$200 million in missing MF Global money is found in Britain at JP Morgan Chase.  Fitch says the USA is AAA, but that could change if we don’t behave.  Bloomberg provides another hard look at the financial crisis of 2008, this time revealing fascinating items about Henry Paulson’s sharing skills.  Judge Jed Rakoff, wielding the Sword of Pragmatic Justice, throws the SEC-Citigroup settlement out the door on the grounds that it was a pathetic whitewash, and schedules a trial.  And in the wonderful world of wikis, MarketsReformWiki passes its 500K page view milestone, and MarketsWiki has handily zipped along past 16 million views.

Observations – Statistics – Commentary

Quick View: Larosière’s flawed view on DB-NYSE
By Jeremy Grant – Financial Times
Deutsche Börse and NYSE Euronext have turned up the volume on an interesting line in their attempt to convince regulators of the merits of their merger. It comes as the Brussels probe moves into the endgame. In a letter to the FT on Monday Jacques de Larosière, former International Monetary Fund managing director and respected former French central banker argues that the merger is “a logical response to the growing degree of opacity and extreme fragmentation seen in the markets”.
http://jlne.ws/u2y3ld

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NYSE Liffe to open new office in Hong Kong
Press Release
Amsterdam, Brussels, Hong Kong, Lisbon, London, New York, Paris, Tuesday, 29 November 2011 – NYSE Liffe, the global derivatives business of NYSE Euronext (NYX), announced today that it is opening an office in Hong Kong on 1 December 2011. NYSE Technologies already has an office in Hong Kong; and with NYSE Liffe offices in Singapore, Tokyo and now Hong Kong, the Exchange will further develop its derivatives business in the region.
http://jlne.ws/9oYoco

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CQG Expands Network to Mainland China with Shanghai Data Center
Press Release
Denver, CO and Singapore, November 29, 2011 – CQG, Inc., the industry-leading order execution, charting, and analytics provider for global, electronically-traded securities, today announced that it has established a point-of-presence in Shanghai, connecting its global network to mainland China.
http://jlne.ws/tte1Hh

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SEC Penalizes Investment Advisers for Compliance Failures
Press Release
Washington, D.C., Nov. 28, 2011 — The Securities and Exchange Commission today charged three investment advisers for failing to put in place compliance procedures designed to prevent securities law violations.
http://jlne.ws/urYJa5

“Feltl & Company, Asset Advisors, OMNI Investment Advisors and Beynon did not admit or deny the allegations.“

“In two of the cases — OMNI and Asset Advisors — SEC examiners previously warned the firms about their compliance deficiencies.”

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Judge Rejects S.E.C. Accord With Citi
New York Times
WASHINGTON — Taking a broad swipe at the Securities and Exchange Commission’s practice of allowing companies to settle cases without admitting that they had done anything wrong, a federal judge on Monday rejected a $285 million settlement between Citigroup and the agency.
http://jlne.ws/vyMiQv

But it is difficult to tell what the agency is getting from this settlement “other than a quick headline.” Even a $285 million settlement, he said, “is pocket change to any entity as large as Citigroup,” and often viewed by Wall Street firms “as a cost of doing business.”

“Here, the S.E.C.’s long-standing policy – hallowed by history, but not by reason – of allowing defendants to enter into Consent Judgments without admitting or denying the underlying allegations, deprives the Court of even the most minimal assurance that the substantial injunctive relief it is being asked to impose has any basis in fact.”

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Illinois House Panel Approves Pared Tax Deal For CME-CBOE, Sears 
By Howard Packowitz Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones)–Legislation providing tax breaks for Chicago’s derivatives exchanges and an Illinois-based retailer won the endorsement Monday of a House committee.
http://jlne.ws/v9WfTi

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Hedge Fund Managers Win Lottery
ThirdAge
Three hedge fund managers from Greenwich just won a $254 million Powerball jackpot-an occurrence not likely to please demonstrators on Wall Street. According to the Associated Press, the Belpointe LLC money men stand to gain $104 million after taxes. That’s the 12th biggest payout in Powerball history. To add further insult to injury for the non-millionaires of the world, Greg Skidmore, Brandon …
http://jlne.ws/snmBzz

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MarketsReformWiki to 500K and beyond
MarketsReformWiki hit the half-million page view point yesterday. If you (or someone you know and love… or at the very least respect…) have an interest in the regulation of financial markets, then keep tabs on the latest happenings with this site. Fresh commentary, news, comment letters, regulatory proposals, rule changes… it’s all there!

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Futures For Kids’ Charity Christmas Carol Concert
FOW is pleased to invite members of the London futures & options industry to a Charity Christmas Carol Concert, supported by Eurex, in aid of Futures for Kids. To get you into the festive spirit as Christmas fast approaches FOW will be hosting the event with all proceeds going to Futures for Kids – the charity of the futures industry in London. So get your singing voices ready and join us for Christmas carols and readings by known faces from the industry, followed by mince pies and mulled wine with friends and colleagues.

We look forward to welcoming you on December 6th 2011
Doors open at 6.30 pm – Concert 7.00 pm
Followed by mince pies and mulled wine.

