| June 26, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Bits & Pieces
By John J. Lothian
Today, John J. Lothian & Company and some staff members are offering the Journalism and Communications merit badges as part of the Trading Tech 300 Boy Scout program.
Sarah Rudolph, Jeff Bergstrom and I, along with return intern and Eagle Scout Jonathan Lenchard Warren, will be teaching the badges. We have a group of 24 scouts and are using the Glenstar conference rooms on the second floor of the CBOT Building to accommodate the group.
It has been ten years since the introduction of the iphone. That new product had a big impact on this company and on how news is delivered and shared. It was my observation that there was a line on Michigan Avenue in Chicago, not to buy a paper copy of the Chicago Tribune, but to buy an iPhone that led me to the concept of MarketsWiki.
That same fall, Jimmy Wales of Wikipedia would say that the MediaWiki software that powered Wikipedia was so important to mankind and civilization for collaboration and sharing of information that he was giving it away for free. I said "SOLD" and came up with the concept of MarketsWiki.
We have come a long way since then, with lots of talented people contributing to the success of MarketsWiki and John Lothian News. And we have been grateful for the support from our sponsors, giving us the resources to build MarketsWiki into the 100 million page view resource it is today.
Our next big challenge is in the area of education. You will be hearing more soon about how we are digging deeper into this field and helping to produce the freely available resources to help educate market participants, industry professionals, government officials and the media about how are markets work.
For now, though, I am off to teach a group of Scouts about journalism and communications, two subjects near and dear to my heart.
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How Electronic Futures Trading Went Global
CME OpenMarkets
Globex opened 24-hour access to futures traders in 1992
Electronic trading systems have changed the face of the exchange-traded derivatives industry on a scale that was virtually unimaginable 20 years ago. The advantages of electronic trading include ease of access from virtually anywhere worldwide almost 24 hours a day, speed, efficiency and lower costs.
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****** Change has occurred.
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Bridging the Week by Gary DeWaal: June 19 to 23 and June 26, 2017 (Costs and Benefits Don't Add Up; Floor Trading; LOPR; MiFID II and Direct Market Access)
Bridging the Week
The Office of Inspector General of the Commodity Futures Trading Commission severely criticized the agency's cost-benefit analysis relied on in promulgating the Commission's final rule for margin for uncleared swaps issued in December 2015. Additionally, in a rare current disciplinary action involving pit-trading, five respondents settled disciplinary actions brought by the Chicago Mercantile Exchange alleging that they engaged in prohibited conduct to avoid payment of fines mandated when members of a broker association trade opposite each other in restricted contracts for more than a designated maximum percentage of their overall volume.
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A Better Cheddar Benchmark? A Daily Cheese Auction Is Going Electronic; Cheese joins auctions for butter and nonfat dry milk in the new electronic format
By Alexander Osipovich and Benjamin Parkin - WSJ
People wearing colored jackets in Chicago were shouting at each other about cheese for the final time on Friday.
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**** Say Cheese!
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Website Launch Webinar
NFA
This week, NFA launched its new website. To walk Members through the new website, NFA will conduct a brief webinar on Tuesday, June 27, 2017 at 9:00 a.m. CT.
/goo.gl/EpGX6n
***** I like what I see of the NFA's new website.
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Tectonic Shifts in Financial Markets by Henry Kaufman; A Wall Street veteran offers timely warnings on the fragility of institutions
John Authers - FT
Regulators and politicians have had a bad post-crisis. Financial markets recovered far quicker than expected after the disasters of 2008, and damage to the economy proved less than feared  outside the periphery of Europe  but the sense of injustice and anger has multiplied.
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***** There was a time when Henry Kaufman was the guy.
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The Oil Glut Camouflages Some Vicious Black Swans
Liam Denning - Bloomberg
One of the more disconcerting consequences of climate change is how warmer water is quietly destabilizing large parts of Antarctica's ice sheet -- which might then in turn inflict catastrophic changes to sea levels everywhere.
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***** Go long on boats.
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Don't Sweat the Summer Weddings: Seersucker Is Back; The great-granddaughter of a Southern fashion king reclaims the family business, and not just in suits.
Kim Bhasin - Bloomberg
Laurie Haspel has an outfit laid out in her room at the ritzy Windsor Court Hotel in New Orleans. It's a short little number with blue and white stripes, paired with Saint Laurent pumps. The dress is seersucker, the ruffled Southern summertime staple, but she's not just wearing it because it's hot in Louisiana.
