Observations - Statistics - Commentary
William A. Porter To Receive Prestigious Options Industry Award
NEW YORK, March 9, 2010 - The International Securities Exchange (ISE), E*TRADE FINANCIAL Corporation (NASDAQ:ETFC) and The Options Industry Council (OIC) today announced that financial industry pioneer William A. Porter will be honored by the OIC with the Joseph P. Sullivan Options Industry Achievement Award in recognition of his overall contributions to the options industry.
http://jlne.ws/8YYdQM
++++
Interview - Fred Jheon, ETF Securities [AUDIO]
JLN Metals Edition
Chris McMahon, editor of the John Lothian Newsletter - Metals Edition, speaks with Fred Jheon, head of product and business development for ETF Securities, about the company's physically backed commodity ETFs, the possible imposition of spec limits on the metals markets and other topics.
http://jlne.ws/bJiVRH
++++
Tullett hangs on to phone trading
By Alistair Gray
All but the most liquid and standardised of financial derivatives will continue to be traded over the telephone, according to Tullett Prebon. It was "inconceivable" that over-the-counter trading would move entirely on to pure electronic platforms, said the interdealer broker.
http://jlne.ws/a1BGbD
++++
Kinetic Derivatives selects Orc to support trading operations
Stockholm, SWEDEN, Tuesday March 9, 2010 - Orc Software (SSE: ORC), the leading global provider of technology for advanced trading and connectivity, today announced that Kinetic Derivatives Ltd, a privately held trading firm specialized in derivatives, has selected Orc Software to support its newly established trading operations. The order will be booked in Q1, 2010, and the contract is based on Orc's licensing subscription model.
http://jlne.ws/dBZwfy
++++
Survey Reveals Americans Hopeful for Stock Market in 2010, but Not Anxious to Invest
URBANDALE, IA--(Marketwire - March 9, 2010) - Navigator Financial Partners (NFP), a leading wealth management firm catering to high-net worth individuals, announced today a new study that shows individuals have high hopes for the U.S. stock market in 2010 yet are keeping their options open to better diversify their portfolios for long-term profits.
http://jlne.ws/bVn3ac
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Post recession, a new era of consumer caution arises
By G. Jeffrey MacDonald
As a credit counselor, Rodney Tullie has been helping consumers manage debt problems for two years. That's been long enough to witness, from a front-row seat, what some are heralding as the end of an economic era.
http://jlne.ws/bvqdro
++++
Women Still Missing from Top Jobs
By Nick Clark
International Women's Day was ushered in triumphantly as Kathryn Bigelow became the first woman to win the Oscar for Best Director. But the corporate world managed to take the shine off the success as the World Economic Forum (WEF) released a report criticising businesses around the world for failing to close the gender gap.
http://jlne.ws/ccDTmv
++++
Public pension funds are 'going to Vegas'
States, government bodies are increasing investment risk to raise returns
By Mary Williams Walsh
States and companies have started investing very differently when it comes to the billions of dollars they are safeguarding for workers' retirement.
http://jlne.ws/duw9OI
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Why The SEC Sued Me - And Why You Should Care
By Porter Stansberry
The reason you might have heard about my Securities and Exchange Commission (SEC) lawsuit is because I didn't settle the case.
http://jlne.ws/bMCDnA
++++
CFTC.gov Current Job Openings
10-053, General Attorney (Litigation), CT-0905-14
Office of General Counsel (OGC)., Washington, DC
Closes March 22, 2010
http://jlne.ws/aZLgPl
++++
ICE Presents: Trading the U.S. Dollar with ICE U.S. Dollar Index (DX) Futures and Options
Thursday, March 11, 2010
11:00AM CT/5:00 PM GMT
Economic events and changes point to an era of ongoing volatility in the financial markets. Join us as David Hightower, Principal of Hartfield Trading Partners and Editor of Hightower Report, shares his expectations for the U.S. dollar, and explains how to use ICE U.S. Dollar Index futures and options to act on your own views of where the U.S. dollar is heading.
You'll see how to:
* Use strategy over opinion to manage surprises and capitalize on opportunities
* Combine options and futures to create strategies around known events
* Make countertrend futures reactions pay for long term options positions
Ray McKenzie, V.P. of Market Development, ICE Futures U.S. will moderate the session.
Please register at:
http://jlne.ws/bQB4C2
++++
TRADING OVER-THE-COUNTER DERIVATIVES: OPTIONS AND LINEAR INSTRUMENTS
An Energy Management Institute Training Program - provided in partnership with ICE Education
Looking for a comprehensive understanding of the various strategies employed in the world of over-the-counter (OTC) derivatives? Then join ICE Education and EMI for this intensive 2-day program.
When: April 19-20, 2010
Where: ICE Trading Centre, New York, NY
Course details: http://jlne.ws/bbDkVI
To register:
http://jlne.ws/9izUle
++++
Women in the Markets Webinar: Using the Clock to Trade in Russell 2000 Index Futures
Wednesday, March 10th
3:30 p.m. Central Time (4:30 p.m. ET)
Jeanette Sims, DTI
Ask yourself this question, what is the one constant we all have in this life? The answer, clearly, is TIME. As traders we all have the same amount of time in a day to analyze, interpret and execute trades.
Join Jeanette Sims for this session of the "Women in the Markets" education series as she provides specifics on timing your trades in the Russell 2000. She will also share a strategy for low risk high probability trade setups in the US Morning session.
For details and to register:
http://jlne.ws/9wTsuu
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MarketsWiki Page of the Day: Amman Stock Exchange
http://jlne.ws/cggc7q
++++
MarketsWiki Recent Updates
People
Richard Lane; Michael Unetich; Shelia C. Bair
Companies, Organizations and Groups
TickIt Trading Systems; APX; Minneapolis Grain Exchange; Eurex; Eurex US; North American Energy Credit and Clearing Corp.; Kinetic Derivatives Ltd.; Bahrain Financial Exchange; Bahrain Stock Exchange; Bolsa Mexicana de Valores S.A.B.
Statistics
4,246,822 pages viewed, 5,321 articles, 88,912 edits
http://www.marketswiki.com/mwiki/Special:Statistics
Lead Stories
Buoyant Asian-Pacific bourses overtake European exchanges
By Jeremy Grant in London
The value of trading on stock exchanges in the Asia-Pacific region overtook that of European rivals last year as markets rallied in the wake of the credit crisis.
http://jlne.ws/9zQ0un
CME faces serious threat to its ascendancy
By Hal Weitzman in Chicago
Since Chicago's futures exchanges created Treasury futures in the 1970s, the world has always come to the city to hedge on US interest rates. The Chicago Mercantile Exchange developed contracts on short-term Treasuries, while the Chicago Board of Trade launched longer-term contracts. When the former bought the latter for $11bn in 2007, it created the CME Group, a company with a vice-like grip over the US Treasury futures industry, with market share of more than 95 per cent. This behemoth is being presented with the most serious challenge in its history. Under attack from two sides, it faces legal and market-based assaults, both backed by some of Wall Street's biggest names. The ripples they have caused are sure to be fodder for much speculation when the industry gathers in Florida this week for the Futures Industry Association's annual bash.
http://jlne.ws/b0znc8
Senator Dodd more interested in legacy than reform, says CBOE chief
Peter Madigan
The chairman of the Chicago Board Options Exchange (CBOE) has attacked Washington DC's approach to regulatory reform efforts, criticising Congress for "wanting to beat up on anybody that has anything to do with finance" and not distinguishing between those agents culpable for the financial crisis and those largely uninvolved.
http://jlne.ws/bfddRT
So Where's Consumer Protection?
The fate of the proposed consumer protection agency remains the biggest question mark in the proposed overhaul of the finance industry, The New York Times's Andrew Ross Sorkin writes in his latest DealBook column.
http://jlne.ws/amBwSJ
Portugal follows Greece on austerity path
LISBON, March 9 - Portugal became the latest euro zone country to announce austerity measures to rein in a ballooning budget deficit yesterday as debt-stricken Greece urged global action to curb speculation in credit default swaps.
http://jlne.ws/bqnsp5
Senators wrangle over OTC derivatives exemptions
By Rachelle Younglai
WASHINGTON, March 8 (Reuters) - Republican and Democratic senators are at odds over which financial players should be exempt from complying with proposed rules designed to shed light on the $450 trillion over-the-counter derivatives market.
http://jlne.ws/9UGnUP
'On the Edge' Banks Face Writedowns on FDIC Auctions (Update1)
By James Sterngold
March 8 (Bloomberg) -- A Federal Deposit Insurance Corp. plan to auction more than $1 billion in assets seized from failed banks next month, including a loan to build a W Hotel in Atlanta, may trigger writedowns that weaken lenders nationwide.
http://jlne.ws/aj5gjW
Proposed European Monetary Fund Advances
By JACK EWING and MATTHEW SALTMARSH
FRANKFURT - Greece's fiscal problems seemed to be nudging Europe toward closer integration Monday, as the European Commission endorsed a German proposal for a European monetary fund to prevent future debt crises, while officials called for new regulations to prevent speculators from exploiting countries' economic woes.
http://jlne.ws/b2pE7Z
Proposal for European Monetary Fund Meets Resistance
By MATTHEW SALTMARSH
PARIS - The German proposal to establish a European monetary fund ran into skepticism at home and abroad Tuesday, highlighting the political and legal hurdles that such an undertaking would face.
http://jlne.ws/btdBsN
Merkel renews push for 'sanctions' under Euro rescue fund
(LUXEMBOURG) - German Chancellor Angela Merkel insisted Tuesday that plans for a European Monetary Fund will only work if strengthened "sanctions" are incorporated to penalise wayward spenders.
http://jlne.ws/aKVCsl
N.Y. Fed to Expand Firms for Reverse Repos
The U.S. Federal Reserve is taking an additional measure to lay the groundwork to drain excess bank reserves, as it seeks to remove some of the $1 trillion in cash it injected during the global credit crisis, Reuters reported.
http://jlne.ws/c7i9vm
How to know if your country is the next Greece
Just over a year ago a few members of the research team at Hedgeye attended a lecture at Yale Law School by Robert Rubin, the former Secretary of the Treasury under Bill Clinton. During the question and answer session, Rubin was asked about sovereign risk -- the threat that an entire nation effectively walking away from its financial obligations. Mr. Rubin was blunt: he said categorically that he did not expect any major nations to default on its debt.
http://jlne.ws/djPcET
Tuesday, March 9, 2010
Monday, March 8, 2010
March 8, 2010: CME Group, Bolsa Mexicana de Valores and MexDer Announce Order Routing, Equity Agreement; Turquoise attracts 3 new investors
Observations - Statistics - Commentary
A Second Scout Asks For Help to Attend the National Jamboree
Below is a letter from a young man I have known since I coached him in first grade soccer and he first joined Cub Scouts. His family has become great friends of my family's over the years. He is looking for some help to attend the 100th Anniversary Boy Scouts of America Jamboree this summer and is selling the ever popular Scout fundraiser item of popcorn to raise the necessary funds. Kyle is a thoughtful member of Troop 117 and a growing and developing boy leader. I know that attending the Jamboree will be a terrific growth opportunity for him and ask your assistance in helping him meet his fund-raising goal. Thank you.
John J. Lothian
Scoutmaster
Troops 17 & 117
Elmhurst, IL
www.elmhurstscouts.org
Dear John Lothian Newsletter Readers:
Hi, my name is Kyle Kottwitz. I am a Star Scout from Troop 117 in Elmhurst, IL and a freshman at York High School.
In June of this year, I will be heading to Fort A.P. Hill, outside of Washington D.C. for the 18th National Boy Scout Jamboree which is held only every 4 year. Over 42,000 scouts from around the country and abroad living in nearly 20,000 tents will attend this year’s Jamboree which will also be celebrating the 100th anniversary of Scouting. My Dad was also very active in Scouting and in 1977 he attended the National Jamboree held in Pennsylvania. From his many stories (that also seems to center around the tradition of patch collecting) this should not only be an amazing opportunity to learn scouting skills from some of the top experts in the country but I suspect it will become the pinnacle of my scouting experience.
I have been in scouting since I was in First Grade and I am currently on track to earning the rank of Life next month and Eagle Scout by the end of this year. I have made a lot of good friends in scouts that have traveled with me through Tiger, Cub Scouts, Webelos and now Boy Scouts. I am fortunate to be a member of a very active troop and some of the best times I’ve had have been during our many campouts and summer camps.
Through my years in scouting I have learned a lot of important and fascinating things about nature and the world around us. As the Assistant Senior Patrol Leader for our troop, I enjoy sharing what I have learned with the younger scouts because it helps them get more involved and in turn makes our troop that much stronger. Since my goal is to someday be a school teacher, this is one of the most enjoyable aspects of being a youth leader.
The cost of the trip with travel is approximately $2,600 and my personal goal is to raise $2000 through popcorn sales. To assist and encourage local scouts to attend, my local Three Fires Council will be depositing 50% of all sales into a dedicated personal account managed by our troop.
A popular option that I endorse is “Support Our Troops” where your contributions go to the distribution of popcorn to Military units and their families around the world including those in Iraq and Afghanistan. Not only are you helping me attend the National Jamboree but you are also supporting our U.S. Troops. Last year nearly $6 million worth of popcorn (30 trailer loads) was contributed and shipped to units around the world. It’s a win-win.
I would greatly appreciate your support through the purchase of our tasty and nutritious popcorn! To order, please reply back to Mr. Lothian through this newsletter. Any checks should be made payable to Boy Scout Troop 117 – Jamboree. Another option available is to submit your order through my personal Web Page on the Trail-End Website.
Link: => http://www.trails-end.com/estore/scouts/email_referral.jsp?id=5583266
Thank you for your support of Scouting and our U.S. Military!
Popcorn pricing:
Sincerely,
Kyle Kottwitz
Star Scout, Troop 117
**** Note, if the http://www.trails-end.com/estore/scouts/email_referral.jsp?id=5583266 does not register any scout name when you click on it, input the number 5583266 in the appropriate box and that will register you as buying from Kyle K.
++++
Interview - Fred Jheon, ETF Securities [AUDIO]
JLN Metals Edition
Chris McMahon, editor of the John Lothian Newsletter - Metals Edition, speaks with Fred Jheon, head of product and business development for ETF Securities, about the company's physically backed commodity ETFs, the possible imposition of spec limits on the metals markets and other topics.
http://jlne.ws/bJiVRH
++++
Washington Must Ban U.S. Credit Derivatives as Traders Demand Gold
Janet Tavakoli
Congress should act immediately to abolish credit default swaps on the United States, because these derivatives will foment distortions in global currencies and gold. Failure to act now will only mean the U.S. will be forced to act after these "financial weapons of mass destruction" levy heavy casualties. These obligations now settle in euros, but the end game is to settle them in gold. This is so ripe for speculative manipulation that you might as well cover the U.S. map with a bull's-eye.
http://jlne.ws/94Hzsu
**** Provocativea and worth a deeper look.
+++++
The ICE Age
by Lucy Komisar
One year ago, a group of financial institutions quietly launched ICE Trust, a new and theoretically safer way to trade derivatives, a key element of the financial crisis. As lawmakers debate reform, banks at the center of the storm are remaking the market-and stand to profit.
Portfolio.com
http://jlne.ws/a1GSPh
++++
NASDAQ OMX Purchases North American Energy Credit and Clearing Business
NEW YORK, Mar 8, 2010 (GlobeNewswire via COMTEX News Network) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the purchase of the business of North American Energy Credit and Clearing Corp. (NECC), a Chicago-based clearinghouse for the over the counter (OTC) power and gas markets. The NECC transaction closed on March 3. Financial terms were not disclosed.
http://jlne.ws/9NwMhr
Nasdaq OMX Pushes Into US Energy Trading, Clearing
By Jacob Bunge
Nasdaq OMX Group Inc. (NDAQ) acquired the business of North American Energy Credit & Clearing Corp. in a move designed to replicate its European energy business in the U.S.
The purchase, announced Monday, follows a separate move to take control of a U.S. commodities platform and pushes the New York-based company deeper into competition with derivatives-focused rivals CME Group Inc. (CME) and IntercontinentalExchange Inc. (ICE).
++++
NYSE Euronext takes on Chicago futures giant
Simon Boughey
Financial
NYSE Euronext is nothing if not ballsy. It is going head to head with the Chicago Mercantile Exchange, the swaggering behemoth of the US futures market.
http://jlne.ws/czOcjB
**** Did Eurex launch Eurodollars in 2003? I don't remember that. I do remember them launching U.S. Treasuries in 2004. Later they launched currencies. But Eurodollars? No. That was Liffe.
++++
MarketsWiki Page of the Day: Mexican Stock Exchange
http://jlne.ws/9q2O1C
++++
MarketsWiki Recent Updates
People
Jessica Titlebaum; Lee Sachs; David Mortimer
Companies, Organizations and Groups
Bahrain Stock Exchange; Bolsa Mexicana de Valores S.A.B.; Mexican Stock Exchange; Amman Stock Exchange; CME Group, Inc.; APX; Tickit Trading Systems; Barchart.com, Inc.; Korea Exchange
Miscellaneous
Principles for Responsible Investment
Statistics
4,235,080 pages viewed, 5,316 articles, 88,849 edits
http://www.marketswiki.com/mwiki/Special:Statistics
_______________________________________________________
Lead Stories
CME Group, Bolsa Mexicana de Valores and MexDer Announce Order Routing, Equity Agreement
CHICAGO and MEXICO CITY, March 8 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives marketplace, and the Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV), the financial exchange operator in Mexico, today announced that they have entered into a strategic partnership that includes an order routing agreement for derivatives products. CME Group has purchased shares in the Mexican exchange valued at $17 million, or approximately 1.9 percent of outstanding BMV shares, as part of the equity portion of the agreement. Additionally, the Control Trust of BMV has granted CME Group the right to nominate a member to BMV Board of Directors and the two exchange operators have signed a memorandum of understanding covering activities aimed at enhancing the partnership between the two exchanges.
http://jlne.ws/c7HyCr
CME Buys Stake In Mexico's BMV Exchange >CME
By Anthony Harrup and Jacob Bunge
CME Group Inc. (CME) on Monday agreed to buy a small equity stake in Mexico's largest exchange operator as part of a planned alliance that intensifies its push into emerging markets.
Turquoise attracts 3 new investors
London Stock Exchange Group (LSEG) has today sold nine per cent of its stake in the holding company for the merged Turquoise and Baikal businesses, to three global banking clients. Barclays Bank plc, J.P. Morgan Cazenove and Nomura have each bought three per cent stakes for £1 million in cash each.
http://jlne.ws/bi56dg
LSE cuts Turquoise stake to 51% as three banks invest
The London Stock Exchange (LSE) has sold stakes in its recently acquired multilateral trading facility (MTF) Turquoise to three major banks.
