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The European Securities and Markets Authority (ESMA) has published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD. ESMA has also written to the European Commission, European Council and European Parliament on the proportionality principle and remuneration rules in the financial sector.

Aequitas NEO Exchange Inc. (the “NEO Exchange”), Canada’s new national stock exchange, celebrated today the launch of its first listing, Invesco Canada’s PowerShares DWA Global Momentum Index ETF. Trading under the symbol DWG, this exchange-traded fund is the first listed in Canada based on the relative strength model of Dorsey, Wright & Associates, LLC (DWA). This is also the first time an ETF has listed on a Canadian stock exchange other than the TSX.

Financial Machineries GTR Analytics is the first Best Execution OTC datafeed of all derivatives transactions captured and published since the start of Dodd Frank and EMIR regulations.

Access to the data and the analytics is available via IDC’s Consolidated Feed, a desktop web application, a datafeed API or via customised reports direct to user email accounts.

GTR Analytics collects the raw data from every Trade Repository (TR) globally, and runs a series of algorithms and quality checks which have been especially designed by our team of expert quants. The data is then cleansed, aggregated, normalised and made available within two minutes of the trade being reported to the TR.

The enhanced and normalised data is then overlaid with a series of sophisticated analytics, allowing GTRA users to interrogate the database in depth and create reports for risk modelling, pricing & valuations.

GTRA provides cleansed, normalised, unskewed, usable data in near-time bringing transparency on actual traded prices in the OTC market.

The Tokyo Commodity Exchange, Inc. (“TOCOM” or the “Exchange”) today announced revised weightings of the Nikkei-TOCOM Commodity Index components, effective June 1, 2016, as indicated below.

QE Index

Singapore Exchange (SGX) today welcomed Hong Kong-based broker, Quam Securities Company Limited, to its securities market as a trading member.

At the “Innovative Enterprise Conference” in The Hague, the creation of a new EU Securitisation Instrument for European banks was announced by Commissioner Carlos Moedas, EIF Chief Executive Pier Luigi Gilibert and EIB Vice-President Pim van Ballekom. On the same occasion, a report on access to finance for companies working with “Key Enabling Technologies” was presented.

Singapore Exchange (SGX) and the Chartered Secretaries Institute of Singapore (CSIS) have launched an online calendar for listed companies to indicate their tentative Annual General Meeting (AGM) dates. 97 companies have thus far scheduled their AGMs in April on the calendar.

Tokyo Financial Exchange has decided to shift the leading contract month for Euroyen futures from the current September 2016 contracts to the December 2016 contracts, effective from 30 March 2016.

For information of historical data on TFX leading contract months, please click here.

The Office of the Comptroller of the Currency (OCC) today published its perspective on responsible innovation in the federal banking system and solicited feedback on what more it could do to support innovation that better serves consumers, businesses, and communities.

The Securities and Exchange Commission today charged Navistar International Corp. with misleading investors about its development of an advanced technology truck engine that could be certified to meet U.S. emission standards.

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Qi Liu and Bo Sun | This paper studies how private information in hedging outcomes affects the design of managerial compensation when hedging instruments serve as a double-edged sword in that they may be used for both corporate hedging and earnings management. On the one hand, financial vehicles can offer customized contracts that are closely tailored to manage specific risk and improve hedging efficiency. On the other hand, involvement in hedging may give rise to manipulation through misstatement of the value estimates. We show that the use of privately-observed hedging may actually require greater pay-for-performance in managerial compensation. The cross-sectional variations in managerial compensation lend support to our model.

The U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Northern District of Georgia, charging Defendants Hendrik A. Van Beuningenof Brookhaven, Georgia, and his company, DeBrink Trading Fund I, LLC (DeBrink) of Atlanta, Georgia, with fraud, misappropriation, and issuing false statements in connection with a commodity pool they operated.

Canadian Securities Administrators (CSA) today published CSA Multilateral Staff Notice 54-304 Final Report on Review of the Proxy Voting Infrastructure and Request for Comments on Proposed Meeting Vote Reconciliation Protocols. Among other things, the Notice seeks comment on proposed protocols containing CSA staff expectations and guidance for improving the processes involved in the tabulation of proxy votes.

BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or the "Company,") a leading global brokerage company servicing the financial and real estate markets, today announced that it has updated its outlook for the quarter ending March 31, 2016.

The Investment Industry Regulatory Organization of Canada (llROC) today published its annual Enforcement Report outlining the actions it has taken to prosecute and sanction investment firms and individuals who have breached their professional and/or ethical obligations. The report also highlights how llROC is working to strengthen its enforcement powers to improve investor protection.

We consider a simplified model of the continuous double auction where prices are integers varying from $1$ to $N$ with limit orders and market orders, but quantity per order limited to a single share. For this model, the order process is equivalent to two $M/M/1$ queues. We study the behaviour of the auction in the low-traffic limit where limit orders are immediately transformed into market orders. In this limit, the distribution of prices can be computed exactly and gives a reasonable approximation of the price distribution when the ratio between the rate of order arrivals and the rate of order executions is below $1/2$. This is further confirmed by the analysis of the first passage time in $1$ or $N$.

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