| April 03, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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TT Completes Global Resiliency for the European Region
TT
Trading Technologies International, Inc. (TT) announced today that its TT futures trading platform now has execution and connectivity services through Interxion's London data center. This move strengthens TT's presence in Europe, improving the platform's accessibility and providing users with regional resiliency and enhanced performance.
bit.ly/2oGQkLN
****** TT has crossed all its Ts.
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Monthly insight from the WFE and our member exchanges
FOCUS - World Federation of Exchanges
Q&A with Edemir Pinto, CEO, B3; The challenges of developing the UAE's SME market; Blockchain regulation comes into focus
bit.ly/2gJPAoI
**JK: A very rare chance to hear what BM&F Bovespa's Pinto has to say about the next new thing they call B3.
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Broadridge is Building a Global Blockchain for Stockholder Voting
Coindesk.com
However, this could be one of the last seasons ever by which that process is done without the assistance of blockchain technology - that's if one of the largest proxy-voting platforms in the world has anything to say about it.
jlne.ws/2nOjp8G
***** Will we soon all be slaves to blockchain?
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Hedge funds close in on designing ultimate trader's brain
The Spokesman-Review
Now, after many false dawns, an artificial intelligence technology called deep learning that loosely mimics the neurons in our brains is holding out promise for firms. WorldQuant is using it for small-scale trading, said a person with knowledge of the firm. Man AHL may soon begin betting with it too. Winton and Two Sigma are also getting into the brain game.
jlne.ws/2nOexAm
***** They wanted my cranium to use as a prototype, as they said that was the biggest melon-head they had ever seen.
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Op-Ed: Your way of life would not be remotely possible without Wall Street
William Cohan
At $500 million in box office revenue and counting, we sure love Disney's new movie "Beauty and the Beast." With more than 1 billion sold, we sure love Apple's iPhone. The same goes for Netflix, Chevy pickups, wide-screen televisions and grocery store aisles stocked high with fresh fruit and vegetables.
/goo.gl/sgO3Xg
****** Somewhere Thomas Jefferson is shaking his head no, and Alexander Hamilton is smiling.
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Almost a Decade Later, U.S. Money Markets Are Yet to Recover
Alex Harris and Liz McCormick - Bloomberg
Foreign banks shift funding to areas such as repo agreements; Regulators' post-crisis reforms mean to avoid repeat of 2008
Regulators' effort to stamp out risk in the $2.6 trillion U.S. money-fund industry is creating unintended ripple effects across financial markets, with far-reaching consequences for companies and investors.
/goo.gl/CsTxAt
***** I am still not over the financial crisis either.
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JLN Exchange Leader Series 2017: Romnesh Lamba - Finding Opportunities in HKEx's Relationship with China
JohnLothianNews.com
For Hong Kong Exchanges and Clearing (HKEx), the biggest initiative in 2016 was the launch of Hong Kong-Shenzhen Connect, a trading link designed to give foreign investors greater access to shares listed on the Chinese mainland. Hong Kong-Shenzhen also joined with the Shanghai-Hong Kong Stock Connect, so there are now "four pipes - two going Northbound, with international investors trading Chinese equities, and two more coming Southbound," Romnesh Lamba, co-head of market development at HKEx, told John Lothian News at FIA Boca 2017.
Read the rest and watch the video »
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| Sponsored Content |
FinTech Exchange - April 27 in Chicago - Register Today - Early Bird Rate Expires on Friday
Join us on April 27 in Chicago for the 3rd annual FinTech Exchange hosted by Barchart. This all-day, expanded event will showcase concise and engaging on-stage presentations from financial technology leaders as they cover topics, including: Exchange Technology, Data Analytics & Visualization, Tick Data Management, Big Data & Artificial Intelligence, Cloud Security, Market Data & Trading Software, Data Storage & Infrastructure, Telecommunications, Binary Options, APIs, Alternative Data and FinTech Trends. In addition, this year's event features an extended program with optional in-depth round tables, expanded exhibit hall and an extended networking reception, including a pre-event happy hour the night before at Trading Technologies' TT TechTap.