The Trade News
http://jlne.ws/ckWFOU
Battle Inside Fed Rages Over Bank Regulation
By JON HILSENRATH
The worst of the banking crisis may be long over, but the political contest over the Federal Reserve is entering a crucial phase in which its personality and role will almost certainly be redefined.
WSJ.com
http://jlne.ws/a0IOZ8
'Swap Tango' - A Derivative Regulation Dance: Part 1
Satyajit Das
Roubini Global Economics
On 30 July 1998, Alan Greenspan, then Chairman of the Federal Reserve argued that: "Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary." In October 2008, the now former Chairman grudgingly acknowledged that he was "partially" wrong to oppose regulation of credit default swaps ("CDS"). "Credit default swaps, I think, have serious problems associated with them," he admitted to a Congressional hearing. His current views on wider derivative regulation remain unknown.
http://jlne.ws/98rDJd
Can the centre hold?
By David Wainer
Unprecedented global co-operation among G20 regulators means derivatives market observers can look forward to a harmonious and geographical arbitrage-free future, right? Er, probably not.
http://jlne.ws/cdABxg
Don't Blame Credit Default Swaps for this Greek Tragedy
Felix Salmon savages the New York Times, and Gretchen Morgenstern in particular, for the claim that credit default swaps have somehow been pivotal in the financial crises that have rocked the US and Europe.
The Atlantic
http://jlne.ws/bpMSQQ
Britain in final push to tone down EU hedge fund rules
Tighter regulations are set to hit City disproportionately hard, critics claim
By David Prosser, Business Editor
British diplomats will today begin the final stage of a desperate rearguard action against new European legislation that London-based hedge funds and private equity firms warn could drive them out of business.
http://jlne.ws/c0xkGF
Britain Lobbies to Weaken Hedge Fund Law
Tough new European rules for private equity and hedge funds look likely to pass on Mar. 16, but Britons worried about the impact on the City are fighting back
By David Prosser
British diplomats will today begin the final stage of a desperate rearguard action against new European legislation that London-based hedge funds and private equity firms warn could drive them out of business.
BusinessWeek
http://jlne.ws/cK0inh
Trichet Says Derivative Threat to Stability Still Underestimated
By Rainer Buergin
March 6 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said the risks posed by derivatives to financial stability may still be underestimated.
http://jlne.ws/aIHd06
EU Works on IMF-Style Lender, Curbs on Derivatives (Update2)
By Patrick Donahue and Meera Louis
March 8 (Bloomberg) -- European leaders are in talks to establish a lender of last resort and limits on credit-default swaps to bolster the euro area and prevent a repeat of the Greek financial crisis.
http://jlne.ws/bHVtFm
Financial reform bill likely to lose measure to protect Main Street investors
By Tomoeh Murakami Tse
When financial reform legislation finally lands on the Senate floor, a provision that advocates call the single most important item for Main Street investors will probably have been banished from the ponderous bill.
http://jlne.ws/bm40Po
In Europe, Volcker makes case for bank trading limits
BERLIN (Reuters) - Commercial banks will come to resemble hedge funds over time unless new rules are introduced setting limits on proprietary trading, White House economic adviser Paul Volcker said on Saturday.
http://jlne.ws/c5lkrU
Volcker Says Too Soon to Cut U.S. Monetary, Fiscal Stimulus
By Rainer Buergin and Philipp Encz
March 8 (Bloomberg) -- White House adviser Paul Volcker said it's too soon for U.S. policy makers to withdraw the stimulus measures and interest-rate cuts used to fight the worst slump since the Great Depression.
http://jlne.ws/bHICfp
An Irish Mirror
By PAUL KRUGMAN
Everyone has a theory about the financial crisis. These theories range from the absurd to the plausible - from claims that liberal Democrats somehow forced banks to lend to the undeserving poor (even though Republicans controlled Congress) to the belief that exotic financial instruments fostered confusion and fraud. But what do we really know?
http://jlne.ws/bD1Zkv
Private investors fail to see Mifid benefits
Among hundreds of investors who flocked to a fair in Frankfurt last week - listening to pitches for opportunities from exchange-traded funds to Canadian gold mines - it was difficult to find anyone who believed that the "Mifid" [Markets in Financial Instruments Directive] had helped them.
FT.com / Brussels
http://jlne.ws/dlIfpZ
Fed to Include Money Funds for Reverse Repos (Update1)
By Liz Capo McCormick
March 8 (Bloomberg) -- The Federal Reserve Bank of New York said it will expand the number of counterparties used when the central bank begins to drain the record amount of cash added to the financial system to include domestic money market funds.
http://jlne.ws/ak18V2
Papandreou Seeks Currency Probe
By MEENA THIRUVENGADAM
WSJ.com
WASHINGTON-Greek Prime Minister George Papandreou is pushing U.S. officials to investigate speculation in euro currency markets he says is driving up Greek borrowing costs.
Ten-year bond offering by Greece on last week had a yield of 6.3%, about twice as much as the German government pays to borrow funds.
http://jlne.ws/aFtflh
A Second Scout Asks For Help to Attend the National Jamboree
Below is a letter from a young man I have known since I coached him in first grade soccer and he first joined Cub Scouts. His family has become great friends of my family's over the years. He is looking for some help to attend the 100th Anniversary Boy Scouts of America Jamboree this summer and is selling the ever popular Scout fundraiser item of popcorn to raise the necessary funds. Kyle is a thoughtful member of Troop 117 and a growing and developing boy leader. I know that attending the Jamboree will be a terrific growth opportunity for him and ask your assistance in helping him meet his fund-raising goal. Thank you.
John J. Lothian
Scoutmaster
Troops 17 & 117
Elmhurst, IL
www.elmhurstscouts.org
Dear John Lothian Newsletter Readers:
Hi, my name is Kyle Kottwitz. I am a Star Scout from Troop 117 in Elmhurst, IL and a freshman at York High School.
In June of this year, I will be heading to Fort A.P. Hill, outside of Washington D.C. for the 18th National Boy Scout Jamboree which is held only every 4 year. Over 42,000 scouts from around the country and abroad living in nearly 20,000 tents will attend this year’s Jamboree which will also be celebrating the 100th anniversary of Scouting. My Dad was also very active in Scouting and in 1977 he attended the National Jamboree held in Pennsylvania. From his many stories (that also seems to center around the tradition of patch collecting) this should not only be an amazing opportunity to learn scouting skills from some of the top experts in the country but I suspect it will become the pinnacle of my scouting experience.
I have been in scouting since I was in First Grade and I am currently on track to earning the rank of Life next month and Eagle Scout by the end of this year. I have made a lot of good friends in scouts that have traveled with me through Tiger, Cub Scouts, Webelos and now Boy Scouts. I am fortunate to be a member of a very active troop and some of the best times I’ve had have been during our many campouts and summer camps.
Through my years in scouting I have learned a lot of important and fascinating things about nature and the world around us. As the Assistant Senior Patrol Leader for our troop, I enjoy sharing what I have learned with the younger scouts because it helps them get more involved and in turn makes our troop that much stronger. Since my goal is to someday be a school teacher, this is one of the most enjoyable aspects of being a youth leader.
The cost of the trip with travel is approximately $2,600 and my personal goal is to raise $2000 through popcorn sales. To assist and encourage local scouts to attend, my local Three Fires Council will be depositing 50% of all sales into a dedicated personal account managed by our troop.
A popular option that I endorse is “Support Our Troops” where your contributions go to the distribution of popcorn to Military units and their families around the world including those in Iraq and Afghanistan. Not only are you helping me attend the National Jamboree but you are also supporting our U.S. Troops. Last year nearly $6 million worth of popcorn (30 trailer loads) was contributed and shipped to units around the world. It’s a win-win.
I would greatly appreciate your support through the purchase of our tasty and nutritious popcorn! To order, please reply back to Mr. Lothian through this newsletter. Any checks should be made payable to Boy Scout Troop 117 – Jamboree. Another option available is to submit your order through my personal Web Page on the Trail-End Website.
Link: => http://www.trails-end.com/estore/scouts/email_referral.jsp?id=5583266
Thank you for your support of Scouting and our U.S. Military!
Popcorn pricing:
- Gold Military Donation - $40
- Silver Military Donation - $25
- Cheese Lover’s Tin-$30
- Caramel Corn Almonds, Peanuts, Pecans-$18
- Caramel Corn light-$18
- 15 Pack Microwave Butter-$15
- 15 Pack Microwave Butter Light-$15
Sincerely,
Kyle Kottwitz
Star Scout, Troop 117
**** Note, if the http://www.trails-end.com/estore/scouts/email_referral.jsp?id=5583266 does not register any scout name when you click on it, input the number 5583266 in the appropriate box and that will register you as buying from Kyle K.
++++
Interview - Fred Jheon, ETF Securities [AUDIO]
JLN Metals Edition
Chris McMahon, editor of the John Lothian Newsletter - Metals Edition, speaks with Fred Jheon, head of product and business development for ETF Securities, about the company's physically backed commodity ETFs, the possible imposition of spec limits on the metals markets and other topics.
http://jlne.ws/bJiVRH
++++
Washington Must Ban U.S. Credit Derivatives as Traders Demand Gold
Janet Tavakoli
Congress should act immediately to abolish credit default swaps on the United States, because these derivatives will foment distortions in global currencies and gold. Failure to act now will only mean the U.S. will be forced to act after these "financial weapons of mass destruction" levy heavy casualties. These obligations now settle in euros, but the end game is to settle them in gold. This is so ripe for speculative manipulation that you might as well cover the U.S. map with a bull's-eye.
http://jlne.ws/94Hzsu
**** Provocativea and worth a deeper look.
+++++
The ICE Age
by Lucy Komisar
One year ago, a group of financial institutions quietly launched ICE Trust, a new and theoretically safer way to trade derivatives, a key element of the financial crisis. As lawmakers debate reform, banks at the center of the storm are remaking the market-and stand to profit.
Portfolio.com
http://jlne.ws/a1GSPh
++++
NASDAQ OMX Purchases North American Energy Credit and Clearing Business
NEW YORK, Mar 8, 2010 (GlobeNewswire via COMTEX News Network) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the purchase of the business of North American Energy Credit and Clearing Corp. (NECC), a Chicago-based clearinghouse for the over the counter (OTC) power and gas markets. The NECC transaction closed on March 3. Financial terms were not disclosed.
http://jlne.ws/9NwMhr
Nasdaq OMX Pushes Into US Energy Trading, Clearing
By Jacob Bunge
Nasdaq OMX Group Inc. (NDAQ) acquired the business of North American Energy Credit & Clearing Corp. in a move designed to replicate its European energy business in the U.S.
The purchase, announced Monday, follows a separate move to take control of a U.S. commodities platform and pushes the New York-based company deeper into competition with derivatives-focused rivals CME Group Inc. (CME) and IntercontinentalExchange Inc. (ICE).
++++
NYSE Euronext takes on Chicago futures giant
Simon Boughey
Financial
NYSE Euronext is nothing if not ballsy. It is going head to head with the Chicago Mercantile Exchange, the swaggering behemoth of the US futures market.
http://jlne.ws/czOcjB
**** Did Eurex launch Eurodollars in 2003? I don't remember that. I do remember them launching U.S. Treasuries in 2004. Later they launched currencies. But Eurodollars? No. That was Liffe.
++++
MarketsWiki Page of the Day: Mexican Stock Exchange
http://jlne.ws/9q2O1C
++++
MarketsWiki Recent Updates
People
Jessica Titlebaum; Lee Sachs; David Mortimer
Companies, Organizations and Groups
Bahrain Stock Exchange; Bolsa Mexicana de Valores S.A.B.; Mexican Stock Exchange; Amman Stock Exchange; CME Group, Inc.; APX; Tickit Trading Systems; Barchart.com, Inc.; Korea Exchange
Miscellaneous
Principles for Responsible Investment
Statistics
4,235,080 pages viewed, 5,316 articles, 88,849 edits
http://www.marketswiki.com/mwiki/Special:Statistics
_______________________________________________________
Lead Stories
CME Group, Bolsa Mexicana de Valores and MexDer Announce Order Routing, Equity Agreement
CHICAGO and MEXICO CITY, March 8 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives marketplace, and the Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV), the financial exchange operator in Mexico, today announced that they have entered into a strategic partnership that includes an order routing agreement for derivatives products. CME Group has purchased shares in the Mexican exchange valued at $17 million, or approximately 1.9 percent of outstanding BMV shares, as part of the equity portion of the agreement. Additionally, the Control Trust of BMV has granted CME Group the right to nominate a member to BMV Board of Directors and the two exchange operators have signed a memorandum of understanding covering activities aimed at enhancing the partnership between the two exchanges.
http://jlne.ws/c7HyCr
CME Buys Stake In Mexico's BMV Exchange >CME
By Anthony Harrup and Jacob Bunge
CME Group Inc. (CME) on Monday agreed to buy a small equity stake in Mexico's largest exchange operator as part of a planned alliance that intensifies its push into emerging markets.
Turquoise attracts 3 new investors
London Stock Exchange Group (LSEG) has today sold nine per cent of its stake in the holding company for the merged Turquoise and Baikal businesses, to three global banking clients. Barclays Bank plc, J.P. Morgan Cazenove and Nomura have each bought three per cent stakes for £1 million in cash each.
http://jlne.ws/bi56dg
LSE cuts Turquoise stake to 51% as three banks invest
The London Stock Exchange (LSE) has sold stakes in its recently acquired multilateral trading facility (MTF) Turquoise to three major banks.
The Trade News
http://jlne.ws/ckWFOU
Battle Inside Fed Rages Over Bank Regulation
By JON HILSENRATH
The worst of the banking crisis may be long over, but the political contest over the Federal Reserve is entering a crucial phase in which its personality and role will almost certainly be redefined.
WSJ.com
http://jlne.ws/a0IOZ8
'Swap Tango' - A Derivative Regulation Dance: Part 1
Satyajit Das
Roubini Global Economics
On 30 July 1998, Alan Greenspan, then Chairman of the Federal Reserve argued that: "Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary." In October 2008, the now former Chairman grudgingly acknowledged that he was "partially" wrong to oppose regulation of credit default swaps ("CDS"). "Credit default swaps, I think, have serious problems associated with them," he admitted to a Congressional hearing. His current views on wider derivative regulation remain unknown.
http://jlne.ws/98rDJd
Can the centre hold?
By David Wainer
Unprecedented global co-operation among G20 regulators means derivatives market observers can look forward to a harmonious and geographical arbitrage-free future, right? Er, probably not.
http://jlne.ws/cdABxg
Don't Blame Credit Default Swaps for this Greek Tragedy
Felix Salmon savages the New York Times, and Gretchen Morgenstern in particular, for the claim that credit default swaps have somehow been pivotal in the financial crises that have rocked the US and Europe.
The Atlantic
http://jlne.ws/bpMSQQ
Britain in final push to tone down EU hedge fund rules
Tighter regulations are set to hit City disproportionately hard, critics claim
By David Prosser, Business Editor
British diplomats will today begin the final stage of a desperate rearguard action against new European legislation that London-based hedge funds and private equity firms warn could drive them out of business.
http://jlne.ws/c0xkGF
Britain Lobbies to Weaken Hedge Fund Law
Tough new European rules for private equity and hedge funds look likely to pass on Mar. 16, but Britons worried about the impact on the City are fighting back
By David Prosser
British diplomats will today begin the final stage of a desperate rearguard action against new European legislation that London-based hedge funds and private equity firms warn could drive them out of business.
BusinessWeek
http://jlne.ws/cK0inh
Trichet Says Derivative Threat to Stability Still Underestimated
By Rainer Buergin
March 6 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said the risks posed by derivatives to financial stability may still be underestimated.
http://jlne.ws/aIHd06
EU Works on IMF-Style Lender, Curbs on Derivatives (Update2)
By Patrick Donahue and Meera Louis
March 8 (Bloomberg) -- European leaders are in talks to establish a lender of last resort and limits on credit-default swaps to bolster the euro area and prevent a repeat of the Greek financial crisis.
http://jlne.ws/bHVtFm
Financial reform bill likely to lose measure to protect Main Street investors
By Tomoeh Murakami Tse
When financial reform legislation finally lands on the Senate floor, a provision that advocates call the single most important item for Main Street investors will probably have been banished from the ponderous bill.
http://jlne.ws/bm40Po
In Europe, Volcker makes case for bank trading limits
BERLIN (Reuters) - Commercial banks will come to resemble hedge funds over time unless new rules are introduced setting limits on proprietary trading, White House economic adviser Paul Volcker said on Saturday.
http://jlne.ws/c5lkrU
Volcker Says Too Soon to Cut U.S. Monetary, Fiscal Stimulus
By Rainer Buergin and Philipp Encz
March 8 (Bloomberg) -- White House adviser Paul Volcker said it's too soon for U.S. policy makers to withdraw the stimulus measures and interest-rate cuts used to fight the worst slump since the Great Depression.
http://jlne.ws/bHICfp
An Irish Mirror
By PAUL KRUGMAN
Everyone has a theory about the financial crisis. These theories range from the absurd to the plausible - from claims that liberal Democrats somehow forced banks to lend to the undeserving poor (even though Republicans controlled Congress) to the belief that exotic financial instruments fostered confusion and fraud. But what do we really know?
http://jlne.ws/bD1Zkv
Private investors fail to see Mifid benefits
Among hundreds of investors who flocked to a fair in Frankfurt last week - listening to pitches for opportunities from exchange-traded funds to Canadian gold mines - it was difficult to find anyone who believed that the "Mifid" [Markets in Financial Instruments Directive] had helped them.
FT.com / Brussels
http://jlne.ws/dlIfpZ
Fed to Include Money Funds for Reverse Repos (Update1)
By Liz Capo McCormick
March 8 (Bloomberg) -- The Federal Reserve Bank of New York said it will expand the number of counterparties used when the central bank begins to drain the record amount of cash added to the financial system to include domestic money market funds.
http://jlne.ws/ak18V2
Papandreou Seeks Currency Probe
By MEENA THIRUVENGADAM
WSJ.com
WASHINGTON-Greek Prime Minister George Papandreou is pushing U.S. officials to investigate speculation in euro currency markets he says is driving up Greek borrowing costs.
