Breaking News

John Lothian Newsletter: SEC wants banks to say more on European debt exposure; U.S. Inquiry of MF Global Gains Speed; LME’s steel plans tarnished by MF Global

The SEC is pushing banks to provide more data on their exposure to European sovereign debt, on the off-chance that they are swimming with the same sharks that ate MF Global.  Speaking of MF Global, regulators report progress in the “where did the money go” investigation; and (speaking of swimming) the London Metals Exchange find itself in a drained pool, its hopes of forging a steel benchmark futures contract at odds with dramatically lower volume with major player MF Global gone.  In the USA, Walter Lukken has been chosen to lead the Futures Industry Association; and JLN’s Jon Matte is hopeful that the change in FIA leadership will improve the chances of moving the Boca conference to superarctic Norway.

Observations – Statistics – Commentary

NYSE’s Lukken set to head futures association
By Jeremy Grant in Brussels – Financial Times
Walter Lukken, chief executive of New York Portfolio Clearing, a US clearing house partly run by NYSE Euronext, is set to be appointed next president of the US Futures Industry Association, many of whose members have been engulfed in the debacle surrounding collapsed futures broker MF Global, four people familiar with the matter said.
http://jlne.ws/AaSREe

FIA Announces Leadership Succession
Press Release
Washington, D.C.—Jan 10, 2012—The Futures Industry Association announced today that its board of directors has appointed Walter Lukken as president and chief executive officer.
http://jlne.ws/zxcLJ7

**** Congratulations to Walt Lukken on his new position.  I can’t think of a better person for the job.  Congratulations to the FIA Board of Directors on an excellent choice and John Damgard on a worthy successor.

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John Dempsey teams up with JLN

John J. Lothian & Company, Inc. has engaged John Dempsey as a sales consultant for special projects.  Mr. Dempsey is a long time industry professional who was a featured speaker at our World of Opportunity Event back in the fall of 2010.  He will be helping us with sales for the next month until such time as we hire a permanent director of sales.  He can be reached at johndempsey@johnlothian.com.

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Kevin Murphy is not Kevin Murphy
We had a disambiguation problem with Kevin Murphy, but it has been fixed.  The Kevin Murphy hired by Barclays was not the Kevin Murphy at Citi.  It has been corrected in MarketsWiki.

Kevin Murphy could refer to:

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Exchanges in fear of eurozone transaction tax
By Jeremy Grant – Financial Times
With the drum-beat in favour of slapping a tax on financial transactions getting louder, exchanges and other key market infrastructures such as clearing houses are becoming concerned that they are being sucked in as political footballs in a highly charged game of tax collection.
http://jlne.ws/yo7ce4

**** Only one way to beat a drumbeat.  Change the tune.

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Doubts raised over trading research
Michelle Price – Financial News
The trading industry has raised concerns about a key piece of government research into high-frequency trading that is expected to strongly influence European policy decisions. Sellside and buyside trading executives said the influential working paper entitled The Future of Computer Trading in Financial Markets, published by the Government Office for Science in September, “lacked breadth and depth” and “displayed a lack of understanding of the market”.
http://jlne.ws/yNt2bC

**** So this was basic government research then.

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Wall Street Groups Seek Delay of CFTC Commodity Speculation Limits Rule
Bloomberg
Two Wall Street groups asked a federal appeals court to delay a U.S. Commodity Futures Trading Commission rule that limits commodity speculation, saying the regulation is already imposing “irreversible harms.”
http://jlne.ws/AsLgfA

**** This is an ISDA and SIFMA case, which sounds like a pretty bad disease.

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The Neverending MF Global Story: Regulators Block The Truth
Francine McKenna – Forbes
Instead of looking out for MF Global investors – and customers who are still waiting for their money – it looks like regulators and the bankruptcy trustees are busy suppressing information. Instead of full transparency, regulators and the trustees are holding onto crucial details that might tell us all who was asleep at the wheel when the broker/dealer and futures commission merchant (FCM) headed over the cliff.
http://jlne.ws/w2iX4y

