india forex rules
Fri, 03 Sep 2010 19:33:25 -0400
Observations - Statistics - Commentary
Bats Considers IPO of American Exchange Operator, International Expansion
By Nina Mehta
Bats Global Markets, the stock trading platform that grew from two customers in 2006 to become the third-largest U.S. exchange operator, will expand to new products and consider an initial public offering, said Joe Ratterman, chief executive officer and president.
Bloomberg
http://jlne.ws/9opG6J
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Why the Hindenburg Omen Is Hooey
By DAN BURROWS
Investors might be atwitter over the so-called Hindenburg Omen, a technical indicator flashing a red alert for an imminent market crash, but the odds of it being right are long to non-existent, experts say.
http://jlne.ws/9SKod5
**** The word of the day is "hooey."
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SMX debuts with limited volumes in gold, crude, dollar
By Alejandro Barbajosa and Nick Trevethan
SINGAPORE (Reuters) - The Singapore Mercantile Exchange (SMX) launched gold, oil and euro-dollar futures on Tuesday and received a muted response from investors. Gold was the most popular contract trading a total of 61 lots by 0755 GMT, each of 32 ounces, or 1,952 ounces. The euro-dollar futures were second with 23 lots traded, equivalent to a little under 1.1 million euros in value.
http://jlne.ws/a1J8CN
SMX gold better than Comex for Asia hedgers
The Singapore Mercantile Exchange gold futures contract, which starts trading Tuesday, is likely to become a popular hedging tool for Asian physical-market participants, a senior exchange official said. The size of the SMX contract - one kilogram or 32.15 troy ounces - will enable Asian participants to hedge their positions much more accurately than the New York Mercantile Exchange's Comex contracts, which are 100 ounces or slightly more than 3 kilograms, SMX Vice Chairman Jignesh Shah told Dow Jones Newswires.
http://jlne.ws/9ERayO
**** The word of the day is "hooey."
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There Are NO Panaceas
Streetwise Professor
I saw the headline of this Matt Leising article, "Lehman Derivatives Records a Mess," and reflexively thought it would be about its OTC trades (of which there were, if memory serves, over 900,000 if memory serves).
http://jlne.ws/9WTfu9
Lehman derivatives records a mess: Barclay's exec
Brisbane Times
Barclays had no idea how big Lehman Brothers Holdings Inc's futures-and-options trading business was when it considered taking over the defunct bank's derivatives trades at exchanges in 2008, a Barclays executive said.
http://jlne.ws/9yrZz5
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Knight Direct Joins ExNet By Orc Software For Global Market Access
Press Release
Orc Software (SSE: ORC), the leading global provider of technology and services for advanced trading in financial instruments, today announced that Knight Direct has joined the Orc ExNet broker connectivity network to offer algorithmic execution services and market access to clients. The order involved in the Orc-Knight partnership was booked in Q1, 2010, and the contract is based on Orc's licensing subscription model.
http://jlne.ws/9FPNpm
Knight Direct joins Orc ExNet broker connectivity network
Automated Trader
Knight Direct joins ExNet by Orc Software for market access
http://jlne.ws/a4Dgt5
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The $5 Trillion Loophole
Emily Lambert
Trading Places
Congress recently passed the 2,319-page Dodd-Frank Act to clean up the financial industry and save us from another blowup. But as regulators race to clean up Wall Street, some people are whispering that Congress left a $5 trillion loophole. Could it be? The loophole in question has to do with derivatives, those infamous instruments often blamed for taking the financial system to the brink. Basically, Congress had a problem with "over-the-counter" (OTC) derivatives like swaps, as in credit default swaps, AIG's favorite. Congress essentially said that many swaps that are traded privately are really everyone's business.
Forbes
http://jlne.ws/duzSLA
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CBOT trader banned for life, owes $4M
A west suburban options trader has been banned for life from trading and must repay $4 million for making unauthorized trades on another trader's account at the Chicago Board of Trade. The U.S. Commodity Futures Trading Commission on Monday filed and settled charges against John Lee Neuman of Naperville, a member of the CBOT from May 1993 until February 2008.
http://jlne.ws/d0VW72
CFTC bars Naperville trader over fraud charges
Crain's Chicago Business
(Crain's) - The Commodity Futures Trading Commission barred a Chicago Board of Trade corn options pit trader from the futures industry for life as part of settling charges that he committed fraud and executed unauthorized trades.
http://jlne.ws/92OGIO
Former Floor Broker John Lee Neuman Permanently Banned from Trading for Fraud and Unauthorized Trading
Press Release
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled fraud and unauthorized trading charges against former floor broker John Lee Neuman of Naperville, Ill. Neuman was registered with the CFTC as a floor broker from May 1993 until February 2008 and is currently not registered with the CFTC in any capacity.
http://jlne.ws/ahjzsS
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FIA Volume Webinar
Sept. 16, 2010 at 10:00 a.m. EST
Join us for an update on futures and options volume trends in the first half of 2010. The presentation will cover regional and product category trends and will highlight the areas with the greatest growth in trading. The presentation will last 45 minutes and will be given by Will Acworth, editor of Futures Industry. Participants will be able to submit questions and comments online during the presentation. The webinar is open to the public at no charge. Register for the webinar at http://www.futuresindustry.org/VolumeWebinar
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TD Ameritrade Addresses Delays On Thinkorswim Platform
By Jacob Bunge and Brendan Conway Of DOW JONES NEWSWIRES
TD Ameritrade Holding Corp. (AMTD) said Tuesday it had resolved technology issues that slowed trading and other functions on its Thinkorswim derivatives platform. The retail brokerage cited a problem with one of Thinkorswim's market-scanning functions, which affected customers Monday and resurfaced shortly after U.S. markets opened Tuesday.