Ten-year bond offering by Greece on last week had a yield of 6.3%, about twice as much as the German government pays to borrow funds.
http://jlne.ws/aFtflh
Friday, March 5, 2010
March 5, 2010: Clampdown on German short sellers; NYSE Euronext supports EFF rule to move futures positions; Europe not big enough for current MTF crop - UBS
Observations - Statistics - Commentary
CBOE GRANTS LICENSE FOR VOLATILITY INDEXES TO CME GROUP
CHICAGO, March 5, 2010 – The Chicago Board Options Exchange (CBOE) today announced that it has entered into a license agreement with CME Group that extends the reach of CBOE’s volatility franchise. CBOE will apply its proprietary CBOE Volatility Index® (VIX®) methodology to price data of, initially, up to five products that will be listed on one of CME Group’s exchanges and create new volatility benchmark indexes that it will license for use to CME Group. CBOE also will disseminate real-time data on the new benchmark indexes to CME Group and industry data providers. CBOE, which introduced the VIX methodology in 1993 as the first measure of volatility in the overall market, retains ownership of both the methodology and the new volatility indexes that will be used by CME Group. The agreement grants CME Group a worldwide license to trade futures and options on futures products based on the new indexes being calculated by CBOE.
www.cboe.com
**** This is big. Peace in our lifetime. Or, CME Group using CBOE innovation.
++++
BM&FBOVESPA Adheres To The UN Principles For Responsible Investment
On Wednesday March 3, 2010, in Rio de Janeiro Mr. Edemir Pinto, BM&FBOVESPA's Chief Executive Officer, formalized the adhesion of the Brazilian Exchange to the agreement entitled "Principles for Responsible Investment" (PRI) - a United Nations initiative developed by leading institutional fund managers and other financial market agents in support of responsible investment.
http://jlne.ws/bMuVy4
**** The UN Principles for Responsible Investment vary somewhat from what is called "The Chicago Way."
++++
Pandit blames Citi's woes on short selling
By Tom Braithwaite in Washington and Alan Rappeport in New York
Vikram Pandit, chief executive of Citigroup, on Thursday blamed short selling rather than any self-inflicted weakness for the bank's near-collapse in 2008 and thanked taxpayers for its government bail-out.
http://jlne.ws/aZTkZv
**** Dude, everything but managed futures went down in 2008. Even things you can sell short went down. Think about that for a minute.
++++
'Psychic' US share tipster Sean David Morton charged with fraud
A US share tipster with celebrity connections who branded himself as "America's Prophet" has been charged with a $6m (£4m) investment fraud.
http://jlne.ws/8Z85LS
For Psychic, Suit Came as Surprise
By MICHAEL J. de la MERCED
He calls himself "America's Prophet," a psychic, trained by Nepalese monks in the art of time travel, who can foretell the future of the stock market. But to the authorities, Sean David Morton is simply a fraud - and a really, really bad psychic.
http://jlne.ws/cFAmNg
**** He just did not see this coming.
++++
FINRA Investor Education Foundation and United Way Worldwide Announce Nearly $1.5 Million in Grants to Support Grassroots Financial Education Projects
Washington, DC - The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and United Way Worldwide (UWW) have announced nearly $1.5 million in grants to 12 recipients to extend the reach of community-based financial education programs across the country.
http://jlne.ws/d2jJLt
+++++
Wall Street Vet Involved In 1998 Long-Term Capital Management Bailout Says Nothing Has Changed
Shahien Nasiripour
Ten years before this latest crisis, the U.S. government engineered the bailout of a financial firm that had borrowed billions of dollars to make big bets on exotic securities. The firm was a hedge fund called Long-Term Capital Management. James G. Rickards, as the firm's top lawyer, negotiated the terms of the $3.6 billion deal, organized by the Federal Reserve Bank of New York, that forced other Wall Street firms to bail out LTCM. And now, in an interview with a brokerage newsletter, he says the federal government has failed to apply any of the lessons learned from that epic 1998 bailout -- a failure that led to the current crisis and could lead to more.
http://jlne.ws/aCH3ZU
**** From "Too Big To Fail," it appears believe Paulson, Geithner and Bernacke were trying for a private solution, but then there was no one left with enough money but the US.
++++
Events - New York
SunGard Kiodex
MIDDLE OFFICE OUTSOURCING
ALTERNATIVE INVESTMENTS PARTY - NYC
March 18th , 2010
6 - 8PM (EST)
@ STK bar in NYC.
26 Little W. 12th St., New York, NY
THIS IS AN INVITE ONLY: PRIVATE EVENT
There's no presentation and the tab is on us.
Come enjoy the open Premium bar, couture food from STK chefs, in our reserved private bar area of STK NYC.
Hosted by SunGard senior executives and attendance from select groups of peers, partners, customers and prospects. Please join us at this very special private event as we christen our entrance into providing the best outsourcing service to the industry.
LOCATION: STK - NYC, 26 Little W. 12th St., New York, NY
**** Sungard Kiodex has made a handful of invitations to this event available to me to distribute to readers of this newsletter. If you are a Commodity Trading Advisor, small Hedge Funds or Prop Trading desks and interested in attending, please respond to me directly.
++++
Political News
Lothian Announces Retirement from State Assembly
Madison…I have spent the past 7 years serving the citizens of Wisconsin's 32nd Assembly District to the best of my ability. I have been truly blessed and honored by the support my fellow
residents have shown me during this time. Being entrusted by the voters of this district to serve them in Madison has truly been a highlight of my life and an experience I will cherish forever.
Thomas A. Lothian
Wisconsin State Assembly
State Representative, 32nd District
http://jlne.ws/ckl5Nc
*** My uncle, Tom Lothian, announced his retirement from the Wisconsin State Assembly. He represents a district in Southern Wisconsin that includes the summer homes of many Chicago futures traders.
++++
Weekend Related News
Foster's Eyes More Big Helgas, Fat Yaks Amid Switch (Update1)
By Robert Fenner
March 5 (Bloomberg) -- Foster's Group Ltd., Australia's biggest brewer, expects to make more beers such as Big Helga and Fat Yak to tap demand for brews made using traditional methods and ingredients as consumers switch from mainstream brands.
http://jlne.ws/dpllPD
**** A Fat Yak tastes much better than a Fat Yak smells.
Chile quake wrecks vineyards, wine stocks
by Graciela Almendras
SANTIAGO (AFP) - Chile's famous grape-growing region, which has helped propel the country into ninth place among the world's top wine producers, is soberly counting the cost of the massive earthquake.
http://jlne.ws/ar3GVy
++++
MarketsWiki Recent Updates
People
Cetin Ali Donmez; Peter Wind; Richard Fisher; Jeffrey A. Goldstein
Companies, Organizations and Groups
Barchart.com, Inc.; Korea Exchange; Muscat Securities Market; Turkish Derivatives Exchange; Barchart.com, Inc.; RTS Realtime Systems Group; The Price Futures Group, Inc.
Products
CQG Spreader
Statistics
4,202,987 pages viewed, 5,316 articles, 88,767 edits
Lead Stories
Clampdown on German short sellers
By James Wilson in Frankfurt
Short sales of leading German financial stocks will be subject to new disclosure requirements, the country's financial supervisor has announced in the latest of a series of steps by regulators around the world to curb a practice blamed for exacerbating market turmoil during the financial crisis.
http://jlne.ws/bcnTbP
NYSE Euronext supports EFF rule to move futures positions (Financial News)
The top executive of NYSE Euronext's US futures business said customers should be allowed to migrate contract positions between clearinghouses, as the exchange prepares to roll out new Treasurys-linked products and clearing services in July.
http://jlne.ws/d1KudW
Europe not big enough for current MTF crop - UBS
Europe's equities market is not large enough to sustain the current number of trading venues, which will lead to consolidation in the medium term, according to research from investment bank UBS.
The Trade News
http://jlne.ws/bdEECr
Athens shuts sale door on banks
ELENA MOYA
GREECE, which has said it will not succumb to ''speculators'', shut the door on banks and hedge funds in its latest bond sale, and dropped Goldman Sachs and other US investment banks as transaction managers.
http://jlne.ws/amVC2a
Senators balk at stimulus funding for wind energy projects with overseas ties
By DAVE MICHAELS / The Dallas Morning News
WASHINGTON - A group of senators wants to halt stimulus funding for several wind projects over concern that the program has subsidized too many jobs overseas.
http://jlne.ws/cJgzjV
Senate reins in finance reform, works on compromise
By Paul Wiseman, USA TODAY
The Senate is scaling back President Obama's plans to reform the financial system, enraging critics who wanted to see the government do a better job protecting consumers and preventing banks from growing too big to fail.
http://jlne.ws/9pqSPf
New U.S. tax panel head targets hedge fund taxes
March 4 (Reuters) - Representative Sander Levin will take over the Ways and Means tax-writing panel in the U.S. House of Representatives pending the outcome of ethics probes against fellow Democrat Charles Rangel.
http://jlne.ws/d9d31u
Dodd: Watchdog must make rules, enforce them
By Kevin Drawbaugh
WASHINGTON (Reuters) - Senator Christopher Dodd, chief negotiator for the Democrats in talks on a bipartisan financial reform bill in the Senate, on Thursday called for creating a new government "office" with the power to craft and enforce rules to protect consumers.
http://jlne.ws/dskwJK
Dodd: hopes for financial reform deal within days
WASHINGTON (Reuters) - Senator Christopher Dodd, chief negotiator for the Democrats in talks on a bipartisan financial reform bill in the U.S. Senate, on Friday said lawmakers are "not there yet" on reaching an agreement but said he hopes one will be reached within days.
http://jlne.ws/cXhcmw
Dodd Says Panel Has 'No Agreement' on Financial Rules Overhaul
By Alison Vekshin
March 5 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said lawmakers have been unable to agree on legislation to overhaul U.S. financial regulations, including a proposal for a consumer unit at the Federal Reserve.
http://jlne.ws/9tdtTY
Barack Obama pushes on with controversial Volcker rule
By James Quinn, US Business Editor
President Barack Obama is pushing ahead with the introduction of the controversial Volcker rule which would ban major American banks from proprietary trading or owning, or investing in private equity or hedge funds in spite of increasing opposition.
http://jlne.ws/aDL0Rf
First the Volcker Rule, Now the Eddie Murphy Rule!
By Matt Phillips
Yes, regulators appear to be turning to 1980s screwball comedies for inspiration for new rules. It's hard to imagine CFTC chief Gary Gensler keeping a straight face, while telling Congress about this item in his testimony Wednesday:
MarketBeat - WSJ
http://jlne.ws/a46ORO
Supertax pulls in £2.5bn for UK Treasury
By Brooke Masters, George Parker and Sharlene Goff
FT.com
The supertax on bank bonuses will reap more than £2.5bn for the Treasury, giving the UK government an unexpectedly large windfall to spend ahead of the general election, a Financial Times survey of 16 global banks has found.
http://jlne.ws/djwkPV
CDS ban won't neuter bond market gravity on Greece
Huw Jones - Analysis
LONDON (Reuters) - European governments are exploring ways to curb trade in credit default swaps but may have to settle for requiring greater disclosure rather than banning certain forms of speculation.
http://jlne.ws/dwJ58G
Russia May Scrap Ruble for New Customs Union Currency (Update3)
By Maria Levitov and Paul Abelsky
March 5 (Bloomberg) -- Russia may scrap the ruble and introduce a common currency with Belarus and Kazakhstan as the nations broaden their alliance and seek to reduce their dependence on the dollar, a first deputy prime minister said.
http://jlne.ws/9KHNsi
CBOE GRANTS LICENSE FOR VOLATILITY INDEXES TO CME GROUP
CHICAGO, March 5, 2010 – The Chicago Board Options Exchange (CBOE) today announced that it has entered into a license agreement with CME Group that extends the reach of CBOE’s volatility franchise. CBOE will apply its proprietary CBOE Volatility Index® (VIX®) methodology to price data of, initially, up to five products that will be listed on one of CME Group’s exchanges and create new volatility benchmark indexes that it will license for use to CME Group. CBOE also will disseminate real-time data on the new benchmark indexes to CME Group and industry data providers. CBOE, which introduced the VIX methodology in 1993 as the first measure of volatility in the overall market, retains ownership of both the methodology and the new volatility indexes that will be used by CME Group. The agreement grants CME Group a worldwide license to trade futures and options on futures products based on the new indexes being calculated by CBOE.
www.cboe.com
**** This is big. Peace in our lifetime. Or, CME Group using CBOE innovation.
++++
BM&FBOVESPA Adheres To The UN Principles For Responsible Investment
On Wednesday March 3, 2010, in Rio de Janeiro Mr. Edemir Pinto, BM&FBOVESPA's Chief Executive Officer, formalized the adhesion of the Brazilian Exchange to the agreement entitled "Principles for Responsible Investment" (PRI) - a United Nations initiative developed by leading institutional fund managers and other financial market agents in support of responsible investment.
http://jlne.ws/bMuVy4
**** The UN Principles for Responsible Investment vary somewhat from what is called "The Chicago Way."
++++
Pandit blames Citi's woes on short selling
By Tom Braithwaite in Washington and Alan Rappeport in New York
Vikram Pandit, chief executive of Citigroup, on Thursday blamed short selling rather than any self-inflicted weakness for the bank's near-collapse in 2008 and thanked taxpayers for its government bail-out.
http://jlne.ws/aZTkZv
**** Dude, everything but managed futures went down in 2008. Even things you can sell short went down. Think about that for a minute.
++++
'Psychic' US share tipster Sean David Morton charged with fraud
A US share tipster with celebrity connections who branded himself as "America's Prophet" has been charged with a $6m (£4m) investment fraud.
http://jlne.ws/8Z85LS
For Psychic, Suit Came as Surprise
By MICHAEL J. de la MERCED
He calls himself "America's Prophet," a psychic, trained by Nepalese monks in the art of time travel, who can foretell the future of the stock market. But to the authorities, Sean David Morton is simply a fraud - and a really, really bad psychic.
http://jlne.ws/cFAmNg
**** He just did not see this coming.
++++
FINRA Investor Education Foundation and United Way Worldwide Announce Nearly $1.5 Million in Grants to Support Grassroots Financial Education Projects
Washington, DC - The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and United Way Worldwide (UWW) have announced nearly $1.5 million in grants to 12 recipients to extend the reach of community-based financial education programs across the country.
http://jlne.ws/d2jJLt
+++++
Wall Street Vet Involved In 1998 Long-Term Capital Management Bailout Says Nothing Has Changed
Shahien Nasiripour
Ten years before this latest crisis, the U.S. government engineered the bailout of a financial firm that had borrowed billions of dollars to make big bets on exotic securities. The firm was a hedge fund called Long-Term Capital Management. James G. Rickards, as the firm's top lawyer, negotiated the terms of the $3.6 billion deal, organized by the Federal Reserve Bank of New York, that forced other Wall Street firms to bail out LTCM. And now, in an interview with a brokerage newsletter, he says the federal government has failed to apply any of the lessons learned from that epic 1998 bailout -- a failure that led to the current crisis and could lead to more.
http://jlne.ws/aCH3ZU
**** From "Too Big To Fail," it appears believe Paulson, Geithner and Bernacke were trying for a private solution, but then there was no one left with enough money but the US.
++++
Events - New York
SunGard Kiodex
MIDDLE OFFICE OUTSOURCING
ALTERNATIVE INVESTMENTS PARTY - NYC
March 18th , 2010
6 - 8PM (EST)
@ STK bar in NYC.
26 Little W. 12th St., New York, NY
THIS IS AN INVITE ONLY: PRIVATE EVENT
There's no presentation and the tab is on us.
Come enjoy the open Premium bar, couture food from STK chefs, in our reserved private bar area of STK NYC.
Hosted by SunGard senior executives and attendance from select groups of peers, partners, customers and prospects. Please join us at this very special private event as we christen our entrance into providing the best outsourcing service to the industry.
LOCATION: STK - NYC, 26 Little W. 12th St., New York, NY
**** Sungard Kiodex has made a handful of invitations to this event available to me to distribute to readers of this newsletter. If you are a Commodity Trading Advisor, small Hedge Funds or Prop Trading desks and interested in attending, please respond to me directly.
++++
Political News
Lothian Announces Retirement from State Assembly
Madison…I have spent the past 7 years serving the citizens of Wisconsin's 32nd Assembly District to the best of my ability. I have been truly blessed and honored by the support my fellow
residents have shown me during this time. Being entrusted by the voters of this district to serve them in Madison has truly been a highlight of my life and an experience I will cherish forever.
Thomas A. Lothian
Wisconsin State Assembly
State Representative, 32nd District
http://jlne.ws/ckl5Nc
*** My uncle, Tom Lothian, announced his retirement from the Wisconsin State Assembly. He represents a district in Southern Wisconsin that includes the summer homes of many Chicago futures traders.
++++
Weekend Related News
Foster's Eyes More Big Helgas, Fat Yaks Amid Switch (Update1)
By Robert Fenner
March 5 (Bloomberg) -- Foster's Group Ltd., Australia's biggest brewer, expects to make more beers such as Big Helga and Fat Yak to tap demand for brews made using traditional methods and ingredients as consumers switch from mainstream brands.
http://jlne.ws/dpllPD
**** A Fat Yak tastes much better than a Fat Yak smells.
Chile quake wrecks vineyards, wine stocks
by Graciela Almendras
SANTIAGO (AFP) - Chile's famous grape-growing region, which has helped propel the country into ninth place among the world's top wine producers, is soberly counting the cost of the massive earthquake.
http://jlne.ws/ar3GVy
++++
MarketsWiki Recent Updates
People
Cetin Ali Donmez; Peter Wind; Richard Fisher; Jeffrey A. Goldstein
Companies, Organizations and Groups
Barchart.com, Inc.; Korea Exchange; Muscat Securities Market; Turkish Derivatives Exchange; Barchart.com, Inc.; RTS Realtime Systems Group; The Price Futures Group, Inc.
Products
CQG Spreader
Statistics
4,202,987 pages viewed, 5,316 articles, 88,767 edits
Lead Stories
Clampdown on German short sellers
By James Wilson in Frankfurt
Short sales of leading German financial stocks will be subject to new disclosure requirements, the country's financial supervisor has announced in the latest of a series of steps by regulators around the world to curb a practice blamed for exacerbating market turmoil during the financial crisis.
http://jlne.ws/bcnTbP
NYSE Euronext supports EFF rule to move futures positions (Financial News)
The top executive of NYSE Euronext's US futures business said customers should be allowed to migrate contract positions between clearinghouses, as the exchange prepares to roll out new Treasurys-linked products and clearing services in July.
http://jlne.ws/d1KudW
Europe not big enough for current MTF crop - UBS
Europe's equities market is not large enough to sustain the current number of trading venues, which will lead to consolidation in the medium term, according to research from investment bank UBS.