***** The truth shall set you free, but you still don’t get your money back.

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A pan-Latin American exchange in sight?
By Philippe Carré – Financial Times
Is it too much to think that a Pan-Latin American regional exchange is now clearly in sight? Unifying small-and medium-sized exchanges to attract and better serve investors has been tried before, and has proved successful.
http://jlne.ws/zwZp3J

**** The hottest rumor of 2011.

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CFTC Orders Newedge To Pay $700,000 For Inaccurate Trader Reports 
By Dan Strumpf Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)–The Commodities Futures Trading Commission ordered Newedge USA LLC to pay a $700,000 civil penalty, saying the futures clearing firm submitted inaccurate reports on traders’ positions to the regulator.
http://jlne.ws/w2yRBO

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12 Wall Street voices to tune out in 2012
By David Weidner, MarketWatch
NEW YORK (MarketWatch) — They predicted a muni-bond collapse, an “inflationary nightmare,” double-digit unemployment, BP PLC at $50 a share and 10-year Treasurys with yields at 4%. If you followed their advice you probably have a lighter wallet to show for it. If you accepted their view of the world, you might believe in unicorns and leprechauns. These financial wizards were so wrong, for so long, they deserve to go to the penalty box. And they will. Feel free to ignore their advice in 2012. Don’t get fooled again.
http://jlne.ws/yGk8dw

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Conviction of Former Refco Lawyer Is Overturned
By PETER LATTMAN – NY Times
A federal appeals court on Monday reversed the conviction of Joseph P. Collins, a former outside lawyer to Refco, the collapsed brokerage firm, ruling that the trial court judge had improper discussions with a juror outside the presence of Mr. Collins’s lawyers.
http://jlne.ws/zZtvYX

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MarketsWiki Page of the Day
Vincente Martinez
http://jlne.ws/yQg5VR

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MarketsWiki Recent Updates

People 

James KoutoulasKevin MurphyAnthony DostellioJustin SchackMichael GoochRobert C. LiebenowPhilipp HildebrandKevin L. MurphyWalter L. LukkenVincente Martinez

Companies, Organizations and Groups

Rosenblatt Securities Inc.

Miscellaneous

Futures contract

Statistics

18,010,157 pages viewed, 6,642 articles, 135,442 edits
MarketsWiki Statistics

Lead Stories

SEC wants banks to say more on European debt exposure
Hartford Courant
Jan 9 (Reuters) – The Securities and Exchange Commission has urged banks to publish more details about their exposure to European sovereign debt, a factor in the recent bankruptcy of the futures brokerage MF Global Holdings Ltd .
http://jlne.ws/Ad7kO0

U.S. Inquiry of MF Global Gains Speed
By BEN PROTESS and AZAM AHMED – NY Times
Federal authorities have unearthed new details in their hunt for roughly $1.2 billion in customer money that disappeared from the brokerage firm, but obstacles still loom.
http://jlne.ws/xBnQzz

LME’s steel plans tarnished by MF Global
By Jack Farchy in London – Financial Times
The collapse of MF Global has dealt a hefty blow to the London Metal Exchange’s aspirations to create a benchmark futures contract for the $500bn-a-year steel market.
http://jlne.ws/zQdOK3

Sarkozy Wins Merkel Backing for Financial Transaction Tax
BusinessWeek
French President Nicolas Sarkozy won the backing of German Chancellor Angela Merkel for a tax on financial transactions, a levy that Britain maintains won’t work unless it’s applied worldwide.
http://jlne.ws/wU0oz0

Merkel hails eurozone treaty progress
By Quentin Peel in Berlin – Financial Times
Negotiations on a new European treaty to reinforce budget discipline in the eurozone are making rapid progress and there is “a good chance” of reaching agreement by the end of January, according to Angela Merkel, Germany’s chancellor.
http://jlne.ws/ypCEH7

European Parliament: Pendulum Swings Firmly In Favour Of Eurozone Financial Transaction Tax
Press Release
http://jlne.ws/AetHxW

