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John Lothian Newsletter: US Appeals Court Revives ISE Patent Case Against CBOE; CME said to be among bidders for London Metals Exchange; Hong Kong markets must adapt, SFC says

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

A US appeals court judge reviews the patent decision between ISE and CBOE, and decides to revive the 5+ year running disagreement. The LME says it has received several bid proposals for its purchase, and CME Group may be among the bidders. The Hong Kong exchange (coincidentally also bidding for LME) is being warned by the regional regulator that it’s vulnerable to sticky HFT, dark pool and other situations that are common in other parts of the world, and that it’s time to get moving to address those issues. In the top box, you’ll find a link to Doug Ashburn commentary in today’s FX newsletter, pointing out that the calls for ending austerity (along with much of the analysis of those calls) are missing the point.

Observations – Statistics – Commentary

Sandor Speaks at Northwestern

Dr. Richard Sandor spoke yesterday at Northwestern University in Evanston, IL about his new book “Good Derivatives.” Addressing a crowd of university students and industry veterans, Sandor made the case why exchange traded derivatives, and derivatives that share many of their values, are good derivatives. See the video interview John Lothian News did with Dr. Sandor in March about his book. The book is now available on Amazon.com.

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US Appeals Court Revives ISE Patent Case Against CBOE
By Brent Kendall and Jacob Bunge Of DOW JONES NEWSWIRES
A federal appeals court on Monday revived an International Securities Exchange patent lawsuit against rival Chicago Board Options Exchange, giving new life to a five-and-a-half year old dispute over trading technology.
http://jlne.ws/IY9Slw

**** If I had to do it all over again, I would want to come back as a lawyer for either the ISE or CBOE.

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ICE Expanding Default Fund as Risk, Volatility Climb
Bloomberg
ICE Futures U.S., home to markets for commodities including sugar, cotton and orange juice, said it will increase the size of a fund created to protect members against trading defaults after an increase in volatility and risk during the past year.
http://jlne.ws/IY9UK8

**** Putting more sugar in the jar.

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JLN FX Newsletter: The Opposite of Austerity?
by Douglas Ashburn
The tallies are in and voters in France and Greece have spoken. Austerity is OK for others, but not for us. France has said “non!” to another stint with Nicolas Sarkozy and have instead elected Francois Hollande to become its first Socialist president since Francois Mitterrand left office in the 1995. Greece has been thrust into turmoil as the two center-most parties, Pasok and New Democracy, failed to hold enough of a majority to continue the current coalition government. It now becomes likely that new elections will be required; the latest bailout agreement is in now jeopardy.

Perhaps the most significant development throughout the eurozone, however, is the collapse of the center. As the crisis drags on, voters are moving in droves to the wings – left wing, right wing, any wing. From Marine Le Pen of the far-right French National Front to the radical leftist Syriza party, which surpassed Pasok to finish second in this weekend’s election in Greece, the populace is moving to the extremes. Scary times indeed.

What’s interesting is that the anti-austerity crowd had been gaining ground in recent weeks, often in subtle ways. For example, several recent news stories paint austerity as the opposite of a growth-oriented policy. I have read many articles and commentary lately that suggest the choice is between fiscal discipline or the promotion of economic growth. But, is it fair?

The first rule we learn about economics is that growth is good. Growth is your friend. Growth lifts the masses out of the grinding poverty that kept our ancestors downtrodden. Who wouldn’t choose growth as an alternative to just about anything, let alone something like austerity, which can be quite painful in the short term. The unfortunate answer, however, is that the opposite of austerity is not growth. The opposite of austerity is indebtedness.

