| September 28, 2016 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2016 Newsletter Subscriptions: | |
The mystery of high-frequency trading; How can you put a speed limit on something you can't track?
By ZACHARY WARMBRODT - Politico
Something mysterious rattled one of the world's most stable financial markets for 12 harrowing minutes on Oct. 15, 2014. During that brief window, the yield on the 10-year Treasury noteÂa benchmark security critical to funding the federal governmentÂdropped dramatically and then surged, and no one could tell why. It was, said JPMorgan Chase CEO Jamie Dimon, "an event that is supposed to happen only once in every 3 billion years. "
/goo.gl/2lnCIx
***** Everyone one I talk to wants to know where the regulators are going to get the people who can decipher the source code. And if it is a highly paid consultant, then what are the "true" protections for this source code. And what about the Susan Wagner precedent? She was a former CFTC employee who somehow came up with the idea of electronic trading after she left the commission and then patented the idea. I fully support registration of professional market participants. It is not that I don't support the idea of the commission being able to ask for the source code, it is just that I don't really think it is a practical, efficient use of resources or possible, or even legal. The cost-benefit question has too many risks when you add in the unknown costs.
++++
Opinion: Michael Spencer: Technology will bring tectonic change to the world of trading over the next few years
By Michael Spencer - MarketWatch
This column was originally published as part of "The Future of Finance: Predicting the Next 20 years," a special report from Financial News.
I started as a money broker 40 years ago, when people used to chalk prices on a board. We have come a long, long way from those days but there is still a way to go. So, as I look to the next 20 years, I can say with confidence that as the era of the universal bank comes to an end, the single biggest catalyst for change in trading will be technology.
/goo.gl/zPuQ7E
****** I think technology has already brought tectonic change. I can't wait to see the earth move again.
++++
EU Banks Eye $5 Billion Capital Respite on SEC Clearing Vote
Silla Brush, Benjamin Bain - Bloomberg
U.S. regulator's rules for clearing will affect OCC, DTCC; U.S.-EU equivalence negotiations could be accelerated
A decision by the U.S. Securities and Exchange Commission may bring European Union banks a step closer to avoiding billions of dollars of capital charges on their trades in derivatives and other securities.
/goo.gl/wLV42T
***** Progress comes in small steps and big news.
++++
Europe's first dedicated blockchain hiring site
by Daniel Halstead - Kite Group
Recently customers of Kite have been experimenting and innovating with the use of blockchain in Clearing, Exchanges, Broking, Payments and Settlements. Today we are delighted to say that Kite Consulting Group has been working on an innovation of its own, it is with immense pride that we introduce blocktribe.com..
/goo.gl/dvHcrW
***** BlockClan, BlockGang, BlockTeam, BlockClub and BlockParty must have been taken alrleady.
++++
Europol Warns of Cybercrime Surge; Cybercrime Centre supported 131 successful operations last year, nearly double 2014's number
By Julian E. Barnes - WSJ
Europe's police agency Europol has warned of rising levels of cybercrime, with perpetrators using increasingly sophisticated tools on the internet to target victims. Europe's police agency Europol has warned of rising levels of cybercrime, with perpetrators using increasingly sophisticated tools on the internet to target victims.
/goo.gl/N7jYah
***** How many 400 pound guys sitting on their beds can there be?
++++
FCA's Bailey: We do care about culture in financial services firms; More progress needed on Senior Managers Regime
Katrina Lloyed
Andrew Bailey, CEO of the Financial Conduct Authority (FCA), has said getting culture right in the sector "matters a great deal", as he acknowledged there is still more to do to ensure the Senior Managers Regime works effectively.
/goo.gl/RrZBBz
***** Does this have anything to do with brown shoes?
++++
Hanweck Expands Marketing, Sales and Client Services Teams
Hanweck Press Release
Hanweck, the leading provider of real-time risk analytics on global derivatives markets, announced new team members in the areas of Marketing, Sales and Client Services. The new appointments are as follows:
Molly McGregor joins Hanweck as Chief Marketing Officer where she will build out and manage Hanweck's marketing strategy and corporate communications efforts. Molly has over fifteen years of experience in financial services including ten years at the International Securities Exchange, where she most recently served as SVP of Communications, Marketing and Government Relations.
