May 23, 2019 | "Irreverent, but never irrelevant" | | | John Lothian Publisher John Lothian News | |
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Hits & Takes JLN Staff FIA'S Emma Davey's Not-So-Kilt-Challenge fundraiser is up to £1,444.46 or 28 percent of her goal so far, almost doubling from where it was yesterday. I may have recovered at least the "mo" of my fundraising "mojo." Help Emma get to her goal and help me get my mojo completely back.~JJL Cboe: "Brian Schell, our CFO and Executive Sponsor of Diversity Initiatives, was recognized by the Security Traders Association Women in Finance last night for his commitment to gender diversity and inclusivity with the Ken Heath Award."~JJL The 2019 winners of the STA Ken Heath Award were Brian Fagen (Deutsche Bank Securities), Andrew Mannarino (Citadel Securities), Brian Schell (Cboe Global Markets) and Tito Singh (CRISIL).~JJL Although the United States Copyright Office registered Craig Wright's claim as the author of the Satoshi Nakamoto White Paper, it also issued a statement yesterday saying that, although Wright was credited as the author by the Copyright Office, it is not the prerogative of the Copyright Office to investigate claims of ownership or the validity of one's claimed identity.~MR ++++ CME Group Reaches New Open Interest Record of 140.5 Million Contracts CM Group CME Group, the world's leading and most diverse derivatives marketplace, announced total open interest (OI) reached a record 140,537,653 contracts on May 21, 2019. Since the end of 2018, overall OI has grown 22%. bit.ly/2QjAd5R ++++ The Chicago Bar Association is hosting a Continuing Legal Education event titled "Futures & Derivatives: Looking Inside a Changing Industry" on June 7 from 2 to 5 PM at the Chicago Bar Association offices at 321 S. Plymouth Court in Chicago. The three panels are titled: Trading on Misappropriated Information: Enforcement Risks and Mitigation Strategies Current Issues Impacting Commodity Pool Operators and Commodity Trading Advisors Cryptocurrencies and Other Developments in Financial Technology Register HERE ++++ Editorial: The Loop requires reinvention, a Chicago specialty since 1871 Chicago Tribune - Editorial Board The Loop has lost some luster. This is concerning news for some building owners, but it's no crisis for Chicago. It's an invitation to developers, urban planners and business owners to rethink the future of the downtown business corridor. bit.ly/2wohoW1 *****The central business district of Chicago has its challenges.~JJL ++++ Wednesday's Top Three So what's going on over at Goldman? No doubt, many want to know. Our top read story for the second straight day was from eFinancialCareers, "Every single one of my Goldman friends are looking for jobs right now". And what's up with data fees? Our second most read piece of the day was The Wall Street Journal's Exchanges Face Higher Hurdles in Boosting Data Fees. Third was Nasdaq is more than a stock exchange from Axios. ++++ MarketsWiki Stats 152,208,440 pages viewed; 23,731 pages; 219,303 edits MarketsWiki Statistics ++++
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Lead Stories | China prepares to open up bond futures market to domestic banks; Move by the CSRC would come after years of deliberations over risks to the system Don Weinland - FT Chinese regulators are preparing to open up trading of bond futures to domestic commercial banks, as the government seeks to increase hedging tools and lure more foreign investors into the country's $13tn bond market. /on.ft.com/2QfP3u3 CBOE FX launches execution tool to enhance access to liquidity; Cboe FX Point solution to streamline relationship-based trading in foreign exchange markets. John Brazier - The Trade Cboe FX Markets, the foreign exchange (FX) division of Cboe Global Markets, has announced a new solution for relationship-based trading connections in the FX markets. bit.ly/2QlgzWN ICE Data Services Launches ICE DataVault, a Cloud-Based Tick History Platform ICE Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced the launch of a new cloud-based tick history platform called ICE DataVault. ICE DataVault is powered by the ICE Global Consolidated Feed, which delivers aggregated real-time data and content from over 600 global sources, for over 23 million instruments. bit.ly/2wbGpDy Beijing's sale of US Treasuries last week amounted to China's largest retreat from the market in more than two years Joe Rennison and Colby Smith - FT It was an unnerving piece of