CME GroupCME Group

John Lothian Newsletter: CBOE And DRW Teaming Up To Launch Swap-Like Futures; $1.6 billion in missing MF Global funds traced; CME, Finra Seek Closer Ties On Regulation

What is the John Lothian Newsletter? Edited by John Lothian and Jon Matte, our flagship newsletter provides daily news and commentary about the global exchange traded derivatives, securities and related OTC markets. The newsletter is offered on a voluntary pay basis. If you find it useful, we ask that you pay for it. Free for students and journalists. Subscribe  Make a Payment

CBOE and DRW Trading are working on a futures product that works like an OTC swap, with the goal of providing swap dealers with an alternate way (and alternate regulations) for working with swaps. The MF Global trustee says that at this point, they pretty much know where the money went, but they’re not sure how much of it they can get back. If that’s not enough MF Global news for you, you’ll also find comments from Jill Sommers of the CFTC; an update on trading in bankuptcy debt payments; and Louis Freeh says just kidding, we’re not really going to pay bonuses to the execs who are wrapping up the company. CME Group and FINRA say they’re working on a way to work more closely together in the future.

Observations – Statistics – Commentary

CME Signs CEO-To-Be Gill To New Two-Year Contract, Boosts Pay
By Jacob Bunge, Of DOW JONES NEWSWIRES
Phupinder Gill will have an initial two-year term as chief executive of CME Group Inc. under a new contract that the world’s largest futures exchange operator filed with regulators Tuesday.
http://jlne.ws/IfrUBt

**** Great, more intrigue.

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MarketAxess Appoints Steven Begleiter to Board of Directors
MarketAxess Holdings Inc., the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, today announced that it has appointed Steven L. Begleiter to its Board of Directors.
http://jlne.ws/IfrURK

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Gary Anderson Named New CEO Of DGCX
Press Release
The Dubai Gold and Commodities Exchange (DGCX) today announced the appointment of Gary Anderson as its new Chief Executive Officer (CEO).
http://jlne.ws/IfrScK

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‘Real’ investors eclipsed by fast trading
By Telis Demos in New York – Financial Times
Trading by “real” investors is taking up the smallest share of US stock market volumes in over a decade, according to a recent study. The findings highlight how US trading activity is increasingly being fuelled by fast turnover of shares by independent firms and the market-making desks of brokerages, many using high-frequency trading engines.
http://jlne.ws/IfrURR

**** There you have it. High Frequency traders are not “real” investors.

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CFTC’s Sommers says no conclusions yet on MF Global
Reuters via Yahoo! News
The futures regulator has the power to go after top executives who “aid and abet” violations by their companies, said Jill Sommers, who is heading up the Commodity Futures Trading Commission‘s probe into bankrupt brokerage MF Global.
http://jlne.ws/IfrURS

**** The conclusions I am coming to are not pretty.

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LME Approves First Chinese Member
Resource Investor
The London Metal Exchange said Tuesday that BOCI Global Commodities (UK) Ltd.,has been approved for category two associate broker clearing membership and will become the first Chinese member of the exchange.
http://jlne.ws/IfrSt7

**** Get ready to see more headlines like this.

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The day austerity died
Commentary: Restructuring early and harshly is far better than waiting
By Peter Tchir – MarketWatch
Lots of little things seem to be contributing to the strength of the market, but there does also seem to be a belief that Germany finally “gets it.” Germany is finally going to relent on their demands for austerity. Read Minyanville’s “Spain: Too Big to Fail and Too Big to Save.”
http://jlne.ws/IfrURX

**** Bye, bye Miss American Pie, drove my Chevy to the levee, but the levee was dry…..the day austerity died.

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Source’s Cover Blown by SEC
BY SCOTT PATTERSON AND JENNY STRASBURG – WSJ
Federal securities regulators, in a sensitive breach, inadvertently revealed the identity of a whistleblower during a probe of a firm that ran a stock trading platform. The gaffe by the Securities and Exchange Commission occurred during an investigation of Pipeline Trading Systems LLC when an SEC lawyer showed an executive who was being questioned a notebook from the whistleblower filled with jottings about trades, calls and meetings. The executive says he recognized the handwriting.
http://jlne.ws/IfrUS1