/goo.gl/dsPcK0
**** Congratulations to Molly McGregor on her new position. Hanweck landed a real pro.
++++
Kristin Boggiano, Guggenheim Partners - It's a Jungle Out There
MarketsWikiEducation.com
"You're going to reinvent yourself your whole career. It's not just a one-step thing. You may start off in the Ecuadorian Amazon, and become a regulatory lawyer years later."
When Kristin Boggiano was finishing college, she admittedly had no clue what she wanted to do. So when she got an opportunity to spend three weeks in the jungles of Ecuador working with indigenous tribes, she jumped at the chance. When she returned, she still had no conclusions, except that she really enjoyed indoor plumbing, air conditioning and American food.
What she has come to understand, however, is the value of a network, which is why she founded Women in Derivatives (WIND), which attracts, educates and mentors female leaders in the financial industry.
Boggiano also understands that the key to finding one's place in the industry is to follow the demand. While that may mean fewer traders and brokers in today's financial world, it also means more specialists in operations, technology, risk management, compliance, and law.
But it wouldn't hurt to swing by Ecuador, just to check it out.
Watch the video »
***DA: This is the third of our ten New York 2016 presentations. Last week we released Bill Harts of the Modern Markets Initiative and Adena Friedman of Nasdaq. Next up: a rousing talk from Kenny Polcari, director of equities at O'Neil Securities and frequent CNBC contributor. We will finish out the New York run just as the team steps onto the plane for the European tour.
++++
How the west might soon be lost; Under a President Trump, democracy would lose credibility as a model for a civilised political life
by: Martin Wolf - FT
Sometimes history jumps. Think of the first world war, the Bolshevik revolution, the Great Depression, the election of Adolf Hitler, the second world war, the beginning of the cold war, the collapse of the European empires, Deng Xiaoping's "reform and opening up" of China, the demise of the Soviet Union, and the financial crisis of 2007-09 and subsequent "great recession". We may be on the brink of an event as transformative as many of these: the election of Donald Trump as US president. This would mark the end of a US-led west as the central force in global affairs. The result would not be a new order. It would be perilous disorder.
/goo.gl/o8CEt1
***** The man called Wolf.
++++
How High-frequency Trading Is Conquering Emerging Markets
By Farah Halime - The Daily Dose
In 2014, a mystery investor wielding the power of multiple traders rattled Turkey's stock market when he dropped $450 million of bets in a single day. "Herif," or "the Dude," as the investor was nicknamed on the Borsa Istanbul, now regularly executes such large transactions at high speeds that he has lifted the average trading volume on the entire exchange by more than 8 percent. And competitors can't predict when the Dude will strike next.
/goo.gl/JGDlqG
***** "The Dude?" Really? That is the best nickname you have got for this market player? How about "The Dump Truck?" Or the "SteamRoller?" Or the "8 Percent Guy?"
++++
Tuesday's Top Three
Merrill Lynch was the clear but dubious winner in yesterday's click count, nabbing two of the top three spots over trading system control lapses that allowed erroneous orders to enter the market and cause "mini-flash crashes." In the top story, six exchanges fine the bank for vioating the market access rule ans other supervision rules. Two notches down in third place, the SEC reports a $12.5 million settlement with Merrill on the charges. Between the two, in second place, was a https://goo.gl/6lI6BuWSJ piece on CBOE's acquisition of Bats, a story first reported by John Lothian News on Monday morning.
|
| | | | |
| Lead Stories | MarketAxess muscles into US bond trading as banks retreat; Market share puts platform on par with biggest US debt dealers
by: Joe Rennison in New York - FT
Equity investors sense a winner from the upheaval transforming the business model of US corporate bond trading.
/goo.gl/3xS7FO
Hedge Funds Face Most Difficult Era Julian Robertson's Ever Seen
Katia Porzecanski - Bloomberg
Longtime manager says '2 and 20' structure isn't sacrosanct; Industry can help shield portfolios in coming bubble, he says
Hedge funds are facing the most challenging time Tiger Management's Julian Robertson said he's seen in an investing career spanning several decades, and the industry pioneer cautioned that their days of charging hefty fees may be over.
/goo.gl/CT3Byc
Brazil opens antitrust probe into BM&FBovespa bourse
Guillermo Parra-Bernal and Alberto Alerigi - Reuters
Brazil's antitrust regulator Cade has opened a probe into whether financial bourse BM&FBovespa SA engaged in anticompetitive behavior by making it tougher for rivals to enter the country's financial trading and clearing markets.