data for investors last week, buried halfway down an esoteric spreadsheet released by the US government that tracks how many Treasuries foreign investors buy and sell. /on.ft.com/2QroNNv IEX Cloud Breaks Down Barriers to Financial Data; New platform pioneers flexible, accessible model for connecting developers with curated financial data and services BusinessWire IEX Group, Inc. today unveiled IEX Cloud, a flexible financial data platform connecting a wide array of developers with curated financial data. The platform offers a high-performance API and custom-built services to help users build, launch, and scale their models, products, and businesses. bit.ly/2wf4Eki NYSE Cuts Fees to Court Biotech Listings Away From Nasdaq; Two main exchanges continue to jockey during a big year for IPOs Corrie Driebusch and Alexander Osipovich - WSJ The New York Stock Exchange is making a bid to lure biotechnology IPOs that usually go to Nasdaq Inc., the latest sign of an intensifying rivalry between the two exchanges. /on.wsj.com/2Qiq35g Day trader flew to London to discuss deal news stories, court told; Alshair Fiyaz allegedly sought FT and Bloomberg reports about a potential Northstar takeover Caroline Binham- FT A "flamboyant" multi-millionaire trader flew to London to discuss how articles would be published about a company whose shares he wanted to invest in ahead of a prospective takeover, a day trader on trial for insider dealing has told a court. /on.ft.com/2QjYFni Crypto Exchange Bitfinex Wins Partial Stay on N.Y. Info Demands Olga Kharif and Chris Dolmetsch - Bloomberg Trading platform is seeking to vacate or modify injunction; New York attorney general says losses were hid from customers Bitfinex won a partial block on demands for information from New York Attorney General Letitia James while it seeks to dismiss a lawsuit accusing the companies behind the cryptocurrency exchange of hiding the loss of hundreds of millions worth of client and corporate cash. /bloom.bg/2QlAhSr The Weakening Of Big Bank Regulations Under Trump Is The Seed For The Next Financial Crisis Mayra Rodriguez Valladares - Forbes Americans for Financial Reform (AFR) held a thought-provoking event 'Big Bank Regulation Under Trump' yesterday at the Russell Senate Building in Washington DC. The media coverage of former Federal Reserve Board Governor Daniel Tarullo's impressive and important remarks can be found here. I was fortunate to be a panelist; below are my complete remarks. I abbreviated my spoken remarks to allow for questions and answers. I will write a follow-up article to include the views of my co-panelists, Tim Clark, formerly of the Federal Reserve, Professor Heidi Mandanis Schooner of The Columbus Law School of The Catholic University of America. The panel may be viewed here. bit.ly/2QmutZ4 Bitcoin manipulation madness calls for massive investigation By John Crudele - NY Post The US, the European Union and China need to investigate who is behind the manipulation of bitcoin's price. And since I happen to know Donald Trump and I also happen to know that the president reads my column regularly, that's what I'm suggesting right now. No need to even make a phone call. /nyp.st/2weBXnJ
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Exchanges, OTC & Clearing | Top news from exchanges, clearing, settlement and trade execution facilities | Intercontinental Exchange Announces Results From 2019 Annual Meeting of Stockholders Press Release Intercontinental Exchange, Inc. today announced the results of the company's 2019 Annual Meeting of Stockholders, which was held Friday, May 17 in Atlanta. A replay of the meeting is available at http://ir.theice.com. Each of the eleven director nominees received a majority of votes cast "for" their election. Each director was elected to a one-year term. bit.ly/2VHFZPy HKEX Welcomes First Non-Government Retail Bond HKEX Hong Kong Exchanges and Clearing Limited (HKEX) today is pleased to welcome the issuance of Hong Kong's first listed bond by a non-government issuer offered through HKEX's Central Clearing and Settlement System (CCASS), made available to both retail and institutional investors. This is the latest step in HKEX's continuing development of its fixed-income markets. bit.ly/2QjZU5W Qatar stock exchange looks to new ETFs to attract more foreign cash Eric Knecht - Reuters Qatar's stock exchange is developing two new Exchange Traded Funds, part of efforts by the Middle East's strongest performing stock market in 2018 to