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Banks are on a eurozone knife-edge
By Martin Wolf – Financial Times
We want to get away from them. But “developments in the euro area remain the key risk to global financial stability. Recent important policy steps have brought some much-needed relief to financial markets, as sovereign spreads have eased, bank funding markets have reopened, and equity prices have rebounded. However, new setbacks could still occur.
http://jlne.ws/IfrV8j

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Do the right thing, watchdog Sants tells bankers
Reuters via Yahoo! News
Bankers should “do the right thing” in salaries and service to clients and not be driven purely by the size of their pay packets, top regulator Hector Sants said on Tuesday in his last speech before standing down.
http://jlne.ws/IfrV8k

***JM: And here we thought regulation was a complex issue…

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Time Is Money, and GPS Spoofing Can Cost It
TheStreet.com
I always knew I could lose my shirt on Wall Street, but I never thought I’d have to worry about my watch. Not the Rolex, but the actual seconds marking the passage of time. It turns out the sands of the hourglass that tell us when things such as stocks and bonds get traded can be stolen. Don’t believe me? I’ve spent real time with the man who may have snapped time’s Master Lock: Todd Humphreys, a professor of aerospace engineering and engineering mechanics at the University of Texas at Austin.
http://jlne.ws/IfrStm

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MarketsWiki Page of the Day
Chow Chung-Kong
http://jlne.ws/JlSR5r

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MarketsWiki Recent Updates

People

Michael Bodson; Chow Chung-Kong; Ronald Arculli; Michael C. Bodson

Companies, Organizations and Groups

PricewaterhouseCoopers; LCH.Clearnet Group Ltd.

Miscellaneous

Upcoming Events

Statistics

22,449,403 pages viewed, 6,827 articles, 139,504 edits
MarketsWiki Statistics
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Lead Stories

UPDATE: CBOE And DRW Teaming Up To Launch Swap-Like Futures
By Katy Burne Of DOW JONES NEWSWIRES
A unit of the company that owns the Chicago Board Options Exchange and Chicago’s DRW Trading Group are working together to create exchange-traded futures contracts that mimic the role of certain equity derivatives traded privately, or “over the counter.” Their joint venture, and the instruments they plan to offer publicly later this year, are a bid to cash in on the growing interest in products that repackage complex off-exchange derivatives or “swaps” into exchange-traded futures, helping users avoid certain fees for esoteric trades under the Dodd-Frank financial overhaul law.
http://jlne.ws/IfrSJD

$1.6 billion in missing MF Global funds traced
CNN Money
Investigators probing the collapse of bankrupt brokerage MF Global said Tuesday that they have located the $1.6 billion in customer money that had gone missing from the firm.
http://jlne.ws/IfrSJF

UPDATE: CME, Finra Seek Closer Ties On Regulation
By Jacob Bunge Of DOW JONES NEWSWIRES
CME Group Inc. (CME) aims to work more closely with the Financial Industry Regulatory Authority, or Finra, to supervise firms that do business in both the stock and derivatives markets, according to the chairmen of both entities.
http://jlne.ws/IfrSJK

Clearstream to join ECB settlement project
By Philip Stafford – Financial Times
Clearstream Banking, the German central securities depository, has agreed to join the ambitious project to streamline Europe’s securities settlement system, giving the troubled venture a significant boost.
http://jlne.ws/IfrV8u

Freeh: MF Executives Won’t Get Bonuses
BY MIKE SPECTOR AND JAMILA TRINDLE – WSJ
The MF Global Holdings Ltd. executives still working to untangle the records of the failed firm won’t receive bonuses, the trustee overseeing its bankruptcy estate told a Senate panel Tuesday.
http://jlne.ws/IfrSJQ

Trading Surges in MF Global Bankruptcy Claims
By KATY BURNE – Dow Jones
Bankruptcy claims on failed broker MF Global Inc. are trading in the secondary market at a rapid clip, according to broker-dealer SecondMarket Holdings Inc.
http://jlne.ws/IfrVoO

[Video] William Cohan on MF Global’s Accountability
Bloomberg
April 24 (Bloomberg) — William Cohan, author of “Money and Power: How Goldman Sachs Came to Rule the World” and a Bloomberg View columnist, talks about the bankruptcy of MF Global Holdings Ltd. and its impact on bondholders.
http://jlne.ws/IfrVoW

DealBook: MF Global Trustee Calls for Fund to Protect Customers
New York Times
James W. Giddens, the trustee tasked with returning missing funds, suggested establishing an insurance fund for commodities customers to safeguard assets in the event of a future collapse.
http://jlne.ws/IfrVp0

