| October 04, 2016 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Ian Dudden Takes New Role at S&P Global Platts
Congrats to [[Ian Dudden]], who has taken on the role of global director agriculture, pricing and analytics at S&P Global Platts, as of October 3..
Before joining S&P Global Platts, he started his own consulting firm in 2014, serving as founder and managing director of QED Markets in London. The firm provided consulting and management services for exchange traded, OTC and physical/cash markets.
Best of luck, Ian.
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Wizards of Today's Markets: Ray Cahnman, Part 2
Trading Technologies
Rick: Would you say thatÂwe've all made bad trades and probably learned more from those than from the good tradesÂbut would you say that [your narrow escape with the back month mortgage spreads] is the story that underscores your approach to the rest of your career?
Ray: That was the worst, and there's no question that you learn more from your bad trades. You make a good trade and the question you have to ask yourself is, was it skill or luck? And if I had to do it all over again, would I do it the same way? When you have a losing trade, you can't beat yourself up too bad. If you did everything right, and you still lost, you'd say, "Well, if I had it over again, I'd do it the same way." In any sport, in any gameÂtrading, tennis, any competitive sportÂyou learn more from your losses than from your wins.
jlne.ws/2dEg6Qe
***JK: Well worth reading what one of the legends of the industry has to say on trading.
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PDQ Enterprises Names Don Ross as CEO, Announces Launch of CODA Markets and Institutional Expansion
PDQ Enterprises
PDQ Enterprises, operator of a U.S. equity trading platform that utilizes a patented on-demand auction trading process, announced today that the Board of Managers appointed Donald Ross, III, as CEO. Don Ross will succeed D. Keith Ross, Jr., whom the Board elevated to executive chairman. As chief strategy officer, Don Ross headed PDQ Enterprises' research and development division where for the last two years he oversaw the creation of an advanced liquidity analytics and execution platform for institutional clients.
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**JK: Following CBOE's tradition of choosing people named Ed, PDQ goes with Ross.
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Less Gobbledygook, More Dr. Seuss Needed From U.K. Central Bank; BOE speeches are harder to read than Dickens or Hemingway
Fergal O'Brien - Bloomberg
Bank of England speeches and reports from the financial industry are too complicated to be understood by a broad audience, according to a study of their reading-grade level.
/goo.gl/TKKS5u
**** The word of the day is Gobbledygook.
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Existential Threat to World Order Confronts Elite at IMF Meeting
Bloomberg
Policy-making elites converge on Washington this week for meetings that epitomize a faith in globalization that's at odds with the growing backlash against the inequities it creates.
>From Britain's vote to leave the European Union to Donald Trump's championing of "America First," pressures are mounting to roll back the economic integration that has been a hallmark of gatherings of the IMF and World Bank for more than 70 years.
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****JB: Isolationism has never been a good idea.
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OTC Derivatives Reform in Asia: A Long and Winding Road
Derivsource
Although Asia is making progress in implementing derivative reforms, there is not the same urgency that drove European and US market participants. For one thing the backlash against the banking community was not as harsh but also the landscape is much more fragmented and OTC trading volumes are a fraction of the other regions' financial centres.
/goo.gl/GsFZzF
**JK: Oh, has Asia been making derivatives reforms?
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Bill Looney, CBOE - The Champions' Mindset
MarketsWikiEducation.com
"The more you apply your inherent skill set to a job, and the more that job requires your inherent skill set, the greater the formula is for success. And, more importantly, the happier you'll be."
Bill Looney is a real Renaissance Man - institutional sales trader, client services executive, jazz drummer, amateur pilot and professional golfer. He also knows the stuff of which champions are made.
He tells the story of Dustin Johnson, winner of the 2016 U.S. Open golf tournament, who found himself at the center of a controversy when his ball "may or may not have" moved just as he was addressing a putt - a possible one-stroke penalty. Rather than let it go to his head, Johnson stayed in the moment, focused on the next shot, and ended up winning the tournament by three strokes.