Italy Is Biggest Risk to Euro, Says Fitch
By ART PATNAUDE And EMESE BARTHA – WSJ
LONDON—Italy poses the greatest risk to the euro amid the sovereign-debt crisis, Fitch Ratings said Tuesday, citing the size of the country’s debt burden, Rome’s high borrowing costs and its need to access funding markets.
http://jlne.ws/Aftj6W

Euro zone will most likely survive: UK’s Cameron
Reuters via Yahoo! News
LONDON (Reuters) – The euro zone will most likely hold together but still has to take decisive action to resolve its debt crisis, British Prime Minister David Cameron said on Monday. Asked if he thought the euro zone would remain intact, Cameron told Sky News: “I think the most likely outcome is yes, it will hold together, but it has to take some pretty decisive steps.” These included short-term …
http://jlne.ws/xdYIuB

JPMorgan’s Dimon Optimistic On MF Funds Return
Dow Jones
(Dow Jones) Amid cautious optimism on broader economic issues, JPMorgan (JPM) CEO Jamie Dimon also says in CNBC interview Monday that he thinks “there’s a good chance” that an estimated $1.2 billion in customer money missing from MF Global’s accounts will be found.

Environmental Trading News

China plans tax on carbon emissions
UPI
BEIJING, Jan. 9 (UPI) — China, the world’s top emitter of greenhouse gases, plans a tax on carbon emissions.
http://jlne.ws/xtfM03

EU Carbon Permits Rise Most in Two Weeks as Power, Gas Contracts Gain
Bloomberg
European Union carbon permits rose the most in more than two weeks as German power and U.K. natural gas advanced.
http://jlne.ws/wYllms

China Rethinks ETS Strategy
Air Transport World
The China Air Transport Assn. (CATA) is reworking its lawsuit strategy against the European Union Emissions Trading System (EU ETS) in the wake of the Dec. 21 Court of Justice of the EU (CJEU) ruling. “We won’t change our clear-cut stance of opposing the EU ETS, although we have to adjust our lawsuit strategy owing to CJEU dismissal of the Airlines for America’s argument,” CATA deputy DG Chai …
http://jlne.ws/AmEJEV

For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf. 
Visit http://www.jlnenvironmental.com to subscribe.

Exchange & ECN News

CME to Raise Stake in Dubai Mercantile Exchange, Sharaf Says
By Anthony DiPaola
Jan. 9 (Bloomberg) — CME Group Inc., the world’s largest futures exchange owner, is set to increase its holding in the Dubai Mercantile Exchange, according to Ahmad Sharaf, chairman of that Persian Gulf oil bourse.
http://jlne.ws/y3ZxU0

CBOE Stock Exchange Completes Acquisition of National Stock Exchange
Press Release
CHICAGO, January 9, 2012 – CBOE Stock Exchange (CBSX) announced today that it completed the acquisition of all-electronic National Stock Exchange (NSX) on December 30. The acquisition, approved by the Securities and Exchange Commission, allows CBSX to expand its footprint in the securities exchange space by wholly owning and operating a second separate exchange.
http://jlne.ws/wdtfsE

NYSE Euronext Announces Trading Volumes for December 2011 and Other Metrics
Business Wire via Yahoo! Finance
NYSE Euronext today announced trading volumes for its global derivatives and cash equities exchanges for December 20111. Global derivatives average daily volume of 7.5 million contracts in December 2011 increased 11.8% versus the prior year with U.S.
http://jlne.ws/y4aWRE

Peel Hunt brings extra liquidity as new market maker on Order Book for Retail Bonds
Press Release
London Stock Exchange today welcomed Peel Hunt to open London’s markets to celebrate the company becoming the latest dedicated market maker to its Order Book for Retail Bonds (ORB).
http://jlne.ws/yEODXg

Mercado A Termino De Buenos Aires (MATba) Reached New Record Volumes In 2011 And Ratified Its Leadership In Latina America
Press Release
Mercado a Término de Buenos Aires (MATba) closed 2011 with a total volume of 20.535.456 tons, which constitutes a new record in the last 10 years and ratifies MATba as the leading Exchange in agricultural commodities in Latin America.
http://jlne.ws/Axv631