U.K. Back in Recession
BY JASON DOUGLAS AND NICHOLAS WINNING – WSJ
The U.K. slid back into recession in the first quarter of 2012, dealing a fresh blow to Prime Minister David Cameron’s governing coalition and complicating its efforts to fix the nation’s public finances.
http://jlne.ws/IfrT0a

The high cost of disorderly deleveraging
By John Plender – Financial Times
Markets in Europe have understandably been preoccupied with politics, but Monday’s weak eurozone purchasing managers’ indices suggest that more attention ought now to be paid to the dysfunctional relationship between eurozone banks and the real economy.
http://jlne.ws/IfrVp1

Environmental Trading News

EU Says Carbon Auctions Review Won’t Reduce Amount of Permits
Bloomberg
The planned review of European Union’s carbon-permit auctioning regulation would change the timing of sales, while keeping intact the amount of allowances to be sold in the next trading period from 2013, the EU said.
http://jlne.ws/IQgpgh

Hopes for carbon trades between Australia and Europe
ABC
The Federal Government says a carbon trading network between Europe and Australia could be up and running by the end of this year.
http://jlne.ws/I0imGI

China may steal a march on Europe in fight against climate change
Guardian
For too long, developed countries have used the excuse there is little point in acting to tackle climate change, if China, now the world’s biggest emitter, doesn’t act too. Sandbag’s new report into the emergence of emissions trading in China shows the speed and extent to which things are changing and we argue that Europe must now increase its own ambitions.
http://jlne.ws/J8jkz0

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

Exchange & ECN News

Nasdaq OMX 1Q Net Down 18% On Lighter Volume, Increased Expenses
DOW JONES NEWSWIRES
Nasdaq OMX Group Inc.’s (NDAQ) first-quarter profit fell 18% as the tech-heavy exchange operator faced dimmed trading volume and an increase in expenses. A year-end stock market rebound that stretched into the first quarter was notable for the absence of significant trading volume, putting pressure on exchanges like Nasdaq that rely on fees drawn from the execution of trades for their members. Chief Executive Bob Greifeld on Wednesday acknowledged the company faced declining volume in the first quarter, but said growth in its businesses beyond executing trades helped limit the impact.

Griffin Markets announces MTF for OTC energy markets
Automated Trader
Griffin Markets Group, a new energy trading platform provider, has announced that it will introduce a Multilateral Trading Facility (‘Griffin MTF’) for the European over-the-counter (OTC) energy markets. The Griffin MTF will launch in the third quarter of 2012, with OTC gas, electricity and coal contracts and is subject to regulatory approval by the UK’s Financial Service Authority.
http://jlne.ws/JptIo0

OSE Announces Launch Date for OSE DJIA Futures
Osaka Securities Exchange Co., Ltd. (OSE) today announced that it will launch futures contracts based on the Dow Jones Industrial Average on Monday, May 28, 2012, subject to market readiness.
http://jlne.ws/IfrT0d

Regulator sees draft rules on TMX-Maple deal soon
Reuters via Yahoo! News
Canada’s main securities regulator will soon unveil terms and conditions under which it might approve Maple Group’s C$3.8 billion ($3.84 billion) bid to take over the operator of the Toronto Stock Exchange.
http://jlne.ws/IfrT0o

LCH.Clearnet set to acquire IDCG
By Telis Demos in New York – Financial Times
LCH.Clearnet is continuing to expand its US base ahead of over-the-counter derivatives clearing reforms, striking a preliminary agreement to acquire the International Derivatives Clearing Group from Nasdaq OMX.
http://jlne.ws/IfrVFr

Euroclear: New EMX Message System Record: 30,000 Orders Routed Daily
Press Release
Euroclear’s EMX Message System recently reached a new record of transmitting 30,000 fund order messages in a single day. Growth in the use of Euroclear UK & Ireland’s EMX Message System continues to expand since a record 39 million messages were routed in 2011.
http://jlne.ws/IfrVFv

Equiduct Selects EuroCCP To Provide Interoperable Clearing Services
Press Release
EuroCCP, the pan-European cash equities clearing house, today announced that it has been selected by Equiduct to provide interoperable Central Counterparty (CCP) clearing. Equiduct is a pan-European trading platform, operated by the regulated market Börse Berlin.
http://jlne.ws/IfrTgL

