| September 17, 2018 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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How blockchain may be used to create "smart cities" - an interview with Paul Doherty, founder and chairman of The Digit Group
By Matt Raebel, John Lothian News
Paul Doherty, founder and chairman of The Digit Group (TDG), a company that designs, builds, and maintains what he calls "smart cities" around the world, was one of the speakers at Chicago's 2018 "Voice of Blockchain" event at Navy Pier last month.
In 2017, Doherty accompanied Donald Trump on his trip to China as part of a delegation of 30 CEOs from major U.S. companies. The trip proved fruitful for TDG - Doherty and Gong Yueqiong, president of the Chinese company Foton Motor Group, signed a memorandum of understanding (MOU) during the trip. According to the MOU, Foton Motor Group, one of the largest commercial vehicle manufacturers in China, planned to work with TDG to provide electronic buses for TDG's smart cities in China, though one wonders about the state of that deal these days, given the outbreak of the U.S.-China trade war.
To read the rest of this story, go here.
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Hits & Takes
JLN Staff
Always wanted to go to one of ALTSO's great charitable events to network and listen to musicians from the industry? Here is a special chance to win two free tickets to ALTSO's annual Rocktoberfest event on October 11 in Chicago. ALTSO's modular prosthetic limb kit - the Joshi - is made of high quality aluminum and stainless steel. Guess what the closing price of Alcoa Corp (NYSE: AA) will be on Thursday, September 20 for your chance to win. Enter the contest here.
The World Federation of Exchanges hosts its General Assembly & Annual Meeting in Athens October 2 - 4. The event brings more than 300 delegates together, including JLN's Jim Kharouf, who will be moderating a panel on ETFs.~JK
Don't miss the Eurex Derivatives Forum in London on November 1.~JJL
I am confused as to the value of trading bitcoin on a cash exchange when the trades I make are not recorded on the blockchain. It is more of a lightly regulated FX trade-like transaction than a revolutionary crypto transaction. Very confused!~JJL
The Chicago Bears did not lose a game on Sunday, but then again, that is because they play tonight.~JJL
The Chicago Cubs did lose on Sunday, but so did the Milwaukee Brewers. The Cubs' magic number to clinch the Central Division title is 11. It will be an active sports season in Chicago this year.~JJL
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The Spread - It Was Nasdaq Week - 9/14
JohnLothianNews.com
What do an unexpected forecast for rain, long-standing clearing tech animus and a speed bump have in common? Well, in this week's episode of "The Spread" the answer is Nasdaq.
Watch the video and see the stories referenced here »
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Coca-Cola exploring cannabis drinks business; Increasing interest in sector comes a month before Canada legalises recreational use
James Fontanella-Khan and Alistair Gray in Chicago - FT
Coca-Cola is exploring entering the budding cannabis drinks business, as the iconic beverage company seeks new opportunities to offset slowing soda consumption.
/jlne.ws/2NMReq6
*****Toka-Tola?~JJL
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ICOs; Registration; Audit Trail; Reporting; Blue Sheets; Supervision
Gary DeWaal - Bridging the Week
A federal court in Brooklyn, New York, issued a much-anticipated decision, holding that digital assets issued as part of initial coin offerings could be securities under applicable law. Although this decision was issued solely in response to a defendant's motion to dismiss an indictment, the outcome validates views frequently espoused publicly by the Securities and Exchange Commission's chairman and staff that such digital assets may be investment contracts, and thus securities. Separately, on Friday evening in a hurricane of activity, the Commodity Futures Trading Commission announced the filing and settlement of 12 separate actions naming multiple companies and persons based on allegations of acting without proper registration, as well as audit trail recordkeeping and swaps reporting violations.
bit.ly/2xp6ZJv
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Friday's Top Three
Our top two pieces from Friday were all about the Nordic exchange trader and clearinghouse event. Jim Kharouf's JLN column led the pack with What does your clearinghouse DEFCON scale look like today? Second was Bloomberg's Nordic Power Whale Kicked Off Nasdaq After $117 Million Loss. Third was the FT's Nasdaq to buy Sweden's Cinnober for $190m
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MarketsWiki Stats
132,479,184 pages viewed; 23,276 pages; 214,958 edits
MarketsWiki Statistics
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| Lead Stories | New York sues U.S. to stop fintech bank charters
Jonathan Stempel - Reuters
New York state's top banking regulator on Friday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and put vulnerable consumers at risk.
/jlne.ws/2MBm3cI
Regulators probe Nasdaq's derivatives market safeguards; Move comes after trader blew EUR114m hole in protections for European power derivatives market
Philip Stafford - FT
Swedish markets regulators are to investigate Nasdaq as the exchange and its customers began rebuilding their defences against defaults in the derivatives markets, after they were badly damaged by soured bets from a Norwegian trader.