Sponsors and partners include Tableau, CBOE, Consulate General of Canada in New York and Chicago, AcquireMedia, B23, CME Group, DataRobot, DDN Storage, Enova, FinTank, FinTech Week, FinTEx Chicago, John J. Lothian & Co., MarketsTech, ModernTrader, Nadex, NIBA, OneMarketData, TopstepTrader, TradeStation, Trading Technologies and Vertex Analytics.
Last year's event sold out, so get your early-bird tickets.
To view event details or register, please visit www.fintechchicago.com.
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Bridging the Week by Gary DeWaal: March 27 to 31 and April 3, 2017 (Regulation Through Enforcement; Produce Or Be Fined; Spoofing; Undisclosed Mark-Ups)
Gary DeWaal - Katten Muchin Rosenman LLP
An international cheese and food ingredient company settled an enforcement action brought by the Commodity Futures Trading Commission that it acted as a futures commission merchant without being registered, as required under law, in connection with a risk management program it administered for its milk suppliers. However, the settlement order raised many questions, including what precisely the firm did wrong. Separately, the Financial Industry Regulatory Authority and 10 exchanges brought an enforcement action against a broker-dealer and its principal owner for aiding and abetting manipulative trading through layering, spoofing and cross-market manipulation by one of the firm's customers. The case echoed the same themes as an enforcement action filed by the Securities and Exchange Commission against the same two respondents two weeks earlier.
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Friday's Top Three
The CBOE/Bats deal may have closed but the new entity's journey has just begun. Friday's top story addressed the new entity and those at the helm, Two Exchange Whizzes Try to Tackle CBOE's Challenges. Second was Bloomberg's Wall Street's New Favorite Way to Swap Secrets Is Against the Rules. And yet another market manipulation fine for spoofing landed in third, Ex-Citi traders fined $550k for spoofing US treasury future markets.
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MarketsWiki Stats
96,873,714 pages viewed; 22,411 pages; 204,760 edits
MarketsWiki Statistics
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| Lead Stories | Euronext and Intercontinental Exchange sign clearing services pact
Philip Stafford - FT
Euronext, the pan-European exchanges operator, has moved swiftly from missing out on the EUR510m purchase of LCH's French unit by agreeing to move its derivatives and commodities clearing operations to rival Intercontinental Exchange.
/goo.gl/ISjKY2
TOM plans wind down; market remains open
TOM
In October 2016, the shareholders of TOM announced that they would seek a strategic partner to realise the next step in the development of TOM. It has now become clear that a strategic partner has not been found. Consequently, TOM is working towards a wind down of the company, in close cooperation with shareholders.
/goo.gl/idKbgF
Deutsche Börse imposes hiring freeze and launches spending review; Exchanges operator took decisions as planned merger with LSE was unravelling
James Shotter and Philip Stafford - FT
Deutsche Börse has imposed a hiring freeze and launched a review of its project spending as it charts a new path following the failure of its merger with the London Stock Exchange Group.
/goo.gl/lWW0bE
US fund manager fires lawyers for handing Donald Trump 'an unprecedented invitation to corruption'; Morgan, Lewis & Bockius said the President's son could run his father's multi-billion dollar organisation and this would not be a conflict of interest
Ben Chapman - Independent
A US fund manager has terminated its contract with a law firm, saying that the company enabled Donald Trump to continue with massive conflicts between his business empire and his public role.
/goo.gl/BGa0Rz
'Cartel' Traders Weigh Surrender to Face U.S. Rigging Charges
Tom Schoenberg, Suzi Ring and David McLaughlin - Bloomberg
U.S. said to discuss ways for U.K. traders to skip extradition; Mountain of trades, fading memories could complicate U.S. case
Some of the U.K. currency traders whose online chats led to guilty pleas by four of the world's biggest banks are weighing whether to present themselves to the U.S. to fight charges against them.
