| June 28, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Leaving a Trace Behind
By John J. Lothian
After eight years as Scoutmaster of a Boy Scout Troop in Elmhurst, IL, I will be stepping down as Scoutmaster in November. However, I will be taking on the role of committee chairperson for the Troop Committee.
I am staying on as Crew Advisor for the Venture Crew I started. And I am continuing to work with the Pathway to Adventure Council on STEM related activities and the Trading Tech 300 program I began.
A convergence of things has caused this change. The first was that in the last couple of years we have recruited a great bunch of new scouts into our Troop, and some terrific parents. One of the parents has been a super-active Assistant Scoutmaster. He is ripe as they say to become Scoutmaster.
Another factor is my health, which is greatly improved from before my last surgery. But I have had five surgeries in 3 years and it has taken a toll on me and my abilities to lead outdoor adventures. Lastly, my very dedicated and loyal committee chair is ready for a break. He had promised to stay on as long as I was Scoutmaster and was true to his word. Scouters are like that; trustworthy and loyal.
Being a Scoutmaster for this troop has been one of the greatest honors of my life. To have 10-year-old boys choose your troop, and then progress through the ranks from New Scout all the way to Eagle has been incredible to be a part of. Twelve young men earned the rank of Eagle Scout during my years as Scoutmaster. Being a Scoutmaster has meant trying to do my best to live up to the Scout Oath and Scout Law and trying to be a good example.
We ask Scouts to do their best and I tried to do mine. Some days I fell short, others I really felt like I made a difference in a young person's life.
I was lucky to be Scoutmaster when my son Tim earned the rank of Eagle. I hope my son Robby will yet make Eagle while I am committee chair. My daughter is a Venture Scout and full of Scout spirit, especially after her life-changing experience going to the World Scout Jamboree in Japan last summer. I am a lucky man.
In Scouting we teach the Scouts to leave no trace while camping, to leave only footprints behind and take memories with them. The trace we leave is in their character, leadership, citizenship and the outdoor skills they developed. It is the best kind of trace to leave.
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Telling the Story
John Lothian - John Lothian News
We need you to tell a story and help us fill up our MarketsWiki Education World of Opportunity events in Chicago and New York.
We love to tell stories. People in this industry are always telling stories about the markets. We replay the day's trading with our fellow traders or friends. We tell strangers about the amazing things that happen in the markets. Everyone talks about some market event or action - even cab drivers sometimes, according to industry lore.
Those events, that market action and happenings, and the stories, have attracted thousands of young people into our markets over the years. Based on the stories, and the swirl and whirl of the kaleidoscope of the trading floor, there was never a shortage of fresh new talent attracted to our industry.
For the rest of the commentary, go here
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Profiles: Tom Kadlec
JohnLothianNews.com
From regulation to technology to the revenue structure, futures commission merchants have experienced drastic changes over the last 30 years, as Tom Kadlec, CEO of ADM Investor Services, knows full well. In this John Lothian Profiles piece, Kadlec talks about his career in the futures markets, the importance of mentoring, current challenges and opportunities, and "The ADM Way."
Watch the video »
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Convergex Launches New Website at Convergex.com
Convergex
Convergex is pleased to announce that it has launched a newly designed version of its website at convergex.com. This website redesign offers a more engaging user-experience as well as intuitive search functionality and concise navigation. The new site showcases the firm's comprehensive suite of products and solutions through vibrant visuals and forward-thinking content.
goo.gl/52ISPb
**** New website, cool swag.
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Monday's Top Three
There is no shortage of doom and gloom regarding Brexit as our most read story, The financial industry fallout from Brexit is about to get a whole lot worse, shows. The second most read story was a bit more on the practical, what now side...[http://bit.ly/28RXKnR|Brexit: What's Next for the Cleared Derivatives Industry?]]. Similar to our third story, Brexit has locked us millennials out of the union we voted for, there was an interesting interview on NPR over the weekend where they spoke to an elderly person who was delighted about Brexit and next to her on the train was a young woman who was fit to be tied and felt her future had been taken from her.
