Bits & Pieces
By John J. Lothian
If you missed Jim Kharouf‘s tribute to the late Ivers Riley in yesterday’s newsletter, please go back and read it. Jim did an exceptional job of capturing the man and all he did for our markets. I was privileged to have met Ivers when he was ISE chairman, but Jim’s roots with Ivers went further back and he was the perfect journalist to write his story.
Longtime Chicago Tribune reporter, editor and editorial board member Greg Burns is moving to Allstate Insurance to take over responsibility for their financial communications. Read Robert Feder’s story about it here.
Bloomberg corporate communications aging wunderkind Allan Schoenberg separated his shoulder on a ski hill in Vermont, according to a very humorous Facebook post he made. It must not have been the arm he uses to text.
The FIA Boca conference countdown sits at 2 ½ weeks, or 19 days. We are working on a video series on the impact of capital rules on the markets. If you are going to be in Boca and way to participate in the series, please let me know. We are also reprising our Exchange CEO video series as well.
Our friends at Barchart recently announced FinTech Exchange 2015, a half-day event full of presentations on the latest technology developments. John Lothian Productions will be filming a series of short presentations for MarketsWiki Education. Also, I will be moderating a panel on opportunities, challenges and the future of FinTech.
The Options Industry Conference will be another chance for yours truly to get out of the cold weather, although it will be in early May. Sarah Rudolph and I will be in attendance and I will be moderating the Exchange Leaders panel. If you like Miami, here is a chance to go.
Ivers Riley: A Man for All Markets
Jim Kharouf – JLN
There are pioneers, innovators and leaders in every industry. Ivers Riley is one of the rare individuals to wear all three titles. Riley, who died this week at the age of 82, is one of those executives who was part of several transformational events in the financial markets’ history, including: the early stages of the options industry; the creation of exchange traded funds, one of the most successful products in the history of financial markets; two critical periods at the Hong Kong exchanges; and a key player at the International Securities Exchange, which ushered in fully-electronic options markets.
***** A tribute worthy of the man.
Trade Futures, Save the Planet
By Mark Gilbert, Bloomberg
With the world finally recognizing the need to do more to ameliorate the effects of energy production on climate change, financial markets can make a valuable contribution to the shift toward renewable sources. In the same way that the derivatives markets help farmers manage crop prices, futures contracts can help power producers offset the vagaries of the weather.
***** This is the best headline I have seen in a long time.
CFTC Commissioner Bowen Announces Membership of Market Risk Advisory Committee
U.S. Commodity Futures Trading Commission (CFTC) Commissioner Sharon Y. Bowen today announced the members of the CFTC’s Market Risk Advisory Committee (MRAC). Commissioner Bowen is the sponsor of this advisory committee.
***** Several of the TAC Committee members are on this panel as well.
FIA and FIA Europe Special Report Series: Algorithmic and High-Frequency Trading Under MiFID II
HFT and algorithmic trading have been the subject of considerable global regulatory attention in recent years and the regulation of this area has been one of the most contentious areas in the MiFID II policy making.
***** FIA continuing their thoughtful commentary about HFT.
Are the World’s Biggest Banks Moving Money for Terrorists?; How a New Jersey lawyer is fighting to make banks liable for violent deaths at the hands of extremists
by Paul Barrett, Bloomberg
Steven Vincent had just left a money exchange in the southern Iraqi city of Basra when a group of men in police uniforms drove up in a white truck and grabbed him and his translator. It was Aug. 2, 2005. Vincent, a freelance American journalist, had reported on the war for two-and-a-half years. British troops occupied Basra, but he operated without an embed arrangement. British and Iraqi authorities later found Vincent on the outskirts of the city shot dead. The Iraqi translator survived.
***** Wars are fought on the battlefield, but I believe they are many times won financially. Starve the war machine and you win the war. Of course, terrorism is like playing Whack a Mole, there are just too many moles.
Trading Technologies’ Platform to Support Quantitative Brokers’ Best Execution Algorithms
Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, and Quantitative Brokers, a leading provider of fixed income and futures algorithms, today announced TT will provide access to Quantitative Brokers’ best execution algorithms from the next-generation TT platform. In addition, TT is planning to add support for other broker algorithms.
***DA: QB’s CEO summed up their philosophy nicely in my interview with him at last year’s IDX – “What we’re doing is no different than what a floor broker did back in the day.”