For the rest of the commentary and daily news from the currency sector, visit the JLN FX website at http://jlne.ws/Jb8IWW

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Cinnober launches Scila Compliance
Cinnober today launches Scila Compliance, a new multi-asset monitoring and trade surveillance system for investment banks and brokers that builds on its established success with trade surveillance in the world of exchanges. With tailored alerts and reports, Scila Compliance provides market participants an efficient way to ensure they act in accordance with regulations, market rules and their own internal principles and risk policies. The solution can also be used for performance measurements, aggregated position monitoring, and as an extensive statistical and reporting tool.
http://jlne.ws/IY9UK9

**** This is cool stuff.

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Are there any alternatives to austerity? Six ideas for fixing Europe
Washington Post
Roughly speaking, here’s the euro zone’s current approach to its debt crisis: Individual countries are pursuing austerity measures to shrink their budget deficits. There’s a bailout fund for countries in truly terrible shape, such as Greece and Portgual. And the European Central Bank is propping up the continent’s rickety banks. Basically, muddle through and hope for the best.
http://jlne.ws/IY9SC0

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Futures and Options Association Engages In Debate On Direct Market Access And HFT
The Futures and Options Association is participating at a key event today in the European Parliament on algorithmic and high-frequency trading, and direct electronic access to markets. The invitation-only QED Communication event, sponsored by FOA and hosted by Swedish MEP Olle Schmidt, comes just two days before the 10th May deadline for MEPs to submit their amendments to the MiFID review.
http://jlne.ws/IY9UKh

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Stanford Credit-Swap Revamp Seeks to Correct Flaw in Payouts
By Matthew Leising – Bloomberg
A Stanford University professor and student are seeking to fix a flaw in credit-default swap contracts that threatens to leave buyers with only part of their losses covered from a sovereign debt restructuring.
http://jlne.ws/IY9SC4

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Brokers reel from FSA crackdown
By Daniel Schäfer in London – Financial Times
Corporate brokers in the UK are reviewing internal procedures and controls in the wake of a crackdown on the sector by the Financial Services Authority. A £450,000 fine from the FSA last month against Ian Hannam, former JPMorgan Cazenove banker, has prompted a number of groups, including Numis Securities and Hoare Govett, to rethink how they operate, several bankers said.
http://jlne.ws/IY9UKm

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Here’s where all the oil hedgers have gone…
Kate Mackenzie – FT Alphaville
Last week we wrote about John Kemp’s column pointing out that CFTC data suggests hedgers — those who are exposed to physical prices through their business operations — fuel resellers and others hedge against their operational exposure to oil prices — collectively had the smallest net short position in six years in late April.
http://jlne.ws/IY9V0M

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High-Frequency Traders Like ‘Rats’ in a Grainery: Munger
Matthew J. Belvedere – CNBC
Allowing high frequency computer traders into the stock market is like letting “rats in the grainery,” Warren Buffett’s right-hand man said in an exclusive CNBC interview.
http://jlne.ws/IY9V0V

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In which Downtown Josh Brown solves the volume riddle
Joshua Brown – Forbes
“Where is everybody?” The New York Times dredges up the open secret that no one is in the stock market anymore. Nathaniel Popper plaintively lays out the statistics and then consults a handful of sources to understand what’s going on…
http://jlne.ws/IY9Vhd

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MarketsWiki Page of the Day
Collar
http://jlne.ws/KAtNuf

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MarketsWiki Recent Updates

People

Holly Duran; Edward J. Joyce

Companies, Organizations and Groups

Miami International Holdings, Inc.; MarkitSERV; Minneapolis Grain Exchange, Inc.

Miscellaneous

Upcoming Events; Collar

Statistics

23,064,941 pages viewed, 6,846 articles, 139,780 edits
MarketsWiki Statistics
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Lead Stories

CME said to be among bidders for London Metals Exchange
Reuters
The London Metal Exchange has received a number of detailed proposals from a short-list of bidders regarding a potential acquisition of the exchange, it said on Tuesday.
http://jlne.ws/IY9Vhi

Hong Kong markets must adapt, SFC says
By Jeremy Grant – Financial Times
Hong Kong’s stock market must adapt to the growth of high-frequency trading and “dark pools”, the territory’s securities watchdog said, hinting that the local exchange may face challenges to its dominance in share trading.
http://jlne.ws/IY9VxO