/goo.gl/xyycLG
Bond Markets Are Looking More Perilous by the Day
Charles Lieberman - Bloomberg
Even though the Federal Reserve has raised interest rates twice in three months, it's been a good time to own bonds. The market has rallied mainly because fears of a more aggressive, hawkish-sounding Fed failed to materialize. That reaction was shortsighted.
/goo.gl/NPLnBZ
Ethical investment tide lifts 'greenwash' concerns
Cecile Lefort and Jonathan Barrett - Reuters
Investors are plowing ever more into ethical funds to back their views on issues such as global warming and gender equality, but such investments can be confusingly similar to standard funds, except for higher fees and 'green halo' marketing. The $23 trillion "sustainable, responsible and impact" (SRI) investment sector has received a rush of money since the Paris climate agreement and, more recently, in protest against U.S. President Donald Trump's plans to slash environmental regulations.
/goo.gl/ALqeNV
Robinhood stock trading app valued at $1.3 billion with big raise from DST
Josh Constine and Ryan Lawler - TechCrunch
Zero-fee stock trading app Robinhood is completing a huge fund raise to fuel its attack on old brokerage firms that charge around $7 to $10 per trade. According to sources, the round is led by Yuri Milner investment vehicle DST Global and values the company at $1.3 billion. Robinhood declined to comment.
/goo.gl/d4BCng
Bloomberg is shaking up its trading arm
Matt Turner - Business Insider
Bloomberg LP, the financial data giant, is shaking up its trading unit. Ray Tierney, the global head of Bloomberg's broker-dealer and sell-side trading solutions business, has left the firm, according to people familiar with the matter.
/goo.gl/OZFzL7
RBS rising from ruins as shadow of former self
Andrew MacAskill and Lawrence White - Reuters
Nine years after the beginning of a 45-billion-pound ($56 billion) bailout by the British government, Royal Bank of Scotland (RBS.L) is emerging from its restructuring process a shadow of what was once the biggest lender in the world.
/goo.gl/QB0zAD
Fed's Rebel Defends Autonomy as Trump-Molded Central Bank Looms
Craig Torres - Bloomberg
At the Richmond Fed, Lacker dissented 15 times in his tenure; Rising inequality, unresponsive Congress shifts focus to Fed
To understand the biggest risk facing the Federal Reserve's future, consider an otherwise mundane photograph in Jeffrey Lacker's office overlooking a turbulent stretch of Virginia's James River.
/goo.gl/15q4T6
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext and Intercontinental Exchange sign agreement for derivatives clearing; Euronext and ICE Clear Netherlands sign binding Heads of Terms for the provision of derivatives and commodities clearing services; Improved value proposition for customers, including lower clearing fees
Euronext
Euronext, the leading pan-European exchange in the Eurozone, announces it has signed a binding heads of terms with ICE Clear Netherlands, a subsidiary of Intercontinental Exchange (NYSE: ICE) for the provision of clearing services for its financial derivatives and commodities markets.
/goo.gl/BlD7PS
SGX and World Bank launch education partnership on bonds investment
SGX
Singapore Exchange (SGX) and the World Bank (International Bank for Reconstruction and Development) today announced an education partnership to raise investor awareness for bonds that achieve a positive social impact.
/goo.gl/xDlpcn
All Business? Bitcoin is Becoming a Hobby for Exchange Employees
www.coindesk.com
At the World Exchange Congress this week, bitcoin wasn't a frequent topic of discussion, appearing only in conversations spurred by evangelists. Still, while many companies are still trying to make sense of applications for distributed ledger tech (DLT), their employees appear to be embracing the general idea as hobbyists, using cryptocurrencies as a way to learn - and earn - on the side.
jlne.ws/2nOo5vi
Eurex Daily Futures on KOSPI 200 derivatives: No trading at Eurex Deutschland and Eurex Zürich on 9 May 2017 due to public holiday in the Republic of Korea
Eurex
The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided not to offer trading on 9 May 2017 at Eurex Deutschland and Eurex Zürich (collectively the Eurex Exchanges) in Eurex Daily Futures on KOSPI 200 derivatives (OKS2, FMK2).