boost foreign investment, CEO Rashid al-Mansoori said. /reut.rs/2VFOY3L America's newest stock exchange wants to fix one of capitalism's fundamental challenges; The Long-Term Stock Exchange, explained. Theodore Schleifer - Vox What if the problem with capitalism wasn't income inequality or an education gap but the stock market itself? And what if that problem couldn't be fixed by a wealth tax, billionaire philanthropy, or other sweeping cultural and political pivots but by simply slowing down? bit.ly/2VJCGr1 TMX Group CEO Lou Eccleston to present at the Deutsche Bank 9th Annual Global Financial Services Conference TMX TMX Group CEO Lou Eccleston will present at the Deutsche Bank 9th Annual Global Financial Services Conference on May 29, 2019 in New York. bit.ly/2QftVnu
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Fintech | A roundup of today's market tech news and a look at tomorrow's disruptors | Tradeweb appoints former Citadel executive as head of data and platform technology; Caius Howcroft joins New York-based vendor after three years with hedge fund Citadel. John Brazier - The Trade Tradeweb has appointed a former Citadel executive as its new head of data and platform architecture technologies. Caius Howcroft will be based in New York and report to Tradeweb's chief technology officer, James Spencer, a Tradeweb spokesperson confirmed to The TRADE. bit.ly/2QhPJz7 Regulator orders N26 to improve anti-money laundering controls; German bank told by BaFin to fix backlogs and strengthen staffing Nicholas Megaw - FT Germany's financial regulator has ordered N26  one of the continent's most valuable fintechs  to strengthen its anti-money laundering practices after raising a number of concerns about the fast-growing bank. /on.ft.com/2Ql2tVr RBS-backed fintech Loot enters administration; State-owned bank backed out of a potential deal to buy the whole group Nicholas Megaw - FT British fintech Loot has fallen into administration less than six months after it secured an investment from Royal Bank of Scotland, after the state-owned bank backed out of a potential deal to buy the whole company. /on.ft.com/2QjIvum Pico Wins "Best Low-Latency Data/Technology Provider" at 2019 Inside Market Data/Inside Reference Data Awards Pico bit.ly/2VWHOwV Python is now a prerequisite for all these banking jobs Sarah Butcher - eFinancialCareers.com If you can't code and you work in finance you risk being pushed out by those who can. Not today. Not tomorrow, but soon. Slowly, surely, the need for coding skills is percolating all banks' operations. bit.ly/2wfTqff Refinitiv expands its buy-side portfolio management and trading capabilities with acquisition of cloud-based AlphaDesk; Refinitiv adds OMS trading capabilities as part of its end-to-end trading solution, following acquisition of REDI in 2017 Refinitiv Refinitiv has signed a definitive agreement to acquire AlphaDesk, a cloud-based Order Management System (OMS) that offers order and portfolio management, risk, and compliance solutions for buy-side clients. /refini.tv/2wemlAv
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Cryptocurrencies | Top stories for cryptocurrencies | US Copyright Office Says It Does Not 'Recognize' Craig Wright as Satoshi John Biggs - Coindesk Even as bitcoin SV (BSV) enjoyed a Craig Wright/Satoshi bump Tuesday, the U.S. Copyright Office was hard at work dispelling notions that it officially "recognized" anyone as the inventor of bitcoin. "As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made," the Copyright Office wrote in a press release. bit.ly/2waOSHd ****FT has Craig Wright has in no way been officially "recognised" as Satoshi Nakamoto. Switzerland's SIX Stock Exchange Is Working on a Swiss Franc Stablecoin Ian Allison - Coindesk SIX, the Swiss national stock exchange group, is working on creating its own "stablecoin" - a cryptocurrency pegged to the Swiss franc - to facilitate transactions on the SIX Digital Exchange (SDX), CoinDesk has learned. A spokesman for SIX confirmed the move in an email, telling CoinDesk: "Yes, we are currently working on a CHF Stable Coin - so Swiss franc." bit.ly/2JAn1bX The Consensus 2019 Videos Are Live John Biggs - Coindesk The official Consensus 2019 videos are now available for public viewing. Our official Consensus 2019 video page is now live and features a slate of amazing talks from the Consensus main stage, our Business and Markets tracks, as well as our developer-focused Construct. In these videos, you'll hear from the likes of ConsenSys founder Joe Lubin, SEC commissioner Hester Peirce, 2020 presidential contender Andrew Yang, former U.S. Representative Ron Paul and Tron founder Justin Sun, among many more. bit.ly/2W2HZap How to Buy Pizza With Bitcoin Cash Avi Mizrahi - Bitcoin.com News Every year on May 22, the cryptocurrency community marks this day in 2010 when Laszlo Hanyecz purchased two pizzas for 10,000 bitcoins. To help you celebrate Pizza Day, here are a variety of options to buy to pizza with bitcoin cash (BCH) in different countries around the world. bit.ly/2HLoVmV ***We at JLN did not observe bitcoin pizza day. Maybe next year.