Deutsche Boerse Reports Delay to Start of Xetra Trading
Bloomberg
Deutsche Boerse AG (DB1) said the start of trading on its Xetra system is delayed until further notice because of unspecified “technical problems.” The Frankfurt-based exchange made the annoucement on its website today.
http://jlne.ws/IY9T94

Investment banks increase hiring
By Brian Groom, Business and Employment Editor – Financial Times
A ray of hope has emerged in the depressed City jobs market as investment banks, buoyed by better results, have stepped up hiring in some parts of their operations.
http://jlne.ws/IY9T99

Trading volumes limp along despite upturn
UPI
Data showing rising prices in U.S. stock markets have not increased trading volumes, which plummeted as the financial crisis took shape.
http://jlne.ws/IY9VxT

Flash-Crash Story Looks More Like a Fairy Tale
Bloomberg
Two years after the frightening spring day when the Dow Jones Industrial Average lost and regained about 600 points in a matter of minutes, we still don’t really know why. This is a problem, because it means something similar — or worse — could happen again.
http://jlne.ws/IY9T9j

IMF Managing Director Christine Lagarde Calls For Anchoring Stability To Sustain Higher And Better Growth
http://jlne.ws/IY9VOm

Are central banks creating the ‘wrong’ kind of money?
by Gavyn Davies – Financial Times
Central bank balance sheets in the major economies now range from 20 to 30 per cent of GDP, two-thirds of which is due to the emergency measures that have been taken to stimulate economies since the crisis began. As far as I am aware, the global scale of this action is completely unprecedented.
http://jlne.ws/IY9VOp

Monetary policy is no panacea for Europe’s ills
By Jens Weidmann – Financial Times
Now that fiscal stimulus has reached the bounds of feasibility in many countries, monetary policy is often seen as the “last man standing”. Having seemingly conquered inflation in the past decades, central banks are now making a substantial contribution to combating the financial, economic and sovereign debt crises, and still more is being asked of them.
http://jlne.ws/IY9TpI

Boutique banks come back into fashion
By Daniel Schäfer in London – Financial Times
A string of investment banking rainmakers, including Ken Moelis, Robert Greenhill and Roger Altman, have left bulge-bracket banks and used their contacts to set up their own advisory firms.
http://jlne.ws/IY9TG5

Cost-Benefit Analysis Puts the Brakes on Dodd-Frank
By Steven Sloan – Bloomberg
Business lobbyists and Republican lawmakers who failed to stop the Dodd-Frank Act from becoming law have managed to put the brakes on many of its provisions a second way: cost-benefit analysis.
http://jlne.ws/IY9TGh

MF Global Singapore Ex-Employees Sue Over Information
By Andrea Tan – Bloomberg
A group of former employees at MF Global Holdings Ltd. (MFGLQ)’s Singapore unit claim in a lawsuit that they’re not being informed about how they’ll be paid money they are owed. The unit of the bankrupt company, once run by Jon S. Corzine, was sued by seven former employees, including the head of sales for Asia, seeking more financial information.
http://jlne.ws/IY9TGm

Environmental Trading News

Aussies confirm carbon link to NZ
NZ Herald News
Australia has confirmed it will link its emerging carbon market with New Zealand’s greenhouse emissions trading scheme, after similar assurances to the European Union.
http://jlne.ws/IFfR0F

CRISPIAN OLVER: Africa at cutting edge in carbon markets
Business Day
The capacity to develop Clean Development Mechanism projects in Africa has grown and Africa seems poised to grow its share of the global market sevenfold.
http://jlne.ws/IT3Be5

