| September 28, 2017 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
JLN sat down with Walt Lukken, President and CEO of the FIA, to discuss this year's EXPO event in Chicago. Innovation is the theme this year at EXPO and Lukken is looking for the next generation of ideas. Watch the video HERE. ~JJL
Do you have some news you are making during FIA's EXPO? Reach out to the JLN team and set up an interview. We will again be shooting video in the Cinnober booth at the event. ~JJL
Have you told a college student about our MarketsWiki Education recruiting event? Point them to www.marketswikieducation.com for details.~JJL
We added a new page on the initial coin offering in MarketsWiki. More to come on that term.
~JK
Quantitative Brokers added Thomas Ascher to board. Nice move QB. Ascher is still getting people commenting on his presentation from last summer's MarketsWiki Education World of Opportunity series in New York.~JJL
Asia Pacific Financial News from John Lothian News for yesterday is available HERE. ~JJL
Looks like orange juice prices will indeed jump for consumers as a result of Hurricane Irma's devastation - estimates range from $1-$2.30 a gallon. (Though that article does misquote ICE futures pricing.) Front month FCOJ futures on ICE are still up more than 10 percent from pre-Irma levels, though significantly down from highs in November 2016. ~SD
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The FT warns advertisers after discovering high levels of domain spoofing
Jessica Davies - Digiday
The Financial Times has investigated the scale of domain spoofing occurring against its site, and has been shocked by the results.
The publisher has found display ads against inventory masquerading as FT.com on 10 separate ad exchanges and video ads on 15 exchanges, even though the FT doesn't even sell video ads programmatically, with 300 accounts selling inventory purporting to be the FT's. The scale of the fraud uncovered is vast  the equivalent of one month's supply of bona fide FT.com video inventory was fraudulently appearing in a single day. The FT has estimated the value of the fraudulent inventory to be £1 million ($1.3 million) a month.
/goo.gl/65yuEt
**** A different sort of market manipulation that still involves spoofing.~SD
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Quantitative Brokers adds Thomas Ascher to board
Finextra
Quantitative Brokers (QB), an independent, global financial technology company providing advanced algorithms and data-driven analytics to clients in the Futures and US Cash Treasury markets, has appointed Thomas Ascher to its Board.
/goo.gl/Qc4mcd
***** Ascher will help them pilot their enterprise.~JJL
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Regulated ICOs Arrive: Overstock to Open Exchange for Legal Token Trading
Ash Bennington - Coindesk
Get ready for regulated token trading.
Announced today, tÃ, the capital markets arm of Overstock's blockchain-focused subsidiary Medici, is launching a first-of-its-kind alternative trading system (ATS) that will provide a platform for the exchange of cryptographic tokens categorized in the U.S. as securities.
/goo.gl/n6XmrY
**** See Jim's story about this from earlier in the year - Round One: How Overstock.com and tzero aim to knock out Wall Street~SD
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Hugh Hefner, Who Built Playboy Empire and Embodied It, Dies at 91
Laura Mansnerus - NY Times
Hugh Hefner, who created Playboy magazine and spun it into a media and entertainment-industry giant  all the while, as its very public avatar, squiring attractive young women (and sometimes marrying them) well into his 80s  died on Wednesday at his home, the Playboy Mansion near Beverly Hills, Calif. He was 91.
/goo.gl/YeUBcr
***** Ninety-one is a good run, especially for a man who lived in pajamas.
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2017 FIA Expo Preview with Walt Lukken
JohnLothianNews.com
JLN sat down with Walt Lukken, President and CEO of the FIA, to discuss this year's EXPO event in Chicago. Innovation is the theme this year at EXPO and Lukken is looking for the next generation of ideas. At the innovators pavilion, 20 new and exciting start-ups showcase their brand in front of a panel of judges. With 5,000 industry professionals in attendance, EXPO is a great way to connect with industry leaders, identify trends and staying informed about the latest developments in technology and regulation. Speakers include Craig Phillips of the U.S. Department of Treasury, along with Bob Woodward, of Watergate fame. EXPO is October 16th-19th at the Chicago Hilton.