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***** I put the sucker in seersucker.
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Friday's Top Three
Friday's top read stores were led by Bloomberg's piece, High-Speed Trader to Pay $101 Million in Landmark China Case. Second went to the New York Times piece on cybersecurity, A Cyberattack 'the World Isn't Ready For'. The third most read story came from ValueWalk on the possibility the CFTC might dig into your source code, with an article on Regulation AT
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MarketsWiki Stats
103,287,580 pages viewed; 22,568 pages; 206,691 edits
MarketsWiki Statistics
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| Lead Stories | Gold Plunges as 1.8 Million Ounces Traded in a New York Minute
Eddie Van Der Walt - Bloomberg
Comex volume spiked to 18,149 lots in a minute at 9am London; 'No-one has a clue' what happened, Marex's Govett says
Gold sank like a stone at 9 a.m. in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order.
/goo.gl/EtKvY3
Virtu prepares for Mifid shake-up with Instinet equities deal; US market maker readies for incoming European share trading rules
Philip Stafford - FT
Virtu Financial has become the first electronic market maker to publicly indicate how it will adapt to new European share trading rules by striking a deal with Instinet Europe, the agency broker.
/goo.gl/Vea1Wn
Ethereum's Flash Crash Shows Hazards of Trading Cryptocurrencies; Digital-currency exchanges don't have circuit breakers or closing bells and they don't reverse trades.
Paul Vigna - WSJ
This is what a really free market looks like.
Ether, the digital currency used on the Ethereum platform, experienced a surge in trading that led to debilitating bottlenecks and a "flash crash" on Wednesday, with one exchange seeing trades as low as 10 cents for an asset that was trading above $300 just minutes before.
/goo.gl/K4dnpS
Growing scepticism challenges the blockchain hype; Companies recognise that the technology has yet to be adapted for the real world
Izabella Kaminska
Blockchain, the shared database technology that powers cryptocurrencies such as bitcoin, has over the past three years developed an almost unchallenged reputation as the next big thing in finance and technology. Many prominent financiers, technologists and entrepreneurs have staked their reputations and fortunes on it.
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Stock Picking Is Dying Because There Are No More Stocks to Pick
By JASON ZWEIG - WSJ
In less than two decades, more than half of all publicly traded companies have disappeared. There were 7,355 U.S. stocks in November 1997, according to the Center for Research in Security Prices at the University of Chicago's Booth School of Business. Nowadays, there are fewer than 3,600.
/goo.gl/eRoU6m
A Bull Market That Creates Few Jobs in Finance; The big difference this time is technology and automation.
By Barry Ritholtz - Bloomberg
Today, we are going off the beaten path with an interesting look at an aspect of employment data. Stick with me, because what we found was a bit surprising.
/goo.gl/FC34Y3
Madoff cooked the books because he 'wanted to please everybody'
Richard Morgan - NY Post
Madoff victim added wife to townhouse deed before suicide
A treasure trove awaits Bernie Madoff obsessives who log into the website for US Bankruptcy Court, Southern District of New York.
/goo.gl/LDKjUr
The markets are crying out for stronger US leadership
David Brown - South China Morning Post
US financial markets cannot be blamed if they are feeling perplexed right now. American policymakers are being as clear as mud and leaving stock, bond and currency markets struggling for direction.
/goo.gl/Wovcjf
Emerging market assets are trapped by an outdated cliché; Investors need to realise that EM assets are no longer driven by commodities
Jonathan Wheatley
It is risk-on time for emerging markets. Last week's sovereign bonds from Argentina and Russia confirm it. Both came from creditors not usually regarded as safe or secure, yet both were amply oversubscribed and both have traded strongly on secondary markets.
/goo.gl/ceSkJe
In praise of activist investors; Agitators are far from perfect, but they can play key role in spurring long-term thinking
Huw van Steenis
This month the Dutch government debated a proposal to suspend all shareholder rights for a year in the event of an unsolicited takeover bid. This move, which we view as a "backwards step", is the latest in a salvo of proposals to curb engaged investors.
