| September 26, 2018 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
My friends at Eurex asked me to reflect on their history and my relationship with them in honor of their 20th anniversary. The first part of the interview is posted today on the Eurex website. Tomorrow will have part 2.~JJL
Also, an interview with Christopher Kalbhenn, editor for finance at the German newspaper "Boersen-Zeitung" was posted yesterday to the Eurex website as part of the 20th anniversary celebration.~JJL
A fundraising effort is being coordinating through Congregation Bnai Tikvah for the Kamen children (Jake and Josh Kamen), to help support them after the tragic murder of their mother. They are both in high school, one a senior, one a freshman. You can donate via this LINK, please select "Type of Tribute" and in the Other field put: Jake and Josh Kamen. Don't select a fund.
FIS is number one in the IDC Fintech rankings for 2018.~JJL
To anyone in New York this evening: ALTSO is hosting a Pre-Jam session with industry musicians tonight at The Bitter End (147 Bleecker St.) from 7pm to 11pm Eastern. There's a $30 donation at the door that goes to a great cause. ALTSO's signature event in NY and Chicago, Rocktoberfest, is right around the corner, too. ~SD
Current damage estimates for Hurricane Florence are around $20 billion. The link is to an S&P blog titled "Hurricanes, Housing and the Fed."~SD
Women in Listed Derivatives (WILD) is hosting a Women's Leadership Lab at FIA's Expo Learning Lab on October 18th that will explore gender power dynamics and balancing changing expectations of power with society's unconscious assumptions and perceptions of powerful women. It is Oct. 18 from 2:30pm - 3:30pm at the Expo Learning Lab at the Hilton Chicago, 720 S. Michigan Ave. For more details, go here. ~SR
A while back we heard former MarketsWiki sponsor Prime Analytics was for sale. But then who is not for sale at the right price? Now we find out that KRM22, the Keith Todd led firm, has agreed to buy them. Todd is the former CEO of Ffastfill and a serial entrepreneur.~JJL
Word is that the CFTC's FinTech conference next week is a sellout. Glad I registered quickly.~JJL
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Ensuring Confidence in the Financial Markets and Broader Economy  Everyday!
OCC
OCC began as a clearinghouse for listed equity options, and has grown into a globally recognized entity that clears a multitude of diverse and sophisticated products.
/jlne.ws/2DyXrSz
***** Learn from Craig Donohue what the OCC is in this short video.~JJL
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FIA Announces Fintech Startups Chosen for Fourth Annual Innovators Pavilion
FIA
FIA today announced that 15 companies have been chosen to exhibit in the FIA Innovators Pavilion at the 34th Annual Futures & Options Expo, which will take place in Chicago on Oct. 16-18.The FIA Innovators Pavilion, now in its fourth year, gives fintech startups the chance to connect with more than 4,500 people at the largest gathering of derivatives industry professionals in the world. To date, 57 fintech companies have participated in this annual showcase, representing developments in a range of areas from machine learning and natural language processing to cryptocurrency trading and distributed ledger technology. These firms were selected through a competitive application process and chosen by a panel of industry experts from venture capital companies and FIA member firms.
/jlne.ws/2xG930O
******The companies chosen are: Adroit Trading Technologies, Chainalysis, Datavore Labs Inc., DrawBridge Lending, FreightWaves, Genesis Global, iComply Investor Services Inc., iPushPull, Kaizen Reporting, MSR Indices, LLC, Primal Quant Inc., Radar Relay, Sudrania LLC, Tookitaki Holding Pte. Ltd. and Waymark Tech.~JJL
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Tuesday's Top Three
Our top read story of the day was the sad and tragic case of Gary Kamen, charged with murdering his wife last weekend. It's a shocking story for those of us who know Gary and his family. The suburban Daily Herald's Bail set at $10 million for Deerfield man charged in wife's slaying led our top stories. Second was Bloomberg's piece on the CFTC's budget woes in Wall Street Regulator Facing Cash Crunch Offers Staff Buyouts. Third was what happens sometimes when family control is passed off to another family member in the FT's Louis Dreyfus rocked by sudden resignation of both CEO and CFO
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MarketsWiki Stats
132,892,185 pages viewed; 23,285 pages; 215,055 edits
MarketsWiki Statistics
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| Lead Stories | Intercontinental Exchange Appoints Andrew Surdykowski as General Counsel, Elizabeth King as Chief Regulatory Officer, and Octavia Spencer as Corporate Secretary; Surdykowski will succeed Johnathan Short, who is retiring following 14 years in that role; King, currently General Counsel of the NYSE, adds duties as Chief Regulatory Officer for Intercontinental Exchange
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that Andrew Surdykowski has been named the company's next General Counsel, succeeding Johnathan Short, who intends to retire after 14 years in that role. Surdykowski, currently the company's Senior Vice President and Associate General Counsel, joined ICE's legal team in 2005, overseeing a range of matters for Intercontinental Exchange.