Watch the video »
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MarketsWiki Page of the Day: Brian Bussey
MarketsWiki
Brian Bussey is joining the CFTC as director of clearing effective Oct. 16, in a rare instance of a senior official leaving the SEC to join the younger agency. Bussey was the SEC's associate director for derivatives policy.
/goo.gl/aYbZUK
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Wednesday's Top Three
Yesterday's top stories were led by a long shot by OCC's release OCC Announces Promotions to Leadership Team. Second went to Bloomberg's story on Man Group in The Massive Hedge Fund Betting on AI. Third went to Bloomberg's story on Jay Smith in This Trader Made 295% on Cryptocurrency Derivatives
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MarketsWiki Stats
108,341,683 pages viewed; 22,821 pages; 209,648 edits
MarketsWiki Statistics
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| Lead Stories | Commodities markets swell in size despite price slide; Record open interest hints that buyers may be returning after seven lean years
Gregory Meyer in New York - FT
Commodities prices are heading for their sixth loss in seven years. But commodities markets have never been bigger. Open interest  the number of commodities contracts outstanding  has been booming on futures exchanges this year. From crude oil to soyabean oil, the markets' size has increased by nearly 1.4m contracts in the first nine months of 2017, the most in seven years.
/goo.gl/4WBZJ7
The Government Needs More Cyber TalentÂBut So Does Everyone Else; High private-sector compensation presents an obstacle to getting more cybersecurity experts into government
Angus Loten and Steven Norton - WSJ
The chairman of the Securities and Exchange Commission told Congress this week the agency needs to beef up its cybersecurity expertise. The problem is, executives at many private companies feel the same wayÂand are able to pay more.
/goo.gl/RUDa4C
Deutsche Börse invests in Trifacta
Deutsche Börse
Deutsche Börse Group is participating in Trifacta, a leading provider of data processing tools. The Group has acquired a minority stake, managed by Corporate Venture Capital vehicle DB1 Ventures. Thomas Curran, Advisor Innovation & Technology for Deutsche Börse, will become a member of the Board of Directors and will be an observer.
/goo.gl/ij8kiy
Wall Street Starts Trading Tokens With Overstock's New ICO Exchange
Jeff John Roberts - Fortune.com
When the Securities and Exchange Commission cracked down on so-called initial coin offerings (ICOs) in July, some feared it would be the end of a novel way for companies to raise money by selling digital tokens. As it turns out, the SEC ruling may mark the true beginning of the ICO era.
/goo.gl/pUF7y9
CFTC Names SEC Official to Top Clearing Post; Brian Bussey will oversee clearinghouses and major derivatives players as the regulator tries to overhaul rules for swaps trading
Gabriel T. Rubin - WSJ
The Commodity Futures Trading Commission has hired a longtime Securities and Exchange Commission official as its director of clearing, a top post overseeing clearinghouses and major derivatives-market participants.
/goo.gl/FMzYyR
Deutsche Boerse targets big data with latest investment; Exchange operator has acquired a minority stake in data wrangling firm Trifacta.
Hayley McDowell - The Trade
Deutsche Boerse has acquired a minority stake in data wrangling firm Trifacta as it looks to advance its analytics technologies and launch new big data products.
/goo.gl/7JJfdw
Bitcoin blow as fund drops U.S. exchange application
Trevor Hunnicutt, Kanishka Singh - Reuters
An effort to allow investors to trade digital currencies as easily as stocks in the United States stumbled when the backer of a bitcoin fund said an application to list on an exchange had been withdrawn.