Burgundy Monthly Report December 2011
Press Release
http://jlne.ws/A5EOVk

Equiduct Trading Statistics 2011
Press Release
http://jlne.ws/A18W7W

NASDAQ OMX Tallinn: Estonian Securities Market In 2011
Press Release
http://jlne.ws/Aw4Yd3

Warsaw Stock Exchange Derivatives Market In 2011
Press Release
http://jlne.ws/zQt3Co

CBSX Trader News Update CBSX Completes Acquisition of NSX 
http://jlne.ws/zFpcgL

CBOE – Power Shutdown Saturday, January 14, 2012 
http://jlne.ws/zFpcgL

CHX INFORMATION MEMORANDA 2012-02: Orders Eligible for Entry in the CHX Matching System (Benchmark)
http://jlne.ws/weGLQ6

RTS – Moscow Energy Exchange: Final Settlement Prices Determined For December Power Futures Contracts
Press Release
http://jlne.ws/wUsXGq

NZX: 2011 Full Year Operating Metrics
Press Release
http://jlne.ws/zktJaS

Athens Exchange Monthly Statistical Bulletin December 2011
Press Release
http://jlne.ws/zj5tQV

Banks, Brokers & Dark Pools

Swiss National Bank Chief Resigns In Scandal
Dow Jones
ZURICH — Swiss National Bank President Philipp Hildebrand resigned Monday even as he denied wrongdoing in a scandal involving currency trades he and his wife carried out last year, a move that brought an abrupt end to the two-year tenure of a central-bank chief who generated both controversy and plaudits.
http://jlne.ws/Av9nl9

Forex trade emails cast doubt on SNB’s Hildebrand
Reuters via Yahoo! News
ZURICH (Reuters) – The supervisory council of the Swiss National Bank forced Philipp Hildebrand to step down as chairman after emails about a currency trade by his wife failed to clear him of involvement in the deal, newspapers reported on Tuesday. Hildebrand’s wife Kashya, a former hedge fund trader who now runs a Zurich art gallery, bought 400,000 Swiss francs ($418,000) worth of dollars on …
http://jlne.ws/xtBFBC

Dudley of N.Y. Fed to Head Organization of Central Bankers
By MARK SCOTT – NY Times
LONDON — William C. Dudley, the current president of the Federal Reserve Bank of New York, has been appointed chairman of the Committee on the Global Financial System, a central bank forum for monitoring and examining issues relating to financial markets and systems.
http://jlne.ws/xm1TLv

RBS to Press on With Promised Bonuses
CNBC
Royal Bank of Scotland is determined to press ahead with plans to pay out promised bonuses to investment bank boss John Hourican and other top staff, despite growing rhetoric from the government about excessive pay.
http://jlne.ws/y7VyJU

LCH.Clearnet hires ex-BofA tech chief
Tom Osborn – Financial News
LCH.Clearnet has hired the former head of currency options technology at Bank of America Merrill Lynch as its head of liquidity and collateral management, as global clearing houses battle to offer banks cost savings on cleared derivatives trades.
http://jlne.ws/Ae4Pqx

Credit Suisse Bankers Said to Bet $450 Million on Firm’s Assets
By Christine Harper and Bradley Keoun
Jan. 10 (Bloomberg) — Credit Suisse Group AG, selling riskier assets to free up capital, has found a ready buyer: its own employees.
http://jlne.ws/yi9e4Y

RBS Faces Nuclear Winter as CEO Dismantles Goodwin’s Bank
BusinessWeek
By Thursday lunchtime in London, the 18,900 employees in Royal Bank of Scotland Group Plc’s investment banking division will know whether they still have jobs at Britain’s biggest government-owned lender.
http://jlne.ws/xKvGSB