/jlne.ws/2MEFCkn
Nasdaq says more than 90 pct of commodity clearing buffer restored
Nasdaq
Members of Nasdaq's Nordic commodities exchange have replenished more than 90 percent of clearing house contingency funds that were lost last week when a private Norwegian trader defaulted during a spike in market volatility, the exchange operator said.
bit.ly/2xgaGSL
EU citizens in Britain should prepare for the worst; If there is a hard Brexit, the status of Europeans in the UK will be uncertain
Wolfgang Münchau - FT
The easiest route to madness is to prepare for all future states of the world. But some are worth preparing for, like a hard, no-deal Brexit. I fear that many of my fellow EU citizens in the UK are not prepared for the worst case, and some not even for the best.
/jlne.ws/2NU4WY6
Financial sector remains an impenetrable black box; A decade after the crisis, a bank's accounts tell you little about its risks
Jonathan Ford - FT
In early 2007, as the financial crisis gathered pace, the group of those financial institutions that would end up in the deepest trouble  banks such as RBS, Citigroup and Fannie Mae  presented what then seemed a solid enough face to the world.
/jlne.ws/2NNpguf
How clearing houses aim to avert market disasters; In the past decade global authorities have elevated the role and importance of CCPs
Philip Stafford - FT
Clearing houses have been cast into the spotlight after soured bets from Norwegian trader Einar Aas blew a EUR114m hole in the buffers that are designed to stem systemic losses from trading derivative contracts in the European power markets.
/jlne.ws/2NI7pFh
China's Stocks Drop to Lowest Level in Nearly Four Years
Kana Nishizawa - Bloomberg
Shanghai's benchmark gauge closes at weakest since 2014; Trade war, poor company fundamentals are weighing on market
China's sinking stock market reached an unwelcome milestone, with the Shanghai Composite Index closing at the lowest level since 2014, erasing the last traces of its recovery from a boom that turned into a $5 trillion bust.
/jlne.ws/2NPNpAv
Congress' Failed Stock Market Experiment Cost Investors $900 Million
Bill Alpert - Barron's
A failed experiment to help small-company stocks will be buried at September's end, the Securities and Exchange Commission said on Monday. The Tick Size Pilot Program was supposed to revitalize trading liquidity, stock offerings, and job creation for small-cap public companies - by quoting and trading their stocks in increments of a nickel, rather than the usual penny. But instead of the promised benefits, the wider increments - or "ticks" - stunted trading volumes in the nearly 1,200 stocks subjected to the two-year experiment, while also bloating investors' trading costs by as much as $900 million, to judge from data in a study by the exchanges that ran the pilot. The study has not been previously reported.
/jlne.ws/2MBoL1S
Connecticut Households Earning At Least $1 Million Fell in 2016; IRS data is released as the state income tax becomes a hot-button issue in the gubernatorial race
Joseph De Avila - WSJ
Fewer Connecticut households reported income of $1 million or more in 2016, according to newly released data from the Internal Revenue Service. The number of tax filers with an adjusted gross income of $1 million or more fell to 10,990 in 2016, a 4% decline from the previous year, according to the IRS. The cumulative adjusted gross income this group reported also shrank to $36.11 billion over this time period, a 13% drop.
/jlne.ws/2MG7kx4
Citigroup pays $12 million to settle dark pool probe
Reuters
Citigroup Inc on Friday was ordered to pay more than $12 million by U.S. regulators after it was found that the bank's investment banking and financial advisory unit misled users of a "dark pool" operated by one of its affiliates.
/jlne.ws/2MI5YlH
Shadow Chancellor Joins Protesters in London's Financial Center
Laura Hurst - Bloomberg
"We got sold out, banks got bailed out," chant protestors; McDonnell calls for a banking system that serves society
Shadow Chancellor John McDonnell joined protesters outside the Bank of England marking a decade since the collapse of Lehman Brothers, urging that finance companies should provide for society.
/jlne.ws/2NKn1rN
Lehman-Era Alphabet Soup of Market Products Is Back on the Table
Christopher Maloney , Alex Harris , and Adam Tempkin - Bloomberg
CLOs, auto ABS boom where CDOs, private-label RMBS once ruled; Money-market shifts have numbed signals from stress indicators
181.55USD+2.29+1.28%
The collapse of Lehman Brothers Holdings Inc. has consigned some financial products, popularized by their acronyms, to the dustbin of history. But investors' appetite for high-yielding and relatively risk-free securities never went away.
/jlne.ws/2NUm9Ry
$250 Trillion in Debt: the World's Post-Lehman Legacy
Brian Chappatta - Bloomberg
In many ways, all the talk about global central banks beginning a "great unwind" of their extraordinary monetary stimulus is positively quaint.
/jlne.ws/2NOeDat
The Global Economy Is Still Feeling the Lehman Fallout 10 Years Later
Simon Kennedy and Sam Dodge - Bloomberg
The collapse of Lehman Brothers and subsequent global financial crisis sent shockwaves through the world economy, many of which still reverberate a decade later.
/jlne.ws/2NNdhNm
Deutsche to shift more assets to Frankfurt, ringfence UK operations after Brexit: source
Reuters
Deutsche Bank (DBKGn.DE) is considering shifting large volumes of assets from London to Frankfurt after the UK's planned exit from the European Union next year to meet demands from European regulators, a person close to the matter said on Sunday.