Swiss Exchange Upgrades Technology to Cut Trading Times
Bloomberg
SIX Swiss Exchange Ltd. upgraded its technology and allowed customers to set up nearby servers to cut trading times as the operator of the Zurich bourse seeks to fight off competition.
http://jlne.ws/IfrTgN

Russia’s MICEX Aims To Introduce New Settlement Regime By Nov
FOX Business
Russia’s largest exchange group plans to bring its settlement regime into line with international practice by November, in a move that will make trading easier for both foreign and domestic participants, the group’s chief said Tuesday.
http://jlne.ws/IfrVVU

NASDAQ OMX Acquires NOS Clearing ASA
http://jlne.ws/IfrTgW

KCBT Raises HRW Wheat Minimum Margins for Inter-Crop Year Spreads
http://jlne.ws/IfrVW0

London Metal Exchange Membership Application – BOCI Global Commodities (UK) Limited
http://jlne.ws/IfrVW5

London Metal Exchange Membership Application – G.H. Financials Limited
http://jlne.ws/IfrTxg

London Metal Exchange Membership Resignation – Phibro Limited
http://jlne.ws/IfrTxh

NYSE Amex Issues Short Interest Report
http://jlne.ws/IfrWcq

NYSE Group Inc. Issues Short Interest Report
http://jlne.ws/IfrTxn

NASDAQ Announces Mid-Month Open Short Interest Positions In NASDAQ Stocks As Of Settlement Date April 13, 2012
http://jlne.ws/IfrTNG

Banks, Brokers & Dark Pools

Credit Suisse Profit Falls 96% in First Quarter
By JULIA WERDIGIER – NY Times
Credit Suisse said on Wednesday that profit fell 96 percent in the first quarter, as the big Swiss bank continued to contend with the dual headwinds of a new regulatory environment and an economic slump.
http://jlne.ws/IfrTNJ

BTG Pactual Raises $1.93 Billion in I.P.O.
By DAN HORCH – NY Times
BTG Pactual, the Brazilian investment banking powerhouse, raised $3.625 billion reais ($1.93 billion) on Tuesday night in the largest Brazilian initial public offering of stock since Banco Santander Brasil went public in 2009.
http://jlne.ws/IfrWcB

JPMorgan’s New Asia Chief Sees Growth Opportunities
By MICHAEL J. DE LA MERCED – NY Times
Over his four years at JPMorgan Chase, Jeff Urwin has taken an increasingly global role. Now, the next stop in his career involves moving halfway around the world.
http://jlne.ws/IfrWsQ

How 9 Banks Are Exposed To $200 Trillion Worth Of Derivatives [Infographic]
Business Insider
Demonocracy created a great infographic detailing the exposure of the nine banks with the largest exposure to derivatives. Combined, these nine banks are exposed to $228.72 trillion in derivatives, a shockingly high number.
http://jlne.ws/IfrWsX

Rate Swaps a Hedge Too Far for U.K. Fish Fryers, Dentists
Bloomberg
I fry fish and chips, he said in a phone interview. “I don’t know anything about international derivatives.âE? MacGregor sued the lender after taking the advice of his bank manager in 2007 and buying a so-called collar agreement, a swap to protect against rising rates, according to court papers.
http://jlne.ws/IfrU4i

Saxo Bank Takes Two Awards at the 2012 World Finance Awards
Marketwire via Yahoo! Finance
Saxo Bank, parent company of Saxo Capital Markets, has won two awards at this year’s World Finance 2012 Foreign Exchange Awards.
http://jlne.ws/IfrU4j

Credit Suisse Posts First Loss in Three Years on Revamp
Bloomberg
Credit Suisse Group AG (CSGN) reported a 96 percent decline in first-quarter profit after booking accounting charges related to its own debt and costs for 2011 bonuses.
http://jlne.ws/IfrU4m

Jefferies Hires Goldman’s Welsh As Global Forex Head – Sources
Dow Jones
Jefferies Group Inc. (JEF) has hired Benjamin Welsh, a former Goldman Sachs Group Inc. (GS) managing director, as global head of foreign exchange and plans to recruit additional professionals in the business, according to people familiar with the situation.
http://jlne.ws/IfrU4t

Fraud lawsuit survives over Goldman’s Abacus CDO
Reuters via Yahoo! News
Goldman Sachs Group Inc must defend fraud claims brought by a bond insurance company over its notorious Abacus mortgage product deal, a New York state judge ruled, but she decided that the investment bank did not unjustly enrich itself.
http://jlne.ws/IfrWJo