The Trade News
http://jlne.ws/bdEECr
Athens shuts sale door on banks
ELENA MOYA
GREECE, which has said it will not succumb to ''speculators'', shut the door on banks and hedge funds in its latest bond sale, and dropped Goldman Sachs and other US investment banks as transaction managers.
http://jlne.ws/amVC2a
Senators balk at stimulus funding for wind energy projects with overseas ties
By DAVE MICHAELS / The Dallas Morning News
WASHINGTON - A group of senators wants to halt stimulus funding for several wind projects over concern that the program has subsidized too many jobs overseas.
http://jlne.ws/cJgzjV
Senate reins in finance reform, works on compromise
By Paul Wiseman, USA TODAY
The Senate is scaling back President Obama's plans to reform the financial system, enraging critics who wanted to see the government do a better job protecting consumers and preventing banks from growing too big to fail.
http://jlne.ws/9pqSPf
New U.S. tax panel head targets hedge fund taxes
March 4 (Reuters) - Representative Sander Levin will take over the Ways and Means tax-writing panel in the U.S. House of Representatives pending the outcome of ethics probes against fellow Democrat Charles Rangel.
http://jlne.ws/d9d31u
Dodd: Watchdog must make rules, enforce them
By Kevin Drawbaugh
WASHINGTON (Reuters) - Senator Christopher Dodd, chief negotiator for the Democrats in talks on a bipartisan financial reform bill in the Senate, on Thursday called for creating a new government "office" with the power to craft and enforce rules to protect consumers.
http://jlne.ws/dskwJK
Dodd: hopes for financial reform deal within days
WASHINGTON (Reuters) - Senator Christopher Dodd, chief negotiator for the Democrats in talks on a bipartisan financial reform bill in the U.S. Senate, on Friday said lawmakers are "not there yet" on reaching an agreement but said he hopes one will be reached within days.
http://jlne.ws/cXhcmw
Dodd Says Panel Has 'No Agreement' on Financial Rules Overhaul
By Alison Vekshin
March 5 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said lawmakers have been unable to agree on legislation to overhaul U.S. financial regulations, including a proposal for a consumer unit at the Federal Reserve.
http://jlne.ws/9tdtTY
Barack Obama pushes on with controversial Volcker rule
By James Quinn, US Business Editor
President Barack Obama is pushing ahead with the introduction of the controversial Volcker rule which would ban major American banks from proprietary trading or owning, or investing in private equity or hedge funds in spite of increasing opposition.
http://jlne.ws/aDL0Rf
First the Volcker Rule, Now the Eddie Murphy Rule!
By Matt Phillips
Yes, regulators appear to be turning to 1980s screwball comedies for inspiration for new rules. It's hard to imagine CFTC chief Gary Gensler keeping a straight face, while telling Congress about this item in his testimony Wednesday:
MarketBeat - WSJ
http://jlne.ws/a46ORO
Supertax pulls in £2.5bn for UK Treasury
By Brooke Masters, George Parker and Sharlene Goff
FT.com
The supertax on bank bonuses will reap more than £2.5bn for the Treasury, giving the UK government an unexpectedly large windfall to spend ahead of the general election, a Financial Times survey of 16 global banks has found.
http://jlne.ws/djwkPV
CDS ban won't neuter bond market gravity on Greece
Huw Jones - Analysis
LONDON (Reuters) - European governments are exploring ways to curb trade in credit default swaps but may have to settle for requiring greater disclosure rather than banning certain forms of speculation.
http://jlne.ws/dwJ58G
Russia May Scrap Ruble for New Customs Union Currency (Update3)
By Maria Levitov and Paul Abelsky
March 5 (Bloomberg) -- Russia may scrap the ruble and introduce a common currency with Belarus and Kazakhstan as the nations broaden their alliance and seek to reduce their dependence on the dollar, a first deputy prime minister said.
http://jlne.ws/9KHNsi
Thursday, March 4, 2010
March 4, 2010: CME Group and Dow Jones Receive Clearance to Proceed with Index Services Joint Venture; House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal
Observations - Statistics - Commentary
The Price Futures Group, Inc. Announces the Expansion of the Chicago and Scottsdale Offices as Well as the Opening of New Branch Offices in Westminster, Colorado and Boca Raton, Florida
CHICAGO, March 4 /PRNewswire/ -- "As a firm we are very proud of our people and are pleased to introduce the following group of brokers that have joined our team. They all possess the credentials and expertise that our clients have come to expect from The Price Futures Group" – Tom Price, Chairman of the Price Group of Companies
**** An official welcome to all my new colleagues at The Price Futures Group.
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Pandit Thanks Taxpayers for Citi 'Bridge' Over Crisis (Update1)
By Bradley Keoun
March 4 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit thanked U.S. taxpayers for the $45 billion bailout the bank got in late 2008 that helped it stave off a deposit run. This investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people, Pandit told a congressional panel overseeing the government's bank-bailout program, according to a copy of his prepared remarks. "I want to thank our government."
http://jlne.ws/bulZPB
**** I liked the respectful tone of this.
++++
Head of Dallas Fed calls for banks' break-up
By Henny Sender in New York
Richard Fisher, president and chief executive officer of the Federal Reserve Bank of Dallas, has called for large institutions to be broken up in the US and abroad to guard against the problem of them becoming "too big to fail".
http://jlne.ws/bE8XI8
**** Back in 2006 when banks were buying or investing in hedge funds, they were ramping up their exposure to proprietary trading. Many banks conveniently forget this. This was wrong then and wrong now.
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Betting on the Blind Side
Michael Burry always saw the world differently-due, he believed, to the childhood loss of one eye. So when the 32-year-old investor spotted the huge bubble in the subprime-mortgage bond market, in 2004, then created a way to bet against it, he wasn't surprised that no one understood what he was doing. In an excerpt from his new book, The Big Short, the author charts Burry's oddball maneuvers, his almost comical dealings with Goldman Sachs and other banks as the market collapsed, and the true reason for his visionary obsession.
Vanity Fair
http://jlne.ws/aKCr1B
**** Another story of a guy who figured out the Financial Crisis before it bloomed.
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Dead worker's relatives praise man who tried to save him
The Peoples Gas worker who died Wednesday in a below-ground construction accident in the West Loop was identified this morning as Michael Gryga, whose relatives praised the man who unsuccessfully tried to rescue him. Gryga, 40, who records indicate is from southwest suburban Frankfort, was apparently struck by a pipe while pressure-testing it below Jackson Boulevard and Wacker Drive as part of the Wacker Drive reconstruction project. Another Peoples Gas worker was seriously injured. Kevin Spillers, 48, a trader at the Board of Trade, was walking from work shortly after 1:30 p.m. when he heard a loud boom and saw a cloud of dust coming out of a construction hole near the Willis Tower.
http://jlne.ws/9IwEkF
**** Trader jumps in hole to save workers.
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Timing is Everything
Book on hedge funds sheds light on an era of excess
Traders Magazine Online News
Michael Scotti
Diary of a Hedge Fund Manager is really an amazing story. Through hard work, a middle-class kid from Thunder Bay, Ontario earns a hockey scholarship to Yale University, gets a job in equity sales at Credit Suisse during the height of the dot-com craze and moves to a hedge fund as a junior analyst within a year. Three years later he is earning more than $1 million a year as a portfolio manager.
http://jlne.ws/diGtH9
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Liffe proves its worth to NYSE
By Michael Mackenzie in New York and Jeremy Grant in London
NYSE Euronext on Wednesday underlined the importance of its derivatives and technology businesses over traditional cash equity trading by revealing for the first time operating margins for its futures business, NYSE Liffe, of 48 per cent.
http://jlne.ws/9E4Jyf
**** Liffe has always been a crown jewel, much admired and sought after.
+++
NASDAQ OMX Introduces Investor Relations Website Solution for the Banking Sector
NEW YORK, Mar 4, 2010 (GlobeNewswire via COMTEX News Network) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today launched its WebCenter360 Banking Suite, a competitively priced investor relations website solution built for global, regional and community banks. NASDAQ announced that the WebCenter360 Banking Suite will be powered by data and analytics from Highline Financial, the preferred source for banking information and analytics for the financial sector.
http://jlne.ws/dc47AU
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Hedge fund dinner party sparks U.S. euro probe
By Matthew Goldstein and Svea Herbst-Bayliss
NEW YORK (Reuters) - Little-known brokerage firm Monness, Crespi, Hardt & Co has long toiled in the shadows of Wall Street, but the boutique suddenly has been thrust into the limelight because of an "ideas dinner" it sponsored last month for a group of about 18 hedge fund traders.
http://jlne.ws/aPLrqw
*** We don't have idea dinners. We have tweetups where any ideas are in one ear and tweeted to everyone else.
++++
Barchart Launches Extensive ETF Fundamental Data Service
CHICAGO, IL - March 4, 2010 - Barchart.com, Inc., a leading provider of market data and information, today announced the launch of a new Exchange Traded Funds (ETF) fundamental data service. The fundamental ETF dataset, including Exchange Traded Notes (ETN), is an extensive database of reference, financial and price related information covering all U.S. listed ETFs and ETNs. The dataset is available from Barchart as a data feed service, as well as hosted website content.
Barchart Corporate Site: In The News
http://jlne.ws/cyhRh7
++++
INSTITUTE FOR AGRICULTURE AND TRADE POLICY: CFTC should impose tough limits on Wall Street speculators
New rules could help stabilize energy and agriculture prices
Minneapolis -The Commodity Futures Trading Commission (CFTC) should act immediately to limit excessive speculation by Wall Street firms on energy derivatives trades, a move that will help address extreme volatility in both energy and agricultural markets, the Institute for Agriculture and Trade Policy (IATP) said in a comment submitted to the agency today.
http://jlne.ws/d95CVx
**** I have a plan for stopping "excessive speculation" in its tracks and forcing market participants to take a longer term perspective on the markets. Reinstitute fixed commissions at $95 per round turn. Yes, liquidity will dry up and the markets will become less efficient and the brokerages will all go out of business and the exchanges shares will plummet. But we will have solved "excessive speculation." Wait, right. We did have big moves and wild markets back in the days of fixed commissions too. Forget that idea.
+++
The most famous presidential impersonators gather on one set. CNN's Jeanne Moos has the video.
Video - Breaking News Videos from CNN.com
http://jlne.ws/cxiI3Y
**** Story about Film director Ron Howard video to promote financial reform features actors who have portrayed US Presidents on the television show Saturday Night Live.
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Marketswiki Page of The Day
Richard Fisher
http://jlne.ws/doWjTd
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MarketsWiki Recent Updates
People
Jeffrey Goldstein; Richard Fisher; Peter Wind; George Papaconstantinou; Dominique Cerutti; Duncan Niederauer; Lawrence Leibowitz
Companies, Organizations and Groups
Tickit Trading Systems; MSCI Barra; Stark Research; Granite Asset Management
Miscellaneous
Upcoming Events; Local
Statistics
4,193,076 pages viewed, 5,313 articles, 88,692 edits
Notes: As was noted on Facebook and Twitter starting yesterday, today, March 4, is my birthday. My 49th birthday to be specific. That would be 7 squared or the last time I get to use a four handle as was noted by some of my friends. As I have noted before, my birthday is the only day of the year that is a command, March 4th. My nephew Ryan was very thoughtful this morning and bought a dozen donuts in honor of my birthday. He also handed me a receipt for $200 worth of software so we can continue offer innovative products to all of you. When I started what has become the John Lothian Newsletter and what more people euphemistically refer to as the John Lothian Media Empire, I was but a lad of 39 years old. We had just survived Y2K and no Chicago exchange had yet to trade 1 million futures contracts electronically in a single day. That would take some time to come yet. How time has flied since then and how much fun we have had.
So what is does the next 10 years hold for John Lothian and his merry band of market focused journalists and professionals? We are laying the foundations of that right now. We have some evolutionary steps for our newsletters and blogs that are in the works. We have new branded commentaries to launch. But most importantly, we are going to gear up my managed futures business. I have assigned a member of our team, Laura Oatney, to take a holistic look at the Commodity Trading Advisor space and develop a business plan, marketing plan, compliance plan and operation plan. If we are going to ramp up and grow this business, we need to do it right and be able to manage the many risks and challenges that confront CTAs. When I started this newsletter, one reason was to network with other industry professionals to be able to raise money for other CTAs I represented. In 2004 I bought the trading programs and customers of one of those CTAs, Defender Capital Management from Jon Matte, now the Chief Operating Officer of John J. Lothian & Company, Inc.
A dear friend of mine today cautioned me that I may hurt my media business if I stumble with the trading business. There is real risk there. But there is also risk in not continuing to grow and move forward and that is what we plan on doing. I believe in paying attention to non-price risk oriented risks that have nothing to do with decisions of whether to buy or sell. We have a unique focus on that here and I believe that helps me as a trader. We have unique skills for telling our story and I want us to tell our story and the story of managed futures well. We will try our best to do that. We will continue to grow our media business and now also focus on growing our Commodity Trading Advisory business. We will continue to move forward. Maybe this is my mid-life crisis, or maybe it is just the next chapter to be written. But then, you all have to expect me to keep moving forward. After all, I was born on March 4th.
Lead Stories
CME Group and Dow Jones Receive Clearance to Proceed with Index Services Joint Venture
CHICAGO and NEW YORK, March 4 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives exchange, and Dow Jones & Company today announced that the Federal Trade Commission and U.S. Department of Justice have granted early termination of the waiting period under the Hart-Scott-Rodino Act for the companies' previously announced index services joint venture, satisfying one of the conditions to the closing of the transaction. The companies expect to close the transaction, subject to the satisfaction of other customary closing conditions, by the end of March 2010.
http://jlne.ws/dm8XJQ
CME, Dow Jones Get Antitrust Approval for Index Services Deal
By Matthew Leising
March 4 (Bloomberg) -- CME Group Inc., the world's largest futures market, and Dow Jones & Co. received antitrust approval to form a joint venture that will offer equity-index services.
The Federal Trade Commission and U.S. Department of Justice granted early termination of the companies' application, CME Group and Dow Jones said today in a statement.
http://jlne.ws/bfj6mq
House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal
By Sarah N. Lynch Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. House lawmakers Wednesday raised concerns a proposal by the Commodity Futures Trading Commission could have negative consequences for the U.S. retail foreign exchange market. Several lawmakers at a House Agriculture farm commodities subcommittee hearing Wednesday grilled CFTC Chairman Gary Gensler about a provision in the commission's proposal that would restrict retail forex investors to a 10 to 1 leverage ratio, thereby forcing them to post much higher collateral. "I don't get what we are trying to accomplish here by lowering this to 10 to 1," said House Agriculture Chairman Collin Peterson (D., Minn), saying the proposal appears to put investors' money even more at risk. "Who are you trying to protect here?"
http://jlne.ws/ctjDYM
Peterson Seeks To Plug Derivs Law Loophole
House Agriculture Committee Chairman, Collin Peterson, is looking to plug a potential loophole that might allow derivatives traders to evade public scrutiny of their deals, Reuters reports. The House financial reform bill includes new requirements for firewalls within commodity trading firms.
http://jlne.ws/bg2tWQ
CFTC, House chairman aim to fix swap reform law
By Charles Abbott and Roberta Rampton
WASHINGTON (Reuters) - A central Congressional player in financial reform legislation on Wednesday said he is willing to close a potential loophole that might allow big derivatives traders to avoid public scrutiny of their deals.
http://jlne.ws/d8oX5h
Refco’s Collins, Facing Jail, Loses Bid for New Trial (Update1)
By David Glovin
March 4 (Bloomberg) -- Joseph P. Collins, Refco Inc.’s former outside lawyer sentenced to seven years in prison for helping Chief Executive Officer Phillip R. Bennett defraud investors of $2.4 billion, lost a bid for a new trial.
http://jlne.ws/8ZYLEH
Detailed 'Volcker rule' targets all financial institutions
White House sends Congress more on former Fed chief's proposal
By Ronald D. Orol, MarketWatch
WASHINGTON (MarketWatch) -- The Obama administration is recommending new capital and liquidity requirements for major financial firms engaged in proprietary trading, not just those institutions that own commercial banks, the White House said Wednesday.
http://jlne.ws/a4xxWH
New Volcker text exempts market making, facilitation
The Obama administration has finalised the proposed legislative language for its controversial Volcker rule, which aims to prevent deposit-taking institutions from engaging in proprietary trading and owning or investing in private equity and hedge funds.
http://jlne.ws/a9rCR0
White House Offers Bill to Restrict Big Banks' Actions
By SEWELL CHAN
WASHINGTON - The Obama administration put forward legislation on Wednesday to rein in the size and scope of the nation's largest banks. But the proposal faces strong resistance in Congress, where lawmakers have shown little appetite for adding to the prolonged debate on overhauling financial regulations.
http://jlne.ws/bEWXIR
Mandelson attacks Obama's bank plans
By Lee Jones
First minister and business secretary Lord Mandelson has dismissed the banking reforms recently announced by President Obama as "too sweeping".
http://jlne.ws/9RpPnG
Echoes From Davos: Mandelson's Social Contract For Globalization
Paul Maidment
Peter Mandelson (right), the veteran U.K. minister and old Davos hand, was in New York today delivering a speech at NYU's Stern Business School on a topic much discussed at Davos 2010: what effect has the global financial crisis had on confidence in globalization?
http://jlne.ws/9ZCYt7
EU Scrutinizes CDS Market
By ADAM COHEN
BRUSSELS-The European Commission said Thursday it is studying the market for sovereign credit-default swaps and how it has affected Greece's current debt problems.
The commission, the European Union's executive arm, on Friday will hold a "technical" meeting with regulators, bankers and investors active in the CDS market, according to the commission's spokeswoman on financial-market issues, Chantal Hughes.
http://jlne.ws/90eETd
Bank Group Warns on Fiscal, Regulatory Uncertainty
Uncertainty over regulatory reform and government finances could unsettle financial markets and undermine the global economic recovery, a private sector financial group.