~MR Japan to Check Money Laundering Policies of Crypto Exchanges Ahead of FATF Inspection Max Boddy - Cointelegraph Japan's Financial Services Agency (FSA) is reportedly cracking down on crypto exchanges that offer anonymous transactions or have weak identity verification practices in preparation for inspection by the Financial Action Task Force (FATF) this fall. Nikkei Asian Review reported the development on May 22. bit.ly/2M295cX Bronn of the VeganCoin: Game of Thrones Star Advises on Cryptocurrency Project Darryn Pollock - Ethereum World News With the popular Television show Game Of Thrones recently coming to an end, one of its stars has taken up other interests, interests related to cryptocurrency. Jerome Flynn, the actor who plays "Bronn" in Game of Thrones, has joined the advisory board of a vegan lifestyle project that has launched its own crypto token. VeganNation, as the project is called, is an Israel-based project is looking to build an ecosystem" that will support vegans via a platform that enables the exchange of products and services that are cruelty-free. bit.ly/2WYqZOB Coinstar Expands Bitcoin Buying Service to Cover 21 US States Yogita Khatri - Coindesk Supermarket kiosk network Coinstar has further expanded its bitcoin-buying service, adding around 100 new outlets and growing U.S. coverage to 21 states and the District of Columbia. bit.ly/2wdCdTF State Street's Blockchain Lead Departs to Build Data Privacy Startup Ian Allison - Coindesk Moiz Kohari, State Street's global chief technology architect, has traded his position at the custodian bank for a move into the startup world, he told CoinDesk. bit.ly/2wdlct3 Binance CEO CZ Is Suing VC Giant Sequoia for Reputational Damages Wolfie Zhao - Coindesk Binance founder and CEO Changpeng Zhao is taking a unit of Sequoia Capital back to court after the VC investor's case against him was dismissed. bit.ly/2wdlD6F EU Authorities Shut Down Bitcoin Transaction Mixer Stan Higgins - Coindesk The Dutch Financial Criminal Investigative Service has seized the website of a bitcoin transaction mixer in a crackdown involving Europol and other authorities. bit.ly/2wlmv93
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Politics | An overview of politics as it relates to the financial markets | U.S. Could Run Out of Room on Debt Ceiling in Late Summer, Mnuchin Says Treasury secretary urges Congress to raise debt ceiling as soon as possible Kate Davidson - The Wall Street Journal Treasury Secretary Steven Mnuchin said the government could run out of room to keep paying its bills in full and on time in late summer unless Congress raised the federal borrowing limit before then. The Treasury Department has been using extraordinary measures to keep making on-time payments to bondholders and other federal-benefit recipients since March 2, when the borrowing limit, or debt ceiling, was reinstated after being suspended for a year. https://on.wsj.com/2wcsJbh After Huawei, U.S. could blacklist Chinese surveillance tech firm: media Brenda Goh - Reuters The U.S. administration is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision, media reports show, deepening worries that trade friction between the world's top two economies could be further inflamed. /reut.rs/2ECeqlh Trump's Financial Secrets Move Closer to Disclosure Emily Flitter, Jesse McKinley, David Enrich and Nicholas Fandos - NY Times For three years, Donald J. Trump has treated the details of his personal and business finances as a closely guarded secret. On Wednesday, those secrets moved two steps closer to becoming public. /nyti.ms/2QmsYtU Buying Anything Linked to China Is a Risky Bet; Markets seem to be underpricing the risk of the trade war, but that will change. Also, political uncertainty and the Ides of May. John Authers - Bloomberg Trade War: What Is It Good For? With the conflict between the world's