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| Lead Stories | ICE Launches Expanded ICE Data Services
ICE
Intercontinental Exchange, a leading operator of global exchanges, clearing houses and data services, today introduced the expanded ICE Data Services, bringing together proprietary exchange data, valuations, analytics, desktop tools and connectivity solutions from across ICE and the New York Stock Exchange, Interactive Data and SuperDerivatives. This milestone is part of the ongoing integration of Interactive Data, which ICE acquired in December 2015.
goo.gl/k0pwBH
Baltic Exchange and SGX extend talks
FT.com
London's Baltic Exchange has extended its exclusive talks with Singapore Exchange for two months to allow the south-east Asian group to conclude the deal.
The two sides said they had made "good progress" in talks with shareholders and other stakeholders about a cash offer to buy the UK exchange outright, and they would extend the discussion period to August 31. It "allows this dialogue to continue before the final terms of the transaction are agreed," the exchanges said in a joint statement. The exclusivity period was due to expire on June 30, writes Philip Stafford.
on.ft.com/28XIjcN
***DA: Also see the press release from SGX HERE
Global markets lose record $3tn since Brexit vote; Brutal selling in past two trading days comes on rise in volatility and flight to safety
Nicole Bullock in New York - FT
Global stock markets have lost a record $3tn in the past two trading days after a sharp sell-off in equities around the world in response to the UK referendum vote to leave the EU.
/goo.gl/YcjrLd
The world's losers are revolting, and Brexit is only the beginning
By Matt O'Brien - Washington Post
THE world has enjoyed an unprecedented run of peace, prosperity and cooperation the last 25 years, but now that might be over. At least when it comes to those last two.
/goo.gl/1ClIqD
Traiana sees threefold growth on Harmony Equity Swap service
Traiana
Traiana, the leading provider of pre-trade risk and post-trade processing solutions, has seen a threefold growth in allocation volumes via its Harmony Equity Swaps service as clients embrace the post-trade efficiencies it provides in a period of regulatory change. The platform achieved growth of 185% between May 2015 and May 2016, following strong growth of 144% over the same period the prior year.
goo.gl/suJKQI
What next for LSE and Deutsche Börse if the deal fails
By Tim Cave - Financial News
The London Stock Exchange Group's tie-up with German counterpart Deutsche Börse is hanging in the balance following the referendum vote. After speaking to executives across the industry, here's an FN guide to what might transpire if the deal does hit the rocks...
goo.gl/cSzyBP
SEC Requires Energy Companies to Disclose Payments to Governments; Rules aim to address 'resource curse,' in which oil, mineral wealth flows to officials, upper classes
By ANDREW ACKERMAN and DAVE MICHAELS - WSJ
Energy companies will have to report their payments to governments for extracting oil, gas and minerals under rules the Securities and Exchange Commission completed Monday, three years after a federal judge tossed out an earlier version of the measure.
goo.gl/9D0gnA
Banks press regulators for Brexit clarity; Executives keen to avoid unnecessary spending and make plans to shift operations
by: Laura Noonan - FT
The world's biggest banks are pushing regulators and politicians for answers so they can plan for the future of their London operations after the UK's vote to leave the EU.
/goo.gl/Lkqv22
The Story of Britain's Biggest Insider-Trading Trial; Operation Tabernula was eight years, and $20 million, in the making.
By Suzi Ring and Liam Vaughan - Bloomberg Businessweek
Iraj Parvizi, aka Fatty or the Mad Punter, a Bentley-driving, racehorse-owning Iranian, whose life had been one endlessly escalating wager, walked to the witness box with uncharacteristic anxiety. His hands shook, and he was dressed carelessly, in jeans, sneakers, and an untucked shirt. Parvizi was on trial in London for participating in what prosecutors described as the biggest insider-trading ring in U.K. history, and four co-defendants, the other alleged conspirators, looked on from the dock. It was Week 13 of the proceedings, a Wednesday in April, and Parvizi faced years in prison if convicted. Once he'd taken his place, his barrister reminded him: Just be yourself. The Mad Punter smiled and took control of the courtroom.
