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John Lothian Newsletter: CFTC Said to Delay Derivatives Exchange Rule Opposed by CME; LME could introduce yuan settlement in 2014; Banks face tougher trading capital rules

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

The CFTC may delay the final vote over requirements for on-exchange derivatives trading, pending more investigation into the rule’s impact. The London Metal Exchange may implement yuan-based settlement by 2014 as it works to build its clearing operation. Proposals from Basel regulators yesterday threaten to close loopholes that would require some banks to hold more capital as a reserve against economic trouble. In the top section, you’ll find praise and memories for Ed Joyce, who is receiving the Joseph W. Sullivan Options Industry Achievement Award; a reminder to visit the JLN Interest Rates newsletter for thorough coverage and commentary about this week’s ISDA conference; and an interview with ISDA CEO Robert Pickel.

Observations – Statistics – Commentary

Edward J. Joyce to be honored at the 2012 Options Conference in New Orleans
Edward J. Joyce, former president and chief operating officer of the Chicago Board Options Exchange, is the recipient of this year’s Joseph W. Sullivan Options Industry Achievement Award, to be presented at the 2012 Options Industry Conference in New Orleans, Louisiana. He was unavailable for an interview, so JLN Options spoke with just a few of the many people in the options industry who have known him since way back when, and they shared some of their impressions and memories.

Read comments from Ed Boyle of Getco, Gary Katz of ISE, and Bill Brodsky of CBOE on the JLN Options website at http://jlne.ws/IImVuj

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JLN Interest Rates Newsletter: When Worlds Collide: ISDA AGM Chicago 2012The International Swaps and Derivatives Association (ISDA) held its annual meeting in Chicago this week. Coincidentally or not, this comes at a time when Dodd-Frank and other regulatory changes are pushing the over-the-counter (OTC) and listed derivatives markets into closer alignment. Illustrating this point, the conference drew a record number of attendees this year – more than 950 in all – with much of the talk involving how the industry is going to meet the new mandates.

Yesterday’s JLN Interest Rates newsletter was packed full of content from JLN’s Christine Nielsen, Doug Ashburn and Jim Kharouf, including commentary and news stories from the conference, and links to relevant papers and background information. For an in-depth look at the ISDA conference (as well as a roundup of all the news in the interest rates sector), see the online version of the newsletter on the JLN Interest Rates website at http://jlne.ws/IJDHs2. Also, take a look at the MarketsWiki.tv interview just below, with Robert Pickel, CEO of the ISDA.

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Robert Pickel

Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives
MarketsWiki.tv
Robert Pickel, CEO of the International Swaps and Derivatives Association (ISDA), sat down with John Lothian News Editor-in-Chief Jim Kharouf to talk about regulatory reforms, swap rules recently passed by the CFTC, the cost of regulation and the global picture for OTC derivatives.

Watch the video >

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ISE Introduces Implied Order Functionality
The International Securities Exchange (ISE) announced today that it has introduced Implied Order functionality*. With Implied Orders, ISE will significantly enhance the execution of multi-legged strategy orders by enabling greater interaction of the complex order book with the regular order book. The result will be an increased fill rate for multi-legged strategy orders as well as tighter spreads and increased liquidity on the regular order book.
http://jlne.ws/K6lPpL

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ICE Announces Brent Crude Option Open Interest of One Million Contracts and Daily Trading Volume Record
IntercontinentalExchange, a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported that open interest in ICE Brent Crude options on futures crossed one million contracts for the first time, closing at 1,004,699 contracts on May 1.
http://jlne.ws/K6lRxI

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CME wins reprieve on CFTC margin rules
By Philip Stafford in London – Financial Times
CME Group, the world’s largest futures exchange by value, has been granted a 90-day extension to implement regulatory changes in margin requirements for speculative traders. The reprieve was granted by the Commodity Futures Trading Commission, the US futures regulator, a day after the CME said new rules would be implemented from Monday.
http://jlne.ws/K6lPG3

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Book review: Richard Sandor’s Good Derivatives
FOW
Richard Sandor is a man who does not let failure get in the way of his ambition. From his early days as an academic to the establishment of the world’s leading climate exchange, his story, recounted in his newly released autobiography Good Derivatives: A Story of Financial and Environmental Innovation, stands testament to what can be achieved through vision and perseverance.
http://jlne.ws/K6lPG9