FinanceTech
http://jlne.ws/cbgurp
Geithner Adviser Sachs Plans to Resign as Banking Crisis Wanes
By Rebecca Christie
March 4 (Bloomberg) -- Lee Sachs, a counselor to Treasury Secretary Timothy F. Geithner, plans to step down this year as the banking crisis wanes and the Obama administration winds down its emergency programs.
http://jlne.ws/cAErY4
Treasury Official: 'No Too Big to Fail Guarantee' for Big Financial Firms
By MICHAEL R. CRITTENDEN
WASHINGTON -- There is no U.S. government guarantee to protect the largest financial firms, a Treasury Department official said Thursday, as a congressional watchdog criticized the $45 billion in government aid provided to Citigroup Inc.
http://jlne.ws/99pPD1
Environmental Trading News
EPA to Phase in CO2 emissions permits/BACT for mid-sized sources
The Obama administration will give small businesses a break on coming carbon dioxide emissions rules but big emitters like coal-fired power plants will face a crack-down, U.S. Environmental Protection Agency Administrator Lisa Jackson said on Wednesday.
http://jlne.ws/bz3iHU
EEX trading results for Natural Gas and CO2 Emission Rights in February - More than 1 TWh traded on the Natural Gas Spot Market
On the Spot Market of the European Energy Exchange (EEX) the monthly volume exceeded the 1 Million MWh benchmark for the first time. In February, the trading volume on the EEX Spot Market for Natural Gas amounted to 1,097,808 MWh (GASPOOL and NCG market areas) compared to 239,040 MWh in February 2009. The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 9.92 per MWh and EUR 16.00 per MWh.
http://jlne.ws/cncsxy
EPEX Spot / EEX Power Derivatives: Power Trading Results In February 2010
In the framework of their cooperation, the European Energy Exchange AG (EEX) and the French Powernext SA integrated their Power Spot and Derivatives Markets in 2009.
http://jlne.ws/bcMZxw
Climate pioneer backs tax on carbon, nuclear power
ADAM MORTON
THE scientist who first convinced the world that climate change was a problem has backed a Greens' proposal for a carbon tax as the only solution being offered in Canberra.
http://jlne.ws/93Dc4W
UN Carbon Board 'Concerned' as Offset Prices Slump (Update1)
By Ben Sills
March 4 (Bloomberg) -- Regulators overseeing the world's second-biggest emissions market are concerned that low prices for emissions credits are sapping support for carbon trading, a UN board member said.
http://jlne.ws/9QCS4g
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
NYSE Euronext: Fewer Pricing Battles Seen In US Equities
By Jacob Bunge Of DOW JONES NEWSWIRES
The prospect of another price war among U.S. stock exchanges has come down over the past year, and any such moves probably won't have much impact on the overall market share picture, top executives of NYSE Euronext (NYX) said Wednesday. A shaky truce seems to be holding among top U.S. stock trading venues, nearly a year after NYSE Euronext battled Nasdaq OMX Group Inc. (NDAQ) as well as electronic platforms BATS Exchange and Direct Edge to offer lower trading fees. "We're reaching a level where marginal pricing changes don't have the elasticity that they did two to three years ago, and recent changes that have been made don't yield the same results they did at the beginning," said Joseph Mecane, head of U.S. cash markets for NYSE Euronext, at an investor presentation Wednesday. Lawrence Leibowitz, chief operating officer at NYSE Euronext, said he wouldn't rule out further adjustments to trading fees on U.S. stock markets--Nasdaq OMX, he noted, tweaked some of its pricing in recent days--but market operators h
PIP Improvement Increases For Third Consecutive Month
For the month of February, price improvement versus the prevailing NBBO for contracts submitted via BOX's PIP averaged $2.73 per contract, up from $2.60 in January and $2.40 in December.
http://jlne.ws/csiFcH
TMX Group Equity Financing Statistics February 2010
TSX Venture Exchange had another strong month with 14 new issuers listed, which is double the number of new listings in February 2009. Total equity financing year-to-date February 2010 was 357.5% ahead of the same period in 2009.
http://jlne.ws/9fsPX3
London Stock Exchange Takes New Retail Bond Market Across UK
The London Stock Exchange will host five free seminars in cities across the UK next week to promote the benefits of its new Order book for Retail Bonds.
http://jlne.ws/dyNGql
BME To Create A Platform For Mutual Funds - A New, Flexible, Transparent And Global Additional Channel To Access Funds
Bolsas y Mercados Españoles (BME) will start a new subscription and redemption mutual fund platform after the summer with a view to offering greater transparency, flexibility and accessibility to this type of financial product.
http://jlne.ws/cUzEFG
Spain's BME to launch mutual funds platform
By Mark Mulligan in Madrid
Bolsas y Mercados Españoles (BME), the Spanish exchange operator, plans to set up a subscription, redemption and transfer platform for mutual funds in a further move aimed at diversifying its business.
http://jlne.ws/a0qVOl
New Listings More than Triple in Canada
Tom Steinert-Threlkeld
Securities Industry News
New listings have more than tripled on two exchanges operated by TMX Group Inc. , compared to a year ago.
http://jlne.ws/cAI76H
The Warsaw Stock Exchange Becomes A "Recognised Stock Exchange"
The Warsaw Stock Exchange received the "Recognised Stock Exchange" designation from HM Revenue and Customs (HMRC). The designation awarded to the WSE Main List and the retail EU-regulated segment of Catalyst will make these markets more attractive and accessible for UK-based investors.
http://jlne.ws/aZI9zZ
The Sanction Commission Of SIX Swiss Exchange Ltd. Fines Lonza Group AG
http://jlne.ws/cmXcs5
NASDAQ OMX EVP and CFO Adena Friedman Speaks at the Raymond James 31st Annual Institutional Investors Conference
http://jlne.ws/aRATBI
ATHEX Monthly Statistical Bulletin February 2010
http://jlne.ws/d0jGYx
[CBOE] March 12, 2010 Options Symbology Consolidation
http://jlne.ws/ckmeUK
Banks, Brokers & Dark Pools
JPMorgan Tops Goldman in Investment Banking as Fees Swell 13%
by Yalman Onaran
March 4 (Bloomberg) -- As 2009 began, the world's banks and brokers were in a deep hole. They had recorded some $1 trillion in credit losses and writedowns of their mortgage holdings in the financial crisis of 2007 and 2008, and markets were still reeling. To recapitalize, they issued stock -- a lot of it.
http://jlne.ws/9OalZg
In Defense of Goldman. Really
Loopholes in EU rules, not Goldman Sachs, are to blame for Europe's debt troubles
By Mark Gilbert
This time, the vampire squid is innocent. The European Union is investigating Goldman Sachs Group's (GS) role in the financial maneuvering that helped Greece use swaps to postpone the day of economic reckoning past its ascension to euro zone membership. Goldman says, rightly, there was "nothing inappropriate" in the transactions it facilitated.
http://jlne.ws/9aBz9R
Will Bad Press Affect Goldman Sachs's Fortunes?
It's hard to top Goldman Sachs (GS) when it comes to searching for icons of Wall Street's shady yet lucrative dealings. In terms of actually raking in massive fees, though, larger rival JPMorgan (JPM) -- a giant that has emerged from the credit crises as somewhat of a White Knight -- tops the list.
http://jlne.ws/c9JA2K
Citigroup executive Vikram Pandit to back reforms
By FRED BARBASH
Citigroup Inc. Chief Executive Vikram Pandit will today endorse broad regulatory reforms to prevent another banking meltdown.
http://jlne.ws/b8TITo
Citi's Pandit supports strong consumer protection
By David Lawder and Dan Wilchins
WASHINGTON/NEW YORK (Reuters) - Citigroup Inc (C.N) Chief Executive Vikram Pandit said he supports an "enhanced" federal consumer protection authority because problems for consumers can affect the entire financial system.
http://jlne.ws/91IL0m
Pandit backs tougher protection rules
Citi chief grilled by US Congress over bail-out
FT.com / US / Economy & Fed
http://jlne.ws/aZTkZv
Citi beefs up commodities business
By Javier Blas
Citigroup is planning a hiring spree in commodities over three years, boosting the number of traders and bankers by 40 per cent, as it seeks to regain impetus after last year's sale of its Phibro oil trading unit. The move to boost the bank's front-office staff by 100 people to about 335 comes as rival banks expand heavily in commodities in a move that signals the profitability of dealing in raw materials.
http://jlne.ws/bwr6nm
Citigroup's Auction-Rate Bonds Freeze $1 Billion in Hawaii Cash
By Christopher Palmeri
March 4 (Bloomberg) -- Two years after the auction-rate bond market froze, Hawaii has lost about $250 million in market value on $1 billion in student-loan securities sold by a single Citigroup Inc. broker as a cash substitute that the state has had difficulty unloading.
http://jlne.ws/9IxVW0
Panelists Question Citigroup's 'Government Guarantee'
By ERIC DASH
Members of the Congressional Oversight Panel questioned whether the substantial support that Citigroup received could pose future risks on the financial system and the bank itself.
http://jlne.ws/bO7P8g
AIG 'Still Exposed' Amid Losses From Mortgage Insurer, Lender
By Hugh Son
March 4 (Bloomberg) -- American International Group Inc., the insurer bailed out after derivatives losses tied to housing, is being weighed down by unprofitable units that originate and guarantee U.S. mortgages.
http://jlne.ws/dCdmrD
Treasury Sells Bank of America TARP Warrants for $1.57 Billion
By Peter Eichenbaum and Jeff Kearns
March 4 (Bloomberg) -- Bank of America Corp. bailout warrants raised more than $1.5 billion for U.S. taxpayers in the biggest auction of such securities by the Treasury Department.
http://jlne.ws/d0RGiS
Overall ICAP electronic broking volumes up 22% year on year
London, 4 March 2010 - ICAP (IAP.L), the world's premier interdealer broker, announced on Thursday that average daily volumes on its electronic broking platforms BrokerTec and EBS again demonstrated strong growth, with February 2010 volumes of $695.3 billion (bn) single count, an increase of 22% on the previous year.
http://jlne.ws/aigagh
Commerzbank drops out of credit derivatives and G-15 dealer group
Commerzbank has pulled out of the credit derivatives market following the integration of Dresdner Kleinwort and a refocusing of its investment banking business model, according to dealers.
http://jlne.ws/95SaKN
Thain's pay plea at CIT
Ex-Merrill Lynch boss John Thain -- pilloried for his $1.2 million office renovation as head of the giant brokerage firm -- is backing an austerity plan at his new company, commercial lender CIT Group.
http://jlne.ws/asEZOf
Lehman Examiner Confronts Wall Street Secrecy to Unseal Report
By David Scheer, Joshua Gallu and Linda Sandler
March 4 (Bloomberg) -- A former federal prosecutor has filed his $38 million, 2,200-page report into the collapse of Lehman Brothers Holdings Inc. The lingering question: whether the public gets an uncensored view.
http://jlne.ws/cnptsV
UBS To Provide $200 Million to Investors in ARS Settlement
Carol E. Curtis
Securities Industry News
The Texas State Securities Board has finalized a settlement with UBS Securities LLC and UBS Financial Services Inc. that requires the company to purchase up to $200 million in auction-rate securities from investors who were not covered in UBS' initial agreement with state and federal regulators.
http://jlne.ws/di1CBF
UBS, Ernst & Young Win Bid to Block Madoff Lawsuits (Update3)
By Stephanie Bodoni
March 4 (Bloomberg) -- UBS AG and Ernst & Young LLP won a Luxembourg court ruling potentially blocking hundreds of claims by investors who lost money in funds tied to Bernard Madoff's fraud.
http://jlne.ws/8Y3vJm
Court blocks separate Madoff fund claims
FT.com / Financials
http://jlne.ws/aBFq5B
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/2010/dig030410.htm
Largest hedge fund insider trading case ever produces 10th guilty plea in New York
NEW YORK - A former vice president of California chipmaker Atheros Communications has pleaded guilty to insider trading charges. Ali Hariri becomes the 10th person to plead out of the largest hedge fund insider trading case in U.S. history.
http://jlne.ws/axvIuy
SEC Charges Executives of Iowa Insurance Company With Misleading Proxy Disclosures to Investors
Washington, D.C., March 3, 2010 - The Securities and Exchange Commission today charged an Iowa insurance company and two executives with proxy disclosure violations, alleging that they inadequately disclosed details about the acquisition of another company and the resulting financial boon to the then-CEO.
http://jlne.ws/cY8JH2
Germany's Bafin Sets Disclosure Rule for Short Sales (Update1)
By Karin Matussek
March 4 (Bloomberg) -- Germany's financial regulator Bafin published rules requiring disclosure of short selling in stocks of banks and insurance companies including Deutsche Bank AG, Commerzbank AG, and Allianz SE, partially implementing a Europe- wide regulatory proposal.
http://jlne.ws/9lxTNW
NFA revokes registration of several associated persons of former Boca Raton futures firm
March 3, Chicago - National Futures Association (NFA) has revoked the registrations of Jeremy J. Grena, Nabil P. Niman, Nicholas P. Payne, William M. Rill and Alexander M. Silverman, former associated persons (AP) of Pioneer Commodities LLC (Pioneer) and Windsor Wealth Management LLC, firms based in Boca Raton, Florida.
http://jlne.ws/bU0TLI
SEC charges Miami couple in Ponzi scheme
WASHINGTON (Reuters) - U.S. securities regulators charged a prominent Miami couple on Wednesday with running a $135 million Ponzi scheme that victimized elderly Cuban-Americans living in South Florida. In a complaint filed in Miami federal court, the Securities and Exchange Commission alleged that Gaston and Teresita Cantens, founders and co-owners of real estate developer Royal West Properties Inc in Miami, had enticed investors with promises of 9 to 16 percent returns.
http://jlne.ws/bEmjpq
FSA Case on Ex-Cazenove Partner Based on Hypothesis, Jury Told
By James Lumley
March 3 (Bloomberg) -- The Financial Services Authority doesn't have "a shred of evidence" that Malcolm Calvert, a former partner at JPMorgan Chase & Co.'s Cazenove unit, was involved in insider trading, his lawyer told a London jury.
http://jlne.ws/auwkVJ
Securities Regulators Agree to International Template for Hedge Fund Disclosure
Securities regulators have agreed to an IOSCO-endorsed approach for hedge fund disclosure to assist in determining systemic risks regarding private pools of capital. The template, which is attached, was developed by the Task Force on Unregulated Entities following requests from the Financial Stability Board, as well as from IOSCO members. SEC Commissioner Kathleen Casey, Chair of the IOSCO Technical Committee, said that the disclosure template is designed to develop a comparable and consistent set of data to be collected from local hedge fund managers and advisers to monitor systemic risks and prevent gaps in regulatory reporting requirements. The Commissioner recognizes that the legislative process is ongoing in many jurisdictions and their outcomes could further influence the information needed to monitor systemic risk in the hedge fund sector.
ASIC and AWB reach settlement of privilege claims
AWB has agreed to the production of documents sought by ASIC in its Oil-For-Food investigations subject to AWB's claims of privilege. The agreement provides for the determination of AWB's claims for privilege in those documents.
http://jlne.ws/9X6jBf
ASIC bans Victorian man from providing financial services for ten years
Insurance representative Mr Terrence Wayne McDonald, 55, of Portland, Victoria, has been banned from providing financial services for 10 years following an investigation by ASIC.
http://jlne.ws/d3UcTD
Consent Order on the application submitted by Pursarth Trading Company Private Limited
http://jlne.ws/c4JmPY
Investments - Indexes - Managed Futures - Managed Funds
Did Hedge Funds Conspire to Devalue the Euro?
The Department of Justice is investigating whether several prominent hedge funds conspired to drive down the value of the euro as the Greek debt crisis left the currency vulnerable to sophisticated trading methods employing credit default swaps and other derivatives.
http://jlne.ws/bC4tz3
Swap Vigilantes Take Heat for Euro Shortcomings: Mark Gilbert
Commentary by Mark Gilbert
March 4 (Bloomberg) -- Make way, bond vigilantes. A new posse is in town, using the credit-default swaps market to punish indebted governments for their deficit-swelling subterfuges. And, as usual, the first reaction of the guilty is to blame speculators, rather than their own shortcomings.
http://jlne.ws/arsZ30
Chanos Defends Euro Traders
A Speculation Backlash Risks 'Demonizing' Hedge Funds, He Says
By RIVA FROYMOVICH
In the latest on the hedge-fund/euro backlash, noted short-seller James Chanos dismissed accusations that speculators who short currencies or play credit-default swaps are to blame for economies' woes.
http://jlne.ws/aWBhuq
February Performance Data Released for Newedge's CTA Indices
Chicago, March 4, 2010 - Newedge, a global leader in multi-asset brokerage and clearing, today posted the monthly performance data for its Alternative Edge Short-Term Traders and CTA Indices. The AlternativeEdge Short-Term Traders Index (STTI) finished the month of February up 0.70 percent (-0.38 percent YTD). The Newedge CTA Index posted a positive return for the month of February up 1.31 percent (-0.59 percent YTD).
Newedge - AlternativeEdge Indices
http://jlne.ws/9UO8sG
Old Mutual to launch absolute return fund
By Adam Lewis
Old Mutual Asset Managers has announced plans to launch a UK absolute return fund for Luke Kerr in May.
http://jlne.ws/9I9t34
Citadel Said to Cut Jobs on Asia Merchant Bank Team (Update1)
By Bei Hu
March 4 (Bloomberg) -- Citadel Investment Group LLC, the hedge fund company founded by Kenneth Griffin, cut the size of its Asia team in charge of special situations investments by 40 percent, said three people with knowledge of the matter.
http://jlne.ws/a9aYzp
Fitch CDS Pricing Added to SuperDerivatives Solutions
By Cristina McEachern Gibbs
SuperDerivatives has selected Fitch Solutions' CDS Pricing Service to strengthen its existing credit derivatives valuation solutions.
http://jlne.ws/ajBdwT
Enhanced Visibility For PLUS Companies Through Edison Investment Research - Independent Research Released On Top 52 Companies
The PLUS stock exchange is pleased to announce the launch of the first PLUS half yearly review, a report which for the first time provides coverage of the leading companies on the PLUS market. The research has been compiled by Edison Investment Research, Europe's leading independent investment research company.
http://jlne.ws/9OwQEi
Hedge Fund Third Party Marketing Firm, Agecroft Partners, LLC, Hires 6th Managing Director
Hedge fund consulting and third party marketing firm Agecroft Partners has hired Tim Savage as its sixth Managing Director.
http://jlne.ws/9gvJrW
Opus Fund Services Named Fastest Growing Administrator
BERMUDA, March 4 /PRNewswire/ -- Opus Fund Services, announced today that it has been named the "Fastest growing hedge fund administrator" in the latest semi-annual survey conducted by HedgeFund.Net. The survey includes data from over 60 of the world's leading firms, and is an excellent representation of the fortunes and trends within the fund administration industry.
http://jlne.ws/bnkeBr
Technology News
Ballista Added To Bloomberg's Execution Management System
NEW YORK--(BUSINESS WIRE)--Ballista Securities LLC, operator of the Ballista Alternative Trading System (ATS) for block options, announced today integration efforts have been completed with Bloomberg's Execution Management System (EMSX). Bloomberg EMSX users will be able to access the Ballista ATS immediately via the function EMSX on the BLOOMBERG PROFESSIONAL service. Focused on equity options, the Ballista ATS reduces the time and manual effort required to execute block option and volatility orders by providing an electronic alternative to manual trading methods.
http://jlne.ws/b8CeO1
Deutsche Börse leverages Red Hat
Automated Trader
Deutsche Börse Systems leverages Red Hat for realtime transaction risk management information
Red Hat, Inc. the provider of open source solutions, has announced that Deutsche Börse Systems, the IT division of Deutsche Börse AG, is implementing Red Hat Enterprise MRG with the open Advanced Messaging Queuing Protocol (AMQP) standard and Red Hat Enterprise Linux. Both are designed to enable realtime transaction risk management for its financial services clients. AMQP, an open standard messaging protocol, is an integral part of Red Hat Enterprise MRG, an IT infrastructure incorporating messaging, realtime and grid functionality that is well-suited for cloud computing environments.
http://jlne.ws/d2baul
TradingScreen integrates to FMO Portfolio Management System
Automated Trader
http://jlne.ws/cnbPYy
Media News
Social networking site for financial professionals launches
linkedFA connects advisors with investors and other industry members
As the popularity of social networking websites continues to grow, a slew of privacy, security and compliance issues have emerged for users in the financial services industry. But a new online social network specifically geared to advisors is designed to eliminate concerns in all of these areas.