Looney says the champions' mindset involves staying optimistic, focusing on the present, understanding one's talents, and possessing confidence and perseverance. Is that a formula for success, or a Jedi training manual? Either way, if you follow these simple rules, the force will be with you.
Watch the video »
****This is the fourth of our ten New York 2016 presentations. We recently released Kristin Boggiano of Guggenheim Partners, Bill Harts of the Modern Markets Initiative, Adena Friedman of Nasdaq. and Kenny Polcari of O'Neil Securities We will finish out the New York run just as the team steps onto the plane for the European tour.
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Monday's Top Three
Sometimes it takes some unconventional thinking to make a company successful. Such is the case with our top read story of the day yesterday from the Wall Street Journal, Why the Best Leaders Want Their Superstar Employees to Leave. The second most read piece was Bloomberg's A Russian Tragedy: How Deutsche Bank's "Wiz" Kid Fell to Earth, followed by the always intrepid Gary DeWaal column, Bridging the Week, which covered futures insider trading, artificial prices, theft by convention and whistleblowing.
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| Lead Stories | High-Speed Traders Fear Regulator Spilling Their Biggest Secrets
Annie Massa, Benjamin Bain - Bloomberg
Trading strategies would be exposed in SEC test, firms say; Experiment to drum up trading in small companies began Monday
Some of the biggest electronic traders are complaining that a new test in the U.S. stock market will compromise their top-secret strategies, one of their most valuable assets.
/goo.gl/7sjDR5
European Banks Cutting 20,000 Jobs as ING Joins Commerzbank
Macarena Munoz Montijano and David De Jong - Bloomberg
European banks are preparing a fresh round of bloodletting -- with some 20,000 jobs set to go -- as tougher rules and negative interest rates weigh on profits. ING Groep NV will slash 5,800 positions over five years as it focuses on Internet and mobile banking and automates systems, the Amsterdam-based lender said Monday. Last week, Germany's Commerzbank AG disclosed plans to cut 9,600 jobs, while Spain's Banco Popular Espanol SA said it will eliminate as many as 3,000 posts after tapping investors for funds.
/goo.gl/MxqOSv
Gunvor raises $500 million for new U.S. trading business
Reuters
Swiss-based commodities trader Gunvor Group [GGL.UL] said on Monday it had secured $500 million for a new U.S. trading operation and said it is still on the lookout for more buying opportunities. The company, which has raised nearly $1 billion in financing in the last two months alone, said its U.S. team would initially trade refined products, natural gas and bitumen out of its Houston office.
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Neurensic data scientist rocks out in a 'lounge' above Board of Trade
Chicago Tribune
Neurensic uses machine learning  advanced mathematical techniques  to detect when traders are doing fraudulent, manipulative things in the financial markets. We started in 2015. We have about 25 people. There are four of us on the data-science team. I develop a lot of the algorithms that we use to find the manipulative patterns of behavior that are embedded in large data sets. We've got guys who've been in different parts of the industry for years  they've worked for regulatory agencies, they've been compliance officers, they've been traders in the market  and they basically explain to me, "We want to detect this phenomenon in the data, something we know people do."
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SGX hires ex-CS Euro futures head Lenhart
Julie Aelbrecht - Futures & Options World
Singapore Exchange has hired Credit Suisse's former European head of futures Alex Lenhart as senior vice president, UK country manager and head of sales for Europe, the Middle East and Africa, one of the most watched jobs in the London futures market. Lenhart will work for the Asian exchange giant in its London office. He joins the Singapore Exchange (SGX) from Credit Suisse, where he had been managing director and EMEA head of prime derivative services since July 2009. Lenhart left Credit Suisse this summer, as first reported by FOW.