Why candy bars may never be the same again
By Quentin Fottrell, MarketWatch
Nestlé USA said it is removing artificial ingredients from its Crunch, Butterfinger, Oh Henry!, Raisinets and other chocolate treats in response to consumer interest in healthier foods. Some experts say the company is more concerned with its financial health than the health of sweet-toothed Americans as demand for lower-calorie and healthier sounding food soars.
***** OK, this has nothing to do with the markets, but everything to do with everyone.
The Next Bernie Madoff? Richard Dreyfuss, Maybe Robert De Niro
by Max Abelson, Bloomberg
No corner of Wall Street is truly important until Hollywood actors play its heroes and villains. Corporate raiders have “Wall Street,” mortgage-backed securities sparked “Margin Call,” commodities dominate “Trading Places” and stock brokers star in “The Wolf of Wall Street.”
***** Every corner of Wall Street is important, and an attitude like that is exactly why the Bernie Madoffs of the world think they can get away with what they are doing.
SDR 2.0: CME Group’s Jonathan Thursby Looks at the Future of Swap Data Repositories
Over the past 18 months, the OTC derivatives world began mandatory reporting into trade repositories. Now that we have had some time to work through the logistics, it is time for a rethink. Jonathan Thursby, president of global repository services at CME Group, says the CFTC and global regulators are looking at revisions to the rules, and he lays out his wish list for a new and improved framework.
Watch the video »
MarketsWiki Page of the Day
Ivers W. Riley
MarketsWiki Recent Updates
Joseph Ratterman; Chris R. Concannon; Jean-François Théodore; Ivers W. Riley; James Dunseath; Marshall Carter; Luís Palha da Silva; George Cox; Duncan M. McFarland; Demetria O’Sullivan; Courtney Leimkuhler; Nate Most; Clarke Dryden Camper; Andre Dirckx; Amy Farnstrom
High-Speed Firm Virtu Revives IPO Plans; High-frequency trading firm filing revised paperwork to SEC in coming days
By Bradley Hope, WSJ
One of the world’s biggest high-frequency trading firms is betting that the “Flash Boys” furor is behind it.
**JK – 2015, the year of the do-over IPO
U.K. Launches Investment Banking Competition Investigation; Financial Conduct Authority probe follows complaints about lack of transparency
By Max Colchester, WSJ
The U.K’s financial conduct regulator on Thursday said it would investigate competition in the investment and corporate-banking sector following a series of complaints about a lack of transparency in the market.
Deutsche Börse profit up nearly 80%
By Chase Gummer, The Wall Street Journal
German exchange operator Deutsche Börse said late Wednesday its 2014 net profit surged more than 59% to EUR762.3 million, on the heels of a strong fourth quarter and high trading volumes.
Swiss Franc’s Surge Sparked a $9.2 Trillion Day for Currencies
by Lucy Meakin, Bloomberg
The removal of the cap on the Swiss franc led to CLS Group Holdings AG, the operator of the world’s largest currency-trading settlement system, processing a record $9.2 trillion of transactions on Jan. 20.
The dangers in rising bond yields
James Mackintosh, FT
Forget negative interest rates. Forget Greece. Outside Europe, markets have been dominated by major reversals: in bond yields, oil and within stock markets.
Japan Stocks Hit 15-Year High; Nikkei Stock Average rises to highest level since May 2000
By Kosaku Narioka, WSJ
Japanese stocks rose to a 15-year high Thursday, as investors take a renewed interest in companies that have shifted their focus back to growth and efficiency.
JPMorgan Hires Military-Grade Cyberwarriors to Fend Off Data Thieves—and Foreign Powers; The bank is building a new facility near the NSA’s headquarters to attract new talent
Jordan Robertson Michael A Riley, Bloomberg
In the days following the massive breach of JPMorgan Chase’s computers last summer, the bank’s security chief, James Cummings, rarely left his operations center in its Manhattan headquarters. He directed a select group of colleagues to search for links to the Russian government. There was little evidence of a government tie, especially so early in the investigation, but Cummings, a former head of the U.S. Air Force’s cybercombat unit, was confident they’d find more.
UBS and Credit Suisse face tougher capital demands
Laura Noonan in London, FT
Switzerland’s two biggest banks will have to take “additional measures” to ensure they weather another financial crisis, but they and their investors will have to wait until the end of the year to find out what those are.