/jlne.ws/2NNd7Wg
Mervyn King Still Doesn't Think British Banks Are Safe Enough
John Glover and Lucy Meakin - Bloomberg
More capital, liquidity, regulation since Lehman, but...; Banks still haven't issued full amount of loss-absorbing debt
The U.K. banking system is stronger than it was after it almost brought the nation to its knees a decade ago, but people who oversaw the crash are still fearful of a repeat.
/jlne.ws/2NN8kUN
Japan Goes Global as the U.S. Looks Inward; A new book explores how the country can be a bigger player on the world stage.
Noah Smith - Bloomberg
If a random American were to be asked "Which countries are at the forefront of globalization?" or "Which countries are the guardians of the liberal order?," it seems unlikely that Japan would be among the countries they named. The Land of the Rising Sun is typically thought of as a closed-off country, with little immigration, a protectionist trade policy and inward-focused companies that ignore global consumers. Yet as the U.S. retreats from the world stage to focus on its own political divisions and rightist populism surges in Europe, Japan is taking the high road. Call it globalism Japan style.
/jlne.ws/2NNlOjh
Goldman Says Rising U.S. Rates 'Boiling the Frog' of Risk Assets
Gregor Stuart Hunter - Bloomberg
Rising U.S. interest rates are probably just beginning to roil risk appetite around the world, according to economists at Goldman Sachs Group Inc.
Global investors may be underestimating the headwinds to financial assets posed by U.S. rates, they said. While the real rate on three-month U.S. Treasury bills -- or the nominal rate minus inflation (or inflation expectations) -- remains negative, Goldman forecasts the measure will diverge from other real rates in the developed and developing world over the next year-and-a-half.
/bloom.bg/2xlh5Lw
Guggenheim Securities seeks injunction against FT; The court action follows a series of articles about the Wall Street firm
Tom Braithwaite in London - FT
Guggenheim Securities has sought an injunction against the Financial Times in the English High Court in an attempt to prevent publication of what the Wall Street firm claims is confidential information.
/jlne.ws/2NV9vlj
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Algo Scam: SEBI Asks NSE's 5 Officials, Including Ravi Varanasi, To Stay Out of Action
Moneylife
Market regulator Securities and Exchange Board of India (SEBI) has reportedly asked five top officials from National Stock Exchange (NSE) to 'stay out of action' in the co-location or Algo trading scam. These officials include Ravi Varanasi, NSE's chief of business development, Suprabhat Lala, senior vice-president for regulatory and investor services cell, SRVS Nagendra Kumar, chief business officer for debt, Deviprasad Singh, vice president and head for IT and Mahesh Soparkar, vice president of special projects at the Exchange.
/jlne.ws/2MCDutf
ASX gears up for fintech era as data foundation for financial services industry
Paul Smith - AFR
The Australian Securities Exchange will push ahead with attempts to establish itself as a global technology pioneer, despite criticism of its governance, with its operations boss pledging to balance risk with the flexibility required to thrive in the fintech era of blockchain and artificial intelligence.
/jlne.ws/2NN9hMR
HKEX Severe Weather Arrangements
Mondovisione
Super Typhoon Mangkhut is approaching Hong Kong, in case any disruption to the market, here are the contingency arrangements for the settlement of September contracts of RMB Currency Futures, Options and HIBOR Futures, the London Metal Mini Futures Contracts and the Physically Settled USD and CNH Gold Futures contracts expiring on 17 September.
/jlne.ws/2NI4nRp
NCDEX plans for commodity derivatives to address NPAs, volatile agri prices; NCDEX will propose to the regulator to allow options in more agri commodities
Rajesh Bhayani - Business Insider
Vijay Kumar V, managing director & CEO, National Commodity & Derivatives Exchange Limited (NCDEX), plans to make commodity derivatives, more importantly options, a tool to address non-performing assets (NPA) and volatile agriculture crop prices.
/jlne.ws/2NN7CqB
The WFE's General Assembly & Annual Meeting in Athens
WFE
The World Federation of Exchanges ("WFE"), the global industry group for exchanges and CCPs, today announces its forthcoming General Assembly & Annual Meeting, to be held from 2-4 October, in Athens, Greece. ?The event, which will be hosted by Athens Stock Exchange (ATHEX), will see more than 300 delegates gather for the WFE Annual Meeting, with a public programme of 15 speeches and panel sessions, in addition to member-only sessions for the Working Committee & Board and the Federation's 58th General Assembly.
/jlne.ws/2NPqHs8
Crypto Q&A: John Tornatore, Cboe
MarketsMedia
IntelAlley recently interviewed John Tornatore, Global Head of Cryptocurrencies at Cboe Global Markets about his new role and some quick views on the exchange initiatives.
/jlne.ws/2NR3MN4
LSEG adds Euronext Growth stocks to Turquoise; Turquoise members can now access Euronext Growth securities for trading which will also be cleared by LCH SA.