/goo.gl/uuqIQe
Deutsche Boerse Asia plans sidelined by LSE merger effort
By Jonathan Gould and Andreas Kröner - Reuters
Deutsche Boerse's (DB1Gn.DE) expansion plans in Asia have been moved to a side track as the German exchange operator focuses on its $27 billion merger with the London Stock Exchange (LSE.L), three sources familiar with the situation said.
/goo.gl/8H0oc3
EU set for a five month probe into LSE merger as German regulator said it was 'hard to imagine' exchange giant remaining in London
By CITY & FINANCE REPORTER FOR THE DAILY MAIL
The German takeover of the London Stock Exchange is facing a prolonged probe from Brussels competition authorities.
/goo.gl/BMh0It
German government prepare Deutsche Bank rescue plan: Die Zeit
Reuters
The German government and financial authorities are preparing a rescue plan for Deutsche Bank (DBKGn.DE) in case the lender would be unable to raise capital itself to pay for costly litigation, German weekly Die Zeit reported.
/goo.gl/pJ7vKY
****** Yes? Ja?
German finmin says not working on rescue plan for Deutsche Bank
Reuters
The German Finance Ministry on Wednesday denied a newspaper report that the government was working on a rescue plan for Deutsche Bank in case the lender would be unable to raise capital to pay for costly litigation.
/goo.gl/u1YMcC
**** NO! Nein!
CBOE-Bats tie-up heralds big changes for markets; Deal promises to redraw the exchange industry landscape in North America
by: Philip Stafford in London and Nicole Bullock in New York - FT
It has been known as the small, unheralded exchange from Chicago but at a stroke CBOE Holdings has forced a re-evaluation of its standing in the market.
/goo.gl/IjkapG
Deutsche Bank: how did a beast of the banking world get into this mess?; Everything you need to know about the bind Germany's biggest bank finds itself in, and why it matters
Jill Treanor - The Guardian
Deutsche Bank is facing questions about whether it can afford a penalty of $14bn (£10.5bn) from the US Department of Justice for mis-selling mortgage bonds a decade ago. Shares in Germany's biggest bank have sunk to near-30-year lows and are trading just above EUR10 a share, illustrating investors' concerns that they will be asked to bolster the institution's coffers through a cash call.
/goo.gl/1m3TsM
Deutsche Bank's Issues Are in its Future as Much as its Past; The bank needs capital but it is a long way from finding a convincing sales pitch for investors
By PAUL J. DAVIES - WSJ
Deutsche Bank's biggest problem isn't just that it needs capital, but that it will find it very hard to raise any.
/goo.gl/VcHyQ5
CLS to Develop Payment Netting Service Using Distributed-Ledger Technology
Aggelos Andreou - Waters Technology
The service will suit FX trades settled outside the CLS settlement service and is built on Hyperledger Fabric, an open-source solution led by IBM.
CLS, a risk management and operational services provider for the foreign exchange (FX) market, is working on payment netting solution that will allow participants to submit FX instructions for six products and 24 currencies.
/goo.gl/9eJ6nP
Innovation being held back by banking bonuses; Change of culture needed as innovation not incentivised in banks, according to a market expert.
By Joanthan Watkins - The Trade
Innovation within investment banks is being stifled by the incentives of annual performance bonuses, according to a market expert from EY.
/goo.gl/BM1hcX
World Trade Set for Slowest Yearly Growth Since Global Financial Crisis; WTO cuts world trade growth forecast to 1.7% in 2016
By PAUL HANNON and WILLIAM MAULDIN - WSJ
World trade will this year grow at the slowest pace since the global financial crisis, a development that should serve as a "wake-up call" given rising antiglobalization sentiment, the World Trade Organization warned Tuesday.
/goo.gl/PDRgXg
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EBS BrokerTec launches EBS Live Ultra; The new service is the company's fastest FX data product to date - Real time data will improve market transparency and liquidity and reduce reliance on practices such as Last Look
ICAP
EBS BrokerTec, ICAP's market-leading electronic foreign exchange (FX) and fixed income business, announces today that it has gone live with EBS Live Ultra, its fastest FX data product to date. EBS Live Ultra has two data interval rates: 100 milliseconds, the same as the current EBS Live service but with lower latency, and a 20 milliseconds service, five times faster than the EBS Live data product.