Kenya now hires carbon credits advisor
The East African
Kenya has contracted Camco Advisory Services to raise private sector awareness of the impact of climate change on different sectors of the economy. The company, contracted by the Office of the Prime Minister and the Ministry of Environment will train personnel in the private sector on project implementation, verification and negotiating carbon credit transactions to increase sales of carbon credits.
http://jlne.ws/K7tGoI

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

LME Transaction Update
Press Release
The Chairman of the London Metal Exchange (LME) has today issued an update to its shareholders regarding the potential acquisition of the Exchange. The Board of the LME has received a number of detailed proposals from shortlisted parties in line with the process being conducted on its behalf by Moelis & Company. The Board will now consider the proposals and provide shareholders with further information as appropriate.
http://jlne.ws/IY9WBP

UPDATE 2-HKEx chief confident on buying LME; Q1 profit dips
By Denny Thomas and Lawrence White – Reuters
Hong Kong Exchanges and Clearing Ltd said it was confident of winning an auction to take over the London Metal Exchange (LME), the world’s largest metals trading market, as it looks to China to drive new business growth in the face of declining stock market activity.
http://jlne.ws/IY9Wlv

NYSE Euronext Announces Trading Volumes for April 2012
Business Wire via Yahoo! Finance
NYSE Euronext today announced trading volumes for its global derivatives and cash equities exchanges for April 20121. Trading volumes were mixed both year-over-year and month-over-month across most venues, but reflected some strengthening relative to weak first quarter 2012 levels.
http://jlne.ws/IY9ZgV

Deutsche Börse opens Entry and General Standard Conference
Deutsche Börse opened the 8th Entry and General Standard Conference in Frankfurt today. The event takes place from 7 to 9 May 2012 and is aimed at listed companies in the Entry and General Standards as well as investors and analysts. Over 70 young companies and SMEs will present their business models and the figures from their latest annual financial statements as part of an investor and analysts’ conference. In addition, current financing and capital market issues will be discussed in relation to the needs of exchange-listed SMEs.
http://jlne.ws/IY9WSi

Clearstream’s April 2012 figures
In April 2012, the value of assets under custody held on behalf of customers registered a decrease of 2 percent to E 11.1 trillion (compared to E 11.3 trillion in April 2011). Securities held under custody in Clearstream’s international business increased by 2 percent from E 5.9 trillion in April 2011 to E 6.0 trillion in April 2012 – while domestic German securities held under custody decreased by 6 percent from E 5.4 trillion in April 2011 to E 5.1 trillion in April 2012.
http://jlne.ws/IY9WSo

NYSE Euronext to Present at the 2012 UBS Global Financial Services Conference
NYSE Euronext (NYX) today announced that Lawrence Leibowitz, Chief Operating Officer, NYSE Euronext will present at the UBS Global Financial Services Conference at the Waldorf Astoria Hotel, in New York City, NY on Wednesday, May 9, at 2:20 p.m. E.T.
http://jlne.ws/IY9Zxt

SIX Securities Services Signs A Memorandum Of Understanding With Turkey’s Post-Trade Infrastructure – Takasbank And MKK
http://jlne.ws/IY9ZxC

EEX Creates Solution For Market Participants In Fulfilling REMIT Reporting Requirements
http://jlne.ws/IY9ZxH

Borsa Italiana Monthly Update – April 2012
http://jlne.ws/IY9ZO4

Trading On The Warsaw Stock Exchange: April 2012
http://jlne.ws/IY9ZOf

Vienna Stock Exchange Monthly Statistics Derivatives Market April 2012
http://jlne.ws/IYa04D

Vienna Stock Exchange Monthly Statistics April 2012
http://jlne.ws/IYa0kZ

Athens Exchange Derivatives Market Monthly Statistical Bulletin April 2012
http://jlne.ws/IYa0l5

Ljubljana Stock Exchange Monthly Statistical Report April 2012
http://jlne.ws/IYa0lb

