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Category Archives: Regulation & Enforcement

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Asia Pacific Financial News from John Lothian News – August 14, 2017 Standard

Lead Stories India, Pakistan and Bangladesh 70 years after the British left; A comparison of India, Pakistan and Bangladesh on key social and economic parameters such as poverty, unemployment and child malnutrition Manas Chakravarty – Livemint Seventy years after the British left undivided India, what is the state of its people? The eight charts presented here compare the trajectories of three countries in the region—India, Pakistan and Bangladesh. Additionally, data for China has been included to give us a sense of what might have been had we taken a different path. https://goo.gl/kcXgdc Either China’s Bond Market Or Metals Are Getting…

Asia Pacific Financial News from John Lothian News – August 10, 2017 Standard

Lead Stories Former HK commodities exchange chief charged with conspiracy to defraud regulator: court Reuters Prominent businessman Barry Cheung, who founded the now-defunct Hong Kong Mercantile Exchange, appeared in a Hong Kong court on Thursday charged with conspiracy to defraud the securities regulator and fraud. https://goo.gl/AXG4vE SEC pushes back on Chinese-led takeover of Chicago Stock Exchange; After initially supporting deal, regulator delays approval of politicised transaction Don Weinland and Hudson Lockett in Hong Kong – FT The US Securities and Exchange Commission has delayed approval of a Chinese-led takeover of the Chicago Stock Exchange, the latest setback for an acquisition…

Asia Pacific Financial News from John Lothian News for August 9, 2017 Standard

Lead Stories Trump’s ‘Fire and Fury’ North Korea Warning Puts World on Edge By Justin Sink and Shinhye Kang – Bloomberg Kim Jong Un ‘has been very threatening,’ Trump tells reporters U.S. markets jolted, South Korea and Japan stocks both fall President Donald Trump’s threat to hit North Korea with “fire and fury” jolted markets from New York to Seoul even as U.S. lawmakers questioned the president’s willingness to back up the heated rhetoric. https://goo.gl/Yc22if Trump’s Harsh Language on North Korea Has Little Precedent, Experts Say By JULIE HIRSCHFELD DAVIS – NY Times President Trump’s warning on Tuesday that North…

Asia Pacific Financial News from John Lothian News – August 2, 2017 Standard

Lead Stories Hong Kong Exchange plans blockchain-based share market Finextra The Hong Kong Stock Exchange is planning to launch a new private market to provide early stage companies with a blockchain-based share registration and transfer platform for the conduct of pre-IPO financing off-exchange and clear of the regulatory remit of the Securities and Futures Ordinance. https://goo.gl/yJnck2 India’s Real Interest Rates Compared With Other Asia Economies By Arijit Ghosh – Bloomberg The RBI cut the repo rate today, as forecast by most economists in the Bloomberg survey. This is where India’s real interest rates now stand, compared with other central banks…

Asia Pacific News from John Lothian News – August 1, 2017 Standard

Lead Stories How to fix Hong Kong’s markets Chris Wright -Euromoney Everyone has a complaint about how Hong Kong’s markets are run, whether it is cornerstones, regulation, secret orders, or simply poor performance. How does HKEx get the environment right when everyone has a different idea of what is wrong? https://goo.gl/dmP8mS How China’s biggest bank became ensnared in a sprawling money laundering probe By ANGUS BERWICK and DAVID LAGUE – Reuters Part 1: When Chinese residents of Spain needed to get piles of illicit cash back home, police allege, they found an accomplice in the Industrial and Commercial Bank of…

Asia Pacific Financial News from John Lothian News – July 31, 2017 Standard

Lead Stories Today we share with you the remembrances of several industry colleagues of the late Magnus Böcker on his life and the impact it had on them and our markets. We hear from Craig Donohue of OCC, Sutat Chew and Michael Syn of SGX, Adena Friedman of Nasdaq, Walt Lukken of the FIA, Nandini Sukumar of WFE, Phupinder Gill (formerly of CME Group), Nils-Robert Persson of Cinnober and Terry Duffy of the CME Group.~JJL Waldorf Owner Pressured to Sell as China Clampdown Escalates Bloomberg News China’s government said to ask Anbang to sell overseas assets; Insurer’s Waldorf purchase symbolized…

Asia Pacific News from John Lothian News – July 26, 2017 Standard

Lead Stories US state hopes to gain in rice market By May Zhou and Zhang Yuan in Little Rock, Arkansas | China Daily China’s recent announcement that it would open its market to US rice exports made the governor of Arkansas happy. https://goo.gl/Svodr1 China to turn all centrally owned giants into joint-stock firms by 2017 Reuters via CNBC China will turn all big companies owned by the central government into limited liability firms or joint-stock firms by the end of 2017, as Beijing looks to make its state-owned giants more nimble as part of broader reforms of the capital markets….

Correction: NFA and FINRA Do Recognize Other Regulator’s Bans Standard

John Lothian

It turns out that the NFA and FINRA do jointly recognize the bans of other regulators already. In the specific case I mentioned, that of Jon Corzine, he would register if necessary with the SEC. Whether the SEC will recognize the ban of another regulator is a question I am still awaiting an answer. There is a loophole that was expanded by Dodd-Frank that allows hedge funds with less than $150 million to not have to register with the SEC. Tom Sexton of the NFA responded to my inquiry by saying: With regard to your column last week, you should…

Time to Close the Asset Class Ban Loophole Standard

Corzine and his ilk Should be Banned Across All Asset Classes Note: A correction to this story has been posted here. The NFA and FINRA to recognize the bans of other regulators. With the recent news that former MF Global CEO Jon Corzine is attempting to make a comeback at age 70 as a hedge fund manager, it became clear there is a hole in our regulatory system that needs to be fixed. Corzine is banned for life by the CFTC from trading futures, yet he can operate in the securities and FX worlds managing other people’s money. It is…