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NFA Arbitrator Training Opportunity on June 12, 2012
Arbitration is a popular dispute resolution alternative to time consuming and costly litigation. The success of NFA‘s arbitration program is directly tied to the quality of the individuals who serve as arbitrators. There are currently over 2,400 individuals on the NFA roster. They come from various professions and walks of life, but the skills they share are integrity, impartiality and sound judgment. Technical expertise in the commodity futures markets is not a requirement. If you’re interested in the program, learn more by using the resources contained in our publication library.
http://jlne.ws/K6lRxP

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Beware pitfalls of rule-makers pursuing their agendas
By Gillian Tett – Financial Times
Over the past year, the phrase “American money market fund” has made European bankers squirm. For as the eurozone crisis has deepened, US funds have fled European bank bond markets, exacerbating their funding woes. US money market funds are provoking another debate – for a subtly different reason.
http://jlne.ws/K6lRxR

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In Soros mold, ex-Enron gas trade whiz Arnold turns giver
Reuters via Yahoo! News
Tired of struggling to eke out gains in a natural gas market that has been deluged by an unyielding surplus of supply, Arnold announced on Wednesday that he would wind down his Centaurus hedge fund after a decade of unparalleled returns. The fund was flat this year through March, according to an industry source.
http://jlne.ws/K6lPWz

***JM: I have a theory, totally unsupported by any real facts, that pretty much every investor under the sun will experience a long, cold winter at some point (even Warren Buffet, our Oracle, missed the S&P performance yet again). The only way to avoid this, my theory states, is to walk away when you’re way ahead. So to me, this looks like a really smart move.

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Nominees Announced for Managed Futures Pinnacle Awards
CME Group and BarclayHedge proudly announce the firms nominated for the Managed Futures Pinnacle Awards. Managers were nominated for a total of 25 awards, based on quantitative data from BarclayHedge. All winners will be announced and presented a “BTOP” award during the awards ceremony on Monday, June 11.

For the complete list of nominated companies, details about the event, and to register for MFA’s Forum 2012, visit http://jlne.ws/K6lROb

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WILD New York Invitation: Join us for a wine tasting and to hear Denise Shull, author of Market Mind Games
WHO: Women in listed and OTC derivatives
WHAT: Wine Tasting, Speaker, & Membership Drive
WHEN: Wednesday May 23, 2012
5:30 pm: Sign-in, mingle, & enjoy a glass of sparkling wine
6:00 – 6:45 pm: Speaker: Denise Shull, TraderPsyches/The ReThink Group/Author of Market Mind Games

Topic: Your Brain on Risk: Surprising Findings from Decision Science
Denise Shull curates the relevant information in emotion neuroscience to bring us the latest in the rapidly-expanding world of perception, judgment, and decision-making science. She explains the important value of emotional context as well as the answer to “why (or how) did I do that again?”

6:45 – 8:00 pm: Enjoy wine tasting, light hors d’oeuvres, & book signing with Denise

WHERE: City Winery (in the Winery Room) ,155 Varick Street (corner of Varick and Vandam), New York, NY 10013, 212-608-0555
RSVP: Email us at events@womeninlistedderivatives.org by May 14th
COST: $10 – You can pay securely through PayPal here: http://jlne.ws/KuqBtI or by cash or check at the door

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MarketsWiki Page of the Day
Miami International Holdings, Inc.
http://jlne.ws/Jh1rQG

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MarketsWiki Recent Updates

People

Robert Pickel; Rita Maloney; Richard Prager; Fujio Nishio; Elie El Hayek; Nicole V. Rohr

Companies, Organizations and Groups

TriOptima; International Swaps and Derivatives Association Inc.; Miami International Holdings, Inc.

Miscellaneous

Upcoming Events

Statistics

22,878,179 pages viewed, 6,843 articles, 139,710 edits
MarketsWiki Statistics
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Lead Stories

CFTC Said to Delay Derivatives Exchange Rule Opposed by CME
By Silla Brush – Bloomberg
The U.S. Commodity Futures Trading Commission may delay a final vote on regulations governing derivatives exchanges amid internal dissent on a rule that may restrict CME Group Inc., owner of the world’s largest futures exchange, according to four people briefed on the matter.
http://jlne.ws/K6lPWC