/goo.gl/beHcnX
Regulator says to open China's futures market further -China Securities Journal
Reuters
China's securities regulator plans to accelerate opening of the country's futures market, granting access to more foreign investors in an effort to deepen the nation's capital markets, the watchdog said in article in the China Securities Journal on Thursday.
reut.rs/2wYE164
Trump proposal slashes taxes on businesses, the rich; fuels deficit worries
David Morgan and Richard Cowan - Reuters
President Donald Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favors the rich and companies and could add trillions of dollars to the deficit.
reut.rs/2fzNXv0
Inflation swaps begin electronic shift
Helen Bartholomew - Reuters
Inflation swaps have made their first foray towards electronic execution with the first contracts traded over Tradeweb's European request-for-quote platform for interest rate swaps.
reut.rs/2xG7Kz6
The SEC And The ICO
Crow & Cushing: Counselors at Law
Some people are making real money investing in cryptocurrencies. Just this year, Bitcoin has gained 300%. Another cryptocurrency, Ethereum, is up more than 2,300%.
An increasingly common use of these currencies is the initial coin offering, or ICO. Companies are using ICOs to raise funds by offering investors the chance to buy into a new venture using a cryptocurrency in exchange for virtual tokens instead of stock in the company.
/goo.gl/AWGy8X
A position of responsibility
Posted by Jeff Anderson - Fidessa // Regulation Matters
As the MiFID II implementation date draws closer, implications for US firms continue to emerge. One area raising questions in the listed derivatives space is around position reporting and commodity position limits. Under MiFID II, EU investment firms are required to submit position reports to the regulators. Position limits under MiFID II are applicable to a "person" which is, presumably, the end client.
bit.ly/2wYHilE
As MiFID Jolts Derivatives, Hong Kong Eyes $483 Trillion Market
Bloomberg
To make Hong Kong even more attractive, the city's Securities and Futures Commission is planning a revamp of its derivatives rules, a person familiar with the effort said. The regulator hired Nanfeng Sun, a former Bank of America Corp. quant who specializes in risk models, to vet banks' submissions, another person said. Hong Kong's monetary authority is preparing for an increase in derivatives-related oversight, a spokeswoman said.
/bloom.bg/2wX8VMd
HKEX plans iron ore futures contract, targets November roll-out - Metals
Platts News
Hong Kong Exchanges and Clearing plans to introduce a cash-settled iron ore futures contract, with roll-out tentatively set for November this year, "subject to market readiness," the exchange group said Wednesday.
bit.ly/2wY0YGk
Judge Dismisses SEC Fraud Case Against Financier Lynn Tilton; Legal decision is the culmination of a long battle between the financier and regulator
Peg Brickley - WSJ
The Securities and Exchange Commission suffered a major loss on Wednesday when one of its own judges dismissed the agency's case against financier Lynn Hilton.
/goo.gl/bHaK7f
The rise and fall of moral globalisation; Michael Ignatieff's search for the 'ordinary virtues' underpinning politics around the world offers little comfort for liberals
Mark Mazower - FT
"Ordinary things are more valuable than extraordinary things; nay, they are more extraordinary," wrote the British author GK Chesterton just over a century ago. The things people have in common, he argued, are what bring them together, and thus, as he put it, a first principle of democracy. What democracy really means is leaving ordinary people to get on with the most important things of life by themselves.
/goo.gl/6t38qH
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Futures Europe Announces Record Open Interest in Low Sulphur Gasoil Futures Contract, Surpassing 1 Million Contracts
ICE
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listing services, today announced that the ICE Low Sulphur Gasoil futures contract achieved a new open interest record of 1,004,645 contracts on 26 September, 2017, surpassing 1 million contracts for the first time. The previous open interest record was 999,264 contracts on 25 September, 2017.
/goo.gl/9bMKh8
Nasdaq Announces Exploration of Strategic Alternatives for Public Relations Solutions and Digital Media Services Businesses
GlobeNewswire
Nasdaq, Inc. (Nasdaq:NDAQ) announced today that it has commenced a process to evaluate potential strategic alternatives for the Public Relations Solutions and Digital Media Services units within its Corporate Solutions business. This process is a result of Nasdaq's refined strategic direction, which emphasizes the company allocating more resources towards technology, data and analytics opportunities, leveraging its capital markets foundation.