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| | | | Brexit | Brexit uncertainty weighs on global groups with UK assets; Markets struggle to assess full impact of referendum on multinationals
FT Reporters
As dealing rooms around the world opened for business on Monday morning, traders were forced to react to a weekend of political confusion after the UK's vote to leave the EU. In Asia, they found consensus in just one trade: sell anything exposed to the UK. Later, as European markets came online, they took a more mixed view of the reassurances about exposure to UK sales.
/goo.gl/MNsCc2
TRADECO Guide For the Breplexed
Trading Technologies
Here it is, summer 2016, and I am contemplating at least my fourth "once in a thousand year" event in my trading career: Brexit. The others include the dot-com bubble, LTCM and the 2008 financial crisis. Truly, though, these 1,000-year floods occur with alarming regularity, although not all are so global nor impact markets so widely, e.g., gold in 1999 or Enron in 2001. One of my colleagues thought enough of my opinion to reach out to me. It was at the end of a long night, so I'm not sure how helpful I was. Perhaps this may be of more use.
/goo.gl/eORPOH
***JK: Interesting Brexit notes from a trader's perspective.
Trading spiked 550% on platform founded by Brexit backer
By Elizabeth Pfeuti - Financial News
The number of retail investor trades on the platform founded by one of the largest backers of the 'Leave' campaign increased 557% on June 24, compared with a week earlier, as markets experienced one of their most volatile days this year.
goo.gl/0N9Vqx
Branson says Virgin Group loses third of its value after Brexit
Reuters
Richard Branson, founder and chairman of Virgin Group, said on Tuesday the company had lost about a third of its value since last week's vote by Britons to leave the European Union, adding he believed the country was heading towards a disaster.
goo.gl/Ix1fBp
Want Proof Markets Were Unprepared for Brexit? Look at Midcaps; Since the vote to leave the EU, the FTSE 250 has fallen six times as much as the FTSE 100
Jon Sindreu - WSJ MoneyBeat
If you want to gauge how unprepared investors were for Britain's vote to leave the European Union, take a look at the beating taken by U.K. midcap stocks.
goo.gl/S5O6P8
London must move fast to take more power after Brexit, Mayor Khan says
Reuters
London should move swiftly to take more power over its destiny after the British vote to leave the European Union, Mayor Sadiq Khan said on Tuesday.
goo.gl/rrDlAS
***JK: Mayor Khan will be in Chicago later this week. We will be there to cover his ideas on where the City goes from here.
China's Li won't allow 'rollercoaster' markets after Brexit
BY ELIAS GLENN - Reuters
Chinese Premier Li Keqiang said on Tuesday he wouldn't allow the post-Brexit panic that roiled global currencies and stocks to send the country's financial markets into a tailspin, an indication authorities would intervene if needed to prevent market chaos.
goo.gl/0CdIT6
Brexit: Deflationary Now, Inflationary Later; Expectations inflation would fall after Britain voted to leave the EU may not last long
By GREG IP - WSJ
Central banks' efforts to revive economic growth and inflation suffered another blow with Britain's vote to leave the European Union. The vote has unleashed anxiety and uncertainty that will dampen investment, hiring, wages and prices
goo.gl/MtlCmc
Why did we leave the EU? and other Brexit FAQs; 'Can I get an Irish passport?' and 'Is it time to buy gold' among the most common questions
FT Reporters - FT
Britain's vote to leave the EU prompted a flurry of internet searches on the implications of Brexit. Below are answers to some of the most common questions being posed to Google.
/goo.gl/KnE9gG
How Britain Could Exit 'Brexit'
By MAX FISHER - NY Times
In the days since Britons voted to leave the European Union, the so-called "Brexit" referendum has created such severe turmoil that public attention is increasingly focused on an extreme option: Can they get out of it?
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'Brexit' Doesn't Mean Game Over, but It May Be Just the First Domino
Andrew Ross Sorkin - NY Times
This isn't meant to scare you, but let's consider the absolute worst-case scenarios of "Brexit."
goo.gl/3kLoHr
London Mayor Khan demands more autonomy for London after Brexit vote
Reuters
London mayor Sadiq Khan on Tuesday called for the city to be given more autonomy to allow it to ride out the economic uncertainty unleashed by Britain's vote to leave the European Union.
goo.gl/Ypd5W4
| | | | Regulatory | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Grants Registration to Clear Markets North America, Inc.
