| May 30, 2017 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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What Options Leaders Are Thinking
Jim Kharouf
Today marks the launch of our Options Industry Council exchange leaders series, sponsored by the OIC and OCC. We will feature interviews with options market leaders from NYSE, Nasdaq, CBOE, MIAX and BOX, with each talking about what they accomplished in recent months and what is on their priority lists for the second half of the year. Filmed at the Options Industry Conference earlier this month, we kick off the series with Ivan Brown, senior director, head of options at NYSE. Take a look. There's a lot to cover in just 3 minutes. Tomorrow, we'll feature Kevin Kennedy of Nasdaq.
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ISDA's Vision for a Smart Future
ISDA
ISDA has a long history of creating solutions for the derivatives industry. The Master Agreement and countless protocols and definitions have contributed to a safer, more efficient market for derivatives users. Now we face perhaps our biggest challenge to date. Due to tactical regulatory drivers and a lack of historic planning, many basic, vital processes in our market have become unbearably complex and inefficient. This needs to change - and ISDA is focused on working with the industry to produce new standards and ensure the derivatives market is building firm foundations for the future.
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***** Smart is good.
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Early market loss taught CME Group CEO Terry Duffy discipline
Gail MarksJarvis - Chicago Tribune
Just like a proud mother covers her fireplace mantel and living room walls with family photos, Terry Duffy's CME Group office is filled with photos of himself and politicians.
There are the Bushes  former Presidents George H.W. and George W., as well as Jeb  plus a framed, handwritten note from George W. Bush commenting on the golf game he played with Duffy in April. Duffy says they've been friends for years. The menagerie also contains Democrats and celebrities  from Bill and Hillary Clinton to Mark Wahlberg and Drew Barrymore.
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***** The word is Terry Duffy is doing well in his recovery from a collapsed lung. See him talk about the story above in our MarketsWiki Education World of Opportunity series from 2014.
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| Sponsored Content |
NYSE Options' Brown Discusses the Road Ahead
Click here to watch
In this video from the Options Industry Conference in Scottsdale, Ariz., Ivan Brown, senior director, head of options at NYSE, sat down to discuss the initiatives the exchange has in place. Brown talks about balancing incentives for market makers, the rollout of a new order entry system, NYSE Options IMprint, and the eventual transition of NYSE options markets to NYSE Pillar, the exchange's new matching engine, among other topics.
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How the laid off 40-something traders came back into fashion
efinancialcareers
Research firm Coalition calculates that banks' revenues from trading G10 rates products fell 51% between the first quarter of 2012 and the first quarter of 2014. By early 2015 senior rates salespeople were as popular as a meat sausage at a vegan picnic. Banks like Credit Suisse set about culling their rates desks; directors and managing directors flooded onto the market. Two years later, times have changed.
bit.ly/2qxnz5m
***** Real intelligence is always in demand.
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ISDA has appointed HSBC's derivatives market infrastructure expert to head up its clearing initiatives.
Joe Parsons - The Trade
The International Swaps and Derivatives Association (ISDA) named Ulrich Karl as head of clearing services, where he will organise and lead its clearing initiatives and regulatory agenda.
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The Launch Of Osaka Exchange Alert Mail
JPX
Osaka Exchange, Inc. (OSE) introduced Osaka Exchange Alert Mail today, which immediately notices any trading suspension etc. of OSE derivative products due to system trouble, and the delay in publication etc. of settlement prices or SPAN Risk Parameter Files by Japan Securities Clearing Corporation. Please see the following page for details.
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****** Look for more news from Osaka later this week.
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U.S. companies no longer know rules of game under Trump, Hasbro director says
Axel Bugge - Reuters
Confusion surrounding the trade policies of U.S. President Donald Trump's administration means U.S. companies no longer know the rules of the game, a board member and former CEO of toymaker Hasbro (HAS.O) told an international conference on Monday.
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****** Uncertainty adds an unnecessary risk premium.
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Column: When the boss gets sick, companies can't run and hide
Robert Reed - Chicago Tribune
Terry Duffy, the CEO of the publicly traded CME Group, is recovering from a serious illness and is expected to be back on the job in a few weeks. That's the latest update from officials at the trading exchange, which this week disclosed to surprised shareholders at its annual meeting that Duffy was not in attendance because he recently suffered a collapsed lung. As a high-stakes global derivatives player, the giant CME is all about managing huge financial risk.