LME could introduce yuan settlement in 2014: CEO
Clementine Wallop – MarketWatch
The London Metal Exchange could introduce yuan settlement on its metals contracts in 2014, the bourse’s chief executive said Friday. The LME would offer yuan settlement as part of its move to build its own clearinghouse, known as LMEclear, Martin Abbott told Dow Jones Newswires.
http://jlne.ws/K6lROj

Banks face tougher trading capital rules
By Brooke Masters, Chief Regulation Correspondent – Financial Times
Bank trading desks face a new threat to their profitability after global regulators unveiled proposals on Thursday to force them to hold more capital against the risk of heavy losses when markets freeze. The Basel Committee on Banking Supervision’s “fundamental review of the trading book” aims to close loopholes that have allowed banks to cut capital requirements by parking assets in their trading books.
http://jlne.ws/K6lROn

Canadian exchange deal takes step forward
By Telis Demos in New York – Financial Times
The Canadian exchange deal inches further toward completion. Draft orders by a provincial regulator would require an independent board and pre-approval of market rule changes as conditions for the acquisition of TMX Group by a consortium of Canadian banks and pension funds.
http://jlne.ws/K6lRxV

$1.6 Billion for London Metal Exchange? CEO Says Maybe
CNBC
The London Metal Exchange, the world’s largest metal-trading platform, should be able to get an offer of at least a billion pounds ($1.6 billion), CEO Martin Abbott told CNBC.
http://jlne.ws/K6lPWM

DealBook: In Europe, Parallels to Japan’s ‘Lost Decade’
New York Times
Analysts at Barclays examined whether Europe’s debt crisis would affect its local banks in the same way that Japan’s economic downturn hurt that country’s financial institutions.
http://jlne.ws/K6lROp

SEC reforms ‘will kill’ money market funds
By Beagan Wilcox Volz – Financial Times
The money market fund industry is arming itself for a possible court battle with the Securities and Exchange Commission over new reforms of the product. The weapons chosen take a seemingly benign form – hundreds of pages of comment letters filed with the regulator. In them, the Investment Company Institute, Federated Investors, Fidelity Investments, Charles Schwab and others present research that could buttress an eventual court challenge to any new rules.
http://jlne.ws/K6lSSe

Environmental Trading News

British Columbia Rethinks Its Pioneering Carbon Tax
National Geographic
British Columbians are feeling a little lonely in their bid to save the planet. Five years ago, the Canadian province enacted a bold set of climate change policies designed to reduce its greenhouse gas (GHG) emissions dramatically. At the time, B.C. lawmakers assumed the United States would follow suit with federal climate change policy. To the south and east, a coalition of seven U.S. states and four Canadian provinces were establishing the Western Climate Initiative (WCI), with a regional carbon cap-and-trade system.
http://jlne.ws/IvYYWi

TransCanada expected to reapply for Keystone pipeline permit as soon as Friday
Washington Post
The Canadian firm behind the controversial Keystone XL pipeline will reapply as early as Friday for a federal permit to ship carbon-intense crude oil from Alberta to the United States, according to people familiar with the company’s plans.
http://jlne.ws/J4CQkr

Blue chips again urge EU to prop up carbon price
Business Green
A coalition including some of the world’s leading businesses will today issue a direct call for the EU to redouble its efforts to drive green growth in order to bring struggling member states out of recession.
http://jlne.ws/J0ZYgF

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

New U.S. Grains and Oilseeds at ICE Futures U.S.
ICE Futures U.S. launches trading in cash-settled futures for corn, wheat, soybeans, soybean oil and soybean meal on May 14, and options on cash-settled grain futures on May 15, pending regulatory review.
http://jlne.ws/K6lSSn

CME Group Receives 90-Day Extension for Margin Changes to August 5, 2012
CME Group today requested and received a 90-day extension for implementing margin changes announced yesterday in order to comply with CFTC Regulation 39.13(g)(8)(ii), as it applies to customers that are exchange members (member-customers) and omnibus accounts.
http://jlne.ws/K6lSSq

CME Group Must Delay Start Of New Grain Hours – CFTC
By Ian Berry Of DOW JONES NEWSWIRES
CME Group Inc. (CME) plans to begin expanded trading hours in grain futures on May 21, a week later than first disclosed as it awaits final regulatory clearance. The exchange had said on Tuesday that it would begin the expanded 22-hour trading day on May 14, but until Thursday it hadn’t filed a necessary “self-certification” form disclosing its plans to the Commodity Futures Trading Commission. The exchange filed the notice on Thursday morning
http://jlne.ws/K6lSSs