Hayley McDowell - The Trade
The London Stock Exchange Group (LSEG) has expanded its pan-European multilateral trading facility (MTF) Turquoise with the addition of Euronext Growth securities.
/jlne.ws/2MzSwQF
9 new UK companies join ELITE
London Stock Exchange Group
Brings total number of UK ELITE businesses to over 140; More than 900 companies from across 33 countries make up the global ELITE community; Demonstrates LSEG's commitment to supporting the most ambitious businesses prepare for the next stage of growth
London Stock Exchange Group (LSEG) today welcomes nine new UK companies to its unique business support and capital raising programme, ELITE. This brings the total number of UK companies in the ELITE community to over 140.
/jlne.ws/2MFKw0n
Turquoise makes Euronext Growth securities available for trading
London Stock Exchange Group
New channel of execution for Euronext Growth instruments; Expands Turquoise's broad universe of c. 4,500 stocks from 19 European countries to trading members; Reflects increased investor demand for trading small and mid-cap securities
Turquoise, a leading pan-European MTF, announces that Euronext Growth stocks are available to trade on its platforms from today. The extension of the service is a result of demand from Turquoise's customers and reflects a growing appetite for efficient access to trade small and mid cap stocks from the institutional investor community.
/jlne.ws/2MFk2Mz
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Banks jump on to the fintech bandwagon; Data sharing between financial institutions and tech companies puts consumers at risk
Rana Foroohar - FT
Call me a Luddite, but I have always agreed with former US Federal Reserve chairman Paul Volcker that the ATM has been the most useful innovation in finance of the past few decades.
/jlne.ws/2NNPOvC
Visible Alpha Appoints Former FactSet COO to Executive Team
Globenewswire.com
Visible Alpha today announced the appointment of Mark Hale to the firm's newly created role of chief operating officer (COO). Mr. Hale joins Visible Alpha as buy-side demand accelerates for the company's investment research technology and services..
bit.ly/2xiP4VM
Making sure fintech is friend, not foe, for community lenders
Sharon Adarlo - American Banker
Community banks and credit unions are searching hard for a high-tech edge over big-name financial institutions, and Amy Gililland says they have a shot at finding one.
/jlne.ws/2NQfAzb
Mary Meeker, the legendary internet analyst, is leaving Kleiner Perkins
Theodore Schleifer - Recode
Mary Meeker of Kleiner Perkins Caufield & Byers, one of the premier Silicon Valley investors at one of its premier venture capital firms, is leaving her position in an abrupt, high-profile splitting of the firm she helped lead.
/goo.gl/LpGo87
Don't Blame the Bankers if This Fintech Becomes a Case of Buyers' Remorse; The decision by Adyen's backers to sell shares makes sense. The payments firm's valuation doesn't.
Lionel Laurent - Bloomberg
It didn't last long. Fintech darling Adyen NV is no longer bigger than Deutsche Bank AG. Shares of the payments startup have fallen 17 percent since a group of its original backers offloaded some their stock well before the end of a lock-up period set at its initial public offering.
/jlne.ws/2NMdC2U
Could Women In Fintech Stop Another Lehman Brothers Collapse From Happening?
Madhvi Mavadiya - Forbes
September 15 2018 marked 10 years since the Lehman Brothers collapse and subsequent global financial crisis, which is and always will be one of this generation's defining events, as International Monetary Fund chief Christine Lagarde said in her recent blog post.
Christine Lagarde also stated that if a woman had been in charge of the investment bank, perhaps if the bank was named the Lehman Sisters, the event may have been avoided and went on to suggest that an increase of females in the financial industry would minimize reckless decision-making.
bit.ly/2xqHpE8
OCC FinTech Efforts in Legal Crosshairs
PYMNTS.com
The battle over FinTechs and national banking charters is about to get a bit more heated.
New York state is suing the United States. Or to put it a bit more specifically, the Conference of State Bank Supervisors sued the Office of the Comptroller of the Currency.
The suit is one alleging that the OCC does not have the authority to provide such licenses under the FinTech charter that has been proposed. A national charter would allow FinTech firms to sidestep current practices which mandate they gain regulatory approval from each state where they operate.
bit.ly/2xqI6NK
Financial apps gain fans by helping users handle their money; New tools can help limit spending and even make suggestions on loans
Owen Walker - FT
When John Penberthy-Smith convinced his student daughter to download a financial planning tool, he hoped to pick up some insights into the way millennials use technology to save more money.
/jlne.ws/2MIgkSi
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| Cryptocurrencies | | Top stories for cryptocurrencies | Lawsuits Involving Cryptocurrency Hit All-Time High
Ranjitha Shastry - IBT
Lex Machina, a legal analytics platform, announced Sept. 11 the release of its 2018 securities litigation report that showcases recent trends and insights from its database of over 15,000 securities cases litigated in federal district court since 2009. The new report reveals the first two quarters of 2018 saw a significant rise in the number of securities cases relating to cryptocurrencies, such as bitcoin.