/goo.gl/JbyRYp
Deutsche Börse welcomes Fidelity International as a new ETF issuer on Xetra; Smart beta ETFs provide access to high-quality, high-quality companies
Deutsche Börse
For the first time ever, smart beta ETFs from the issuer Fidelity International have been tradable on Xetra and Börse Frankfurt. It is Fidelity's first ETF offering in Europe.
/goo.gl/pgz5XT
REGIS-TR in Switzerland officially recognized as a foreign transaction register
Deutsche Börse
The REGIS-TR has been formally recognized by the Swiss Financial Market Supervisory Authority (FINMA) on 1 April 2017. REGIS-TR is thus officially a foreign transaction register in Switzerland and allows market participants to fulfill their reporting obligations for transactions pursuant to the Financial Market Infrastructure Act (FinfraG).
/goo.gl/HlneUP
London Stock Exchange welcomes Fidelity International as new ETF issuer
London Stock Exchange Group
Fidelity International launches first range of smart beta ETFs; 26 dedicated ETP issuers now active on London Stock Exchange; More than £83 billion of on-exchange trading in ETPs on London Stock Exchange in first quarter of 2017
London Stock Exchange today welcomes Fidelity International as the latest ETF issuer on its market. The two ETFs* listed today in London are the first Fidelity International has issued in Europe and the first smart beta ETFs they have listed globally.
/goo.gl/CnktBL
DGCX Sees Brisk Trading As Brexit Negotiations And European Election Volatility Intensifies
Mondovisione
The region's largest derivatives bourse, the Dubai Gold and Commodities Exchange (DGCX), saw brisk trading in the month of March, with volumes aggregrating to 1.4 million contracts, valued at USD $33.5 bn. The Average Daily Volumes touched 61,471 contracts in March, with a high of 143,312 on March 27th.
/goo.gl/oi8wAH
A Conversation with Mike Bodson
Oliver Wyman
Our third market infrastructure interview features our partner Alex Lyall and Mike Bodson, President and CEO of DTCC. They discuss the changing industry landscape, as well as the implications of technology innovation, risks, regulation, and the future outlook for the industry.
/goo.gl/U4Y5HV
BSE to charge transaction fee for each equity trade from Monday; This move that is expected to attract a larger number of big deals
Business Standard
Leading stock exchange BSE will start charging transaction fee on per trade basis from tomorrow, a move that is expected to attract a larger number of big deals.
/goo.gl/ZX49Re
BSE ready to launch for commodity trading; waiting for Sebi nod: CEO; BSE is waiting for the final approval of markets regulator Sebi to commence operations
Business Standard
Top stock exchange BSE is ready to launch trading in commodity derivatives and is waiting for the final approval of markets regulator Sebi to commence operations, its chief Ashish Chauhan has said.
/goo.gl/4wxByd
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Schneider Electric Nears $1 Billion Sale of Data-Software Unit DTN
Ben Dummett - WSJ
French power-equipment supplier Schneider Electric SE is close to selling U.S.-based data-software business DTN to a Europe-based financial investor in a deal valued at around $1 billion, according to a person familiar with the matter.
/goo.gl/TqRSR3
Japan's Bitcoin Law Goes Into Effect Tomorrow
Garrett Keirns - Coindesk
Japan is set to begin recognizing bitcoin as a legal method of payment starting tomorrow. The country's legislature passed a law, following months of debate, that brought bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument.