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MarketsWiki Page of the Day
Singapore Mercantile Exchange
http://jlne.ws/9wKxyO
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MarketsWiki Recent Updates
People
Jeanine Hightower; Edward Boyle; Anthony Dostellio; Ira J. Krulik; Ginger Szala; Todd Rich
Companies, Organizations and Groups
Singapore Mercantile Exchange; European Energy Exchange AG; CQG
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Miscellaneous
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6,098,288 pages viewed, 5,600 articles, 100,678 edits
MarketsWiki Statistics
Lead Stories
CFTC Unveils Final Rules For Retail Foreign Exchange Market
By Sarah N. Lynch Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Federal futures regulators finalized new rules for the retail foreign exchange market late Monday, but they backed away from their original proposal to place strict limits on the amount of borrowed funds retail foreign exchange investors can use. The rules, posted after business hours on the Commodity Futures Trading Commission's website, create a new regulatory regime for firms that deal in retail foreign exchange products by requiring them to register with regulators and abide by minimum net capital standards.
http://jlne.ws/apwAYu
CFTC issues final forex exchange market rule
WASHINGTON (Reuters) - The U.S. futures regulator issued a final rule late Monday for the retail foreign exchange market, which included relaxing an earlier proposal that would slash leverage available to investors participating in these transactions.
http://jlne.ws/ahLMJn
C.F.T.C. Issues New Forex Trading Rules
In its first implementation of the Dodd-Frank law, the Commodity Futures Trading Commission said Monday that it had published a new set of so-called final rules to regulate the retail foreign exchange market.
NYTimes.com
http://jlne.ws/9mNJog
CFTC reduces Forex leverage to 1:50 in US
FXstreet.com (Barcelona) - The regulator of the Commodity and Futures market in the first worldwide economy has released its final rules regarding the Forex retail transactions. The highlight: Reduce the leverage to 50:1 from 100:1 in major pairs and to 20:1 in minor crosses. SEC/FINRA brokers will still be able to offer 100:1 level.
http://jlne.ws/9l3HDe
CFTC Releases Final Rules Regarding Retail Forex Transactions
Press Release
Washington, D.C. - The U.S. Commodity Futures Trading Commission (CFTC) today announced the publication in the Federal Register of final regulations concerning off-exchange retail foreign currency transactions. The rules implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Food, Conservation, and Energy Act of 2008, which, together, provide the CFTC with broad authority to register and regulate entities wishing to serve as counterparties to, or to intermediate, retail foreign exchange (forex) transactions.
http://jlne.ws/d1jZQG
LCH.Clearnet to slash London fees
By Jeremy Grant in London
FT.com / FT Trading Room
LCH.Clearnet, Europe's largest independent clearing house, is to slash the fees it charges many London market participants by two-thirds and waive fees for high-volume traders as a price war intensifies in Europe's securities post-trade business.
http://jlne.ws/d5Q6up
LCH.Clearnet cuts fees further
Clearing house LCH.Clearnet plans to introduce free equity clearing for members that clear more than 150,000 trades a day on average. The new tariff is part of a restructuring of the central counterparty's equity clearing tariff, due to be implemented on 1 October 2010, and will give members clearing more than a daily average of 50,000 trades a marginal cost of 1p per trade up to 75,000 trades, after which the marginal cost will fall to 0.5p.
The Trade News
http://jlne.ws/bEoPcS
Free equity clearing from LCH.Clearnet
Press Release
LCH.Clearnet Ltd (LCH.Clearnet) is set to introduce free equity clearing for average daily member volumes of over 150,000 trades a day. This benefits both the exchanges and users by passing on economies of scale and lowering the frictional cost of post trade. The new tariff will be implemented on 1st October.
http://jlne.ws/amZa4c
Icap to launch rates platform next week
By Jeremy Grant
FT.com / FT Trading Room / Clearing & Settlement
Icap on Tuesday became the first inter-dealer broker to exploit new regulations requiring off-exchange derivatives to be shifted onto formal trading systems by saying it would launch the first electronic market for interest rate swaps next week.
http://jlne.ws/cEy3Cz
ICAP to take Euro interest rate swaps trading electronic
Press Release
London, 31 August 2010 - ICAP plc (IAP.L), the world's premier interdealer broker, will launch an electronic market for trading Euro interest rate swaps (Euro IRS) with market maker support, bringing increased transparency and greater efficiency, as well as lower transaction costs to the world's largest OTC derivative market. This initiative will make a substantial contribution towards further reducing operational and systemic risks in trading OTC derivatives.
http://jlne.ws/c1I3JY
France mounts drive to tame commodities derivatives
Yahoo! Finance
PARIS (AFP) - France launched an onslaught to tame the operation of commodity derivatives trading, calling on the European Union and the Group of 20 on Tuesday to take urgent steps to draft common rules.
http://jlne.ws/anMgCv
France Calls for Stricter Rules on Commodity Derivatives
By NATHALIE BOSCHAT
PARIS-France is calling for a tightening of the oversight on commodity derivatives markets in the European Union in order to help reduce the volatility of commodity prices, the French finance ministry said Tuesday.
http://jlne.ws/9eGwf5
Bernanke to address financial crisis inquiry panel
AP
Federal Reserve Chairman Ben Bernanke will testify this week about his role in the bank bailouts that sent billions of taxpayer dollars to banks deemed "too big to fail." Bernanke will testify Thursday before the bipartisan Financial Crisis Inquiry... Ben Bernanke - Financial Crisis Inquiry Commission - Business - Financial crisis - Central bank
http://jlne.ws/9WBXvC
Financial Crisis Panel to Examine Lehman, Wachovia
Wall Street Journal Blogs
The Financial Crisis Inquiry Commission wraps up its Washington hearing schedule on Wednesday and Thursday, when examines how the government decided which financial institutions would live during the 2008 meltdown, and which ones would die.
http://jlne.ws/bdlPii
Banks in Europe Face Fines for Failing to Report OTC Derivatives Trading
Bloomberg
Banks and companies that fail to report trading in over-the-counter derivatives face fines under rules being considered by the European Union.
http://jlne.ws/bWIgIe
FDIC Finds 829 U.S. Banks at Risk
More than a tenth of U.S. banks remain at risk of failure even as some industry indicators, including credit quality, show signs of revival.
http://jlne.ws/bSAgu6
Environmental Trading News
UN climate panel ordered to make changes
Sydney Morning Herald
A review panel has called on the UN climate change body to carry out fundamental reforms after errors in a landmark report dented its credibility.
http://jlne.ws/aQBvR6
UN Calls For IPCC To Reform Its Structure
redOrbit
A new review released Monday says that the U.N.'s climate panel needs to "fundamentally reform" its structure in order to try and prevent the embarrassing errors found in a 2007 study on global warming. A U.N.-requested investigation of the Intergovernmental Panel on Climate Change (IPCC) discovered that the Nobel Prize-winning body was successful, despite the "Climategate" ...