Liquidnet Appoints Industry Veteran John Kelly as Chief Operating Officer
Business Wire via Yahoo! Finance
Liquidnet, the global institutional trading network, announced today the appointment of John Kelly as Chief Operating Officer and member of the leadership team effective immediately.
http://jlne.ws/wxqmB9

BNY Mellon Names Cynthia Steer Head of Manager Research & Investment Solutions for Investment Management
PR Newswire via Yahoo! Finance
http://jlne.ws/xP9vbh

Morgan Stanley and American Finance Association Announce Douglas W. Diamond as Recipient of the 2012 Award for Excellence in Finance
Press Release
http://jlne.ws/xqR59D

Morgan Stanley’s Ortega Said to Leave Emerging-Markets Trading
BusinessWeek
Fernando Ortega, the head of Morgan Stanley’s emerging-market fixed-income sales and trading desk in London, has left the bank, according to two people with knowledge of the matter.
http://jlne.ws/wPQY4P

Morgan Stanley’s Lynch Said to Be Among London Departures
BusinessWeek
Patrick Lynch, the head of European credit sales and trading at Morgan Stanley, was among a number of departures at the bank in London, two people with knowledge of the matter said.
http://jlne.ws/xqJ02w

Barclays Closes Argentine Wealth Management Unit to Serve Clients From US
Bloomberg
Barclays Plc (BARC) closed its wealth management office in Buenos Aires on Jan. 6 and will serve Latin American customers from New York and Miami, the company said in an e-mailed statement.
http://jlne.ws/zpGckN

Lazard hires Bulkin as managing director
Market Watch
LONDON -(MarketWatch)- Lazard Ltd. (LAZ) said Monday it has hired Noah Bulkin as a managing director in the bank’s financial advisory business, where he will advise large-cap U.K. companies across a range of sectors on mergers, acquisitions and corporate strategy.
http://jlne.ws/wUd9fi

Goldman Sachs Announces Consent Solicitations for 5.793% Fixed-to-Floating Rate Normal APEX of Goldman sachs Capital II and Floating Rate Normal APEX of Goldman Sachs Capital III
http://jlne.ws/wpm8YA

Straits Financial Expands US Presence with the Formation of the LW Division
PRWeb via Yahoo! News
Straits Financial LLC, a member and brokerage arm of the CWT Group, today announced the hiring of 8 former MF Global Lind-Waldock division employees.
http://jlne.ws/AiecMr

ING Merges Equity Products Units to Cut Costs, Boost Sales
BusinessWeek
ING Groep NV, the biggest Dutch financial-services company, merged its cash-equity business with related products to increase sales, cut costs and improve risk management.
http://jlne.ws/yRf017

RBS Sued for Wrongful Dismissal by Trader It Fired Over Libor
Bloomberg
Royal Bank of Scotland Group Plc was sued for wrongful dismissal by a former Singapore-based trader who said the bank accused him of improperly trying to influence the setting of London interbank offered rates.
http://jlne.ws/xppyr7

For Goldman and Morgan, a year to forget
CNN Money
Dismal fourth-quarter earnings reports are on deck, but there could be a silver lining for Goldman Sachs and Morgan Stanley this year.
http://jlne.ws/AyY4s8

Lehman Australia Files Chapter 15 Bankruptcy Petition In US
By Joseph Checkler – Dow Jones
Lehman Brothers Holdings Inc.’s Australian subsidiary is seeking bankruptcy protection under U.S. law and said its assets could include $1.3 billion to cover investors’ losses tied to synthetic collateralized-debt obligations.
http://jlne.ws/wB1Es2

Regulatory News

The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
http://www.sec.gov/news/digest/2012/dig011012.htm

FSA appoints new Board Chairman for Financial Services Compensation Scheme
Press Release
The Financial Services Authority (FSA) today announced the appointment of Lawrence Churchill CBE as the new Chairman of the Board of the Financial Services Compensation Scheme (FSCS) for three years. He will take up his appointment on 1 April 2012, succeeding David Hall CBE.
http://jlne.ws/yQf1uj

ESMA Publishes A Q&A On MAD Regarding Definition Of Inside Information On Dividends
Press Release
http://jlne.ws/xYrPUs