/goo.gl/O1PCk5
Equinix Extends the Digital Edge for Companies with Five New Data Centers and 14 Expansions Opening in 2017
finance.yahoo.com
Equinix, Inc. (EQIX), the global interconnection and data center company, will open five new International Business ExchangeTM (IBX®) data centers and 14 expansions of existing IBX data centers in 2017 as a part of its $1 billion non-recurring capital expenditure expansion program.
/goo.gl/5v4duf
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| Politics | | An overview of politics as it relates to the financial markets | Our Dishonest President
LA Times
It was no secret during the campaign that Donald Trump was a narcissist and a demagogue who used fear and dishonesty to appeal to the worst in American voters. The Times called him unprepared and unsuited for the job he was seeking, and said his election would be a "catastrophe."
/goo.gl/CvgyoW
**** The Editorial Board of the LA Times is writing a multipart series of editorials attacking President Trump.
Trump on Merkel, Twitter and Republican infighting
Lionel Barber, Demetri Sevastopulo and Gillian Tett - FT
Halfway through an interview in the Oval Office, President Donald Trump is asked if he regrets any of his abrasive tweets about allies, political opponents and the state of the world. Mr Trump pauses, momentarily: "I don't regret anything, because there is nothing you can do about it. You know if you issue hundreds of tweets, and every once in a while you have a clinker, that's not so bad."
/goo.gl/l3Lwuc
Donald Trump in his own words; An edited transcript of the Financial Times interview with the US president
Lionel Barber, Demetri Sevastopulo and Gillian Tett - FT
You are the master of 'the art of the deal'?.?.?.?can you cut a deal with Xi Jinping when you see him in Mar-a-Lago? I have great respect for him. I have great respect for China. I would not be at all surprised if we did something that would be very dramatic and good for both countries and I hope so.
/goo.gl/LOi43E
Tom Price Intervened on Rule That Would Hurt Drug Profits, the Same Day He Acquired Drug Stock
Robert Faturechi - ProPublica
While in Congress, HHS Secretary Tom Price acted to help kill a rule that would hurt drug company profits shortly after his broker bought him up to $90,000 worth of pharmaceutical stock.
/goo.gl/xLqACI
Mistakes, He's Made a Few Too Many; Crisis will inevitably strike, so America needs stability and strength. Will Trump be ready?
Peggy Noonan - WSJ
Near the end of the campaign I wrote a column called "Imagine a Sane Donald Trump," lamenting that I believed he was crazy, and too bad. Too bad because his broad policy assertions, or impulses, suggested he understood that 2008 and the years just after (the crash and the weak recovery) had changed everything in America, and that the country was going to choose, in coming decades, one of two pathsÂa moderate populism or socialismÂand that the former was vastly to be preferred, for reasons of the nation's health.
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Trump and the Plutocrat's Hubris; It's now obvious that financial success does not easily transfer into other realms.
Joseph Epstein- WSJ
In the petit-bourgeois, confidently philistine milieu in which I grew up, plutocratic values held a firm purchase. When the men gathered in the living room after dinner, money talkedÂthat is, those who had found the greatest financial success tended to dominate the conversation. Since Lou Riskin had made a killing in the mail-order business, the assumption was that he had penetrating things to say on the subject of urban renewal. Saul Levine had run the most successful Buick agency in the city, therefore definitely worth listening to him hold forth on welfare.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Credit Suisse Responds to Tax Probe in Two-Page Newspaper Ads
Kelly Gilblom - Bloomberg
Bank has 'zero tolerance policy' on tax evasion, ad says; Five-country tax evasion, money laundering probe under way
Credit Suisse Group AG, surprised by a five-country tax evasion and money laundering investigation, said it has a "zero tolerance policy" on tax evasion in advertisements taken out in at least two U.K. newspapers on Sunday.
