive, according to Boston Consulting Group.
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The Fraud-Hunting Short Seller Taunting Bill Ackman on Valeant
Tom Redmond, Adam Haigh and Bei Hu -Bloomberg
On Fridays, John Hempton decamps to the solitude of his Sydney beach house, where the locals know nothing of his quirky stock research and focus on sniffing out fraud. The tax official turned hedge fund head, who built an online following by scouring numbers that don't add up, has also posed as part of a gay couple trying to buy a home beyond their means to build a case for short-selling Australian banks. You'll find him in Bangkok, talking to prostitutes about the hair dye they use. Or squaring off against billionaire investor Bill Ackman, who says Hempton is nuts.
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Libor Verdicts Might Not Save SFO as May Becomes Prime Minister
Thomas Seal - Bloomberg
Home Secretary proposed merging SFO with National Crime Agency; Convictions may strengthen Serious Fraud Office reputation
The U.K. Serious Fraud Office may have secured more headline-grabbing convictions last week, but its future remains uncertain as the politician who once tried to shut the agency down becomes Prime Minister.
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UBS's Orcel Signals Halt to Years of Investment Bank Cuts
Noah Buhayar, Jeffrey Voegeli - Bloomberg
'We are exactly where we should be,' division's president says; 'This year is going to be a tough year for everyone' on pay
UBS Group AG's investment bank workforce is the right size after thousands of job cuts in recent years, even as challenges emerge from the U.K.'s vote to leave the European Union, division president Andrea Orcel said.
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UniCredit and Santander scramble to save asset manager merger; UK decision to leave EU adds to pressures on deal to create Europe's third-largest fund manager
by: Attracta Mooney, Chris Newlands and Arash Massoudi - FT
Italy's UniCredit and Spain's Banco Santander are scrambling to save a plan that would create one of Europe's largest money managers after the UK's vote to leave the EU added to concerns about the outlook for the EUR5.3bn deal.
/goo.gl/GBBDjp
Top US officials rejected push to prosecute HSBC -lawmakers' report
Mica Rosenberg - Reuters
Senior U.S. Department of Justice officials overruled internal recommendations to prosecute global bank HSBC Holdings Plc for money laundering violations because of concerns about the stability of the financial system, a congressional report released on Monday said.
jlne.ws/29IVzZ0
Osborne intervened in US HSBC money-laundering probe, report says; UK chancellor was worried about effect charges would have on financial system in 2012
by: Ben McLannahan in New York - FT
UK chancellor George Osborne sought to help HSBC avoid criminal charges in the US for money laundering by warning that a heavy-handed approach from authorities could plunge the global financial system into turmoil, says a new report.
/goo.gl/ARrBK9
Sex discrimination and the City
Farah Khalique - Euromoney Magazine
Sex discrimination is still rife in the City, but new gender pay reporting rules threaten to expose the gender pay gap at investment banks and compel them to bring real equality to the trading floor. Regulatory investigations into Libor and currency benchmarks such as the WM/Reuters 4pm fix - and the subsequent flurry of litigation from fired bank traders - have shone a spotlight on the male-dominated culture of trading rooms.
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Pay for big bank chief executives jumps nearly 8%; US heads received twice as much as those at European lenders
Laura Noonan in London and Ben McLannahan in New York - FT
Pay for big banks' chief executives shot up 7.6 per cent in 2015  more than 10 times faster than a year earlier  to an average of $13.1m each.
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| Brexit | | Financials stories regarding the recent decision of the United Kingdom to leave the European Union | EU Finance Chiefs Call for Accelerated Brexit With May Ascent
Corina Ruhe, Rainer Buergin - Bloomberg
Britain needs to trigger Article 50 to start exit from bloc; Prime minister takes post two months earlier than anticipated
European Union finance chiefs urged the U.K. to speed up its exit from the bloc after the quick selection of Theresa May as prime minister, warning that the uncertainty of drawing out the process impacts all sides.
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Bank Demand for BOE Liquidity Rises as Brexit Fears Linger
Lucy Meakin - Bloomberg
BOE allots 2.005 billion pounds in indexed long-term repo op; Third liquidity operation since Britain's Brexit vote
Banks' demand for cash increased in the Bank of England's third liquidity operation since the U.K. vote to leave the European Union sparked financial market turmoil.
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Brexit May Make It Harder for U.K. to Tackle Climate Change
Jessica Shankleman - Bloomberg
Country faces increased flood risk, heatwaves and water issues; Key environmental laws could be weakened in independent U.K.