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The Supreme Court Will Hear Its First Insider-Trading Case in 20 Years
Greg Stohr, Patricia Hurtado - Bloomberg
Justices to hear first insider-trading case in two decades
Case focuses on lack of benefit to insider who provided tip
Wall Street figures accused of insider trading are keeping a close eye on a U.S. Supreme Court appeal by a Chicago grocery wholesaler trying to overturn his conviction for buying stock based on information leaked by a relative.
/goo.gl/PijzgV
Shanghai Exchange Goes Minnow Hunting
By Nisha Gopalan - Bloomberg
Size isn't everything. Pakistan may be a minnow in equity terms, with one of the smallest stock markets in Asia by capitalization, but it has plenty to offer the biggest.
/goo.gl/dyt2td
Wall of Chinese Money Making Hong Kong Stocks Asia's Wildest
Kana Nishizawa - Bloomberg
Price swings on China H-share gauge are biggest in region; Mainland inflows into city's shares reached record last month
Hong Kong is becoming the new wild east as mainland investors increasingly target the city's stocks.
/goo.gl/iB0QAY
Janus survived 2 decades of turmoil before Henderson deal
Attracta Mooney and Madison Marriage - Financial Times
The Denver-based fund house was once the US's best-selling mutual fund manager, riding the technology-stock boom and bust as a cheerleader for so-called growth stocks  companies valued for their rapid growth rather than dividend yield. Its assets under management leapt 150-fold to about $300bn in the 10 years to the early 2000s.
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Deutsche Bank Puts Safeguards to the Test
Mark Whitehouse - Bloomberg View
The travails of Deutsche Bank, which has seen its share price plunge to record lows amid concerns about the size of a looming U.S. fine, raise a crucial question: If the German bank needed salvaging, could authorities pull it off without damaging the rest of the financial system? Judging from the reaction so far, markets aren't so sure.
/goo.gl/ZqdnJS
S&P Dow Jones Indices Acquires Trucost
PRNewswire
S&P Dow Jones Indices ('S&P DJI' or the 'Company'), one of the world's leading index providers, announced today that it has acquired a controlling stake in Trucost plc, a leader in carbon and environmental data and risk analysis, effective October 1, 2016, through its subsidiary S&P Global Indices UK Limited.
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Thomson Reuters Closes Sale Of Intellectual Property & Science Business For $3.55B
Mondovisione
Thomson Reuters (TSX/NYSE: TRI) today announced that it has closed the sale of its Intellectual Property & Science (IP&S) business to Onex Corporation and Baring Private Equity Asia for $3.55 billion in cash. Thomson Reuters plans to use about $1 billion of the net proceeds to buy back shares and the balance to pay down debt and reinvest in the business. Any share buybacks will be part of the company's previously announced $1.5 billion share buyback program.
/goo.gl/dK8GBZ
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| Brexit | | Financials stories regarding the recent decision of the United Kingdom to leave the European Union | Banks to Miss Out on Special Favors in May's Brexit Plans
Timothy Ross - Bloomberg
British financial-services companies will get no special favors in Brexit negotiations from Prime Minister Theresa May, who wants to change the relationship between the government and the City of London.
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Banks Get Cold Shoulder on Brexit
By Lionel Laurent - Bloomberg
The better Britain's economy and stock market hold up, the easier it becomes for the U.K. government to tune out the "gloomadon-poppers" -- Boris Johnson's catch-all riposte to anyone concerned about the country's prospects as it lurches toward an exit from the EU. And the harder it becomes for banks to find friends in high places.
/goo.gl/ydr4E8
CITY DIARY: London Stock Exchange boss Xavier Rolet has changed his tune on Brexit
By THE DASTARDLY MR DEEDES FOR THE DAILY MAIL
Media-friendly London Stock Exchange boss Xavier Rolet pens an article headlined Why The City Of London Will Thrive Outside Europe, in which he talks up Britain's chances outside the EU.