Goldman Sachs Wins Dismissal of Claim in ACA Financial Suit
Bloomberg
Goldman Sachs Group Inc. (GS) won the dismissal of a claim in a lawsuit brought by ACA Financial Guaranty Corp. over a mortgage-based investment that led to a settlement with the U.S. Securities and Exchange Commission.
http://jlne.ws/IfrWJz

J.P. Morgan Launches Image Deposit Direct Mobile
http://jlne.ws/IfrWJA

Irish Bank Evicts Pensioner After $155 Billion Losses: Mortgages
Bloomberg
Brendan Kelly’s televised eviction from his Dublin house hit close to home for many of those watching in Ireland, where one in seven mortgages is in trouble.
http://jlne.ws/IfrZF3

BofA Merrill Lynch poaches from UBS
By Patrick Jenkins, Banking Editor – Financial Times
Bank of America Merrill Lynch has launched a tit-for-tat battle against Swiss rival UBS, poaching the Swiss bank’s former co-head of investment banking to run its investment banking operations in Europe.
http://jlne.ws/IfrX09

Barclays Betting on Investment Bank Profit to Quell Pay Revolt
Bloomberg
Barclays Plc (BARC) Chief Executive Officer Robert Diamond is betting that rising profitability at the investment bank he built will allow him to fend off a shareholders’ revolt over his compensation.
http://jlne.ws/IfrXgp

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.shtml

Testimony Before The United States Senate Committee On Banking, Housing, And Urban Affairs, By CFTC Commissioner Jill E. Sommers
http://jlne.ws/IfrXgq

Testimony On The Collapse Of MF Global: Lessons Learned And Policy Implications By Robert Cook Director, Division Of Trading And Markets U.S. Securities And Exchange Commission – Before The Committee On Banking, Housing, And Urban Affairs, United States Senate
http://jlne.ws/IfrXgw

Job One – Statement Of CFTC Commissioner Bart Chilton Regarding MF Global And Customer Protection
http://jlne.ws/IfrZFe

H&R Block Subsidiary Agrees to Pay $28.2 Million to Settle SEC Charges Related to Subprime Mortgage Investments
The Securities and Exchange Commission today charged H&R Block subsidiary Option One Mortgage Corporation with misleading investors in several offerings of subprime residential mortgage-backed securities (RMBS) by failing to disclose that its financial condition was significantly deteriorating.
http://jlne.ws/IfrZFf

Egan-Jones Ratings Co. and Sean Egan Charged with Making Material Misrepresentations to SEC
The Securities and Exchange Commission today announced charges against Egan-Jones Ratings Company (EJR) and its owner and president Sean Egan for material misrepresentations and omissions in the company’s July 2008 application to register as a Nationally Recognized Statistical Rating Organization (NRSRO) for issuers of asset-backed securities (ABS) and government securities.
http://jlne.ws/IfrZFi

“The Unintended Consequences Of Banking And Financial Regulation” To Be The Theme Of The Next Edition Of EDHEC Research Day On 21 June 2012 In London
The sixth edition of the EDHEC Research Day will take place on June 21, 2012 in London, at the Guoman Tower Hotel. This year, the conference programme will be articulated around the main theme: The Unintended Consequences of Banking and Financial Regulation.
http://jlne.ws/IfrXwV

[FINRA] Testimony of Chairman and CEO Richard G. Ketchum Before the Committee on Banking, Housing, and Urban Affairs—4/24/12
http://jlne.ws/IfrZVF

NFA Comment Letter to CFTC: Regulation 4.5 Harmonization
http://jlne.ws/IfrXwZ

[NFA] Letter to the Honorable Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois
http://jlne.ws/IfrZVI

[NFA] Letter to Mr. James W. Giddens, Trustee for SIPA Liquidation of MF Global Inc., Hughes Hubbard & Reed LLC, and Mr. James Dimon, Chairman and Chief Executive Officer, JPMorgan Chase & Co. and February 14, 2012 Amicus Curiae Brief of National Futures Association
http://jlne.ws/IfrZVJ