In today’s online financial world, how safe are we from hacking? Not very, says expert
By Andrew Saks-McLeod, LeapRate
Fingerprint recognition for access to electronic or online accounts offers about as much security as “leaving your house keys under the front doormat” states Professor Mike Jackson, a cybersecurity expert at Birmingham City University
HSBC tax scandal prompts rivals to check for ‘problem dossiers’
Martin Arnold and Caroline Binham in London
The reaction of rival private banking executives to the tax evasion scandal unfolding at HSBC has been swift. Many have called internal meetings and brought in outside advisers in the past 10 days to check there are no “problem dossiers” lurking in their own client portfolios, said several industry executives.
Wall Street Banks Heed Fed’s Risky Loan Warnings
by Craig Torres, Nabila Ahmed, Bloomberg
U.S. banking regulators summoned Wall Street’s biggest lenders to New York’s Pierre hotel in November to hammer home a message that had gone largely unheeded for more than a year: Stop arranging risky corporate loans that were inflating another credit bubble, or potentially face fines or suspensions.
Did the Fed Just Enter the Currency Wars?
by Rachel Evans, Bloomberg
The minutes from the Federal Reserve’s meeting last month have foreign-exchange traders wondering whether Janet Yellen has joined the currency wars.
Fed’s Powell: Leveraged Lending Risks Unlikely to Bring Down Big Banks
A Federal Reserve governor said risks in the leveraged lending market aren’t likely to endanger the biggest U.S. banks, indicating the Fed believes its efforts to tamp down questionable credit practices are working.
Esma faces industry scrutiny at Mifid hearing
Futures & Options WorldThe European Securities and Markets Authority is set to face industry scrutiny in Paris Thursday when it holds an open hearing on the recently published consultation paper on Mifid II/Mifir. Top of the agenda for the industry will be transaction-reporting rules and the expansion of the European Markets Infrastructure Regulation (Emir) rules under Mifd II.
FCA to investigate investment and corporate banking
John Aglionby, Caroline Binham and Martin Arnold, FT
The Financial Conduct Authority, the UK financial regulator, is to investigate whether there is sufficient competition in the investment and corporate banking sectors.
SD and MSP requirements – Annual Questionnaire and Business Continuity and Disaster Recovery Plan contact information
All NFA Members, including Swap Dealers (SD) and Major Swap Participants (MSP) are required to complete NFA’s Annual Questionnaire, which provides NFA with important information regarding a firm’s business activities. Beginning April 1, 2015, each SD and MSP will be required to complete the SD-MSP Questionnaire as part of the firm’s annual membership renewal process. NFA also encourages SDs and MSPs to keep the questionnaire data current throughout the year. SDs and MSPs can access the SD-MSP Questionnaire by logging into NFA’s Annual Questionnaire system and choosing the link to the “SD-MSP Questionnaire” in the Questionnaire Index.
Asset management firms and the risk of market abuse
This paper presents our findings from the thematic review of how asset management firms control the risk of committing market abuse.
‘About time’ as banks face new battle on old ground
By Nick Kostov and Giles Turner, Financial News
The Financial Conduct Authority is to probe competition in investment banking for the first time, a move that will reignite the old battle debate of whether investment banks are worth the fees they charge.
British Regulator to Examine Competition in Investment Banking
By Chad Bray, NY Times
The Financial Conduct Authority of Britain said on Thursday that it planned to review whether competition was working properly in the corporate and investment banking sectors.
E.C.B. Council Was Unanimous in Backing Legality, but Not Timing, of Bond Purchases
By JACK EWING, NY Times
Members of the European Central Bank’s Governing Council were unanimous in their belief that government bond purchases were a legitimate tool of monetary policy, even if some thought the time to take that step had not yet arrived, according to an account released Thursday of the January meeting at which the majority decided in favor of an unprecedented stimulus program.
Update: FCA responds to ESMA on dealing commissions
Hannah Smith, Investment Week
The FCA has published a feedback statement on dealing commissions, saying it strongly supports ESMA’s recommendations and wants to implement its own rules alongside MiFID II.
Regulators give three non-banks more time for living wills
The Federal Reserve and the Federal Deposit Insurance Corporation gave three non-bank firms more time to submit plans that lay out how they can be wound down through bankruptcy in a crisis, the regulators said on Wednesday.
