Quick View: A little openness as TradeTech starts
By Jeremy Grant
Eighteen big questions before 10 o’clock. That’s how many the organisers of this year’s TradeTech Liquidity 2009 conference are suggesting could be handled before morning coffee as Europe’s “buyside” trading community gets together in a London hotel on Monday.
http://bit.ly/4xqpZq
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Crackdown on commodity trading abuses needed
JOE GILL
Financial players in commodity markets are turning the laws of supply and demand on their head
THERE ARE more than 50 tankers anchored off the UK coast at present, full of oil. Many are owned by financial “investors” who have bought spot oil and are waiting for higher prices in the futures market to crystallise. They will then make a killing.
http://bit.ly/5OW8OO
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CDS Volumes Spike As Traders Bet The U.S And U.K. Will Default
Trading volumes have spiked for credit default swaps that insure against default by developed nations such as the U.S., U.K., and Japan according to The Financial Times.
http://bit.ly/6Fj9cc
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Request for Public Director Nominations for NFA's Board of Directors
The terms of three current Public Representatives - Douglas E. Harris, Todd E. Petzel and Susan M. Phillips - are set to expire at the Board's 2010 regular annual meeting. Mr. Harris, Mr. Petzel and Ms. Phillips are eligible for re-election. Furthermore, Article VII has recently been amended to provide for the election of two additional Public Directors to the Board at its February 2010 meeting.
http://bit.ly/6gDl4R
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optionsXpress Survey: 71% of Retail Investors See Real Estate as Risky Bet for 2010
Investors split on the “bullishness or bearishness” of the overall market.
http://bit.ly/7qVBnl
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ETF Strategy With a Twist Of the Trendy
By JOHN JANNARONE
For years, hedge funds plied strategies out of most investors' reach. As the exchange-traded-fund bandwagon rolls on, however, financiers are following the trend to try to mimic more of those strategies. For one manager, literally.
http://bit.ly/5UnvoX
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Rosenblatt Securities Opens St. Louis Office, Latin America Trading Desk
http://www.rblt.com/
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Hedge Funds Bet on My $76,000 With Growing Greed: William Pesek
Commentary by William Pesek
Nov. 23 (Bloomberg) -- During a recent chat about global markets, a hedge-fund manager was obsessing about my $76,000. That’s roughly what Japan owes for each of us 126 million inhabitants. This amount has some hedge-fund investors piling on the Japan trades.
http://bit.ly/6RkBnX
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$9 BILLION Check That Saved Morgan Stanley: Is It The Biggest Check Ever? (PHOTO)
Ever wondered what a $9 billion check looks like?
http://bit.ly/4UtrV1
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Ten Tips for Staying Healthy and H1N1-Free This Holiday Season
By Jennifer Viegas
The holidays are here and with them family, friends, parties and germs. This year, in light of the H1N1 outbreak, many fear that the most wonderful time of the year will end up being the unhealthiest, too.
http://bit.ly/3NPMWk
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MarketsWiki Recent Updates
People
Daniel J. Roth; Peter Reitz; Duane Kullberg; James E. Newsome; Stuart Kipnes; David Fisher; Samuel Skinner; Howard Stone; Joanne Medero; Roger Liddell; Arthur W. Hahn; David Downey; Craig S. Donohue; Michael Dawley; Bernard Dan; George E. Crapple; William J. Brodsky; Richard Berliand; Welles Wilder; Jonathan Werts; Conrad Voldstad; Howard Stone; David Fisher; Mark Duffy
Companies, Organizations and Groups
OneChicago LLC; The Options Clearing Corporation; Options Industry Council; Barclays Global Investors; CFTC Global Markets Advisory Committee; Macquarie Futures USA Inc.; International Swaps and Derivatives Association Inc.; CETIP; Tokyo Stock Exchange, Inc.
Products
Miscellaneous
High-frequency trading; On-Balance Volume; Relative Strength Index; Average True Range; Accumulation/Distribution; Upcoming Events; Convertible bond; Hybrid financial product; Bonds
Long pages
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- (hist) Kenya equities market profile 2008-09 [16,321 bytes]
- (hist) Bart Chilton [15,955 bytes]
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- (hist) John Lothian July 2009 Testimony Before CFTC Regarding Open Hearings To Discuss Energy Position Limits And Hedge Exemptions [15,398 bytes]
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Lead Stories
Chi-X Europe Said Likely to Name Alasdair Haynes as New CEO
By Nandini Sukumar
Nov. 23 (Bloomberg) -- Alasdair Haynes may be named chief executive officer of Chi-X Europe Ltd., the region’s biggest alternative trading system, according to three people familiar with the situation.
http://www.bloomberg.com/apps/news?pid=20601102&sid=atLtwQaDZxjQ
Banks' Losses From Global Crisis Still 50% Unrevealed, Strauss-Kahn Says
International Monetary Fund Managing Director Dominique Strauss-Kahn said that about half of bank losses from the global financial crisis have yet to be revealed.