/jlne.ws/2NR6Pou
Coinbase's New NYC Office to Hire 100 in Wall Street Crypto Push
Leigh Cuen - Coindesk
The crypto industry unicorn Coinbase has aggressive growth plans for its newly opened New York office, which caters to institutional clients. The digital asset exchange plans to expand the operation to 150 employees next year, from 20 currently. According to the company, the slump in cryptocurrency prices this year has not quelled institutional demand for this asset class.
/jlne.ws/2NV1eOh
The $1 Billion Tezos Blockchain Is Officially Launching Monday
Brady Dale - Coindesk
The "experimental" phase of the Tezos blockchain is soon to conclude. Announced today, the Tezos Foundation will officially launch the protocol on Monday, at which point the platform, whose token supply is today valued at more than $1 billion, will no longer be in beta, meaning it will be fully operational and run by its community.
/goo.gl/ddTy2H
Why Are Crypto Exchanges Hacked So Often?
Ivan Novikov - Forbes
And that's not all -- there were other hacks that happened as well. In this article, I'll explain why so many exchanges are being hacked.
As I explained in my last Forbes article, crypto security is hierarchical: Protocol, exchange and personal wallet security are the three layers. This hierarchy means that if you have an issue at the coin protocol layer, you will be compromised, regardless of how secure your second and third layers are. At the same time, the complexity of the protocol level means it's harder to find an issue like a DAO hack than finding a vulnerability at the lower layers like exchanges and wallets. That is why hackers target exchanges -- it's the most efficient way for them to steal your money. Protocols are hard to hack, and wallets are too distributed. Exchanges are a good fit for them.
bit.ly/2xnVsKx
World Economic Forum Outlines Over 65 Blockchain Use Cases for Environmental Protection
Helen Partz - Cointelegraph
The World Economic Forum (WEF) foundation has outlined more than 65 blockchain use cases for solving the "most pressing" environmental challenges, in a report published September 14. In the report, titled "Building Block(chain)s for a Better Planet," the Switzerland-based WEF has highlighted a large number of blockchain applications that could be used to help solve the world's most pressing environmental challenges.
/goo.gl/kP3gZ8
Study: Hard Forks Constitute Threat to Cryptocurrency Stability
Ana Alexandre - Cointelegraph
A new study suggests that the stability of digital currencies is threatened by software updates, known as "hard forks,"according to a September 12 press release. The study states that clear guidelines on software updates could help stabilize cryptocurrencies.
bit.ly/2p7Ho41
Financial Giant Adopts Ripple for Instant Cross-Border Payments
The Daily Hodl Staff
The National Commercial Bank of Saudi Arabia just joined RippleNet. According to Ripple, the financial giant will go into production by the end of the year.
bit.ly/2QwaG9a
Buyer's Remorse? Cryptocurrency Lawsuits Have Tripled Since 2017
CCN
Cryptocurrency lawsuits increased threefold in the first two quarters of 2018 compared to the whole of last year.
This is according to a report prepared by Lex Machina, a legal analytics firm. Last year, the number of cases mentioning bitcoin, cryptocurrency or blockchain amounted to just 15 ,but in the first and the second quarters of this year, the figure has risen to 45. If the current trend continues, this means that the increase will likely be more than sixfold by the end of the year.
/goo.gl/yVt5hB
CFTC chairman urges 'do no harm' approach to cryptocurrency regulation
Georgi Georgiev - Bitcoinist
Comparing the development of cryptocurrencies to that of the Internet, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) J. Christopher Giancarlo holds that regulators need to avoid inhibiting the innovation technology brings.
/goo.gl/cC1L6H
BitGo Receives Approval to Operate as Regulated Cryptocurrency Custodian
CCN
Blockchain security startup Bitgo has announced that it has received regulatory approval in the U.S. to offer cryptocurrency custody services. With the move, BitGo becomes the latest company to throw its hat into the crypto custody ring as the market prepares to welcome large institutional investors who have previously been put off by crypto's substantial custody risk.
/goo.gl/fRNpWJ
Blockchain Study: Gemini Custodian is Able to Alter or Reverse Gemini Dollar Transactions
Helen Partz - Cointelegraph
The implementation of the recently launched Gemini dollar (GUSD) stablecoin can be completely changed by a Gemini custodian every 48 hours, according to a study authored by blockchain researcher Alex Lebed and crypto consultant Alexey Akhunov, published on Medium on September 11.
/goo.gl/CXvzF7
Korean Mobile Carrier LGU+ Launches Blockchain-Based Overseas Payment System
Marie Hulliet - Cointelegraph
South Korea's LG UPlus, a mobile carrier owned by the country's fourth largest conglomerate LG Corp., is launching a blockchain-based cross-carrier overseas payment service, Korea Times reports today, September 16.