Exchanges & Trading Facilities
Deutsche Börse AG closes FY/2014 with increase in profit and strong fourth quarter
Deutsche Börse AG
Net revenue for FY/2014 up 7 per cent to EUR2,043 million – Adjusted earnings per share climb 5 per cent to EUR3.63 – Net revenue for Q4/2014 at EUR545 million – the highest level for 3 years – Stable dividend of EUR2.10 per share proposed – Growth of net revenue to EUR2.1 to EUR2.3 billion expected for 2015 – Mid-term guidance until 2017 confirmed
Deutsche Börse: Deutsche Börse AG published its preliminary figures for the fourth quarter and full-year 2014 on Wednesday. The Group generated net revenue of EUR2,043.0 million, a rise of 7 per cent year-on-year (2013: EUR1,912.3 million). Adjusted operating costs increased as planned by 10 per cent to EUR1,068.8 million (2013: EUR967.6 million) as a result of consolidation effects and higher investments in growth initiatives and infrastructure. Adjusted earnings before interest and tax (EBIT) were EUR982.8 million (2013: EUR954.0 million). Basic earnings per share adjusted for exceptional items amounted to EUR3.63, a year-on-year increase of 5 per cent (2013: EUR3.46).
CME Group Notices
- CME Clearing Notice: Week of Monday, February 16, 2015
- Performance Bond-Margins Advisories
- Performance Bond Requirements: Natural Gas and Refined Products Outrights; Natural Gas and Refined Products Intra-Commodity Spread Charges- Effective Thursday, February 19, 201
- Listing of Seven (7) New Petroleum Futures Contracts
- DISASTER RECOVERY TEST on February 28, 2015: NYSE Bonds
- NYSE Arca Options will release previously announced Complex Order Book changes on Monday, February 23, 2015.
- DISASTER RECOVERY TEST on February 28, 2015: NYSE, NYSE MKT, NYSE ARCA, ARCA OPTIONS, and AMEX
Four New SPDR Smart Beta ETFs Launched On Xetra – ETFs Use Value-Weighted Based Strategy With A Focus On Europe And The USA
Deutsche Börse Group
Four new equity index funds from the ETF offering issued by SPDR (State Street Global Advisors) have been tradable in Deutsche Börse’s XTF segment on Xetra since Thursday.
BME EXPANDS ITS IBEX 35® INDEX FAMILY
The new indices will be calculated and disseminated in real time as of 10th March
Bolsas y Mercados Españoles (BME) expands its IBEX 35® index family with two new tradable indices, which are based on the IBEX 35®. The new indices, called IBEX 35® LEVERAGE NET X10 and IBEX 35® SHORT X10 will start to be calculated and disseminated in real time from March 10th.
Hedge Funds & Managed Futures
Fed gives the bulls a signal to keep running
By BarbaraKollmeyer, MarketWatch
The Fed has spoken. And His Royal Highness the dollar got blasted as the timing for a rate hike appeared to get pushed out again. But if the Fed is reading the Google tea leaves, it will know that delay is valid. (See our Call of the Day).
The investing golden age may be over: Robert Shiller
By Shawna Ohm, Yahoo Finance
The American economy is changing and we may be overcompensating. That’s one takeaway from Yahoo Finance’s latest discussion with Nobel Prize winning economist, and Yale University professor, Robert Shiller.
Where to put your money with looming disinflation
By Oliver Pursche, MarketWatch
The risk of disinflation and perhaps even deflation to the U.S. economy are greater than most believe and are likely to persist for many years. As a result, investors may have to contend with low interest rates for the remainder of the decade or perhaps longer.
Top financial guidance for alpha females
Holly Thomas, The Times
Wealthy women are increasingly enlisting the help of a matchmaker to assist with finding a long and trusting relationship. These women are not looking for love — but someone to grow their wealth. According to figures from findawealthmanager.com, which helps investors to choose a firm to handle their money, the past three months brought a 50 per cent rise in female users looking for discretionary investment management.
Banks & Brokers
Criminals have stolen up to $1 billion from banks worldwide, security firm says
By Priya Anand, MarketWatch
Cybercriminals have stolen up to $1 billion since late 2013 from banks across 30 countries, including the U.S., Russia, Europe and China, a computer security company says in the latest report to draw a red circle around the financial sector as a vulnerable target for hackers.