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has approved the application of Clear Markets North America, Inc. (Clear Markets), granting it fully registered status with the CFTC as a Swap Execution Facility (SEF). Clear Markets previously obtained temporary registration status on May 13, 2014.
1.usa.gov/29hYiUY
SEC Adopts Rules for Resource Extraction Issuers Under Dodd-Frank Act
SEC.gov
The Securities and Exchange Commission today announced it adopted rules to require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals. The rules, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, are intended to further the statutory objective to advance U.S. foreign policy interests by promoting greater transparency about payments related to resource extraction.
1.usa.gov/29hXJKL
SEC Proposes Amendments to Smaller Reporting Company Definition
SEC.gov
The Securities and Exchange Commission voted today to propose amendments that would increase the financial thresholds in the "smaller reporting company" definition. The proposal to update the definition would expand the number of companies that qualify as smaller reporting companies, thus qualifying for certain existing scaled disclosures provided in Regulation S-K and Regulation S-X.
1.usa.gov/29hYkfE
Unity Needed on Margin Timetable
ISDA
Harmonization and coordination are easy enough to identity as objectives, but harder to achieve. Regulators can take a lot of credit, then, for their efforts to develop a coordinated global margining framework for non-cleared derivatives. As part of that, each national regulator agreed to adopt the same implementation schedule, setting a start date of September 1 for the biggest banks.
/goo.gl/B3SkVu
Statement of CFTC Chairman Timothy Massad before the Market Risk Advisory Committee
CFTC
Thank you. Let me just express my appreciation to Commissioner Bowen, her staff, and the distinguished members of the Market Risk Advisory Committee for all the work that has gone into today's meeting and its agenda. And let me also thank the staffs at the CFTC and the FDIC, and everyone else who will be participating in today's presentations. As always, I'm very pleased to be here with Commissioner Giancarlo.
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Opening Statement of Commissioner Sharon Bowen before the Market Risk Advisory Committee
CFTC
Welcome to the June 27, 2016 meeting of the Market Risk Advisory Committee (MRAC). I am excited to be the sponsor of this Committee, which brings together a diverse group of market participants to discuss the important topics of systemic risk in, and the structural evolution of, the derivatives markets.
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| | | | Exchanges & Trading Facilities | CBOE, C2 and CFE Trading Schedule for the Independence Day Holiday
CBOE
CBOE Holdings, Inc. (NASDAQ: CBOE) today announced the following trading schedule for Chicago Board Options Exchange® (CBOE®), C2 Options Exchange (C2) and CBOE Futures Exchange (CFE®) in observance of the Independence Day holiday:
goo.gl/w3STSO
TMX Group Names John McKenzie Chief Financial OfficerA- A+ Print
TMX
TMX Group Limited today announced that John McKenzie has been named Chief Financial Officer (CFO), effective July 11, 2016.
/goo.gl/m6gk5C
Japan Exchange Group: Online News Program "JPX MARKETS TODAY" Starts Airing On Reuters
MondoVisione
Japan Exchange Group, Inc. (JPX) is pleased to announce that our online news program, JPX MARKETS TODAY, began broadcasting on Thomson Reuters (INSIDER). The program launched on YouTube® on October 1, 2015 as part of our efforts to provide international investors with more information on JPX markets. JPX aims to attract more viewers through one of the world's largest financial information providers.
goo.gl/b8kR5A
| | | | Politics | Markets in Revolt Demand Action From Johnson's Brexiteer Crew
Paul Dobson - Bloomberg
Pound, bank shares rocked for second day in leadership void; History shows pressure can force leaders into ad-hoc decisions
If investors were disgruntled by Britain's vote to quit the European Union, the ensuing leadership vacuum is only adding to their malaise.
goo.gl/uR66jx
North American Leaders Meet With Brexit and Trump Clouding Ties
Josh Wingrove, Mike Dorning - Bloomberg
Obama, Trudeau and Pena Nieto hold summit Wednesday in Ottawa; U.K. vote, U.S. presidential race weigh on pro-trade agenda
The shadow of Brexit and rising protectionist sentiment loom large as U.S. President Barack Obama meets his North American counterparts to bolster the world's largest trading bloc.