http://www.bloomberg.com/apps/news?pid=20601208&sid=ay2MiTrFzQYI
CFTC to Gain Sole Authority Over Eurex Volatility Index
By SARAH N. LYNCH and JACOB BUNGE
WASHINGTON -- Federal securities and futures regulators struck an agreement Friday which could pave the way for Eurex to offer U.S. investors access to its VDAX-NEW volatility index, a European measure of investor anxiety.
http://online.wsj.com/article/SB10001424052748704888404574548203619374592.html?mod=googlenews_wsj
CFTC cautious on position limits, set to act
* CFTC has tempered outlook on energy position limits
* CFTC feeling pressure from Congress to act
* Commissioner Dunn a crucial swing vote
WASHINGTON, Nov 20 - U.S. regulators will set position limits in energy futures markets to curb excess speculation, but the rules will probably be less strict than originally contemplated so traders will not be driven to markets with looser regulations.
http://news.alibaba.com/article/detail/markets/100204315-1-analysis-cftc-cautious-position-limits%252C-set.html
Senator Asks SEC to Issue 'Sponsored Access' Ban
By SCOTT PATTERSON
Sen. Ted Kaufman called Friday for the Securities and Exchange Commission to take immediate steps to stop so-called sponsored access, a common practice in the hot area of high-frequency trading.
http://online.wsj.com/article/SB10001424052748704533904574548171635921470.html
High-Frequency Trading Controversy Continues to Swirl
CHALLENGE: Regulators are scrutinizing the surge in high-frequency trading strategies, which account for more than 60 percent of equities executions by some estimates. Charges of unfair access likely will continue to drive the HFT controversy in 2010.
http://www.wallstreetandtech.com/electronic-trading/showArticle.jhtml;jsessionid=I1DL4PPYTKNWJQE1GHOSKHWATMY32JVN?articleID=221600663&_requestid=783063
Derivatives Clearing Gives Congress Fits
The Challenge: Congress is working on legislation for OTC derivatives reform, but there is still no agreement on mandatory clearing of standardized instruments or on how exotic instruments will be handled.
http://www.wallstreetandtech.com/technology-risk-management/showArticle.jhtml;jsessionid=I1DL4PPYTKNWJQE1GHOSKHWATMY32JVN?articleID=221600676&_requestid=785221
FDIC Chair Sheila Bair has it right: It's time to change bankers' incentives
http://www.dailyfinance.com/2009/11/22/fdic-chair-sheila-bair-has-it-right-its-time-to-change-bankers/
Analysis: Fed Under Fire As Public Anger Mounts
http://bit.ly/7iO6LL
Congress Grows Fed Up Despite Central Bank's Push
By SUDEEP REDDY
WASHINGTON -- The Federal Reserve's strategy to fend off a barrage of attacks from Congress, largely centered on low-key diplomacy by Chairman Ben Bernanke, isn't succeeding so far.
http://online.wsj.com/article/SB125876136781358287.html
Barnier set to win financial role
By FT reporters
The race to secure senior jobs in the next European Commission intensified yesterday with the big member states keen to secure the most important economic dossiers. Michel Barnier, former French foreign minister, is set to be put in charge of the European Union's single market, in a contentious move that followed a night of political horse-trading over top jobs in Brussels.
http://www.ft.com/cms/s/0/0294fc40-d63e-11de-b80f-00144feabdc0.html
EU Executive to Propose Major Markets Law - Sources
LONDON (Reuters) - A major draft EU law on market infrastructure will be tabled next July to make share and derivatives trading less risky for investors and the broader financial system from late 2012, industry sources said on Monday.
http://www.nytimes.com/reuters/2009/11/23/business/business-uk-eu-markets-regulation.html
IMF chief says global economy in holding pattern
By Fiona Shaikh
LONDON (Reuters) – The global economy is in a holding pattern and vulnerable to more upheaval, and a lasting recovery will depend on policymakers taking the proper steps in coming months, the head of the IMF said on Monday.
http://news.yahoo.com/s/nm/20091123/bs_nm/us_imf_economy_1
Gensler helps lead the charge to expose OTC derivatives
By Paul Wiseman, USA TODAY
In 2002, legendary investor Warren Buffett warned that the economy was under threat from "financial weapons of mass destruction." He was talking about derivatives. Only now, more than a year after derivatives nearly sank insurance giant American International Group, are policymakers in Washington trying to defuse them. One of the leaders of the bomb squad is Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC).
http://www.usatoday.com/money/companies/management/2009-11-22-gensler-otc-derivatives_N.htm
CBOT fund-led wheat rally another Wall Street hurdle for grain exporters?
The weakest U.S. dollar in 15 months along with ample American wheat supplies should be spurring strong U.S. wheat exports this season. But the United States, typically the world’s largest wheat exporter every year, is seeing exports of that grain down 30 percent from a year ago as many big overseas buyers source wheat from cheaper suppliers, namely Russia, France and Germany.
