First Read
Bing it on Home
Doug Ashburn
As the John Lothian News team scattered the globe this past week, with Jim Kharouf covering the WFE/IOMA conference in Sao Paulo, while John Lothian and Sarah Rudolph traveled to Miami for the Options Industry conference, Jeff Bergstrom and I (with a little help from new interns Erik Donelson and Spencer Doar) covered the home front by pushing out the daily content.
I am not sure who got the better end of that deal. Conferences are nice but exhausting, and I can hardly imagine the travel between Brazil and Chicago is a pleasant experience. Plus, the flight times seemed a little kooky. Meanwhile, we have had near perfect weather in Chicago these past few days, and you know what they say – when the cat is away, the mice sometimes work from home.
Hopefully, readers have enjoyed the conference updates from the team as much as I have. In case you missed them, here are the last few:
Daily Racing Form, Options Exchange Edition – Sarah’s report from the options exchanges’ updates panel
BOX CEO Ed Boyle on how the options industry is working to address market challenges – our pre-conference interview with the host exchange’s new CEO
New clearing model? – Jim’s take on a thought-provoking idea from the Chicago Fed’s John McPartland, who addressed the WFE on the first day in Sao Paulo.
Today, we feature Jim’s interview with WFE chairman and Colombia Securities Exchange CEO Juan Pablo Cordoba. On Monday, we wrap up our OIC coverage with two more contributions from Sarah.
Have a great weekend and, to all the mothers and grandmothers out there, Happy Mother’s Day.
++++
Thinking Global: Colombia’s Juan Pablo Cordoba Says Global Regulation Hurts Emerging Markets
If you don’t know Juan Pablo Cordoba you probably should. As the CEO of the Bolsa de Valores de Colombia (Colombia Securities Exchange) and chairman of the World Federation of Exchanges, he is one of the exchange executives who has a unique perspective on emerging exchanges such as those in Latin America and beyond. Yet, he also has a firm understanding of the G20 market reforms that have filtered throughout the world in the form of Dodd-Frank, Basel III, MIFID and EMIR
Cordoba spoke with Jim Kharouf, editor-in-chief of John Lothian News, at the World Federation of Exchanges/IOMA conference in Sao Paulo, Brazil about the challenges and opportunities for the -year-old Colombia exchange, including regional efforts such as MILA, the Latin American Integrated Market. He also provides a credible voice regarding the unintended consequences of applying a host of clearing, capital and compliance hurdles that could stifle the growth of such new markets.
Q: Where does your exchange stand in today’s regional and global landscape?
If you look at the big picture for developing markets, and Colombia is no exception, there has been a rapid development over the last 10- to 12 years. It’s been a very positive dynamic in the domestic markets – large liquidity, new products, more participants, more professionals and in some cases the development of derivatives markets. So if you look at the economic story, we’re very satisfied.
Read the rest of the interview at JohnLothianNews.com
++++
Why Bank Investors Like This U.K. Election Outcome
WSJ
Sandy Chen, banking analyst at Cenkos Securities, said the share price rises Friday reflected the general fear that “banker bashing” would have been more intense under a Labour government. “It really is a knee-jerk response and you would expect the domestic-focused banks, RBS, Lloyds and Barclays, would rise more than HSBC and Standard Chartered which are much more international,” he said in an interview.
jlne.ws/1cuCSVh
***DA: “Banker bashing” was the one issue under which both the original Tea Party and original Occupy movements could unite. Special interests then pulled the Tea Party right, other interests pulled Occupy left, and the two have been polarized ever since. Pity.
++++
The power of role models
Gillian Tett, FT.com
‘Gender is not the only point of discrimination in finance or policy making today. Nor is it the most extreme’
Earlier this week, I travelled to Washington to listen to Elizabeth Warren, the Democratic party senator, deliver a barnstorming speech about the future of financial reform. The encounter, at the opening dinner of a conference on economics and finance, was fascinating.
jlne.ws/1KpEM3Z
***DA: While we are on the subject of “banker bashing…”
++++
Financial Transaction Tax: A relentless pursuit?