/goo.gl/Z9oEnc
Institutional Investors Bet On Crypto Market With Tokenized Securities
Rachel Wolfson - Forbes
The cryptocurrency market and initial coin offerings (ICOs) have carved out a grey area for regulatory efforts in the United States. For example, utility tokens (user owned tokens that are not created as investment vehicles and hold a claim that they are exempt from federal laws that govern securities) are the primary tokens circulating most ICOs. Owners of utility tokens can't use the coins outside of the platform without exchanging them; they can send tokens person to person within the network.
/jlne.ws/2NR59eG
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| Politics | | An overview of politics as it relates to the financial markets | Ten Years After The Financial Crisis, The Contagion Has Spread To Democracy Itself; Tim Geithner, Ben Bernanke and Hank Paulson dealt a catastrophic blow to public faith in American institutions.
Zach Carter - Huffington Post
By the time Lehman Brothers filed for the largest bankruptcy in American history on Sept. 15, 2008, the country had been navigating stormy global financial waters for more than a year. Bear Stearns had been rescued in a bailout-facilitated merger with JPMorgan Chase, and the government had nationalized housing giants Fannie Mae and Freddie Mac. For anyone paying attention to the financial system, the situation had been quite dire for a long time.
/jlne.ws/2NNqbuH
Yes, the Tax Cuts Have Cost the U.S. Treasury Money; Tax receipts are down in nominal terms since the Tax Cuts and Jobs Act took effect. Adjusted for inflation, they're down a lot.
Justin Fox - Bloomberg
Wow, do we really have to go through this again? Here's Brian Wesbury, chief economist at First Trust Advisors LP in Wheaton, Illinois, and a long-time fan of tax cuts:
/jlne.ws/2MI9tbw
Trump readies tariffs on $200 billion more Chinese goods despite talks: source
Jeff Mason - Reuters
U.S. President Donald Trump has directed aides to proceed with tariffs on about another $200 billion of Chinese goods, despite Treasury Secretary Steven Mnuchin's attempts to restart trade talks with China, a source familiar with the matter said on Friday.
/reut.rs/2p8FXCH
Mixed Messages From U.S. Run Risk of Sinking Trade Talks Again
Bloomberg News
U.S. poised to trigger tariffs on $200 billion of goods; State-run Global Times says 'China will not just play defense'
Mixed messages coming from the U.S. on the trade war with China could sink prospective negotiations before they begin, damaging prospects for a resolution to the growing dispute.
/jlne.ws/2NR5wpA
As Trump's Trade War Mounts, China's Wall Street Allies Lose Clout
Alexandra Stevenson, Kate Kelly and Keith Bradsher - NY Times
When President Bill Clinton deliberated whether he should loosen trade barriers against China, Wall Street helped plead Beijing's case.
/jlne.ws/2NUVUdL
Trump Promised a Rush of Repatriated Cash, But Company Responses Are Modest; President Trump had said trillions of dollars would flow back to the U.S. quickly in the wake of the new tax law, but a WSJ analysis finds many companies are taking their time
Richard Rubin and Theo Francis - WSJ
U.S. companies have moved cautiously in repatriating profits stockpiled overseas in response to last year's tax-law rewrite, after the Trump administration's assertions that trillions of dollars would come home quickly and supercharge the domestic economy.
/jlne.ws/2NV03OR
San Francisco Fed Picks Longtime Insider Mary Daly as New Chief
Jeanna Smialek - Bloomberg
The Federal Reserve Bank of San Francisco picked long-time insider Mary Daly to be its next president, potentially bolstering the central bank's dovish wing while diversifying the institution's top ranks.
/bloom.bg/2paebpg
Dimon Rules Out a Run in 2020, Regrets 'Machismo' in Trump Snub
Peter Eichenbaum - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon is done with politics and blamed "machismo" for saying last week he's smarter than President Donald Trump.
/jlne.ws/2NNdmk8
Japan's Abe Says He Told Trump It's Dangerous to Play With FX
Connor Cislo - Bloomberg
Japan's Shinzo Abe told U.S. President Donald Trump that it's dangerous to broach the topic of currencies, the prime minister said on Sunday.
/jlne.ws/2NPspJZ
JP Morgan chief Dimon says shouldn't have made remarks about Trump
Reuters
JPMorgan Chase & Co Chief Executive Jamie Dimon on Sunday said he regretted comments that he was "smarter" than U.S. President Donald Trump and could beat him in an election.
/jlne.ws/2NM7ckq
Hedge fund boss Crispin Odey reveals political ambitions; Outspoken hedge fund manager says: 'I've wasted my time making money for the last 30 years'
Tom Teodorczuk - Fiancial News
Top hedge fund manager Crispin Odey is looking to enter UK politics in a move that would send one of the City's biggest names into the heart of Westminster.
/jlne.ws/2MEL5aY
Bloomberg May Run for President as a Democrat. His Views on Policing and #MeToo Could Be a Problem.
Alexander Burns and Sydney Ember - NY Times
Michael R. Bloomberg is actively considering a campaign for president as a Democrat in 2020, concluding that it would be his only path to the White House even as he voices stark disagreements with progressives on defining issues including bank regulation, stop-and-frisk police tactics and the #MeToo movement.