http://jlne.ws/crT3Eq
Japan Forsees Starting Carbon-Emissions Trading in 2013, Panel Reports
Bloomberg
Japan plans to start emissions trading in 2013, as the government revived a climate-protection draft law that was scrapped earlier this year when then Prime Minister Yukio Hatoyama resigned.
http://jlne.ws/cx9zsD
Japan emissions trading scheme prepares for 2013 launch
BusinessGreen
Ministry of Environment hopes to finalise plans for national carbon trading scheme by end of the year The Japanese government is preparing to revive pre-election plans to introduce a nationwide emissions trading scheme, according to draft documents obtained by Reuters. The news agency reported that draft plans that would ...
http://jlne.ws/d0jIgp
Europeans Aim for `Swift Reaction' on UN CO2 Offsets, EU's Hedegaard Says
Bloomberg
The European Union regulator wants to offer carbon markets a quick response on restrictions that could be imposed on United Nations offset credits for use in the bloc's cap-and-trade system, the EU's climate chief said.
http://jlne.ws/cL2mnV
Santa Cruz Mountains redwoods lure cash for trapping carbon
Santa Cruz Sentinel
LOMPICO -- PG&E is handing over tens of thousands of dollars to the nonprofit Sempervirens Fund to protect a 425-acre stand of redwoods once slated for logging deep in the Santa Cruz Mountains.
http://jlne.ws/bzXm4y
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
Form 8-K for INTERCONTINENTALEXCHANGE INC
Item 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On August 26, 2010, IntercontinentalExchange, Inc., a Delaware corporation ("ICE") entered into new aggregate $400.0 million three-year senior unsecured term loan facility (the "New Term Loan Facility") pursuant to a Credit Agreement (the "New Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"), as Administrative Agent, Bank of America, N.A. ("BofA"), as Syndication Agent, and the lenders named therein. A copy of the New Credit Agreement is filed herewith as Exhibit 10.1 and is incorporated herein by reference, and the following summary of the New Term Loan Facility is qualified in its entirety thereby.
http://jlne.ws/cvuPvS
CME Group-MSRI Prize in Innovative Quantitative
Applications Awarded to Jean Tirole
Panel on Macro-prudential Regulation of the Financial System Precedes Ceremony
CHICAGO, August 31, 2010 - CME Group, the world's leading and most diverse derivatives marketplace, and the Mathematical Sciences Research Institute (MSRI) announced today that Professor Jean Tirole, Scientific Director of Industrial Economics Institute (IDEI) and Member of the Toulouse School of Economics, is the 2010 recipient of the CME Group-MSRI Prize in Innovative Quantitative Applications.
http://jlne.ws/dqWjqa
CME Group to Offer Customers Exposure to Benchmark U.S. Treasury Securities
Press Release
CHICAGO, Aug. 30 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives marketplace, announced the launch of On-the-Run U.S. Treasury futures beginning Monday, October 25, 2010. These new futures contracts will provide market participants with efficient and cost-effective price exposure to 2-Year, 5-Year, and 10-Year U.S. Treasury on-the-run yields. The new contracts will be listed with, and subject to, the rules and regulations of the CBOT.
http://jlne.ws/b1KJKj
Banks, Brokers & Dark Pools
Banks post $21.6 billion profit in 2nd quarter
Banks post $21.6B profit in Q2, but number of troubled institutions hits 54, FDIC says
WASHINGTON (AP) -- The U.S. banking industry posted its highest quarterly earnings in nearly three years, even as the number of troubled institutions grew by more than 50 in the second quarter.
http://jlne.ws/azTfwl
Penson Australia Signs Wilson HTM as Clearing Broker; Outsourcing Services Frees up Capital to Provide Even Greater ...
Business Wire
SYDNEY--(BUSINESS WIRE)--Penson Worldwide, Inc. (NASDAQ: PNSN) announced today that its Australian clearing subsidiary, Penson Financial Services Australia Pty Ltd (PFSA), will provide equities clearing services for Wilson HTM Investment Group (ASX: WIG) starting in September under a five year agreement. This is the seventh correspondent broker-dealer in Australia that PFSA has signed since ...
http://jlne.ws/dA9Cn7
Tullett Prebon Sues Rival GFI's London Unit for Hiring Oil-Options Broker
By Lindsay Fortado
Tullett Prebon Plc, the London-based inter-dealer broker, sued rival GFI Group Inc.'s London unit for hiring its oil options broker Alan Newman before his contract expired.
http://jlne.ws/bZFicc
*** There are four season. Winter, Spring, Summer and Inter-deal Lawsuit Season.
SIFMA supports common standard of care for advisors, broker dealers
Investment Executive
U.S. securities industry lobbyists indicate that they continue to support the idea of adopting a common standard of care for anyone providing financial advice.
http://jlne.ws/bJJSY4
Macquarie Securities Appoints Daryl Bowden Head Of Sales Trading, Europe
Press Release
Macquarie Securities Group, the institutional equities arm of Macquarie Group ("Macquarie") (ASX: MQG), today announced it has appointed Daryl Bowden as Head of Sales trading for Europe.
http://jlne.ws/9fZRKb
Goldman swims downstream for PetroAlgae IPO
Reuters
NEW YORK (Reuters) - No client is too small for Goldman Sachs Group Inc these days, even a company with no revenue that's owned by a hedge fund specializing in penny stocks.
http://jlne.ws/bSllos
Brewin Dolphin Maximises Euroclear's Fund Processing Infrastructure
Press Release
Euroclear and Brewin Dolphin Limited, one of the UK's largest independent private-client investment management firms, announce today that Brewin Dolphin has become the first UK firm to select both Euroclear Bank's FundSettle platform to settle cross-border fund transactions and the Delivery-versus-Payment (DvP) settlement service for UK fund transactions offered by Euroclear UK & Ireland. Brewin Dolphin already uses Euroclear's EMX Message System to route UK fund orders.
http://jlne.ws/bxirvI
New Tradebook algo offers real-time dark venue transparency
Agency broker Bloomberg Tradebook says it has reached exclusive arrangements with a number of dark pool operators to deliver "full transparency and visibility" of executions to users of its new B-Dark algorithm.