CME Group Adds Ethanol to Expanded CBOT Grain and Oilseed Trading Hours on CME Globex
CME Group, the world’s leading and most diverse derivatives marketplace, today announced it will expand electronic trading hours for its CBOT Denatured Fuel Ethanol futures and options on CME Globex in line with recently announced plans to expand CBOT grain and oilseed trading hours.
http://jlne.ws/K6lS4I

KCBT HRW Wheat Futures & Options Electronic Trading Hours Expanded
http://jlne.ws/K6lS4J

MGEX Announces Expanded Trading Hours
MGEX, a Designated Contract Market and Derivatives Clearing Organization, today announced expanded trading hours for all futures and options contracts, including its Hard Red Spring Wheat (HRSW) contract, beginning Sunday, May 20, 2012 for trade date May 21, 2012.
http://jlne.ws/IJE45S

ICE Futures Canada mulls changing trading hours
Reuters via Yahoo! News
ICE Futures Canada is meeting with traders and brokers to assess whether to change the exchange’s trading hours, said President and Chief Operating Officer Brad Vannan on Thursday, after its key competitors said this week they would expand hours.
http://jlne.ws/K6lT8M

NASDAQ OMX Selected as Trading Technology Partner for the New Zealand Market – NZX
The NASDAQ OMX Group, Inc. today announced that it has been selected as technology partner for the New Zealand market. NASDAQ OMX will deliver its widely deployed X-stream technology to power NZX’s trading platform.
http://jlne.ws/K6lT8O

Proposed Acquisition of TMX Group by Maple Group Acquisition Corporation – AMF Issues Certain Decisions and Launches Consultation on CDS
The Autorité des marchés financiers is today publishing certain decisions related to the transaction proposed by Maple Group Acquisition Corporation to acquire TMX Group Inc.
http://jlne.ws/K6lT8Q

NZX Board And CEO Announcement
http://jlne.ws/K6lS4R

EEX Trading Results in April
http://jlne.ws/K6lS4U

EPEX SPOT / EEX Power Derivatives: Power Trading Results in April
http://jlne.ws/K6lSla

Program Trading Averaged 27.9 Percent of NYSE Volume during Apr. 23-27
http://jlne.ws/K6lTpm

Toronto Stock Exchange and TSX Venture Exchange Continue 2012 Canadian Financing Series in Kitchener Waterloo
http://jlne.ws/K6lTpo

Top 20 Largest Consolidated Short Position Report – April 30, 2012
http://jlne.ws/K6lSlk

Banks, Brokers & Dark Pools

BGC Partners Reports First Quarter 2012 Financial Results
BGC Partners, Inc., a leading global brokerage company primarily servicing the wholesale financial markets, today reported its financial results for the quarter ended March 31, 2012.
http://jlne.ws/K6lSlp

Swiss Banks Can’t Become Arm Of Foreign Tax Authorities – UBS Head
FOX Business
Switzerland mustn’t become a financial center for tax evaders, but at the same time Swiss banks can’t serve as the extended arm of foreign tax authorities, the chairman of UBS AG (UBS) said Thursday.
http://jlne.ws/K6lTpw

RBS net loss triples to £1.52 bn on debt charge
AFP via Yahoo! News
State-rescued Royal Bank of Scotland on Friday announced a first quarter net loss of £1.52 billion (1.87 billion euros, $2.46 billion), almost three times the amount posted a year earlier.
http://jlne.ws/K6lSBL

Hester dashes hopes for RBS share sale
By Adam Jones – Financial Times
The chief executive of Royal Bank of Scotland has signalled that taxpayers and ordinary shareholders will need to remain patient with its rehabilitation as it prepares to pass two key recovery milestones.
http://jlne.ws/K6lSBM

Former State Street futures chief joins London broker
Tom Osborn – Financial News
The former head of the London futures unit at custody bank State Street has joined futures specialist brokerage GH Financials as its new chief operating officer, as the firm continues its expansion push in European and Asian derivatives markets.
http://jlne.ws/K6lTFQ

Goldman Sachs Said to Prepare Trading System for Corporate Bonds
Bloomberg
Goldman Sachs Group Inc. (GS) will start an electronic trading system for corporate bonds this month as the fifth-biggest U.S. bank adapts to regulatory changes and competition, according to a person familiar with the plans.
http://jlne.ws/K6lSBQ