What’s more, nearby Chicago Board of Trade wheat futures prices have jumped nearly 25 percent since October 1, ignoring the weak exports, weak domestic cash basis and ample stocks of wheat on hand.
http://blogs.reuters.com/commodity-corner/2009/11/22/cbot-fund-led-wheat-rally-another-wall-street-hurdle-for-grain-exporters/
Calls for Geithner to Quit U.S. Treasury Post May Grow as Election Nears
U.S. Treasury Secretary Timothy Geithner, as part of a grilling on Capitol Hill yesterday, was asked by a Republican lawmaker to resign. It is a call he is likely to hear again and again as next year’s election campaign heats up.
http://www.bloomberg.com/apps/news?pid=20601070&sid=awXy12PVV7.0
Jamie Dimon seen as good fit for Treasury
As support for Treasury Secretary Timothy Geithner wanes on Capitol Hill amid frustration with the Obama administration's handling of the economy, JPMorgan Chase CEO Jamie Dimon is emerging as a potential replacement. Sources tell The
http://www.nypost.com/p/news/business/polishing_dimon_IKfyRK8PArjjlMYflWAvDK
Environmental Trading News
Energy battles loom as Waxman and Markey attack derivatives bill
http://thehill.com/homenews/house/68995-energy-turf-battles-loom-as-waxman-markey-attack-derivatives-bill
Documentary explores carbon trading business
A new breed of entrepreneurs is working to get rich — and save the planet. They are called carbon hunters, which is also the title of a new documentary that airs on CBC-TV's Doc Zone on Thursday night.
http://www.cbc.ca/arts/film/story/2009/11/22/documenary-carboncredits.html?ref=rss
Too late for safe levels of carbon emissions
BEN CUBBY
IF THE goal of the emissions trading legislation is to reduce the level of greenhouse gases entering the atmosphere to safe levels, it is unlikely to work in its current form, climate scientists watching the debate have said.
http://www.smh.com.au/environment/too-late-for-safe-levels-of-carbon-emissions-20091123-iz8q.html
Fink teams up with E.ON for green fund launch
Stanley Fink, former chief executive of hedge fund specialist Man Group, is joining forces with German power company E.ON to market a sustainable infrastructure fund seeking to raise E750m ($1.1bn).
http://www.efinancialnews.com/homepage/content/1055827738
For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
Visit http://www.jlnenvironmental.com to subscribe.
Exchange & ECN News
CME to reconsider planned ag settlement changes
CHICAGO, Nov 23 (Reuters) - The CME Group (CME.O) said Monday it would not implement planned changes to its settlement procedures for Chicago Board of Trade agricultural futures, in order to allow for additional analysis.
The changes, which included tying settlements for some deferred corn and soy complex contracts to the electronic Globex platform, were announced last week for implementation on Dec. 1.
http://www.reuters.com/article/marketsNews/idAFN2325406120091123?rpc=44
CME: Will Launch Sour Oil Futures Contract In Early December
NEW YORK (Dow Jones)--CME Group Inc. (CME) will begin trading its Gulf Coast sour crude oil futures contract on Dec. 6, setting up a showdown with rival IntercontinentalExchange Inc. (ICE), which is launching similar contracts on the same date.
http://online.wsj.com/article/BT-CO-20091120-711498.html
CME to launch Mars crude contracts in December
NEW YORK, Nov 20 (Reuters) - Commodities exchange operator CME Group (CME.O) said Friday it will launch physically deliverable U.S. Gulf sour crude contracts in early December, to offer new sour crude derivatives.
http://www.reuters.com/article/marketsNews/idUSN2024089020091120
Chi-X leaves upstart label behind and looks to the future
By Jeremy Grant
In the cut-throat world of share trading, being nice to your competitors does not come naturally. So it is a surprise when Hirander Misra, chief operating officer of Chi-X Europe, compliments Xavier Rolet, chief executive of the London Stock Exchange, on how he has done since replacing Dame Clara Furse in May.
http://www.ft.com/cms/s/0/1960afbc-d7d0-11de-b578-00144feabdc0.html
Interview transcript: Mark Howarth and Hirander Misra
Transcript of interview with Mark Howarth, interim chief executive of Chi-X Europe, and Hirander Misra, chief operating officer, with Jeremy Grant, Editor, FT Trading Room.
http://www.ft.com/cms/s/0/f418374c-d1d6-11de-a0f0-00144feabdc0.html
OneChicago To List 39 New Single Stock Futures
OneChicago is pleased to announce the listing of 39 new security futures for trading November 23, 2009.
http://www.onechicago.com/wp-content/uploads/content2009/november23-new-products.pdf
[LSE] Environmental Recycling Technologies Publicly Censured
Environmental Recycling Technologies ("Environmental" or the "Company"), has today been publicly censured for numerous breaches of the AIM Rules for Companies between July 2007 and June 2008.