/goo.gl/OY6YVP
LME to implement charge-capping as final part of warehouse reforms package
LME
The London Metal Exchange (LME) today announces its intention to introduce caps on maximum rates charged by LME-registered warehouses following a market-wide consultation. This is the final part of the three-year-long warehouse reform programme designed to enhance the LME's warehouse network and to ensure that it fully serves the requirements of the global metals market.
/goo.gl/UFrrOn
SGX collaborates with Member firms to address market misconduct
SGX
Singapore Exchange (SGX) today launched two initiatives in collaboration with Member firms to detect and stop market misconduct, foster good trading practices and maintain a fair, orderly and transparent marketplace.
/goo.gl/eWhVqK
CME Group to Transition Dairy Spot Call to CME Direct Auction Platform
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced that in December it will begin transitioning its CME Dairy Spot Call, for daily price discovery in physical dairy markets, to an electronic, transaction-based auction, CME Direct Auction Platform. Ultimately, this will replace the physical spot market held via a limited open outcry session on the company's Chicago trading floor that currently facilitates price discovery, trading and delivery of dairy products such as Cheese Barrels, Cheese Blocks, Butter and Nonfat Dry Milk.
/goo.gl/KHd04d
EU non-cleared margin regime set to take effect in January 2017; The EC is expected to publish its final non-cleared margin rules on October 4
2015calendar
Peter Madigan - Risk.net
The largest derivatives dealers in Europe will be required to begin posting initial margin on non-cleared swap trades on or around January 20 of next year, Risk.net can exclusively reveal.
/goo.gl/NXDpcV
How Actual Nuts and Bolts Are Bringing Down Oil Prices; Forget shale. There's a broader - much more boring - technological revolution sweeping oil markets.
Tracy Alloway - Bloomberg
Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
/goo.gl/EcCX7n
Delisting of 15 Single Stock Futures and one equity option
Eurex
The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided with effect from 5 October 2016 to delist 15 Single Stock Futures and one equity option in accordance with the attachment due to previous corporate actions.
/goo.gl/xiS9aB
Market-Making schemes: Adjustment of the quote obligations due to changes in the EURO STOXX 50® index
Eurex
Due to the re-composition of the EURO STOXX 50® index as of 19 September 2016, the related packages for Advanced Market-Making and Designated Market-Making will be adjusted effective 1 October 2016.
/goo.gl/4Q9szS
|
| | | |
|
| Politics | | An overview of politics during an election year as it relates to the financial markets | Senate bill would count munis toward bank liquidity
Reuters
Bonds sold by U.S. states, cities, schools and other issuers in the municipal market could be held as liquid assets by banks under legislation introduced on Tuesday in the U.S. Senate, bolstering the case for purchasing the debt while helping financial institutions weather market crises.
/goo.gl/iNvRsx
|
| | | |
|
| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Currency traders waiting on Czexit signs
Katie Martin - Financial Times
The Czech koruna could be just weeks away from relinquishing its title as the world's most boring currency. This title is no accident. In late 2013, the country's central bank took drastic action, setting an upper limit on the currency as a way to deflect deflationary pressures. With benchmark interest rates at the time a whisker above zero per cent, and with no desire to take rates into negative territory, this was really the central bank's only option.
/goo.gl/N9RmQ3
More Turbulence Looms for Peso As Election Gets Closer
Ben Eisen - WSJ
The options market is bracing for a surge in volatility for the Mexican peso. That's evident in the monthly options that expire on either side of Election Day. Such options are typically used to protect against swings in the value of the currency against the U.S. dollar, and the difference between the contracts that expire before and after the presidential election have been expanding sharply in recent days. The post-election options continued rising after Monday night's presidential debate, indicating higher costs to hedge against volatility in the peso during the time period that includes the Nov. 8 vote.
/goo.gl/NQsUiO
Dual class stock: temporary toxin; Preferential stock is not permanent, and not the only poison pill
Lex - FT
A hostile takeover bid for Twitter is a remote possibility. If the social networking site is sold in the next few weeks, it is likely to be a friendly deal.
/goo.gl/hP3LWX
Blackstone's Goodman Says Long Bankruptcies Are Eroding Returns
Jodi Xu Klein, Emma Orr - Bloomberg
Bankruptcies are getting longer and more litigious and they are hurting recoveries, according to Bennett Goodman, co-founder of Blackstone Group LP's credit arm GSO Capital Partners.