But this time, the company is handling another type of challenge, one many other publicly traded corporations must also confront: Determining how much investors and the community are entitled to know about an ailing CEO, and when they need to know it.
trib.in/2s59psm
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Friday's Top Three
Our top clicked article before the long weekend was Bloomberg's A Step Backward in Financial Regulation, a piece about the Financial Choice Act, the series of proposed reforms to Dodd-Frank. Second was Time to Close the Asset Class Ban Loophole, John's piece about the issues Jon Corzine's attempted return to finance represents. Last, there was a WSj anthropology piece, Wall Street's Endangered Species: The College Jock.
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MarketsWiki Stats
101,474,751 pages viewed; 22,492 pages; 205,971 edits
MarketsWiki Statistics
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| Lead Stories | Departures signal a changing of the guard in HFT; Quantlab's Smith is looking for 'fun' elsewhere and he is not the only one
Nicole Bullock in New York - FT
For a decade, high-frequency trading was the hottest ticket in town. Then it was reviled as the scourge of Wall Street. Now some key figures from the generation that helped define it are on the move.
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***** Cameron Smith, Dan Coleman and Eric Noll all moving to something new.
LSE to acquire bond indices from Citi for $685 million; Addition of indices to bolster information services business and FTSE Russell at the London Stock Exchange.
Hayley McDowell - The Trade
The London Stock Exchange (LSE) is to acquire The Yield Book and Citi Fixed Income Indices from Citigroup for a cash consideration of $685 million.
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The $50 Billion Question: What Makes a Bank Big?; Any Dodd-Frank overhaul is likely to reset the line between big and small banks, changing which firms are subject to stress tests and other rules
Christina Rexrode and Ryan Tracy - WSJ
There's a magic line in banking, and it is $50 billion. That is the boundary that separates the big banks from the small. Firms with assets in excess of that figure face stricter rules on capital, mergers and other business, thanks to the Dodd-Frank Act of 2010.
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Be Wary of Hedge Fund ETFs
Ben Levisohn - Barron's
At this year's SkyBridge Alternatives (SALT) conference, Pershing Square Capital Management CEO William Ackman was asked about the state of the hedge fund industry, which has been under siege due to its high fees and disappointing performance. His answer was revealing: Hedge funds, Ackman said, should be a "place where you earn high returns. If it's not a high-return strategy, you have to compromise on fees."
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LSE to Buy Citigroup's Analytics, Fixed-Income Index Operations for $685 Million; The deal fits with the London bourse operator's strategy of expanding its operations selling market data and licensing indexes
Ben Dummett - WSJ
London Stock Exchange Group LSE 0.24% PLC agreed Tuesday to buy a portfolio of fixed-income indexes and related analytics services from Citigroup Inc. C 0.19% for $685 million, the U.K. exchange operator's latest bet on the growth of passive investing.
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Nasdaq and Shanghai exchange in talks over Kazakh bourse stake; Astana hopes US and Chinese investors will attract others to new financial hub
Henry Foy in Astana - FT
Nasdaq and the Shanghai Stock Exchange are in talks to acquire stakes in the Kazakhstan stock market to be launched this year, as its owners look to attract international investors to the Central Asian country.
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2 Expected to Be Named to S.E.C. Enforcement Role
Matthew Goldstein and Ben Protess - NY Times
The nation's top securities regulator is going to have a decidedly Sullivan & Cromwell look to it. Jay Clayton, who left Sullivan & Cromwell, the prominent New York law firm, to become the chairman of the Securities and Exchange Commission, is expected to tap his former colleague Steven R. Peikin to serve as the commission's co-director of enforcement, said three people briefed on the matter but not authorized to speak publicly.
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Markets Don't Trust Banks, and They're Right; The financial crisis should have led to fundamental change. It hasn't happened.
Mark Whitehouse - Bloomberg
Almost a decade after a crisis that nearly brought down the global financial system, markets still aren't showing much confidence in banks. It's a troubling phenomenon that U.S. and European leaders ignore at their peril.
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Draghi Says Clearing Oversight After Brexit Is `Crucial' for ECB
Bloomberg
The European Central Bank needs to maintain a firm grip in overseeing clearing of trades in euro-denominated financial instruments after Britain leaves the European Union, President Mario Draghi said on Monday.