The Trade News
http://jlne.ws/c2OTHu
JPMorgan Names Ex-Curium Chief Fenton Global Head of Commodities Strategy
By Elizabeth Campbell
JPMorgan Chase & Co., the second- biggest U.S. bank, hired Colin P. Fenton, previously the chief executive officer of Curium Capital Advisors LLC, as global head of commodities strategy, a new position.
Bloomberg
http://jlne.ws/9hpNgZ
HSBC Sells U.S. Auto Finance Units to Santander
New York Times
On top of the payment, the Santander Consumer USA Inc. unit is assuming $431 million in debt, HSBC said. The loan book acquired by Santander was valued at $4.3 billion.
http://jlne.ws/bGGcGu
HSBC Sells US Auto Finance Units to Santander
ABC News
HSBC exits US auto finance market, sells business to Spain's Santander for $3.6 billion HSBC - Spain - Financial Services - Business and Economy - Grupo Santander
http://jlne.ws/bMrGxv
Royal Bank's Bid for Control of Russian Affiliate Is Rejected by Regulator
Bloomberg
Royal Bank of Scotland Group Plc 's bid for control of its Moscow affiliate was rejected by Russian regulators because the lender is controlled by the U.K. government, the Federal Anti-Monopoly Service said.
http://jlne.ws/b8hOLO
RBS Can't Buy Moscow Arm
The Moscow Times
Royal Bank of Scotland Group's bid for control of its Moscow affiliate was rejected by regulators because the lender is controlled by the British government, the Federal Anti-Monopoly Service said.
http://jlne.ws/aRZs7Z
Religare Capital Hires Citigroup's Nayyar as India Investment Banking Head
Bloomberg
Religare Capital Markets Ltd. hired Nalin Nayyar , a managing director at Citigroup Inc. , as head of investment banking for India as the company seeks a foothold in Asia's second-fastest growing major economy.
http://jlne.ws/cYkS5q
No holding Mayo back in his feud with Citi
New York Post
A months-long feud between outspoken bank analyst Michael Mayo and Citigroup is heating up. Yesterday, Mayo, who works for French-based brokerage firm CLSA, issued a scathing report because Citi hasn't granted him an audience with CEO Vikram Pandit. "It is not clear to us that the internal and risk...
http://jlne.ws/aTtcSQ
Germany's central bank rejects racist comments
San Francisco Chronicle
Germany's central bank distanced itself Monday from a board member who stereotyped Muslims and Jews, saying his remarks were harmful and violated the Bundesbank's code of conduct. The comments by Thilo Sarrazin surrounding the launch of his new book Monday on... Angela Merkel - Jews - Deutsche Bundesbank - Bundesbank - German
http://jlne.ws/b5sWLA
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/dig083110.htm
Terrence R. Pipenhagen of Orlando, Fla. and His Two Companies to Pay $150,000 Penalty to Settle CFTC Fraud Charges
Press Release
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of fraud charges against Terrence R. Pipenhagen of Orlando, Fla. and his companies, TRP Advisory Group, Inc. (TRP) and Traders East, Inc. (TEI), for issuing false statements to customers to conceal commodity futures trading losses. Pipenhagen has never been registered with the CFTC.
http://jlne.ws/aRpoLP
US CFTC to step up release of large trader data
WASHINGTON Aug 30 (Reuters) - The Commodity Futures Trading Commission said it would begin releasing data on index investing by large funds and swap dealers on a monthly basis, starting on Tuesday -- a stepped-up schedule from the quarterly release in place since September 2009.
http://jlne.ws/bvs9zv
CFTC to Begin Releasing Index Investment Data on a Monthly Basis
Press Release
Washington, DC - The Commodity Futures Trading Commission (CFTC) today announced that it would begin releasing data on index investment in commodity futures markets on a monthly basis. The CFTC has been releasing the data on a quarterly basis since September 2009.
http://jlne.ws/bCSpK1
FINRA Rebels Prevail But Change Unlikely
Wall Street and Technology
Despite an uprising among thousands of small U.S. brokerages, Wall Street watchdog FINRA is unlikely to adopt several proposals that would change the way it operates.
http://jlne.ws/9gHmMU
SIFMA Submits Comments To SEC On Obligations Of Brokers And Advisers - Calls For Uniform Standard That Preserves Individual Investor Choice
Press Release
The Securities Industry and Financial Markets Association (SIFMA) today submitted comments to the Securities and Exchange Commission (SEC) in advance of its study on the obligations of investment advisers and broker dealers.
http://jlne.ws/9RtdQv
SEC Hires Regulatory Veteran
By Aarti N. Maharaj
The Securities and Exchange Commission announced Monday it appointed John Ramsay as its deputy director in the division of trading and markets.
http://jlne.ws/b4aQ97
SEC: John Ramsay Named Deputy Director In Division Of Trading And Markets
Press Release
The Securities and Exchange Commission today announced that John Ramsay has been named a Deputy Director in the Division of Trading and Markets.
http://jlne.ws/b6Sr0a
Christopher R. Conte, Associate Director Of Enforcement, To Leave After Nearly 18 Years At SEC
Press Release
The Securities and Exchange Commission today announced that Christopher R. Conte, an Associate Director in the Division of Enforcement, will leave the SEC next month after nearly 18 years of public service at the agency.
http://jlne.ws/dBMMCT
Brian Breheny, Deputy Director In Division Of Corporation Finance, To Leave After Seven Years At SEC
Press Release
The Securities and Exchange Commission announced today that Brian V. Breheny, the Deputy Director for Legal and Regulatory Policy in the Division of Corporation Finance, will depart the agency after more than seven years of public service.
http://jlne.ws/akNUrd
FSA fines broker L31k for mortgage fraud failings
Money Marketing Online
The Financial Services Authority has fined one mortgage broker L31,500 and banned another for reckless business practices which allowed false and misleading mortgage applications to be made to lenders.
http://jlne.ws/dySOMt
Action taken against two brokers for mortgage fraud failings
Press Release
The Financial Services Authority (FSA) has taken action against two mortgage brokers whose reckless business practices allowed false and misleading mortgage applications to be made to lenders.
http://jlne.ws/amDcVJ
IIROC makes it easier for investors to access broker background information
The Investment Industry Regulatory Organization of Canada (IIROC) has introduced a new online resource to help investors learn the background of advisors who are currently approved to work at IIROC-regulated firms.