The Trade News
Many thought the dreaded European Financial Transaction Tax (FTT) had gone away, but in January, French and Austrian finance ministers wrote a letter to counterparts in the 11 supporting countries (ECP 11)— Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovenia, Slovakia and Spain—suggesting a revival of the tax, with a proposed arrangement date of January 2016. Following that initial flurry, things have since quietened down, but, across Europe, opinions differ as to whether the tax will ever come in at all.
jlne.ws/1cuG5nK
***DA: And while we are on the subject, here is an update on a topic near and dear to bank-bashers across the globe.
++++
Hard Money Comes Easy as Wall Street Funds Home Flippers
Bloomberg Business
Real estate buyers seeking money to renovate and flip U.S. houses are getting help from some of the world’s biggest investment firms. Colony Capital Inc., Blackstone Group LP and Cerberus Capital Management are among the companies that have started making bridge loans to investors who buy homes to sell them quickly for a profit. Borrowing costs — traditionally the highest in residential lending — are tumbling as the firms compete for customers.
jlne.ws/1cuHH0U
***DA: “Flipper Funders” – coming this fall to HGTV.
++++
Clearing Evolution: Michael McClain on the changes at OCC
JohnLothianNews.com
Industry players are gearing up for this year’s Options Industry Conference. One of the key speakers at the event is Michael McClain, president and COO of The Options Clearing Corporation. We talked with McClain in advance of the conference about the changes at OCC and their effect on its resilience and risk management capability. He also looked at securities lending, options education, and the controversy over OCC’s capital plan.
Watch the video »
++++
Americans Living Abroad Set Record for Giving Up Citizenship
Bloomberg Business
More Americans living outside the U.S. gave up their citizenship in the first quarter of 2015 than ever before, according to data released Thursday by the IRS. The 1,335 expatriations topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.
jlne.ws/1cuIzmc
***DA: Unintended consequence of attempted repatriation, or “good riddance?”
++++
O, Be Some Other Name!
Trade Talk: Trading Technologies’ Blog
Back in 2006 we chose to reach out to universities and, since that was the program’s function, the name University Program made sense. It was only a matter of time until our partner schools began to ask for more. Were there ways students could write to our APIs? Can we help them develop projects and curriculum? Can we help them host a trading competition?
jlne.ws/1cuv1aa
***DA: University program manager Leo Murphy explains the rationale behind the upgrade to the company’s new CampusConnect program.
++++
Lead Stories
Odds not in favour of UK trader winning US extradition fight
FT.com
When Navinder Singh Sarao appeared at a London criminal court this week, he told the judge he had “done nothing wrong.” Whether that is true and he is a scapegoat for US authorities seeking someone to blame for the “flash crash” will be most likely for a court in Chicago to decide.
jlne.ws/1cuz0U4
U.S. Banks Regulators Should Be Wary of a Global Tit-For-Tat
WSJ
Bank analyst Dick Bove is known for his provocative comments, especially toward U.S. regulators. This week, Mr. Bove, who is now an analyst at Rafferty Capital Markets, warned that U.S. banking regulators by “attack[ing] foreign banks as they did BNP Paribas BNP.FR -0.14%,” they may be provoking foreign regulators to push back against U.S. banks.
jlne.ws/1cuwjSG
?Key regulators clash on Volcker Rule application to small banks
Neil Roland, MLex
Two of the most influential US banking regulators are publicly dueling over whether community banks should be subject to the Volcker Rule, drawing possible battle lines for upcoming legislation.
jlne.ws/1H3v5rl
EU, U.S. derivatives talks inconclusive, hope for deal by summer
Reuters
Regulators from the European Union and United States failed on Thursday to end a long-standing deadlock over recognizing each other’s derivatives market rules, but said they hoped for a deal by the summer.