http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2009/environmentalrecyclingtechnologies.htm
Mexican Exchanges BMV and MexDer launch co-location transactional services
November 23rd, 2009 - Mexican Exchanges BMV and MexDer launch co-location transactional service
http://www.automatedtrader.net/news/co-location-news/24428/mexican-exchanges-bmv-and-mexder-launch-co_location-transactional-services
NYMEX Options Expiration Operational Procedures for Trading Floor and Clearing Members for Tuesday, November 24, 2009
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09515.html
COMEX Options Expiration Operational Procedures for Trading Floor and Clearing Members for Tuesday, November 24, 2009
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09516.html
COMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members for Monday, November 23, 2009
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09-511.html
NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members for Monday, November 23, 2009
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09-510.html
Merging Open Interest from NYMEX Mt Belvieu Ethane Swap (W8) to Mt Belvieu Ethane 5 Decimals Swap (C0)
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09-514.html
Performance Bond Requirements – New Nymex Product Launch - Effective Friday, November 20, 2009
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09-513.html
CORPORATE EVENT: Southside Bancshares, Inc. ("SBSI")
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv09-512.html
Banks, Brokers & Dark Pools
Goldman’s Non-Apology
We’ll give this to Mr. Blankfein, The New York Times’s editorial board writes on Sunday: On some level, he seems to understand that an apology is in order. But his remarks do not come close to an apology. Even if he had said, “we’re sorry,” it would have been hollow since he never actually said what he was sorry for (“things” doesn’t cut it) or to whom he was apologizing.
http://dealbook.blogs.nytimes.com/2009/11/22/goldmans-non-apology/
Citigroup still has job vacancies!
It may come as a surprise, but the US banking behemoth Citigroup is still looking out for new employees and has posted more than 100 job vacancies over last week -- that is, since announcing the corporate America's second largest single-day layoff of over 50,000 employees. It seems the bank is not just facilitating the out-bound traffic on its payrolls since November 17, the day when Pandit announced over 50,000 job cuts, it has also posted at least 109 new job vacancies -- all full-time positions and mostly at manager or executive levels -- on its website for positions across the world.
http://www.business-standard.com/india/news/citigroup-still-has-job-vacancies/49961/on
Dark Pools Seek Limited Transparency
CHALLENGE: Dark pools provide investors with a valuable venue for trading large blocks of securities, but regulations may change the way market participants interact with anonymous trading venues in 2010.
http://www.wallstreetandtech.com/trading-technology/showArticle.jhtml;jsessionid=DXLNRJMT4KOKLQE1GHRSKH4ATMY32JVN?articleID=221600329&_requestid=857914
Nomura appoints Furse to board
Move to emphasise Japanese-western fusion
http://www.ft.com/cms/s/0/803689c6-d78c-11de-b578-00144feabdc0.html
BBVA, UBS, Citigroup Among Banks With Weakest Capital, S&P Research Shows
Banco Bilbao Vizcaya Argentaria SA, Citigroup Inc. and UBS AG are among the banks with the weakest capital, according to analysis by Standard & Poor’s that seeks to iron out differences in reporting.
http://www.bloomberg.com/apps/news?pid=20601208&sid=a4jcEUPqCUkw
Barclays tries again to sell equity arm
Mark Foxwell, Financial Mail
Barclays has restarted talks to spin off its £3bn private equity division in a move that could give the bank a valuable injection of capital.
Discussions are at an early stage, but directors hope a deal can be completed early next year.
http://www.thisismoney.co.uk/markets/article.html?in_article_id=494669&in_page_id=3&position=moretopstories
Executives Kept Wealth as Firms Failed, Study Says
By LOUISE STORY
Three Harvard professors say the top five executives at Bear Stearns and at Lehman sold a great deal of their stock while prices were still high.
http://www.nytimes.com/2009/11/23/business/23pay.html?ref=business
Not exactly a pot of Goldman
I-bank's $500 million small biz initiative has plenty of takers, plenty of fine print
By Aaron Elstein
Brooklyn resident Joel Mejia was hard at work last month in Los Angeles, putting in 14-hour days as he shot episodes for a fledgling television show that he describes as “a faith-based program with comedic and gangster elements.”
http://www.crainsnewyork.com/article/20091122/SMALLBIZ/311229984
Goldman’s Response to Questions About A.I.G.
http://dealbook.blogs.nytimes.com/2009/11/23/goldmans-response-to-questions-about-aig/
Shareholders demand Goldman rewards
Elena Moya
Goldman Sachs has had to defend itself from angry taxpayers, regulators, the government – and now its own shareholders. Some of the US investment bank's largest investors are furious about the New York-based firm paying record remuneration to its staff – pay and bonuses are estimated to average $717,000 (£435,000) each for 2009, the biggest payout in the firm's 140 years.
http://www.guardian.co.uk/business/2009/nov/20/goldman-sachs-bonus-shareholder-row
Wall Street’s Spin Game
By GRAHAM BOWLEY
Lloyd C. Blankfein, chief executive of Goldman Sachs, the bank to bash on a resurgent Wall Street, is receiving a lot of advice lately, and it’s not just about money.
http://www.nytimes.com/2009/11/22/weekinreview/22bowley.html?ref=business
Is it good to aplogize for greed?