FMA hosts 25th annual BSCEE conference in Vienna from 23 to 26 April 2012
The 25th annual conference of the Group of Banking Supervisors from Central and Eastern Europe (BSCEE) will be held in Vienna from 23 to 26 April 2012. The banking supervisors of 22 countries in Central, Eastern and South-Eastern Europe belong to the BSCEE. Joining in 2008, the FMA has chaired the group since 1 January 2012. With “Cross-border cooperation – theory versus practice” as the main topic of the conference, the FMA specifically plans to present and discuss the package of measures aimed at reinforcing the sustainability of the business models of Austrian banks with international operations. A further topic is “Basel III – the road ahead”.
http://jlne.ws/IfrXx7

UK’s Financial Services Authority Confirms Traded Life Policy Investments Should Not Generally Be Promoted To UK Investors
http://jlne.ws/IfrZVR

BCSC Executive Director’s Bulletin: Securities regulator alleges that CEO and directors of company failed to make immediate disclosure
http://jlne.ws/IfrXxd

Gupta Judge Limits Release of Data on Second Goldman Tipper
Bloomberg
The judge presiding over the prosecution of former Goldman Sachs Group Inc. (GS) director Rajat Gupta limited the release of information about a second employee of the bank passing tips to Galleon Group LLC co-founder Raj Rajaratnam.
http://jlne.ws/Ifs0c9

Investments – Indexes – Managed Futures – Managed Funds

ISDA Enhances CDS Marketplace Website
The International Swaps and Derivatives Association, Inc. (ISDA) today announced several key enhancements from Fitch Solutions to the ISDA CDS MarketplaceSM(www.isdacdsmarketplace.com), a website that brings together information, data and statistics on the credit default swaps (CDS) business.
http://jlne.ws/IfrXNw

LCH.Clearnet In Talks For US Clearer
By Tim Cave Of FINANCIAL NEWS
LCH.Clearnet, which is set to be bought by the London Stock Exchange (LSE.LN), is in advanced discussions to carry out a share swap with Nasdaq OMX (NDAQ) as part of a deal to buy a U.S.-based clearing house. The Anglo-French post-trade services provider said today that it had signed non-binding heads of agreement with Nasdaq OMX to acquire International Derivatives Clearing Group, or IDCG.
http://jlne.ws/IfrXNA

University of Oxford Partners with Man Group and OneMarketData to Create New Data Lab for Financial Research
The University of Oxford today announced it is establishing new facilities to help researchers deepen their understanding of financial systems. The Oxford-Man Institute of Quantitative Finance (OMI) virtual ‘data lab’ will be powered by OneTick, a single solution for complex event processing (CEP), analytics and tick data created by OneMarketData, LLC.
http://jlne.ws/IfrXND

State launches investment pool with Fidelity
Providence Business News
THE STATE has launched the Ocean State Investment Pool with Fidelity Investments, General Treasurer Gina M. Raimondo announced Monday.
http://jlne.ws/Ifs0ci

Hedge fund Brevan Howard cashes in on popularity
Reuters via Yahoo! Finance
Investors desperate to get exposure to Brevan Howard’s Master fund, one of the world’s biggest and top-performing hedge funds, are piling into a fund giving them only partial exposure to the secretive …
http://jlne.ws/Ifs0sA

Managers pocket 28 pct of hedge fund profits – study
Reuters via Yahoo! Finance
Hedge fund managers pocketed 28.1 percent of profits generated by their funds over the past 18 years, new research from London’s Imperial College found. The research, commissioned by KPMG and hedge fund …
http://jlne.ws/Ifs0sC

Man Group Rises as UBS Says Hedge-Fund Firm Is a Takeover Target
Bloomberg
Man Group Plc (EMG) rose in London trading after analysts at UBS AG said the past year’s share- price decline for the world’s biggest publicly traded hedge-fund manager makes it a takeover target.
http://jlne.ws/Ifs0sE

Jim Rogers: Lots of Growth Left for Agriculture Investors
Wall Street Journal Blogs
Investor Jim Rogers think the agricultural investment wave is still in its early innings.
http://jlne.ws/Ifs0sH

Stonegate Capital Partners, LLC Announces the Release of Hedge Fund In A Box, a Comprehensive Hedge Fund Service Solution Helping Emerging Managers Start a Hedge Fund
Hedge fund formation specialists, Stonegate Capital Partners, LLC announces the release of its Hedge Fund In A Box solution, which is the firm’s innovative alternative investment fund formation and operational management platform.
http://jlne.ws/Ifs0sK