/jlne.ws/2xDT3wk
CME Group Launches Free Tool to Help Market Users Gauge Futures Market Liquidity Across Time Zones
CME Group
A powerful new tool to measure futures market liquidity is now available to CME Group market users around the globe. The CME Liquidity Tool allows traders to measure current and historical liquidity of CME Group futures products across asset classes, free of charge. Armed with around-the-clock liquidity data, clients can capitalize on new trading opportunities in increasingly deep and liquid CME Group futures markets across time zones around the globe.
/jlne.ws/2xBbDoI
KRM22 buys Prime Analytics
Finextra
KRM22 plc the technology and software investment company, with a particular focus on risk management in capital markets, is pleased to announce the acquisition of Prime Analytics LLC, a Chicago based risk management technology company, for a maximum total consideration of $7.5 million, in line with its investing policy.
/jlne.ws/2DybpnG
UK Brexit proposal would spell 'end of Europe', says Le Maire; French minister warns EU cannot support blueprint that would weaken bloc
David Keohane and Martin Sandbu - FT
France's finance minister has insisted that Theresa May's blueprint for the UK's future relationship with the EU is unacceptable because it undermines a central tenet of the bloc and would spell "the end of Europe".
/jlne.ws/2xHeQD8
Blackstone Weighs Sale of Thomson Reuters's FXall Unit
Stefania Spezzati, Sarah Syed and Kiel Porter - Bloomberg
Business could be worth more than $3 billion in potential sale; Exchanges have been looking to expand in currency trading. Blackstone Group LP, the soon-to-be owner of Thomson Reuters Corp.'s financial-and-risk arm, is weighing a sale of FXall, a currency trading platform, according to people familiar with the matter.
/jlne.ws/2DFJB10
A Danish Bank's Evolution Into a Funnel for Suspicious Cash; Danske, the country's biggest lender, has revealed that it ignored red flags of potential money laundering.
Frank Connelly, Peter Levring, Frances Schwartzkopf - Bloomberg
Danske Bank A/S, founded in Copenhagen in the 1870s, has rarely made waves outside Denmark. That changed when the bank revealed the scale of what may prove to be one of Europe's biggest and most brazen cases of money laundering.
/jlne.ws/2xEZSO9
Asia Has a $22 Trillion Succession Problem
Klaus Wille - Bloomberg
Only 39% of Asia family offices have succession plan in place; Discussing the death of elders can be taboo in some cultures
Having a grandfather with four wives can make for some complex succession issues, as Cheong Wing Kiat found when running his family's Singapore-based drug company a few years ago.
/jlne.ws/2xDMY2G
LNG in Europe Offers Opportunities for U.S., Challenges for Russia; Efforts to import more liquefied natural gas are paying off, helping weaken Europe's reliance on gas supplies from Russia
Christopher Alessi and Sarah McFarlane - WSJ
European efforts to import more liquefied natural gas are starting to pay off, moving the region further away from Russia's energy orbit and potentially creating more opportunities for U.S. producers.
/jlne.ws/2xF2Yl7
When Banks Won't Stop Money Laundering, What Can the Government Do?
Peter J. Henning - NY Times
Get the DealBook newsletter to make sense of major business and policy headlines  and the power-brokers who shape them. How can a small branch of a bank process over $200 billion in suspicious transactions for years without anyone in management noticing? That is the story emerging from Danske Bank, one of Denmark's largest financial institutions.