What would J.P. Morgan have said about regret expressed by Goldman Sachs CEO Lloyd Blankfein? History tells us the apology was a savvy investment
http://www.businessweek.com/investor/content/nov2009/pi20091120_387385.htm
Oh No - We've Got To Give Our Bonuses Back!
Spare a thought for the 48 people who joined Lehman Brothers last summer (39 of them fresh graduates), who were paid $49,400 in signing-on bonuses and who are now being asked to return them
http://news.hereisthecity.com/news/business_news/9591.cntns
Morgan Stanley Hires Moffitt to Help Build Securitization Unit
By Christine Harper
Nov. 23 (Bloomberg) -- Morgan Stanley, preparing for a resurgence in securitized debt sales, hired former Merrill Lynch & Co. executive David Moffitt to lead the effort within the firm’s capital markets division.
http://www.bloomberg.com/apps/news?pid=20601009&sid=a2K2gsm6BVgA
JonesTrading Ranks First In Best Execution For Specialty Broker -Large Trades And Difficult Trades In ITG Broker Edge Survey- Signals Continued Growth, Validity Of Model
http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=86928
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/2009/dig112309.htm
Auditors turn the tables on SEC
By Aaron Elstein
To all struggling businesses forced by their auditors to disclose “material weakness” in their financial reporting, the Securities and Exchange Commission may have a message: We feel your pain.
http://www.crainsnewyork.com/article/20091122/SUB/311229979
SEC to Focus on Derivatives as Insider Probes Expand (Update2)
By David Scheer and Joshua Gallu
Nov. 23 (Bloomberg) -- The U.S. Securities and Exchange Commission will focus on financial instruments such as derivatives as it broadens a crackdown on insider trading by hedge funds, enforcement director Robert Khuzami said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNPUak7MMqgY
New questions arise in Pequot trading probe
WASHINGTON - A new development related to the government's investigation of possible insider trading at a major hedge fund has raised questions in the case and caught the attention of two key senators
http://news.yahoo.com/s/ap/20091120/ap_on_bi_ge/us_sec_hedge_fund_probe
Galleon's Raj Rajaratnam gears up for a legal showdown
http://www.dailyfinance.com/2009/11/22/galleons-raj-rajaratnam-gears-up-for-a-legal-showdown/
Woman Who Sank Galleon Was Beauty-Queen-Turned-Analyst Allegedly With Tips
Danielle Chiesi spent a lot of time in hotel ballrooms and bars during the past decade.
http://www.bloomberg.com/apps/news?pid=20601208&sid=apTuckYhnYYU
Top derivatives lawyer goes to work for the government
A leading derivatives lawyer has joined a new division of the US SEC, according to a recent announcement by the US regulator. Adam Glass, who co-headed Linklater’s US structured finance and derivatives practice until last month, has become co-chief counsel at the SEC’s division of risk strategy and financial innovation.
http://www.creditflux.com/Trading/2009-11-23/Top-derivatives-lawyer-goes-to-work-for-the-government/
NFA Regulatory Actions
Traders Network LLC and Tory Matthew McGowan
http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0391659&case=09BCC00031&contrib=NFA
FINRA Fines Terra Nova Financial $400,000; Firm Made Over $1 Million in Improper Soft Dollar Payments
Washington, DC — The Financial Industry Regulatory Authority (FINRA) today announced that it has fined Terra Nova Financial, LLC, of Chicago, $400,000 for making more than $1 million in improper soft dollar payments to or on behalf of five hedge fund managers, without following its own policies to ensure the payments were proper.
http://www.finra.org/Newsroom/NewsReleases/2009/P120423
Macro prudential tools vital to future financial stability
Lord Turner, chairman of the Financial Services Authority (FSA), today said that reforms to the regulation and supervision of individual financial firms need to be combined with new macro prudential tools to guard against the risks of future financial instability.
http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/160.shtml
Former director of Lion Selection pleads guilty to insider trading
The former director of Lion Selection Ltd (Lion), Mr John Francis O’Reilly of Twickenham London, today pleaded guilty to one charge of insider trading in the Melbourne Magistrates’ Court following an investigation by ASIC.
http://www.asic.gov.au/ASIC/asic.nsf/byHeadline/09-235AD%20Former%20director%20of%20Lion%20Selection%20pleads%20guilty%20to%20insider%20trading?opendocument
ASIC seeks further feedback on compensation requirements for credit licensees
ASIC today released a second consultation paper on its proposals for compensation and professional indemnity (PI) insurance arrangements for credit licensees. This is part of the extensive consultation process that ASIC is undertaking to implement the new National Consumer Credit regime and follows an earlier consultation paper issued in July this year, Consultation Paper 111 Compensation and financial resource arrangements for credit licensees (CP 111).