The U.K.'s decision to leave the European Union could make it more difficult for the country to cope with rising seas, floods and the spread of tropical diseases compounded by climate change, according to government advisers.
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Carney Defends BOE Against 'Extraordinary' Brexit Accusations
Scott Hamilton, Lucy Meakin - Bloomberg
BOE governor says he didn't guide the stance of officials; FPC members Kohn and Sharp say they weren't pressured
Mark Carney denied that the Bank of England undermined its independence by highlighting the risks of a British decision to quit the European Union in the run-up to the referendum.
Citi boosts equities team to exploit Brexit uncertainty; US bank makes senior strategic equities hire as investors deal with fallout of Britain's EU decision
Laura Noonan - FT
Citigroup is boosting its European strategic equities team to meet higher client demand for solutions to deal with the financial fallout of the Britain's decision to quit the EU.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Bringing Innovative Ideas to the Market
John Fennell, OCC
With our continued focus on innovation, OCC is always asking the question of how we can bring the right ideas, products and services to the market. One such answer was our creation last year of an innovative, pre-funded, committed repurchase facility with CalPERS, the largest U.S. pension fund. This facility increases OCC's overall liquidity resources from $2 to $3 billion, while diversifying its committed lenders to include pension funds in addition to its existing participant base of banks and broker-dealers.
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***DA: Fennell was one of the speakers at last year's MarketsWiki Education event. Check it out here
CBOE To List SPX Monday-Expiring Weeklys Options
Press Release - Yahoo
The Chicago Board Options Exchange (CBOE) today announced that it plans to list S&P 500 Index (SPX) Monday-expiring WeeklysSM options, beginning August 15, 2016, pending regulatory approval. With the expected introduction of SPX "Monday Weeklys," CBOE will now offer SPX options with Monday, Wednesday and Friday weekly expirations.
jlne.ws/29KV0dK
Euro Clearing May Move to Frankfurt
BY MICHAEL BRÃCHER, FRANK DROST AND KATHARINA SLODCZYK - Handelsblatt
Deutsche Börse thinks the lucrative euro clearing business should move from London to Frankfurt if its merger with the London Stock Exchange goes ahead. It also extended the deadline for shareholders to accept the deal.
/goo.gl/ECGm1V
Clearing houses should not be a bargaining tool in Brexit talks; Relocating euro-denominated clearing from London is costly, legally complex and technically risky
by: John Dizard
The City, which, thanks to the EU, was able to handle clearing operations for the eurozone, will not be able to do them. It can serve as an example for those who seek the end of Europe" François Hollande, president of France, June 24 2016.
/goo.gl/34XjM5
Nasdaq June 2016 Volumes, 2Q16 Est. Revenue Capture
By GlobeNewswire
Nasdaq (NASDAQ:NDAQ) today reported monthly volumes for June 2016, as well as quarterly volumes and estimated revenue capture for the quarter ending June 30, 2016, on its investor relations website.
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Clearstream's Monthly Report; European and Asian ETFs offer the securities attractive returns; Clearstream Chairman Tessler: fragmentation of markets dampens demand
Deutsche Börse
The demand for Exchange Traded Funds (ETF) is rising steadily. The European market has now exceeded a volume of 450 billion euros, in around 20 countries a total of more than 2,200 products available. The boom will however hampered by the fragmentation of Europe, represents Jeffrey Tessler, Clearstream Chairman and Member of the Executive Board of Deutsche Börse, firmly. "In Europe, many ETFs are simultaneously listed on different stock exchanges in different regions. Therefore, market participants need to maintain multiple accounts at all participating CSDs - and different practices apply in post-trading, "said Tessler. The necessary adjustment of positions in the respective central securities custody in cross-border post-trading times for additional costs and complexity.
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Two New Smart Beta ETFs of Amundi on Xetra; ETFs focusing on momentum and earnings quality European companies
Deutsche Börse
Two new equity index ETFs issued by Amundi have been tradable on Xetra Exchanges and Frankfurt Stock Exchange since Tuesday.
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Change the minimum acceptance threshold for the exchange offer
Deutsche Börse
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Conditions for Trading at Eurex Deutschland and Eurex Zürich: Change to the rule for cross- and pre-arranged trades
Eurex
The Exchange Council of Eurex Deutschland and the Board of Directors of Eurex Zürich AG decided in their sessions on 30 June 2016 and 20 June 2016, respectively, to amend the Conditions for Trading at Eurex Deutschland and Eurex Zürich (Trading Conditions) effective 1 August 2016.