jlne.ws/1P5TILi
Euronext ex-CEO tells employees quick exit in company’s interests
Reuters
Former Euronext CEO Dominique Cerutti sought to calm unease about his early departure from the pan-European exchange operator, telling employees it was in the best interests of the group to ensure its stability. Cerutti was due to leave the company on July 15 to head Altran Technologies but on Tuesday Euronext named chief operating officer Jos Dijsselhof as interim CEO.
jlne.ws/1cuxhOP
Bitcoin Exchange Receives First License in New York State
NYTimes.com
New York State’s top financial regulator has granted the first license to a Bitcoin exchange, allowing it to open legally to customers across the country. The exchange, itBit, said Thursday morning that it was beginning to take on customers in the United States immediately after receiving a banking trust charter from New York State’s Department of Financial Services
jlne.ws/1cuA9ez
Equinix makes £2.3bn cash-and-shares offer for UK rival Telecity
FT.com
Equinix, the largest US data centre group by market value, has made a £2.31bn offer for its London rival Telecity, sparking a battle over Europe’s burgeoning cloud computing market. The move is seen as an attempt to spoil Telecity’s planned merger with Dutch rival Interxion and prevent the two becoming a strong European competitor.
jlne.ws/1KpCOR2
Russia and China sign raft of trade deals to deepen ties
Reuters
Russia and China signed a raft of agreements on Friday aimed at deepening economic ties between the two countries, including a deal for Russia’s Sberbank to open a 6 billion yuan ($966.43 million) credit line with China Development Bank.
jlne.ws/1cuG0k4
NYSE President Farley: CAT Is Do-Able
Traders Magazine
The day after the Wall Street Journal revealed that the data analysis project that could fend off the next flash crash is woefully delayed, the president of the New York Stock Exchange Group said that the program can be done and should be completed.
jlne.ws/1P5TN1t
Regulatory
Banks face “mad rush” to prepare for MiFIR
Banking Technology
Financial institutions will need to maintain records, report transactions and supply reference data under the European Commission’s forthcoming MiFIR regulation. But those who expect plenty of time for implementation and no regulatory conflicts are likely to be disappointed, according to a new report by analyst firm Aite.
jlne.ws/1P5TKTh
AIF segregation rules to hit pension funds’ collateral management
The Trade News
Proposed sub-custody segregation rules for AIF (alternative investment fund) assets could have a significant impact on pension funds’ and insurance companies’ collateral management and securities lending, according to BNY Mellon’s Ross Whitehill.
jlne.ws/1cuGo1Z
Joint Statement of CFTC Chairman Timothy Massad and European Commissioner Jonathan Hill
CFTC
Discussions are constructive and progressing. They have been mutually satisfactory on the issue of the ability for both sides to potentially defer to each other’s rules. Commissioner Hill and Chairman Massad agreed to continue their discussions with the aim of finalizing an approach by the summer.
jlne.ws/1Prma54
Binary options – Suspicious schemes target Quebeckers
AMF
The Autorité des marchés financiers (“AMF”) is urging Québec consumers to exercise caution given the recent rise in the number of suspicious schemes by unregistered foreign companies encouraging them to invest in binary options via on-line trading platforms.
jlne.ws/1cusjkU
Investment Industry Regulatory Organization Of Canada: Impact of the Dark Rule Amendments – Trading Review And Analysis
Mondovisione
In introducing this new regulatory framework, IIROC recognized there might be a cost to certain trading segments; however, the policy was proactive in protecting the integrity of the price discovery process.
jlne.ws/1cuvXLN
EBA: Consultation Paper On ITS On Mapping Of ECAIs Credit Assessments
The European Banking Authority (EBA) launched today a consultation on draft Implementing Technical Standards (ITS) on the mapping of External Credit Assessment Institutions’ (ECAIs) credit assessments for securitisation positions. These ITS will be part of the Single Rulebook in banking aimed at enhancing regulatory harmonisation across the European Union (EU) and will allow the credit ratings of all registered credit rating agencies to be used for the purposes of calculating institutions’ capital requirements. The consultation will run until 7 August 2015.