goo.gl/xTBGej
| | | | Hedge Funds & Managed Futures | | For more, subscribe to the JLN Managed Futures newsletter or visit the Managed Futures section on JohnLothianNews.com. | Hedge Funds' Brexit Pain
By Christopher Langner - Bloomberg
Hedge fund managers won't admit it, but they live for the quarter. While some of the bigger firms update clients more often, regular outfits provide an update four times a year, after which investors often decide to redeem their holdings or leave things as is.
goo.gl/704hec
| | | | Banks & Brokers | Goldman back in focus of BHS probe; MPs to question 'nature and history' of bank's links to chain's former owner Sir
Philip Green
by: Mark Vandevelde - FT
When the vice-chairman of Goldman Sachs appears at a parliamentary hearing on Wednesday to discuss the collapse of BHS, he will be looking for a way to avoid embarrassing his employer without undermining the testimony given by Sir Philip Green.
/goo.gl/ryQRvR
RBS boss seeks to soothe staff in brutal markets
By Lucy Burton - Financial News
In the market rout that has followed the UK's decision to leave the European Union, the county's banks have been among the hardest hit.
goo.gl/9K2qBu
| | | | Clearing & Settlement | U.S. central clearinghouses ride out volatility following Brexit
Reuters
The news that Britain had voted to leave the European Union on Friday may have been unexpected, but it did not catch U.S. swaps clearinghouses off guard, members of the industry said on Monday.
goo.gl/bcymvC
Gen II Joins DTCC's Alternative Investment Product Services
FINalternatives
Private equity fund administration specialist Gen II Fund Services has joined The Depository Trust & Clearing Corporation's Alternative Investment Product Services platform.
goo.gl/XMGs6S
CFTC Approves Clear ?Markets as Fully Registered Swap ?Execution Facility ?
Finance Magnates
The U.S. Commodity Futures Trading Commission (CFTC) ?today announced that the Delaware-based Clear Markets North America, Inc. (Clear ?Markets), has been approved to operate as a fully registered Swap Execution Facility ??(SEF), according to an official CFTC statement.?
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| | | | Indexes & Products | Russell indexes reconstitution 2016: The incredible shrinking market
FTSE Russell
Reconstitution day for the Russell US indexes, like Thanksgiving, occurs every year around the same timeÂthe last Friday in June. On this day instead of passing turkey around the table, the Russell US indexes pass around their underlying constituents in a process of rebalancing. By analyzing some of the underlying factors that go into the year's rebalancing, a theme will typically emerge. For 2016 the theme was "The Incredible Shrinking Market," highlighting changes that underscore the importance of this annual process.
goo.gl/8pUx4I
Dow futures rise as stocks try to recover from Brexit hangover
By Sara Sjolin - MarketWatch
The Dow Jones Industrial Average, and the broader stock market, was poised on Tuesday to mark its first day of gains since shedding nearly 900 points in the aftermath of the U.K.'s vote on Friday to quit the European Union.
Futures for the Dow Jones Industrial Average YMU6, +1.22% jumped 194 points, or 1.2%, to 17,179 in early trade. Those for the S&P 500 index ESU6, +1.18% gained 20.60 points, or 1%, to 2,005.75, while futures for the Nasdaq-100 index NQU6, +1.18% climbed 45.25 points, or 1.1%, to 4,223.25.
goo.gl/skeCuu
FAs Are Bullish on ETFs but "Meh" on Smart Beta
Financial Advisor IQ
Exchange-traded funds have more than doubled in popularity over the past 10 years, and continue to gain in popularity among advisors, according to the 2016 Trends in Investing Survey. The survey is conducted annually by The Journal of Financial Planning and the FPA Research and Practice Institute, a program of the Financial Planning Association.
goo.gl/eoYvqz
Brexit Revives A Languishing ETF Trade
Nasdaq
While volatility has replaced the usual placid summer trading in Europe and around the globe in the wake of last week's 'Brexit' vote, one potential source of stability might be found in a once-hot trade that had turned cool recently.
goo.gl/ytthB2
How to Play the iShares MSCI Brazil Capped ETF (video)
Yahoo Finance
Jim Strugger, MKM Holdings derivatives strategist, discusses market volatility and his options strategy for the iShares MSCI Brazil Capped ETF. He speaks with Bloomberg's Ramy Inocencio on "Bloomberg Markets."