St-Mary-at-Hill Church, Eastcheap, London, EC3R 8EE

Please make a donation on FFK’s Just Giving page at http://www.justgiving.com/futuresforkids/donate
The evening is being funded by FOW with all donations going directly to the charity. Suggested donation of £20 per person

We hope you will be able to support this great cause!
Any questions – please contact Henrietta at FFK on nettlefoldfamily@aol.com or Georgina at FOW on gfranks@fow.com

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JLN Metals Newsletter

Rio chief adds to chorus of metals gloom
By Emiko Terazono – Financial Times
Rio Tinto, one of the world’s leading mining groups, has warned that its customers are increasingly cautious in the face of global economic uncertainty, pointing to volatile iron ore prices and slimmer aluminium profit margins.
http://jlne.ws/snPscO

Raw Materials Topping Equities With Economic Expansion Intact: Commodities
By Whitney McFerron and Elizabeth Campbell – Bloomberg
Commodities are beating equities for a fifth consecutive year, a sign that demand from developing economies is sustaining global growth that drove prices up almost fourfold in a decade.
http://jlne.ws/tQzloI

Rio Tinto, BHP Billiton Cautious on Outlook
By ROBB M. STEWART – WSJ
Rio Tinto PLC warned Monday that customer sentiment has become more negative in the face of global uncertainty, in the latest sign that a demand-led recovery in commodity prices isn’t likely anytime soon.
http://jlne.ws/v5vfeh

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MarketsWiki Page of the Day
Barney Frank
http://jlne.ws/tass2f

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MarketsWiki Recent Updates

People 

James M. Falvey; Steve Pherson; Mark J. Hawley; Terrence B. Clarke; Thomas L. Casey; Marcy Engel; Russell R. Wasendorf Sr.; Sharon Pendleton; Matt Leising; Thomas Gibbons; Louis Freeh; Barney Frank; Christopher Dodd

Companies, Organizations and Groups

R.J. O’Brien & Associates; National Economic Council; Zaner Group; Stewart-Peterson Group, Inc.; Timber Hill LLC; World Energy Solutions Inc.; Prague Stock Exchange

Products

MarketForum

Miscellaneous

Supply; S Corporation; Super Bowl of Indexing Conference; Pork Bellies; Upcoming Events

Statistics

16,114,240 pages viewed, 6,571 articles, 132,499 edits
MarketsWiki Statistics

Lead Stories

DealBook: Money Found in Britain May Belong to MF Global
By BEN PROTESS and AZAM AHMED – NY Times
About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter.
http://jlne.ws/ssoUr9

Fitch reaffirms U.S. AAA credit rating, but outlook now negative
Los Angeles Times
Fitch Ratings on Monday reaffirmed its AAA rating for U.S. government debt, but revised its long-term outlook to negative because of the failure of the congressional “super committee” to agree to deficit cutting measures.
http://jlne.ws/sTnOWK

How Henry Paulson Gave Hedge Funds Advance Word of 2008 Fannie Mae Rescue
Bloomberg
Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting.
http://jlne.ws/tm8CLI

We Didn’t Know About the Fed’s $7.7 Trillion
Forbes
We did not know that the Fed has spent the mind-boggling total of $7.7 trillion in loans to many of the key financial institutions in the world during the 2008 meltdown; including $1.2 trillion in a single day, December 5th, 2008– after other costly steps had been taken to put capital in the major banks, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley– and a host of European banks as …
http://jlne.ws/t7kenS

Financial system creaks as loan lubricant dries up
By Tracy Alloway – Financial Times
Whoosh! That’s the sound of up to $5,000bn worth of collateral draining from the financial system. And it is not a reassuring one.
http://jlne.ws/vE9zxi

Obama Meets Leaders of the European Union
By ANNIE LOWREY – NY Times
WASHINGTON — President Obama met with top European Union leaders as the euro zone sovereign debt crisis entered a perilous new phase, with increasing worries about the sustainability of the 17-country monetary union and borrowing costs climbing to new peaks.
http://jlne.ws/tuscR1

EU-U.S. Summit Joint Statement
Press Release
1. We, the leaders of the European Union and the United States, met today at the White House to affirm our close partnership. Drawing upon our shared values and experience, and recognizing our deep interdependence, we are committed to ensuring that our partnership brings greater prosperity and security to our 800 million citizens, and to working together to address global challenges.
http://jlne.ws/vBtuDR

Jose Manuel Durao Barroso President Of The European Commission Statement By President Barroso At The Joint Press Point With President Obama And President Van Rompuy At The EU-US Summit In Washington EU-US Summit Washington, 28 November 2011
Press Release
http://jlne.ws/sEYFIC

Germany told to act to save Europe
By Quentin Peel in Berlin, Jan Cienski in Warsaw and Norma Cohen in London – Financial Times
Germany is the only country in Europe that can act to save the eurozone and the wider European Union from “a crisis of apocalyptic proportions”, the Polish foreign minister warned on Monday in a passionate call for more drastic action to prevent the collapse of the European monetary union.
http://jlne.ws/uBzFvv