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France is upping the stakes in the battle for London's EUR930 billion a day clearing business
Will Martin
One of the most senior officials in European central banking has staked France's claim to attract the lucrative euro clearing business after Brexit, saying he can't see how operations can be allowed to stay in the UK once it has left the EU.
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Comment: Europe steps into new share trading universe; Traders should expect a period of innovation in equity markets from January
Rob Boardman - FT
Douglas Adams, the celebrated author of Hitchhiker's Guide to the Galaxy, once suggested: "I may not have gone where I intended to go, but I think I have ended up where I intended to be." The same cannot be said of European efforts to reduce equity market fragmentation and promote transparency.
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Scarier than the Living Dead
Joshua M Brown - The Reformed Broker
Our current state of affairs - this is an overgeneralization - two versions of the American existence are emerging as separate entities. There's the Knowledge Economy and there's Trumpism, with a lot less overlap between the two with each passing day. We're not exactly forced to pick the one around which we'll coalesce, it's more that we increasingly feel compelled to. Your choice depends on where you live, what your community looks like, which media outlet you get your news from, how religious you are, what level of education you've attained, the industry you work in and the amount of exposure you've had - in real life - to people from different walks of life and ethnic backgrounds.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LSEG To Acquire The Yield Book And Citi Fixed Income Indices
London Stock Exchange Group
London Stock Exchange Group (LSEG) has reached an agreement with Citigroup Inc. (Citi) to acquire The Yield Book and Citi Fixed Income Indices, a fixed income analytics platform and index business comprising a family of fixed income indices (including the WGBI) (together the "Business") for a total cash consideration of $685 million (£535 million), subject to customary adjustments (the "Acquisition"). Subject to regulatory clearance and other customary closing conditions, the transaction is anticipated to close in the second half of 2017.
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London Stock Exchange Group signs Memorandum of Understanding with Kenyan Ministry of Energy and Petroleum
London Stock Exchange Group
London Stock Exchange Group (LSEG) today signed a Memorandum of Understanding (MoU) with the Kenyan Ministry of Energy and Petroleum. This is the first agreement signed between LSEG and the Government of Kenya.
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London Stock Exchange splashes £535m on US analytics business
Sam Dean, Lucy Burton - Telegraph
The London Stock Exchange has splashed more than £500m on a Wall Street analytics business in its first major move since its failed merger with Deutsche Boerse.
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PHOTOS: Inside the New York Stock Exchange
Sarah Jacobs - Business Insider
There are few places as important to American business as the New York Stock Exchange.
The exchange is celebrating its 225th anniversary this week, and a multimillion-dollar renovation completed in February pays homage to its past in every conference room. Walking around the exchange's many rooms above the trading floor, you'll see historical artifacts like a signed letter from Thomas Edison, a gift from Czar Nicholas II of Russia, and a signed guitar from Jimmy Page.
read.bi/2s54GXT
SGX still a viable tech market
The New Paper
Singapore has missed clinching some hot tech listings from companies groomed on these very shores, but the Singapore Exchange (SGX) still has more to offer than people realise, a senior official has said.
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Commexes developing tradable indices to be future ready; MCX has a presence in agri segment but the larger part of its volumes come from elsewhere
Rajesh Bhayani - Business Standard
The Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) have started developing indices for trading in derivatives.
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NSE algo controversy heads for closure; Sebi has sought inputs and explanations on alleged lapses at the exchange
Business Standard
Capital markets regulator Securities and Exchange Board of India (Sebi) has issued show-cause notices to the National Stock Exchange (NSE) and 14 individuals as a part of a probe against the exchange in the "unfair access" controversy.
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Six new ETCs on industrial metals launched by BNP Paribas on Xetra; ETCs are term contracts on aluminum, lead, copper, nickel, zinc and tin
Deutsche Boerse
Since Monday, six new Exchange Traded Commodities (ETCs) from issuer BNP Paribas Arbitrage Issuance BV are tradable via Xetra and Börse Frankfurt. With the new ETCs, investors can participate in the development of value of futures contracts on individual industrial metals. Term contracts are contracts based on physical delivery of commodities, with the possibility of cash settlement. The respective contracts are traded on the London Metal Exchange (LME) and relate to aluminum, lead, copper, nickel, zinc and tin.