/jlne.ws/2xDqcbk
Quorum 15, Greenwich Launch Q15 Digital
MarketsMedia
Quorum 15, a financial markets think tank, and consultancy Greenwich Associates are expanding their partnership via a Q15 Digital video-conferencing initiative that will enable more global buy-side and sell-side firms to participate in industry dialogue.
/goo.gl/3ggLti
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | John Lothian: "The breadth and complexity is the strength of Eurex" (part I)
We spoke with John Lothian, founder and owner of MarketsWiki, publisher of John Lothian News and long-time chronologist of the financial markets about his 20 years of Eurex.
Eurex
When did you first hear the name Eurex? Do you still remember where you were and what your first thoughts were?
I was a broker with The Price Futures Group. I was running an electronic trading operation at the beginning of internet futures trading era in 1997, looking at all the markets available to trade electronically. Before there were APIs to be able to trade markets through a single interface, you had to have what was called a "dumb terminal" in order to trade these markets. The terminals were only available to clearing members, so the order entry process for brokers like me and their customers was not too different from open outcry.
/jlne.ws/2DFHoCK
Christopher Kalbhenn, Boersen-Zeitung: "Eurex set our century's standards for trading derivatives on exchange"
Eurex
Role reversal: while Christopher Kalbhenn, editor for finance at the German newspaper "Boersen-Zeitung", usually is the one to ask us questions we thought that Eurex' 20th anniversary is the perfect occasion to turn things upside down and the interviewer into the interviewee.
/jlne.ws/2DBzqKu
Episode 1: How The Hong Kong Exchange Is Using Machine Learning To Disrupt Capital Markets
Nasdaq Podcasts
Sept 25, 2018. In this week's episode of #TomorrowsCapital, Richard Leung, CTO and Deputy CIO at HKEX, discusses how HKEX is using machine learning to disrupt capital markets, his advice for aspiring tech professionals, and how he views innovation and the future of the industry.
/jlne.ws/2DyBP8W
JP Morgan launches OTC client clearing via ASX; JP Morgan becomes the first ASX OTC clearing participant to launch an agency clearing service for AUD and NZD denominated derivatives.
Hayley McDowell - The Trade
JP Morgan has launched an over-the-counter (OTC) client clearing service through the Australian Securities Exchange (ASX) and has already cleared a trade for one of its clients.
/jlne.ws/2xG0285
ASX OTC Client Clearing Launched by JP Morgan
ASX
/jlne.ws/2xMsXaD
Executive Board Member Mehtap Dinc leaves Eurex
Eurex
As announced on 31 August 2018, Eurex enhances its asset class focus by combining the sales and product design functions for equity index and for fixed income derivatives, respectively. The new structure builds on Eurex' integrated value proposition and links into the set-up of many clients' trading operations. Bundling exchange-traded and OTC products under individual asset class leadership enables Eurex to further strengthen its holistic product and service offering.
/jlne.ws/2xEovKO
TMX Announces Organizational Changes; Company provides details on changes in leadership at Trayport and Shorcan
TMXTMX Group today announced leadership changes at two of its subsidiaries: London-based Trayport Limited (Trayport), a world-leading provider of technology and software solutions for energy traders, brokers and exchanges and Shorcan Brokers Limited (Shorcan), Canada's premier inter-dealer fixed-income bond broker.
/jlne.ws/2xBbpOo
SGX named Asia-Pacific Derivatives Exchange of the Year by GlobalCapital for fifth consecutive year
SGX
Demonstrated commitment to providing unfettered access to Asian emerging markets; Played to core strength as Asia's most international and connected exchange
Singapore Exchange (SGX) has been named "Asia-Pacific Derivatives Exchange of the Year" by GlobalCapital for a fifth consecutive year.
/jlne.ws/2xCiluI
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Acquisition Of Prime Analytics LLC And Placing'
Mondovisione
KRM22 plc, (AIM: KRM:L) the technology and software investment company, with a particular focus on risk management in capital markets, is pleased to announce the acquisition of Prime Analytics LLC ("Prime Analytics"), a Chicago based risk management technology company, for a maximum total consideration of $7.5 million (the "Acquisition") in line with its investing policy.