Goldman loses bid to dismiss CIFG breach of contract claims
Reuters via Yahoo! Finance
Goldman Sachs Group Inc. failed to win dismissal of breach of contract claims in a lawsuit brought by CIFG Assurance North America Inc over $275 million in mortgage-backed securities that it insured.
http://jlne.ws/K6lTFW

DealBook: Once Remote, Goldman Sachs Puts on a Friendly Public Face
New York Times
By stepping into the spotlight even a little, Goldman’s chief executive, Lloyd C. Blankfein, appears to be embarking on a subtle campaign to help repair the company’s reputation.
http://jlne.ws/K6lSBX

BNP Paribas closes in on Basel target
By Scheherazade Daneshkhu in Paris – Financial Times
BNP Paribas reported a 9.6 per cent rise in first-quarter net profits, boosted by the sale of a stake in Klépierre, the property company, which helped France’s largest bank by assets achieve the bulk of its plan to boost capital.
http://jlne.ws/K6lTG3

Jamie Dimon: Obama’s Persecution Of Oil Speculators Is ‘Ridiculous’
Forbes
In an action packed dialogue, JPMorgan chief Jamie Dimon spoke about everything, criticizing the Volcker rule, asking people to support Simpson-Bowles, noting the US is in better footing than Europe, and adding he agrees with some points pursued by the Occupy movement.
http://jlne.ws/K6lTWh

UBS faces pay backlash as Weber becomes chairman
Reuters via Yahoo! News
UBS became the latest bank to face the anger of its shareholders over executive pay on Thursday, as investors queued up to voice their complaints in a packed meeting that echoed recent protests at Credit Suisse and Barclays.
http://jlne.ws/K6lSBY

HSBC Bank USA is suspected of giving free rein to money launderers
MSNBC: Field Notes
Criminals found an easy place to launder money at HSBC Bank USA, according to allegations contained in documents from a federal investigation of the bank, Reuters news agency reported Thursday.
http://jlne.ws/K6lSBZ

Deutsche senior banker Heaton to join Morgan Stanley
Reuters via Yahoo! News
Eric Heaton, a veteran investment banker who has worked on some of the banking industry’s largest merger deals, has left Deutsche Bank to join Morgan Stanley , according to people familiar with his plans.
http://jlne.ws/K6lTWo

Barclays Says Head of Loan Capital Markets for Asia to Retire
Bloomberg
Richard Palmer will retire as head of loan capital markets for the Asia-Pacific region at Barclays Plc (BARC) , according to Angie Tang, a Hong Kong-based spokewoman at the London-listed bank.
http://jlne.ws/K6lTWr

No rubber stamp for Lehman executives’ settlement
Reuters via Yahoo! News
With a nod to country singer Kenny Rogers, a federal judge has refused for now to allow insurers for former officers and directors of Lehman Brothers Holdings Inc to pay $90 million to settle a fraud lawsuit brought by investors.
http://jlne.ws/K6lTWs

Results Of The Annual General Meeting Of UBS AG
http://jlne.ws/K6lVxr

TD Ameritrade CEO to Speak at the UBS Global Financial Services Conference
http://jlne.ws/K6lTWx

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

CFTC to Hold Open Meeting to Consider a Final Rule on Core Principles and Other Requirements for Designated Contract Markets and a Proposed Order Amending the Effective Date for Swap Regulation
The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, May 10, 2012, at 9:30 a.m., to consider a Final Rule on Core Principles and Other Requirements for Designated Contract Markets and a Proposed Order Amending the Effective Date for Swap Regulation.
http://jlne.ws/K6HrBf

CFTC Charges Utah Residents Christopher Hales, Eric Richardson and their Company, Bentley Equities, LLC, with Fraud and Misappropriation
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a federal court action in Utah charging Bentley Equities, LLC (Bentley), a Delaware corporation, and its principals, Christopher D. Hales and Eric A. Richardson, with fraud and misappropriation in connection with commodity futures trading. Richardson resides in Cedar Hills, Utah, and Hales is currently an inmate at the Florence, Colo., Federal Correction Complex. None of the defendants has ever been registered with the CFTC.
http://jlne.ws/K6lUcO