/goo.gl/detBBT
SEC Nominee's Distorted Reality B
Lisa Abramowicz -Bloomberg Gadfly
The leading candidate to become Wall Street's next top cop has a strange view of U.S. markets. Jay Clayton, a prominent banking lawyer, has been nominated by President Donald Trump to head the Securities and Exchange Commission. Apparently, he seems to think that the U.S. capital markets are a sad, shriveling spot in the global economy, one that locks out individuals.
/goo.gl/Gk9iLI
Investor Bulletin: New "T+2" Settlement Cycle - What Investors Need To Know
Investory.gov
On March 22, 2017, the Securities and Exchange Commission amended Exchange Act Rule 15c6-1 to shorten the standard settlement cycle for broker-dealers transaction from "T+3" to "T+2," subject to certain exceptions. The SEC's Office of Investor Education and Advocacy (OIEA) is issuing this investor bulletin to explain the new "T+2" settlement cycle and how it will affect certain transactions you place with your full-service or online brokerage firm.
/goo.gl/ePB1OS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Fund Managers Reveal Their Currency Strategies
Netty Idayu Ismail - Bloomberg
AMP Capital's Naeimi prepares to short greenback on any bounce; Dollar will find it hard to outperform, Amundi's Kwok says
Short the dollar on any bounce. Bet on a recovery of the euro after the French elections. Position for the yuan to strengthen. These are some of the strategies fund managers such as AMP Capital Investors Ltd. and Amundi SA are adopting as the dollar becomes rangebound amid concern President Donald Trump will fail to enact his reflation policies.
/goo.gl/T2CpQ0
Top financial adviser: 'If all you do in life is work really hard, you're never going to get wealthy'
Tanza Loudenback - Business Insider
In school, we learn that hard work will get us ahead in life. Work hard, earn more, get rich.
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Investors bet on stronger growth via reflation trades; Sentiment remains emboldened as markets await macro data to vindicate upbeat surveys
Roger Blitz and Eric Platt - FT
Investors are refusing to call time on expectations of a sustained recovery in the global economy, after propelling global markets to their best quarterly performance since 2013.
/goo.gl/5UAWuI
Bond Traders Are No Fools, Dismissing Bluster of Four Rate Hikes
Brian Chappatta - Bloomberg
Hawkish hints still leave 10-year U.S. yield steady on week; For BMO, biggest risk is a disappointing March jobs report
To kick off the second quarter, bond traders will look to a fresh reading on the job market to gauge which Federal Reserve speaker has the best grip on the U.S. economy.
/goo.gl/T5BZE7
Cherchez la femme: FTSE 100 gains seventh female CEO
Mary Fjelstad - FTSE Russell Blog
[Friday] not only mark[ed] the last day of Women's History Month, but also the eve of Emma Walmsley's first day at the helm of GlaxoSmithKline. While many have applauded the selection of the first woman to lead a top-tier UK pharmaceutical company, the addition of Ms. Walmsley increases the percentage of FTSE 100 companies led by women to a mere 7%. This seems an appropriate moment to report on the United Kingdom's progress on women's representation in top corporate roles.
/goo.gl/wQcXze
Oil Companies' Modest Prize: Breaking Even; Exxon, Shell, Chevron and BP barely cover spending, dividends with cash
Sarah Kent - WSJ
The world's biggest oil companies are struggling just to break even. Despite billions of dollars in spending cuts and a modest oil-price rebound, Exxon Mobil Corp. , Royal Dutch Shell PLC, Chevron Corp. and BP PLC didn't make enough money in 2016 to cover their costs, according to a Wall Street Journal analysis.
/goo.gl/iK7vwb
Active Managers Stage a Comeback
Justine Baer and Sarah Krouse - WSJ
Bill Miller is on a winning streak again. His $1.4 billion Miller Opportunity Trust is up 7.5% so far this year and has climbed 21% in the past 12 months, according to Morningstar. Its performance this past year has been helped in part by its holdings of bank stocks including Bank of America Corp. and J.P. Morgan Chase & Co. Mr. Miller isn't alone: Some 45% of all U.S.-based actively managed stock, bond and other mutual funds were beating their benchmark indexes as of Feb. 28, Morningstar said.