U.S. Shifts Focus of Morgan Stanley Breach Probe; Focus of investigation changes to possible hacker from fired financial adviser
By Justin Baer, WSJ
Federal authorities are probing whether a hacker is behind the online publication of a cache of Morgan Stanley ‘s client data—and not the financial adviser who was fired in connection with the breach, people familiar with the matter said.
Morgan Stanley Probe Said to Examine If Adviser Hacked
by Michael J Moore, Bloomberg
A U.S. probe into how Morgan Stanley client information ended up for sale on the Internet is examining whether a financial adviser was targeted by hackers after he took data from the bank, two people briefed on the inquiry said.
ICAP Global Broking D0erivatives Data Included In Supplement No.46 Of The 2006 ISDA Definitions
ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that its Global Broking price displays for Swiss Franc (CHF) interest rate swaps, CHF single currency basis swaps and EONIA versus EURIBOR (EUR/EUR) basis swaps have been added to Supplement No.46 of the 2006 ISDA Definitions.
Clearing & Settlement
What’s Causing the Delays in New OTC Derivatives Rules?
Gregg Wirth, Traders Magazine
Virginie O’Shea of Aite Group reveals the delays in regulatory framework for OTC Derivative Market that is causing increased cost and risk.
CSA Propose Rules For Mandatory Derivatives Clearing
Mondaq News Alerts
As we previously discussed, the CSA previously proposed model rules in regards to central counterparty clearing in December 2013. We took a closer look at those rules in January 2014. The proposed NI 94-101 is based on the draft model provincial rule, with revisions based on comments received from stakeholders. The CSA are accepting comments on the proposal until May 13, 2015.
Deutsche Boerse sees decision in U.S. Clearstream suit soon
Deutsche Boerse expects a decision soon in a U.S. legal battle involving its Clearstream subsidiary and had set aside 4.5 million euros ($5.13 million) in legal provisions at end-2014 in anticipation of possible fines or settlements, company officials said at a media briefing on Thursday.
Indexes & Products
At 30, Nasdaq-100 Recognized as Benchmark for Innovation
Once considered a pure play on technology stocks, the Nasdaq-100 Index (NDX), which celebrated its 30th anniversary on January 31, 2015, has emerged as the de facto benchmark for broad-based innovation, representing the “new global economy,” according to a recent Nasdaq study titled The Nasdaq-100 Turns 30: Tracking Innovation in Large Cap Growth
Broad Benchmark ETFs Are Breaking Out
The broad Nasdaq Composite Index, along with related exchange traded fund, is breaking out and could foreshadow similar breakouts in sideways trading among other key U.S. indices.
Weighing the advantages of an all-ETF portfolio
In financial services, exchange-traded funds are somewhere around the third or fourth stage, between new niche and great idea. ETFs attracted more net investment last year ($239 billion) than did mutual funds ($225 billion), according to data from Morningstar. Five years earlier the net inflow into mutual funds was more than triple the net amount invested in ETFs.
BSE to include differential voting right shares in benchmark indices
The benchmark and broader indices of BSE Ltd will soon include differential voting right (DVR) shares as well if normal equity shares of such companies are already part of the index. Such inclusions will be subject to certain eligibility criteria and will be effective when the benchmarks are rebalanced in June.
Why tech can’t keep pulling this market
Last week the markets got serious about the topside and the potential setup to support a break higher was fulfilled. That was pretty much in line with the bullish setup that had presented itself. Now that the breakout has in fact actualized and moved north, the next question is twofold, “Will it continue?” and “How far can it go?”
Currency-Hedged ETFs Better Reflect the International Markets
A large part of the outperformance in U.S. equities, or underperformance in international stocks, may be attributed to the stronger U.S. dollar. Consequently, investors may find that a currency-hedged equity exchange traded fund is a better pure play on international equities.
Thomson Reuters Expands Equity Index Series With Globally Listed Infrastructure Indices
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the launch of a set of index families focused on infrastructure and utilities. The Thomson Reuters Infrastructure Indices, due for release mid-March 2015, will be based on Thomson Reuters Business Classification (TRBC), Thomson Reuters sector and industry classification of every listed company in 130 countries. TRBC has five levels of classification enabling a more accurate and granular selection of companies.
