| August 01, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
On October 16, John Lothian News will be holding a one day intern recruiting event and a session of MarketsWiki Education's World of Opportunity series at the CBOE. The purpose of the event, timed to occur the Monday of FIA Expo week, is to attract college students to hear from industry leaders and have them talk to participating firms about internship opportunities.
Interns will be able to drop off resumes, interact with firms recruiting teams and even shoot a one minute video interview that will be shared with participating firms. They will hear from some of these firms' leaders in the TED Talk style that we use for MarketsWiki Education.
And the interns will be given access to the EXPO exhibit hall later in the week so they may take in the breadth of opportunities and happenings in the futures, options and securities industries.
Firms interested in displaying at the event, or securing a speaking slot, should contact John Lothian. JLN has also hired Jessica (Titlebaum) Darmoni to assist with sales and marketing of the event.
Chicago is home to some great universities, and EXPO occurs adjacent to the largest college campus in the U.S. when you combine all the colleges and universities found in the south loop area. We believe this can help the industry put its best foot forward with the popular MarketsWiki Education WOO series coupled with a recruiting event and the impressive EXPO experience.~JJL
Jeremy Grant has taken an editorial and thought leadership role with PwC. He recently left the Financial Times after a long career as a journalist and researcher with the company. During his career as a journalist Jeremy was posted in Chicago, Washington, DC, Singapore, London, Berlin, Zurich, Frankfurt, Hanoi and Hong Kong. We wish him the best in his new role.~JJL
CME Group has reported strong second half financial results.~JJL
The battle between the CME and ICE for Russell 2000 volume continues to sharpen. In the latest bulletin from the CME they note free CME EFP and block trades versus $5 at ICE, and they say:
"If you're managing Russell 2000® Index exposure against the close or looking to take advantage of the capital efficiency of futures, you could be overpaying for your EFP, block and "at close" trades if you're not trading at CME."
"Through September 30, 2017, CME Group has waived fees to trade Russell 2000 EFPs and blocks to help you more efficiently and cost-effectively manage your Russell 2000 exposure and move your positions to CME."
We have been publishing Asia Pacific Financial News for the last week on the JLN website. We are looking for sources for this aggregation. If you have suggestion of publications or bloggers who write about financial markets news from the region, please contact John Lothian. You can find JLN Asia Pacific Financial News on the JohnLothianNews.com website under Topics ~ Regions ~ Asia/Pacific.~JJL
There was a hiccup with the audio in yesterday's video of Brian Peterson of DV Trading. Here is the corrected link. ~SD
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Everyone Can't Be the Best - Duncan Niederauer
Education.MarketsWiki.com
"If you had to name one thing that is most highly correlated with successful people, what would it be? Frankly, a few years ago, I didn't have a great answer for it. So, the more I thought about it, I came to the conclusion that self-awareness is probably the most important thing."
In this video from MarketsWiki Education's World of Opportunity event in New York, former NYSE Euronext CEO Duncan Niederauer discussed the importance of being self-aware, how to determine if you're moving in the right direction, why it matters and how you'll know if you are following the "script".
Self-awareness might seem like an obvious necessity in the professional world, but anecdotal evidence suggests there is not a lot of it out there. Niederauer says in his experience, roughly 80 percent of the people you work with believe they are in the top quartile of employees. Clearly, the math doesn't add up.
Watch the video »
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Weighing the Impact of Proposed Tax Reform on Centrally Cleared Markets
Q&A with Craig Donohue, OCC Executive Chairman and CEO
Tax reform is climbing back to the top of the White House agenda, with President Donald Trump telling The Wall Street Journal last week that overhauling the tax code is his next priority following healthcare legislation.
While it's still tough to project exactly what that tax overhaul might look like, some market participants are already voicing concern about the potential for unintended consequences.
/goo.gl/CwqQku
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Monday's Top Three
The newsletter inevitably sees a lot of action on Mondays resulting in increased click counts. Our top story was from the FT - JPMorgan develops robot to execute trades. In second was a story about BOX - Chicago could get new open-outcry trading floor, even as frenzied trading declines. The Chicago Tribune's opinion piece Donald Trump is a profoundly incompetent president nabbed third place.