/jlne.ws/2DwN7dW
Dash Financial Technologies Launches Advanced Portfolio Trading Solution
Dash Financial Technologies
Dash Financial Technologies, the industry leader in order routing transparency, visualization and customization solutions, today announced the launch of its next-generation portfolio trading (PT) algorithm, a highly customizable workflow and execution solution with real-time transparency and analytics, allowing institutional clients to achieve their portfolio trading performance goals, however they choose to define them.
/jlne.ws/2xHdVma
Can your organisation benefit from embracing the open source way?
Encouraging employees to work on open source projects can make them more committed to their company, find Daniel, Maruping, Cataldo and Herbsleb
London School of Economics
A recent Forbes article indicates that corporate engagement with open source communities has grown to become a strategic imperative over the past couple of decades. An increasing number of companies are paying their employees to contribute to such communities. This is one manifestation of a broader growing trend toward closer collaboration between companies and open source communities. Well-recognised companies such as Google, Uber, Facebook, and Twitter have open sourced their projects and encouraged their employees to contribute to open source communities.
/jlne.ws/2Dy9IH3
Itiviti connects OEMS to Aquis Exchange; Aquis Exchange has entered into two partnerships with trading technology provider Itiviti.
Hayley McDowell - The Trade
Aquis Exchange has entered into a partnership with trading technology specialist Itiviti, which will provide its clients access to flow on the exchange's platform.
/jlne.ws/2DETgVc
Everything You Need To Know About The Top Five FinTech Trends Of 2018
Forbes
The FinTech industry is evolving with the latest technologies. Let's take a look at 5 most significant trends to keep up with.
bit.ly/2zvYLBO
UK's fastest-growing fintech startup Revolut enters Asian fray
Mitsuru Obe - Nikkei Asian Review
Financial technology companies in Asia face a new competitor, as British digital banking startup Revolut says it has entered the Japanese market with plans to expand elsewhere in the region.
Revolut, founded in 2015, is Britain's fastest-growing fintech player, with 2.8 million users across 28 markets in Europe. It arrives in Japan through a partnership with billionaire Hiroshi Mikitani's Tokyo-based e-commerce group Rakuten.
/s.nikkei.com/2zuRamN
FIA Announces Fintech Startups Chosen For Fourth Annual Innovators Pavilion
Press Release
FIA today announced that 15 companies have been chosen to exhibit in the FIA Innovators Pavilion at the 34th Annual Futures & Options Expo, which will take place in Chicago on Oct. 16-18.
The FIA Innovators Pavilion, now in its fourth year, gives fintech startups the chance to connect with more than 4,500 people at the largest gathering of derivatives industry professionals in the world. To date, 57 fintech companies have participated in this annual showcase, representing developments in a range of areas from machine learning and natural language processing to cryptocurrency trading and distributed ledger technology. These firms were selected through a competitive application process and chosen by a panel of industry experts from venture capital companies and FIA member firms.
bit.ly/2zvKu86
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| Cryptocurrencies | | Top stories for cryptocurrencies | Google Tweaks Cryptocurrency Ad Ban to Allow Regulated Exchanges
Gerrit De Vynck - Bloomberg
Alphabet Inc.'s Google changed its blanket ban on cryptocurrency-related advertising, saying it will now allow "regulated" cryptocurrency exchanges in Japan and the U.S. to run ads on its websites.
/jlne.ws/2DyTjlx
Crypto leaders to Congress: Figure out regulation or innovation leaves
Kate Rooney - CNBC
The cryptocurrency industry has a plea for Congress: Hurry up and regulate, please.
More than 50 industry participants gathered on Capitol Hill for a roundtable discussion hosted by Rep. Warren Davidson, R-Ohio, Tuesday. Although attendees varied, none were from anti-establishment groups popular in the cryptocurrency space, nor did they include retail investors who bought bitcoin as a speculative bet.