/goo.gl/5W4eWh
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Reached Average Daily Volume of 15 Million Contracts per Day in September 2016, up 6 Percent from September 2015
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced that September 2016 average daily volume (ADV) reached 15 million contracts per day, up 6 percent from September 2015. CME Group September 2016 options volume averaged 2.9 million contracts per day, up 9 percent versus September 2015, with electronic options averaging 1.7 million contracts per day, up 22 percent over the same period last year.
/goo.gl/2zbJpt
The Disruptor: Alasdair Haynes, Aquis Exchange
John Brazier - WatersTechnology
Alasdair Haynes, CEO and founder of pan-European equities exchange Aquis Exchange, discusses his plans to break the existing market duopolies through the introduction of a new model, and how he has always wanted to challenge the status quo of the capital markets.
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NZX CEO To Step Down At The End Of The Year
Mondovisione
NZX today announced that CEO Tim Bennett has provided notice to the NZX Board of his decision to step down at the end of the year, with the Board now undertaking a formal search for a new CEO.
/goo.gl/SwIJOn
Qatar exchange to introduce margin trading this week
Reuters
The Qatar Stock Exchange will introduce margin trading this week in an effort to boost liquidity on the bourse, its chief executive said on Monday. Group Securities, a brokerage firm, will be allowed to execute margin trades from Thursday. "This initiative primarily aims to boost liquidity in the market and provide new financing channels for investors, especially those who are willing to buy large amounts of stocks for their portfolios," Rashid al-Mansoori, the exchange's CEO, said in a statement.
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Does Brexit threaten London's Euro-Clearing?
Simon Puleston-Jones, chief executive of FIA Europe - Futures & Options World
There are three primary factors that will influence London's future as a Euro-clearing centre: liquidity, perceived financial stability issues and politics. Liquidity and financial stability concerns are perhaps easier to evaluate. Liquidity is critical to the healthy functioning of our markets. To prudently manage their risk, European Union entities need the ability to connect to liquidity pools in all required currencies, wherever they are located around the globe.
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Key Figures SIX Swiss Exchange And SIX Structured Products Exchange: September 2016
Press Release
In September 2016, trading turnover on SIX Swiss Exchange and SIX Structured Products Exchange was up 19.2% against the previous month. Trading turnover totaled CHF 95.0 billion. Transaction volumes followed the same uptrend, advancing 8.9% to 3,471,129.
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MGEX Posts September Volume Numbers
Press Release
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), has concluded the month of September with a total volume of 138,472 and an electronic volume of 113,568.
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OneChicago Announces Trading Volume For September 2016
Press Release
OneChicago, LLC (OCX), a securities finance exchange, today announced its September 2016 volume of 1,075,031, an increase of 11% year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,800 equities, including ADRs and ETFs.
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Gemini to Open Bitcoin Exchange in Singapore and Hong Kong
NewsBTC
Bitcoin's growing popularity in the Asian region has prompted Gemini to open new offices in Singapore and Hong Kong. The renowned Bitcoin exchange, which is headed by the more-renowned Winklevoss Twins, confirmed today that it will be providing Bitcoin and Ethereum trading services to Singaporean and Hong Kong users. The decision, according to the company, is "a critical milestone in Gemini's pursuit of building a global next generation digital asset exchange."
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Non-cleared margin transfer rules vex asset managers; Market split on whether MTA applies at the client or account level
rules-and-regulations-icon
Louie Woodall - Risk.net
A discrepancy in the language used in the US non-cleared margin rules has sowed confusion over whether asset managers or their clients will be responsible for posting variation margin on separate accounts. Under the rules, a "covered swap entity and its affiliates" must collect or post initial margin when its aggregate credit exposures to "a counterparty and its affiliates" exceed the initial margin threshold amount, set at $50 million. Where asset managers run separate accounts for large investors...
/goo.gl/2OCrHA
Chi-X to launch new Japanese trading venue; The launch of the new platform is a bid to entice traders with better price offers than the Tokyo Stock Exchange.
By Joe Parsons - The Trade
Chi-X Japan will launch a new trading venue named Kai-X, in a bid to entice traders away from Japan's main equities exchange.