/goo.gl/X0qwj6
The Rising Retirement Perils of 401(k) 'Leakage'; Companies are trying to discourage employees from borrowing from their retirement accounts
Anne Tergesen - WSJ
American companies are trying to stop employees from raiding their 401(k)s, in an attempt to ensure that older workers can afford to retire and make room for younger, less-expensive hires.
/goo.gl/MpTV02
Wall St. stock pickers shift to machines
Adam Shell - USA TODAY
Wall Street's shift from man to machine is moving deeper into the realm of stock picking, a profession once viewed as more art than science.
/goo.gl/ScpPsP
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Brokerages Put More Power Back in Hands of Brokers
Michael Wursthorn - WSJ
Brokerages are unleashing their brokers. Some of the U.S.'s biggest brokerage firms, overseeing trillions of dollars in assets, are rejiggering their structures to shift more power to brokers and the managers closest to them in an effort to increase revenue and assets.
/goo.gl/uXNBez
'World of Warcraft' holds lessons for central bankers: Haldane
Reuters
Central bankers can learn from the computer gaming industry as they try to communicate with a public that often has little idea what they do, the Bank of England's chief economist Andy Haldane said.
/goo.gl/ureRn1
Deutsche Bank Shuffling Executives Amid CFO Hunt; Treasurer Alexander von zur Muehlen said to be returning to investment bank
Jenny Strasburg - WSJ
Deutsche Bank AG DB -0.58% is reshuffling more executives while it searches for a new chief financial officer and reshapes global businesses for the second time in 18 months.
/goo.gl/Y8GyCC
Central banks cut euro exposure in favour of sterling amid bloc jitters; Concerns over political Morinstability and negative interest rates
Claire Jones - FT
Central banks are dumping euros amid concerns over political instability, weak growth and the European Central Bank's negative interest rate policy  and favour sterling as a long-term, stable alternative.
/goo.gl/MWHiZ5
BlackRock's active gambit ups pressure on rivals
Trevor Hunnicutt and Tim McLaughlin - Reuters
BlackRock Inc's (BLK.N) decision to revamp part of its stock-picking business puts further pressure on active U.S. equity managers to cut fees, change products and merge to stem a relentless, 12-year decline in assets.
/goo.gl/4uHkoN
Credit Suisse Responds to Tax Probe in Two-Page Newspaper Ads
Kelly Gilblom - Bloomberg
Bank has 'zero tolerance policy' on tax evasion, ad says; Five-country tax evasion, money laundering probe under way
Credit Suisse Group AG, surprised by a five-country tax evasion and money laundering investigation, said it has a "zero tolerance policy" on tax evasion in advertisements taken out in at least two U.K. newspapers on Sunday.
/goo.gl/detBBT
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Less noodles, beer and movies? Clouds on Chinese consumption horizon
Donny Kwok and Adam Jourdan -Reuters
Official numbers may suggest a rosier 2017 for China, but the bottom lines of the country's top consumer firms - from brewers to noodle makers and cinema chains - paint a patchy picture of spending in the world's second-largest economy.
/goo.gl/4XNgQy
Are Wall Street Banks Doing Enough to Prevent Shoddy Chinese IPOs? China Huishan Dairy is latest in string of companies to struggle after listing in Hong Kong
Julie Steinberg - WSJ
The strange case of a Chinese dairy company whose stock collapsed last week is raising fresh questions about how thoroughly Western banks are vetting the Chinese firms they bring to market. This week, China Huishan Dairy Holdings Co. said it lost contact with a top executive and was in talks with its creditors, following an 85% plunge in its Hong Kong-listed shares on March 24, which knocked $4.1 billion off its value. The drama comes just four years after the company's $1.5 billion initial public offering, which was led by Deutsche Bank AG, Goldman Sachs Group Inc., HSBC Holdings HSBC -0.56% PLC and UBS Group AG.