/goo.gl/W5GDrt
Eurex to launch BTP options
Eurex
Extension of BTP product suite as of 2 October
Eurex, one of the world's leading derivatives exchanges and part of Deutsche Börse Group, will introduce Options on Euro-BTP Futures as of 2 October 2017. This euro denominated product provides market participants with an efficient and cost-effective listed instrument that extends hedging opportunities in the Italian interest rate market.
/goo.gl/494iSv
SGX welcomes APAC Realty Limited to Mainboard
SGX
Singapore Exchange (SGX) today welcomed APAC Realty Limited to Mainboard under the stock code "CLN".
/goo.gl/tfR7jv
HKFE Announces Revised Margins For Futures Contracts
Mondovisione
As previously advised in the circular (Ref.: MO/DT/132/17) dated 28 August 2017, capital adjustments as a result of the Special Dividend will be made to the positions of SOHO China Ltd. ("SOH") Futures Contracts which exist after the market close on 28 September 2017, i.e. the business day immediately before 29 September 2017.
/goo.gl/1b1qMV
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | NEX Markets launches NEX Quant Analytics
NEX
NEX Markets, a NEX Group business which provides electronic trading technology services in the fixed income and foreign exchange (FX) markets, announces today that it has launched NEX Quant Analytics, the FX market's largest and most comprehensive community-based analytics tool for clients trading on the EBS platform.
/goo.gl/YK2jNC
It's Political: Why China Hates Bitcoin and Loves the Blockchain
Michael J. Case - Coindesk
China's policymaking is far from transparent, so one can only speculate how long the new restrictions on bitcoin exchanges and token sales might last.
Still, if we view China's actions in the context of its broader geopolitical intentions, we can at least gain a useful picture of what's at stake and the longer-term challenges and opportunities they create for the cryptocurrency and blockchain industry.
bit.ly/2fzj5uI
Broadridge names Santangelo as international sales lead
Finextra
Broadridge Financial Solutions, Inc. announced the appointment of Bob Santangelo to President of International Sales, based out of Broadridge's London office.
bit.ly/2fANn05
NEX Optimisation receives further ISO 27001 Security Certification
NEX Release
NEX Optimisation, which helps clients reduce complexity and optimise resources across the transaction lifecycle, announces today that it has received the International Organization for Standardization (ISO) 27001:2013 Security Certification by the Standards Institute of Israel, for its Traiana suite of services through Traiana Technologies Ltd.
/goo.gl/fU5LWb
CQG Releases New Functionality and Features, Including Care Orders for Hedge Management
Customers Now Have Ability to Upgrade Quarterly as Desired
CQG, a leading global provider of high-performance trade routing, market data, and technical analysis tools, announced today a new release of its latest functionality enhancements. This also marks the beginning of a new quarterly release schedule, in addition to CQG's annual upgrade.
/goo.gl/UFjU2K
Bitcoin is 'more than just a fad,' says Morgan Stanley chief; Other Wall Street heavyweights have bashed cryptocurrencies
William Watts - MarketWatch
Just when it seemed Wall Street's bitcoin skepticism knew no bounds, Morgan Stanley MS, +1.29% Chief Executive James Gorman steps in to argue that the cryptocurrency phenomenon at least is "more than just a fad."
/goo.gl/uUEf9m
Exclusive: Royal Bank of Canada using blockchain for U.S./Canada payments - executive
Matt Scuffham - Reuters
Royal Bank of Canada (RY.TO) is experimenting with blockchain to help move payments between its U.S. and Canadian banks, one of the bank's senior executives told Reuters on Thursday.
/goo.gl/nH9LN6
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| Politics | | An overview of politics as it relates to the financial markets | Twitter, With Accounts Linked to Russia, to Face Congress Over Role in Election
Daisuke Wakabayashi and Scott Shane - NY Times
After a weekend when Americans took to social media to debate President Trump's admonishment of N.F.L. players who do not stand for the national anthem, a network of Twitter accounts suspected of links to Russia seized on both sides of the issue with hashtags such as #boycottnfl, #standforouranthem and #takeaknee.