jlne.ws/1cuy5TF
EU lawmakers back rewards for long-term shareholders
Reuters
Long-term shareholders in companies in the European Union will be rewarded with extra voting rights or loyalty dividends if a draft law backed by a panel of EU lawmakers comes into force. The 28-country bloc is revising its shareholder rights rules to combat what critics call “short-termism” in stock markets where investors hold shares for only brief periods, making them less likely to hold company boards to account.
jlne.ws/1cuzKIT
Finra puts the brake on cards
Waters Technology
The Financial Industry Regulatory Authority (Finra) announced it will not proceed with its Comprehensive Automated Risk Data System (Cards) proposal until concerns brought up during the comment period have been addressed. The regulatory body’s chairman and CEO Richard Ketchum broke the news while offering his testimony regarding Finra’s operations and regulatory programs to the Subcommittee on Capital Markets and Government Sponsored Enterprises Committee on Financial Services
jlne.ws/1cuArSz
Give Shareholders More Say On Directors’ Pay, Urge Legal Affairs Committee MEPs
Mondovisione
A draft law empowering shareholders to vote on directors’ remuneration, so as to ensure proper transparency and tie their pay more closely to their performance, was backed by Legal Affairs Committee MEPs on Thursday. Some large companies should also be required to disclose, country by country, information on tax rulings, taxes paid and public subsidies received, adds the committee.
jlne.ws/1KpAvgM
Exchanges & Trading Facilities
Eurex KOSPI Product Achieves Major Volume Milestone – Total Volume Of 100 Million Eurex KOSPI Contracts Exceeded
Mondovisione
By the end of April 2015, the Eurex KOSPI Product surpassed the level of 100 million traded contracts cumulative since launch in August 2010. It is part of the Eurex/KRX Link which has been developed by the international derivatives markets Eurex Exchange and Korea Exchange (KRX). Through this Link, both exchanges provide market participants worldwide with nearly 24h-trading and clearing access to KOSPI 200 Options.
jlne.ws/1KpDjKM
BATS Sets Monthly Records in U.S. Options, Europe Trade Reporting; Remains #1 ETF Trading Venue in U.S., #1 Stock Market in Europe
Business Wire
BATS Global Markets (BATS) today reported April volume, market share, and monthly highlights including its best month on record for U.S. Options market share, 9.9%, and second-best month on record for U.S. equities market share, 21.2%.
jlne.ws/1currwH
KRX Selected 2015 Rising Stars Of The KOSDAQ Market
Mondovisione
The Korea Exchange (KRX) selected, as rising stars* of 2015, 28 KOSDAQ-listed companies with technical skills and growth potential, which have recognition as small but strong companies of which main products rank in the top 3 in terms of international market share.
jlne.ws/1curXL9
BM&FBOVESPA Publishes April Market Performance
Mondovisione
Trading value in the equity market (BOVESPA segment) totaled BRL 157.38 billion in April, compared with BRL 143.39 billion the previous month. Average daily trading value was BRL 7.86 billion, from BRL 6.54 billion the previous month. Total volume reached 19,493,103, from 20,104,942 the previous month. Average daily volume was 974,655 (913,861 in March).
jlne.ws/1cuwlKi
Bolsa De Valores De Lima Goes Live With MillenniumIT Trading Technology
MillenniumIT, the provider of ultra-low latency, flexible and scalable capital markets solutions, and part of London Stock Exchange Group, today announced that Bolsa de Valores de Lima (BVL), the Peruvian stock exchange, has gone live with a MillenniumIT trading technology solution.
jlne.ws/1cuzBFp
The Korea Exchange (KRX) revised the Listing Regulation of the KOSPI Market to relax listing and delisting criteria for real estate investment trusts (REITs) or real estate investment companies, which is effective on April 29, 2015. The revision also aims to expand the investment opportunity of real estate-related financial products for general investors.
jlne.ws/1KpBOwk
Hedge Funds & Managed Futures
Brexit and Scoxit will now become chief concerns
Investment Week
Markets have responded positively to news of a Conservative election win, but uncertainty over Britain’s membership of the EU and Scotland’s future are storm clouds on the horizon, according to economists and fund managers.