ASIC accepts enforceable undertaking from former Commonwealth Financial Planning adviser
http://jlne.ws/y6r3xI

[AMF] Issues related to MiFID II – Press conference 16 Decembre 2011 
http://jlne.ws/zcrgqR

Cat-and-Mouse Game in the Gupta Prosecution
By PETER J. HENNING – NY Times
We often think of prosecutions as involving a single crime that took place at a particular moment, so that the charges are fixed and the information that will be presented in court fairly clear-cut. In white-collar prosecutions, that is rarely the case, as prosecutors refine their case after filing charges, sometimes finding new violations, while defendants try to pry evidence from the government that can help their defense.
http://jlne.ws/wVVjvQ

Investments – Indexes – Managed Futures – Managed Funds

Target Funds Miss Their Marks — Again
By SARAH MORGAN – WSJ
Often billed as the fund and brokerage industry’s quick fix for retirement planning, so-called target-date funds took an unexpected turn for the worse in 2011, according to new data.
http://jlne.ws/wm5l1y

Hedge funds fell 4.8% in 2011–Hedge Fund Research
Market Watch
Hedge funds lost 4.8% last year, making for their second decline in four years, according to Chicago-based Hedge Fund Research. The HFRI Fund Weighted Composite Index’s 2011 losses came as mild gains in the fourth quarter weren’t enough to offset losses in the volatile summer month. In 2011, the S&P 500 gained 2.09% taking into account dividends, while fixed income instruments rose 9.24%, as …
http://jlne.ws/xiRPlI

A Boom in Starter Capital for Hedge Funds
New York Times via Yahoo! Finance
A number of big financial firms have been seeding emerging hedge funds as investors look for ways to tap newer managers, who often attain their biggest gains in their early years.
http://jlne.ws/ykmIly

Gold feels weight of Paulson curse
By Jack Farchy – Financial Times
When John Paulson’s hedge fund bought almost 100 tonnes of gold in early 2009, the public support from one of the world’s most respected hedge fund managers was a boon for the bullion market.
http://jlne.ws/yhMBRJ

Exclusive: Former Goldman trader Sze’s Asia hedge fund down
Hartford Courant
HONG KONG (Reuters) – A hedge fund set up by former Goldman Sachs trader Morgan Sze — the biggest launched in Asia in 2011 — lost 6.8 percent last year, two sources with direct knowledge of the matter told Reuters, as it was rattled by a sharp drop in Chinese shares.
http://jlne.ws/z05lkB

Threat Of Collective Action Clause On Greek Debt Not Enough To Trigger CDS – Lawyers
By Katy Burne Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)–Concerns about the predictability of insurance covering Greek sovereign debt resurfaced Monday amid reports that the Greek government may introduce collective action clauses on its existing domestic-law bonds to raise participation in the nation’s debt exchange. The insertion of a collective action clause by itself would not trigger payouts on insurance sold in the form of credit default swaps, or CDS, several derivatives lawyers told Dow Jones Newswires. But the use of the clause likely would trigger CDS contracts for payouts, they added.

Hedge Fund Legend Michael Steinhardt Sanctioned For Improper Trading
Forbes
Delaware judge says Michael Steinhardt, one of the greatest investors ever, made improper insider trades.
http://jlne.ws/x9t1nU

Short-Term Options Drove US-Listed Options To Record Levels In 2011, Says TABB Group – Short-Term Volumes Accounted For 8% Of Trading In 2011, According To New Research
Press Release
http://jlne.ws/A5dyvD

Northern Trust Survey: Institutional Managers Optimistic on U.S. Outlook, but Euro Debt Crisis Overhangs Equities
Business Wire via Yahoo! Finance
Institutional investment managers are gaining confidence in the U.S. economy but the European debt crisis continues to be the primary threat to equities markets, according to a qua
http://jlne.ws/w18VKA