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MarketsWiki Stats
105,360,149 pages viewed; 22,654 pages; 207,419 edits
MarketsWiki Statistics
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| Lead Stories | Goldman Sachs Finds Itself in Unusual Spot: Last Place in Trading; A 40% first-half decline in fixed-income activity sparks charm offensive designed to showcase a more customer-friendly Goldman
Liz Hoffman - WSJ
After catching a tennis match at Wimbledon in July, Goldman Sachs Group Inc. GS 0.77% trading chief Pablo Salame paid a visit to the London offices of bond-fund giant Pacific Investment Management Co.
/goo.gl/Tm5bE9
Banks May Need $50 Billion New Capital After Brexit
Sarah Jones and Stephen Morris - Bloomberg
Oliver Wyman sees costs rising $1 billion across the industry; As returns fall, some firms may opt to abandon Euro operations
Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc.
/goo.gl/UwceNh
Bitcoin's Civil War: What You Need to Know
Paul Vigna - WSJ
This week, after years of industry infighting, the digital currency bitcoin is set to get a new competitor: itself.
A splinter group of bitcoin developers is launching a new version of the currency with a different configuration, the latest twist in a political quarrel for control over the network that controls bitcoin's trading.
on.wsj.com/2vmKbeN
****SD: Also, bitcoin cash will not be backed by Coinbase
CME Group Inc. Reports Strong Second-Quarter 2017 Financial Results
CME Group
CME Group Inc. (NASDAQ: CME) today reported revenue of $925 million and operating income of $606 million for the second quarter of 2017. Net income was $416 million and diluted earnings per share were $1.22. On an adjusted basis, net income was a record $419 million and diluted earnings per share were a record $1.23. Financial results presented on an adjusted basis for the second quarters of 2017 and 2016 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
/goo.gl/7rmf2T
Brexit set to raise UK banks' costs 4% and capital needs 30%; Most detailed assessment yet comes amid risk of resources shift to US and Asia
Martin Arnold, Banking Editor - FT
Brexit will push up costs for banks by as much as 4 per cent and their capital requirements will rise by up to 30 per cent, according to the most detailed assessment yet of what Britain's departure from the EU means for the sector.
/goo.gl/RGQQXn
Traders love the companies that spend the least on employee pay
Joe Ciolli - Business Insider
In the US stock market right now, efforts to keep labor costs down are paying off.
A group of companies that spend the least on employee pay has outpaced a basket of high-labor cost stocks by 13 percentage points over the past year, according to data compiled by Goldman Sachs. That's the biggest outperformance since early 2010.
read.bi/2tXb3BM
Star research analysts to be hawked for $5,000 an hour
Madison Marriage and Hannah Murphy - Financial Times
Investment banks plan to charge asset managers up to $5,000 an hour for one-on-one meetings with star analysts, intensifying concerns about how small fund companies will cope with new rules governing the way investment research is paid for.
on.ft.com/2tXeFnw
Were Banks 'Boring' before the Repeal of Glass-Steagall?
Nicola Cetorelli - Liberty Street Economics
Since the global financial crisis and Great Recession, many critics have called for regulatory and legislative reforms to restore a system of "boring" banks constrained to traditional banking activities like deposit taking and lending.
nyfed.org/2vgy02j
The stock market has about 12 mini flash crashes a day  and we can't prevent them
Alexander Munk and Erhan Bayraktar - MarketWatch
Blink. About 300 milliseconds just passed, the same time required for a lightning bolt to travel 100,000 feet, a satellite to fly 2 miles or a stock price to swing from $10 to $0.0001 and back.
Wait, what?
on.mktw.net/2tXZKcA
Can 'the Mooch' Return to Wall Street?; Anthony Scaramucci agreed to sell a controlling stake in hedge-fund investing firm SkyBridge Capital in January
Rob Copeland and Lisa Beilfuss - WSJ
Anthony Scaramucci is out as White House communications director. Can he come back to Wall Street?