/goo.gl/Cw3U1X
High-frequency trader's EUR90m fine in landmark Chinese case; Shanghai court hands out penalty after first criminal action brought in the country against a high-speed trading firm
Independent.ie Business Desk
China handed out a EUR90m penalty and two suspended prison sentences in its first criminal case against a high-speed trading firm.
/goo.gl/Rh5nzY
Cryptocurrency exchange to credit traders for ethereum 'flash crash'
Todd Haselton - CNBC
Some traders who lost money in this week's ethereum "flash crash" are going to be credited for their losses, the GDAX cryptocurrency exchange announced on Friday.
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U.S. Ranchers Are Being Forced to Sell Cattle Due to Drought
Megan Durisin, Jeff Wilson and Sydney Maki - Bloomberg
Livestock producers face 'alarming' feed situation: letter; Cattle auctions in South Dakota, Montana report large sales
It's so hot and dry in northern parts of the U.S. that cattle ranchers are frantically selling off animals to trim their herds as hay crops and pasturelands wither.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Low Volatility Intensifies Competition Among Execution Venues
Valerie Bogard - Tabb Forum
The depressed volatility and trading volumes have upped the ante for competition among execution venues. The fight for market share has led exchanges to rethink many aspects of their operations and business models, from closing auctions to speedbumps to fees, as consolidation among dark pools continues. This new environment with put further pressure on firms to find additional sources of revenue as returns from transactions alone stalls.
/goo.gl/iu4CRF
Intercontinental Exchange Executives to Testify Before Congress on Central Clearing and Equity Market Structure
ICE
Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that Chief Financial Officer Scott Hill will appear before the House Agriculture Committee on June 27 to discuss central clearing and systemic risk, and NYSE President Thomas W. Farley will appear before the House Financial Services Capital Markets Subcommittee to discuss equity market structure.
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Nasdaq Closing Cross Calculates Russell US Indexes Reconstitution for the 14th Consecutive Year
By GlobeNewswire
A new record $28.9 billion traded at the closing cross in a Russell reconstitution
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CAC 40 Dividend index and AEX Dividend index futures now available for U.S. participants
Euronext
Euronext is pleased to announce that the U.S. Commodity Futures Trading Commission (CFTC)[1] has confirmed its non-objection for Euronext to grant direct trading access to U.S. participants on the CAC 40® Dividend Index Futures and the AEX® Dividend Index Futures.
/goo.gl/JaTUcy
Instinet and Virtu enter into liquidity streaming agreement; Changes to the provision of liquidity in Europe under MiFID II will see shift towards bilateral trading relationships.
Hayley McDowell - The Trade
Instinet and Virtu Financial have established a bilateral liquidity streaming relationship to provide Instinet's buy- and sell-side clients with liquidity and price improvement.
/goo.gl/cWYk1x
TORA Partners with LSE's UnaVista for MiFID II Transaction Reporting
John D'Antona Jr. - Trades Magazine
TORA, a provider of advanced cloud-based order and execution management system (OEMS), announced that it has joined the London Stock Exchange Group's UnaVista Partner Programme to help clients meet the transaction reporting requirements of MiFID II.
/goo.gl/N62Cvh
NSE co-location: Settlement in limbo; Sebi wants audit of unlawful gains; Settlement is unlikely at this juncture as the case is under the scanner of various regulators
Business Standard
In the high-profile NSE co-location case, markets regulator Sebi wants its forensic audit to quantify unlawful gains made by some brokers, allegedly in connivance with the exchange officials, which may put in limbo a settlement plea proposed by the bourse.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Why Apple and J.P. Morgan Are Chasing Venmo; Tech and finance firms forego profits in push to keep PayPal-owned service from becoming ubiquitous
Peter Rudegeair - WSJ
Venmo has become a verb among people who want to send money digitally to each other. What it hasn't become is a huge moneymaker for parent PayPal Holdings Inc. PYPL 0.85%
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Yoyo raises £12m as fintech defies Brexit fears; Fundraising for British mobile payments app highlights strength of VC investment
Martin Arnold in London - FT
Yoyo Wallet, the fast-growing British mobile payments app, has raised £12m from investors including the German retailer Metro Group and fund manager Neil Woodford to finance its expansion in Europe and the US.
/goo.gl/E2YsEo
TP ICAP invests in credit market FinTech start-up; LiquidityChain provides a platform to connect users and highlight potential trading opportunities in global credit markets.