http://www.asic.gov.au/ASIC/asic.nsf/byHeadline/09-234AD%20ASIC%20seeks%20further%20feedback%20on%20compensation%20requirements%20for%20credit%20licensees?opendocument
AMF issues a warning about Eternity Funds
http://www.amf-france.org/documents/general/9195_1.pdf
AMF supplements its position on share buybacks and reminds companies of the current disclosure rules for share buybacks and liquidity contracts
http://www.amf-france.org/documents/general/9196_1.pdf
Order against M/s. P. K. Agarwal and Co., Member, CSE
http://www.sebi.gov.in/press/2009/2009360.html
Investments - Indexes - Managed Futures - Managed Funds
Ex-Millennium Manager Tan Plans to Start Commodity Hedge Fund in Singapore
Tan Tien Leong, the former fund manager at Millennium Capital Partners LP, plans to start a commodity hedge fund in January.
http://www.bloomberg.com/apps/news?pid=20601014&sid=afExILypJEos
Dot-Com Hero Turned Hedge Fund Bear Skeptical of Recovery
After emerging as a new hedge fund star in 2008, Peter Thiel has struggled in 2009 as a bearish outlook has left him sitting on the sidelines for this year's stunning rebound.
http://finance.yahoo.com/news/DotCom-Hero-Turned-Hedge-Fund-indie-1722553929.html?x=0&.v=1
Investors Demand Hedge Fund Transparency
By Greg MacSweeney
CHALLENGE: Institutional investors are already demanding more transparency from hedge funds. Not to be outdone, regulators are readying new rules for hedge fund reporting.
http://www.wallstreetandtech.com/asset-management/showArticle.jhtml;jsessionid=N4SBRAQZNRP0NQE1GHPCKHWATMY32JVN?articleID=221600610&_requestid=74008
E.U. Steered to Strict Hedge Fund Rules
Top parliamentarian Jean-Paul Gauzes has written to members of an influential European Union committee recommending strict rules for hedge funds that clamp down on pay and borrowing, according to Reuters, which cited his report.
http://dealbook.blogs.nytimes.com/2009/11/23/eu-steered-to-strict-hedge-fund-rules/
Dexion Absolute faces second 'continuation vote'
A second wave of "continuation votes" by listed fund of hedge funds is expected to kick off, after one of the oldest in the sector said today that it has asked its investors to again vote to keep it open.
http://www.efinancialnews.com/homepage/content/1055833527
Hedge fund star John Paulson rushes into gold, but investors should be wary
http://www.dailyfinance.com/2009/11/23/hedge-fund-star-john-paulson-rushes-into-gold-but-investors-sho/
Are new hedge fund gold bugs getting in at the top?
A four-fold surge this decade may not provide the best entry point
By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) -- Top hedge fund managers including Paul Tudor Jones and David Einhorn have built big gold positions this year on concern about inflation. But what if the price of the precious metal already reflects this worrying outlook?
http://www.marketwatch.com/story/are-new-gold-bugs-getting-in-at-the-top-2009-11-23?siteid=rss&rss=1
Gold Jumps to Record as Investors Boost Buying, Seeking Dollar Alternative
Gold jumped to a record in New York and London as a slumping dollar boosted bullion’s appeal as an alternative asset. Other precious metals also gained.
http://www.bloomberg.com/apps/news?pid=20601012&sid=aeHOmlnIc1AE
Gold hits fresh high amid rising political tension
Dollar softness helps commodities make gains
http://www.ft.com/cms/s/0/36bc0eec-d7fa-11de-8b04-00144feabdc0.html
Bullion’s record run lifts other metals
By Chris Flood
Gold’s record-breaking run saw bullion breach the $1,150 level this week, helping silver, platinum, palladium and copper reach fresh 2009 highs as investors continued to pour money into commodities.
http://www.ft.com/cms/s/0/3e64bfe2-d5cd-11de-b80f-00144feabdc0.html
Variable Annuities: Complex Products for the Mass-Affluent Investor
Education - for the advisor and consumer - is an important factor in the adoption of variable annuities.
Boston, MA, November 23, 2009 – A new report from Aite Group, LLC lists the common product features offered in the variable annuity marketplace, and describes how investors can apply each feature toward achieving personal financial goals. The report discusses fees and risk profiles associated with annuity investing, explains the inclusion of living benefits or market guarantees, and reviews the penetration of annuities among U.S. households, as well as the current and expected use of annuities by financial advisors.
http://www.aitegroup.com/
Seven New UBS ETFs Launched on Xetra
ETFs on MSCI country/regional indices listed in XTF segment
http://bit.ly/8D5btf
New Poland ETF Due to Launch Soon
Tom Lydon (ETF Trends) submits: Poland may be one of the lucky few economies that has evaded the recession this year. A major ETF provider has also taken notice and a Poland-specific ETF could be coming out soon.