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Robert McGlinchey: "VSTOXX/VIX spreads finds traction amid technical, macro factors
Eurex
This article first appeared in EQDerivatives
Portfolio managers are increasingly scoping opportunities in the VSTOXX/VIX spread with the term structure in the former index largely flat versus anupward slopingterm structure in the latter index. Positioning is being driven by a consensus that short-term vol will be suppressed during the Summer as central banks adopt a more dovish stance with spikes occurring around macro events and the evolution of Brexit.
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"Borsa Italiana Global Equity Market" Launched Today"
Mondovisione
66 international shares available for trading
2 Specialists to support order book liquidity
31 member firms already connected
Starting from 11 July 2016, the segment 'Borsa Italiana Global Equity Market' is part of the new market 'Borsa Italiana Equity MTF', including the After Hours segment as well.
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Dark liquidity, lit formulas and IEX: A primer on paranoia
Alexandra Scaggs - FT
For the uninitiated, here's a quick summary of the generalized equity-market mistrust that helped drive the creation of IEX, a high-profile US exchange just approved last month by regulators:
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Future of Natural Gas Hinges on Stanching Methane Leaks
By CLIFFORD KRAUSS - NY Times
In the energy business, natural gas is supposed to be one of the good guys  the cleaner-burning fossil fuel that can help wean the world from dirty coal during the transition to a low-carbon future.
goo.gl/0bYpLh
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| Politics | | An overview of politics during an election year as it relates to the financial markets | What the City needs to know about Theresa May
Margareta Pagano - Financial News
So, is Theresa May a closet Red Tory? That was the big question racing around the City after Britain's next Prime Minister launched her pitch for the Tories to be the country's workers' party. At a speech given by May in Birmingham just hours before her rival, Andrea Leadsom, pulled out of the contest, the Home Secretary stunned her peers with a raft of policies that would put workers at the centre-stage of the economy, and firmly distanced herself from the economic policies of the Cameron government.
jlne.ws/2a36JE9
A renewed nationalism is stalking Europe; The instinct to defend national self-interest has soared amid eurozone struggles, writes Tony Barber
Tony Barber - FT
Nationalism is one of modern Europe's strongest traditions, but it fell into disrepute after the second world war. Amid the avalanche of crises that have struck the EU over the past decade, of which Britain's vote to leave the bloc is the latest example, nationalism is making a reappearance.
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Clinton Beats Trump Among College-Educated in Bloomberg Poll; The presumptive Democratic nominee's lead extends to white voters with college degrees, a group Mitt Romney won in 2012.
John McCormick - Bloomberg
Hillary Clinton is crushing Donald Trump among college-educated white voters, a group Mitt Romney easily won in 2012 and one his Republican Party has carried in presidential contests for decades.
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | DIY Execution Analysis
CTA Intelligence Special Report
Stuart Farr of Deltix discusses the merits of firms maintaining their own historical market data archive and using this to improve trading performance through advanced execution analysis.
/goo.gl/GpuIa1
Big U.S. investors strive for edge in private CEO meetings
Tim McLaughlin, Ross Kerber and Michael Flaherty - Reuters
Tech billionaire Elon Musk's acknowledgement that, over the years, he had "bandied about" with some of his biggest shareholders the idea of combining Tesla Motors Inc (TSLA.O) and SolarCity Corp (SCTY.O) is rare public recognition of the access and insights large investors get.
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Corporate bond market risks pricing for perfection; Post-Brexit pain confined to weaker sterling borrowers but complacency worries rise
by: Dan McCrum - Ft
For investors prepared to brave Britain's high street, senior bonds issued by New Look, the fashion retailer, offer an annual income of almost 9 per cent.
/goo.gl/hW356l
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UniCredit and Santander scramble to save asset manager merger
Attracta Mooney, Chris Newlands and Arash Massoudi - Financial Times
Italy's UniCredit and Spain's Banco Santander are scrambling to save a plan that would create one of Europe's largest money managers after the UK's vote to leave the EU added to concerns about the outlook for the EUR5.3bn deal. Pioneer Investments, UniCredit's fund management arm, and Santander Asset Management have been in talks for more than 20 months to create a European fund manager with almost EUR400bn in assets. The transaction has been hit by a number of complications since negotiations began, including new management at both banks and changes to the terms of the deal last year to avoid provoking US regulators.