/cnb.cx/2zuOWnr
Crypto giant Binance looks to the future with fiat trading and a decentralized exchange
Jon Russell - TechCrunch
Binance, the one-year-old startup that appeared from nowhere to become the world's top crypto exchange, is making major moves as it enters the next phase of its business. That includes a plan to offer fiat-to-crypto trading in international markets and the release of a decentralized exchange to complement its current trading site.
The company routinely trades more than $1 billion in crypto volumes daily  even in this current bear market  but to date it has only allowed crypto-to-crypto trading. That's primarily down to the need for regulation in order to offer fiat currency conversation, but that's set to change.
/tcrn.ch/2zw3GCJ
The Crowd Machine Crypto Token Theft: What We Know So Far
David Floyd - CoinDesk
Just a few days ago, Crowd Machine was working to build a crypto replacement for Amazon Web Services. Today, it is facing questions about its survival.
On Saturday, according to a post by the Crowd Machine team, a hacker compromised the company's cryptocurrency wallet and stole a large number of the application's native Crowd Machine Compute Tokens (CMCT). Digging further, according to Etherscan, the thief appears to have made off with over 1 billion CMCT, most of which were then transferred to exchanges.
bit.ly/2zvnJB4
Crypto Startup Aims to Help You Buy the Market on Swiss Exchange
Lily Katz - Bloomberg
Investors in Switzerland may soon have another way to buy into digital coins, this time by way of a traditional bourse. Swiss startup Amun AG is working to develop an exchange-traded product that would track a basket of the top virtual currencies, giving investors exposure to the nascent market without needing to actually hold the tokens themselves. The firm is seeking final approval for the offering from SIX Swiss Exchange and hopes to have it listed by the end of the year, according to Amun Chief Executive Officer Hany Rashwan.
/jlne.ws/2Dunc6I
Blockchain Hype May Finally Turn Into Reality in Pharmaceuticals
Matthew Leising - Bloomberg
U.S. law requires closer tracking of drug supply chain; Blockchain record-keeping can track drugs by the package
Blockchain believers have delivered little more than hype, mostly failing to get it deployed outside the cryptocurrency space where the technology was developed. But a little-noticed U.S. law could change that, bringing the ledger system to the pharmaceutical business.
/jlne.ws/2xGYhHx
Crypto, Revolutionized: New French ICO Regulation on Its Way
Daniele Pozzi - CoinTelegraph
Today, the Assemblée Nationale (the French parliament's lower house) is initiating a debate about a legal project introduced last June by the Minister of Economy and Finance, Bruno Le Maire, which contains some relevant changes for the French regulatory framework with regard to crypto assets and ICOs, together with many proposals aimed at sustaining the development of "liberated companies that are better funded, more innovative and fairer."
bit.ly/2zvizFo
Five Of The Most Promising Crypto Projects With Real-Life Potential
NewsBTC
Ten years on from the launch of the original cryptocurrency, Bitcoin, there are thousands of cryptos in existence today, each with a unique function. Which of them are most likely to truly change the world?
The Bitcoin project laid the foundations on which a majority of cryptos now operate. It was established in an attempt to offer a workable alternative to the mainstream financial systems.
bit.ly/2zuOQwc
Early Execs Leave Block.one, The Peter Thiel-Backed Crypto Startup Behind EOS
Ada Hui - CoinDesk
Four early employees and two contractors have resigned from the Hong Kong cryptocurrency company Block.one to start up StrongBlock, a new blockchain project that is currently under wraps.
David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer, the employees, were the second, third, fourth and fifth to be hired by Block.one, the corporate parent that created the decentralized operating system and application environment EOS.
bit.ly/2zw2C1y
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| Politics | | An overview of politics as it relates to the financial markets | Saving liberal democracy from the extremes; Elites must recognise that mismanaged economies have helped to destabilise politics
Martin Wolf - FT
"Nothing to excess". This motto, also known as "the golden mean", was displayed in the ancient shrine of Delphi. Such restraint is particularly crucial for the preservation of liberal democracy, which is a fragile synthesis of personal freedom and civic action. Today, the balance between these two elements has to be regained.