/goo.gl/fwY9gQ
Goldman Says It Can Beat Fintech Ventures With Online Loan Terms
Dakin Campbell - Bloomberg
Head of banking arm discusses lending push at conference; Using balance sheet 'will avail us of certain flexibility'
Goldman Sachs Group Inc., the Wall Street investment bank pushing into online consumer lending, expects it can make loans on more competitive terms than Silicon Valley upstarts that pioneered and dominate the business.
/goo.gl/Zd6F7b
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | U.K. FCA Warns Banks Against Undermining Accountability Rules
Suzi Ring - Bloomberg
Says that obscuring banker responsibilities won't be tolerated; Comments come six months after senior managers regime started
The U.K. Financial Conduct Authority warned banks it won't tolerate attempts to undermine accountability rules introduced this year, as the agency considers extending the regulations to include more non-executive directors.
/goo.gl/REztbc
Wells Fargo Faces 'Uphill Battle,' FBR Says
Emily Glazer - WSJ
FBR & Co. bank analyst Paul Miller said in a note Tuesday he is trimming his Wells Fargo & Co. price target and estimates given the "uphill battle" the bank is fighting. Wells Fargo has been on the hot seat since news spread that up to two million unwanted or fictitious customer accounts were opened by its employees in an effort to meet sales goals. The bank this month entered into an enforcement action and paid a $185 million settlement to two regulatory agencies and the Los Angeles City Attorney's office.
/goo.gl/6sGZXT
ECB And People's Bank Of China Extend Bilateral Currency Swap Arrangement
Mondovisione
The European Central Bank (ECB) and the People's Bank of China (PBC) have decided to extend for another three years their 2013 bilateral currency swap arrangement, with the same conditions and parameters.
/goo.gl/4wfuaP
Lawmaker Hensarling in favor of Wells Fargo clawbacks
Reuters
A leading Republican lawmaker in Congress on Tuesday said Wells Fargo (WFC.N) would be right to recover pay from executives involved in a scandal in which up to 2 million accounts and credit cards were set up without customers' consent.
/goo.gl/oKqo1C
Allianz exploring options for its private bank OLB
Reuters
Allianz is in talks with interested parties about the partial or total sale of regional private bank Oldenburgische Landesbank AG (OLB), which is 90-percent owned by the German insurer, OLB said on Tuesday.
/goo.gl/6depeC
By Taking Back Money, Wells Fargo's Board Seems to Recall Its Role
By GRETCHEN MORGENSON - NY Times
As John G. Stumpf, the chief executive of Wells Fargo, prepares to face a congressional tribunal on Thursday for the second time in two weeks, questions are intensifying about the bank's sham accounts scandal and its lethargic response to it.
/goo.gl/ODlxRk
Deutsche Bank's woes not a Lehman moment, says UBS chairman Axel Weber
By MarketWatch
Former German central bank chief argues 'system is much more stable now'
Deutsche Bank's troubles have weighed on markets worldwide this week, but one prominent banker says it's not the financial crisis all over again.
/goo.gl/YuPO5K
It's Paul Singer Versus Citigroup in High-Stakes Bankruptcy Feud
Tiffany Kary - Bloomberg
Hedge funds fight for $1 billion in Peabody Energy assets; The contentious dispute pivots on an arcane accounting change
As Peabody Energy Inc. stumbled toward bankruptcy last year, its Wall Street adviser raised a red flag for management.
/goo.gl/isjuKu
Ex-Barclays COO Again Expresses Unease With Trader Suspensions
Jeremy Hodges - Bloomberg
Justin Bull testifies in dismissal case brought by Mark Clark; Clark suspended in 2013 amid global probe into rate rigging
A former Barclays Plc executive Justin Bull said he was "uneasy" suspending traders accused of foreign-exchange manipulation in an internal probe, the second time he's expressed sympathy for former employees caught up in the allegations.
/goo.gl/Oc2Kfk
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How The Right Technology Will Simplify Your Life - Part 2
Dana Comolli - DMAXX
In the previous article, I discussed how technology can help CTAs with back office tasks and potential headaches. Here I am looking outside the trade, to setting up and collecting and distributing performance information, especially to clients.