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What banks can learn from fintech CEOs' reaction to Brexit
Peter Lee - Euromoney Magazine
Start-ups fear a funding stop and loss of access to the single market, but are already making back-up plans that could point the way for their peers in the more established parts of UK finance. Two weeks after UK voters chose to take the country out of the EU, members of London's fintech community gathered at Level39 in Canary Wharf to work out their response.
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JP Morgan job moves could cost up to £200m
Hayley McDowell - The Trade
Relocating staff following the UK's vote to leave the EU could cost firms £50,000 per employee, meaning JP Morgan's potential costs could be up to £200 million.
jlne.ws/29IWnwY
Fed's George says U.S. interest rates are currently too low
Reuters
Kansas City Federal Reserve President Esther George on Monday said U.S. interest rates are too low and signaled she could be ready to restart her push for rate hikes within the Fed's rate-setting committee.
jlne.ws/2a3rnnm
ITG to Announce Second Quarter 2016 Results
Press Release
ITG (NYSE:ITG), a leading independent broker and financial technology provider, plans to announce second quarter 2016 financial results on Thursday, July 28, 2016, in a press release that will be issued before the opening of the U.S. market. The press release will also be available on the firm's website at investor.itg.com.
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J.P. Morgan to Raise Pay for Lower-Tier Employees, CEO Dimon Says; Bank will boost pay for 18,000 lower-tier employees over the next three years
By MARK TAYLOR - WSJ
J.P. Morgan Chase & Co. will boost pay for 18,000 of its lower-tier employees over the next three years, its chief executive, James Dimon, announced Tuesday in an op-ed appearing on the New York Times website.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Thomson Reuters to sell IP & science unit for $3.55 billion
BY JESSICA TOONKEL - Reuters
Thomson Reuters Corp (TRI.TO) on Monday said it agreed to sell its intellectual property and science business to private equity firms Onex Corp (OCX.TO) and Baring Private Equity Asia for $3.55 billion in cash.
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Using Duco Cube to Improve Efficiency and Reduce Costs
Financial institutions still carrying out manual reconciliations can dramatically cut costs and operational risk by using Duco Cube.
In this case study, we look at why ICAP chose Duco Cube over other solutions and review the benefits the firm has been seeing since deploying it globally.
jlne.ws/29uz19O
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Too Big To Jail: Internal Treasury Documents Reveal Why Justice Department Did Not Prosecute HSBC
Press Release
The House Financial Services Committee on Monday released a staff report of its investigation into the U.S. Department of Justice's decision not to prosecute HSBC or any of its executives or employees for serious violations of U.S. anti-money laundering laws and related offenses.
jlne.ws/2a3tQ15
SEC Investigating Tesla for Possible Securities-Law Breach; Authorities probing whether auto maker should have disclosed Autopilot-related crash to investors
By JEAN EAGLESHAM, MIKE SPECTOR and SUSAN PULLIAM - WSJ
The Securities and Exchange Commission is investigating whether Tesla Motors Inc. breached securities laws by failing to disclose to investors a fatal crash in May involving an electric car that was driving itself, a person familiar with the matter said, heightening scrutiny of how the company handled the information.
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U.S. bank regulator toughens commercial real estate oversight
Reuters
Credit risks have risen in U.S. commercial real estate as lenders compete more fiercely in a low rate environment, a federal banking regulator said on Monday, adding that it was stepping up its scrutiny of the sector. The Office of the Comptroller of the Currency (OCC) said in its semiannual risk report that while the financial performance of lenders improved in 2015 compared to a year earlier, credit risks were higher across the industry.
jlne.ws/2a36poE
ESMA PUBLISHES TRANSLATIONS OF ITS GUIDELINES ON CROSS-SELLING PRACTICES
ESMA
The European Securities and Markets Authority (ESMA) has published translations of its Guidelines on cross-selling practices.
/goo.gl/FeajOE
SEC tightens rules to stamp out spoofing; The US Securities Exchange Commission (SEC) has rubber-stamped a change to clock synchronisation standards to stamp out market abuse and spoofing.
By Hayley McDowell - The Trade
The US Securities Exchange Commission (SEC) has rubber-stamped a change to clock synchronisation standards to stamp out market abuse and spoofing.