/goo.gl/WrZqJA
Moscow Exchange increases capital of central counterparty
MOEX
Moscow Exchange has increased the dedicated capital of NCC Clearing Bank, its central counterparty (CCP), to RUB 9.5 billion (from RUB 6.5 billion) to add an extra layer of security for participants in on-exchange trading. Dedicated capital ("skin in the game") is the portion of the CCP's capital resources that can be used to cover losses in the event of market participants defaulting. NCC Clearing Bank is a wholly-owned subsidiary of Moscow Exchange Group.
/goo.gl/iCR3R3
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| Politics | | An overview of politics during an election year as it relates to the financial markets | Clinton promises to hold Wells Fargo accountable
Amanda Becker - Reuters
Democratic U.S. presidential candidate Hillary Clinton on Monday vowed to hold Wells Fargo accountable for "egregious corporate behavior" in a scandal over employees' opening millions of accounts without customers' knowledge.
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Is the Fed Playing Politics?
Kenneth Rogoff - Project Syndicate
In his recent debate with his opponent Hillary Clinton, Republican presidential candidate Donald Trump pressed his claim that US Federal Reserve Chair Janet Yellen is politically motivated. The Fed, Trump claims, is applying overdoses of monetary stimulus to hypnotize voters into believing that economic recovery is underway. It's not a completely crazy idea, but I just don't see it.
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How Donald Trump Ditched U.S. Steel Workers In Favor Of China
Kurt Eichenwald - Newsweek
Plenty of blue-collar workers believe that, as president, Donald Trump would be ready to fight off U.S. trade adversaries and reinvigorate the country's manufacturing industries through his commitment to the Rust Belt. What they likely don't know is that Trump has been stiffing American steel workers on his own construction projects for years, choosing to deprive untold millions of dollars from four key electoral swing states and instead directing it to ChinaÂthe country whose trade practices have helped decimate the once-powerful industrial center of the United States.
/goo.gl/sx1eSP
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Laissez les bons temps rouler!
Streetwise Professor
One of the great myths of commodity futures trading is the "roll return," which Bloomberg writes about here (bonus SWP quote - but he left out the good stuff!, so I'll have to fill that in here). Consider the oil market, which is currently in a contango, with the November WTI future ($45.99/bbl) trading below the December ($46.52/bbl). This is supposedly bad for those with a long ETF position, or an index position that includes many commodities in contango, because when the position is "rolled" forward in a couple weeks as the November contracts moves towards expiration, the investor will sell the November contract at a lower price than he buys the December, thereby allegedly causing a loss. The investor could avoid this, supposedly, by holding inventory of the spot commodity.
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Households Own More of the Stock Market These Days
Ben Eisen - WSJ
Who owns the U.S. stock market? Increasingly, the answer is households. They owned 37% of the U.S. equity market at the end of June, the most since 2007, according to an analysis of Federal Reserve data by Goldman Sachs. The household categorization broadly includes retail investors, non-profits, endowments, private equity funds, and personal trusts. Household ownership of the [...]
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The Bulls and Bears Are Butting Heads, and Shoulders, on the Charts
MoneyBeat - WSJ
U.S. stock market seems to be in pretty good shape as the fourth quarter gets underway. Friday's rally pushed the Dow Jones Industrial Average and S&P 500 within their outstretched fingertips of their respective record highs, even with Monday's weakness. But there is a serious fight brewing on the charts, one that could pitch the market to new highs or send it reeling. Among the more colorful formations in technical analysis is the so-called head-and-shoulders formation. It occurs when a stock or index has a rise, followed by a drop and another rise that takes the asset higher than the first rise, followed by a another drop and a third rise that goes back to the level of the first one.
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Investment banking fees drop a fifth in Americas year-to-date; Global fees fell 11 percent, Thomson Reuters data shows; Worldwide M&A activity slips 22 percent as merger mania subsides
By Anjuli Davies - Reuters
Investment banking fees in the Americas, the most lucrative region in the world, fell by nearly a fifth in the first nine months of 2016 from a year earlier, outpacing a global decline, Thomson Reuters data shows.