/goo.gl/igcq3R
What Awaits Wall Street in Trump Tax Plan; A 20% corporate tax rate would boost profits, but there are downsides to the administration's framework
Telis Demos, Liz Hoffman, Justin Baer and Rachel Louise Ensign - WSJ
Wall Street has hungered for a tax overhaul, and with good reason. If it spurs stronger economic growth, corporate borrowing and finance firms' profits could jump.
/goo.gl/7Q88yk
Trump puts big companies first with low tax plan; Pledge to slash rates seen as sign business-friendly wing in the ascendancy
Barney Jopson in Washington - FT
After a string of setbacks in Congress, President Donald Trump has decided to go all out on tax reform  now his biggest legislative priority. With a much anticipated plan unveiled on Wednesday, the White House has committed itself to making the US a low tax jurisdiction for big corporations.
/goo.gl/XkjTtE
Second-Class Puerto Rico; Trump declines to waive the Jones Act for hurricane relief.
The Editorial Board - WSJ
The devastation in Puerto Rico from Hurricane Maria is awful to behold, and the Trump Administration will have to mobilize more resources to help. Here's one idea: Suspend the law that raises the price of sea-borne energy and food shipments to the island.
/goo.gl/zhf4Nq
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Financier Lynn Tilton defeats SEC fraud charges
Nate Raymond - Reuters
The U.S. Securities and Exchange Commission suffered a defeat on Wednesday, as a judge said it failed to prove private equity fund manager Lynn Tilton defrauded investors by hiding the poor performance of assets underlying three debt funds.
reut.rs/2fABffP
Wall Street fraudster pleads guilty to $3.5M scheme
Rebecca Rosenberg - NY Post
A Wall Street fraudster pleaded guilty to stealing over $3.5 million from a Bronx church and Villanova University in separate schemes, the state Attorney General's office? announced Wednesday?.
SEC Faces Tough Competition for Cybersecurity Talent
Angus Loten - WSJ
The Securities and Exchange Commission on Tuesday announced plans to ramp up cybersecurity, following revelations earlier this month that hackers had accessed data for illegal trades.
/goo.gl/g2LMMz
ASIC provides guidance for initial coin offerings
ASIC
ASIC today released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.
/goo.gl/bBgyFD
OpenMarkets Australia pays $200,000 infringement notice penalty
ASIC
OpenMarkets Australia Limited ('OpenMarkets') has paid a penalty of $200,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel ('the MDP').
/goo.gl/qCgTQm
ASIC commits to new Action Plan delivering better outcomes for Indigenous Australians
ASIC
Consumer issues including car sales, credit and consumer leases headline some of the key priority areas in the National Indigenous Consumer Strategy (NICS) Action Plan 2017 - 2019.
/goo.gl/4MibrW
ASIC repeals 'sunsetting' class orders relating to prime broking and holding client assets
ASIC
ASIC has repealed three class orders relating to prime broking and the holding of client assets, which were due to expire ('sunset') on 1 October 2017. These were:
/goo.gl/W9K6me
Saudi Arabia's Regulator Set to Unveil New M&A, Listing Rules
Dinesh Nair - Bloomberg
Kingdom expects to pass new guidelines in a month's time; Tadawul bourse head says IPO process is on track for 2018
Saudi Arabia plans to unveil regulations to make share listings easier and encourage mergers and acquisitions among publicly traded companies in the Middle East's biggest bourse.
/goo.gl/rTTtDx
ESMA and NCAs agree work plan on MiFID II pre-trade transparency waivers and position limits
ESMA
The European Securities and Markets Authority (ESMA), together with the national competent authorities (NCAs), have today published an updated work plan for the opinions on pre-trade transparency waivers and position limits that must be issued under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
/goo.gl/2VPUcs
Video: How big is the derivatives market?
ISDA
ISDA's new whiteboard animation video sets out the size of the market, explains what these measures mean, and describes some of the changes that have taken place in recent years to make the derivatives market safer and more resilient.