Schwab Finds U.S. Fixed Income Exchange-Traded Funds Gain Favor While Gold Loses Luster With Advisors
Business Wire via Yahoo! Finance
The appetite for exchange-traded funds among independent investment advisors continues unabated into 2012, but a new report released today by Charles Schwab suggests advisors will use them differently this year.
http://jlne.ws/xpnED7

John Hancock Launches New John Hancock Global Absolute Return Strategies Fund (JHAAX)
PR Newswire via Yahoo! Finance
http://jlne.ws/x1C4oI

Seven new Deutsche Bank ETFs launched on Xetra 
http://jlne.ws/wpBvXK

Technology News

CAMBRIDGE MERCANTILE CORP EXPANDS USAGE OF GFI GROUP’S FENICS PROFESSIONAL
GFI FENICSSM enables leading global payments provider to enhance service offering
New York, January 10, 2012 – GFI FENICS SM announced the expansion of its agreement with Cambridge Mercantile Corporation of Toronto, Canada for the licensing of FENICS Professional to include its Montreal and Vancouver offices. FENICS Professional has allowed Cambridge Mercantile Corp to broaden their range of services as part of their aggressive growth strategy.
http://jlne.ws/w1RUxZ

Burgundy Joins The NYSE Technologies Global SFTI Network
Press Release
Burgundy, a trading platform for Nordic securities, today announces their availability via NYSE Technologies’ global SFTI (Secure Financial Transaction Infrastructure) network. The addition of Burgundy as a trading destination on the SFTI backbone enables customers already connected to the backbone to easily receive Burgundy data and trade on their platform without the need to build or connect to a new infrastructure.
http://jlne.ws/zpYAOz

SunGard Closes Syntesys Acquisition to Offer Expanded SWIFT Connectivity and Services
Press Release
SunGard has completed its acquisition of Syntesys, a European SWIFT service bureau and network of business and technical experts dedicated to serving the SWIFT community.
http://jlne.ws/Ah9Kzi

SunGard Lists Ten Historical Market Data Trends for 2012 
Press Release
New York, January 9, 2012 – Oliver Muhr, executive vice president of SunGard’s MarketMap business unit, said, “Economists, equity, fixed income researchers and quant traders need historical data to better understand growth opportunities and validate market positions and trading strategy. This requires not only more data, but more minute and granular information provided in a fast and efficient manner. SunGard offers information management tools that help enterprises filter and curate data for price discovery, financial modeling, risk management and business intelligence.”
http://jlne.ws/xNltB3

Shadow Financial Systems Releases Near-Real Time Reporting for Equity Trade Capture
Marketwire via Yahoo! Finance
Company’s Universal Trade Capture (UTC) Functionality Provides Clients With Accelerated Trade Validation and Reporting
http://jlne.ws/zU3aiL

BNY Mellon Captures ‘Best Global Deployment’ Crown for Derivatives-related Technology
PR Newswire via Yahoo! Finance
http://jlne.ws/zA7gwo

IFS LiquidMetrix extends research and analytics services with Activ Financial
Press Release
http://jlne.ws/AEW2BM

SIA In Partnership With Colt Wins The Tender For The Access Network To TARGET2-Securities
Press Release
http://jlne.ws/wYhfLp

TriOptima Announces The Appointment Of Ken Nishimura As Head Of TriOptima Japan
Press Release
TriOptima announced that Ken Nishimura has been appointed the head of TriOptima Japan. Mr. Nishimura will manage the continuing expansion of TriOptima’s client relationships in Japan as well as the day-to-day operations of TriOptima’s Tokyo office.
http://jlne.ws/zOZIMD

Media News

Do hedge funds offer value for their fees? No
By Jonathan Davis – Financial Times
One of my New Year resolutions – and sadly the first to be broken – was not to write any more negative articles about hedge funds. Some of the poor chumps in the industry seem to be sensitive to anything remotely critical of their activities. My measured comments in this space last August prompted the industry’s official lobbyist, the Alternative Investment Management Association, to complain that I was peddling “hoary old myths” about the hedge fund business.
http://jlne.ws/y4kR41