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T7 Entry Services : Non-disclosure limits
Eurex
The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG took the decision to extend the approved existing intra-day non-disclosure limits for trades entered using T7 Entry Services for Block Trades and to apply them to the equivalent flexible trades valid as of 5 June 2017.
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Deutsche Börse Venture Network Rooftop Talks 2017
Deutsche Börse
Rooftop Talk # 4: Insights from an experienced professional: criteria that make or break a start-up
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Hong Kong's Exchange Fund has best first quarter on record, as stocks rally bolstered income; The Exchange Fund's investment income surged to HK$57.1 billion in the first quarter, more than double the same quarter last year, as stock market rallies bolstered returns.
Enoch Yiu - South China Morning Post
Hong Kong's Exchange Fund, the city's reserves and cash arsenal for defending the currency, reported its best first quarter on record, after investment gains in global equity markets more than doubled its returns for the first three months of 2017.
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BME: The MedCap Forum Brings Together 100 Companies And 150 Investors Tomorrow
Mondovisione
100 Small and Midcap companies listed on the Spanish stock market - of which 70 are listed on the main market and 30 on MAB - and more than 150 institutional investors - of which 100 are Spanish and 50 non-residents - will participate during three days in the 13th MEDCAP Forum of Small and Medium Capitalisation companies, which BME will host in the Madrid Stock Exchange, starting tomorrow.
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LCH set to launch repo client clearing service; Project will allow buy-side firms to access CCP through sponsor banks in coming months
Chris Davis - Risk.net
LCH is set to be the latest clearing house to launch a sponsored client clearing initiative for repo trades, in a move banks hope will ease the balance sheet impact of repo trades with buy-side
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nex Group's Knott untangles banks' trade challenges; Post-trade business reorganises with a focus on cost-cutting and simplification
Alina Haritonova - Risk.net
Over the course of 30 years in financial markets, constant change has remained Jenny Knott's loyal companion. Moving banks, roles and countries multiple times, she has borne witness to an ever-e
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Payment Processor First Data to Buy CardConnect for $750 Million
Michael J. de la Merced - NY Times
First Data agreed on Monday to buy CardConnect, a fellow payment processor, for about $750 million in cash including the repayment of debt, in its biggest takeover since going public in 2015.
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Behind the Scenes at Orchard Platform, a Struggle to Innovate
Randall Smith - NY Times
On a warm morning early last year, a start-up founder named Matt Burton addressed a group of 175 investors and executives at the sleek glass IAC building in Chelsea. Mr. Burton described how his company, Orchard Platform, already a provider of loan data to financial institutions, would soon unveil its own trading platform for loans.
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Bitcoin's Rapid Surge Raises Reasons to Question Latest Frenzy
Lily Katz - Bloomberg
Naysayers point to decline that followed steep climb in 2013
Dot-com bubble and tulip craze show past market corrections
Bitcoin's astronomical rally has cryptocurrency bulls feeling vindicated. Not so fast, skeptics say.
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| Politics | | An overview of politics as it relates to the financial markets | Theresa May accused of making UK a laughing stock in Europe
Jessica Elgot and Anushka Asthana - The Guardian
The UK has become an "ogre" that is "a laughing stock" across Europe, a senior Labour politician has said, accusing Theresa May of risking the country's prospects of a Brexit deal by using threatening language.
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Trump budget threatens SEC's technology spending; It proposes axing a fund the agency uses to build tools for spotting insider trading
Kara Scannell in New York - FT
The Trump administration is planning to eliminate a part of the Securities and Exchange Commission budget that the regulator has been using to build tools for identifying insider traders and pursuing enforcement actions
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GOP's Proposed Tax Changes Are No Match for Status Quo; Republican lawmakers' boldest ideas for changes are on political life support as plans collide with the tax system's reality
Richard Rubin - WSJ
The boldest ideas for changing the nation's tax code are either dead or on political life support, as the Republican effort in Congress to reshape the tax system moves much more slowly than lawmakers and their allies in business had hoped.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | ESMA updates its MAR Q&As
ESMA
The European Securities and Markets Authority (ESMA) has updated today its Q&A on practical questions regarding the implementation of the Market Abuse Regulation (MAR).