/goo.gl/bgnt1T
ITG Releases Volume Participation Forecasting Tool
Dan DeFrancesco - WatersTechnology
ITG, an independent broker and financial technology provider, announced the launch of the Volume Participation Forecaster app. The online tool forecasts market volumes every 15 minutes throughout the trading day by using data from recent market conditions and historical average values. It is available for free on the ITG Analytics Incubator, which also offers liquidity cost and volatility index applications, such as ITG Equity Trading Cost Index and ITG FX Trading Cost Index.
/goo.gl/D41oNj
Gator Trading Selects Rival Risk for Enterprise Risk Management Solution
CHICAGO, Sept. 28, 2016 /PRNewswire/ -- Chicago-based Rival Systems (Rival), a trading software company established last year, announced today that Gator Trading, an operator of dozens of trading groups specializing primarily in futures and options, has successfully migrated onto the Rival Risk platform for all of its risk management needs.
/goo.gl/6b2IYY
Icap Provides US Treasury Pricing, FX Spot Rates to Wind Clients
Joanne Faulkner - WatersTechnology
Icap Information Services, the data sales arm of interdealer broker Icap, has expanded its partnership with Chinese data provider Wind Information to provide users of the vendor's Wind terminal with real-time US Treasury pricing and global foreign exchange spot rates.
/goo.gl/OExen8
SWIFT Identifies New Ways For Banks To Simplify Payment Routing Data - New Paper Outlines Opportunities To Rationalise Bics And Centralise The Internal Routing Of Payments
Mondovisione
SWIFT today announces the publication of a new paper discussing opportunities for banks to streamline their internal routing practices. The paper highlights how some banks used the transition to SEPA as an opportune moment to simplify their internal routing practices - and how upcoming initiatives may present similar opportunities.
/goo.gl/mrXsln
Symbiont, Credit Suisse and R3 come together for syndicated loans proof of concept
By Ian Allison - IBTimes
Cross pollination within the busy world of enterprise financial blockchains continues with Credit Suisse joining smart contracts engine Symbiont to R3, the distributed ledger banking consortium, to create a proof of concept around syndicated loans.
/goo.gl/abZF40
|
| | | |
|
| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Goldman Sachs, ex-employee in Fed leak case settle fee dispute
Nate Raymond - Reuters
A former Goldman Sachs Group Inc (GS.N) managing director and the bank have settled dueling lawsuits over his claim for legal fees stemming from probes into his alleged use of confidential U.S. Federal Reserve documents.
/goo.gl/49r1yl
CFTC Orders Wells Fargo Bank, N.A. To Pay A $400,000 Penalty For Inaccurate Large Trader Reports For Physical Commodity Swaps Positions
Mondovisione
The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled charges against Wells Fargo Bank, N.A. (Wells Fargo) for failing to comply with its obligations to submit accurate large trader reports (LTRs) for physical commodity swap positions, in violation of Section 4s(f)(1)(A) of the Commodity Exchange Act (CEA) and CFTC Regulations 20.4 and 20.7. Wells Fargo has its main office in Sioux Falls, South Dakota, and has been provisionally registered with the CFTC as a Swap Dealer since December 31, 2012.
/goo.gl/Xxwh4Z
ESMA Publishes The Responses To The Call For Evidence On Asset Segregation
Mondovisione
The European Securities and Markets Authority (ESMA) has published the responses received to the Call for evidence on asset segregation and custody services.
/goo.gl/AzY3FM
Sebi, FinMin draw road map for commodities market
Business Standard
Securities and Exchange Board of India (Sebi) chairman U K Sinha on Tuesday with met finance ministry officials and discussed the major reforms required to strengthen the commodity market, said sources in the know.
/goo.gl/wDjO3C
MCX-SX Case: Jignesh Shah Remanded To Judicial Custody Till October 10
Varun Chirumamilla - Bloomberg
A special CBI court on Monday, September 26, remanded Jignesh Shah to judicial custody till October 10. Shah has been in police custody in connection with the renewal of licence to MCX-SX by market regulator SEBI in 2010.
/goo.gl/7WaV53
SEC won't pursue clawbacks in Weatherford accounting fraud case
By Francine McKenna - MarketWatch
The SEC will not force oil and gas equipment company Weatherford International to claw back excess incentive compensation paid to the company's CEO and CFO.
The U.S. Securities and Exchange Commission will force Weatherford International WFT, -5.44% to pay a $140 million penalty to settle charges it inflated earnings and understated taxes, but it will not force the oil-services company to claw back excess incentive compensation paid to its CEO and CFO.