/goo.gl/QMxdEL
You are too complacent, central bankers warn markets; Investors have not grasped policy shifts based on confidence over monetary normalisation
Lena Komileva - FT
The US Federal Reserve raised rates for the third time in six months in June, even though inflation had stayed below its 2 per cent target for much of the past decade. Why? The justification lies with the return to "economic normalisation" (a more normal US growth and credit cycle), a reflationary global environment and easy financial conditions all combining to banish the extreme "tail risks" of a deflationary slump that followed the financial crisis.
/goo.gl/dvbuob
No Bubble in Stocks But Look Out When Bonds Pop, Greenspan Says
Oliver Renick and Liz McCormick - Bloomberg
Inflation won't stay at historically low levels, dooming bonds; Fed Model justifies elevated stock valuations for now
Equity bears hunting for excess in the stock market might be better off worrying about bond prices, Alan Greenspan says. That's where the actual bubble is, and when it pops, it'll be bad for everyone.
/goo.gl/zW8d45
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | London's Baltic Exchange to close ship futures platform Baltex
Reuters
The Baltic Exchange will close its freight derivatives platform Baltex at the end of the year after a review, the London-run business said on Monday.
Baltex was launched by the centuries-old Baltic Exchange in June 2011 as the first central electronic marketplace for freight forward agreements (FFA), which allow investors to take positions on freight rates at a point in the future.
reut.rs/2vmogol
CFTC Nadex Review: Two Market Makers Account for 99% of Flow
Victor Golovtchenko - Finance Magnates
The US Commodity Futures Trading Commission (CFTC) has published a new rule-enforcement review of the North American Derivatives Exchange (Nadex). The US-regulated subsidiary of IG Group has been providing binary options and spreads contracts to retail investors in the US.
/goo.gl/iEc4nT
****SD: The two firms are Market Risk Management and Group One Futures Trading.
TMX Group Spotlights Canada's Next 150: The Future Has Never Looked Brighter
Press Release
In celebration of Canada 150, TMX Group has launched an inclusive social media campaign to recognize the newest generation of dynamic, visionary Canadians leading our country to future success.
/goo.gl/7KWzDw
Acquisitive Euronext CEO not ruling out Trayport
Samuel Agini - Financial News
Exchange operator Euronext is still on the hunt for acquisitions that can diversify its sources of revenue.
Stéphane Boujnah, chairman and chief executive, told analysts on a call that Euronext will consider opportunities as they arise and, when asked, did not rule out a move for the energy trading software provider Trayport.
/goo.gl/fW8ihD
TSE; Fixing of Grace Period pertaining to delisting: GO Iron Works Co.,Ltd.
JPX Market News
TSE; Announced Broadening of Daily Price Limits to be Cancelled: ZUKEN ELMIC,INC.
OSE; Special Quotations Updated (Contract month: July 2017): FTSE China 50 Index
TSE; Decision on Delisting, etc.: Topre Corporation, 130% Call Option Attached 2nd Series Unsecured Convertible Bond (with limited inter-CB pari passu clause)
/goo.gl/5HCHn2
iSTOXX Europe Factor index futures contracts: Tradability for U.S. Participants
Eurex
As of 7 August 2017, Eurex Participants and investors domiciled in the U.S. will have six additional iSTOXX Europe Factor index futures contracts available for trading.
/goo.gl/4VXr9x
Cash markets of the German stock market exchanged 118.9 billion euros in July; Trading volume is up 18 percent year-on-year
Deutsche Börse
At the cash markets of Deutsche Börse, a total of EUR 118.9 billion was implemented in July (July 2016: EUR 100.8 billion). EUR 109.1 billion was traded on Xetra (July 2016: EUR 91.8 billion) and EUR 3.5 billion on the Frankfurt Stock Exchange (July 2016: EUR 3.4 billion). At the Tradegate Exchange, sales amounted to EUR 6.3 billion (July 2016: EUR 5.5 billion).
/goo.gl/cs9dPV
SGX welcomes I-Access as Derivatives Trading Member
SGX
Singapore Exchange (SGX) today welcomed Hong Kong-based I-Access Investors Limited as a Trading Member of its derivatives market.