Low growth and high debt is the sovereign curse
By Satyajit Das – Financial Times
It has become accepted wisdom – as popularised by economists Carmen Reinhart and Kenneth Rogoff – that sovereign debt levels become unsustainable when they rise above 60-90 per cent of a country’s gross domestic product. But, as government or corporate debt rarely ever gets repaid, the real question is whether that debt can be serviced and investor confidence maintained to allow it to be refinanced. In reality, the level of tolerable sovereign debt depends on a multitude of factors ranging from the currency of the debt to the level of interest rates and the debt maturity profile and structure of the country’s economy.
http://jlne.ws/v3pQ0g

MF Global News

U.S. regulators doubt MF Global shortfall estimate
Reuters
U.S. regulators are privately questioning a bankruptcy trustee’s estimate that puts the shortfall in MF Global Holdings’ customer funds at around $1.2 billion, a source familiar with the matter said Monday. The source said regulators believe at least $220 million is being double-counted by the trustee, taking the total shortfall at the brokerage to just under $1 billion.
http://jlne.ws/u0dZIA

Corzine Pushed Europe Bet to $11.5 Billion as Board Balked
BusinessWeek
Jon Corzine bet $11.5 billion on European sovereign debt in his bid to rebuild profits at MF Global Holdings Ltd., almost twice the net amount disclosed to investors, and relied on short-term hedges that left the firm exposed to larger losses if they couldn’t be rolled over.
http://jlne.ws/sSwAgD

DealBook: Widening Hunt for Details of MF Global’s Collapse
New York Times
Jon S. Corzine, the firm’s former chief, has been asked to appear at two Congressional hearings. Meanwhile, the appointment of Louis J. Freeh, the former F.B.I. director, as an MF Global trustee may open up more information.
http://jlne.ws/vrAhDv

US Senator Calls On Corzine To Testify At Hearing
By JAMILA TRINDLE Of DOW JONES NEWSWIRES
WASHINGTON — Sen. Debbie Stabenow (D., Mich.) Monday called on John Corzine, the former chief executive of MF Global Holdings Ltd. (MFGLQ), to testify at a Dec. 13 hearing about funds missing from the failed broker-dealer. A House Financial Services subcommittee has also invited Corzine to testify along with regulators at a hearing on Dec. 15.
http://jlne.ws/vbNIgo

Agency likely to approve rule to restrict how firms invest customer funds, link with MF Global
AP
WASHINGTON – Federal regulators are likely to approve a rule next week restricting how firms trading in futures can invest customer funds, an issue related to the collapse of brokerage firm MF Global. The Commodity Futures Trading Commission says its five members will vote on making the rule final at a public meeting next Monday. Read full article
http://jlne.ws/tjLl5I

Environmental Trading News

Price on Carbon Failing to Reduce Greenhouse-Gas Emissions
Scientific American
Alberta’s $57 million carbon-cutting program is failing, according to the latest report from the Canadian province’s auditor-general, Merwan Saher. Like many such programs around the world, it includes an emissions trading scheme , which allows polluters to meet their emissions reductions targets by buying carbon offsets from a selection of approved projects. The offsets are supposed to be real …
http://jlne.ws/voWJc7

Canadian environment minister: ‘Kyoto is the past’ but refuses to confirm withdrawal
Washington Post
TORONTO – Canada’s Conservative environment minister said Monday that signing the Kyoto Protocol on climate change was one of the previous government’s biggest “blunders” but he declined to confirm a report that Canada will formally pull out of the treaty. As United Nations climate negotiations opened in South Africa on Monday, CTV News in Canada reported that Ottawa will announce its formal …
http://jlne.ws/u4Qjj7

Shipping industry sees price on carbon emissions
AFP via Yahoo! News
The world shipping industry could accept a global levy on carbon emissions from merchant ships under a deal that would also channel proceeds to poor countries, according to an announcement at the UN climate talks on Tuesday.
http://jlne.ws/vyYJBZ

US ‘concerned’ about EU airline carbon rules
AFP via Yahoo! News
The United States remains “concerned” about the European Union’s plans to charge all airlines for carbon emissions when flying in and out of Europe, a US official said Monday.
http://jlne.ws/uFCrvN

Figueres: Weaving patiently in a tough climate
Reuters via Yahoo! News
BRUSSELS (Reuters) – She has one of the toughest jobs in the world – and to add to the challenge, not everyone agrees that someone needs to do it. Christiana Figueres, in charge of steering debate at the Durban climate summit which began on Monday, is remarkable for her ability to keep the faith without appearing over-optimistic. Since taking over from flamboyant Dutch diplomat Yvo de Boer, who …
http://jlne.ws/sYJGeu

Climate Talks Open Amid Funding Spat
By DEVON MAYLIE
Subsistence farmers in Africa, victims of changing weather patterns, are caught in a stormy global debate over a special climate fund for which few want to pay.
http://jlne.ws/u2h1i2

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

Xetra Release 12.0 launch full of innovations
Press Release
Deutsche Börse launched Xetra Release 12.0 on Monday. Market participants are benefiting from new trading functionalities and technical improvements that make trading on Xetra even faster and more efficient.
http://jlne.ws/tYglHN