Investment Executive
http://jlne.ws/cK0LkP
No see in CNBC
In an attempt to stem falling ratings, CNBC has gone graphic.
The move by the cable business channel - which morphed into a curling channel for the Olympics, causing more buzz than its standard fare - could be a concession to
the office viewer, who often watches with the sound off.
http://jlne.ws/asYsUq
Gorkana US Alert: Thursday 4th March 2010
The Wall Street Journal
David Enrich, a Reporter covering U.S. banks for The Wall Street Journal, has relocated to the London office where he is now covering UK banks and regulatory policy as well as other general assignments. He can now be reached on +44 (0)20 7842 9219 and david.enrich@wsj.com
Randy Smith, a Reporter who has most recently been covering exchanges and securities regulation for The Wall Street Journal, will take over David Enrich's banking beat in New York. Randy can continue to be reached on +1 (212) 416 3151 and randall.smith@wsj.com
Crain's Chicago Business
Lynne Marek has joined Crain's Chicago Business as a Senior Reporter covering the media, private equity, mutual fund and hedge fund industries, plus the financial exchanges in Chicago. She was previously the Chicago Bureau Chief at the National Law Journal. Lynne can now be reached on +1 (312) 649 5328 and lmarek@crain.com
http://jlne.ws/a6ztLC
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
Hong Kong's Securities And Futures Commission To Adopt New Short-Position Reporting Regime
In a set of consultation conclusions released on 2 March, the Securities and Futures Commission (SFC) announced that after taking into account industry feedback and the domestic market situation, it will introduce a short-position reporting regime to enhance transparency of short-selling activities in Hong Kong.
http://jlne.ws/bA516c
China Mobile Shares May Fall on Pudong Bank Stake Purchase Plan
By Mark Lee
March 4 (Bloomberg) -- China Mobile Ltd. shares may fall in Hong Kong trading on concern the world's biggest phone company by value is deviating from its main business by considering an investment in Shanghai Pudong Development Bank Co.
http://jlne.ws/c8hYZy
Trust China, But Verify Like Crazy
Alexandra Zendrian
Investing in China has always come with risks, that's why it can be rewarding. But don't get duped.
http://jlne.ws/d9tZ3n
Asian traders warm to benefits of dark pools
FT.com
By Kevin Brown in Singapore
In a small office halfway up a Singapore skyscraper, Greg Henry grabs an icon representing 2.3m shares in HSBC and moves it across his computer screen.
http://jlne.ws/cadSkB
China Dev Bank to review strategic tie with Barclays
George Chen
BEIJING (Reuters) - China Development Bank CHDB.UL, a powerful, state-owned Chinese bank, said on Thursday it will review its strategic tie-up with Barclays Plc (BARC.L), including its equity stake in the British bank after more than two years in a low-profile relationship.
http://jlne.ws/94xE8L
CIC Investment Focus to Be 'More Flexible' in 2010, Wang Says
By Bloomberg News
March 4 (Bloomberg) -- China Investment Corp., the country's $300 billion sovereign wealth fund, said its overseas investment strategy will be more flexible this year as global markets have yet to show a clear trend.
http://jlne.ws/dxU6SS
HKEx Seeks Ties With Exchanges; Net Falls 8.3%
By Kate O'Keeffe
The Wall Street Journal (Online and Print) The Wall Street Journal - Print and Online CTGWSJ Asia Business English Copyright 2010 Dow Jones & Company, Inc. All Rights Reserved.
HONG KONG-Hong Kong Exchanges & Clearing Ltd., which runs the city's stock exchange, reported an 8.3% fall in net profit last year and said it is looking for ways to build ties with exchanges abroad even as it continues to focus on mainland China.
Joint Statement Of FTSE International Limited, FTSE Xinhua Index Limited, Shanghai Stock Exchange, SSE InfoNet On Long-standing Issue Of "FTSE Xinhua Index Limited"
http://jlne.ws/bJwK6R
Presentation By HKEx Chief Executive Charles Li And Financial Controller Vincent Kwong On 2009 Final Results Announcement And Strategic Plan 2010-2012
http://jlne.ws/9YwXxe
HKEx Chief Executive Charles Li's Elaboration On HKEx's Strategic Plan 2010-2012
http://jlne.ws/cVYM5M
HKEx 2009 Consolidated Financial Statements
http://jlne.ws/agXyew
HKEx: Corporate Governance Report 2009
http://jlne.ws/c4q4wB
Calculation of Tokyo Stock Exchange REIT Index in Relation to Merger of BLife Investment Corporation
http://jlne.ws/ba7Cg6
Frontier Markets
Turkey single stock options to trade by 2011
ISTANBUL, March 3 - The head of Turkey's Derivatives Exchange , Cetin Ali Donmez, said on Wednesday single stock options would start trading in 2011 and index options would start at the end of 2010.
http://jlne.ws/dBptZu
Dubai Mercantile Exchange Hits New Records In Open Interest And Physical Delivery
The Dubai Mercantile Exchange (DME) announced today that a new record total open interest of 19,867 was achieved in its flagship DME Oman Crude Oil Futures Contract (DME Oman) in February 2010. The DME also achieved a new record for physical delivery of 13.4 million barrels for delivery in April 2010, surpassing the previous high of 11.6 million barrels set in September 2009.
http://jlne.ws/bxwnyP
DGCX Volume Up 146% In February
* Total volume reached 179,278 contracts, valued at US $10.7 billion in February, an increase of 146% on last year
* Average daily volume was 9,436 contracts in February, 23% up on January and 159% up on last year
http://jlne.ws/9bFzfr
Bursa sees strong palm futures trade
KUALA LUMPUR: Stock exchange operator BURSA MALAYSIA BHD [] expects the trading volume of its palm oil futures contract (FCPO) to grow by at least a third this year, helped by increased visibility on the world's largest derivatives exchange, a top executive said. Bursa Malaysia is in the process of transferring its derivatives contracts currently traded on an in-house platform onto CME Group Inc's Globex platform.
http://jlne.ws/9QcEmW
Dubai bourse alters tick system for stocks
DUBAI, March 4 - Dubai Financial Market , the Gulf Arab region's only listed exchange, is changing the way it lists stocks in a move to encourage trading, it said in a statement on Thursday.
http://jlne.ws/cDWDxU
Kuwaiti Loan Growth Rate to Accelerate, Sheikh Salem Says
By Fiona MacDonald
March 4 (Bloomberg) -- Kuwaiti Central Bank Governor Sheikh Salem Abdul Aziz al-Sabah said loan growth to private companies and consumers should accelerate as the economy recovers and the government boosts spending on infrastructure.
http://jlne.ws/a1Qp1y
What's Hot in Hedge Funds?
By: Peter Cooper, Arabian Money
Each year ArabianMoney attends the annual Hedge Funds World conference in Dubai and this event gives an excellent snapshot of the industry and what the super-bright hedge fund managers are thinking about the best investment classes of the moment.
http://jlne.ws/bhShFU
Miscellaneous News
Short-selling disclosure: the devil's in the details
FT Alphaville
http://jlne.ws/bxwxCe
Losing it all to a mini-Madoff
By Suevon Lee
David and Jeralie Walters had their television set tuned to CNBC one afternoon last January when a news bulletin flashed across their screen: Sarasota hedge fund manager Arthur Nadel was reported missing.
THE GLOBAL FUND TO FIGHT AIDS, TUBERCULOSIS & MALARIA, DOW JONES INDEXES SIGN MEMORANDUM TO EXPLORE CREATION OF CO-BRANDED INDEXES
PARIS (March 4, 2010) - The Global Fund to Fight AIDS, Tuberculosis and Malaria and Dow Jones Indexes signed a Memorandum of Understanding to explore the creation of a series of indexes that could be licensed as the basis for investible products. It is envisioned that the flagship of this index series would be a blue-chip index to be called the Dow Jones Global Fund 50 Index. The announcement was made at the international conference on Innovative Financial Solutions for Development organized by the Bill & Melinda Gates Foundation, the World Bank and the French development agency in Paris.
http://www.theglobalfund.org/
Fortunately, for this woman truth trumped political expediency
These days Brooksley Born is best remembered for what she couldn't accomplish as a critical government leader. And that's a huge shame. As chair of the Commodity Futures Trading Commission, Born stubbornly challenged the Clinton administration to regulate the out-of-control use of credit swaps that were dependent on the real-estate market.
http://jlne.ws/d9zvjm
Broke Greece should sell islands: Merkel allies
BERLIN (AFP) - Bankruptcy-threatened Greece should sell some of its uninhabited islands to raise cash, two allies of Chancellor Angela Merkel were quoted as saying Thursday.
http://jlne.ws/9e7NPt
****Greece has around 6,000 islands off its coast, of which only 227 are inhabited, according to the country's National Tourism Office website.
Trusted Adviser or Stock Pusher? Finance Bill May Not Settle It
By TARA SIEGEL BERNARD
You have probably seen the television commercial, the one where you seem to be watching an intimate conversation between family members. But at the end, you learn that the conversation was actually between a broker and his client.
NYTimes.com
http://jlne.ws/bBuC07
The Price Futures Group, Inc. Announces the Expansion of the Chicago and Scottsdale Offices as Well as the Opening of New Branch Offices in Westminster, Colorado and Boca Raton, Florida
CHICAGO, March 4 /PRNewswire/ -- "As a firm we are very proud of our people and are pleased to introduce the following group of brokers that have joined our team. They all possess the credentials and expertise that our clients have come to expect from The Price Futures Group" – Tom Price, Chairman of the Price Group of Companies
- Stuart ("Stu") Unger joins The Price Futures Group as the newest Vice President and Head of Business Development. He has been in the futures industry for 38 years as a successful trader and broker, both on and off the exchange floors, and a dedicated member of the CME since 1975. Stu brings his vast knowledge of the industry as well as his contacts to Price which is instrumental for our continued growth.
- Monika Riley brings 30 years of experience as a trader and broker, including four years on the Chicago Stock Exchange floor and CME S&P commercial trade desk. She specializes in agricultural and currency spread trading and also writes a newsletter called "Hidden Assets," which brings the lost art of spread trading into focus for today's trader. Her expertise has been widely used by hedgers, traders, and speculators.
- Marc Nemenoff is a 37 year veteran of the futures industry and broadens Price Futures Group as an analyst for all markets and a specialist in financial and agricultural futures and options. During his career, he has owned a membership on the CME and was an independent trader, analyst, and lecturer. Marc is also author of "The Nemenoff Report," a daily overview of the markets.
- Gregory Brown is a 20 year veteran of the financial industry, starting his career on Wall Street and then as a trader in Chicago on the floor of the CBOT. Greg's expertise is inter-day arbitrage and spread trading in both futures and options. He has recently been published in SFO magazine on interest rate yield curves.
**** An official welcome to all my new colleagues at The Price Futures Group.
++++
Pandit Thanks Taxpayers for Citi 'Bridge' Over Crisis (Update1)
By Bradley Keoun
March 4 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit thanked U.S. taxpayers for the $45 billion bailout the bank got in late 2008 that helped it stave off a deposit run. This investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people, Pandit told a congressional panel overseeing the government's bank-bailout program, according to a copy of his prepared remarks. "I want to thank our government."
http://jlne.ws/bulZPB
**** I liked the respectful tone of this.
++++
Head of Dallas Fed calls for banks' break-up
By Henny Sender in New York
Richard Fisher, president and chief executive officer of the Federal Reserve Bank of Dallas, has called for large institutions to be broken up in the US and abroad to guard against the problem of them becoming "too big to fail".
http://jlne.ws/bE8XI8
**** Back in 2006 when banks were buying or investing in hedge funds, they were ramping up their exposure to proprietary trading. Many banks conveniently forget this. This was wrong then and wrong now.
++++
Betting on the Blind Side
Michael Burry always saw the world differently-due, he believed, to the childhood loss of one eye. So when the 32-year-old investor spotted the huge bubble in the subprime-mortgage bond market, in 2004, then created a way to bet against it, he wasn't surprised that no one understood what he was doing. In an excerpt from his new book, The Big Short, the author charts Burry's oddball maneuvers, his almost comical dealings with Goldman Sachs and other banks as the market collapsed, and the true reason for his visionary obsession.
Vanity Fair
http://jlne.ws/aKCr1B
**** Another story of a guy who figured out the Financial Crisis before it bloomed.
++++
Dead worker's relatives praise man who tried to save him
The Peoples Gas worker who died Wednesday in a below-ground construction accident in the West Loop was identified this morning as Michael Gryga, whose relatives praised the man who unsuccessfully tried to rescue him. Gryga, 40, who records indicate is from southwest suburban Frankfort, was apparently struck by a pipe while pressure-testing it below Jackson Boulevard and Wacker Drive as part of the Wacker Drive reconstruction project. Another Peoples Gas worker was seriously injured. Kevin Spillers, 48, a trader at the Board of Trade, was walking from work shortly after 1:30 p.m. when he heard a loud boom and saw a cloud of dust coming out of a construction hole near the Willis Tower.
http://jlne.ws/9IwEkF
**** Trader jumps in hole to save workers.
++++
Timing is Everything
Book on hedge funds sheds light on an era of excess
Traders Magazine Online News
Michael Scotti
Diary of a Hedge Fund Manager is really an amazing story. Through hard work, a middle-class kid from Thunder Bay, Ontario earns a hockey scholarship to Yale University, gets a job in equity sales at Credit Suisse during the height of the dot-com craze and moves to a hedge fund as a junior analyst within a year. Three years later he is earning more than $1 million a year as a portfolio manager.
http://jlne.ws/diGtH9
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Liffe proves its worth to NYSE
By Michael Mackenzie in New York and Jeremy Grant in London
NYSE Euronext on Wednesday underlined the importance of its derivatives and technology businesses over traditional cash equity trading by revealing for the first time operating margins for its futures business, NYSE Liffe, of 48 per cent.
http://jlne.ws/9E4Jyf
**** Liffe has always been a crown jewel, much admired and sought after.
+++
NASDAQ OMX Introduces Investor Relations Website Solution for the Banking Sector
NEW YORK, Mar 4, 2010 (GlobeNewswire via COMTEX News Network) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today launched its WebCenter360 Banking Suite, a competitively priced investor relations website solution built for global, regional and community banks. NASDAQ announced that the WebCenter360 Banking Suite will be powered by data and analytics from Highline Financial, the preferred source for banking information and analytics for the financial sector.
http://jlne.ws/dc47AU
++++
Hedge fund dinner party sparks U.S. euro probe
By Matthew Goldstein and Svea Herbst-Bayliss
NEW YORK (Reuters) - Little-known brokerage firm Monness, Crespi, Hardt & Co has long toiled in the shadows of Wall Street, but the boutique suddenly has been thrust into the limelight because of an "ideas dinner" it sponsored last month for a group of about 18 hedge fund traders.
http://jlne.ws/aPLrqw
*** We don't have idea dinners. We have tweetups where any ideas are in one ear and tweeted to everyone else.
++++
Barchart Launches Extensive ETF Fundamental Data Service
CHICAGO, IL - March 4, 2010 - Barchart.com, Inc., a leading provider of market data and information, today announced the launch of a new Exchange Traded Funds (ETF) fundamental data service. The fundamental ETF dataset, including Exchange Traded Notes (ETN), is an extensive database of reference, financial and price related information covering all U.S. listed ETFs and ETNs. The dataset is available from Barchart as a data feed service, as well as hosted website content.
Barchart Corporate Site: In The News
http://jlne.ws/cyhRh7
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INSTITUTE FOR AGRICULTURE AND TRADE POLICY: CFTC should impose tough limits on Wall Street speculators
New rules could help stabilize energy and agriculture prices
Minneapolis -The Commodity Futures Trading Commission (CFTC) should act immediately to limit excessive speculation by Wall Street firms on energy derivatives trades, a move that will help address extreme volatility in both energy and agricultural markets, the Institute for Agriculture and Trade Policy (IATP) said in a comment submitted to the agency today.
http://jlne.ws/d95CVx
**** I have a plan for stopping "excessive speculation" in its tracks and forcing market participants to take a longer term perspective on the markets. Reinstitute fixed commissions at $95 per round turn. Yes, liquidity will dry up and the markets will become less efficient and the brokerages will all go out of business and the exchanges shares will plummet. But we will have solved "excessive speculation." Wait, right. We did have big moves and wild markets back in the days of fixed commissions too. Forget that idea.
+++
The most famous presidential impersonators gather on one set. CNN's Jeanne Moos has the video.
Video - Breaking News Videos from CNN.com
http://jlne.ws/cxiI3Y
**** Story about Film director Ron Howard video to promote financial reform features actors who have portrayed US Presidents on the television show Saturday Night Live.