/jlne.ws/2MFIFJ9
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Charges Citigroup for Dark Pool Misrepresentations
SEC.gov
The Securities and Exchange Commission today entered an order finding that Citigroup Global Markets Inc. misled users of a dark pool operated by one of its affiliates.
/goo.gl/JXe5KB
Citigroup to pay $12m to settle SEC claims over 'dark pool'
Laura Noonan in New York - FT
Citigroup has agreed to pay just over $12m to settle allegations that it misled clients about a premium "dark pool" used to to discretely trade blocks of stock without moving the market.
/jlne.ws/2NOzafj
SEC Charges Investment Advisers With Defrauding Retail Advisory Clients
SEC.gov
The Securities and Exchange Commission today charged an Indianapolis-based investment advisory firm and its sole owner with selling approximately $13 million of high-risk securities to more than 120 advisory clients - many of whom are current or former teachers or other workers in public education - without disclosing that the firm and its owner stood to receive commissions of up to 18 percent from the sales.
bit.ly/2p8Eexb
The Financial Conduct Authority bans former Deutsche Bank trader, Christian Bittar
FCA
Mr Bittar formerly worked at Deutsche Bank where he traded interest rate derivative products referenced to benchmarks including EURIBOR. The FCA has found that Mr Bittar lacks integrity and therefore fitness and propriety to carry out such a role. Mr Bittar made requests to EURIBOR submitters to make high or low EURIBOR submissions, both internally to Deutsche Bank submitters and externally to traders at other EURIBOR panel banks. He did so to benefit the profitability of the trading positions for which he was responsible and, on occasion, the profitability of the trading positions of other traders.
/goo.gl/HYN3gu
Fraud ringleader jailed over 'boiler room' scam
BBC
A "boiler room" fraud ringleader has been sentenced to a total of 13 years in jail after being found guilty of conspiring with five others to con 170 investors out of £2.8m.
/bbc.in/2pbeUq1
Britain's FCA bans ex-Deutsche Bank trader after Euribor rigging
Reuters
Britain's Financial Conduct Authority has banned former Deutsche Bank trader Christian Bittar from performing any function related to any regulated financial activity, the financial watchdog said on Friday.
/jlne.ws/2MEGyFp
What the FCA needs to do about phoenixing
Emma Ann Hughes - FT Adviser
The Financial Conduct Authority (FCA) revealed plans to take a tougher stance against phoenix companies this week
/jlne.ws/2NI4Vqr
Credit Suisse Scolded for Rewarding Rogue Banker, Escapes Fine
Jan-Henrik Foerster and Hugo Miller - Bloomberg
Bank criticised by Swiss regulator for not sanctioning manager; People familiar identify the banker as Patrice Lescaudron
Credit Suisse Group AG was scolded by Switzerland's financial regulator for its failure to properly oversee a former star wealth manager convicted of fraud, escaping any real penalties for its compliance shortcomings.
/jlne.ws/2ME0JmZ
Credit Suisse criticised by Swiss watchdog over anti-money laundering policies; Finma demands remedial steps after probe into Swiss bank
Ralph Atkins in Zurich - FT
Credit Suisse has been censured by the Swiss financial watchdog for deficiencies in its anti-money laundering procedures in cases linked to world football's Fifa, Brazil's Petrobras and Venezuela's PDVSA oil company, as well as a business relationship with a prominent client.
/jlne.ws/2MFHmKf
Mifid II rules prompt 'huge change' in research marketplace; Fund managers spend substantially less if they absorb cost of broker notes
Attracta Mooney - FT
Fund managers that pass on the cost of broker notes to their clients are charging up to 7.5 times as much as fund houses that cover this charge from their own pocket, according to figures that highlight the impact the recently introduced Mifid II rules are having on the investment market.
/jlne.ws/2MHM2iG
ESMA publishes the responses to its Consultation on proposed amendments to RTS 11
ESMA
ESMA has published the responses received to the Consultation Paper on Amendment to Commission Delegated Regulation
/jlne.ws/2MFLZnp
SEC Staff Issues Guidance on Third-Party Recordkeeping Services
FINRA
This Notice provides firms with information regarding recent guidance (the guidance) issued by staff of the SEC's Division of Trading and Markets (the SEC staff) regarding the use of recordkeeping services provided by third parties to preserve records pursuant to SEA Section 17(a) and SEA Rule 17a-4.
/jlne.ws/2NUcpGC
Remarks of Commissioner Rostin Behnam at the Michigan Agri-Business Association 2018 Outlook Conference, Mackinac Island, Michigan; Markets and Issues: Lessons Learned and a Path Forward
CFTC
/jlne.ws/2NNqy8C
CFTC Files 12 Enforcement Actions Addressing Registration, Position Limits, Recordkeeping, Supervision and Reporting
CFTC
The Commodity Futures Trading Commission (CFTC) issued 12 Orders today filing and simultaneously settling charges against various respondents for violations of the Commodity Exchange Act (Act) and Commission Regulations (Regulations), including for position limits, recordkeeping, registration, reporting, and failure to supervise violations, as set forth below and as more fully described in the related press releases for each Order.