Hayley McDowell - The Trade
TP ICAP has invested in a FinTech start-up aimed at unlocking liquidity in global credit markets through its web-based application.
/goo.gl/FrxNKh
Itiviti Delivers Multi-Protocol Automated Testing For Canadian Securities Exchange System
Mondovisione
Itiviti, a world-leading technology provider for the capital markets industry, and the Canadian Securities Exchange (CSE), the modern and efficient alternative for companies looking to access the Canadian public capital markets, have partnered to deliver a state-of-the-art automated testing solution to enable continuous integration testing and defect reporting in the CSE's multi-protocol trading environment.
/goo.gl/ysQyJk
Tradeweb to provide first trading platform for Bond Connect; Bond Connect will be established as trading link between Mainland China and Hong Kong.
Hayley McDowell - The Trade
Tradeweb has confirmed it will be the first firm to offer an offshore trading platform following the launch of Bond Connect in Asia.
/goo.gl/VNFvqS
Barclays spoke to regulators about bringing bitcoin 'into play'; Barclays U.K. CEO Ashok Vaswani told CNBC that the bank has spoken to regulators about cryptocurrencies like bitcoin.; Vaswani did not reveal the content of the discussions with Britain's Financial Conduct Authority (FCA), but said it involved talking about how to bring bitcoin "into play".
Arjun Kharpal - CNBC
Barclays has been in discussions with regulators and financial technology - or fintech - firms about bringing cryptocurrencies like bitcoin "into play", the bank's U.K. chief executive told CNBC on Monday.
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Anti-Nafta Stance Is on a Collision Course With Natural Gas
Clifford Krauss and Azam Ahmed - NY Times
Of all the industries thrown into question by President Trump's promise to upend free trade with Mexico, natural gas is easily one of the most important.
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Trump could use alternate routes to roll back bank reforms; Though Congress is nowhere close to repealing reforms, others think Trump can inflict major and damaging change by overhauling bank rules without legislation
Edward Helmore - The Guardian
On the campaign trail and in office, Donald Trump has promised to replace the Dodd-Frank Wall Street regulations, triggering fears that he could unleash a new wave of reckless bankers armed with dangerous and loosely regulated financial practices.
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Congress is basically launching a 'flamethrower' at financial regulations
Bart Chilton - CNBC
The Trump administration has made it clear that it wants to relax financial regulations  curbs that were put in place to protect the U.S. from another financial crisis. If this happens, it would be a disastrous and deeply dangerous choice for financial markets, our economy and country.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Demystifying DEA
Vela
Crucially, the European Commission's delegated regulation specified in 2016 that if a market participant cannot exercise discretion regarding the exact fraction of a second of order entry, then it is not capable of DEA. That led some institutions, including Germany's Deutsche Börse, to assume that direct access to exchanges would not be classified as DEA if the user had no such discretion.
bit.ly/2tc71V5
Fed's stress tests raise concern over financial safety standard; Goldman Sachs, Morgan Stanley and State Street score low on one controversial metric
Alistair Gray in New York - FT
The Federal Reserve's bank stress tests have intensified concerns about the impact of a tough new financial safety standard that the industry is fighting and the Trump administration has warned could undermine market stability.
/goo.gl/Yn5Ekr
Asset managers warned to expect worst from FCA Some believe the whole sector could be referred to competition authorities on Wednesday
Chris Newlands, Mark Cobley and Lucy McNulty - Financial News
Investment managers are being warned to expect the worst from Wednesday's long-awaited investigation into the workings of the UK's asset management sector, with some believing the regulator could refer the whole market to the competition and markets authority.
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Six things to look out for in the FCA's asset management review; UK regulator considers 'all-in' fee, fund governance shake-up and antitrust referral
Chris Flood - FT
June 28 will be a momentous day for the UK's £7tn asset management industry. The Financial Conduct Authority will publish new business rules that will affect the nation's 1,840 asset management companies and their dealings with pension funds, financial advisers, retail investors and investment consultants
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Ex-head of operations at ITG charged over ADR failures; ITG paid a $24 million fine in January for its failures with handling American depository receipts (ADRs).
Hayley McDowell - The Trade
A former managing director and head of operations at ITG has been charged over allegations of mishandling American depository receipts (ADRs). Anthony Portelli was responsible for ITG's securities lending operations and the compliance around pre-release agreements for ADR transactions.