CFTC Charges Illinois Resident Dimitry Vishnevetsky and His Company, Oxford Capital, LLC, with Commodity Pool Fraud
The U.S. Commodity Futures Trading Commission (CFTC) today announced that on May 1, 2012, the Honorable Ruben Castillo, of the U.S. District Court for the Northern District of Illinois, entered an order freezing the assets of defendants Dimitry Vishnevetsky of Chicago, Ill., and his company, Oxford Capital, LLC (OCL), a defunct Wisconsin limited liability company. The court’s order also prohibits the destruction of books and records.
http://jlne.ws/K6lVxx

SEC Reopens Comment Period for Proposed Amendments to Its Net Capital, Customer Protection, Books and Records, and Notification Rules for Broker-Dealers
http://jlne.ws/K6lUcU

Speech By SEC Staff: Address At The Private Equity International Private Fund Compliance Forum By Carlo V. di Florio, Director, Office Of Compliance Inspections And Examinations, U.S. Securities And Exchange Commission
http://jlne.ws/K6lVxC

Space Between Walls – Speech By CFTC Commissioner Bart Chilton To The Finance, Credit And International Business Association International Credit Executives Conference, Chicago, IL
http://jlne.ws/K6lUcZ

SEC begins inquiry into Chesapeake Energy
Associated Press via Yahoo! News
The Securities and Exchange Commission is reviewing a compensation program at Chesapeake Energy Corp. that created potential conflicts of interest for its CEO.
http://jlne.ws/K6lVNT

ASIC consults on revised financial requirements for electricity derivative issuers
http://jlne.ws/K6lVNV

Former Bustan Chairman sentenced
http://jlne.ws/K6lUd5

Basel Committee On Banking Supervision: Fundamental Review Of The Trading Book – Consultative Document
http://jlne.ws/K6lVNY

Investments – Indexes – Managed Futures – Managed Funds

Markets and regulator keep industry on its toes
By Andrew Greene – Financial Times
The US mutual fund industry has no shortage of challenges, both near-term and long-term. On the competition front, exchange-traded funds and other passively managed products have siphoned off a sizeable chunk of assets from actively managed mutual funds. The shift into beta products – as well as the steady growth of fixed income assets – has put a squeeze on expense ratios.
http://jlne.ws/K6lVO7

Global winner Traders Trophy Worldwide 2012
Today Peter Amos, student at the Wharton School (US) won the global edition of the Traders Trophy Worldwide, the search for World’s Best Student Trader. During the Global Final at NYSE Euronext in Amsterdam Peter beat 19 fellow students, winning two years intensive career counseling and training by Oxyor and Sherpazz.
http://jlne.ws/K6lUtr

Optimism About the Economy Improves Among U.S. CFOs in Latest Bank of America Merrill Lynch CFO Outlook Survey
Business Wire
U.S. financial executives are much more optimistic about the national economy than they were last fall, with nearly two-thirds expecting it to grow in 2012, but they remain cautious about the global economy, according to the latest Bank of America Merrill Lynch CFO Outlook survey.
http://jlne.ws/K6lUtu

Barclays commodities chief quits for rival
By By Javier Blas, Commodities Editor – Financial Times
Roger Jones has resigned as global head of commodities at Barclays Capital to join Mercuria, the Geneva-based trading house that is expanding from its initial focus on oil into natural gas, power, metals and agricultural commodities, according to two people familiar with the matter.
http://jlne.ws/K6lUtz

Hedge-Fund Millionaire Diggle Targets $150 Million for Farm Fund
Bloomberg
Vulpes Investment Management, the Singapore company set up by hedge-fund manager Stephen Diggle, plans to raise as much as $150 million over the next few months for a fund that invests in farms around the world.
http://jlne.ws/K6lW4p

Duff Said to Struggle to Raise Money for Massif Fund
Bloomberg
Philip N. Duff, founder of hedge fund FrontPoint Partners LLC, is struggling to attract assets for his latest money-management venture. More than half of his three dozen employees have left or been cut, according to two people with knowledge of the company.
http://jlne.ws/K6lUJU

2012 Hard Red Winter Wheat Tour Estimate for Kansas at 49.1 Bushels per Acre
The final estimate for the 2012 Hard Red Winter wheat tour sponsored by the Wheat Quality Council was announced today at the Kansas City Board of Trade. The final participant estimate for the three-day tour average was a yield of 49.1 bushels per acre, 11.7 bushels higher than the 2011 estimate of 37.4 bushels per acre.
http://jlne.ws/K6lW4u