News Investment Executive
http://jlne.ws/bJDftN
Financial Market Authority FMA publishes a warning against International Trade Corporation - 31.08.2010
Press Release
In an announcement published in today's issue of the official gazette "Amtsblatt zur Wiener Zeitung", the Austrian Financial Market Authority (FMA) warns investors against the conclusion of banking transactions requiring a licence with the following provider International Trade Corporation
http://jlne.ws/aZuYIx
Grant of exemption for the proposed acquisition of shares in M/s. GIVO Ltd. (Target Company)
Press Release
http://jlne.ws/9ib4CS
Investments - Indexes - Managed Futures - Managed Funds
Hedge fund managers more bearish on US stocks: Report
The Economic Times
Hedge fund managers more bearish on US stocks: ReportHedge fund managers more bearish on US stocks: Report
http://jlne.ws/cgtkbA
Major Hedge Funds Cut Back Equity Risk
New York Times
Now, with fresh signs of weakness in the United States economy, they are positioning to avoid making the same mistakes. The shift, evident in second-quarter securities filings, is not as simple as leaving equities behind, as many small investors have been doing recently.
http://jlne.ws/aT5Fkp
PIMCO Launches CommoditiesPLUS Short Strategy Fund
Marketwire
New Fund Offers Investors Short Commodity Exposure to Broaden Asset Allocation Solutions
http://jlne.ws/9OszLy
Titan Capital Joins Black Swan's Taleb in Raising Bets on Extreme Moves
Bloomberg
Titan Capital Group LLC, whose flagship volatility fund rose 21.6 percent as stocks tumbled in May, has raised bets on extreme market moves because investors' views on the economic outlook have polarized.
http://jlne.ws/9sLnVL
Hedge Funds: Lakeview hires Lissuzzo from Man Group
Market Watch
Lakeview Investment Manager says it hired Tony Lissuzzo to help run the firm's investments in activist hedge funds.
http://jlne.ws/bDSwZ7
Research and Markets: the Handbook of World Stock, Derivative and Commodity Exchanges, 2010 Edition
DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/ae641c/the_handbook_of_wo) has announced the addition of the "The Handbook of World Stock, Derivative and Commodity Exchanges, 2010 Edition" report to their offering.
http://jlne.ws/bdHcfd
Golden Dreams
By Janice Fioravante
August 30, 2010 - In response to my latest dispatch on investing in gold, several readers posted some great questions on the strategy. For example: what percentage of assets should be in gold, and at what point should investors get out?
http://jlne.ws/aLYcen
Gold Rallying to $1,500 as Soros's Bubble Inflates
By Nicholas Larkin
Investors are accumulating enough bullion to fill Switzerland's vaults twice over as gold's most- accurate forecasters say the longest rally in at least nine decades has further to go no matter what the economy holds.
Bloomberg
http://jlne.ws/9arnXt
Merger-Arbitrage ETF Banks on Deal Pickup
Fund Attempts to Lock In Thin Spread
By JOHN SPENCE
An exchange-traded fund that specializes in merger arbitrage has received a lukewarm reception in the market, but a burst of deal activity may invite some investors to take a closer look.
WSJ.com
http://jlne.ws/cu51AZ
US hedge funds sue Porsche
Deutsche Welle
US hedge funds are taking legal action against Porsche in a New York court for allegedly manipulating stock prices during its 2008 takeover tangle with Volkswagen. Public prosecutors in Stuttgart are investigating too.
http://jlne.ws/aUXyAc
Using Your Investing Alternatives
Forbes
For jittery investors who are leery about their portfolio's diversification, some investment advisors are encouraging looking at your alternatives - literally.
http://jlne.ws/bMsb13
UNI launches financial literacy program for students
Waterloo-Cedar Falls Courier
CEDAR FALLS, Iowa --- The days of University of Northern Iowa students trading their personal information for a credit card and free T-shirt are long gone.
http://jlne.ws/bzoqwR
BATS 1000 Index Declines 0.4% On Week - Utilities And Energy Sectors Advance, All Other Sectors Decline In US Equities Benchmark
Press Release
http://jlne.ws/cH7Hmc
Technology News
CoreLogic Launches Industry's First Short Sale Monitoring Solution to Prevent Fraud and Underpricing
redOrbit
SANTA ANA, Calif., Aug. 30 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information and business services, today announced the lending industry's first short-sale fraud prevention and pricing solution, Short Sale Monitoring Solution(TM). The new service allows lenders to receive alerts on "risky" pending and closed short sales to minimize ...
http://jlne.ws/cDOPP7
Eze Castle Integration Expands into Europe, Asia to Better Serve U.S.-based and Local Hedge Funds and Investment Firms
Business Wire
BOSTON--(BUSINESS WIRE)--Hedge Fund IT provider Eze Castle Integration brings premier IT services and technology to Singapore and Geneva based hedge funds. Services include outsourced IT, network management and voice.
http://jlne.ws/cCL7uY
Gmail's new mind-reading inbox
NEW YORK (CNNMoney.com) -- Google is adding a new feature in Gmail that will automatically spotlight important e-mails and separate out the ones you can wait to read later.
http://jlne.ws/bdNeAp
Thomson Reuters accelerates access to Bombay
Data and technology provider Thomson Reuters has launched its Elektron network in India in response to the demand for access to the market. Working in collaboration with managed IT services supplier Netmagic Solutions, its new facility at the Bombay Stock Exchange will provide co-location hosting with a managed application environment, low-latency connectivity to local market data and access to the Elektron global real-time network.