/goo.gl/1r40Dd
RBS to pay $1.1 billion to resolve some of its U.S. mortgage claims
By Nate Raymond - Reuters
Royal Bank of Scotland Group Plc will pay $1.1 billion to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the U.S. National Credit Union Administration (NCUA) said.
/goo.gl/yK2Pbe
Wells Fargo CEO forfeits $41 million in stock awards amid sales scandal
Tribune news services
Wells Fargo says CEO John Stumpf and the executive who ran the bank's retail banking division will forfeit tens of millions of dollars in bonuses as the bank tries to stem a scandal over its sales practices.
/goo.gl/zLazLX
A.I.G. Ex-Chief Testifies at Trial, 11 Years After Charges
By RANDALL SMITH - NY Times
Maurice R. Greenberg, the former chief executive of insurance giant American International Group, took the witness stand on Tuesday for the first time in his state civil accounting fraud trial in State Supreme Court in Manhattan.
/goo.gl/6LksMk
Ex-Morgan Stanley Trader Caught in SEC Mortgage-Bond Probe
Matt Scully, Matt Robinson - Bloomberg
Nicholas Bonacci was fined by SEC, suspended for a year; Bonacci misled customers about value of mortgage bonds
Nicholas Michael Bonacci, a former mortgage-bond trader at Morgan Stanley, was fined by the Securities and Exchange Commission and suspended from the industry for a year for misleading customers about the value of the securities they were buying, causing them to pay more.
/goo.gl/mX6X85
Fake FX Trader Gets 20 More Months in Jail for Failing to Pay-Up
Suzi Ring - Bloomberg
Alex Hope already jailed for seven years for duping investors; Hope spent millions of investor cash at casinos and clubs
A fake foreign-exchange trader already in prison for duping investors out of 5.6 million pounds ($7.3 million) had his jail term extended by nearly 20 months for failing to pay a court-ordered penalty.
/goo.gl/OW2BX3
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Drought drains Brazil's robusta warehouses of coffee, forces layoffs
Reese Ewing - Reuters
Brazil's robusta coffee industry is laying off workers who transport, process and store the commodity in warehouses that are nearly idle two years into the worst drought in eight decades, according to traders and industry executives.
/goo.gl/qKwhPO
Venerable tequila maker Jose Cuervo aims for $1 billion IPO
Gabriel Stargardter and Natalie Schachar - Reuters
Mexico's Jose Cuervo, the world's largest tequila producer, on Tuesday announced its long-awaited initial public offering, which could raise up to $1 billion, another sign of a wider revival in Latin American stock flotations.
/goo.gl/zL79H4
Sebi to consult govt, RBI before finalising algo norms
Money Control
Sebi chief U K Sinha today said the capital markets regulator will consult the government, the RBI and high frequency trading (HFT) technology providers before taking a final call on tweaking norms related to super-fast algo trades.
/goo.gl/pFXY8y
Sebi, finmin chalk roadmap for commodity market; U K Sinha said immediate priority is to bring the commodities derivatives market at par with securities market
Shrimi Choudhary - Business Standard
Securities and Exchange Board of India (Sebi) chairman U K Sinha on Tuesday with met finance ministry officials and discussed the major reforms required to strengthen the commodity market, said sources in the know.
/goo.gl/Ie4PYM
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | Charles L. Schultze, 91, Dies; Advised Presidents on Economic Policy
By PATRICK J. LYONS - NY Times
Charles L. Schultze, an economist who was President Lyndon B. Johnson's budget director and President Jimmy Carter's chief economic adviser, died on Tuesday at his home in Washington. He was 91.
/goo.gl/6YMRjO
Axel Springer chief warns traditional media risk extinction; Mathias Döpfner says Google and Facebook must change their attitude for publishers to survive
by: David Bond and Guy Chazan in Berlin
Mathias Döpfner, chief executive of German publisher Axel Springer, has outlined an apocalyptic vision for old media, warning many traditional companies will die, unless they reach agreement with the dominant technology groups.
/goo.gl/Ec6lfn
Women make slow progress in CEO ranks; Just 14 of Europe's 350 largest groups have female chief executives
by: Sarah Gordon, Business Editor - FT
The number of female chief executives at Europe's 350 largest public companies has more than doubled over the past seven years but they still hold only 4 per cent of the top roles, according to research published on Wednesday.
/goo.gl/oDCPW4
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2016 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