/goo.gl/HzKaQm
| | | | Technology | | For more, visit the Tech/HFT section on JohnLothianNews.com. | Techweek 2016: Entrepreneurs, Fintech and More!
Chuck Mackie, Maven Wave Partners
Last week was Techweek in Chicago and the landscape was thick with bearded hipsters (just kidding: it was mostly young, clean-cut Midwesterners). The event is a big, sprawling affair with job fairs, tech forums, and panel sessions spread out over five days and numerous locations, with the Merchandise Mart at the beating heart of the whole event. Personally, this was my first foray to Techweek so I can't make comparisons to previous editions and I only attended one day of sessions. That being said, the Thursday slate offered interesting and informative sessions on entrepreneurship and venture capital, while the afternoon panels on fintech topics generally lacked focus and punch.
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Duet Group Implements Eze Software Investment Suite
Eze
Duet Group, a global alternative asset manager with more than USD5.6 billion in assets under management, has completed the rollout of Eze Software Investment Suite across its front-, middle- and back-office operations. A strategic partner and long-time client of Eze Software Group, Duet has been expanding its footprint in emerging markets through multiple mergers and acquisitions, and has used Eze Software to centralize its existing businesses and seamlessly integrate new business into the platform.
/goo.gl/FcITlx
Blockchain brains come together in Brexit war room
By Anna Irrera - Financial News
A group of innovators developing blockchain technology for the financial markets plans to write to the UK government, outlining its concerns about the impact the UK's decision to leave the European Union could have on the industry.
goo.gl/7ncZin
UK tech firms unite to push against 'Texit'; 'Keep calm and code on', urges one VC firm as tech companies try to inject confidence into the industry after country votes to leave the EU
Alex Hern - The Guardian
Leading lights of the UK's technology sector are trying to calm fears of a "Texit" following the result of last week's EU referendum.
/goo.gl/rNBaQ5
| | | | Enforcement | Kraft, Mondelez must face wheat price-rigging lawsuit: U.S. judge
BY JONATHAN STEMPEL - Reuters
A federal judge in Chicago on Monday refused to dismiss a lawsuit in which wheat futures and options traders accused Kraft Heinz Co and Mondelez International Inc of illegally manipulating the grain's price at their expense.
goo.gl/CJ6Zvm
New York energy investor pleads guilty to $45 million tax scheme
BY NATE RAYMOND - Reuters
A New York energy investor pleaded guilty on Monday to charges that he engaged in a years-long scheme to avoid paying more than $45 million in income and other taxes stemming in part from his sale of an oil company.
goo.gl/asFBUO
Texas ex-tycoon Wyly ordered to pay $1.1 billion for tax fraud
BY JONATHAN STEMPEL - Reuters
A federal bankruptcy judge in Texas on Monday ordered former billionaire Sam Wyly to pay $1.11 billion in back taxes, interest and penalties after finding he committed tax fraud by shielding much of his family's wealth in offshore trusts.
goo.gl/NR1IU4
| | | | Environmental & Energy | | For more, subscribe to the JLN Environmental/Energy newsletter or visit the blog. | Thomson Reuters Latest Greenhouse Gas Emissions Report Shows Indications Of Sustainable Growth Within Global 500
Thomson Reuters
Thomson Reuters today released its latest Global 500 Greenhouse Gas Performance 2010-2015: 2016 Report on Trends - revealing greenhouse gas (GHG) emissions data from the world's 500 largest businesses (Global 500). The report was written in collaboration with BSD Consulting, a global sustainability consultancy, and shows for the first time that the Global 500 are beginning to grow their businesses and manage their emissions at a rate that follows the global scientific consensus on the risks of climate change. This is a change from previously tracked data and a sign of progress.
goo.gl/fmqBzo
Volkswagen to Pay $14.7 Billion to Settle Diesel Claims in U.S.