jlne.ws/1cusPj2
Blackstone Said to Raise $17 Billion for Buyout Fund
NYTimes.com
Investors are betting that flush times lie ahead for private equity. The latest sign comes from the Blackstone Group, which raised more than $17 billion for its latest leveraged buyout fund in just seven months, a person briefed on the matter said on Thursday.
jlne.ws/1cuwsFF
Pimco launches new capital securities and financials fund
Reuters
Bond giant Pimco rolled out on Thursday the Pimco Capital Securities and Financials Fund, which will invest in capital securities, including subordinated bonds, preferred shares and contingent capital instruments issued by financial institutions globally.
jlne.ws/1cuy1U8
Here’s Where John Paulson Is Investing Now
WSJ
Since his spectacularly profitable short of the subprime mortgage market during the crisis, the hedge-fund manager John Paulson has had one of the more interesting up and down rides in the industry.
jlne.ws/1cuzyte
Buffett Feels Hedge Fund Managers’ Chill After Warmth in Omaha
Bloomberg Business
Warren Buffett had plenty of admirers Saturday at the annual meeting of his Berkshire Hathaway Inc. in Omaha, Nebraska. Some hedge-fund managers in Las Vegas this week seem more inclined to throw stones at the investing legend.
jlne.ws/1JugxBv
Banks & Brokers
EBS to Beta Launch FX Outrights and Swaps on EBS Direct
WatersTechnology
EBS, interdealer broker Icap’s electronic foreign exchange (FX) business, has announced it will introduce FX outrights and swaps through its upcoming platform EBS Direct in Q4 of 2015.
jlne.ws/1PrmpgE
Soc Gen restructures corporate and investment banking
The Trade News
Societe Generale has announced organisational reshuffle naming some of its top executives and Newedge employees to new roles. The group said the moves would “support its clients with a full range of multi-asset and advisory services, while adapting to the new regulatory environment”.
jlne.ws/1cusVam
Regulation and new players in focus for BNP Paribas
Euromoney magazine
The changing demands of regulators and the threat of alternative service providers chipping the market share of the traditional bulge-bracket firms are challenging the transaction-services industry. BNP Paribas’ global transaction banking (GTB) business is looking to offer solutions for its regulatory-burden-addled bankers and clients.
jlne.ws/1cut2Tt
Goldman Sachs must face $120 mln suit over mortgage securities-court
Reuters
New York’s top state court on Thursday revived a bond insurer’s $120 million lawsuit claiming Goldman Sachs & Co lied about a pool of securities backed by subprime mortgages in the time leading up the financial crisis.
jlne.ws/1KpCmSZ
Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies
NYTimes.com
Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans. Bank of America and JPMorgan Chase have agreed to update borrowers’ credit reports within the next three months to reflect that the debts were extinguished.
jlne.ws/1cuFToB
Clearing & Settlement
CFTC Requests Public Comment on an Application by Nodal Clear, LLC for Registration as a Derivatives Clearing Organization
CFTC
Comments should be submitted on or before June 8, 2015. Comments may be submitted electronically through the CFTC’s Comments Online process. The application documents and all comments received are available on the CFTC’s website.
jlne.ws/1JSFABq
Office Of Financial Research Update
The Dynamics under Central Clearing develops a model for concentration risks that clearing members pose to central counterparties. Over time, larger clearing members crowd out smaller clearing members. Systemic risk is created because high clearing member concentration results in relatively lower lending, higher cost of capital, and increasingly costly hedging. To address this risk, the paper proposes a self-funding systemic risk charge.
jlne.ws/1cuzsSs
OCC Says Listed Options Markets Must Remain Vibrant In The Eyes Of Regulators And Investors – Cites New Survey Results On Importance Of Options Industry Council – To Investors And Financial Advisors
At the 2015 Options Industry Conference in Miami, Michael McClain, President and Chief Operating Officer of OCC, the world’s largest equity derivatives clearing organization, today said, “As the foundation for secure markets, it is important for OCC to ensure that the listed options markets remain vibrant and liquid in the eyes of regulators and the investing public.”