Montreal Stock Exchange: The Futures Invoice Spread: Taking A View On A Swap Spread And Hedging An Interest Rate Swap Using Government Of Canada Bond Futures
Press Release
The notional dollar amount traded on the over-the-counter (OTC) derivatives market is growing at a remarkable rate. According to the Bank for International Settlements, total amounts outstanding of OTC derivatives have reached more than US$700 trillion at the end of Q2 2011.
http://jlne.ws/K6lW4v

db x-trackers bond index ETFs on euro zone and German government bonds launched on Xetra
http://jlne.ws/IIA97v

OIC Announces Latest Study Findings Showing Collar Strategy Improves Performance And Reduces Risk
http://jlne.ws/K6lW4w

Technology News

NASDAQ OMX Agrees to Acquire BWise, a Leading Governance, Risk Management and Compliance (GRC) Software Solution
The NASDAQ OMX Group, Inc. today announced that it has agreed to acquire BWise, a global leader in enterprise governance, risk management and compliance (GRC) software.
http://jlne.ws/K6lW4y

Omgeo Named Securities Services Technology Provider of the Year in Custody Risk Americas Awards 2012
Omgeo, the global standard for post-trade efficiency, today announced that it has been named the “Securities Services Technology Provider of the Year” in the Custody Risk Americas Awards 2012.
http://jlne.ws/K6lW4z

FTEN Adds Real-time Risk Analytics for Options Risk Management
FTEN, Inc., a NASDAQ OMX company, today announced at the Options Industry Conference the addition of real-time risk analytics for options trading, enhancing its cross-asset, cross-market, and cross-system risk management capabilities.
http://jlne.ws/K6lW4D

Media News

AgriCharts and IRON Solutions Form Ag Media Alliance
AgriCharts, the agricultural division of Barchart.com, Inc., which provides market data, agribusiness website hosting and technology solutions to the agricultural industry, announces an exclusive partnership with IRON Solutions, the leading provider of on-demand business intelligence and technology services for the agricultural and equipment industry, to form an agricultural media alliance.
http://jlne.ws/K6lWkZ

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

China stocks battle the growth paradox
By Simon Rabinovitch in Beijing – Financial Times
When it announced new stock listing rules over the weekend, the Chinese securities regulator was trying to end a decade of underachievement. The best economic growth story of the 21st century has been a poor investment play. While its gross domestic product has shot up, China’s equity market has languished.
http://jlne.ws/K6lWl5

SGX derivatives and clearing volumes grow
Singapore Exchange (SGX) today said derivatives and clearing volumes grew in April from a year earlier but securities activity declined.
http://jlne.ws/K6lWl9

Hugh Hendry predicts crisis will spread to Asia
Reuters via Yahoo! Finance
Hugh Hendry, one of the hedge fund industry’s most outspoken managers, has warned that the economic crisis is headed for Asia, with the region’s largest economy, China, struggling under a bursting property bubble and tumbling demand for its exports.
http://jlne.ws/K6lWBv

Shanghai Stock Exchange Select Industries Indices, SSE Leading Consumption And Services Index And SSE Banks Index To Be Launched
Press Release
Designed to serve as new investable benchmarks for investors, SSE and CSI today announced the upcoming launch of SSE Select Industries Indices, SSE Leading Consumption and Services Index and SSE Banks Index on May 28th 2012.
http://jlne.ws/K6lWBy

Hong Kong’s Securities And Futures Commission: New Regulatory Measures Take Effect Under Securities And Futures (Amendment) Ordinance
http://jlne.ws/K6lWBz

Frontier Markets

NASDAQ OMX and the Egyptian Exchange Extend Technology Agreement
GlobeNewswire via Yahoo! Finance
The NASDAQ OMX Group, Inc and the Egyptian Exchange (EGX) have entered an agreement that extends their relationship for a further five years.
http://jlne.ws/K6lV0A

MCX Weekly Market Report – April 27, 2012 – May 03, 2012
http://jlne.ws/K6lVgS

Palestine Exchange Monthly Newsletter
http://jlne.ws/K6lVgT

NASDAQ OMX And The Egyptian Exchange Extend Technology Agreement
http://jlne.ws/K6lWS2

Palestine Exchange Investor Monthly Newsletter Issue #25, April 2012
http://jlne.ws/K6lVgU

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