/goo.gl/PMWwc9
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan aims global bond index at yield-hungry investors
Reuters
JPMorgan Chase & Co (JPM.N) on Monday said it was launching a global government bond index that will offer fund managers higher potential yields by including a larger percentage of emerging market bonds than traditional global bond indexes. The index is called the JPM GBI aggregate diversified fund and is made up of both investment grade and high yield bonds, with an allocation of 80 percent developed market and 20 percent emerging market bonds.
/goo.gl/oxa1Em
Fed's Mester Says Case for November Hike Will Likely Be Strong
Christopher Condon - Bloomberg
Federal Reserve Bank of Cleveland President Loretta Mester said the economy is ripe for an interest-rate increase and repeated that the Fed's November meeting should be viewed as "live" for a policy decision, despite its proximity to the U.S. presidential election.
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Henderson and Janus bulk up in wintry climate for asset managers
Carolyn Cohn and Trevor Hunnicutt - Reuters
London-based asset manager Henderson Group (HGGH.L) agreed to buy U.S. rival Janus Capital Group Inc (JNS.N) on Monday in an all-share $6 billion deal to cut costs and boost profits amid growing competition from index funds run by top providers such as Vanguard Group. The combined company, Janus Henderson Global Investors, will manage $320 billion in assets, potentially making it the 39th largest asset manager, globally. Henderson Chief Executive Andrew Formica and Janus CEO Dick Weil will be co-chiefs of the London-headquartered company.
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Fed would have less policy leeway in face of recession: Dudley
Reuters
The Federal Reserve would probably not be able to cut interest rates as aggressively as the last time around if it were faced with a U.S. recession in the next few years, New York Fed President William Dudley said on Monday.
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India's Central Bank Cuts Interest Rates
The Indian central bank cut its repurchase rate by a quarter percentage point to 6.25%
By Gabriele Parussini - WSJ
MUMBAIÂThe Reserve Bank of India cut interest rates Tuesday, citing a marked slowdown in global growth and a benign inflation outlook, in the first decision made by a recently-appointed committee headed by the new governor, Urjit Patel.
/goo.gl/mfQ9DH
ING to cut 5,800 jobs in digital plan
BBC
Dutch bank ING says it intends to cut about 5,800 jobs in Belgium and the Netherlands over the next five years as part of a cost-cutting plan. The bank said the aim was to speed up the adoption of new technology and "continue to lead in digital banking".
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintech's security/access paradox problem
Izabella Kaminska - FT Alphaville
Fintech wants to have it all. A financial system that is frictionless, convenient and universal, but equally a financial system that is secure, risk-controlled and growth/profit oriented. Our longstanding argument against "fintech" (in its rawest and most idealised form), however, is that this is mostly an unachievable goal because the two states are paradoxical. Make e-commerce less of a hassle, and fraud migrates online. Make real-world based transactions simpler, and fraud migrates to the real world  often in the form of violent crime. Hinder access to both and impulse spending becomes a thing of the past. There is in essence always a trade-off because finance is the business of instituting and managing barriers to wealth entry.
/goo.gl/tqah0m
R3 Adds Bitcoin Exchange Veteran to Research Lab
Pete Rizzo - CoinDesk
Former itBit client group director Antony Lewis has officially joined banking consortium R3. Announced today, the move will find Lewis taking the reins as director of the startup's lab and research center in Singapore. Lewis left itBit (now Paxos) in mid-2015 and has since served in consulting roles focused on blockchain, including a stint with 'Big Four' accounting firm Ernst & Young.
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OTAS Partners with ExtractAlpha on Trading Analytics
MarketsMedia
OTAS Technologies (OTAS), a specialist provider of market analytics and trader intelligence, today announced it has partnered with ExtractAlpha the independent fintech research firm to provide unique, actionable trading factor analytics. The content will be available to buy-side and sell-side clients including quants and asset managers.