The Trade News
http://jlne.ws/9iF6A0
Media News
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
Singapore Futures Trading Competition Heats Up
by Sameer Mohindru & James Campbell Of DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--The Singapore launch of four new futures contracts--three commodities and a currency pair--Tuesday and an announcement from a rival exchange the same day that it will introduce metals futures contracts highlight an increasingly competitive futures trading environment in the region. The Singapore Mercantile Exchange, or SMX, launched gold, crude oil and EUR/USD currency futures contracts and said it plans to launch two more currency pairs soon, aiming at a pan-Asian clientele in multiple asset classes.
http://jlne.ws/9Qwzm2
SMX goes live with 4 contracts; more to follow
Channel NewsAsia
SINGAPORE : The Singapore Mercantile Exchange (SMX) kicked off trading on Tuesday with a somewhat muted response from investors.
http://jlne.ws/94XjT7
Singapore Mercantile Exchange begins trading
rediff.com
In the first major international exchange business initiative by an Indian entity, a new commodity and currency bourse, Singapore Mercantile Exchange (SMX) on Tuesday commenced trading here with derivatives contracts like gold, crude oil and Euro-US dollar.
http://jlne.ws/cQSlpQ
SGX proposes copper, aluminum futures
The Edge Singapore
Singapore Exchange is consulting the public about introducing non-ferrous metals futures contracts for trading on its derivatives market, it said in a statement. The new futures are the result of the bourse's partnership with the London Metal Exchange and are for copper, aluminum, zinc and nickel, it said. The contracts are standard, cash-settled, non-ferrous metals futures based on LME ...
http://jlne.ws/9Jv8qS
Singapore-Based Investors Confident In Thai Listed Firms
Press Release
The Stock Exchange of Thailand (SET) revealed after a roadshow in Singapore on August 27 that leading institutional investors are still confident in Thailand and wish to invest more. Over 150 institutional investors came to the event to show their great attention.
http://jlne.ws/bGsFpY
New Japanese Fund to Specialize in Chinese IPOs Through Hong Kong Market
By Anna Kitanaka and Toshiro Hasegawa
A Japanese fund designed to give individual investors access to new listings of companies in China, the world's most active market for initial public offerings, will begin operations next month. The fund, managed by United World Securities Japan K.K., is seeking to profit from new share sales in Hong Kong, where 22 of 36 IPOs this year advanced on the first day of trading by an average 18 percent, while 12 declined by an average 6.9 percent, according to data compiled by Bloomberg. Two were unchanged on the first day, the data show.
Bloomberg
http://jlne.ws/dqyQbh
Derivatives dream for SAR
The Standard
London International Financial Futures Exchanges is looking to expand transactions of European derivatives in Hong Kong.
http://jlne.ws/bfocZw
Japan's Mitsubishi Futures to exit commod futures
* Trading volume at TOCOM down 25 pct in July from January
* Low liquidity makes trading costly
* TOCOM members halved in decade
By Chikako Mogi and Chikafumi Hodo
TOKYO, Aug 31 (Reuters) - Japan's leading commodity brokerage Mitsubishi Corp Futures will end all trade at the country's two leading commodity futures exchanges, highlighting the plight of the industry in the country.
http://jlne.ws/bug7U1
Nomura appoints Indian equity capital markets head
Japanese global investment bank Nomura has appointed Indraneil Borkakoty as head of equity capital markets for India. The appointment is part of an ongoing expansion drive by Nomura, which recently hired a new head of international trading in the Americas to assist its planned expansion there. The move also follows the launch of Nomura's NX dark pool in Hong Kong in May 2010.
The Trade News
http://jlne.ws/9pbKpo
Implications of renminbi liberalisation for corporates
Finance Asia
Renminbi liberalisation is gathering pace after China's easing of restrictions on foreign access to the interbank bond market. What should corporates make of this development?
http://jlne.ws/9JZB00
Hong Kong exchange: No timetable for yuan futures products
Responding to rumors that the Hong Kong Stock Exchange (HKEx) is considering launching yuan futures products, a spokesperson for the HKEx said on the afternoon of Aug. 30 that the exchange is consulting with local and foreign banks in Hong Kong about launching floor-traded yuan exchange rate futures contracts, but there is no timetable for the launch as the consultations are just in the initial stages.
People's Daily Online
http://jlne.ws/d8B0Rb
POLL-Japan fund managers up stock weighting to 4-mth high
Reuters
http://jlne.ws/cjhpmj
Citi hires electronic markets head for securities services
Finance Asia
Endre Markos joins from Bloomberg to take up the newly created role in Hong Kong.
http://jlne.ws/dv9k4V
Citigroup Plans To Double Asia Desks In Next Year From Current 13
Dow Jones
HONG KONG -(Dow Jones)- Citigroup Inc. (C: 3.67 ,-0.08 ,-2.13%) is planning to double its Asian desks in the next year from 13 now, with most of the new desks in Latin America and Africa, as the bank ramps up its coverage globally to match the increasing globalization of its Asian clients.
http://jlne.ws/9Oh8QB
Citigroup Plans to Almost Triple China Workforce to 12,000 in Three Years
By Cathy Chan
Bloomberg
Citigroup Inc. plans to almost triple its workforce in China to as many as 12,000 people in the next three years, intensifying its rivalry with HSBC Holdings Plc in the world's fastest-growing major economy.
http://jlne.ws/bTbiue
Regulatory Announcement - Singapore Exchange proposes introduction of metals futures contracts
Press Release
31 August 2010 - Singapore Exchange (SGX) is consulting the public on the proposed introduction of non-ferrous metals futures contracts for trading on the SGX derivatives market.
http://jlne.ws/aNU1f9
KRX Releases New Sector Indices - KRX Retail, KRX Leisure
Press Release
http://jlne.ws/acoQXo
Approval of Application to acquire FX Margin Trading and Clearing Qualifications: kabu.com Securities Co., Ltd.