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Hermes appoints research director ahead of MiFID II; Hermes has created the position to manage unbundling requirements under MiFID II.
Hayley McDowell - The Trade
Hermes Investment Management has appointed a research director in a newly created position ahead of MiFID II's unbundling rules.
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Traders not anticipating shift towards block trading post-MiFID II; Survey finds traders do not believe MiFID II will not necessarily see them trade large block sizes.
Hayley McDowell - The Trade
Just 44% of traders believe MiFID II will push them to execute in larger block sizes, despite dark pool restrictions largely tipped to cause a shift towards block trading.
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Singapore Fines Credit Suisse, UOB After 1MDB-Linked Probe
Kyunghee Park and Chanyaporn Chanjaroen - Bloomberg
Credit Suisse to pay S$700,000; UOB gets S$900,000 penalty; Lifetime prohibition orders for ex-Falcon, ex-BSI employees
Singapore fined Credit Suisse Group AG and United Overseas Bank Ltd. a total of S$1.6 million ($1.2 million) as regulators completed a two-year review of banks involved in fund flows linked to 1Malaysia Development Bhd., or 1MDB.
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CFTC proposal holds harsh surprise for asset owners; Aggregation limit on some commodities has potential for trouble
Rick Baert - Pensions & Investments
A little-publicized part of the latest CFTC proposal for speculative position limits on certain physical commodities could make it difficult for asset owners to comply.
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Securities Commission Malaysia Charges Former Substantial Shareholder Of Maxbiz For Insider Trading
Modovisone
Securities Commission Malaysia (SC) today charged a former substantial shareholder of Maxbiz Corporation Bhd (Maxbiz), Datuk Andrew Leong Wye Keong, with four counts of insider trading.
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Ep255 - Interview: Christopher Giancarlo, Acting Chairman CFTC
Fintech Insider
For this very special edition of Fintech Insider Interviews, Simon had the chance to talk to Christopher Giancarlo, Acting Chairman of the CFTC. Christopher walks us through what the CFTC is and how they differ from the SEC. He talks about how the CTFC are trying to foster new innovation through their LabCFTC initiative.
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Chinese regulator tightens rules to pace substantial shareholders' stake disposals
Karen Yeung - South China Morning Post
China's securities regulator has ordered substantial shareholders to pace the disposals of their stakes in publicly traded companies, anxious to manage any sharp jumps or plunges in stock prices amid a politically sensitive year in Asia's largest capital market.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Ex-BNY Mellon AM head joins Old Mutual board; Jon Little founded Northill Capital after departing BNY Mellon in 2010.
Hayley McDowell - The Trade
A former head of BNY Mellon's International Asset Management arm has joined Old Mutual Wealth's board as an independent non-executive director.
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Money manager suing online troll to end 'malicious' rants
Carleton - NY Post
De Blasio's self-serving solution to a problem he just created
Brett Hickey is going troll hunting. The 38-year-old Manhattan money manager, his firm for months the subject of "malicious" and "reckless" online smears by an unidentified person or persons, last month decided enough is enough. So Hickey sued the unidentified troll.
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Steven Cohen's Hedge-Fund Comeback Shoots for a Record Target: $20 Billion; Billionaire trader is restricted from managing others' money until 2018
Rob Copeland - WSJ
Steven A. Cohen is plotting a return to hedge funds with a giant number in mind: $20 billion.
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Bogle: How to restore professional standards in investing
Robin Powell
If you read nothing else today, you should read Jack Bogle's new essay in the Financial Analysts Journal. It's called Balancing Professional Values and Business Values, and it looks at how, in asset management and financial advice, too many firms are getting that balance wrong.
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The Oil Play That Could Flood the Natural-Gas Market; Gas output from the Permian basin is likely to surge by 2020, rivaling production from Applachia's Marcellus
Timothy Puko and Christopher M. Matthews - WSJ
The oil-rich Permian Basin is emerging as a major source of new natural gas, a development that could deepen an existing glut and pressure gas prices for years.
/goo.gl/NW1xkB
Bond ETFs race to play catch-up as bull market threatens; Asset managers are pushing so-called 'smart beta' ETFs
Robin Wigglesworth - FT
The exchange traded fund industry has swelled to $4tn this year, propelled in part by a dizzying array of innovative, new products. But one corner of the passive investment landscape has remained a barren wasteland  until now.