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Speakerbus Extends Westcon Distributorship to North America
Emilia David - WatersTechnology
Trader voice firm Speakerbus is extending its partnership with Westcon-Comstor to North America from Europe to widen distribution of its turrets and other voice solutions. The partnership will bring Speakerbus' portfolio of trader voice solutions to more customers and expand its base, says Speakerbus CEO Patrick McCullough.
jlne.ws/2dENEOq
Tradovate and Jigsaw Trading Partner to Benefit Clients
Tradovate's First Third-Party Integration Brings Jigsaw's #1 Rated Order Flow Trading Tools to Platform
Press release
Tradovate, LLC, an online brokerage firm for active, self-directed futures traders that opened for business in April, today announced the successful launch of its first third-party integration. The firm has partnered with Jigsaw Trading to offer the software provider's popular order flow analysis tools to Tradovate clients, while Jigsaw users will have the opportunity to benefit from Tradovate's commission-free structure and cloud-based trading platform.
/goo.gl/f0pbTq
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FINRA Publishes ATS Block-Size Trade Data
Mondovisione
Beginning today, FINRA is expanding its alternative trading system (ATS) transparency initiative by publishing monthly information on block-size trades occurring on ATSs. The data is available free of charge on FINRA's website. Under the initiative to provide additional transparency to over-the-counter (OTC) trading in equity securities, FINRA in June 2014 began publishing on its website volume and trade count information for equity securities executed on an ATS. FINRA began posting the remaining, non-ATS OTC equity volume by member firm and security in April 2016. Starting today, FINRA further adds to this information by publishing monthly ATS block-size trading statistics in all National Market System (NMS) stocks.
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Cantor Fitzgerald Gambling Affiliate Settles Investigation
Michael J. de la Merced - NY Times
A business financed by Cantor Fitzgerald that became one of the biggest sports book runners in the country has agreed to pay about $22.5 million to settle allegations of illegal gambling and money laundering, authorities announced on Monday. The settlement, a nonprosecution agreement, resolves a yearslong investigation into the gambling affiliate of Cantor Fitzgerald, a financial firm that over the last decade moved deeply into the gambling business by applying Wall Street technology. It was an unusual push for Cantor, best known as a bond-trading powerhouse. But the business that it spawned, then known as Cantor Gaming, became one of the biggest sports book runners around.
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ED&F Man Sugar Trader Pleads Not Guilty to Cocaine Smuggling
Samuel Doe Ouma - Bloomberg
An ED&F Man sugar trader accused of smuggling cocaine into Kenya pleaded not guilty to the charges at the start of his trial in the capital, Nairobi, on Monday. Jack Alexander Wolf Marrian and his co-accused, Francis Roy Mwanthi, entered the plea at the Kibera Law Courts before the trial was adjourned to allow the prosecution to complete its investigations.
/goo.gl/kpgrgG
Morgan Stanley charged with running unethical sales contests: regulator
Svea Herbst-Bayliss - Reuters
Morgan Stanley was charged with "dishonest and unethical conduct" by Massachusetts' top securities regular on Monday for having pushed its brokers to sell loans to their clients. Secretary of the Commonwealth William Galvin alleges that the bank ran high-pressured sales contests in Massachusetts and Rhode Island where brokers could earn thousands of dollars for selling so-called "securities based loans."
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Och-Ziff May Face Consequences Beyond Fine in Bribery Case
Peter J. Henning - NY Times
Defendants often point to the collateral consequences of a prosecution and civil enforcement action when arguing that they should not be punished too severely. The settlement by the hedge fund Och-Ziff Capital Management and its founder, Daniel S. Och, for paying bribes to obtain natural resource deals in Africa tests how much they will endure beyond the settlement's fines and disgorged profits.