Press Release
http://jlne.ws/b94Ub8
Frontier Markets
Thomson Reuters Launches Elektron In India - New Hosting Centre Enables Easy Access To High Performance Trading On The Bombay Stock Exchange
Press Release
Thomson Reuters today launched Elektron, its next generation real-time network and hosting environment, in India to meet the strong demand for fast and cost-effective access to this important emerging market. Working in collaboration with Netmagic Solutions Pvt. Ltd, the new facility at the Bombay Stock Exchange will provide co-location hosting with a managed application environment, low latency connectivity to local market data and access to the Elektron global real-time network.
http://jlne.ws/cEPTIL
Commodity Turnover in India to Top 100 Trillion Rupees, Regulator Predicts
Bloomberg
Turnover on commodity exchanges in India, the top gold user and the second-largest wheat and rice grower, may jump more than 28 percent as sugar futures trading resumes and new bourses start up, the industry regulator said.
http://jlne.ws/9EoWk4
Sebi lifts ban on Barclays for issuing ODIs
Business Standard India
Market regulator Sebi has lifted ban on British bank Barclays for issuing offshore derivative instruments, a move which will allow the lender to facilitate investment by unregistered entities into Indian stock markets.
http://jlne.ws/cRNqpt
India Regulator Lifts Offshore Derivatives Trading Ban On Barclays
Dow Jones
MUMBAI -(Dow Jones)- India's capital markets regulator has lifted a ban which had barred Barclays Bank PLC from issuing and trading in offshore derivative instruments in the country.
http://jlne.ws/9J3kio
Qatar Exchange looking to attract global interest with new trade platform
By Santhosh V Perumal/Business Reporter
The Qatar Exchange, which is expected to switch over to a new trade engine UTP from September 5, will feature more order types to attract the global investing community in a big way, according to its top officials.
http://jlne.ws/bMbwU6
Dubai International Financial Centre Plans to Cut Cost of Doing Business
Bloomberg
Dubai International Financial Centre plans to reduce the cost of doing business in the tax- free business park to encourage investments, the company said in statement to Nasdaq Dubai bourse today.
http://jlne.ws/9COeCK
DIFC Announces Strong Growth In Its Core Businesses In 2010
Press Release
The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today updates the market on its successful performance in 2010 to date.
http://jlne.ws/dgngW9
Summering In The Emerging Markets
Forbes
A sojourn through the developing world offers a glimpse of possible future returns for equity investors.
http://jlne.ws/9MzgRp
Bill deals body blow to mutual fund dividends
The Telegraph
Mumbai, Aug. 30: Retail investors in stocks may have a lot to cheer about but risk-averse people who prefer to park their money in dividend-yielding equity mutual funds may be forced to scout about for alternative options before the direct tax bill comes into effect by April 1, 2012.
http://jlne.ws/90XGGy
UBS's Palma Interview About Stocks, Investment Strategy
Bloomberg
Aug. 30 (Bloomberg) -- Jeffrey Palma, global equity strategist at UBS AG, talks about the outlook for emerging-market stocks. Palma also talks about U.S. stocks, corporate mergers and acquisitions, and his investment strategy.
http://jlne.ws/ag5rv6
3 Shares For Playing Frontier Markets
The Motley Fool
These UK-listed businesses are investing heavily in frontier economies.
http://jlne.ws/cwY6O1
Miscellaneous News
Bender says Congress erred on bank bill
The Nashua Telegraph
EDITOR'S NOTE: This is another in an occasional series of stories based on meetings between The Telegraph editorial board and candidates for federal and state office in the upcoming elections. Republican U.S. Senate candidate Jim Bender said Congress made a mistake in 1999 when it broke down barriers and let banks get into the insurance industry and make more risky investments.
http://jlne.ws/aYGCAn
Sorkin: Why Wall St. Is Deserting Obama
New York Times
A letter from a hedge fund manager to his investors about Washington's policies is stirring up controversy on a sensitive topic among the moneyed elite, The New York Times's Andrew Ross Sorkin writes in his latest DealBook column.
http://jlne.ws/dgkOfa
Harris: Angel investors spread their wings
San Jose Mercury News
Angel investors - typically wealthy entrepreneurs who invest their own money in startups in the early stage of their development âE" are gaining importance at a time when the recession-hammered venture capital industry is in a painful contraction.
http://jlne.ws/aZQOF5
FDA reports numerous violations at egg farms
(CNN) -- Rodents, piles of manure, uncaged birds and flies too numerous to count were found by investigators at Iowa farms at the heart of the recall of more than half a billion eggs, the Food and Drug Administration reported Monday. Inspection reports released by the FDA noted numerous violations at six farms operated by Wright County Egg and Quality Egg, which are owned by the same family, and three Hillandale Farms locations.
http://jlne.ws/9PEquk
Egg Farms Violated Safety Rules
By WILLIAM NEUMAN
Barns infested with flies, maggots and scurrying rodents, and overflowing manure pits were among the widespread food safety problems that federal inspectors found at a group of Iowa egg farms at the heart of a nationwide recall and salmonella outbreak.
NYTimes.com
http://jlne.ws/cIKTze
Lead Stories
Gold Advances Toward Record Amid `Brisk' Demand for Exchange-Traded Funds
Bloomberg
Gold advanced toward a record on signs of increased demand from investors seeking to protect their wealth. Immediate-delivery gold climbed as much as 0.2 percent to $1,247.25 an ounce, and traded at $1,246.75 at 11:43 a.m. in Tokyo. The price touched $1,254.73 yesterday, the highest level since June 28 and within 1 percent of the all-time high.
http://jlne.ws/bSM6wm
Obama's Too-Small Steps on the Economy
The Daily Beast by Douglas Schoen
News that the administration is weighing tax cuts is welcome, but the president needs to take concrete action on the economy now—and stop blaming Bush—to win voters, says Douglas E. Schoen.
http://jlne.ws/9O5xWA
Rare earths: Digging in
The Economist
BEHIND the rise of resource-poor countries like Japan, South Korea and China into industrial giants has been the readiness of other countries to sell them critical commodities, albeit sometimes at excruciating cost. An unfolding collision around a group of elements known as “rare earths” is seen by some as a test of China’s willingness to reciprocate.
http://jlne.ws/blfktj
Futures & ETF News
As silver consolidates above $19/oz technicals look bullish
Mineweb
Last week we saw some interesting action in the silver futures market traded on Comex, a division of the New York Mercantile Exchange.
http://jlne.ws/9Qza9x
How To Trade The Gold/Silver Spread
Hard Assets Investor
A spread consists of two or more related futures positions. Note the word "related" here. In order for a spread to be recognized for margin purposes—more on that in a moment—there has to be an economic connection between its constituents. Plainly, gold and silver are fellow-traveling precious metals, but formal recognition of the spread by the exchange clearinghouse is required to derive the spread's benefits.
http://jlne.ws/dlCvJV
Gold closing in on record high Metals Stocks
MarketWatch
Gold futures are less than half a percentage point away from their record high, resuming an increase as investors continued to use it as a means to protect their wealth.
http://jlne.ws/avArMb
Copper Climbs to Four-Month High as IMF Raises South Korea Growth Forecast
Bloomberg
Copper reached a four-month high in New York and London after the International Monetary Fund boosted its growth forecast for South Korea and factory orders in the U.S., the metal’s second-largest user, probably rose.
http://jlne.ws/aOo3tY
Are gold, silver and miner ETFs on the verge of breaking out?