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Proposed Rule Change to amend FINRA Rule 6730 (Transaction Reporting) to Provide a Temporary Exception to Permit Aggregate Reporting for Certain ATS Transactions in U.S. Treasury Securities
FINRA
Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend FINRA Rule 6730 (Transaction Reporting) to provide a temporary exception to permit member alternative trading systems ("ATSs") and member subscribers to report aggregate trade information to TRACE for certain transactions in U.S. Treasury Securities.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How the Rice Brothers Survived the Gas Bust to Make Family a Billion
Ryan Dezember and Timothy Puko - WSJ
Eighteen months ago, the Rice family was pressured to sell shares in their family gas company at all-time-low prices as the natural gas market tanked.
/goo.gl/hWCHE8
When MSCI and S&P Rule the World;l With index funds poised to dominate investing, will index makers leave Snap (and maybe even Facebook) out in the cold?
Justin Fox - Bloomberg
Sometime in the next four to seven years, passive investment vehicles will come to constitute more than 50 percent of assets under management in the U.S., analysts at Moody's Investors Service predicted in February.
/goo.gl/K5wZXd
The Much-Maligned Market Portfolio
Philip Murphy - Indexology
It seems generally acknowledged that no investment strategy should be expected to offer an optimal trade-off between return and risk in all periods. Yet I often hear criticism of market-cap weighting, presumably because modern portfolio theory (MPT) postulates a hypothetical market portfolio as efficient in the mean-variance sense. Financial engineers, product developers, and asset managers point to a growing range of alternatively weighted strategies designed to capture various risk premia or market anomalies. In other words, they seek to harvest greater mean-variance efficiency than cap weighting. While we all want more return per unit of risk, it is nevertheless worth remembering a few salient characteristics and benefits of cap weighting.
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Daniel Loeb's Activist Hedge Fund Third Point Takes $3.5 Billion Stake in Nestlé; Stake is fund's largest-ever bet on a public company
Saabira Chaudhuri - WSJ
Billionaire activist investor Daniel Loeb's Third Point LLC hedge fund has taken its largest-ever initial bet on a public company, with a $3.5 billion stake in Nestlé SA, NSRGY 0.47% piling pressure on the world's largest packaged-foods company to find ways to accelerate growth.
/goo.gl/VKAD4G
Morningstar stock moves sideways as profit gets choppy ; Mutual fund ratings powerhouse Morningstar isn't rating so high with Wall Street lately.
Lynne Marek - Crain's Chicago Business
A stock analyst who had been covering the Chicago investment research company for a decade dropped coverage this month, citing inconsistent earnings in recent years and a potential profit decline again this year. Shareholders seem to agree: Morningstar shares declined 5 percent for the year through June 22, even as the Standard & Poor's 500 Index climbed 16.5 percent.
/goo.gl/Qq3RSw
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Investment bank research faces $240m losses by 2020; Research reveals a shift towards independent research providers could see huge losses across investment banking research departments.
Hayley McDowell - The Trade
MiFID II's unbundling rules could see some investment banking research departments face potential losses of up to $240 million by 2020, according to research.
/goo.gl/xKB8rv
Policy ponder: central banks head for the Portuguese hills
Hugh Lawson - Reuters
The cool shade of the hills above Lisbon will offer leading central bankers an escape from the summer heat in the coming week, but there is little they can do to get away from their differing monetary policy conundrums.
/goo.gl/nFKsdo
Canada's Boutique-Broker Bust May Be Over But the Lessons Remain
Kristine Owram - Bloomberg
Industry set for first gain in net registrations over 5 years; Stock market operator looks for alternative sources of funding
The crisis that wiped out a quarter of Canada's independent brokers seems to have halted.
/goo.gl/nzPjem
Push on with the 'great unwinding', BIS tells central banks
Marc Jones - Reuters
Major central banks should press ahead with interest rate increases, the Bank for International Settlements said on Sunday, while recognizing that some turbulence in financial markets will have to be negotiated along the way.
/goo.gl/ayAoQC
RBS to cut 443 jobs in UK, move many of them to India
Reuters
British lender Royal Bank of Scotland (RBS.L) is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.