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SEC, FINRA and the MSRB to Hold Compliance Outreach Program for Municipal Advisors
FINRA
The Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) today announced the opening of registration for the Compliance Outreach Program for Municipal Advisors to be held on November 10 as a live webcast on the MSRB website.
/goo.gl/gOqkfZ
ESMA ISSUES POSITIVE OPINION ON SHORT SELLING BAN BY ITALIAN CONSOB
ESMA
The European Securities and Markets Authority (ESMA) has issued today an opinion agreeing to extending an emergency short selling prohibition, for a period of 90 calendar days, by the Commissione Nazionale per le Società e la Borsa (CONSOB) on net short positions in Banca Monte dei Pascha di Siena spa (BMPS) shares under the Short Selling Regulation.
/goo.gl/fdh3iK
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Valuations: Emerging from the wings
Christopher O'Dea - Investments & Pensions Europe
Changes in the relative valuation of major regions indicate that it may be time to adjust asset allocations within global equities. The primary change is the renewed attraction of emerging markets after several years of volatility and weak performance in many countries. Renewed interest in emerging markets comes against a backdrop of lacklustre economic growth, declining corporate profits and decreased effectiveness of accommodative monetary policy in developed markets.
jlne.ws/2dET9g7
Basra: Hopes of Iraq's oil capital going up in flames
Erika Solomon - Financial Times
When Munir started out as an oil contractor in Basra in 2007, Iraq was under occupation and suffering a brutal insurgency. Even that, he laments, was better than what he has to deal with now. "Back then if we had a problem, we went to the Americans to fix it," he says. "No one dared cause trouble." Munir is one of dozens of frustrated businessmen in the southern city who are waiting to be paid back by a government dealing with a crippling debt crisis. To make matters worse, reports of robberies, kidnappings and assault have risen as the money used to pacify local militias and tribes dries up.
jlne.ws/2dEOBpH
Och's Africa Role Poses Ethics Questions to Investors
Katia Porzecanski, Simone Foxman - Bloomberg
Settlement may spur investors to mull reputations, guidelines; How CEO and his colleagues respond to scandal could be key
Dan Och must now try to convince investors to stick with his firm.
/goo.gl/ssZsYj
Africa's Biggest Money Manager Grows at Slowest Pace in 7 Years
Renee Bonorchis - Bloomberg
Assets under management grew 2.4 percent to 1.85 trillion rand; PIC's net income rose 28 percent to 424.2 million rand
The Public Investment Corp.'s growth in assets under management fell to the lowest pace in seven years after equity markets dropped and South Africa's economy slowed to levels not seen since the 2009 recession.
/goo.gl/b62E7W
Singapore Millionaire, 77, Joins Bondholders Who Want Demands Heard
David Yong, Andrea Tan - Bloomberg
Investors seek better terms in Rickmers, Perisai restructuring; Singapore bad loans worst since 2009 on oil, shipping slump
Jerry Tan, a 77-year-old retired Singaporean businessman, was among dozens of bondholders in the city who joined forces last week to submit their demands as more companies seek to restructure debt payments.
/goo.gl/n9IkHC
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| Miscellaneous | | Stories that don't quite fit under the other sections | The TRADE's Rising Stars Revealed
The Trade
Following a nomination process and months of extensive market research, this year's list of Rising Stars has expanded to include individuals from pension funds, building societies, and the post-trade sector. Considerations have been given to each individual's day-to-day role in the business, career path to date, involvement in industry initiatives, as well as academic success in professional examination schemes.
jlne.ws/2dERUNY
Facebook launches Marketplace for local buying and selling
Reuters
Facebook Inc launched Marketplace to allow people to buy and sell items locally as the social media network tries new ways to keep users engaged. The feature will appear as a "shop" icon at the bottom of the Facebook app and will allow users to list or search for items on sale in their neighborhood. The company will not facilitate the payment or delivery of items and will not take a cut from any transactions, Facebook said.
jlne.ws/2dERo2m
****SD: Facelist?
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