Reports

Briefing.com Economic Calendar
http://www.briefing.com/Investor/Public/MarketAnalysis/Calendars/EconomicCalendar.htm

USDA Today
http://www.nass.usda.gov/Publications/index.asp

CBOE Events Calendar
http://www.cboe.com/AboutCBOE/EventCalendar.aspx

Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.
http://www.cmegroup.com/tools-information/calendars/

Asia-Pacific News

Singapore Exchange CEO Says IPO Pipeline Is Strong
BY P.R. VENKAT – WSJ
SINGAPORE—The chief executive of Singapore’s stock exchange operator said more companies than ever before are looking to tap the city-state’s capital market and the pipeline for initial public offers is strong.
http://jlne.ws/xjcdze

BofA prunes senior ranks in Asia investment banking: sources
Reuters via Yahoo! News
HONG KONG (Reuters) – Bank of America-Merrill Lynch , the second-largest U.S. bank by assets, is cutting around a fifth of its managing directors across its Asia investment banking division, sources said on Monday, in a bid to cut costs as the outlook sours in a once-booming region.
http://jlne.ws/A5fUzJ

Nomura’s Wholesale Banking Chief Bhattal Resigns, Quits Industry
BusinessWeek
Nomura Holdings Inc., Japan’s biggest brokerage, said wholesale banking unit chief Jesse Bhattal resigned today.
http://jlne.ws/w4YLaP

Citigroup Japan to promote Nagato to chairman, Nikkei reports
Theflyonthewall.com via Yahoo! Finance
Citibank Japan (C) is expected to name Vice Chairman Masatsugu Nagato to chairman on Tuesday, the Nikkei reports.
http://jlne.ws/xwB4zH

SGX introduces investor education portal
Press Release
Singapore Exchange (SGX) is introducing the ‘My Gateway’ portal to meet increasing investor interest for more investment knowledge and education.
http://jlne.ws/z5dIhW

Thai Bourse Launches “Invest Thailand” Campaign to Boost Confidence
Press Release
http://jlne.ws/w51QcO

Thailand Clearing House Admits New Members
Press Release
http://jlne.ws/x3cX05

Shanghai Stock Exchange Launches Appraisal On Excellent Cases Of Investor Education
Press Release
http://jlne.ws/wNWsRP

Taiwan Futures Exchange Monthly Newsletter – January 2012
Press Release
http://jlne.ws/xsdW5f

HKEx Announces Temporary Holiday Risk Management Arrangements
Press Release
Hong Kong Exchanges and Clearing Limited (HKEx) has announced the following holiday risk management arrangements.
http://jlne.ws/wDOiQi

Shanghai Stock Exchange And China Securities Index Co.: Postponement Of Launch Of SSE 300, SSE 100 And SSE 100 EW Indices
Press Release
http://jlne.ws/z8xIz1

Frontier Markets

Emerging markets’ golden age is at an end
By Peter Tasker – Financial Times
It wasn’t supposed to happen this way. The biggest surprise for equity investors in 2011 was not the weakness of the crisis-ravaged European markets but the carnage in the stock markets of the emerging economies.
http://jlne.ws/zK8Lg9

New Executive Director Roles At Securities Commission Malaysia
Press Release
Encik Nik Mohd Hasyudeen Yusoff and Ms Foo Lee Mei have been appointed to the Management Committee of the Securities Commission Malaysia (SC) as Executive Directors effective 1 January 2012. They will continue to remain Executive Chairman, Audit Oversight Board (AOB) and General Counsel of the SC respectively.
http://jlne.ws/ADVbjW

Miscellaneous News

A Paradox of Smaller Wall Street Paychecks
By ANDREW ROSS SORKIN – NY Times
Is Wall Street cutting bonuses enough? That is a question worth considering amid chatter that investment banking bonuses are expected to be the lowest they have been since 2008 amid lackluster profits.
http://jlne.ws/wS6p4F

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Matte is chief operating officer of John J. Lothian & Co. He edits the John Lothian Newsletter, JLN Forex and MarketsWiki.