ISDA Enhances CDS Marketplace Website
http://jlne.ws/IfrY4a

TriOptima introduces its new triBalance service for reducing systemic risk by rebalancing counterparty credit exposure for cleared and uncleared OTC derivatives
http://jlne.ws/Ifs0Jn

FTSE Group Launches FTSE US Total Market Index Series – New Series Is Broadest US Domestic Index Available
http://jlne.ws/Ifs0Jp

The NASDAQ Commodity Index Family Goes Live – Index Family Is The Latest Offering By The NASDAQ OMX Global Index Group
http://jlne.ws/IfrYkF

Technology News

SunGard Launches New Version of its Ambit Core Banking Solution for Balance Sheet Management
SunGard has unveiled a new version of Ambit Core Banking, its universal core banking system, to help banks stabilize earnings and respond to margin pressure. Ambit Core Banking now includes balance sheet and risk management tools embedded into the core banking system in addition to retail deposits and lending, commercial banking, trade finance, and treasury management.
http://jlne.ws/IfrYAZ

SunGard to Announce First Quarter Results on May 1, 2012
SunGard, one of the world’s leading software and technology services companies, announced today that it will release financial results for the first quarter ended March 31, 2012 on the morning of Tuesday, May 1, 2012.
http://jlne.ws/IfrYB5

Orc integrates with Cscreen to provide OTC pricing and reporting functionality
Orc, a leading provider of technology and services for the global financial industry, today announced that it has integrated the Orc Trading products with Cscreen, NYSE Liffe’s global pre-trade price discovery platform, providing traders with a more efficient way of interfacing Indications of Interests (IOIs) for equity and index derivatives from inter-dealer brokers (IDBs).
http://jlne.ws/Ifs0ZM

FFastFill Announces Further LME Trading Win With Tullett Prebon -25 LME Members Now Contracted With FFastFill
Press Release
FFastFill plc, the leading provider of Software as a Service (“SaaS”) to the global derivatives community, is pleased to announce the signing of Tullett Prebon to its Horizon multi-broker trading network. FFastFill is the leading supplier of SaaS to the London Metal Exchange (LME) community.
http://jlne.ws/IfrYBd

Deltix wins both categories for automated trading in Technical Analyst 2012 Awards
Deltix, Inc., a leading provider of software for the development and deployment of advanced alpha generation and execution strategies won both categories for automated trading in the 2012 Technical Analyst Awards, announced at an awards dinner in London on 19 April. The two categories won by Deltix were “Best Automated Trading Product: Strategy Development” and “Best Automated Trading Product: Execution”.
http://jlne.ws/Ifs0ZS

Thomson Reuters Launches Elektron Hosting Service In Brazil
Thomson Reuters Elektron To Provide High Speed Access To BM&F BOVESPA For Algorithmic And High-Frequency Traders
http://jlne.ws/Ifs1g8

QuantHouse Releases Major Automated Trading Platform Upgrade
Newly Acquired S&P Capital IQ Unit Enhances Speed, Data And Workflow Capabilities On Quants’ Preferred Trading Platform
http://jlne.ws/IfrYBf

SIX Financial Information Turns To OneTick For Market Data Platform Re-Architecture
http://jlne.ws/IfrYRv

LINZ AG Selects OneTick To Create Superior Quant Trading Strategies
OneMarketData, the founders of OneTick, a single solution for complex event processing (CEP) and tick data that spans both historical and real-time, today announced that LINZ AG, a Northern Austrian energy and infrastructure supplier, has selected OneTick to drive strategy development and signal generation for quant trading.
http://jlne.ws/IftRxK

Colt Becomes The First Services Provider To Offer Direct Ultra Low Latency Services From The NYSE’s Data Centre To Frankfurt
http://jlne.ws/IfrYRy

TradingScreen Launches TradePlus For Brazil – Sell-Side Order Management System Covers All Asset Classes In A SaaS Model
http://jlne.ws/IfrYRD

Fixnetix Is 1st Fintech Company In Europe To Offer Altera’s Stratix V FPGA Chip – Aligns With BittWare For Maximum Performance With iX-eCute
http://jlne.ws/Ifs1gj

AlgoSpan Launches NYSE Liffe On AlgoData Radio Feed
http://jlne.ws/Ifs1gl

New CFD Trading Platform by DF Markets
DF Markets offers traders easy access to a variety of financial markets through a professional yet user friendly CFD trading platform. The following article presents the features and benefits of the DFTrader CFD trading platform provided by DF Markets.
http://jlne.ws/Ifs1gp

Media News

Facebook IPO Could Be Delayed by Deals, Distractions
Kate Kelly – CNBC
Less than two weeks before the potential launch of Facebook’s initial public offering roadshow, a string of acquisitions and other business distractions are threatening to delay the sale, say people familiar with the matter.