/jlne.ws/2DwO1XS
Trump Has a Weapon to Lower Oil Prices and It's Not His Twitter
Javier Blas, Heesu Lee and Dan Murtaugh - Bloomberg
Traders and analysts see possible SPR oil release before Nov.; 30 million barrels could drop oil by 'a couple of bucks': Citi
Tweeting will only get you so far. After failing to cajole OPEC to pump more and lower oil prices, U.S. President Donald Trump could pursue a more direct route: tapping his nation's Strategic Petroleum Reserve.
/jlne.ws/2xMpuZF
Is a New Russian Meddling Tactic Hiding in Plain Sight?
Kevin Roose - NY Times
To an untrained eye, USAReally might look like any other fledgling news organization vying for attention in a crowded media landscape. Its website publishes a steady stream of stories on hot-button political issues like race, immigration and income inequality. It has reader polls, a video section and a daily podcast.
/jlne.ws/2xDq5fU
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | US SEC Cautions Against Governance Risks from Dual Class Shares - Report
Manesh Samtani - Regulation Asia
SEC commissioner Robert Jackson Jr reportedly urged Singapore and Hong Kong to maintain close oversight over companies with dual class share structures to mitigate against corporate governance risks.
/jlne.ws/2Dw7PdR
Former CEO and director of Sirtex Medical Limited charged with insider trading
ASIC
Mr Gilman Edwin Wong, the former Chief Executive Officer and director of Sirtex Medical Limited, appeared yesterday at the Downing Central Local Court in Sydney charged with one count of insider trading under the Corporations Act.
/jlne.ws/2DEP3km
Harmonize SEC, CFTC rules for a better trading world
BY Mark Wetjen, DTCC
The Dodd-Frank Act's move toward transparency in the swaps market was a deliberate attempt to shift away from an opaque market to one that encourages greater access to information and thereby further confidence in the financial marketplace.
/jlne.ws/2DwuzKF
CFTC Chairman Giancarlo to Speak at SIFMA Annual Meeting
CFTC
Monday, October 1, 2018
/jlne.ws/2NDndKf
ESAs' Joint Board of Appeal decides on an individual's appeal against a decision of ESMA in relation to binary options and contracts for differences
ESMA
The Joint Board of Appeal of the European Supervisory Authorities (ESAs - European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) publishes today its decision in an appeal brought by "V" against the European Securities and Markets Authority (ESMA).
/jlne.ws/2xCk3fC
Podcast: CFTC Talks EP064: FlashCast CFTC Chris Ehrman
CFTC
On Wednesday, we're doing a CFTC Talks FlashCast, a shorter podcast on a single subject. And we bring on CFTC...
/jlne.ws/2xI8xzj
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Imperial Brands Is Latest Tobacco Company to Look at Pot
Thomas Mulier - Bloomberg
CEO says marijuana products may have potential as sleep aids; Imperial uses investment in Oxford startup to study sector
Imperial Brands Plc Chief Executive Officer Alison Cooper signaled the U.K. tobacco company's possible interest in expanding more in cannabis as the industry seeks new avenues to combat the continuous decline in smoking.
/jlne.ws/2Du7AQx
The Man Behind a $1 Trillion Wealth Fund Braces for Trade Rupture
John Micklethwait and Jonas O Bergman - Bloomberg
Norway wealth fund CEO fears global supply chain could split; Biggest wealth fund says sustainable focus is a long-term win
The man running the world's biggest sovereign wealth fund is trying to figure out just how much damage an all-out global trade war might do to his portfolio.
/jlne.ws/2xFXNSd
Ex-JPMorgan Traders Lost Millions on Bad Bets in Power Market
Tim Loh - Bloomberg
Two energy traders, veterans of JPMorgan Chase & Co., saw an opening. Starting in 2015, Andrew Kittell and John Bartholomew plunked down millions of dollars in bets in an obscure corner of the energy market. Their strategy depended on certain parts of America's largest electric grid being congested, driving up power prices. But the wagers fizzled. Their portfolio, valued by some at more than $150 million, soon cratered.
/goo.gl/VqQnmn
****Streetwise Professor blog on this here.
This shocked trader woke up $89M richer - kind of
Kevin Dugan - NY Post
He was the $89 million man - if only for 90 minutes. Daniel Levene, a Manhattan venture capitalist, lived every day-trader's dream on Tuesday: He awoke to find E-Trade accidentally deposited more than $89 million into his account. "Did I just win the lottery?" he asked himself as he logged on to his computer at about 10 a.m.