http://finance.yahoo.com/news/New-Poland-ETF-Due-to-Launch-etfsa-2048579999.html?x=0&.v=1
Technology News
Exchange Data International joins Nyse Euronext Prime Source valuation service
November 23rd, 2009 - Prime Source adds Exchange Data International Limited as a "closing prices" contributor
http://www.automatedtrader.net/news/exchange-news/24401/exchange-data-international-joins-nyse-euronext-prime-source-valuation-service
Parametric Portfolio Associates selects Fidessa LatentZero's Minerva OEMS to enhance its front office »
http://www.fidessa.com/newsandevents/buyside/archive/article_20091123.asp
CMA offers Brazil algos on LatAm trading hub
CMA, a Brazil-based provider of market data, order management systems and connectivity, has launched its CMA Algoritmos suite of execution algorithms on the CMA Trade Hub, a Latin American FIX connectivity platform.
http://www.thetradenews.com/trading-execution/algorithmic-trading/3916
StreamBase Connects to Chi-X Canada
StreamBase provides clients with full access to world-class electronic marketplace
LEXINGTON, MA (USA) — November 23, 2009 — StreamBase Systems, a leading provider of Complex Event Processing (CEP) technology for the global capital markets, announced today that its software has been extended to connect to Chi-X Canada, a high-performance, fully-anonymous and low-cost alternative trading system (ATS) for trading TSX-listed senior equities. The extended connectivity offers a new venue on which StreamBase users can trade Canadian equities.
http://www.streambase.com/
Media News
Social Networking Is Here to Stay
CHALLENGE: Social networking technology is changing the way consumers, investors and traders interact and share information. However, all companies are struggling to find ways to show how the trend is actually adding to the bottom line.
http://wallstreetandtech.com/career-management/showArticle.jhtml?articleID=221600444&cid=RSSfeed_WST_All
Twitter launching paid business accounts
Twitter's co-founder, Biz Stone, said the microblogging service would start charging companies for using the platform from next year.
http://www.telegraph.co.uk/technology/twitter/6635221/Twitter-launching-paid-business-accounts.html
US newspaper ad revenue down nearly 28 percent
WASHINGTON (AFP) – US newspaper advertising revenue fell by nearly 28 percent in the third quarter, continuing a slide which has led to layoffs, bankruptcies and the closure of several dailies.
http://news.yahoo.com/s/afp/20091120/bs_afp/usmediaindustrynewspapersadvertisinginternet_20091120201407
In Chicago, Ex-Editor Fights Back
James E. O’Shea spent most of his career at The Chicago Tribune, but he was ousted from the Tribune Company in a highly publicized clash over staff cuts, and these days he’s finding plenty of fault with his old paper.
http://www.nytimes.com/2009/11/23/business/media/23local.html?8dpc
Today In Social Media: The Toyota 4Runner 'You In?' Campaign
By Richard Read
Social media is the bold, new frontier of marketing: terra incognita, Wild West, Deep Space. Sites and services like Facebook, YouTube, Twitter, and Flickr allow advertisers to reach huge numbers of people at minimum cost and maximum speed; all companies have to do is post videos or photos of a product, make sure the right people see them (those folks Malcolm Gladwell calls "connectors", "mavens", and "salesman"), and the social nature of the web does the rest.
http://blogs.thecarconnection.com/marty-blog/1038861_today-in-social-media-the-toyota-4runner-you-in-campaign
Deutsche Boerse Decides It Needs Need to Know News
Tom Steinert-Threlkeld
Deutsche Boerse, the Frankfurt-based marketplace organizer and transaction services provider, said Friday it is acquiring Need to Know News, a Washington, D.C., broadcaster of written, audio and computer-readable news feeds to traders and investment professionals around the world.
http://www.securitiesindustry.com/news/-24280-1.html
Deutsche Börse buys algorithmic news firm
http://www.thetradenews.com/trading-execution/algorithmic-trading/3911
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
Taiwan Talks With Shanghai Bourse ‘Easier’ With Pact (Update1)
By Weiyi Lim
Nov. 23 (Bloomberg) -- Taiwan Stock Exchange said the signing of the financial services agreement between the island and China last week will make it “easier” for the bourse to complete its own negotiations with its Shanghai counterpart.
http://www.bloomberg.com/apps/news?pid=20601013&sid=afoQ1BnC7_lQ
Hong Kong Bans Former CLSA Banker Allen Lam for Life (Update1)
By Debra Mao
Nov. 23 (Bloomberg) -- Hong Kong’s Securities and Futures Commission banned former CLSA Asia-Pacific Markets investment banker Allen Lam from the industry for life following his conviction in July for insider trading.
http://www.bloomberg.com/apps/news?pid=20601080&sid=as5jpqeeoZnA
Taiwanese get access to US Treasuries onshore
London-based interdealer broker Icap has teamed up with GreTai Securities Markets, a Taiwanese government-designated over-the-counter securities market organisation, to offer onshore US government bond trading in Taiwan. This is the first time GreTai has been able to give its customers access to international securities onshore.
http://www.risk.net/asia-risk/news/1562879/taiwanese-access-us-treasuries-onshore
Shanghai to launch new trading system
Wang Fangqing
The Shanghai Stock Exchange will launch its next-generation trading system, which, among other things, will allow easy access by participants from overseas, on November 23, according to exchange officials.
http://www.securitiesindustry.com/news/-24282-1.html
China's Tunnel To Hong Kong Stocks?