two biggest economies over trade and intellectual property intensifying, the markets still seem oddly insouciant. This is how global stocks and volatility have behaved over the last decade  and the market does not appear to be treating this as a major historical event: /bloom.bg/2wbmHb9 Trump Is Trying to Blackmail Congress; The president is refusing to govern unless he gets his way. He could well undermine the constitutional system. Jonathan Bernstein - Bloomberg I've said it before: I don't want to be writing about presidential misbehavior. It is, on some level, just not that interesting. And yet ... how can anyone ignore the spectacle of President Donald Trump announcing that he's unwilling to govern unless the House of Representatives lets him do whatever he wants? /bloom.bg/2we5OfR China says U.S. needs to correct wrong actions to continue trade talks Reuters The United States needs to correct its wrong actions if it wants to continue negotiations with China to end a damaging tariff war, China's Commerce Ministry said on Thursday, adding that talks should be based on mutual respect. /reut.rs/2wlmmT3
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Regulation & Enforcement | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | NFA orders Chicago, Ill. commodity pool operator and commodity trading advisor Golden Point Capital Management LLC and its sole principal Glenn Graham to both withdraw from and not reapply for NFA membership NFA NFA has ordered Golden Point Capital Management LLC (Golden Point), an NFA Member commodity pool operator and commodity trading advisor located in Chicago, Ill., and its sole principal and associated person Glenn Graham, to both withdraw from and not reapply for NFA membership, in any capacity, or act as a principal of an NFA Member. bit.ly/2VUl2pu Update on the independent investigation into London Capital & Finance UK FCA HM Treasury (HMT) have today announced details of the independent investigation (link is external) into London Capital & Finance (LC&F) to be commissioned by the Financial Conduct Authority (FCA). HMT has agreed to the appointment of Dame Elizabeth Gloster by the FCA to conduct the investigation. bit.ly/2QgYMQO ESMA appoints chair for its new Coordination Network on Sustainability ESMA The Board of Supervisors of the European Securities and Markets Authority (ESMA) has today established a Coordination Network on Sustainability (CNS), and appointed Ana MarÃa MartÃnez-Pina Garcia, Vice-Chair of the Comisión Nacional del Mercado de Valores (CNMV, Spain) to chair the CNS for two years with immediate effect. bit.ly/2QlwwfJ SEC Accuses Major U.S. Landlord of Running 'Ponzi Scheme-Like' Scam; Justice Department also files criminal fraud changes against Robert Morgan, three others Cezary Podkul - WSJ The federal government accused one of the nation's largest landlords of running a "Ponzi scheme-like" effort using cash from small investors and of misleading banks to obtain bigger loans by using fake loan documents. /on.wsj.com/2Qlg52V
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Investing & Trading | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trading tech leaders no longer a surefire strategy; Tesla a prime example of why so-called momentum stocks are no longer what they were Laurence Fletcher - FT The decision by Morgan Stanley, one of the underwriters of Tesla's 2010 initial public offering, to slash its worst-case price target for the electric carmaker to $10 has simply confirmed the fears of many Tesla bears. But it also shows how the wheels may be coming off one of the most successful trading strategies of the bull market. /on.ft.com/2QitcSA 'Green' funds can fall short of buyers' expectations; Investors call for greater clarity on products' credentials Jennifer Thompson - FT Most investors like to see themselves as impervious to being hoodwinked by a product label's suggestion that it does one thing, when it in fact delivers something else. /on.ft.com/2QjGHBA The Fed Seems to Want Markets to Suspend Disbelief on Inflation Emily Barrett and Matthew Boesler - Bloomberg Investors don't see price gains perking up in the near future; That's a problem as Fed attempts to fulfill its mandate When it comes to inflation, the Federal Reserve seems to want the market to expect the unexpected. /bloom.bg/2QkM3fV The Wealth Detective Who Finds the Hidden Money of the Super Rich; Thirty-two-year-old French economist Gabriel Zucman scours spreadsheets to find secret offshore accounts. Ben Steverman - Bloomberg Gabriel Zucman started his first real job the Monday after the collapse of Lehman Brothers. Fresh from the Paris School of Economics, where he'd studied with a professor named Thomas Piketty, Zucman had lined up an internship at Exane, the French brokerage firm. He joined a team writing commentary for clients and was given a task that felt absurd: Explain the shattering of the global economy. "Nobody knew what was going on," he recalls. /bloom.bg/2QiryjS