By HIROKO TABUCHI and JACK EWING - NY Times
Volkswagen has agreed to pay up to $14.7 billion to settle claims stemming from its diesel emissions cheating scandal, in what would be one of the largest consumer class-action settlements ever in the United States.
goo.gl/RZX9yg
Climate Change High on Agenda as Obama and Trudeau Meet for Summit
By IAN AUSTEN and CORAL DAVENPORT - NY Times
When Justin Trudeau, the prime minister of Canada, appeared at the United Nations this spring to sign the Paris climate accord, the rapturous ovation he received was worthy of the celebrity he had become, a leader full of promise and of promises, especially on climate change.
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| | | | Asia-Pacific | Asian Markets Settle Slightly
WSJ
Stock markets in Asia stabilized somewhat on Tuesday, despite continuing concerns about the political and economic aftermath of the U.K.'s decision to leave the European Union.
goo.gl/t8em1E
China's central bank says debt, financial risks under control
Reuters
China's debt and financial risks were under control, the central bank said on Monday, adding that it would continue to implement prudent monetary policy and proactive fiscal policy.
goo.gl/Ahx1qb
China's Li won't allow 'rollercoaster' markets after Brexit
Reuters
Chinese Premier Li Keqiang said on Tuesday he wouldn't allow the post-Brexit panic that roiled global currencies and stocks to send the country's financial markets into a tailspin, an indication authorities would intervene if needed to prevent market chaos.
goo.gl/dxYRFq
Japanese government bond yields fall to record lows
Financial Times
A worldwide, post-Brexit scramble for protection from risk has forced yields across the entire Japanese Government Bond market below 0.1 per cent for the first time, reflecting unprecedented long-term pessimism.
goo.gl/COFzdU
Most Japan Shares Rise as Stimulus Bets Offset Brexit Concerns
Bloomberg
Most Japanese stocks rose as optimism over the possibility of further stimulus offset concerns about the fallout from the U.K. vote to secede from the European Union.
About five shares rose for every four that fell on the Topix index, which slid in the final minutes of trading to close 0.1 percent lower. The gauge rebounded from a 2.2 percent loss in the morning to rally as much as 0.6 percent, as a government meeting with the Bank of Japan fueled speculations for more easing. The Nikkei 225 climbed 0.1 percent to 15,323.14 after briefly breaking below 15,000.
goo.gl/21wLoS
Brexit Shock May Have Silver Lining For Bruised Asian Investors
Hellenic Shipping News Worldwide
Asia's equity markets were the first to suffer through a Brexit-fueled rout. Old Mutual Plc and Citi Private Bank are betting they may be the first to recover.
As Britain's shock decision to leave the European Union saw asset managers desert stocks across the world, RS Investment Management says declines have left equities in Greater China looking more attractive. Shares in Shanghai are insulated from global sentiment because local investors dominate trading, while the turmoil may delay an increase in U.S. interest rates, making higher-yielding Asian securities more appealing. More than $2.5 trillion was wiped off equities around the world on Friday, with $582 billion of those losses coming in Asia, data compiled by Bloomberg show.
goo.gl/kbHZHf
| | | | Frontier Markets | Glimmers of hope for EM in Brexit fallout  FT.com
Financial Times
Obvious winners from the UK's Brexit vote may be few and far between, but some analysts are pointing to straws in the wind as far as emerging markets go.
To be fair, the prevailing view is that the uncertainty, volatility, weaker economic growth and global flight from risk emanating from the UK's vote in favour of leaving the EU is bad news for emerging markets.
/goo.gl/ZJ1ptk
NSE to list, finally; To file draft prospectus for domestic listing by Jan, for foreign listing by April
Business Standard
The board of directors of the National Stock Exchange of India (NSE) has given the requisite nod for listing the exchange's shares in India and abroad. The decision was taken last Thursday and comes amid increasing pressure from the exchange's shareholders, keen on a public listing.
goo.gl/M0HynF
| | | | Miscellaneous | Louis Dreyfus CFO to go in latest change at commodity firm
Reuters
Louis Dreyfus is parting ways with its finance chief in the latest management change at the 165-year-old commodity trading house, which is being overhauled by majority owner Margarita Louis-Dreyfus.
goo.gl/eOOWZX
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