Vivian Wai-yin Kwok
A mainland Chinese brokerage agreed to buy a Hong Kong securities firm.
HONG KONG -- China's second-biggest brokerage, Haitong, agreed to buy Hong Kong's Taifook Securities in a $234 million deal that could provide a channel for some of China's excess liquidity to be invested in Hong Kong stocks.
http://www.forbes.com/2009/11/23/haitong-taifook-deal-markets-equity-brokerage.html?feed=rss_markets
Industrial Bank to Raise $2.6 Billion From Share Sale (Update2)
By Bloomberg News
Nov. 23 (Bloomberg) -- Industrial Bank Co. plans to raise 18 billion yuan ($2.6 billion) in 2010 in the third-largest share sale announced by a Chinese lender this year to ensure it has enough capital to meet increasing loan demand.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPHcTF1_7hSE
HSBC names Chan as investment director for Chinese equities
HSBC Global Asset Management has appointed University of British Columbia educated Mandy Chan as investment director of Halbis, its active fundamental investment specialist, effective December 1.
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=51506&IdSection=9&cat=9
Texas Pension to Invest $200 Million in Asia Funds (Update1)
By Cathy Chan
Nov. 23 (Bloomberg) -- Teacher Retirement System of Texas, the seventh-largest U.S. public pension fund, will invest $200 million in private equity in Asia, whose economies are leading the world out of a recession.
http://www.bloomberg.com/apps/news?pid=20601015&sid=aRLIH3S8..Y4
CIC Said to Buy $400 Million of Stock in Longyuan IPO (Update1)
By Bei Hu
Nov. 23 (Bloomberg) -- China Investment Corp., the nation’s sovereign wealth fund, agreed to buy $400 million of shares in the Hong Kong initial public offering of China Longyuan Power Group Corp., said three people familiar with the sale.
http://www.bloomberg.com/apps/news?pid=20601208&sid=ag598.uJGFl0
Frontier Markets
Despite advisory, banks park funds with MFs
In spite of the Reserve Bank of India [ Get Quote ] missive advising banks to reduce their exposure to mutual funds, banks pumped in an additional Rs 6,261 crore (Rs 62.61 billion) in these instruments in the week up to November 6. The total outstanding investment by banks in MFs stands at Rs 1,60,483 crore (Rs 1,604.83 billion) compared with Rs 36,781 crore (Rs 367.81 billion) on March 27.
http://business.rediff.com/report/2009/nov/23/despite-advisory-banks-park-funds-with-mfs.htm
TurkDEX Selects And Deploys Aleri's CEP Software For Its Dynamic And Robust Surveillance System To Monitor Its Trading Platform
http://www.mondovisione.com/index.cfm?section=news&action=detail&id=86924
Ex-New Star poster boy joins Insparo’s Africa push
One of the three young fund managers promoted as the ‘new stars’ of the investment world by New Star Asset Management during its period of greatest success, has resurfaced at a UK-based boutique specialising in frontier markets like sub-Saharan Africa.
http://www.efinancialnews.com/homepage/index/content/1055823869
BofA-Merrill fears delay in financial reforms
MUMBAI: India should not be complacent in its push for financial sector reforms in the wake of its successful handling of the global economic meltdown, a top Bank of America-Merrill Lynch executive said on Monday.
http://economictimes.indiatimes.com/BofA-Merrill-fears-delay-in-financial-reforms/articleshow/5260198.cms
Anil firm to expand
Calcutta, Nov. 20: Reliance Exchange Next — a wholly owned subsidiary of Anil Ambani-controlled Reliance Capital Ltd — is planning a national spot exchange for commodities before entering the commodity futures exchange business.
http://www.telegraphindia.com/1091121/jsp/business/story_11766205.jsp
DME announces Trading and Processing Schedule for Thanksgiving Day 2009
http://www.dubaimerc.com/
Tel Aviv Stock Exchange Board Approves Temporary Easement Of Dual Listing and Maintenance Rules
The Tel Aviv Stock Exchange (TASE) Board of Directors adopted resolutions on 5 November 2009 to amend criteria for dually listing shares traded on the NASDAQ Capital Market list and for transference of thinly-traded companies to the ‘maintenance list’. These new criteria will be valid for six months (until 30/4/2010).
http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=86930
Egypt's Citadel Capital Says To List Shares On Egypt Bourse
DUBAI (Zawya Dow Jones)--Citadel Capital, one of the largest Middle East private equity firms, said Monday it will list its shares on the Egyptian stock exchange at an undetermined date without offering any new equity.
http://bit.ly/8xnGaM