Banks, Brokers & Dark Pools

Spain to spend billions on bank rescue
By Miles Johnson in Madrid – Financial Times
Spain is planning a state bail-out of Bankia, the country’s third biggest bank by assets, in a move likely to involve the injection of billions of euros of public money into the troubled lender.
http://jlne.ws/IYa0Bv

Bank Chief Steps Down as Spain Considers Rescue
New York Times
Rodrigo Rato of Bankia, Spain’s largest real estate lender, is the most prominent Spanish banker to quit since the start of the European sovereign debt crisis.
http://jlne.ws/IY9XG0

DealBook: Wells Fargo’s Play for Prime Brokerage Prompts Skepticism
New York Times
Moody’s Investors Service raised concerns on Monday about the bank’s recent move outside its comfort zone of consumer lending.
http://jlne.ws/IY9XWl

Fixed income traders face risk model change
By Brooke Masters, Chief Regulation Correspondent – Financial Times
Credit Suisse, Deutsche Bank, UBS and other European banks with big fixed income desks are likely to be hit hardest by the global proposal to change the way banks measure risk in their trading books, bankers and analysts said.
http://jlne.ws/IYa0BM

Citigroup Board Must Listen To Shareholders On Pandit’s Pay
Forbes
Outgoing Citigroup Chairman Richard Parsons rushed to the nearest lectern to assuage concerned shareholders. He wanted them to know that the board took very “seriously” the non-binding vote to soundly reject (55% to 45%) Citi’s 2011 executive compensation packages, most notably for CEO Vikram Pandit. Parsons’ attitude was outrageously patronizing. Who does he think he’s talking to? The shareholders are the OWNERS of the company.
http://jlne.ws/IYa0S2

Morgan Stanley outlines downgrade costs
International Business Times
Morgan Stanley said on Monday that credit rating agency downgrades of its long-term debt would have required the company to provide additional collateral and make termination payments under derivatives contracts ranging from $868 million to $7.2 billion as of March 31.
http://jlne.ws/IYa0S3

Morgan Stanley Had Trading Losses on Four Days in First Quarter
Bloomberg
Morgan Stanley (MS) , owner of the world’s biggest brokerage, lost money in its trading businesses on four days in the first quarter, up from three days in the year- earlier period.
http://jlne.ws/IY9YcU

HSBC Profit Beats Analysts’ Estimates on Emerging-Markets
Bloomberg
HSBC Holdings Plc (HSBA) , Europe’s largest bank, said first-quarter pretax profit rose 26 percent, beating analysts’ estimates, as the lender incurred fewer impairment charges on its U.S. business and grew in emerging markets.
http://jlne.ws/IYa0Sc

BofA’s New Black-Belt Data Chief Targets Blinding Gaps
Bloomberg
John Bottega’s path to becoming Bank of America Corp. (BAC) ‘s first data chief started two decades ago in a smoke-filled back office of Lehman Brothers Holdings Inc.
http://jlne.ws/IY9Yd1

Barclays rolls out online bank accounts in U.S.
Market Watch
Barclays PLC’s U.S. operation is getting into the online-banking business as it works to diversify funding for its growing credit-card operations. The British bank said Monday it is offering a high-yield savings account and certificates of deposit through its Barclays Bank Delaware subsidiary.
http://jlne.ws/IYa18F

Sandy Weill just wants to move on
CNN Money
Former Citigroup CEO Sandy Weill, who pushed to repeal the Glass-Steagall Act, is among those blamed for the financial crisis. Today Weill says it’s time to stop blaming and instead focus on the future.
http://jlne.ws/IY9Ytr

Perella Weinberg Adds Ex-Goldman Banker To FIG Group
Wall Street Journal Blogs
Perella Weinberg Partners added ex-Goldman Sachs banker Alexander Schnieders as a managing director and part of its financial institutions group.
http://jlne.ws/IYa1p7

Citigroup Board Must Listen To Shareholders On Pandit’s Pay
Forbes
The company belongs to the shareholders. Don’t disregard them.
http://jlne.ws/IYa0S2