/goo.gl/YhA3b1
FCA statement on the Work Plan for ESMA opinions on pre-trade transparency waivers and commodity position limits
UK FCA
On 28 September 2017, ESMA issued a public statement (link is external) regarding the joint work plan of ESMA and NCAs for opinions on MiFID II pre-trade transparency waivers. The statement explains that, while ESMA intends to finalise the opinions on equity waivers by the end of 2017, due to the high number and complexity of applications that need to be assessed, it is unlikely to be in a position to issue opinions on a majority of non-equity waiver notifications before 3 January 2018.
/goo.gl/f3NP6X
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | U.S. tax plan puts reflation trade back on investors' radar
Richard Leong - Reuters
It's back - at least for one day.
The "reflation," or "Trumpflation," trade that drove financial markets after Donald Trump's surprise U.S. presidential election victory last November made a comeback on Wednesday as the unveiling of Trump's long-promised tax overhaul revived bets that markets would benefit from both faster economic growth and inflation.
reut.rs/2fz4xLS
Value of private equity dealmaking at highest level since 2007; Unspent capital, cheap debt and highly favourable borrowing terms help fuel boom
Javier Espinoza, Robert Smith and Arash Massoudi - FT
Record sums of unspent capital, cheap debt and highly favourable borrowing terms have pushed the value of global private equity transactions to $212bn, its highest level since the boom years of a decade ago.
/goo.gl/4EwZGc
Tudor Veteran Sees Turbulent Quarter as Inflation Hits Bonds
Adam Haigh and Christopher Anstey - Bloomberg
Ten-year U.S. yields to rise 0.9% point in a year: Gillespie; Tightening to bite faster than Fed thinks, Gillespie says
The bond market is heading for a sell-off propelled by a rebound in U.S. inflation, according to a hedge-fund veteran placing bets that the change will be clear by December.
/goo.gl/XrZD3Y
Here's Where the Most Millionaires Are Being Minted; Russia, Brazil, and Canada saw big jumps in their populations of high-net-worth investors last year.
Suzanne Woolley - Bloomberg
The rich are, predictably, getting richer. Both the number of people with investable assets of at least $1 million in U.S. dollars and the total wealth that represents are expanding around the globe, according to World Wealth Report 2017 from Capgemini. By 2025, the consulting and technology services company predicts, assets held by high-net-worth investors will exceed $100 trillion, up from $63.5 trillion in 2016.
/goo.gl/VCFF6Y
This Is How Far Hedge Funds Will Go for a Measly 2%
Lisa Abramowicz - Bloomberg
It's hard to find a worthwhile investment these days when stocks and bonds are almost universally expensive.
/goo.gl/AmWa5j
Appreciating Acronyms: Why the FANG Phenomenon Has Teeth
Sustained interest remains high, on Wall Street and off
By Steven Russolillo in Hong Kong and Ben Eisen in New York - WSJ
Finance professor Lily Fang is known in the academic community for her research into the perils of investing in stocks with lots of media hype.
/goo.gl/BmD7ub
Louis Dreyfus profits jump boosted by trading arm
Neil Hume - Financial Times
Louis Dreyfus Company, one of the world's biggest traders of agricultural commodities, reported a sharp increase in half year profits on Thursday, boosted by a strong performance from its trading arm.
/goo.gl/d6pjS6
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bank of England governor Mark Carney: I am not omnipotent
Tim Wallace - Telegraph
The Bank of England is not omnipotent and cannot be expected to solve every economic problem in the UK, Mark Carney has warned.
/goo.gl/dJF5oA
BofA Seeks Paris Office for Post-Brexit Trading Space
Laura J Keller , Jack Sidders , and Fabio Benedetti Valentini - Bloomberg
Paris move comes after months of debate over EU relocation; Bank executives are also weighing Frankfurt for trading
Bank of America Corp. is in talks to secure office space in Paris to move part of its trading operations to the French capital as the U.K. prepares its exit from the European Union, according to people with knowledge of the matter.
/goo.gl/ELRf6V
MFA announces 2017-2018 Board of Directors
HedgeWeek
The Managed Funds Association (MFA) has announced its 2017-2018 Board of Directors. The new Board and officers will provide governance oversight to MFA and guide the Association's advocacy, education and communication efforts.
