Top Headlines

US Traders’ Algorithms Face Tougher Scrutiny – Financial Times (subscription) As many as 100 trading groups that generate more than a third of volumes on futures exchanges would have to register and let the government inspect their secret source code under a US regulator’s plan to patrol the frontiers of electronic markets.

• CFTC Approves New Rules on Automated Trading – Profit & Loss

Draghi’s `Whatever It Takes’ Was Confidence Trick, Stiglitz Says – Bloomberg Joseph Stiglitz, the Nobel-prize-winning economist, said that Mario Draghi’s 2012 pledge to shield the euro zone only papered over the cracks that are caused by the faulty design of the currency bloc.

EU Strikes Deal on Rules to Prevent Rigging of Market Benchmarks – Reuters European Union negotiators reached a preliminary agreement on Wednesday on new rules to stop the rigging of market benchmarks, after attempted manipulation of the Libor and Euribor interest rates indexes by banks.

Lack of Clarity Over Spoofing as Schneiderman Targets FX – Profit & Loss As New York attorney general, Eric Schneiderman, investigates alleged spoofing activity in the FX markets, legal experts indicate that it is unclear how the rules regarding this behaviour will be enforced.

Bank Profits Hit $40.4 Billion in Third Quarter, FDIC Says – Bloomberg US banks earned $40.4 billion in profits for the third quarter, a 5.1 percent increase from a year earlier, the Federal Deposit Insurance Corp. said Tuesday.

Regulatory News

More Capital Punishment for Big Banks – Wall Street Journal (subscription) Raising the ‘stress test’ capital bar puts even more pressure on giant banks to shrink.

EU Executive Says One-Year Delay to Securities Rules is Best Option – Reuters Delaying the European Union’s landmark securities reform by a year to 2018 would be long enough to allow those involved to prepare for their introduction, the bloc’s executive European Commission said in a document on Tuesday.

ECB Discusses Two-Tiered Bank Charges, Broader Bond Buys – Officials – Reuters Euro zone central bank officials are considering options such as whether to stagger charges on banks hoarding cash or to buy more debt ahead of the next European Central Bank meeting, according to officials.

Company News

Listorti Steps in at ANZ – Profit & Loss Eddie Listorti has been appointed acting managing director global markets following the resignation of Steve Bellotti.

Liquidnet Expands Algo Offering to Asia – Financial News Founded in 2001, the US firm’s primary business is operating buyside-only trading platforms that enable asset managers to trade large blocks of shares without revealing their intentions to the market – which it launched into Asia in 2007.

Market Savvy  

Stocks Steady Amid Global Tensions – Wall Street Journal (subscription) Caution prevails after declines on Tuesday.

If China Killed Commodities Super Cycle, Fed Is About to Bury It – Bloomberg The last time the Bloomberg Commodity Index of investor returns was this low, Apple Inc.’s best-selling product was a desktop computer, and you could pay for it with francs and deutsche marks.

Press Releases

FXDD Global to Offer Clients Complimentary Access to FX Navigator Powered by TraderMade – PR News Wire FXDD Global is offering active account holders free access to FX Navigator powered by TraderMade, an institutional-grade analytical tool for foreign exchange traders in effort to further enhance overall trading and user experience.

XTX Markets Provides Liquidity on TradAir – Profit & Loss XTX Markets says it now provides liquidity on TradAir’s front-office solutions.

Industry Events

• 11th Annual FIA Asia Derivatives Conference, 8-10 December in Singapore