jlne.ws/1cuzuJW
Indexes & Products
MSCI to launch Saudi Arabia, GCC indexes on June 1
Reuters
Index provider MSCI said on Friday that it would launch standalone equity indexes for Saudi Arabian stocks from June 1 along with a number of other regional benchmarks in the Middle East. So far, MSCI only had provisional indexes covering the $570 billion Saudi stock market, which is set to open to foreign investors in June
jlne.ws/1cut79u
China share index off lows, but still posts biggest weekly fall in 5 yrs
Reuters
China stocks rebounded on Friday, stemming a three-day sell-off that led a key share index to its worst weekly decline in nearly five years amid fears of regulatory crackdown on speculators.
The Shanghai Composite Index rose 2.3 percent, to 4,205.92 points. But for the week, the index fell 5.3 percent, posting its worst performance since July 2010.
jlne.ws/1P5NCum
There May Be Value in the Emerging Markets—If You Know Where to Look
ETF Trends
Over the past few years, it’s been somewhat unheard-of for the MSCI Emerging Markets Index to start a year outperforming the S&P 500 Index. But so far in 2015, that’s exactly what’s happening. The left-hand side of the chart below illustrates the point.
jlne.ws/1P5NBGK
Indian equity indices in smart recovery mode
India.Com
Key Indian equity indices were in a smart recovery on Friday after crashing to the lowest level in months the previous day, with the mood lifted by government assurances that it will seek advice from a committee to look at the issue of retrospective tax on capital gains.
jlne.ws/1P5NQBJ
Technology
Equinix Responds To Possible Offer For TelecityGroup
Mondovisione
Equinix, Inc. builds and runs a global platform of data centers that provide secure and neutral locations for companies to house their computing and communications equipment.
jlne.ws/1cuwhu0
ISDA Launches UTIPrefix.org To Help Drive Global Data Standards
Mondovisione
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of UTIPrefix.org,
a service that enables counterparties to obtain a unique trade identifier (UTI) prefix in order to create UTIs for the reporting of derivatives trades.
jlne.ws/1cuxIZp
CITIC Opts for Ullink Solution Portfolio
WatersTechnology
Investment bank CITIC Security International has implemented a number of Ullink systems encompassing the vendor’s low-latency connectivity platform, order management, algorithmic trading and market-making solutions.
jlne.ws/1KpBOwk
Firm58 bows exchange fee reporting
Waters Technology
Firm58, a Chicago-based vendor of software for managing fees and commissions, can now provide broker-dealers with monitoring and reporting of fees charged by 11 equity and 12 options exchanges, allowing firms and their clients to respond to any fee changes and adjust their execution strategies as needed to save costs. Firm58 analyzes thousands of data points to give clients an indication of the impact of each fee change.
jlne.ws/1cuxT75
Now, WhatsApp funds to friends
Business Standard News
Axis Bank, India’s third-largest private lender, will now allow its customers to send money through several platforms, including WhatsApp, Facebook, Twitter, email and SMS, through mobile-based application Ping Pay.
jlne.ws/1KpCbXC
Enforcement
British Columbia Securities Commission Panel Finds That Self-Employed “Forex” Trader Committed Fraud
Mondovisione
A British Columbia Securities Commission panel has found that Hong Liang Zhong committed fraud, engaged in unregistered trading, and offered clients false guarantees to reimburse them for any losses.
jlne.ws/1cuvHwh
Passports frozen as ASIC pursues former staffer over withdrawals
The Australian
A former senior staffer of the Australian Securities & Investments Commission and her husband have been prevented from leaving the country following an investigation by the corporate watchdog into their Melbourne financial services business. Lawyer and former ASIC employee Vanessa Ash and her husband Bradley Grimm, who operate Ostrava Equities from Melbourne’s Collins Street, had their passports frozen yesterday by the Federal Court following action by ASIC.