International Order Book celebrates 10 years of trading
Press Release
Today London Stock Exchange celebrated ten years of trading on its International Order Book (IOB). Launched in 2001, the IOB is now home to over 315 stocks, from 48 countries in Asia, Central and Eastern Europe and the Middle East. Over £40.6 billion has been raised in primary and secondary issues since the market was founded and the IOB is now the world’s most liquid market for trading in Global Depository Receipts (GDRs).
http://jlne.ws/w0rRhE

Global Exchanges Pursue Diverse Growth Ventures Near-Term
By Vladimir Guevarra Of DOW JONES NEWSWIRES
LONDON (Dow Jones)–Four of the world’s leading stock exchanges–the London Stock Exchange Group PLC (LSE.LN), Deutsche Boerse AG (DB1.XE), Nasdaq OMX (NDAQ) and Brazil’s BM&FBovespa (BVMF3.BR)– Monday showed they are pursuing growth strategies with a focus on products and services beyond traditional share trading. Asked what their top growth drivers will be in the next few years, LSE’s head of equities and derivatives trading, Nicolas Bertrand, said: “Our top priority is in equity derivatives … There is an aspiration and willingness to develop our exposure to European equity derivatives.”

IntercontinentalExchange Chief Financial Officer to Present at KBW Securities Brokerage & Market Structure Conference on November 30
Press Release
ATLANTA, Nov. 28, 2011 /PRNewswire/ — IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced today that Scott A. Hill, ICE’s Chief Financial Officer, will speak at the KBW Securities Brokerage & Market Structure Conference.
http://jlne.ws/tDuUsr

CME Group Chief Financial Officer to Present at Keefe, Bruyette & Woods Conference November 30
PR Newswire
CHICAGO, Nov. 28, 2011 /PRNewswire/ — CME Group announced today that Chief Financial Officer Jamie Parisi will present at the Keefe, Bruyette & Woods Seventh Annual Securities Brokerage and Market Structure Conference in New York on Wednesday, November 30, at 4:20 p.m. (Eastern…
http://jlne.ws/t4p9U9

[CBOE] Nomination of CBOE Representative Directors in for Election at 2012 Annual Meeting 
Press Release
http://jlne.ws/vS5rDh

CME Clearing – New Product Advisory
Press Release
NY ULSD Futures and Options Contracts
http://jlne.ws/vKaRZM

CME Group Clearing Advisory
Press Release
Strike Price Listing Change and Trading Month Rule Clarification for the Silver Options Contract
http://jlne.ws/umQFCD

CBSX Trader News Update SEC Rule 605 Execution Quality Reports 
Press Release
http://jlne.ws/st5mQ7

NYSE Group Inc. Issues Short Interest Report
Press Release
http://jlne.ws/up1yy1

[SIX] Networking platform for Investor Relations community
Press Release
SIX Swiss Exchange hosts Investor Relations Conference with a focus on management transactions, issuer regulation and social media.
http://jlne.ws/umjl2L

SIX Exchange Regulation reaches agreement with Myriad Group Ltd. [pdf]
Press Release
SIX Exchange Regulation has reached an agreement with Myriad Group Ltd. in relation to the breach of International Financial Reporting Standards (IFRS) in the 2010 annual financial statements. The error identified relates to the incorrect presentation of expenses in the income statement. Under the agreement, the company pays CHF 25,000 to the IFRS Foundation.
http://jlne.ws/s8Zhtc

Warsaw Stock Exchange Successfully Attracts More Companies From The Region To Its Trading Floors
Press Release
http://jlne.ws/vfwyhq

Banks, Brokers & Dark Pools

Penson sells its Australian operations
By Telis Demos in New York – Financial Times
Penson Worldwide, the US brokerage and clearing group, sold its Australian operations on Monday as part of a restructuring to shore up its core US business.
http://jlne.ws/vy9vgP

Penson Worldwide, Inc. to Sell Australian Operation to BNY Mellon’s Pershing Unit
Business Wire
SYDNEY & DALLAS–(BUSINESS WIRE)–Penson Worldwide, Inc. (NASDAQ: PNSN) and BNY Mellon Company (NYSE: BK) announced today that they have signed a definitive agreement for the acquisition of Penson’s Australian subsidiary, Penson Financial Services Australia Pty Ltd (PFSA) in a share purchase transaction for the purchase price of approximately AUD $33 million. PFSA will become an affiliate of …
http://jlne.ws/rG7fZp

ICAP’s EBS Platform Wins “Best Spot FX Broker” for ninth consecutive year in FX Week Best Banks Award
Press Release
London, 28 November, 2011 – ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, today announced that it has won “Best Spot FX Broker” in FX Week’s annual Best Banks Awards. This is the ninth consecutive year that ICAP has won this award, which is voted for by FX Week readers.
http://jlne.ws/uGNywR

ICAP adds Australian dollar interest rate options to DerivX
Press Release
London, 28 November 2011 – ICAP, the world’s leading interdealer broker, announced today that it has successfully added Australian dollar interest rate options fixings to its mid-price matching platform DerivX and has executed trades during the session.
http://jlne.ws/tB4dbS

Goldman Sachs Borrowed $43.5 Billion From Fed In December, 2008
Forbes via Yahoo! News
Thanks to the commendable investigatory services of the Bloomberg media machine, I was startled to learn that as part of a heretofore secret bailout of Wall Street in late 2008 to the tune of almost $8 trillion— some $4.53 billion of it was borrowed by Goldman Sachs as overnight borrowings from the central bank’s open market operations. Understandably– but not commendably– the Fed tried to …
http://jlne.ws/tODfsw