/goo.gl/MDEvou
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Metamako accelerates growth in first half of 2017
Metamako
Metamako has announced today that the first half of 2017 has seen continued rapid growth, driven by significant new product launches and the adoption of its platforms by a number of partners in areas such as regulation and compliance. The leading provider of FPGA-enabled high-performance networking devices has significantly increased its client base in 2017, with growth driven by an expanding set of use-cases, for example the increased need for highly-accurate data capture and timestamping, FPGA technology and RegTech/compliance.
/goo.gl/dcdxv4
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| Politics | | An overview of politics as it relates to the financial markets | Scaramucci Removed as White House Communications Director at Kelly's Urging; Move comes 10 days after Wall Street financier took the job
Rebecca Ballhaus and Michael C. Bender - WSJ
President Donald Trump ousted his communications director after only 10 days and introduced his new chief of staff, a former Marine Corps general who has the task of imposing more discipline in the West Wing, following one of the most turbulent weeks of the administration.
/goo.gl/ZW8LyG
John Kelly, Asserting Authority, Fires Anthony Scaramucci
Michael D. Shear, Glenn Thrush and Maggie Haberman - NY Times
John F. Kelly, President Trump's new chief of staff, firmly asserted his authority on his first day in the White House on Monday, telling aides he will impose military discipline on a free-for-all West Wing, and he underscored his intent by firing Anthony Scaramucci, the bombastic communications director, 10 days after he was hired.
/goo.gl/3YUbwx
Trump urged to declare national emergency over US opioid epidemic; Report from Chris Christie panel lays out stark depiction of addiction crisis; Overdoses are claiming the lives of 142 Americans every day
Ed Pilkington in New York - The Guardian
President Trump is being urged to declare a federal state of emergency to address the epidemic of opioid overdoses that is claiming as many American lives as the terrorist attacks on 9/11 every three weeks.
/goo.gl/SSjF6D
Executives Are More Worried About Amazon Than Trump's Setbacks
Julie Verhage - Bloomberg
What keeps corporate leaders up at night?
It isn't the chaos in Washington or rising worker pay. It's what Amazon.com Inc. is, or could be, doing to their business models. The expanding online behemoth has morphed from a retail category killer to a much broader enterprise that now competes with everything from high-end grocers to technology developers.
/bloom.bg/2tX1Jhn
Democrats' push for a new era of antitrust enforcement, explained; An idea whose time has come.
Updated by Matthew Yglesias - VOX
As congressional Democrats rolled out their new "Better Deal" agenda for the American people, even some in their own ranks were surprised by the level of interest in the party's new agenda on antitrust and competition policy.
/goo.gl/bLp9MC
My Party Is in Denial About Donald Trump; We created him, and now we're rationalizing him. When will it stop?
Jeff Flake - Washington Post
Who could blame the people who felt abandoned and ignored by the major parties for reaching in despair for a candidate who offered oversimplified answers to infinitely complex questions and managed to entertain them in the process? With hindsight, it is clear that we all but ensured the rise of Donald Trump.
/goo.gl/u3485Q
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Footnotes Trip Up Federal Bank Regulator Fintech Fight With States
Chris Bruce - Bloomberg BNA
The Office of the Comptroller of the Currency July 28 lost its attempt to derail a lawsuit by state bank regulators, over a proposed special charter for fintechs ( Conf. of State Bank Supervisors v. Office of the Comptroller of the Currency , D.D.C., motion to dismiss 7/28/17 ).
/goo.gl/pDTw6N
New forensic audit in National Spot Exchange scam
Business Standard News
The economic offences wing of the Mumbai police has begun dual forensic audits in the four-year-old scam involving the National Spot Exchange Ltd (NSEL).
/goo.gl/rp6UQW
SEC Files Fraud Charges Against Former Brokers Targeting Federal Retirees
SEC
The Securities and Exchange Commission today charged four former Atlanta-area brokers with fraudulently inducing federal employees to roll over holdings from their federal Thrift Savings Plan (TSP) retirement accounts into higher-fee, variable annuity products.
/goo.gl/sgoFBW
SEC Files Charges to Stop Fraudulent Misuse of Cancer-Fighting Investments to Fund Restaurant Businesses
SEC
The Securities and Exchange Commission today filed charges to stop an alleged ongoing fraud by a Massachusetts businessman misusing investments intended for the development of cancer diagnostic tests to instead pay personal expenses and fund his fiancée's restaurant businesses.