Is Goldman Actually Relieved?
Zacks via Yahoo! Finance
According to Bloomberg, the federal judge in New York partly rescinded the bid filed by The Goldman Sachs Group Inc. regarding the dismissal of claims under a lawsuit charged against it.
http://jlne.ws/IY9Yty

Morgan Stanley Smith Barney Congratulates Clients Gamesa, Google and Skanska on Global Equity Organization Industry Awards
http://jlne.ws/IYa1pk

BNY Mellon Adds Automated Notification Enhancements to Margin DIRECT Liquidity Management Product
http://jlne.ws/IY9YJZ

Citigroup sponsors New York bike-share program
New York Daily News
This summer, you can ride your Citi Bike around New York Citi. Mayor Bloomberg named Citigroup on Monday as the corporate sponsor of the bike-share program the administration will initially launch in Manhattan and expand to Brooklyn in July.
http://jlne.ws/IY9YK7

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

FINRA Names Robert L. D. Colby Chief Legal Officer
The Financial Industry Regulatory Authority (FINRA) announced today that it has hired Robert L. D. Colby as its Chief Legal Officer. Colby will oversee the corporate and regulatory functions of the Office of General Counsel, along with the Regulatory Policy Group, which, among other things, is responsible for implementing FINRA’s Corporate Financing and Advertising rules. Colby will join FINRA on June 18.
http://jlne.ws/IYa1FQ

Regulators Seek Plan B on Money Funds
By ANDREW ACKERMAN And VICTORIA MCGRANE – WSJ
WASHINGTON—Federal regulators are increasingly worried that the Securities and Exchange Commission could fail to complete more-stringent rules on money-market mutual funds, forcing officials to confront how else to rein in the $2.6 trillion industry.
http://jlne.ws/IYa1W7

SEC Charges Montana-Based Paralegal and Her Father in Insider Trading Scheme
The Securities and Exchange Commission today charged a former paralegal at a Kalispell, Mont.-based semiconductor company and her father with insider trading on confidential information about the 2009 acquisition of the company.
http://jlne.ws/J9Sjy5

Inquiry Ordered of SEC Watchdog
BY JEAN EAGLESHAM – WSJ
The Securities and Exchange Commission has ordered an independent inquiry into allegations of sexual misconduct by current and former staff working for its office of the inspector general, according to a person familiar with the matter.
http://jlne.ws/IYa2cB

Advocating For Greater Federal And State Securities Regulatory Cooperation And Collaboration By Commissioner Luis A. Aguilar, U.S. Securities and Exchange Commission
http://jlne.ws/IYa2cI

Joint Statement On Regulation Of OTC Derivatives Markets
Press Release
http://jlne.ws/IYa2cL

FMA publishes ESMA guidelines
systems/controls in an automated trading environment for trading platforms, investment firms and competent authorities
http://jlne.ws/IYa4Bo

Gupta Seeks to Exclude Rajaratnam Wiretaps From Trial
Bloomberg
Former Goldman Sachs Group Inc. (GS) director Rajat Gupta , facing trial on insider-trading charges, asked a judge to exclude as evidence wiretap phone recordings that he said don’t relate to the charges against him.
http://jlne.ws/IYa2cS

Investments – Indexes – Managed Futures – Managed Funds

Altegris’ Strategic Investment Conference Draws Leaders From Across The Financial Industry
Altegris, providers of premier alternative investments, held its ninth annual Strategic Investment Conference from May 2-4, 2012 at the Park Hyatt Aviara Resort in Carlsbad, CA. The conference was co-hosted by renowned financial expert John Mauldin and brought together some of the world’s top economic minds in addition to over 400 professional and qualified individual investors.
http://jlne.ws/IYa2td

The Hedge Fund And Private-Equity Stock Train Wreck
Nathan Vardi – Forbes
Will the stocks of big hedge funds and private equity firms ever rebound?
http://jlne.ws/IYa4RS