Volcker Rule Spurs Capital One to Exit, Restructure $150 Million of Funds
Bloomberg
Capital One Financial Corp., the top performer (BKX) this year in the KBW Bank Index, plans to sell or restructure hedge-fund and private-equity investments prohibited by new U.S. regulations.
http://jlne.ws/tR6je2

31 Banks The Fed Is Watching Like A Hawk
Forbes
There are 12 new names on the list of banks that will undergo the Fed’s latest round of stress tests.
http://jlne.ws/rJZmvl

Credit Suisse, UBS Would Profit From Bank Breakup: Peter Kurer
BusinessWeek
The two biggest Swiss banks, Credit Suisse Group AG and UBS AG, have had some bad news for investors recently. Both released disappointing quarterly results; Credit Suisse is entangled in a struggle with U.S. authorities over its offshore private-client business; and UBS had a major rogue- trading incident.
http://jlne.ws/tizfL4

Nomura Cut Italian Assets by 83% Since September Amid Crisis
BusinessWeek
Nomura Holdings Inc., Japan’s largest brokerage, reduced assets linked to Italy by 83 percent from the end of September as it slashed southern European holdings amid the region’s widening sovereign debt crisis.
http://jlne.ws/tKaSmk

Mizuho Securities USA Appoints New Head of U.S. Sales Trading
Marketwire Finance Press Releases via Yahoo! Finance
NEW YORK, NY– – Mizuho Securities USA , the U.S. broker-dealer subsidiary of the global Mizuho Financial Group, today announced the appointment of Brad Wilson as Executive Director and Head of U.S. Sales …
http://jlne.ws/vLIHgg

HSBC Amends Rejected $62.5 Million Madoff Settlement on Thema
Bloomberg
HSBC Holdings Plc amended its settlement with investors in an Irish fund who lost their money in Bernard Madoff’s Ponzi scheme after the bank’s original offer was rejected by a U.S. judge in September.
http://jlne.ws/vCLiWe

Deutsche Bank Reviews Options for Global Asset Management Unit
BusinessWeek
Deutsche Bank AG, Germany’s biggest bank, is considering all strategic options for its global asset management division as Europe’s largest lenders face increasing pressure to boost capital.
http://jlne.ws/uKDbo0

Lloyds set to ease pressure on chief
By Sharlene Goff and Patrick Jenkins – Financial Times
Lloyds Banking Group is exploring ways to reduce the workload on António Horta-Osório, its chief executive, as it attempts to convince investors he will be able to make a successful comeback from a period of medical leave.
http://jlne.ws/sTv3rW

SocGen to sell E600m worth of property loans
By Ed Hammond, Property Correspondent – Financial Times
Société Générale has launched the sale of property loans worth more than E600m ($799m) as the French lender accelerates its bid to cut exposure to the volatile sector.
http://jlne.ws/v7f5ku

Direxion Appoints Harold W. Clemons as Senior Sales Director for Mid-South Region
citybizlist Boston
BOSTON — Direxion, a leader in alternative investment solutions, has named Harold W. Clemons its new Senior Sales Director for the Mid-South Region.
http://jlne.ws/vQG7Zl

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/2011/dig112911.htm

Citigroup’s Deal With SEC Got the Treatment It Deserved: View
Bloomberg
U.S. District Judge Jed Rakoff intimated last month that he wasn’t happy with the Securities and Exchange Commission’s proposed settlement with Citigroup (C) Inc. over the creation and sale of a security that cost investors $700 million.
http://jlne.ws/sf2usA

Behind Rakoff’s Rejection of S.E.C.-Citi Settlement
By PETER J. HENNING – New York Times
As he did with Bank of America, Judge Jed S. Rakoff wants Citigroup to take more responsibility for the “truth” of its wrongdoing in its settlement with the S.E.C.
http://jlne.ws/sCMzFi

Judge blocks Citigroup-SEC settlement
Reuters via Yahoo! News
NEW YORK (Reuters) – A federal judge angrily threw out Citigroup Inc’s proposed $285 million settlement over the sale of toxic mortgage debt, excoriating the top U.S. market regulator over how it reaches corporate fraud settlements. U.S. District Judge Jed Rakoff in Manhattan said that in agreeing to the settlement, the U.S. Securities and Exchange Commission appeared uninterested in actually …
http://jlne.ws/uA8RWk

Judge Rakoff Whacks SEC Yet Again, This Time Over Citi CDO Settlement
Naked Capitalism
Judge Jed Rakoff’s latest ruing , nixing a $285 million settlement between the SEC and Citigroup over a billion dollar fund that came a cropper, has broader implications than simply embarrassing the securities regulator (which given the fallen standing of the agency, and low standards in Washington generally, is harder to do than it ought to be). Rakoff has effectively said judges have no business sanctioning settlements in which the accused party admits to nothing.
http://jlne.ws/thVwt4