/goo.gl/XRMC2u
RegTech demand sees Lombard Risk expand teams; The former global head of collateral management product at JP Morgan, who joined Lombard Risk in 2016, will head up the expansion.
Hayley McDowell - The Trade
Lombard Risk is expanding its teams in Australia and New Zealand following a surge in demand for its regulatory technology (RegTech) and collateral management tools.
/goo.gl/6d2civ
Hong Kong's Securities And Futures Commission: Court Ordered Insider Dealer Sun Min To Pay $15.6 Million To Investors
Mondovisione
The Court of First Instance has ordered Ms Sun Min to pay the restoration amount of $15,629,341 to 51 investors affected by her insider dealing in China Huiyuan Juice Group Limited (Huiyuan) shares (Notes 1, 2 and 3).
/goo.gl/qbofvB
ASIC targets unlicensed binary option mobile apps
ASIC
In March 2017, ASIC conducted a review of various mobile app stores focusing on apps associated with binary options trading.
/goo.gl/XdR3rp
ASIC finds Financial Index Australia moved clients onto more expensive products without justification
ASIC
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) offered by Financial Index Australia Pty Ltd (FIA). The EU comes after ASIC found FIA had moved clients from their existing product into a more expensive FIA branded product, without sufficient explanation or justification.
/goo.gl/ojcSEL
ASIC reports on Australian bank audits following Wells Fargo misconduct
ASIC
ASIC today outlined the results of audits conducted by eight banks in Australia following the regulatory action taken in the United States against Wells Fargo Bank, N.A. (Wells Fargo) in late 2016. Overall, the audits did not find evidence of systemic misconduct involving illegal opening of accounts as seen at Wells Fargo.
/goo.gl/mXxdge
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Funds stake out bets in CBOT grains, await USDA data: Braun
Karen Braun - Reuters
Speculators have recently been evening up positions in Chicago-traded grain and oilseeds as they gear up for next month's government forecast for the U.S. crops - which may reflect tightening supplies.
reut.rs/2tXjb5A
How Bond Markets Can Predict Moves in Stocks
Sid Verma - Bloomberg
Liquid, high-yield bonds foretell equity moves: Berkeley study; Professor says shares react more slowly to complex financials
The "smart" money may deserve its reputation after all.
/bloom.bg/2tXcekO
Icahn's biofuel bet faces significant headwinds
Jarrett Renshaw and Chris Prentice - Reuters
Billionaire investor Carl Icahn's multimillion-dollar bet against U.S. biofuel prices is looking increasingly risky in the wake of a Friday court ruling that will likely boost the cost of complying with the program.
reut.rs/2vmvRTI
Rabobank and TD Securities become latest to join Neptune; Neptune's network now has 24 dealers committed to providing data on axes in real-time.
Hayley McDowell - The Trade
Rabobank and TD Securities have become 23rd and 24th dealers to join the fixed income network for axe indications, Neptune.
/goo.gl/F7sqeW
The Low Level of Global Real Interest Rates
Vice Chairman Stanley Fischer - U.S. Federal Reserve
At the Conference to Celebrate Arminio Fraga's 60 Years, Casa das Garcas, Rio de Janeiro, Brazil
/goo.gl/1hVbZd
Fidelity Tries to Out-Vanguard Vanguard With Latest Fee Cuts
Charles Stein - Bloomberg
Firm says its index mutual funds and sector ETFs now cheaper; Price war heats up as passive-fund rivals race toward bottom
Fidelity Investments is trying to beat Vanguard Group at its own game.
/goo.gl/wDupxe
Kleiner Perkins Shuts Down Its Seed Venture Fund
Lizette Chapman - Bloomberg
Departures of young partners weaken firm's early-stage effort; Kleiner to continue investing broadly in emerging startups
Kleiner Perkins Caufield & Byers shut its seed investing program, a two year-old effort to get the venture capital firm back into the potentially lucrative field of early-stage startup investing.