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

CIC and BlackRock to team up in China
By Henny Sender in Hong Kong – Financial Times
China Investment Corp, China’s sovereign wealth fund, and BlackRock, the world’s largest asset manager, are set to launch a joint China-focused investment fund.
http://jlne.ws/IfrYRI

Fraud Heightens Jeopardy of Investing in Chinese Companies
By STEVEN M. DAVIDOFF – NY Times
You might think that if you bought shares of a Chinese company that was listed on an American stock market, you would actually own a piece of that company. Unfortunately, it is not that simple.
http://jlne.ws/Ifs1wE

SGX welcomes SinoPac Futures as New Member
Singapore Exchange (SGX) announced today that SinoPac Futures Corp. has joined its derivatives market as a new Trading Member.
http://jlne.ws/Ifs1wJ

Thai Bourse Enhances Securities Depository Services
Press Release
The Stock Exchange of Thailand (SET) announces that it has scheduled to launch Thai Depository Portal on May 1 for securities depository services of bonds and funds listed on SET. The system, as a communication channel for registrars through Thailand Securities Depository Co., Ltd. (TSD), helps increase security of information transmission, while reducing risks, and procedures.
http://jlne.ws/Ifs1wL

Frontier Markets

Abu Dhabi’s Wealth Fund Said to Hire Axa Private Equity’s Florin
Bloomberg
Christophe Florin, chief operating officer of Axa Private Equity, has left to join the Abu Dhabi Investment Authority, according to three people with knowledge of the matter.
http://jlne.ws/Ifs1wT

Nigeria bourse buys Nasdaq platform, live in 2013
Reuters via Yahoo! News
Nigeria’s Stock Exchange (NSE) signed a deal to adopt the Nasdaq X-Stream trading platform on Tuesday, and said it would aim to go live with it by the second quarter of 2013, part of a string of reforms to overhaul the bourse.
http://jlne.ws/IfrZ88

Kenya’s markets regulator CEO to step down in June
Reuters via Yahoo! News
The chief executive officer of Kenya’s Capital Markets Authority (CMA) plans to leave her post at the end of June after one term of four years, it said on Tuesday. Stella Kilonzo’s tenure was marked by a crackdown on rogue stock brokers to help restore confidence at the Nairobi Securities Exchange.
http://jlne.ws/Ifs1wW

India Alienates Foreign Investors
BY HARSH JOSHI – WSJ
Risks from dwindling foreign investment are looming for India. The solution requires some combination of an improving economy and a credible policy response. So far, neither is visible.
http://jlne.ws/IfrZox

Deutsche Bank Awarded Best Fund Administrator at Hedge Funds World Middle East Conference
http://jlne.ws/IfrZoy

Citigroup Buys Office Property In Mumbai For $187 Million – Report
FOX Business
Citigroup Inc. (C) has purchased a property spread over 297,000 square feet in Mumbai’s Bandra Kurla Complex area for INR9.85 billion ($187 million) from a consortium led by the Purnendu Chatterji group, the Economic Times reported Wednesday, without citing any sources.
http://jlne.ws/Ifs1Nh

Miscellaneous News

Hedge-Fund Managers Can Pass Up a Look Down Under: William Pesek
William Pesek – Bloomberg
For Australia, it’s all coming down to bananas once again.The nation’s 23 million people can be very touchy about references to the yellow fruit. Many still seethe over a warning by Paul Keating, prime minister from 1991 to 1996, that Australia risked becoming a banana republic. His fear: the economy might become perilously reliant on exports, leaving living standards vulnerable and volatile.
http://jlne.ws/Ifs1Nk

What Was the Very First Hedge Fund? Ask Warren Buffett
Bloomberg
The legendary economist and investor Benjamin Graham is widely known as the father of value investing. He may also be the father of the hedge-fund industry.
http://jlne.ws/Ifs1Ns

Jon Matte
Jon Matte COO & Editor Matte is chief operating officer of John J. Lothian & Co. He edits the John Lothian Newsletter, JLN Forex and MarketsWiki. Author Archive  |  MarketsWiki Bio  |  LinkedIn  |  Email