CFTC Orders London-based Enskilda Futures Ltd. and Its Swedish Principal, Skandinaviska Enskilda Banken AB, to Pay a $150,000 Civil Penalty for Supervision Violations
Press Release
Washington, DC – The Commodity Futures Trading Commission (CFTC) today issued an order filing and simultaneously settling charges against Enskilda Futures Ltd. (EFL), a London-based futures commission merchant (FCM), and Skandinaviska Enskilda Banken AB (SEB) for failing to diligently supervise accounts carried by EFL in violation of CFTC regulation 166.3. SEB is a financial services group incorporated in Sweden that, according to the order, controls and directs EFL’s FCM activities. EFL’s immediate parent company is a fully-owned subsidiary of SEB. The CFTC order requires EFL and SEB jointly and severally to pay a $150,000 civil monetary penalty.
http://jlne.ws/teeFD2

CFTC to Hold Open Meeting to Consider Two Final Rules and Two Proposals
Press Release
Washington, DC – The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Monday, December 5, 2011, at 9:30 a.m., on the following topics:
http://jlne.ws/sCuw0n

NFA Notice to Members I-11-21
Press Release
Effective Date of Amendments to NFA Bylaws 1301 and 1302 Regarding Forex Dues and Assessments and the Interpretive Notice entitled Forex Transactions
http://jlne.ws/vPpOwD

SEC: Head of Fishers-based company diverted money from hedge fund
The Indianapolis Star
Federal securities regulators are accusing the chief executive of a Fishers-based company of fraudulently diverting millions of dollars from a hedge fund he controls to help his cash-strapped business.
http://jlne.ws/tOXhQO

A New Ombudsman for the Autorite des Marches Financiers
Press Release
Marielle Cohen-Branche was appointed Autorité des Marchés Financiers Ombudsman as of 16 November 2011.
http://jlne.ws/ruJ7IO

UK’s Financial Services Authority Warns Against ‘Toxic’ Traded Life Policy Investments
Press Release
The Financial Services Authority (FSA) has issued guidance to warn that traded life policy investments (TLPIs) are high risk, toxic products that are generally unsuitable for the majority of UK retail investors and should therefore not be promoted to them.
http://jlne.ws/uudZOp

Appointments To The AMF’s Communication Directorate
Press Release
Florence Gaubert was appointed the AMF’s Director of Communication with effect from 1 October 2011.
http://jlne.ws/rFifXY

Royal Bank of Scotland to Pay $52 Million to Settle Massachusetts Claims
Bloomberg
Royal Bank of Scotland Group Plc (RBS) ‘s RBS Financial Products unit will pay $52 million to settle claims it financed, purchased and bundled unfair residential loans, Massachusetts Attorney General Martha Coakley said.
http://jlne.ws/tsfE2g

Quinn ordered to repay E1.7bn to Anglo Irish Bank
By Jamie Smyth in Dublin – Financial Times
Irish businessman Sean Quinn has been ordered to repay E1.7bn in debts to Anglo Irish Bank in the largest judgment made against an individual by an Irish court. Mr Quinn, who was formerly Ireland’s richest man, owes Anglo a further E416m following a separate court judgment last week, bringing his total debt to the bank to E2.1bn.
http://jlne.ws/vPJGEq

Gambling not paying off for Tobey Maguire
Chicago Sun-Times
Those close to actor Tobey Maguire are concerned the actor may still be strongly addicted to gambling, especially poker. These worries surfaced again this week following a settlement the ” Spider-Man ” star has made – agreeing to pay $80,000 to help recoup victims of Bradley Ruderman, a disgraced ex-hedge fund manager serving a 10-year term for tax, wire and investment advice fraud convictions …
http://jlne.ws/u1vQT1

Consultant Sidhu Facing 23 Insider-Trading Counts Goes on Trial in U.K.
Bloomberg
A management consultant used tips from a hedge fund employee to profit by betting on shares in companies including Julius Baer Group Ltd. (BAER) and Swatch Group AG, prosecutors said in a London court today.
http://jlne.ws/vNQKUI

Rajaratnam Seeks to Remain Free While Appealing Wiretap Use
BusinessWeek
Raj Rajaratnam, the Galleon Group LLC hedge fund co-founder convicted of directing the biggest insider trading scheme in a generation, said the use of wiretapped calls by the U.S. raises “substantial” issues of law that should allow him to remain free during his appeal.
http://jlne.ws/sqkWsa

Investments – Indexes – Managed Futures – Managed Funds

Could Hedge Funds Come Full Circle and Be Alternative Investments Again?
Mark Gongloff – Wall Street Journal Blogs
Last week we pointed out some interesting data from a Morgan Stanley note showing how equity hedge funds have completely lost their ability to generate any returns above and beyond the broader market in recent years.
http://jlne.ws/sI1Wh9

SunGard’s MarketMap Now Offers Environmental, Social and Corporate Governance Data from RepRisk
Press Release
SunGard has added up-to-date environmental, social and governance (ESG) data for publicly listed companies and projects around the world to its MarketMap global market data terminal via an integration with RepRisk AG.
http://jlne.ws/snxTNw