/goo.gl/clJCJf
Why Fund Managers May Be Right About the Fed
Jesse Eisinger - NY Times
The economics world has been having a lot of fun with hedge fund managers. After several such managers at a recent conference denounced the aggressive money-printing policies of Ben S. Bernanke, the Federal Reserve chairman, the economic blogosphere rose up to mock them.
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Opinion: Financial advice is more about trust than money
By Greg Mech - MarketWatch
Investors need to know what they're paying for and why
Morgan Stanley will no longer allow its brokers to sell Vanguard mutual funds. While the brokerage may point to the controversy swirling around the Department of Labor's fiduciary rule, and while one might argue the merits of Vanguard's funds, the truth is likely much simpler: Vanguard's refusal to pay Morgan Stanley for access to their clients.
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The people who literally threw out multimillion-dollar fortunes
By Nick Whigham - NY Post
In 2013, British man James Howells desperately trawled through a seemingly endless pile of garbage at a landfill site in south Wales.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wells Fargo Sweetens Broker Recruitment Bonuses; Bank raises deals as Morgan Stanley, Merrill Lynch, UBS pull back
Michael Wursthorn - WSJ
Wells Fargo & Co. is sweetening its signing bonuses for veteran brokers, a move to capitalize on Morgan Stanley 's and Merrill Lynch's retreat from the industry's costly recruiting practice known as "prisoner exchange."
/goo.gl/gbJpBg
Wall Street's big brokerages scale back on recruiting
By John Aidan Byrne - NY Post
Wall Street's big brokerages  or wirehouses, as they were once known  are ending the era of the high-priced broker for hire.
/goo.gl/rSzVGW
RBS Investors Had 129 Million Reasons to Settle Share Suit
Kit Chellel and Patrick Gower - Bloomberg
Shareholder group said Monday they will accept 82p per share; If investors had lost at trial, they faced a hefty legal bill
Investors suing Royal Bank of Scotland Group Plc over an ill-fated 2008 share sale had one big incentive to settle before trial: an estimated 129 million-pound ($166 million) bill racked up by the lender's lawyers.
/goo.gl/JrQgG3
Barclays wins more business in corporate broking; Investment bank notches up 21 FTSE 100 clients as it gains market share from rivals
Chloe Cornish
Barclays has become one of the UK's top three blue-chip stockbrokers as it steps up its efforts to win market share from rivals.
/goo.gl/eUeLJ9
RBS investor group accepts offer to end lawsuit over 2008 cash call
By Kirstin Ridley and Andrew MacAskill - Reuters
A group representing Royal Bank of Scotland (RBS.L) investors has accepted an out-of-court deal to settle a lawsuit that aimed to call disgraced former CEO Fred Goodwin to account over a 12 billion pound ($15 billion) cash call in 2008.
/goo.gl/On2SO9
What Goldman Sachs can learn from the US Army
Robert Hughes, Kellogg School of Management via Yahoo Finance
Goldman Sachs (GS) Group Inc's move to increase the amount of feedback employees receive is part of a new real-time system that supplements the annual review process. However when it comes to creating a "feedback culture," Goldman Sachs' efforts do not go far enough and their leaders could learn some valuable lessons from the U.S. military.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Goldman Sachs Under Fire for Venezuela Bond Deal; President Nicolás Maduro's detractors accuse Goldman of trying to 'make a quick buck off the suffering of the Venezuelan people'
Kejal Vyas, Anatoly Kurmanaev and Julie Wernau - WSJ
Goldman Sachs Group Inc.is on the defensive in Venezuela after it bought bonds that had been held by the struggling country's central bank in a transaction the government's opposition decried as a lifeline to President Nicolás Maduro's embattled administration.
/goo.gl/98A0lX
China's shadow banking crackdown shakes markets; Tougher bank regulator unsettles investors and sharpens fears over financial system
Don Weinland and Gabriel Wildau - FT
A crackdown on China's $9.4tn shadow banking business is hitting bank share prices and rattling bond markets.
/goo.gl/HQj8Zi
History Says Emerging-Market Carry Trade Could End in Tears
Natasha Doff - Bloomberg
BofA warns sentiment on EM currencies nearing 'exuberance'; Trade has handed investors 7.5 percent profit this year
Investors reaping handsome returns on emerging-market currencies this year might do well to heed a warning once made by Harvard economist Jeffrey Frankel, who likened carry trading to "picking up pennies in front of a steam roller."