/goo.gl/sj9SSO
Mexican newspaper closes citing insecurity for journalists
Peter Orsi - AP
A newspaper in the Mexican border city of Juarez announced Sunday that it is shutting down because the rampant, unpunished killings of journalists in the country have made it too dangerous to go on.
/goo.gl/cD0p6i
China Plan to Create New Shenzhen Spurs Speculative Rampage
Lisa Pham and Jeanny Yu - Bloomberg
Government creates Xiongan economic zone in Hebei province; Cement and construction stocks soar, buyers flock to property
It didn't take long for news that China would set up an economic zone near Beijing to touch off an investor frenzy.
/goo.gl/fSrIie
China Has Its Worst-Ever Start to a Year For Defaults
Bloomberg News
Beijing's leverage war ensnares lower-rated manufacturers; Defaults to continue amid rising costs: China Merchants' Liu
China's deleveraging push has racked up the most defaults on corporate bonds ever for a first quarter, and the identity of the debtors is pretty revealing.
/goo.gl/bU99EF
Singapore's Brave to Battle Chinese Bosses
Andy Mukherjee -Bloomberg
After seeing investors in Singapore duped for years by misbehaving bosses, the city's stock exchange is taking its fight for justice to mainland China, an exemplar of egregious corporate behavior in the post-Enron world.
/goo.gl/ebs2ji
Iceland's Currency Speculation Opens Rift in Ruling Coalition
Omar Valdimarsson - Bloomberg
Prime minister sees free float as key to economic adjustment; Iceland has appointed panel to explore monetary policy options
As they search for a permanent exchange-rate framework, Iceland's policy makers are finding they may disagree on some pretty fundamental issues.
/goo.gl/pkM9kD
China cracks down on 'financial ants' smuggling cash to Hong Kong; Easier FX rules spur movement of money to territory as weakening renminbi bites
Gloria Cheung - FT
Like many Hong Kongers with family and business ties in mainland China, Ceci Chong would often carry cash back across the border  until she was stopped last summer by a Chinese customs officer.
/goo.gl/Un9jMs
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Brexit Could Disrupt Millions of Expats' Lives
Laurie Meisler - Bloomberg
As Prime Minister Theresa May begins two years of negotiations on the U.K.'s exit from the European Union, 4 million people face uncertainty about their fate: the more than 3 million EU nationals who live in Britain and the almost 1 million British citizens who live in other EU countries. With the free movement of citizensÂa basic tenet of EU lawÂcurtailed or restricted, theoretically they could see bank accounts closed, employment terminated or rental agreements revokedÂnot to mention deportation. Both sides have pledged to seek an early resolution of the issue.
/goo.gl/x68AnM
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| Miscellaneous | | Stories that don't quite fit under the other sections | Richard Bolles Dies at 90; Wrote 'What Color Is Your Parachute?'
Paul Vitello - NY Times
Richard N. Bolles in 2014. His job-hunter's manual "What Color Is Your Parachute?" reached the New York Times best-seller list in 1979. Credit Peter DaSilva for The New York Times
Richard N. Bolles, a former Harvard physics major, Episcopal minister and career counselor whose own twisting vocational path led to his writing "What Color Is Your Parachute?"  the most popular job-hunter's manual of the 1970s and beyond  died on Friday in San Ramon, Calif. He was 90.
/goo.gl/9lIsBQ
Twitter drops 'egg' avatar in attempt to break association with internet trolls; The social network says it is introducing a new default profile photo - a gender neutral silhouette - in a bid to 'prompt more self-expression'
Elle Hunt - The Guardian
Twitter is abandoning its default "egg" avatar in a bid to shake its association with trolls.
/goo.gl/dDKQKo
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