NYSE EURONEXT AND BLOOMBERG NEW ENERGY FINANCE PARTNER ON LAUNCH OF FAMILY OF CLEAN ENERGY INDICES
Press Release
New York and London, 28 November 2011- Today, NYSE Euronext in partnership with research company Bloomberg New Energy Finance will launch three regionally-focused clean energy stock indices, enabling the quoted companies most active in the world’s historic shift to low-carbon energy to be tracked in unprecedented detail.
http://jlne.ws/tH4YHC

How much is there left to sell?
Posted by Neil Hume – Financial Times
European sovereign debt, that is. And the answer is over E500bn, according to Nomura, which has pieced together data from the IMF and national sources to come up with an updated picture of foreign exposure globally to the Eurozone.
http://jlne.ws/rKxPQY

Seat Pagine dispute triggers test for corporate CDS
By Robin Wigglesworth and Lisa Pollack in London – Financial Times
The effectiveness of derivatives to insure against companies defaulting on debt is to be tested in a benchmark case involving the Italian directory company Seat Pagine Gialle.
http://jlne.ws/tbSykg

David Weidner’s Writing on the Wall: A golden opportunity for Europe and you
Market Watch
Europe could stabilize its finances, bring confidence back to the markets and build a safer system. It won’t. And investors should bet on it, writes David Weidner.
http://jlne.ws/sjpNe9

Jim Rogers Favors Commodities, Currencies
Bloomberg
Nov. 29 (Bloomberg) — Jim Rogers, chairman of Rogers Holdings, talks about his investment strategy. Rogers also discusses Europe’s sovereign debt crisis, Federal Reserve monetary policy and the U.S. economy.
http://jlne.ws/rXWhPr

Standard & Poor’s Announces Changes In The S&P/TSX Canadian Indices
Press Release
http://jlne.ws/rYhjVZ

Van Eck’s Market Vectors Suite of Municipal Bond ETFs Continues to Attract Assets, Recognition
Business Wire
http://jlne.ws/tW7RLf

TIAA-CREF spent $520,000 lobbying in 3Q
AP via Yahoo! News
Financial services company TIAA-CREF spent $520,000 lobbying the federal government in the third quarter on issues including the regulation of derivatives and the so-called Volcker rule, which aims to stop banks from trading and investing for their own profit.
http://jlne.ws/w4aLiY

Technology News

Patsystems gets approach from Ion Trading
By Philip Stafford – Financial Times
Patsystems has received an approach from its largest shareholder IonTrading, as the UK trading technology maker warned that the effects of the failure of MF Global would be deeper than first estimated. The Dublin-based Ion approached its UK counterpart with a 14p per share offer, which would value Patsystems at £29m. That compares to Patsystems’s closing price of 9.625p per share on Friday. However the market expressed some doubts on the deal, with share rising 32 per cent to 12½p per share.
http://jlne.ws/tWn6TV

More Than 100 Trust Custodians Using SunGard’s Class Action Claims Service via Chicago Clearing Corporation
Press Release
More than 100 customers of SunGard’s trust accounting solutions are now actively using SunGard’s Class Action Claims Service to help meet their fiduciary responsibilities more effectively and efficiently.
http://jlne.ws/tLC4ME

Milestone Group launches pControl Box Management for Life & Pension companies
Press Release
Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, has announced the launch of pControl Box Management, designed specifically to address the unique challenges faced by the UK’s Life & Pension companies when using a Shareholder or Manager’s Box.
http://jlne.ws/rwxk83

IDEX Selects Trayport’s GlobalVision Portal To Grow Liquidity For Its Members
Press Release
Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide today announced that IDEX, the commodity derivatives segment of Borsa Italiana S.p.A., part of the London Stock Exchange Group plc, has selected Trayport’s GlobalVision
http://jlne.ws/twXOzc

Myricom Introduces Sub-$1K Timecode-based 10-Gigabit Ethernet Adapter for Cybersecurity and High-Frequency Trading
Business Wire
ARCADIA, Calif.–(BUSINESS WIRE)–Myricom introduces first sub-$1K timecode-based 10-Gigabit Ethernet adapter for cybersecurity and high-frequency trading. 1/10 the cost of competitive solutions.
http://jlne.ws/vkWydK

Media News

Trading On Sentiment Analysis — A Public Relations Tool Goes To Wall Street
Forbes
Thomson Reuters doesn’t just publish news — it now reads the news as well, measures sentiment with sophisticated linguistic analytics. and distributes the results to both algorithmic trading engines and real live human traders. This is a big step beyond news services which distribute simple news elements such as corporate earnings or unemployment figures that can be read by trading systems.
http://jlne.ws/tRM9fS

Margin Call Is The Most Insightful Wall Street Movie Ever Made
Business Insider
Spoiler alert: This article discusses key scenes from the film. J.C. Chandor has embraced Rahm Emanuel’s dictum “never let a serious crisis go to waste.” The 37-year-old writer and director used the financial crisis as a springboard to create the most insightful Wall Street movie ever filmed.
http://jlne.ws/sTxxuW

Facebook Targets Huge IPO
By SHAYNDI RAICE – WSJ
Facebook Inc. is inching closer to an initial public offering that it hopes will value the company at more than $100 billion, according to people familiar with the matter. The social networking firm is now targeting a time frame of April to June 2012 for an initial public offering, said people familiar with the matter.
http://jlne.ws/vz15bS