White House Names Nation’s First Chief Data Scientist
By Elizabeth Dwoskin, WSJ
Taking a page from Silicon Valley’s playbook, the White House said on Wednesday it had appointed the nation’s first chief data scientist.
Google joins fight to curb US data hunt
Richard Waters in San Francisco, FT
Google has joined the battle against efforts by US law enforcement agencies to search for personal data held on servers outside the US, claiming that a proposed rule change in the country’s courts would have “monumental” ramifications.
US will auction nearly $12M in bitcoins seized from Silk Road
The U.S. government on Wednesday said it plans to auction 50,000 bitcoins on March 5, following the recent criminal conviction of Ross Ulbricht for being the mastermind behind the online black market known as Silk Road.
Silicon Valley investors choose FinTech over banks
The London-based money-transfer startup WorldRemit on Wednesday announced a new $100 million funding round, with a reported valuation of more than half a billion dollars. The round is led by the Silicon Valley venture capital firm TCV, whose previous investments include Facebook, Spotify, and Netflix.
SEC Halts Colorado-Based Pyramid Scheme
The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze against two operators of a Colorado-based pyramid and Ponzi scheme that promises investors extraordinary returns of 700 percent through a purported “triple algorithm” and “3-D matrix.”
Federal Court orders record penalty
The Federal Court has today awarded record penalties totalling $18.975 million against payday lender, The Cash Store Pty Ltd (in liquidation) (TCS), and loan funder, Assistive Finance Australia Pty Ltd (AFA) for their failure to comply with consumer lending laws.
Environmental & Energy
Economists warn of “lost decade” risk for EU carbon market
By Megan Darby – RTCC (Responding to Climate change)
The European Union faces a “lost decade” for low carbon investment without early and robust reforms to its flagship climate policy, researchers have warned.
The Hot New Statistic Oil Traders Are Watching Is 71 Years Old
by Lynn Doan, Daniel Murtaugh, Bloomberg
It was like clockwork. Every week since 1944, Baker Hughes Inc. would release its survey of how many rigs were out drilling for U.S oil and gas. And every week, oil and gas traders would, for the most part, overlook it.
BlackRock Buys U.K. Wind Farm From Renewable Energy Generation
by Louise Downing, Bloomberg
BlackRock Inc., the world’s largest money manager, has agreed to buy a wind farm in southwest Britain from Renewable Energy Generation Ltd.
Big oil must adapt to new era of lower prices, says Lord Browne
By Andrew Critchlow, Commodities editor, Telegraph
Former BP chief executive Lord Browne has said that oil companies will have to adapt their business models to a new era of lower prices and a greater emphasis on reducing carbon dioxide emissions in order to survive.
India to create a federation of 50 solar power-rich nations: Piyush Goyal
Taking a cue from Prime Minister Narendra Modi’s vision, Union Minister Piyush Goyal today said efforts will work to create a federation of 50 solar power -rich nations and also make India the world’s renewable energy capital.
Tokyo Stock Exchange: New ETNs Included In Real-Time Dissemination Of “TSE Indicative NAV”
Tokyo Stock Exchange, Inc. (TSE) will newly calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share for the below Exchange Traded Notes(ETNs) beginning March 16, 2015.
Dubai Rising: Scenes From a Global Financial Center
by Jane Hwang
Dubai invested billions of dollars to become a regional trade, tourism and financial hub although it doesn’t have a substantial oil revenue like fellow Gulf Arab sheikhdoms. The city is home to the world’s tallest tower, the Middle East’s biggest mall, one of the globe’s busiest airports as well as one of the most volatile stock markets. Professionals from all over the world are lured to Dubai by its tax-free status and its multi-national mix.
Securities and Exchange Board of India Notices
Adjudication order against R S Petrochemicals Limited
Adjudication order against B P Alloys Ltd.
Akme Star Housing Finance Limited
Krebs Biochemicals And Industries Limited
Ex-Fortune Editor Joins Yahoo Finance
By RAVI SOMAIYA, NY Times
Andrew Serwer, the longtime editor of Fortune magazine, will join Yahoo Finance as editor in chief, the company said Wednesday.
Not Everyone Is Happy That RadioShack Ran on Derivatives
By Matt Levine, Bloomberg
If you could choose to either operate RadioShack, or not do that, which one would you choose? I suppose financial analysis might inform your choice. Being pretty generous to RadioShack, here are some numbers: