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Feb 10, 2014

CFTC | Press Release February 10, 2014:

CFTC Updated banner

RELEASE: PR6853-14

  • February 10, 2014

    CFTC Announces Measures to Promote Trading on Swap Execution Facilities and Support an Orderly Transition to Mandatory Trading

    Washington, DC — The Commodity Futures Trading Commission (Commission) today announced measures to promote trading on swap execution facilities (SEFs) and support an orderly transition to mandatory trading of swaps, which begins for certain interest rate swaps on February 15, 2014.
    “As a result of the trade execution mandate, next week many swaps for the first time will trade on regulated platforms and benefit from market-wide, pre-trade transparency,” said Acting Chairman Wetjen. “These measures, in conjunction with the Commission’s implementation of the trade execution mandate, will maximize the level of trading on these regulated platforms and support the transition to a transparent, risk-reducing swap-market structure under CFTC oversight.” Acting Chairman Wetjen emphasized, in addition, that “these platforms promise to improve pricing for the buy-side, commercial end-users, and other participants and add to liquidity by streamlining participation in the swap markets.”
    In connection with the commencement of the trading mandate, the Commission and the Division of Market Oversight (DMO), respectively, have taken the following measures:
    1.) In order to protect the identities of counterparties trading on SEFs and incentivize anonymous trading on regulated platforms, on February 10, 2014, the Commission issued an interim final rule clarifying that consistent with the requirements of section 21(c)(6) of the Commodity Exchange Act, a party to an anonymous trade executed on a SEF or designated contract market (DCM) cannot access information in swap data repositories in order to obtain the identity of its counterparty.
    2.) On February 10, 2014, DMO issued a no-action letter providing relief until May 15, 2014 from mandatory trading of certain swaps executed as part of a “package transaction.” Accordingly, DMO reminds swap execution facilities (SEFs) that they may facilitate the trading of swaps subject to the trade mandate, if executed as part of such a “package transaction,” only if (i) the methods for executing such swaps comply with the trading protocols applicable to Required Transactions in § 37.9 of the Commission’s regulations or (ii) such SEFs have rules in effect that permit the trading of package transactions under the terms of the relief. DMO staff will hold a public meeting on February 12, 2014 to discuss potential challenges surrounding the execution of package transactions through SEFs or DCMs.
    3.) DMO published guidance on February 10, 2014 clarifying that while Rule 37.202(b) requires that market participants trading on a SEF consent to its jurisdiction, it is a reasonable interpretation that such consent need not be obtained through an affirmative writing. DMO stated that at this time a SEF may comply with Rule 37.202(b) by providing in its rulebook that any person initiating or executing a transaction on or subject to the rules of the SEF directly or through an intermediary, and any person for whose benefit such a transaction has been initiated or executed, consents to the jurisdiction of the SEF.
    4.) DMO announced that it has published on the Commission’s website a centralized list of swaps subject to the mandate. This dedicated webpage is intended to provide notice to market participants of the swaps subject to the mandate and includes specific terms defining each such swap.
    Last Updated: February 10, 2014

World Bank Group Weekly Update February 10, 2014: Live Webcast Today: Universities as Partners in Global Development

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World Bank Live Update


Live Webcast Today: Universities as Partners in Global DevelopmentLive Webcast Today: Universities as Partners in Global Development
 
UPCOMING WORLD BANK LIVE EVENTS
Live Chat: Diversifying Development in EurasiaWebcast: The Data Revolution Is HereWebcast: Gender Equality at Work: Where Do We Stand?Stay Tuned for More Live Events Coming Soon!
Live Chat: Diversifying Eurasian Development Webcast: The Data Revolution Is Here Webcast: Gender Equality at Work Stay Tuned for More Exciting Live Events!
Natural resources have been very good for Eurasia, but the region must now ensure that its blessing does not become a curse, as has sometimes happened in Africa and Latin America. Chat live with Hans Timmer, the World Bank's chief economist for Europe and Central Asia, on Wednesday, Feb. 12 from 9-10 a.m. ET/14:00-15:00 GMT. How is open data changing the private sector? Can open data help reduce energy consumption and thus slow down climate change? Can open data help farmers and crop insurers make better crop predictions? Can open data check the spread of disease? Join a panel of experts to discuss these questions on Thursday, Feb. 13 from 12:30-2 p.m. ET/17:30-19:00 GMT. Gender at Work finds persistent gender gaps at work around the world. This new report advances our understanding of key trends and offers innovative approaches to policies and programs that can level the playing field. Join us for a live webcast with Catherine Russell, U.S. ambassador-at-large for global women's issues, on Thursday, Feb. 20 from 12:30-2 p.m. ET/17:30-19:00 GMT. Check back with World Bank Live for more exciting events to be announced soon, or replay past events you missed. World Bank Live brings you experts from the Bank and beyond discussing the most important development issues of our day. Follow @WorldBankLive and hashtag #WBLive on Twitter for real-time updates about events.
Read More » Read More » Read More » Read More »

NYT | Asia Morning Today's Headlines February 11, 2014: Today's Editorials OP-ED Columnist: Writing Off the Unemployed by Paul Krugman

The New York Times
NYT Apps|

Tuesday, February 11, 2014


Top News
European Union foreign ministers met in Brussels on Monday to discuss the Swiss immigration vote and the political crisis in Ukraine.
Swiss Immigration Vote Raises Alarm Across Europe

By MELISSA EDDY and STEPHEN CASTLE

Some leaders said a referendum limiting the number of foreigners allowed to live and work in Switzerland is a retreat from European integration.
. Swiss Voters Narrowly Approve Curbs on Immigration
Some 1,000 antigovernment protesters shut down the center of Sarajevo on Monday.
Bosnians Furious With Politicians Shut Down Central Sarajevo

By ALISON SMALE

Antigovernment protests build and spread to other cities as demonstrators vented anger, urging those in authority to "resign today!"
Rescue workers evacuated residents from homes near the River Thames on Monday.
British Politicians Blame One Another for Unexpected Flooding

By KATRIN BENNHOLD

Thousands of houses have been damaged by severe flooding while members of Parliament and the emergency response agency pass blame back and forth.
For more top news, go to INYT.com
Editors' Picks

OPINION | EDITORIAL

A More Useful Germany

By THE EDITORIAL BOARD

A healthy debate has been sparked by the country's president, who suggested Germany play a bigger role in international affairs, even if that means using the army.

SPORTS

Video VIDEO: Michael Sam Opens Up About Sexuality
The defensive lineman from the University of Missouri spoke publicly about his sexual orientation and could become the first openly gay player in the National Football League.
World
Civilians in Homs, Syria, left for a safer part of the city Sunday. Despite a cease-fire, aid convoys were attacked over the weekend.
Break in Siege Is Little Relief to Syrian City

By BEN HUBBARD

Aid convoys were attacked during a three-day cease-fire in Homs, highlighting the difficulties plaguing even modest humanitarian efforts in Syria's civil war.
Louay Safi, a spokesman for Syria's main opposition group, at a press briefing in Geneva on Monday.
Talks on Syrian Conflict Resume in Geneva

By NICK CUMMING-BRUCE

Government and opposition delegations returned for a second round of peace negotiations after the first round ended 10 days ago with little progress.
Suicide Bomb Instructor Accidentally Kills Iraqi Pupils

By DURAID ADNAN

Twenty-two militants attending a suicide bombing training were killed when a commander mistakenly used an armed belt during a demonstration.
For more world news, go to NYTimes.com/World
Business
Michael Saltsman, the Employment Policies Institute's research director, late last month.
Fight Over Minimum Wage Illustrates Web of Industry Ties

By ERIC LIPTON

The campaign against increasing the minimum wage illustrates how interest groups - conservative and liberal - are working in opaque ways to shape hot-button political debates.
Peter Som's fall 2014 collection being shown Friday at a MADE Fashion Week event.
Rival Shows Vie for Relevancy in Fashion Week

By HILARY STOUT

In the extravaganza known as New York Fashion Week, it's Mercedes-Benz Fashion Week versus MADE Fashion Week, an upstart rival.
Tom Wheeler, the Federal Communications Commission chairman, said a court ruling affirmed the F.C.C.'s Internet authority.
Industry and Congress Await the F.C.C. Chairman's Next Moves on Internet Rules

By EDWARD WYATT

Companies will be watching to see how Tom Wheeler responds to last month's court decision that invalidated the rules created by the F.C.C. in 2011 to maintain an open Internet.
For more business news, go to INYT.com/Business
Technology
Leaders of three companies that have filed or are expected to file confidentially for public offerings under the JOBS Act, from left: Brian Chesky, chief of Airbnb; Kevin P. Ryan, chairman of Gilt; and Nick Woodman, chief of GoPro.

DEALBOOK

'The New Normal' for Tech Companies and Others: The Stealth I.P.O.

By DAVID GELLES and MICHAEL J. DE LA MERCED

More companies filing for public offerings are taking advantage of a 2012 law that lets them slow the release of financial data.
Carl C. Icahn began amassing shares in Apple last summer.

DEALBOOK

Icahn Backs Off Apple Buyback Proposal

By MICHAEL J. DE LA MERCED

The activist investor Carl C. Icahn backed away from his proposal that Apple increase its stock buybacks to $50 billion after running into increasing opposition.
. DealBook: I.S.S. Sides With Apple in Battle Against Icahn
Mt. Gox, a Japanese company, was previously the largest Bitcoin exchange in the world.

DEALBOOK

Bitcoin Exchange Struggles

By NATHANIEL POPPER

Mt. Gox, once the largest Bitcoin exchange in the world, said its problems had been caused by a previously undetected software glitch. The price of a bitcoin fell sharply.
For more technology news, go to NYTimes.com/Tech
ADVERTISEMENT
Sports
Michael Sam was named a first-team all-American in 2013.

SPORTS OF THE TIMES

It's Time for the N.F.L. to Welcome a Gay Player

By JULIET MACUR

With Michael Sam's declaration that he is gay, there is no better moment than now to plow ahead and topple a wall of discrimination.
As a senior, Michael Sam was a first-team all-American at defensive end.
N.F.L. Prospect Michael Sam Proudly Says What Teammates Knew: He's Gay

By JOHN BRANCH

The all-American defensive end at the University of Missouri said he decided to come out publicly now because he sensed that rumors were circulating.
. Video  Video: Michael Sam Opens Up About Sexuality
Maria Höfl-Riesch of Germany won the gold.
Höfl-Riesch Wins Super Combined; Mancuso Takes Bronze

By BILL PENNINGTON

Maria Höfl-Riesch of Germany won her third Olympic gold medal. The American Julia Mancuso led after the downhill and hung on for third.
For more sports news, go to INYT.com/Sports
U.S. News
Justices Elena Kagan, left, and Ruth Bader Ginsburg.

SIDEBAR

Kagan Says Her Path to Supreme Court Was Made Smoother by Ginsburg's

By ADAM LIPTAK

Justice Ruth Bader Ginsburg, 80, came of age when many legal careers were closed to women. Justice Elena Kagan, 53, credits the swifter rise of her own career to the ground her colleague broke.
California's Health Exchange Removes Its Physician Directories Because of Errors

By IAN LOVETT

Doctors and patients complained of numerous mistakes about crucial facts like which physicians were in which network, and what they specialized in.
Farm Bureau Report Finds Need for Immigration Overhaul

By RON NIXON

A study commissioned by the American Farm Bureau suggests that changes to immigration law focusing solely on enforcement will lead to a sharp rise in food prices.
For more U.S. news, go to NYTimes.com/US
Opinion

OP-ED CONTRIBUTOR

Rein in the Saudi Religious Police

By MANAL AL-SHARIF

Anger at abuses by the zealous mutaween has hit a boiling point in the kingdom.

TODAY'S EDITORIALS

Mercy in the Justice System

By THE EDITORIAL BOARD

President Obama needs to restructure the screening process for clemency applications, which is in a state of collapse.
. Closing In on Basic Mideast Principles
. A More Useful Germany
Paul Krugman

OP-ED COLUMNIST

Writing Off the Unemployed

By PAUL KRUGMAN

Fuzzy thinking meets lack of compassion as Republicans try to rationalize their refusal to extend benefits.
. Columnist Page | Blog
For more opinion, go to INYT.com/Opinion

NFA | Enforcement Actions February 10, 2014: NFA permanently bars Pasadena, Calif. commodity pool operator Equity Swarm LLC, commodity trading advisor Adantia LLC and two of the firms' principals, Purnardeep Sikka and Jagjit S. Sikka


 
For Immediate Release
February 10, 2014

For More Information Contact:
Larry Dyekman (312) 781-1372,ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA permanently bars Pasadena, Calif. commodity pool operator Equity Swarm LLC, commodity trading advisor Adantia LLC and two of the firms' principals, Purnardeep Sikka and Jagjit S. Sikka
February 10, Chicago - National Futures Association (NFA) has permanently barred from membership Equity Swarm LLC (Equity), a commodity pool operator member of NFA and Adantia LLC (Adantia), a commodity trading advisor member of NFA. Both firms are located in Pasadena, Calif. NFA also permanently barred Purnardeep Sikka (P. Sikka) and Jagjit S. Sikka (J. Sikka), listed principals of both Equity and Adantia and NFA Associates. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed against Equity, Adantia, P. Sikka, J. Sikka and Daryl P. Jamison (Jamison), a listed principal of Equity and an NFA Associate, on December 23, 2013.
The Complaint alleged that Equity, Adantia, P. Sikka and J. Sikka misappropriated customer funds, provided false and misleading information to NFA and failed to observe high standards of commercial honor and just and equitable principals of trade. The Complaint also alleged that Equity and Adantia directed pool assets to themselves or affiliated entities or individuals. In addition, the Complaint alleged that Equity, P Sika, J. Sikka and Jamison failed to cooperate promptly and fully with NFA during its examination of Equity.
NFA served Equity, Adantia, P. Sikka, J. Sikka and Jamison with the Complaint by first-class and overnight mail at the last address the firm had provided to NFA. Jamison filed an Answer to the Complaint. However, Equity, Adantia, P. Sikka and J. Sikka failed to respond to the Complaint in any way, and failed to respond to subsequent attempts by NFA to serve the Complaint. Equity, Adantia, P. Sikka and J. Sikka are, therefore, deemed to have admitted the facts and legal conclusions alleged in the Complaint and to have waived their right to a hearing.
Equity, Adantia, P. Sikka and J. Sikka may appeal this Decision to NFA's Appeals Committee by filing a written notice of appeal within 15 days of the date of the Decision.
The complete text of the Complaint and Decision can be viewed onNFA's website.

FTC | Scams Alerts February 10, 2014.: “One-ring” cell phone scam can ding your wallet.

Federal Trade Commission Consumer Information

by Colleen Tressler
Consumer Education Specialist
Who’s calling now? That number doesn’t ring a bell. Hold the phone, says the Federal Trade Commission. You could be a potential victim of the growing "one-ring” cell phone scam.
Read more >

FTC | Consumers Update February 10, 2014.

Federal Trade Commission Consumer Information

by Aditi Jhaveri
Consumer Education Specialist, FTC
The most romantic day of the year is almost here. And while you’re daydreaming about the great chemistry between you and your Valentine, you also might think about whether you’re a financially compatible couple.
So how can you tell if you’ve got fiscal attraction? Play our quiz to check out how your significant other stacks up in the financial department.

Read more >

WSJ | Biggest Decliners Closing January 10, 2014.

Biggest Decliners Closing
Biggest Decliners
4:47 pm ET 02/10/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Boardwalk Pipeline Partners (BWP)42,181,910$13.01-11.08-45.99
Niska Gas Storage Partners (NKA)342,73014.54-1.31-8.26
Danaos (DAC)35,0426.09-0.40-6.16
HudBay Minerals (HBM)84,9467.96-0.52-6.13
LIN Media Cl A (LIN)1,274,96021.53-1.38-6.02
Orbitz Worldwide (OWW)1,186,1407.01-0.42-5.65
Mercury General (MCY)362,71342.97-2.51-5.52
Hyperdynamics (HDY)94,3466.11-0.35-5.42
Nordic American Tankers (NAT)2,531,4619.69-0.55-5.37
Geo Group (GEO)1,956,61430.94-1.70-5.21
ArcelorMittal ADS (MT)9,633,35516.38-0.89-5.15
WageWorks (WAGE)511,57855.51-2.99-5.11
BBVA Banco Frances ADS (BFR)149,7965.79-0.30-4.93
Empresa Distribuidora y Comercializadora Norte Cl B ADS (EDN)44,8014.93-0.25-4.83
Gerdau ADS (GGB)4,873,4216.79-0.34-4.77
Media General (MEG)166,13116.78-0.84-4.77
Teekay Tankers (TNK)458,5903.40-0.17-4.76
China Green Agriculture (CGA)175,8703.02-0.15-4.73
Companhia Siderurgica Nacional ADS (SID)4,248,7364.70-0.23-4.67
Hill International (HIL)47,5624.32-0.20-4.42
ITT Educational Services (ESI)710,02728.10-1.29-4.39
Lindsay (LNN)216,29588.86-4.07-4.38
Viad (VVI)142,01523.71-1.08-4.36
Loews (L)2,847,83543.26-1.92-4.25
McClatchy Cl A (MNI)696,9394.09-0.18-4.22
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Changyou.com ADS (CYOU)2,863,959$26.74-3.21-10.72
IntriCon (IIN)14,1044.31-0.51-10.58
UBIC ADS (UBIC)5,0604.38-0.47-9.69
Echelon (ELON)918,8362.86-0.30-9.65
M B T Financial (MBTF)270,3874.63-0.47-9.22
Reliv International (RELV)10,7982.13-0.21-9.15
PMFG (PMFG)102,4266.55-0.52-7.36
MoSys (MOSY)289,7704.65-0.35-7.00
ACI Worldwide (ACIW)1,011,14055.29-3.92-6.62
Clearfield (CLFD)561,23121.48-1.52-6.61
eHealth (EHTH)664,62346.61-3.05-6.14
Life Partners Holdings (LPHI)142,1882.45-0.16-6.13
SFX Entertainment (SFXE)1,018,1998.21-0.52-5.96
Kirkland's (KIRK)308,64916.74-1.04-5.85
Iao Kun Group Holding (IKGH)320,1702.68-0.16-5.63
ZELTIQ Aesthetics (ZLTQ)727,09318.98-1.13-5.62
AmTrust Financial Services (AFSI)1,708,22731.05-1.82-5.54
NAPCO Security Technologies (NSSC)110,0787.04-0.40-5.38
NIC (EGOV)671,32617.97-1.01-5.32
PDI (PDII)10,4525.17-0.29-5.31
Medicines (MDCO)3,544,12332.42-1.80-5.26
Flamel Technologies ADS (FLML)176,4019.20-0.50-5.15
1st Constitution Bancorp (FCCY)3,48410.40-0.55-5.02
Nexstar Broadcasting Group Cl A (NXST)759,33843.04-2.12-4.69
EXFO (EXFO)86,0354.19-0.20-4.56
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST)327,307$24.77-3.63-12.78
VelocityShares 3x Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (UGAZ)2,358,18523.59-2.77-10.51
Direxion Daily Gold Miners Bear 3x Shares (DUST)5,099,23625.40-2.67-9.51
ProShares Ultra DJ-UBS Natural Gas (BOIL)249,19944.20-3.62-7.57
Direxion Daily India Bull 2X Shares (INDL)30,43844.87-2.38-5.04
Direxion Daily Brazil Bull 3X Shares (BRZU)10,96714.21-0.72-4.82
PowerShares DB Agriculture Double Short ETN (AGA)2,01313.44-0.63-4.48
iPath Dow Jones UBS Natural Gas SubindexTotal Return ETN (GAZ)81,8792.85-0.12-4.04
Direxion Daily Latin America Bull 3X Shares (LBJ)27,26815.64-0.61-3.75
Direxion Daily Emerging Markets Bull 3x Shares (EDC)2,884,63221.64-0.70-3.13
iShares MSCI Indonesia ETF (EIDO)349,55123.43-0.73-3.02
Direxion Daily Real Estate Bear 3x Shares (DRV)67,97253.09-1.62-2.96
Market Vectors Indonesia Index ETF (IDX)153,78721.43-0.63-2.86
EGShares India Infrastructure ETF (INXX)6,5289.43-0.27-2.78
UBS AG E_TRACS linked to Alerian Natural gas MLP Index 2040 (MLPG)14,66735.72-0.95-2.59
Direxion Daily FTSE China Bull 3X Shares (YINN)152,79820.60-0.54-2.55
Market Vectors Brazil Small Cap ETF (BRF)103,78426.70-0.69-2.52
C-TRACKS Exchange Trade Notes based on the Performance of the Citi Volatility Index Total Return (CVOL)18,8523.53-0.09-2.49
Global X Brazil Mid Cap ETF (BRAZ)9,45811.52-0.29-2.46
ProShares Ultra MSCI Mexico Capped IMI (UMX)4,10837.40-0.93-2.43
EGShares Brazil Infrastructure ETF (BRXX)10,59215.04-0.34-2.19
Morgan Stanley Cushing High Income Index ETN (MLPY)20,40317.94-0.40-2.17
Market Vectors Indonesia Small-Cap ETF (IDXJ)16,50412.29-0.26-2.08
Direxion Daily Natural Gas Related Bull 3x Shares (GASL)32,31332.30-0.65-1.97
db X-Trackers MSCI United Kingdom Hedged Equity Fund (DBUK)2,10025.14-0.50-1.95
 
Composite
ISSUEVOLUMEPRICECHG% CHG
Boardwalk Pipeline Partners (BWP)42,181,910$13.01-11.08-45.99
Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST)327,30724.77-3.63-12.78
Pedevco (PED)547,9111.93-0.24-11.06
Changyou.com ADS (CYOU)2,863,95926.74-3.21-10.72
IntriCon (IIN)14,1044.31-0.51-10.58
VelocityShares 3x Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (UGAZ)2,358,18523.59-2.77-10.51
Versar (VSR)44,4204.16-0.47-10.15
UBIC ADS (UBIC)5,0604.38-0.47-9.69
Echelon (ELON)918,8362.86-0.30-9.65
Direxion Daily Gold Miners Bear 3x Shares (DUST)5,099,23625.40-2.67-9.51
M B T Financial (MBTF)270,3874.63-0.47-9.22
Reliv International (RELV)10,7982.13-0.21-9.15
Niska Gas Storage Partners (NKA)342,73014.54-1.31-8.26
Prana Biotechnology ADS (PRAN)3,793,4399.14-0.78-7.86
ProShares Ultra DJ-UBS Natural Gas (BOIL)249,19944.20-3.62-7.57
Tiptree Financial Cl A (TIPT)4,6047.12-0.58-7.53
PMFG (PMFG)102,4266.55-0.52-7.36
MoSys (MOSY)289,7704.65-0.35-7.00
Dynatronics (DYNT)28,9854.59-0.33-6.71
ACI Worldwide (ACIW)1,011,14055.29-3.92-6.62
Clearfield (CLFD)561,23121.48-1.52-6.61
Uranium Resources (URRE)812,9842.70-0.19-6.57
Danaos (DAC)35,0426.09-0.40-6.16
eHealth (EHTH)664,62346.61-3.05-6.14
HudBay Minerals (HBM)84,9467.96-0.52-6.13
 
See All Decliners
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS with prior day close of $2 a share or higher, with volume of at least 2,000.
x - stock is trading ex-dividend
Source: WSJ Market Data Group