AOL not chasing Yahoo, will stay independent: CEO
Reuters
AOL does not plan to buy any of Yahoo’s assets, AOL’s chief executive said on Monday. Speaking at the Reuters Global Media Summit, AOL’s Tim Armstrong reiterated the company’s strategy of staying independent and growing its ailing brand, known for its dial-up services, into a media powerhouse dependent on advertising revenue.
http://jlne.ws/vQefJJ

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

Chng Lay Chew joins SGX as CFO and Exco member
Press Release
Singapore Exchange (SGX) has appointed Mr Chng Lay Chew as Chief Financial Officer and a member of the Executive Committee effective 29 December 2011.
http://jlne.ws/uPyyp1

Tokyo Stock Exchange: Market Update After New Tdex+ System Launch
Press Release
The Tokyo Stock Exchange, Inc. (hereinafter referred to as “TSE”) has launched the trading platform called “New Tdex+” for Futures and Options trading and extended its trading hours in the evening session to 23:30 on November 21st, 2011. Today we are very pleased to update you on the TSE derivatives market after New Tdex+ launch.
http://jlne.ws/uYdcrg

SGX introduces clearing of new OTC coal and naphtha swaps
Press Release
Singapore Exchange’s (SGX) AsiaClear service will clear more varieties of over-the-counter coal and naphtha swaps from next month.
http://jlne.ws/uV0t2A

MAS organises global Asia dynamics roundtable discussion
Press Release
The Monetary Authority of Singapore (MAS) organised a Roundtable discussion themed “Global-Asia Dynamics” today to mark its 40th Anniversary. A select group of 30 central bankers, industry leaders and academics participated in the Roundtable to share global perspectives and regional experiences. The Roundtable was hosted by Deputy Prime Minister and Chairman, MAS, Tharman Shanmugaratnam. Two broad topics were discussed at the Roundtable.
http://jlne.ws/uGDvFo

Memorandum Of Understanding Between The Monetary Authority Of Singapore And Bank Negara Malaysia
Press Release
The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) jointly announced today the signing of a Memorandum of Understanding (MoU) to establish a cross-border collateral arrangement aimed at enhancing liquidity facilities to financial institutions in both countries.
http://jlne.ws/swvOp8

New Listing of ETF managed by Simplex Asset Management Co., Ltd. (TSE Mothers Core ETF)
Press Release
http://jlne.ws/tzpvI7

TSE publish the index value of TSE Home Price Index for September.
Press Release
http://jlne.ws/torqFg

HKFE Announces Revised Margins For Futures Contracts
Press Release
http://jlne.ws/uyACcS

Tokyo Grain Exchange: Rice Futures Delivery By Members November, 2011 Contract Month
Press Release
http://jlne.ws/tkistU

Frontier Markets

In a Close-knit World, Frontier Debt Loses Out
International Business Times
The escape route from risky peripheral euro zone debt into higher-yielding emerging markets is becoming increasingly tortuous, as the debt crisis marries the performance of all assets closer together.
http://jlne.ws/umeowe

BSE LTD. Resolved 402 Investors’ Complaints Against Companies During The Month Of October, 2011
Press Release
During the month, BSE Ltd. received 265 complaints against 230 companies. In the same period 402 complaints were resolved against 311 listed companies. These resolved complaints include complaints brought forward from the previous periods.
http://jlne.ws/rIyBoM

BSE Condensed Consolidated Financial Result For The Period Ended September 30, 2011
Press Release
Condensed Consolidated Financial Result For The Period Ended September 30, 2011
http://jlne.ws/rQXZt4

Tehran Stock Exchange Starts Trading In PARDIS Petrochemical Company
Press Release
On 27 November 2011, trading on PARDIS Petrochemical Company’ equity shares started on Tehran Stock Exchange (TSE) for the first time after listing. PARDIS, a producer of Urea/Ammonia, was transferred to TSE from Iran Farabourse (SMEs Exchange) in November2011.
http://jlne.ws/up6EAS

Miscellaneous News

Barney Frank’s War of Words With Wall Street
New York Times
Barney Frank, the famously grumpy Massachusetts representative, who announced on Monday that he will not seek re-election next year, has been a harsh critic of big banks over the years.
http://jlne.ws/rUJ2D7

The Caucus: Congress Prepares to Act in Response to Insider Trading Report
New York Times
Members of Congress have evidently decided that even if there is no insider trading going on in the House and Senate, they’d better do something about it.
http://jlne.ws/uNXkZ4

At Top Colleges, Anti-Wall St. Fervor Complicates Recruiting
By KEVIN ROOSE – NY Times
NEW HAVEN — College students seeking jobs on Wall Street have always had hurdles to overcome — grueling applications, endless rounds of interviews and fierce competition for the relatively few available spots at top firms. This year’s Wall Street hopefuls have had a new force to contend with: the wrath of their peers.
http://jlne.ws/tFp0xs

VIDEO: Hilarious Spoof Of Goldman Sachs CEO Lloyd Blankfein Joining Occupy Wall Street
Business Insider
Goldman Sachs CEO Lloyd Blankfein is so disgusted with his own company’s immoral and irresponsible behavior that he decided to join the Occupy Wall Street movement himself.
http://jlne.ws/sb1vUy