++++
Marketswiki Page of The Day
Richard Fisher
http://jlne.ws/doWjTd
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MarketsWiki Recent Updates
People
Jeffrey Goldstein; Richard Fisher; Peter Wind; George Papaconstantinou; Dominique Cerutti; Duncan Niederauer; Lawrence Leibowitz
Companies, Organizations and Groups
Tickit Trading Systems; MSCI Barra; Stark Research; Granite Asset Management
Miscellaneous
Upcoming Events; Local
Statistics
4,193,076 pages viewed, 5,313 articles, 88,692 edits
Notes: As was noted on Facebook and Twitter starting yesterday, today, March 4, is my birthday. My 49th birthday to be specific. That would be 7 squared or the last time I get to use a four handle as was noted by some of my friends. As I have noted before, my birthday is the only day of the year that is a command, March 4th. My nephew Ryan was very thoughtful this morning and bought a dozen donuts in honor of my birthday. He also handed me a receipt for $200 worth of software so we can continue offer innovative products to all of you. When I started what has become the John Lothian Newsletter and what more people euphemistically refer to as the John Lothian Media Empire, I was but a lad of 39 years old. We had just survived Y2K and no Chicago exchange had yet to trade 1 million futures contracts electronically in a single day. That would take some time to come yet. How time has flied since then and how much fun we have had.
So what is does the next 10 years hold for John Lothian and his merry band of market focused journalists and professionals? We are laying the foundations of that right now. We have some evolutionary steps for our newsletters and blogs that are in the works. We have new branded commentaries to launch. But most importantly, we are going to gear up my managed futures business. I have assigned a member of our team, Laura Oatney, to take a holistic look at the Commodity Trading Advisor space and develop a business plan, marketing plan, compliance plan and operation plan. If we are going to ramp up and grow this business, we need to do it right and be able to manage the many risks and challenges that confront CTAs. When I started this newsletter, one reason was to network with other industry professionals to be able to raise money for other CTAs I represented. In 2004 I bought the trading programs and customers of one of those CTAs, Defender Capital Management from Jon Matte, now the Chief Operating Officer of John J. Lothian & Company, Inc.
A dear friend of mine today cautioned me that I may hurt my media business if I stumble with the trading business. There is real risk there. But there is also risk in not continuing to grow and move forward and that is what we plan on doing. I believe in paying attention to non-price risk oriented risks that have nothing to do with decisions of whether to buy or sell. We have a unique focus on that here and I believe that helps me as a trader. We have unique skills for telling our story and I want us to tell our story and the story of managed futures well. We will try our best to do that. We will continue to grow our media business and now also focus on growing our Commodity Trading Advisory business. We will continue to move forward. Maybe this is my mid-life crisis, or maybe it is just the next chapter to be written. But then, you all have to expect me to keep moving forward. After all, I was born on March 4th.
Lead Stories
CME Group and Dow Jones Receive Clearance to Proceed with Index Services Joint Venture
CHICAGO and NEW YORK, March 4 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives exchange, and Dow Jones & Company today announced that the Federal Trade Commission and U.S. Department of Justice have granted early termination of the waiting period under the Hart-Scott-Rodino Act for the companies' previously announced index services joint venture, satisfying one of the conditions to the closing of the transaction. The companies expect to close the transaction, subject to the satisfaction of other customary closing conditions, by the end of March 2010.
http://jlne.ws/dm8XJQ
CME, Dow Jones Get Antitrust Approval for Index Services Deal
By Matthew Leising
March 4 (Bloomberg) -- CME Group Inc., the world's largest futures market, and Dow Jones & Co. received antitrust approval to form a joint venture that will offer equity-index services.
The Federal Trade Commission and U.S. Department of Justice granted early termination of the companies' application, CME Group and Dow Jones said today in a statement.
http://jlne.ws/bfj6mq
House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal
By Sarah N. Lynch Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. House lawmakers Wednesday raised concerns a proposal by the Commodity Futures Trading Commission could have negative consequences for the U.S. retail foreign exchange market. Several lawmakers at a House Agriculture farm commodities subcommittee hearing Wednesday grilled CFTC Chairman Gary Gensler about a provision in the commission's proposal that would restrict retail forex investors to a 10 to 1 leverage ratio, thereby forcing them to post much higher collateral. "I don't get what we are trying to accomplish here by lowering this to 10 to 1," said House Agriculture Chairman Collin Peterson (D., Minn), saying the proposal appears to put investors' money even more at risk. "Who are you trying to protect here?"
http://jlne.ws/ctjDYM
Peterson Seeks To Plug Derivs Law Loophole
House Agriculture Committee Chairman, Collin Peterson, is looking to plug a potential loophole that might allow derivatives traders to evade public scrutiny of their deals, Reuters reports. The House financial reform bill includes new requirements for firewalls within commodity trading firms.
http://jlne.ws/bg2tWQ
CFTC, House chairman aim to fix swap reform law
By Charles Abbott and Roberta Rampton
WASHINGTON (Reuters) - A central Congressional player in financial reform legislation on Wednesday said he is willing to close a potential loophole that might allow big derivatives traders to avoid public scrutiny of their deals.
http://jlne.ws/d8oX5h
Refco’s Collins, Facing Jail, Loses Bid for New Trial (Update1)
By David Glovin
March 4 (Bloomberg) -- Joseph P. Collins, Refco Inc.’s former outside lawyer sentenced to seven years in prison for helping Chief Executive Officer Phillip R. Bennett defraud investors of $2.4 billion, lost a bid for a new trial.
http://jlne.ws/8ZYLEH
Detailed 'Volcker rule' targets all financial institutions
White House sends Congress more on former Fed chief's proposal
By Ronald D. Orol, MarketWatch
WASHINGTON (MarketWatch) -- The Obama administration is recommending new capital and liquidity requirements for major financial firms engaged in proprietary trading, not just those institutions that own commercial banks, the White House said Wednesday.
http://jlne.ws/a4xxWH
New Volcker text exempts market making, facilitation
The Obama administration has finalised the proposed legislative language for its controversial Volcker rule, which aims to prevent deposit-taking institutions from engaging in proprietary trading and owning or investing in private equity and hedge funds.
http://jlne.ws/a9rCR0
White House Offers Bill to Restrict Big Banks' Actions
By SEWELL CHAN
WASHINGTON - The Obama administration put forward legislation on Wednesday to rein in the size and scope of the nation's largest banks. But the proposal faces strong resistance in Congress, where lawmakers have shown little appetite for adding to the prolonged debate on overhauling financial regulations.
http://jlne.ws/bEWXIR
Mandelson attacks Obama's bank plans
By Lee Jones
First minister and business secretary Lord Mandelson has dismissed the banking reforms recently announced by President Obama as "too sweeping".
http://jlne.ws/9RpPnG
Echoes From Davos: Mandelson's Social Contract For Globalization
Paul Maidment
Peter Mandelson (right), the veteran U.K. minister and old Davos hand, was in New York today delivering a speech at NYU's Stern Business School on a topic much discussed at Davos 2010: what effect has the global financial crisis had on confidence in globalization?
http://jlne.ws/9ZCYt7
EU Scrutinizes CDS Market
By ADAM COHEN
BRUSSELS-The European Commission said Thursday it is studying the market for sovereign credit-default swaps and how it has affected Greece's current debt problems.
The commission, the European Union's executive arm, on Friday will hold a "technical" meeting with regulators, bankers and investors active in the CDS market, according to the commission's spokeswoman on financial-market issues, Chantal Hughes.
http://jlne.ws/90eETd
Bank Group Warns on Fiscal, Regulatory Uncertainty
Uncertainty over regulatory reform and government finances could unsettle financial markets and undermine the global economic recovery, a private sector financial group.
FinanceTech
http://jlne.ws/cbgurp
Geithner Adviser Sachs Plans to Resign as Banking Crisis Wanes
By Rebecca Christie
March 4 (Bloomberg) -- Lee Sachs, a counselor to Treasury Secretary Timothy F. Geithner, plans to step down this year as the banking crisis wanes and the Obama administration winds down its emergency programs.
http://jlne.ws/cAErY4
Treasury Official: 'No Too Big to Fail Guarantee' for Big Financial Firms
By MICHAEL R. CRITTENDEN
WASHINGTON -- There is no U.S. government guarantee to protect the largest financial firms, a Treasury Department official said Thursday, as a congressional watchdog criticized the $45 billion in government aid provided to Citigroup Inc.
http://jlne.ws/99pPD1
Environmental Trading News
EPA to Phase in CO2 emissions permits/BACT for mid-sized sources
The Obama administration will give small businesses a break on coming carbon dioxide emissions rules but big emitters like coal-fired power plants will face a crack-down, U.S. Environmental Protection Agency Administrator Lisa Jackson said on Wednesday.
http://jlne.ws/bz3iHU
EEX trading results for Natural Gas and CO2 Emission Rights in February - More than 1 TWh traded on the Natural Gas Spot Market
On the Spot Market of the European Energy Exchange (EEX) the monthly volume exceeded the 1 Million MWh benchmark for the first time. In February, the trading volume on the EEX Spot Market for Natural Gas amounted to 1,097,808 MWh (GASPOOL and NCG market areas) compared to 239,040 MWh in February 2009. The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 9.92 per MWh and EUR 16.00 per MWh.
http://jlne.ws/cncsxy
EPEX Spot / EEX Power Derivatives: Power Trading Results In February 2010
In the framework of their cooperation, the European Energy Exchange AG (EEX) and the French Powernext SA integrated their Power Spot and Derivatives Markets in 2009.
http://jlne.ws/bcMZxw
Climate pioneer backs tax on carbon, nuclear power
ADAM MORTON
THE scientist who first convinced the world that climate change was a problem has backed a Greens' proposal for a carbon tax as the only solution being offered in Canberra.
http://jlne.ws/93Dc4W
UN Carbon Board 'Concerned' as Offset Prices Slump (Update1)
By Ben Sills
March 4 (Bloomberg) -- Regulators overseeing the world's second-biggest emissions market are concerned that low prices for emissions credits are sapping support for carbon trading, a UN board member said.
http://jlne.ws/9QCS4g
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
NYSE Euronext: Fewer Pricing Battles Seen In US Equities
By Jacob Bunge Of DOW JONES NEWSWIRES
The prospect of another price war among U.S. stock exchanges has come down over the past year, and any such moves probably won't have much impact on the overall market share picture, top executives of NYSE Euronext (NYX) said Wednesday. A shaky truce seems to be holding among top U.S. stock trading venues, nearly a year after NYSE Euronext battled Nasdaq OMX Group Inc. (NDAQ) as well as electronic platforms BATS Exchange and Direct Edge to offer lower trading fees. "We're reaching a level where marginal pricing changes don't have the elasticity that they did two to three years ago, and recent changes that have been made don't yield the same results they did at the beginning," said Joseph Mecane, head of U.S. cash markets for NYSE Euronext, at an investor presentation Wednesday. Lawrence Leibowitz, chief operating officer at NYSE Euronext, said he wouldn't rule out further adjustments to trading fees on U.S. stock markets--Nasdaq OMX, he noted, tweaked some of its pricing in recent days--but market operators h
PIP Improvement Increases For Third Consecutive Month
For the month of February, price improvement versus the prevailing NBBO for contracts submitted via BOX's PIP averaged $2.73 per contract, up from $2.60 in January and $2.40 in December.
http://jlne.ws/csiFcH
TMX Group Equity Financing Statistics February 2010
TSX Venture Exchange had another strong month with 14 new issuers listed, which is double the number of new listings in February 2009. Total equity financing year-to-date February 2010 was 357.5% ahead of the same period in 2009.
http://jlne.ws/9fsPX3
London Stock Exchange Takes New Retail Bond Market Across UK
The London Stock Exchange will host five free seminars in cities across the UK next week to promote the benefits of its new Order book for Retail Bonds.
http://jlne.ws/dyNGql
BME To Create A Platform For Mutual Funds - A New, Flexible, Transparent And Global Additional Channel To Access Funds
Bolsas y Mercados Españoles (BME) will start a new subscription and redemption mutual fund platform after the summer with a view to offering greater transparency, flexibility and accessibility to this type of financial product.
http://jlne.ws/cUzEFG
Spain's BME to launch mutual funds platform
By Mark Mulligan in Madrid
Bolsas y Mercados Españoles (BME), the Spanish exchange operator, plans to set up a subscription, redemption and transfer platform for mutual funds in a further move aimed at diversifying its business.
http://jlne.ws/a0qVOl
New Listings More than Triple in Canada
Tom Steinert-Threlkeld
Securities Industry News
New listings have more than tripled on two exchanges operated by TMX Group Inc. , compared to a year ago.
http://jlne.ws/cAI76H
The Warsaw Stock Exchange Becomes A "Recognised Stock Exchange"
The Warsaw Stock Exchange received the "Recognised Stock Exchange" designation from HM Revenue and Customs (HMRC). The designation awarded to the WSE Main List and the retail EU-regulated segment of Catalyst will make these markets more attractive and accessible for UK-based investors.
http://jlne.ws/aZI9zZ
The Sanction Commission Of SIX Swiss Exchange Ltd. Fines Lonza Group AG
http://jlne.ws/cmXcs5
NASDAQ OMX EVP and CFO Adena Friedman Speaks at the Raymond James 31st Annual Institutional Investors Conference
http://jlne.ws/aRATBI
ATHEX Monthly Statistical Bulletin February 2010
http://jlne.ws/d0jGYx
[CBOE] March 12, 2010 Options Symbology Consolidation
http://jlne.ws/ckmeUK
Banks, Brokers & Dark Pools
JPMorgan Tops Goldman in Investment Banking as Fees Swell 13%
by Yalman Onaran
March 4 (Bloomberg) -- As 2009 began, the world's banks and brokers were in a deep hole. They had recorded some $1 trillion in credit losses and writedowns of their mortgage holdings in the financial crisis of 2007 and 2008, and markets were still reeling. To recapitalize, they issued stock -- a lot of it.
http://jlne.ws/9OalZg
In Defense of Goldman. Really
Loopholes in EU rules, not Goldman Sachs, are to blame for Europe's debt troubles
By Mark Gilbert
This time, the vampire squid is innocent. The European Union is investigating Goldman Sachs Group's (GS) role in the financial maneuvering that helped Greece use swaps to postpone the day of economic reckoning past its ascension to euro zone membership. Goldman says, rightly, there was "nothing inappropriate" in the transactions it facilitated.
http://jlne.ws/9aBz9R
Will Bad Press Affect Goldman Sachs's Fortunes?
It's hard to top Goldman Sachs (GS) when it comes to searching for icons of Wall Street's shady yet lucrative dealings. In terms of actually raking in massive fees, though, larger rival JPMorgan (JPM) -- a giant that has emerged from the credit crises as somewhat of a White Knight -- tops the list.
http://jlne.ws/c9JA2K
Citigroup executive Vikram Pandit to back reforms
By FRED BARBASH
Citigroup Inc. Chief Executive Vikram Pandit will today endorse broad regulatory reforms to prevent another banking meltdown.
http://jlne.ws/b8TITo
Citi's Pandit supports strong consumer protection
By David Lawder and Dan Wilchins
WASHINGTON/NEW YORK (Reuters) - Citigroup Inc (C.N) Chief Executive Vikram Pandit said he supports an "enhanced" federal consumer protection authority because problems for consumers can affect the entire financial system.
http://jlne.ws/91IL0m
Pandit backs tougher protection rules
Citi chief grilled by US Congress over bail-out
FT.com / US / Economy & Fed
http://jlne.ws/aZTkZv
Citi beefs up commodities business
By Javier Blas
Citigroup is planning a hiring spree in commodities over three years, boosting the number of traders and bankers by 40 per cent, as it seeks to regain impetus after last year's sale of its Phibro oil trading unit. The move to boost the bank's front-office staff by 100 people to about 335 comes as rival banks expand heavily in commodities in a move that signals the profitability of dealing in raw materials.
http://jlne.ws/bwr6nm
Citigroup's Auction-Rate Bonds Freeze $1 Billion in Hawaii Cash
By Christopher Palmeri
March 4 (Bloomberg) -- Two years after the auction-rate bond market froze, Hawaii has lost about $250 million in market value on $1 billion in student-loan securities sold by a single Citigroup Inc. broker as a cash substitute that the state has had difficulty unloading.
http://jlne.ws/9IxVW0
Panelists Question Citigroup's 'Government Guarantee'
By ERIC DASH
Members of the Congressional Oversight Panel questioned whether the substantial support that Citigroup received could pose future risks on the financial system and the bank itself.
http://jlne.ws/bO7P8g
AIG 'Still Exposed' Amid Losses From Mortgage Insurer, Lender
By Hugh Son
March 4 (Bloomberg) -- American International Group Inc., the insurer bailed out after derivatives losses tied to housing, is being weighed down by unprofitable units that originate and guarantee U.S. mortgages.
http://jlne.ws/dCdmrD
Treasury Sells Bank of America TARP Warrants for $1.57 Billion
By Peter Eichenbaum and Jeff Kearns
March 4 (Bloomberg) -- Bank of America Corp. bailout warrants raised more than $1.5 billion for U.S. taxpayers in the biggest auction of such securities by the Treasury Department.
http://jlne.ws/d0RGiS
Overall ICAP electronic broking volumes up 22% year on year
London, 4 March 2010 - ICAP (IAP.L), the world's premier interdealer broker, announced on Thursday that average daily volumes on its electronic broking platforms BrokerTec and EBS again demonstrated strong growth, with February 2010 volumes of $695.3 billion (bn) single count, an increase of 22% on the previous year.
http://jlne.ws/aigagh
Commerzbank drops out of credit derivatives and G-15 dealer group
Commerzbank has pulled out of the credit derivatives market following the integration of Dresdner Kleinwort and a refocusing of its investment banking business model, according to dealers.
http://jlne.ws/95SaKN
Thain's pay plea at CIT
Ex-Merrill Lynch boss John Thain -- pilloried for his $1.2 million office renovation as head of the giant brokerage firm -- is backing an austerity plan at his new company, commercial lender CIT Group.
http://jlne.ws/asEZOf
Lehman Examiner Confronts Wall Street Secrecy to Unseal Report
By David Scheer, Joshua Gallu and Linda Sandler
March 4 (Bloomberg) -- A former federal prosecutor has filed his $38 million, 2,200-page report into the collapse of Lehman Brothers Holdings Inc. The lingering question: whether the public gets an uncensored view.
http://jlne.ws/cnptsV
UBS To Provide $200 Million to Investors in ARS Settlement
Carol E. Curtis
Securities Industry News
The Texas State Securities Board has finalized a settlement with UBS Securities LLC and UBS Financial Services Inc. that requires the company to purchase up to $200 million in auction-rate securities from investors who were not covered in UBS' initial agreement with state and federal regulators.