/goo.gl/qUbJuE
Little-known firms which have caught the fancy of fund managers; Domestic fund managers are always on lookout for little-known companies with encouraging prospects
Chandan Kishore Kant - Business Standard
Domestic fund managers are always on the lookout for little-known companies with encouraging prospects. At a time inflows into mutual fund schemes are strong, finding such stocks becomes even more imperative. In April, names of several new companies featured in the mutual fund (MF) portfolio. For instance, L&T MF was seen buying shares of realty company Arihant Superstructures.
/goo.gl/gYBsL8
Britain needs RBS and Lloyds investors to have their day in court; Testimony would provide insights into decisions made during the financial crisis
Jonathan Ford - FT
With proceedings scheduled to start in the UK's High Court within days, it comes as little surprise to find Royal Bank of Scotland frantically scrambling to shut down a lawsuit brought against it by angry financial crisis era shareholders.
/goo.gl/1yQDcg
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Why 'Brexit' Will Make Britain's Mediocre Economy Worse
Simon Tilford - NY Times
An observer of Britain's "Brexit" debate would be forgiven for thinking that the country's economy is one of the European Union's star performers. Brexit's advocates rarely pass up an opportunity to claim that the European Union economy is the world's weak link, and that Britain's reformed, dynamic and flexible economy has little to risk, and much to gain, from leaving it. The reality is rather different. And Brexit threatens to make matters worse.
/goo.gl/0vC9qZ
Brexit Opponents Abandon 'Escape Clause' Case in Irish Courts
Dara Doyle - Bloomberg
A lawyer and a trio of Green party politicians abandoned an Irish lawsuit seeking to give the U.K. a last-minute Brexit escape clause if public sympathy turned against leaving the European Union during two years of negotiations.
/goo.gl/nxwRLq
Asset managers fine tune Brexit contingency plans
by Madison Marriage and Attracta Mooney - FT
Britain's departure from the EU has pushed many of the UK's largest investment companies to take action to protect their businesses even before formal negotiations over the terms of Brexit begin.
/goo.gl/dB4TNO
Paris touts 'game-changer' Macron to woo banks from London; Officials seek to convince financial groups to move operations after UK Brexit
Alistair Gray in New York
Emmanuel Macron's election victory has given new impetus to France's efforts to woo financial activity from London after Brexit, as officials pursue talks with at least 20 large companies to lure them to Paris.
/goo.gl/3KiXpf
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| Miscellaneous | | Stories that don't quite fit under the other sections | Immigrants Keep an Iowa Meatpacking Town Alive and Growing; Waves of Asian, African and Latino newcomers have filled jobs at pork, egg and turkey plants where wages have fallen and work has grown more grueling.
Patricia Cohen - NY Times
When Dan Smith first went to work at the pork processing plant in Storm Lake in 1980, pretty much the only way to nab that kind of union job was to have a father, an uncle or a brother already there. The pay, he recalled, was $16 an hour, with benefits  enough to own a home, a couple of cars, a camper and a boat, while your wife stayed home with the children.
/goo.gl/zmioap
American Wheat Great Again as Exports to Overtake Russia's
Isis Almeida and Megan Durisin - Bloomberg
U.S. to regain its leading position for first time in 3 years; Good Black Sea crops could erode U.S. advantage next season
The U.S. and Russia are engaged in a rivalry for dominance once again, this time in the wheat market. After Russia recently pulled ahead, the U.S. has fought back, with the help of a weaker dollar.
/goo.gl/CKxBy4
Bordeaux 2016 Price Increases Accelerate as Wines Go on Sale
by Guy Collins - Bloomberg
Pavie, Angelus boost prices 17% above 2015 vintage level; Palmer, Lynch-Bages prices rise 14%, according to Liv-ex data
The pace of price increases for the Bordeaux 2016 vintage picked up this month, with Chateau Pavie and Chateau Angelus in Saint Emilion rising 17 percent from 2015 and Chateau Palmer and Chateau Lynch-Bages in the Medoc gaining 14 percent, Liv-ex data shows.
/goo.gl/1aWKC5
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