MarketWatch
Despite the cheering over the 200+ point Dow rally today, stocks remain locked within the trading range in place for about a year. However, ETFs tracking gold, silver and miner stocks may be on the verge of a breakout to the upside as they brush against key resistance levels.
http://jlne.ws/c6nHHw
Physical Silver ETFs Go Gangbusters
ETF Trends
The price of gold has been hovering around record highs in recent months. In gold’s long shadow are silver exchange traded funds (ETFs), which have been no slouches themselves.
http://jlne.ws/akmZST
The Top 5 ETFs of August
ETF Trends
Volatility and uncertainty in the markets have driven investors to safer bets in exchange traded funds (ETFs). Take a look at the top five ETFs for August and you’ll see a trend emerge…
http://jlne.ws/9WbbW8
Gold, Silver ETF holdings hit fresh records
Kitco News
Holdings in global gold and silver exchange-traded products on Wednesday extended the record highs hit the day before, Barclays Capital reports.
http://jlne.ws/dom54r
The gold debate: Will gold be as good going forward
Mineweb
Gold bugs have spent the last ten years in the sun but, in relative terms the price of gold is rather expensive now, how much higher can it go?
http://jlne.ws/bQfw5H
Investments
Mosseri and Loud: Hedge Your Bets
Gold Report
Everyday New York-based investment gurus Jeff Mosseri and Doug Loud make key decisions for their high net-worth clients. Many of those decisions involve strategically positioning investors in small- and micro-cap gold and silver plays. In this exclusive interview with The Gold Report, you will learn some of the names of those plays and how they use Mosseri and Loud as hedges against a failing economy.
http://jlne.ws/atZPiG
US Mint Sales: 2010 Sets Soar, Bullion Gold Coins Anemic
Coin News
Demand for United States Mint numismatic coins picked up for a second straight week, but interest in bullion coins was limited. The U.S. Mint’s release of the 2010 Silver Proof Set went well with four-day debuting sales at a respectable 241,656.
http://jlne.ws/9lsPIn
All The World Holds Gold
money.ninemsn.com.au
There is little doubt gold enjoyed a secular shift in demand around mid last decade when the US market introduced its first gold exchange traded fund. An ETF allows an investor to hold a charge on a specific amount of existing physical gold, instead of either holding actual gold, holding shares in a gold miner, or holding paper gold in the form of futures contracts. Each of the former three options has its risks, from security to mining risk to counterparty risk.
http://jlne.ws/aB7qS7
Paulson Discloses 9.1% Stake in NovaGold
Benzinga.com
According to a 13D that was just filled with the Securities and Exchange Commission, John Paulson of the famed hedge fund Paulson & Company, now owns 20,181,818 shares of NovaGold Resources Inc., which is a 9.1% stake in the precious metals company.
http://jlne.ws/bpnXYv
Production News
Gold Bullion Now “Third Reserve Currency”
Gold News
GOLD is now the world's “third reservable currency” according to a leading market analyst and advisor, growing in strength as the Euro – second to the US Dollar – weakens. Speaking to CNBC on Wednesday morning, Dennis Gartman – editor of the eponymous and closely-followed $5000-per-year advisory letter – said that investors should own Gold Bullion “because of geopolitical risk and because it's becoming a reservable asset” for central banks and other government players to hold in their strategic portfolios.
http://jlne.ws/9ixWJC
** I love when this happens, compare these two headlines:
South African Gold Production Declined 2% in Second Quarter, Chamber Says
Bloomberg
Gold production in South Africa, the fourth-largest producer of the precious metal, fell 2 percent in the second quarter from a year earlier, the Chamber of Mines of South Africa said. Output declined to 1.59 million ounces, from 1.62 million ounces a year earlier, the industry group said in an e-mailed statement today.
http://jlne.ws/9FFlXI
SA gold production increases
Fin24
In the second quarter of 2010, South Africa's gold production increased by 12.6% to 49 444.5kg, from 43 927.8kg produced in the first quarter, the Chamber of Mines said on Thursday.
http://jlne.ws/cwpK9j
Regulatory News
CFTC proposal to gather more data a burden: FIA
Reuters
The Futures Industry Association warned the U.S. futures regulator that its proposal to collect more data about the ownership and control of all active futures trading accounts was "premature" and would place "overwhelming burdens" on the industry.
http://jlne.ws/d8LvUK
New CFTC Forex Trading Rules Call For 50:1 Leverage
Great Speculations - Forbes
The Commodity Futures Trading Commission has published its highly anticipated final rules for trading off-exchange retail forex. As discussed on prior blogs, the recently enacted Dodd-Frank Fin Reg bill forced the hand of the CFTC to act by Oct. 19 because it would otherwise bar non-eligible contract participants from off-exchange retail forex trading. The CFTC acted in the nick of time because these new rules are effective on Oct. 18, 2010 — one day before the Dodd-Frank deadline.
http://jlne.ws/cdMsvR
Reports, Macroeconomics & Inflation
Data shows jobless claims drop, retail sales rise
The Associated Press
A weak economy got a little lift Thursday with new data suggesting companies aren't pursuing mass layoffs and stores are a little busier. New applications for unemployment benefits declined for a second straight week after rising in the previous three. Retailers reported surprisingly strong sales in August.
http://jlne.ws/cw7vtn
Maybe July Wasn't as Bad as We Thought
The Atlantic
Today, September caught us by surprise. With August suddenly over, now would be a good time to look back at all of the economic indicators the month revealed about July. It certainly felt like there was little good news. Yet most indicators' performance was relatively better than in June. The main exception was real estate.
http://jlne.ws/bClDUQ
Euro Erases Drop on ECB Boost to Forecast, Trichet’s Outlook
Bloomberg
The euro erased its decline against the yen as the European Central Bank raised its economic forecasts and President Jean-Claude Trichet said a double-dip recession is “not in the cards.”