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CFTC Orders Singapore-Based Agrocorp International Pte Ltd. to Pay $150,000 for Call Cotton Reporting Violations
Press Release
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Agrocorp International Pte Ltd. (Agrocorp), a commodities trading and distribution company headquartered in Singapore, for failing to file CFTC Form 304 Reports reporting its call cotton purchases and sales when it held or controlled at least one hundred (100) cotton futures positions.
jlne.ws/29R8TdA
CFTC Orders Golden Agri International Pte Ltd. to Pay $150,000 for Failing to Report Cash Positions
Press Release
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Golden Agri International Pte Ltd. (Golden Agri), an entity that operates as a processor and trader of crude palm oil, which it hedges with soybean oil futures contracts, for failing to file CFTC Form 204 Reports as required by CFTC Regulation 19.01. Golden Agri is a private limited company formed in Singapore and is a wholly-owned subsidiary of Golden Agri-Resources Ltd. located in Indonesia.
jlne.ws/29CoYmo
Americans' Financial Capability Growing Stronger, but Not for All Groups: FINRA
FINRA
While Americans as a whole are feeling less financial stress, making ends meet remains a daily struggle for millions  particularly women, millennials, African-Americans, Hispanics, and those lacking a high school education. These findings come from the National Financial Capability Study (NFCS), released today by the FINRA Investor Education Foundation (FINRA Foundation).
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Reminder: TRACE Reporting and Dissemination of No Remuneration Trades and ATS
FINRA
On Monday, July 18, 2016, FINRA will release new TRACE software with changes and enhancements to TRACE trade reporting and dissemination. Firms who report TRACE Corporate & Agency Debt and Securitized Products transactions and TRACE market data consumers must accommodate these changes and enhancements by this date.
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ORF Transactions Issue - July 11, 2016
FINRA
Since 8:00 a.m. Eastern Time (ET) on Monday July 11, 2016, the FINRA MPP system has been experiencing intermittent technical difficulties processing ORF transactions. This problem has affected some, but not all ORF client transaction activity and the subsequent trade matching on these transactions. FINRA is addressing the problem and will initiate a code roll back to alleviate future instances of this issue.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The Morning Risk Report: Emerging Market Firms Have 'Pathetic' Transparency
By SAMUEL RUBENFELD - WSJ
The vast majority of the world's largest emerging-market companies fail a test of openness, according to a new round of findings from the anti-corruption group Transparency International. The report, which scored 100 companies spread across 15 emerging markets countries on a 10-point scale, found three-quarters of the companies scored less than five, while three firms posted zeroes. No company scored above 7.3 out of 10. Companies have become even worse on the issue since the last edition of the report in 2013.
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Top China Commodity Exchange Has 'Zero Tolerance' for Abuse
Bloomberg News
'Futures isn't a mass market,' Shanghai Futures Exchange says; SHFE says role vital as Beijing targets supply-side reforms
The Shanghai Futures Exchange has vowed it won't tolerate any abuse of trading rules after the unprecedented boom-bust episode in Chinese commodities markets earlier this year, adding that its products aren't for mom and pop investors.
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Hong Kong Hedge-Fund Manager Wins Big at Nintendo
WSJ
A Hong Kong-based hedge-fund manager's monster bet is paying off with the "Pokémon Go" sensation.
Seth Fischer's $1 billion Oasis Management Co. stands to make tens of millions of dollars after a three-year campaign to push Nintendo Co. into mobile gaming. The success of "Pokémon Go," a new smartphone game part-owned by Nintendo, has boosted the Japanese company's shares by more than 50% in the past week, adding over $10 billion to its market capitalization.
jlne.ws/29MvPrU
Japanese exporters hurt by strong yen, threatening a fragile economy
Reuters
Japanese Prime Minister Shinzo Abe may have won a landslide victory in weekend elections but the strong yen is threatening to spoil the party as it undermines his economic stimulus policies by hurting the earnings of the nation's exporters and companies who have big overseas operations.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Future of Natural Gas Hinges on Stanching Methane Leaks
Clifford Krauss - NY Times
In the energy business, natural gas is supposed to be one of the good guys  the cleaner-burning fossil fuel that can help wean the world from dirty coal during the transition to a low-carbon future. But when natural gas escapes unburned, as it often does during production and distribution, it is a big troublemaker. Its essential component, methane, is particularly pernicious  a greenhouse gas that is more than 80 times as potent as carbon dioxide over 20 years as it dissipates.
jlne.ws/2a3ne2S
RSRCHXchange and Substantive Research partner to help asset managers access and procure macro investment research
RSRCHXchange
RSRCHXchange, the online marketplace for institutional research, has today announced a strategic partnership with Substantive Research, an independent curator of daily macroeconomic investment research for asset managers and asset owners. The partnership will close the gap between new research and point of sale. The daily Substantive Research Briefings highlight to portfolio managers the latest macro research and will now link to the RSRCHX platform, enabling them to procure the reports in real time.
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