/goo.gl/q1oZSC
Sustainability goes smart
FTSE Russell Blog
We tend to look back at the past and marvel at the changing trends in clothes, food and entertainment. Trends in investment decisions can also undergo quite radical change, although usually for more fundamental reasons than simply personal taste. The FTSE Russell Smart Beta 2017 Global Survey Findings from Asset Owners report has revealed growing interest in both smart beta and sustainability investing over the last few years. As asset owners have become increasingly interested in these two areas, the idea of merging the two gained momentum. Is there a way to combine the two approaches that could maximize the desired exposures to each?
/goo.gl/J8vQsf
Why RIAs are the future of financial advising
InvestmentNews
For years the Registered Investment Advisor (RIA) model has been growing in prominence. And now forces are converging to fundamentally transform financial advising in the model's favor. Investors are demanding more from the companies they work with. Traditional advisor models are holding firms back from evolving to attract a new generation of clients. Innovation is making possible things once thought difficult or impossible.
/goo.gl/3n4Hb2
Hedge Fund Man Group's Assets at Record on Low-Cost Products
Nishant Kumar - Bloomberg
Large mandates with low margins boosted first-half inflows; Fund of funds, computer-driven investment attracted investors
Investors are falling in love with hedge funds again, just at a lower cost. Man Group Plc, the world's largest publicly traded hedge-fund firm, reported record assets under management on strong inflows and investment gains as the industry makes a comeback from years of mediocre performance. The London-based firm received net inflows of $8.2 billion in the first half as it won several large, low-margin mandates, according to a statement Tuesday.
/goo.gl/QhSi8s
US investor Vanguard marks up valuation of Indian unicorns Flipkart, Ola
Ishita Russell - DealStreetAsia
After a series of markdowns, US-based investment firm Vanguard Group marked up the valuation of two Indian Unicorns Flipkart and Ola.
/goo.gl/ULw5Mw
Exclusive: MSCI warns Chinese companies about suspending trading of shares
Samuel Shen and John Ruwitch - Reuters
Barely a month after approving the inclusion of Chinese shares in its benchmark emerging market index, MSCI is warning that companies in China that suspend trading in their shares for too long risk being dropped.
/goo.gl/cRWD3U
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Gulliver and Flint's efforts at HSBC seem to be finally paying off
Martin Arnold and Don Weinland - Financial Times
It has been a long, hard slog for Douglas Flint and Stuart Gulliver since they took over as chairman and chief executive of HSBC respectively at the end of 2010.
Yet their efforts now seem to be finally paying off, as shown by solid quarterly results published on Monday. This means Mark Tucker will find a bank on the up when he joins its board on September 1 Â before taking over as chairman a month later.
on.ft.com/2tXFxE0
Deutsche Bank plays 'catch up' with investment in trading tech; John Cryan said bank must accelerate technology investments to support sales and trading in equities, following a difficult second quarter this year.
Hayley McDowell - The Trade
Deutsche Bank's CEO has said the investment bank needs to 'catch up' in terms of investing in technology for its equities sales and trading business.
/goo.gl/fDcXiX
HSBC to Buy Back Up to $2 Billion in Shares
Chad Bray - NY Times
HSBC said on Monday it would buy back as much as an additional $2 billion in shares as it reported better-than-expected earnings in the second quarter.
/goo.gl/UuBy6S
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Potential U.S. Oil Sanctions Increase Risk of Venezuelan Default
Lucia Kassai, Laura Blewitt and Nathan Crooks - Bloomberg
U.S. expected to increase sanctions after controversial vote; Implied probability of missing a debt payment climbs to 62%
/bloom.bg/2tXJlVM
Swiss banks paid $1 billion in negative interest rates in first half
Joshua Franklin - Reuters
Swiss banks paid 970 million Swiss francs ($1 billion) in negative interest rate charges in the first six months of 2017, according to central bank data, up 40 percent year-on-year as clients continue to hoard cash.
reut.rs/2tX2kzD
Malaysian Fund Tied to Scandal Misses Payment to Abu Dhabi
Chad Bray - NY Times
Malaysia's scandal-hit sovereign wealth fund has missed a July deadline to make about $629 million in payments as part of a settlement with an Abu Dhabi government fund, a setback to efforts to clean up a yearslong financial mess.