http://jlne.ws/di1CBF
UBS, Ernst & Young Win Bid to Block Madoff Lawsuits (Update3)
By Stephanie Bodoni
March 4 (Bloomberg) -- UBS AG and Ernst & Young LLP won a Luxembourg court ruling potentially blocking hundreds of claims by investors who lost money in funds tied to Bernard Madoff's fraud.
http://jlne.ws/8Y3vJm
Court blocks separate Madoff fund claims
FT.com / Financials
http://jlne.ws/aBFq5B
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/2010/dig030410.htm
Largest hedge fund insider trading case ever produces 10th guilty plea in New York
NEW YORK - A former vice president of California chipmaker Atheros Communications has pleaded guilty to insider trading charges. Ali Hariri becomes the 10th person to plead out of the largest hedge fund insider trading case in U.S. history.
http://jlne.ws/axvIuy
SEC Charges Executives of Iowa Insurance Company With Misleading Proxy Disclosures to Investors
Washington, D.C., March 3, 2010 - The Securities and Exchange Commission today charged an Iowa insurance company and two executives with proxy disclosure violations, alleging that they inadequately disclosed details about the acquisition of another company and the resulting financial boon to the then-CEO.
http://jlne.ws/cY8JH2
Germany's Bafin Sets Disclosure Rule for Short Sales (Update1)
By Karin Matussek
March 4 (Bloomberg) -- Germany's financial regulator Bafin published rules requiring disclosure of short selling in stocks of banks and insurance companies including Deutsche Bank AG, Commerzbank AG, and Allianz SE, partially implementing a Europe- wide regulatory proposal.
http://jlne.ws/9lxTNW
NFA revokes registration of several associated persons of former Boca Raton futures firm
March 3, Chicago - National Futures Association (NFA) has revoked the registrations of Jeremy J. Grena, Nabil P. Niman, Nicholas P. Payne, William M. Rill and Alexander M. Silverman, former associated persons (AP) of Pioneer Commodities LLC (Pioneer) and Windsor Wealth Management LLC, firms based in Boca Raton, Florida.
http://jlne.ws/bU0TLI
SEC charges Miami couple in Ponzi scheme
WASHINGTON (Reuters) - U.S. securities regulators charged a prominent Miami couple on Wednesday with running a $135 million Ponzi scheme that victimized elderly Cuban-Americans living in South Florida. In a complaint filed in Miami federal court, the Securities and Exchange Commission alleged that Gaston and Teresita Cantens, founders and co-owners of real estate developer Royal West Properties Inc in Miami, had enticed investors with promises of 9 to 16 percent returns.
http://jlne.ws/bEmjpq
FSA Case on Ex-Cazenove Partner Based on Hypothesis, Jury Told
By James Lumley
March 3 (Bloomberg) -- The Financial Services Authority doesn't have "a shred of evidence" that Malcolm Calvert, a former partner at JPMorgan Chase & Co.'s Cazenove unit, was involved in insider trading, his lawyer told a London jury.
http://jlne.ws/auwkVJ
Securities Regulators Agree to International Template for Hedge Fund Disclosure
Securities regulators have agreed to an IOSCO-endorsed approach for hedge fund disclosure to assist in determining systemic risks regarding private pools of capital. The template, which is attached, was developed by the Task Force on Unregulated Entities following requests from the Financial Stability Board, as well as from IOSCO members. SEC Commissioner Kathleen Casey, Chair of the IOSCO Technical Committee, said that the disclosure template is designed to develop a comparable and consistent set of data to be collected from local hedge fund managers and advisers to monitor systemic risks and prevent gaps in regulatory reporting requirements. The Commissioner recognizes that the legislative process is ongoing in many jurisdictions and their outcomes could further influence the information needed to monitor systemic risk in the hedge fund sector.
ASIC and AWB reach settlement of privilege claims
AWB has agreed to the production of documents sought by ASIC in its Oil-For-Food investigations subject to AWB's claims of privilege. The agreement provides for the determination of AWB's claims for privilege in those documents.
http://jlne.ws/9X6jBf
ASIC bans Victorian man from providing financial services for ten years
Insurance representative Mr Terrence Wayne McDonald, 55, of Portland, Victoria, has been banned from providing financial services for 10 years following an investigation by ASIC.
http://jlne.ws/d3UcTD
Consent Order on the application submitted by Pursarth Trading Company Private Limited
http://jlne.ws/c4JmPY
Investments - Indexes - Managed Futures - Managed Funds
Did Hedge Funds Conspire to Devalue the Euro?
The Department of Justice is investigating whether several prominent hedge funds conspired to drive down the value of the euro as the Greek debt crisis left the currency vulnerable to sophisticated trading methods employing credit default swaps and other derivatives.
http://jlne.ws/bC4tz3
Swap Vigilantes Take Heat for Euro Shortcomings: Mark Gilbert
Commentary by Mark Gilbert
March 4 (Bloomberg) -- Make way, bond vigilantes. A new posse is in town, using the credit-default swaps market to punish indebted governments for their deficit-swelling subterfuges. And, as usual, the first reaction of the guilty is to blame speculators, rather than their own shortcomings.
http://jlne.ws/arsZ30
Chanos Defends Euro Traders
A Speculation Backlash Risks 'Demonizing' Hedge Funds, He Says
By RIVA FROYMOVICH
In the latest on the hedge-fund/euro backlash, noted short-seller James Chanos dismissed accusations that speculators who short currencies or play credit-default swaps are to blame for economies' woes.
http://jlne.ws/aWBhuq
February Performance Data Released for Newedge's CTA Indices
Chicago, March 4, 2010 - Newedge, a global leader in multi-asset brokerage and clearing, today posted the monthly performance data for its Alternative Edge Short-Term Traders and CTA Indices. The AlternativeEdge Short-Term Traders Index (STTI) finished the month of February up 0.70 percent (-0.38 percent YTD). The Newedge CTA Index posted a positive return for the month of February up 1.31 percent (-0.59 percent YTD).
Newedge - AlternativeEdge Indices
http://jlne.ws/9UO8sG
Old Mutual to launch absolute return fund
By Adam Lewis
Old Mutual Asset Managers has announced plans to launch a UK absolute return fund for Luke Kerr in May.
http://jlne.ws/9I9t34
Citadel Said to Cut Jobs on Asia Merchant Bank Team (Update1)
By Bei Hu
March 4 (Bloomberg) -- Citadel Investment Group LLC, the hedge fund company founded by Kenneth Griffin, cut the size of its Asia team in charge of special situations investments by 40 percent, said three people with knowledge of the matter.
http://jlne.ws/a9aYzp
Fitch CDS Pricing Added to SuperDerivatives Solutions
By Cristina McEachern Gibbs
SuperDerivatives has selected Fitch Solutions' CDS Pricing Service to strengthen its existing credit derivatives valuation solutions.
http://jlne.ws/ajBdwT
Enhanced Visibility For PLUS Companies Through Edison Investment Research - Independent Research Released On Top 52 Companies
The PLUS stock exchange is pleased to announce the launch of the first PLUS half yearly review, a report which for the first time provides coverage of the leading companies on the PLUS market. The research has been compiled by Edison Investment Research, Europe's leading independent investment research company.
http://jlne.ws/9OwQEi
Hedge Fund Third Party Marketing Firm, Agecroft Partners, LLC, Hires 6th Managing Director
Hedge fund consulting and third party marketing firm Agecroft Partners has hired Tim Savage as its sixth Managing Director.
http://jlne.ws/9gvJrW
Opus Fund Services Named Fastest Growing Administrator
BERMUDA, March 4 /PRNewswire/ -- Opus Fund Services, announced today that it has been named the "Fastest growing hedge fund administrator" in the latest semi-annual survey conducted by HedgeFund.Net. The survey includes data from over 60 of the world's leading firms, and is an excellent representation of the fortunes and trends within the fund administration industry.
http://jlne.ws/bnkeBr
Technology News
Ballista Added To Bloomberg's Execution Management System
NEW YORK--(BUSINESS WIRE)--Ballista Securities LLC, operator of the Ballista Alternative Trading System (ATS) for block options, announced today integration efforts have been completed with Bloomberg's Execution Management System (EMSX). Bloomberg EMSX users will be able to access the Ballista ATS immediately via the function EMSX on the BLOOMBERG PROFESSIONAL service. Focused on equity options, the Ballista ATS reduces the time and manual effort required to execute block option and volatility orders by providing an electronic alternative to manual trading methods.
http://jlne.ws/b8CeO1
Deutsche Börse leverages Red Hat
Automated Trader
Deutsche Börse Systems leverages Red Hat for realtime transaction risk management information
Red Hat, Inc. the provider of open source solutions, has announced that Deutsche Börse Systems, the IT division of Deutsche Börse AG, is implementing Red Hat Enterprise MRG with the open Advanced Messaging Queuing Protocol (AMQP) standard and Red Hat Enterprise Linux. Both are designed to enable realtime transaction risk management for its financial services clients. AMQP, an open standard messaging protocol, is an integral part of Red Hat Enterprise MRG, an IT infrastructure incorporating messaging, realtime and grid functionality that is well-suited for cloud computing environments.
http://jlne.ws/d2baul
TradingScreen integrates to FMO Portfolio Management System
Automated Trader
http://jlne.ws/cnbPYy
Media News
Social networking site for financial professionals launches
linkedFA connects advisors with investors and other industry members
As the popularity of social networking websites continues to grow, a slew of privacy, security and compliance issues have emerged for users in the financial services industry. But a new online social network specifically geared to advisors is designed to eliminate concerns in all of these areas.
Investment Executive
http://jlne.ws/cK0LkP
No see in CNBC
In an attempt to stem falling ratings, CNBC has gone graphic.
The move by the cable business channel - which morphed into a curling channel for the Olympics, causing more buzz than its standard fare - could be a concession to
the office viewer, who often watches with the sound off.
http://jlne.ws/asYsUq
Gorkana US Alert: Thursday 4th March 2010
The Wall Street Journal
David Enrich, a Reporter covering U.S. banks for The Wall Street Journal, has relocated to the London office where he is now covering UK banks and regulatory policy as well as other general assignments. He can now be reached on +44 (0)20 7842 9219 and david.enrich@wsj.com
Randy Smith, a Reporter who has most recently been covering exchanges and securities regulation for The Wall Street Journal, will take over David Enrich's banking beat in New York. Randy can continue to be reached on +1 (212) 416 3151 and randall.smith@wsj.com
Crain's Chicago Business
Lynne Marek has joined Crain's Chicago Business as a Senior Reporter covering the media, private equity, mutual fund and hedge fund industries, plus the financial exchanges in Chicago. She was previously the Chicago Bureau Chief at the National Law Journal. Lynne can now be reached on +1 (312) 649 5328 and lmarek@crain.com
http://jlne.ws/a6ztLC
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
Hong Kong's Securities And Futures Commission To Adopt New Short-Position Reporting Regime
In a set of consultation conclusions released on 2 March, the Securities and Futures Commission (SFC) announced that after taking into account industry feedback and the domestic market situation, it will introduce a short-position reporting regime to enhance transparency of short-selling activities in Hong Kong.
http://jlne.ws/bA516c
China Mobile Shares May Fall on Pudong Bank Stake Purchase Plan
By Mark Lee
March 4 (Bloomberg) -- China Mobile Ltd. shares may fall in Hong Kong trading on concern the world's biggest phone company by value is deviating from its main business by considering an investment in Shanghai Pudong Development Bank Co.
http://jlne.ws/c8hYZy
Trust China, But Verify Like Crazy
Alexandra Zendrian
Investing in China has always come with risks, that's why it can be rewarding. But don't get duped.
http://jlne.ws/d9tZ3n
Asian traders warm to benefits of dark pools
FT.com
By Kevin Brown in Singapore
In a small office halfway up a Singapore skyscraper, Greg Henry grabs an icon representing 2.3m shares in HSBC and moves it across his computer screen.
http://jlne.ws/cadSkB
China Dev Bank to review strategic tie with Barclays
George Chen
BEIJING (Reuters) - China Development Bank CHDB.UL, a powerful, state-owned Chinese bank, said on Thursday it will review its strategic tie-up with Barclays Plc (BARC.L), including its equity stake in the British bank after more than two years in a low-profile relationship.
http://jlne.ws/94xE8L
CIC Investment Focus to Be 'More Flexible' in 2010, Wang Says
By Bloomberg News
March 4 (Bloomberg) -- China Investment Corp., the country's $300 billion sovereign wealth fund, said its overseas investment strategy will be more flexible this year as global markets have yet to show a clear trend.
http://jlne.ws/dxU6SS
HKEx Seeks Ties With Exchanges; Net Falls 8.3%
By Kate O'Keeffe
The Wall Street Journal (Online and Print) The Wall Street Journal - Print and Online CTGWSJ Asia Business English Copyright 2010 Dow Jones & Company, Inc. All Rights Reserved.
HONG KONG-Hong Kong Exchanges & Clearing Ltd., which runs the city's stock exchange, reported an 8.3% fall in net profit last year and said it is looking for ways to build ties with exchanges abroad even as it continues to focus on mainland China.
Joint Statement Of FTSE International Limited, FTSE Xinhua Index Limited, Shanghai Stock Exchange, SSE InfoNet On Long-standing Issue Of "FTSE Xinhua Index Limited"
http://jlne.ws/bJwK6R
Presentation By HKEx Chief Executive Charles Li And Financial Controller Vincent Kwong On 2009 Final Results Announcement And Strategic Plan 2010-2012
http://jlne.ws/9YwXxe
HKEx Chief Executive Charles Li's Elaboration On HKEx's Strategic Plan 2010-2012
http://jlne.ws/cVYM5M
HKEx 2009 Consolidated Financial Statements
http://jlne.ws/agXyew
HKEx: Corporate Governance Report 2009
http://jlne.ws/c4q4wB
Calculation of Tokyo Stock Exchange REIT Index in Relation to Merger of BLife Investment Corporation
http://jlne.ws/ba7Cg6
Frontier Markets
Turkey single stock options to trade by 2011
ISTANBUL, March 3 - The head of Turkey's Derivatives Exchange , Cetin Ali Donmez, said on Wednesday single stock options would start trading in 2011 and index options would start at the end of 2010.
http://jlne.ws/dBptZu
Dubai Mercantile Exchange Hits New Records In Open Interest And Physical Delivery
The Dubai Mercantile Exchange (DME) announced today that a new record total open interest of 19,867 was achieved in its flagship DME Oman Crude Oil Futures Contract (DME Oman) in February 2010. The DME also achieved a new record for physical delivery of 13.4 million barrels for delivery in April 2010, surpassing the previous high of 11.6 million barrels set in September 2009.
http://jlne.ws/bxwnyP
DGCX Volume Up 146% In February
* Total volume reached 179,278 contracts, valued at US $10.7 billion in February, an increase of 146% on last year
* Average daily volume was 9,436 contracts in February, 23% up on January and 159% up on last year
http://jlne.ws/9bFzfr
Bursa sees strong palm futures trade
KUALA LUMPUR: Stock exchange operator BURSA MALAYSIA BHD [] expects the trading volume of its palm oil futures contract (FCPO) to grow by at least a third this year, helped by increased visibility on the world's largest derivatives exchange, a top executive said. Bursa Malaysia is in the process of transferring its derivatives contracts currently traded on an in-house platform onto CME Group Inc's Globex platform.
http://jlne.ws/9QcEmW
Dubai bourse alters tick system for stocks
DUBAI, March 4 - Dubai Financial Market , the Gulf Arab region's only listed exchange, is changing the way it lists stocks in a move to encourage trading, it said in a statement on Thursday.
http://jlne.ws/cDWDxU
Kuwaiti Loan Growth Rate to Accelerate, Sheikh Salem Says
By Fiona MacDonald
March 4 (Bloomberg) -- Kuwaiti Central Bank Governor Sheikh Salem Abdul Aziz al-Sabah said loan growth to private companies and consumers should accelerate as the economy recovers and the government boosts spending on infrastructure.
http://jlne.ws/a1Qp1y
What's Hot in Hedge Funds?
By: Peter Cooper, Arabian Money
Each year ArabianMoney attends the annual Hedge Funds World conference in Dubai and this event gives an excellent snapshot of the industry and what the super-bright hedge fund managers are thinking about the best investment classes of the moment.
http://jlne.ws/bhShFU
Miscellaneous News
Short-selling disclosure: the devil's in the details
FT Alphaville
http://jlne.ws/bxwxCe
Losing it all to a mini-Madoff
By Suevon Lee
David and Jeralie Walters had their television set tuned to CNBC one afternoon last January when a news bulletin flashed across their screen: Sarasota hedge fund manager Arthur Nadel was reported missing.
THE GLOBAL FUND TO FIGHT AIDS, TUBERCULOSIS & MALARIA, DOW JONES INDEXES SIGN MEMORANDUM TO EXPLORE CREATION OF CO-BRANDED INDEXES
PARIS (March 4, 2010) - The Global Fund to Fight AIDS, Tuberculosis and Malaria and Dow Jones Indexes signed a Memorandum of Understanding to explore the creation of a series of indexes that could be licensed as the basis for investible products. It is envisioned that the flagship of this index series would be a blue-chip index to be called the Dow Jones Global Fund 50 Index. The announcement was made at the international conference on Innovative Financial Solutions for Development organized by the Bill & Melinda Gates Foundation, the World Bank and the French development agency in Paris.
http://www.theglobalfund.org/
Fortunately, for this woman truth trumped political expediency
These days Brooksley Born is best remembered for what she couldn't accomplish as a critical government leader. And that's a huge shame. As chair of the Commodity Futures Trading Commission, Born stubbornly challenged the Clinton administration to regulate the out-of-control use of credit swaps that were dependent on the real-estate market.
http://jlne.ws/d9zvjm
Broke Greece should sell islands: Merkel allies
BERLIN (AFP) - Bankruptcy-threatened Greece should sell some of its uninhabited islands to raise cash, two allies of Chancellor Angela Merkel were quoted as saying Thursday.
http://jlne.ws/9e7NPt
****Greece has around 6,000 islands off its coast, of which only 227 are inhabited, according to the country's National Tourism Office website.
Trusted Adviser or Stock Pusher? Finance Bill May Not Settle It
By TARA SIEGEL BERNARD
You have probably seen the television commercial, the one where you seem to be watching an intimate conversation between family members. But at the end, you learn that the conversation was actually between a broker and his client.
NYTimes.com
http://jlne.ws/bBuC07
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