/jlne.ws/2xMrpgP
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank dismisses merger reports as 'fictions'
Tom Sims - Reuters
Deutsche Bank (DBKGn.DE) has dismissed speculation that it might seek a merger as "fictions", after media reports suggested Germany's biggest lender might seek tie ups with Switzerland's UBS or German peer Commerzbank.
/jlne.ws/2Dyf6Kl
Wells Fargo Suspends Employees Over Tax-Credit Probe
Hannah Levitt - Bloomberg
DOJ is investigating banks' purchases of housing credits; Lender disclosed government probe in a filing last month
Wells Fargo & Co. suspended two employees in its community lending and investment unit amid a U.S. inquiry into the bank's purchase of low-income housing tax credits, according to people familiar with the matter.
/jlne.ws/2Dvthjh
Santander Names UBS Investment Bank Head Andrea Orcel as Next CEO; Current Santander CEO José Antonio Ãlvarez to become executive chairman of Santander Spain
Margot Patrick and Jeannette Neumann - WSJ
Banco Santander SA named UBS Group AG's Andrea Orcel as its new CEO, propelling one of Europe's highest-profile investment bankers to the helm of a global banking giant.
/jlne.ws/2Du6TXr
Jes Staley Stakes Barclays's Future on Investment Banking; But the CEO will have to persuade activist investors to come along for the ride.
Edward Robinson - Bloomberg
Jes Staley, the chief executive officer of Barclays Plc, is sitting in a conference room high above London's Canary Wharf on an August afternoon. The conversation turns to risk. The Turkish lira is melting down, Brexit threatens to destabilize the British economy, and the world is bracing for any number of shocks, including European populism and a U.S.-China trade war. Reaching for his wallet, Staley says he isn't too worried about those threats. He plucks out his Barclays credit card and holds it up: "This card is the biggest risk in the bank."
/jlne.ws/2xzTmZ1
Danske Says It's Committed to Buybacks Amid Laundering Probe
Frances Schwartzkopff - Bloomberg
Danske Bank A/S is pushing back against risks that Denmark's financial supervisor will halt share buybacks after reopening an investigation into the laundering of billions of dollars in dirty money.
/jlne.ws/2xDd6uU
Calpers Chief Faces Short-Term and Long-Term Liabilities; The CEO of the giant pension fund is dealing with a shortfall and questions about her education
Heather Gillers - Bloomberg
In what was otherwise a lighthearted question-and-answer session at a staff meeting this month, Marcie Frost turned serious. After rising from a clerical position in Washington state government to head the largest pension fund in the country, the California Public Employees' Retirement System, Ms. Frost had been the subject of reports questioning how she had presented her educational credentials.
/jlne.ws/2xF1vvf
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Iceland Found Another Way to Clean Up a Financial Crisis; Unlike the U.S., the country let its banks fail and bailed out lots of consumers.
Barry Ritholtz - Bloomberg
While flying last week to a conference in ReykjavÃk, it dawned on me that I knew almost nothing about Iceland. What little understanding I had was based on Michael Lewis' epic tale of the nation's financial collapse in Vanity Fair magazine entitled, "Wall Street on the Tundra." His 10,000-word missive is a Norse saga of its own. 1 Other Icelandic literature included entries in Carmen Reinhart and Ken Rogoff's, "This Time is Different: Eight Centuries of Financial Folly," and some academic work on bubbles and collapses. It all added up to a cursory understanding of a brief but wrenching period in the long arc of the country's history.
/jlne.ws/2DFJ5QC
Every American City Wants to Be Brooklyn. Is That So Bad?; Yes, the country's revived downtowns can be disturbingly similar. But they're still way better than what went before.
Justin Fox - Bloomberg
In just about any American city above a certain size  maybe it's 50,000 inhabitants, maybe less than that  you can now expect to find a locally owned coffeehouse in a restored building in or near downtown. The baristas will be younger and cooler-looking than you, and there's a fair chance that a dude with a strikingly well-maintained beard will be leading what appears to be a business meeting at one of the tables.