D.E. Shaw to Start Fund to Buy Europe Bank Loans, Mortgages
Bloomberg
D.E. Shaw & Co., the $26 billion New York-based hedge fund that uses computer models to pick trades, plans a fund whose investments will include European loans.
http://jlne.ws/IYa2tl

Billion-Dollar Traders Quit Wall Street for Hedge Funds
Bloomberg
In the five years that John Silvetz made about $700 million for Deutsche Bank AG by trading corporate bonds and credit derivatives, the amount of his annual bonus paid in cash dropped to 20 percent from almost 70 percent.
http://jlne.ws/IYa58g

After strong start to year, hedge funds fall in April
Reuters via Yahoo! Finance
Hedge funds lost some ground in April, after the industry stormed into 2012 with the best first-quarter of performance since 2006. The HFRI Fund Weighted Composite Index fell 0.36 percent last month, according …
http://jlne.ws/IYa2JI

Economy Keeping Investors Out of the Market: Cohen
CNBC
Investors are turning their fear of the economy into an aversion to stocks, avoiding the stock market despite its aggressive recovery from the credit crisis lows, Goldman Sachs’ strategist Abby Joseph Cohen told CNBC Monday.
http://jlne.ws/IYa2JQ

Greek Bonds Monkeyhammered As Hedge Funds Slash Hands Catching Falling Knives
Zero Hedge
About two years ago the Norwegian sovereign wealth fund did something truly remarkable: it invested for infinity : “Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts. The Nordic nation’s $450 billion Government Pension Fund Global has stocked up on Greek debt, as well as bonds of Spain, Italy and Portugal.
http://jlne.ws/IYa3gF

ISDA: Perfecting Security Interests In Cash Collateral – Comment To Ontario Minister Of Consumer Services
http://jlne.ws/IYa3gP

MIK White Paper On Portfolio Management And Data – Using Every Bit To Byte: Leveraging Data To Generate Alpha
http://jlne.ws/IYa5FB

Calamos Asset Management, Inc. Reports First Quarter 2012 Results and Declares Dividend
http://jlne.ws/IYa3xt

IndexIQ Announces April 2012 Performance of Its IQ Hedge Family of Investable Benchmark Hedge Fund Replication Indexes
http://jlne.ws/IYa3NS

BM&FBOVESPA Announces Portfolios For The IBOVESPA And Other Indices For May-August 2012
http://jlne.ws/IYa6cp

BM&FBOVESPA Announces Third Previews For The Ibovespa Theoretical Portfolio And Other Indexes
http://jlne.ws/IYa44p

New OMX Helsinki Benchmark Portfolio Selected – The New Portfolio Of The OMX Helsinki Benchmark Index Will Become Effective On June 1, 2012
http://jlne.ws/IYa6t1

New OMX Copenhagen Benchmark Portfolio Selected – The New Portfolio Of The OMX Copenhagen Benchmark Index Will Become Effective On June 1, 2012
http://jlne.ws/IYa4l0

Technology News

Greenline Delivers VeriFIX to Bursa Malaysia
Greenline Financial Technologies, Inc., a leading provider of electronic trading marketplace solutions, today announced it has partnered with Bursa Malaysia to deliver automated FIX protocol testing. Bursa Malaysia selected Greenline’s VeriFIX automated testing tool and testing advisory services.
http://jlne.ws/IYa7gx

ConceptONE selects Asset Control to enhance its Regulatory Reporting Practice
ConceptOne is pleased to announce that its recently completed full integration of Asset Control, a provider of financial data management solutions and services, will be instrumental in its efforts to enhance the firm’s OPERA reporting service and its Regulatory Reporting solutions.
http://jlne.ws/IYa7wZ