/goo.gl/boC63Z
UBS excluded from Deutsche Bank issue over poaching spat; Swiss rival shunned after luring Asia-based wealth management staff
Laura Noonan - FT
A row over poaching in Asian wealth management helped UBS lose its place in Deutsche Bank's recent rights issue after the German bank learnt its Swiss rival had been trying to use its financial woes to lure staff.
/goo.gl/1aUFJ5
Soc Gen combines electronic and high-touch trading teams; Move to combine teams was made in response to client demands for more integrated trading services.
Hayley McDowell - The Trade
Societe Generale has completed its move to combine its electronic and high-touch trading
/goo.gl/yST7nt
Royal Bank of Scotland to move hundreds of jobs to India
BBC
Royal Bank of Scotland is cutting 443 UK jobs dealing with business loans as it shifts many of the roles to India.
/goo.gl/HSQGD9
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Italy winds up Veneto banks at cost of up to 17 billion euros
Silvia Aloisi and Steve Scherer - Reuters
Italy began winding up two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19 billion) and will leave the lenders' good assets in the hands of the nation's biggest retail bank, Intesa Sanpaolo.
/goo.gl/W98ys8
Xi Jinping's war on the 'financial crocodiles' gathers pace; Beijing will pass off a politically motivated purge as tough regulatory enforcement
Minxin Pei - FT
The Chinese government has just launched an apparent crackdown on a small number of large conglomerates known in the west chiefly for their aggressive dealmaking. The list includes Dalian Wanda, Anbang, Fosun and HNA Group. The news that Chinese banking regulators have asked lenders to examine their exposure to these companies has sent the stocks of groups wholly or partly owned by these conglomerates tumbling in Shanghai and Hong Kong.
/goo.gl/xZRn5J
Australian bank tax spooks global investors: National Australia Bank CEO
Reuters
Australia's decision to slap a A$6.2 billion tax on its major banks has created uncertainty among global investors who no longer see the country as a stable investment destination, according to the chief executive of National Australia Bank.
/goo.gl/TXpZDz
How Earthquakes Are Rattling a Dutch Province Atop One of the World's Richest Gas Troves
Sarah Kent - WSJ
For decades, the giant Groningen gas field beneath the flat, green farmland in the north of this country counted among the greatest prizes for Exxon Mobil Corp. and Royal Dutch Shell. Then the earthquakes started.
/goo.gl/JDr28w
Erdogan makes a hard sell to wary investors; Markets have been buoyed by Turkish growth, spending and a mystery buyer
Mehul Srivastava - FT
To fully understand how contradictory the state of the Turkish economy has been over the past six months, an observer need look no further than Istanbul's stock exchange.
/goo.gl/7WyQ9i
Italy sets aside EUR17bn to wind down failing lenders; Intesa to partially acquire Veneto Banca and Banca Popolare di Vicenza - FT
Rachel Sanderson in Milan, Alex Barker in Brussels and Claire Jones in Sintra
Italy has moved to shore up confidence in its fragile banking system after agreeing to pump EUR5bn of taxpayers' money into two failed mid-sized banks while handing their good assets to Intesa Sanpaolo, the country's strongest lender.
/goo.gl/igL4L9
OPEC Looks Totally Bewildered by the Oil Market
Julian Lee - Bloomberg
It may be too soon to write OPEC's obituary, but the oil producer club appears in urgent need of late-life care. It shows little understanding of where it is, how it got there or where it's going. While it still manages to collect new members here and there, its core group looks more fragile than at any point in nearly 30 years.
/goo.gl/tTmiRh
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Brexit draws Luxembourg into competition for business; Officials say country will not engage in public beauty parade for finance companies
Jim Brunsden - FT
For Robert Scharfe, chief executive of the Luxembourg Stock Exchange, the lesson of his county's development as a financial centre is never to be complacent. "We do not take anything for granted," he says. "We are asking ourselves constantly 'what next?'"
/goo.gl/Lje6qW
Britain's Financial Power Is Already Seeping Away; The ECB is making a bid for authority over euro clearing, while banks press ahead with plans to relocate jobs to Frankfurt.
Alessandro Speciale, Gavin Finch and Steven Arons - Bloomberg
Britain's financial power began ebbing away just days into the Brexit negotiations as the European Central Bank sought authority over a key market and banks from Morgan Stanley to Nomura Holdings Inc. fleshed out plans to move operations from London to Frankfurt.
/goo.gl/6ALCoa
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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