/jlne.ws/2xDPExy
Argentine Central Bank Head Resigns Three Months Into Job
Daniel Cancel , Ignacio Olivera Doll , and Andres R Martinez - Bloomberg
Currency has lost half of its value so far this year; Caputo raised country's rates to 60 percent to stem peso rout
Argentine Central Bank President Luis Caputo resigned on Tuesday, a day after President Mauricio Macri said a revised aid deal with the International Monetary Fund would require a new approach to monetary policy.
/jlne.ws/2xMo3KL
UK's offshore trading of renminbi hits fresh record; Average daily volumes rise nearly a third over the year to £69bn in the second quarter
Katie Martin - FT
The UK has consolidated its dominant position in offshore trading of the Chinese renminbi after handling record volumes in the second quarter, the City of London said, boosting the capital's prospects as a key part of the global financial system after Brexit.
/jlne.ws/2xF1qYl
Kuwait Investment Authority chief navigates politics and trendy tech; Sovereign wealth fund plans China expansion in pivot to Asian emerging markets
Henny Sender - FT
It has now been well over a year since Farouk Bastaki took over as head of the Kuwait Investment Authority, the oldest and one of the five largest sovereign wealth funds in the world.
/jlne.ws/2xGZvm7
MSCI weighs boosting China exposure in key EM index; Index provider proposes 20% A-shares inclusion and addition of smaller tech stocks
Emma Dunkley in Hong Kong - FT
Global index provider MSCI is considering substantially increasing the weighting of mainland-listed Chinese shares in its flagship Emerging Markets index, a move that it says could attract inflows of at least $66bn over the next couple of years.
/jlne.ws/2xFYx9X
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Britain's Richest Fear Corbyn More Than Brexit
Suzi Ring, Benjamin Stupples and Jess Shankleman - Bloomberg
Standing on the stage in front of hordes of cheering activists, the man who wants to be Britain's next prime minister had a blunt message for the country's wealthy.
"The very richest in our society have had tax breaks, giveaways, and tax havens," Labour leader Jeremy Corbyn said at a music and arts festival running alongside his party's annual conference at the weekend. "I tell you what, they're on borrowed time."
/bloom.bg/2zuJEZl
Ex-CBI boss warns on Brexit 'constitutional and economic crisis'; FT City Network members in downbeat mood after Salzburg summit
Patrick Jenkins, Financial Editor - FT
The UK is on the verge of financial and constitutional chaos, caught like a "frog in the water" before it is boiled, according to the former head of the CBI in a stark warning on the disastrous state of Brexit negotiations.
/jlne.ws/2xF1c3z
Brexit Bulletin: 'Suicidal' for EU
Emma Ross-Thomas - Bloomberg
French Finance Minister Bruno Le Maire is clear about why the European Union mustn't be generous with the U.K.: It would be "suicidal" for the bloc.
"I'm sorry to say it so callously: There is something more important for us than the future of the U.K., and that's the future of the EU," Le Maire told reporters in Paris. "Any decision that would give European citizens the feeling you can exit the EU and keep all the advantages would be suicidal, and we won't make that decision."
/bloom.bg/2zvoQAU
Brexit at breaking point? Diary dates for Britain's EU departure
William James - Reuters
With just six months to go until the United Kingdom is due to leave the European Union, negotiations are at what Prime Minister Theresa May has called an impasse.
If she can clinch a deal with the EU, she will still have to sell it to her divided Conservative Party and win parliamentary approval. If she cannot, the United Kingdom could face leaving without a deal, a national election or even another referendum.
Below are significant dates as Britain nears its departure from the EU in March:
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| Miscellaneous | | Stories that don't quite fit under the other sections | Ernst & Young hit with new sexual harassment claim; Second partner also alleges gender discrimination and retaliation
Robert Armstrong in New York - FT
A former partner in Ernst & Young's real estate advisory business has accused the accounting and consultancy firm of sexual harassment, discrimination and retaliation, the second such complaint by one of its partners this year.
/jlne.ws/2DvsIGb
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