/goo.gl/2vsLFQ
Why Trading in Japan's Government Bonds Is a Snooze; Trading volumes have fallen by nearly a quarter for the benchmark 10-year Japanese government bond
Suryatapa Bhattacharya - WSJ
TOKYOÂThe world's second-biggest government bond market is close to becoming inactive.
/goo.gl/YLU1Cy
MUFG v Nomura: which global strategy has worked better?; Japanese banks have travelled different roads to international growth
Patrick Jenkins - FT
Nobuyuki Hirano likes to be different. The boss of Mitsubishi UFJ Financial Group, Japan's biggest bank by pretty much any measure, speaks English like a native, rare among his countrymen, having spent a decade in the US earlier in his career. His latest example of individualism is the decision, yet to be officially confirmed, to locate the bank's post-Brexit EU hub in Amsterdam, rather than in Frankfurt like all the other big Japanese banks.
/goo.gl/G9sTqq
Multinationals in China brace for online crackdown; VPN restrictions leave companies fearing being cut off from global internet
Yuan Yang in Beijing -FT
Multinationals in China are bracing to be cut off from the global internet as Beijing begins to shut down their only way of accessing uncensored foreign content.
/goo.gl/twyaut
China Forex Regulator Is Examining Top Dealmakers, Sources Say
Bloomberg News
China's foreign-exchange regulator is examining how some of the country's biggest dealmakers used their domestic assets as collateral to get loans overseas, people familiar with the matter said.
/goo.gl/VZG63T
How China's biggest bank became ensnared in a sprawling money laundering probe
Angus Berwick and David Lague - Reuters
Part 1: When Chinese residents of Spain needed to get piles of illicit cash back home, police allege, they found an accomplice in the Industrial and Commercial Bank of China. Confidential court filings, including wiretap transcripts, detail how the bank allegedly helped launder hundreds of millions of euros.
/goo.gl/dkxGBC
Don't expect much from China bond market openings; Foreign involvement will make little difference at this sensitive, late point
Nikkei
China's central bank has surprised market watchers with a rapid-fire series of moves to liberalize the country's domestic bond market.
/goo.gl/HzVp6r
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Brexit 'Won't Be Postponed or Delayed,' U.K.'s Hammond Says
Thomas Penny and Mario Sergio Lima - Bloomberg
Chancellor says debate will continue throughout EU exit talks; Hammond asked about transition during trade visit to Brazil
U.K. Chancellor of the Exchequer Philip Hammond said Brexit will still go ahead in March 2019 in spite of disagreements in Prime Minister Theresa May's cabinet over a transition period to help government and businesses adjust to the split.
/goo.gl/RR3B7q
Deutsche Bank Leases U.K. Headquarters From Land Securities
Sharon R Smyth - Bloomberg
Lender to lease property equivalent to 10 soccer fields; Bank committed to keeping staff in London despite Brexit
Deutsche Bank AG signed an agreement with Land Securities Group to move its U.K. headquarters to a building being constructed at 21 Moorfields in the City of London financial district.
/goo.gl/ckc1Li
Britain could lose 40,000 investment bankers after Brexit - report
Anjuli Davies - Reuters
Britain's finance industry could lose up to 40,000 investment banking jobs in the next few years unless it strikes a softer deal on its departure from the European Union, according to a new report by consultancy firm Oliver Wyman.
/goo.gl/h89GDT
Civil servants lament Theresa May's 'wasted year' over Brexit; Mandarins accuse No 10 of stifling policy debates and alienating EU partners
George Parker and James Blitz - FT
Senior officials involved in Britain's withdrawal from the EU have accused Theresa May of wasting the past year, claiming that the prime minister's "control freak" regime has stifled arguments over policy and alienated other EU countries.
/goo.gl/C3eTqj
Japan's Mizuho chooses Frankfurt for post-Brexit EU hub
Reuters
Japan's Mizuho Financial Group said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union as Britain prepares to leave the bloc, termed Brexit.
/goo.gl/8KZVt1
UK set to poach top EU talent amid mutiny as 75pc tell Brussels they don't want to leave London after Brexit
James Crisp, Jack Maidment - Telegraph
Britain should poach top EU scientists from the European medicines regulator post-Brexit, Tory MPs have said after it was revealed a majority of its staff want to remain in London.
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