Misys wins Asian Banker Award for “Best Back-office System” Technology Implementation for Global China Construction …
PR Newswire via Yahoo! Finance
Misys plc, the global application software and services company today announced that it has won the “Best Back-Office System” in The Asian Banker Technology Implementation Awards 2012. The award was won for the successful implementation of Opics at China Construction Bank (CCB).
http://jlne.ws/IYa709

Eze Castle Integration Opens Hong Kong Office to Further Expand Availability of its Premier Hedge Fund IT Services in …
Eze Castle Integration, Inc., a leading provider of strategic IT services, technology solutions and strategic consulting to hedge funds, today announced the opening of its Hong Kong office.
http://jlne.ws/IYa9Vz

PT. Bank QNB Kesawan Adopts FinArch’s IFRS Accounting Engine And Its General Ledger, And Anabatic’s Central Bank Reporting System
http://jlne.ws/IYa7NB

KVH To Appoint Edward Higase As President, Chief Executive Officer And Representative Director
http://jlne.ws/IYa9VM

New OMX Stockholm Benchmark Portfolio Selected – The New Portfolio Of The OMX Stockholm Benchmark Index Will Become Effective On June 1, 2012
http://jlne.ws/IYa840

Media News

Al Jazeera English closes China bureau
By Robin Kwong in Beijing – Financial Times
China has withdrawn the press credentials of an Al Jazeera English journalist, forcing her exit from the country, the first such action by the communist government in more than a decade.
http://jlne.ws/IYa849

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

Barclays Seeks Securities Partner In China – Report
FOX Business
British bank Barclays PLC (BCS) is seeking a mainland partner to set up an investment banking venture that will take advantage of the fast growth of China’s capital market, South China Morning Post reported Tuesday citing unnamed people familiar with the matter.
http://jlne.ws/IYaacg

Clara Lee to join ITRS sales team in Hong Kong
The leading global provider of specialist Application Performance Monitoring (APM) technology to the world’s financial community, ITRS Group Ltd, has appointed Clara Lee as account director in the Hong Kong sales team.
TSE News: ETF/ETN Monthly Report for April 2012
http://jlne.ws/IYa8ky

HKEx 2012 First Quarter Results
http://jlne.ws/IYa8kB

HKEx Monthly Market Highlights – April 2012
The average daily turnover for the first four months of 2012 was $60,253 million, a decrease of 21 per cent when compared with $76,742 million for the same period last year.
http://jlne.ws/IYa8kF

Hong Kong’s Securities And Futures Commission: Broker Wong Chiu Wan Banned For Life For Misappropriation Of Client Assets
http://jlne.ws/IYaasH

HKEx On-Floor & Off-Floor Trading Statistics
http://jlne.ws/IYaasM

Frontier Markets

Volumes soar on DME as new players enter market
CPI Financial
The Dubai Mercantile Exchange (DME) has announced that its flagship DME Oman Crude Oil Futures Contract continued the growth that it has delivered through the first part of 2012 with new volume records for April.
http://jlne.ws/Jnbk1D

Dubai Financial Market Announces The Results Of Its Board Of Directors Meeting Held On 7 May 2012
http://jlne.ws/IYaasS

National Stock Exchange Introduces New Pricing Schedule And Market Data Revenue Sharing
http://jlne.ws/IYa8Ba

Delegation From Top UK Business School Visits DIFC, Highlighting Ever-Closer Ties Between London And Dubai Financial Centres
MBA Students From Cass Business School In London Visit DIFC During Five-Day Tour Of Dubai And Abu Dhabi
http://jlne.ws/IYaaJo

Dubai Financial Market Welcomes The Listing Of Two Government Of Dubai Sukuk With Total Value Of US$ 1.250 Billion
http://jlne.ws/IYa8RA

Dubai Financial Market Performance – April 2012
http://jlne.ws/IYabg9

DIFC Discusses The Commercial Dispute Resolution Options Available At Its Knowledge Series Event – Experts Advise DIFC Audience How To Ensure Their Contracts Are Enforced
http://jlne.ws/IYa982

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

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