jlne.ws/1cuAZIa
ASX-listed oil and gas company collapses after ASIC investigates $13 million IPO
SmartCompany.au
A publicly listed oil and gas company has been placed in voluntary administration amid an ongoing investigation by the corporate watchdog into the company’s $13 million initial public offering in 2013.
jlne.ws/1cuALkn
Environmental & Energy
Alaska Republican gears up energy reform package
By Devin Henry – The Hill
Sen. Lisa Murkowski (R-Alaska) took her biggest step to date toward a large-scale overhaul of federal energy policy on Thursday, introducing 17 bills she said could make up parts of an energy reform package this session.
jlne.ws/1DVLcmi
Tom Steyer backs Hillary Clinton despite Keystone caution
By Andrew Restuccia and Elana Schor – Politico
Tom Steyer jumped into national politics two years ago by drawing a line in the sand on the Keystone XL pipeline, even suggesting he’d spend part of his vast fortune attacking Democrats who support the project.
jlne.ws/1RjkZZj
Australian PM’s adviser says U.N. using climate change for ‘new world order’
By Jane Wardell – Reuters
Australian Prime Minister Tony Abbott’s chief business adviser has accused the United Nations of using debunked climate change science to lead a new world order, provocative claims made to coincide with a visit from the top UN climate negotiator.
jlne.ws/1KQRglO
Greece, other EU strugglers emerge winners from carbon reforms-data
By Susanna Twidale and Barbara Lewis – Reuters
Europe’s poorest nations, including heavily indebted Greece, emerge the main winners from a deal to reform the world’s biggest carbon market that will raise billions for EU governments, data from Thomson Reuters Point Carbon shows.
jlne.ws/1FT7WJI
Asia-Pacific
China’s Economy Isn’t Trading Away the Pain
WSJ
China’s green shoots won’t be arriving by boat just yet. Trade data released Friday showed China’s slow start to the year extended into April. Exports fell 6% compared with last April, and imports plunged 16%, both lower than economist expectations.
jlne.ws/1cuteBX
Korea Exchange: Improvement Of Listing Criteria To Vitalize REITs Market
The Korea Exchange (KRX) revised the Listing Regulation of the KOSPI Market to relax listing and delisting criteria for real estate investment trusts (REITs) or real estate investment companies, which is effective on April 29, 2015. The revision also aims to expand the investment opportunity of real estate-related financial products for general investors.
jlne.ws/1KpGthP
China Security Bill Calls for Protecting ‘Cyber Sovereignty’
Bloomberg Business
China intends to build a national cyber safety net as part of a sweeping security bill being considered by the country’s top lawmaking body. The provision on “cyber sovereignty” was added to the second draft of the security law, which also stressed the need to safeguard the security of “industries and key areas important to the national economy.”
jlne.ws/1cuHA5k
Frontier Markets
AFC inaugural Eurobond benefits from Nigeria’s post-election relief
Euromoney magazine
AFC’s inaugural Eurobond couldn’t have come at a better time, say bankers who worked on the deal, as the multilateral development finance institution was able to leverage off bullish investor sentiment after the peaceful Nigerian election.
jlne.ws/1cusNrh
Malawi Stock Exchange Weekly Trading Report
Mondovisione
jlne.ws/1cuD86H
EMERGING MARKETS-Bond rout fallout knocks emerging stocks into weekly loss
Reuters
Emerging equities snapped a two-day losing streak on Friday, helped by gains in Asia, but were on track for a second straight week of losses while currencies weakened amid a continued fall-out from the global bond rout. The MSCI emerging market index gained 0.7 percent, supported by Chinese and Indian stocks adding some 2 percent, and getting breathing space amid signs that global bond markets were stabilising.
jlne.ws/1KpBOwk
READ MORE: John Lothian: Odds not in favour of UK trader winning US extradition fight; U.S. Banks Regulators Should Be Wary of a Global Tit-For-Tat; Key regulators clash on Volcker Rule application to small banks.