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Banks, Brokers & Managed Funds | The latest from banks, brokers, hedge funds and managed futures | Is UBS losing its edge in investment banking?; Shorn of its hard-driving leader Andrea Orcel, the business has suffered a drop in profits Stephen Morris and David Crow - FT This time last year Sergio Ermotti was riding high. The UBS chief executive was basking in a double-digit jump in quarterly profit and boasting of the bank's "excellent" prospects. /on.ft.com/2QlfyxX Deutsche Bank chief prepares shareholders for 'tough cutbacks'; Christian Sewing plots overhaul of Germany's largest lender, with promise to focus on profitable parts Olaf Storbeck - FT Deutsche Bank's chief executive Christian Sewing is preparing a radical overhaul of its ailing corporate and investment bank, telling shareholders that the German lender is prepared "to make tough cutbacks". /on.ft.com/2QhYOb6 Deutsche Bank CEO Signals 'Tough Cutbacks' to Investment Bank Steven Arons - Bloomberg CEO makes no mention of equities as he highlights successes; The bank's shares fall to a record low before his speech Deutsche Bank AG Chief Executive Officer Christian Sewing signaled "far-reaching changes," including significant cuts to the investment banking unit, as he seeks to win back investor confidence following the breakdown of takeover talks with Commerzbank AG. /bloom.bg/2QlrO1x Blackstone's Schwarzman Recalls the Advice That Changed His Life; Some off-camera revelations from the fund giant's chairman. Francine Lacqua - Bloomberg Stephen Schwarzman was the subject of our cover Q&A in the June/July 2017 issue. Here, the chairman of Blackstone Group LP divulges some of his off-duty habits and preferences to Bloomberg TV's Francine Lacqua, co-anchor of Bloomberg Surveillance and host of Leaders With Lacqua. /bloom.bg/2weKmHs Deutsche Bank investors meet amid questions on strategy, leadership Reuters Investors in Deutsche Bank are gathering on Thursday for an annual meeting that is expected to be dominated by questions over the bank's strategy and leadership just days after shares hit a record low. /reut.rs/2weKuGW Deutsche Bank CEO readies investment bank cuts as stock hits low Tom Sims - Reuters Deutsche Bank's chief executive is prepared to make "tough cutbacks" in its investment banking business, whose future is in doubt after several failed restructurings, in order to be profitable and competitive. /reut.rs/2wdbIhg
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Regions | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The Trade War's Grip on Currency Markets Tightens Susanne Barton and Ben Bartenstein - Bloomberg China, South Korea, Indonesia take steps to support currencies; Traders eye G-20 meeting in June as pivotal for yuan outlook Trade tensions between the U.S. and China are starting to pull foreign-exchange markets into the arena. Yet far from embracing their currencies as a weapon, many countries are being forced to take a defensive posture against the almighty dollar. /bloom.bg/2VMAhfk MTN Nigeria's Arrival Transforms Fortunes of Lagos Stock Index Tope Alake and Paul Wallace - Bloomberg Nigeria's benchmark stock index has wiped out almost all of its 2019 losses -- thanks to the recent arrival of a new giant listing. /bloom.bg/2VJB6W7
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Brexit | Financials stories regarding the decision of the United Kingdom to leave the European Union | Risk of no-deal Brexit is building - Irish finance minister Reuters The risk that Britain leaves the European Union without an exit deal is increasing, Ireland's Finance Minister Paschal Donohoe said on Thursday. /reut.rs/2weBmT1 Brexit not on EU's mind as bloc eyes future - Commission Reuters The European Union is focusing on positive agenda and "all the rest" in not on its mind, the spokesman for the bloc's executive said on Thursday when asked about Brexit. /reut.rs/2wgGCFA
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