/goo.gl/nvPthU
Lloyd's of London profits drop 16%
Oliver Ralph - FT
Profits at Lloyd's of London, the insurance market, fell 16 per cent in the first half of the year, despite a low level of large natural catastrophes.
/goo.gl/heUKoF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Puerto Rico May Get Help from Unlikely Source: Its Lenders
Mary Williams Walsh - NY Times
After wondering for seven sweltering days who would pay to rebuild their ruined electrical grid, Puerto Ricans got a possible answer from an unexpected source on Wednesday: investors holding the island power company's defaulted bonds.
The bondholders, a group that includes mutual-fund giants and hedge funds, have offered to lend Puerto Rico $1 billion to pay for urgent repairs and to cancel $150 million of the power company's outstanding debt in the process.
nyti.ms/2xGCiAN
Hedge Funds Bet Billions on Hopes of an Abe Win
Min Jeong Lee and Keiko Ujikane - Bloomberg
Buying began as Abe's ratings rose, boosting odds of election; Equities tend to climb in Japan after elections are announced
In the two weeks before Prime Minister Shinzo Abe called a snap election, foreign investors using the futures market -- which are often hedge funds -- suddenly turned hugely positive on Japanese shares.
/goo.gl/T3TXgF
Why Nordic Banks Might Want to Fight Apple Pay
Frances Schwartzkopff - Bloomberg
New rules will pry open banks' hold on customers' data; Danske urges Nordic rivals to unite as bulwark against giants
About 100 years ago, Nordic countries shared a currency. Danske Bank A/S wants them to try again, this time on the digital front.
/goo.gl/AZARFH
China ban on waste imports leads to piles of paper abroad, surging prices in China
Pak Yiu - Reuters
Huge mountains of old newspapers, cardboard and office scrap paper are piling up on Hong Kong's docks and its waste-paper collection sites are at bursting point. A flotilla of cargo ships laden with paper meant for recycling has been stuck for weeks in local waters.
/goo.gl/zGjMML
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Banks Are Said to Begin Brexit Exodus Despite Transition Call
Gavin Finch - Bloomberg
Bosses need legally binding agreement before reassessing plans; Firms have already begun process of setting up new EU offices
Big investment banks with their European headquarters in London are forging ahead with plans to create new trading hubs elsewhere in the region in preparation for Brexit despite the U.K.'s pledge to secure a two-year transition period after March 2019, according to people with knowledge of the situation.
/goo.gl/oHyRaL
May Hails Free-Market Model as 'Unquestionably the Best'
Alex Morales - Bloomberg
Premier underlines differences between Tory and Labour; May speaks at event marking 20 years of BOE independence
Theresa May defended Britain's economic model as "the greatest agent of collective human progress ever created" as she seeks to underline the differences between her Conservative Party and Jeremy Corbyn's Labour opposition.
/goo.gl/py5VYM
UK and EU hail progress in latest round of Brexit talks; Barnier says May has helped unblock negotiations but 'sufficient progress' could take months
Michael Peel in Brussels and George Parker and Katie Martin in London - FT
The EU's chief negotiator on Brexit has said Britain's new approach has helped unblock talks, but warned that Brussels could still be weeks or even months from agreeing to start crucial discussions on transition.
/goo.gl/DjKMqv
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| Miscellaneous | | Stories that don't quite fit under the other sections | BI fine wine and spirits merchant teams up with NEX CEO to take a stake in London gin brand
Alys Key - City AM
Fine wine and spirits merchant BI has teamed up with Michael Spencer, chief executive of NEX Group to take a joint 25 per cent stake in Westmorland Spirits.
/goo.gl/cNjkw5
Special Report: Drowning in grain - How Big Ag sowed seeds of a profit-slashing glut
Rod Nickel - Reuters
On Canada's fertile Prairies, dominated by the yellows and golds of canola and wheat, summers are too short to grow corn on a major scale.
/goo.gl/TVNvLm
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