/jlne.ws/2NQOGHi
CFTC Orders Grain Exporter to Pay a Penalty for Violating Soybeans Futures Speculative Position Limits and for Reporting Violations
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Honouround (HK) International Trade Co. Ltd. (Honouround), a company based in Hong Kong, China, for exceeding the single month and all-month speculative position limits for soybeans futures contracts traded on the Chicago Board of Trade (CBOT), and for failing to file Form 204s as required. The Order requires Honouround to pay a $300,000 civil monetary penalty.
/jlne.ws/2NQOKqw
CFTC Settles Swap Reporting Charges with Natwest Markets Plc
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against NatWest Markets Plc (NatWest), formerly The Royal Bank of Scotland plc (RBS), a provisionally registered swap dealer, for failing to comply with its swap transaction reporting obligations as a swap dealer. According to the Order, NatWest failed to report on a timely basis and misreported hundreds of thousands of transactions to a swap dealer repository (SDR). The CFTC Order imposes a $750,000 civil monetary penalty on NatWest, among other sanctions, for these reporting violations.
/jlne.ws/2NPBiTR
CFTC Orders ABN AMRO Clearing Chicago LLC to Pay a $160,000 Civil Monetary Penalty for Supervisory and Recordkeeping Failures
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against ABN AMRO Clearing Chicago LLC (ABN), a Futures Commission Merchant, for failing to maintain certain required records and failing to supervise its employees and agents to ensure that ABN fulfilled its statutory and regulatory obligation to keep and promptly produce such records.
/jlne.ws/2NPCjv9
CFTC Orders Company that Provided Swaps and Commodity Options Trading Advice to Eligible CFTC
The Commodity Futures Trading Commission (CFTC) today announced that it entered an Order requiring Mobius Risk Group LLC (Mobius), a Texas limited liability company with its principal place of business in Houston, Texas, to pay a $75,000 civil monetary penalty for acting as an unregistered Commodity Trading Advisor (CTA).
/jlne.ws/2NMeZyG
Michael Nascimento sentenced to 11 years' imprisonment in FCA prosecution of £2.8m investment fraud
UK FCA
Michael Nascimento was today sentenced to 11 years' imprisonment for his role in a share fraud carried out through a series of boiler room companies which led to the loss of more than £2.8 million of investors' money. He was the controlling mind, instigator and the main beneficiary of the fraud.
/jlne.ws/2NRxbH1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Fed Seen Facing Hard Choices to Keep Control of Overnight Rates
Alex Harris - Bloomberg
U.S. overnight markets are poised to tighten through year-end, putting pressure on the Federal Reserve's operating framework and forcing officials to make adjustments to keep rates within their target range, according to Credit Suisse Group AG analyst Zoltan Pozsar.
/bloom.bg/2p82M9n
Climate change will kill off icebergs, animals, and metaphors
Nikhil Sonnad - Quartz
Expressions that refer to weather and climate are everywhere throughout language, English or otherwise. Emails come in floods. Consciousness is a stream. Heads get foggy or are in the clouds.
/jlne.ws/2MGp5w7
A spike in 10-year Treasury yields could trigger a financial crisis to rival the Great Depression
Michael Selby-Green 0m - Business insider
The next US bear market will most likely be caused by a spike in ten-year Treasury yields and risks setting off a $10 trillion crash in US household assets, according to Martin Feldstein, the President of the US National Bureau of Economic Research.
/jlne.ws/2NNhbWu
Prime Time Returns for U.S. Money-Market Funds; A left-for-dead corner of the industry is staging a comeback.
Brian Chappatta - Bloomberg
More than $1 trillion of outflows in just 12 months would roil just about any segment of the global financial markets. For prime funds, a corner of the U.S. money market industry that had only $1.4 trillion of assets to begin with, it looked like a fatal blow.
/jlne.ws/2NNcg80
The S&P 500 Has a Tangible Net Worth Problem; The bull market is being driven more by air than by the growth in real assets.
Stephen Gandel - Bloomberg
When third-quarter earnings reports come out in a few weeks, the bottom lines of companies in the S&P 500 are expected to be up an average of nearly 20 percent compared with the quarter a year earlier, signaling a continuation of good times for corporate America. Profits rose just more than 24 percent in the second quarter.
/jlne.ws/2NOdhMV
Central Banks Strike Back; Institutions in several countries resist political pressure. But for how long?
Mohamed A. El-Erian - Bloomberg
After significant political pressures, central banks mounted a multifaceted, though uncoordinated, counteroffensive last week. But their pushback could prove to be just a brief interruption to a political phenomenon that could even gain further momentum, especially if higher and more inclusive growth outcomes continue to elude so many countries.
/jlne.ws/2NM5qjg
Why paying clients to manage their money is no longer such a fanciful idea; Move to zero-fee index funds is hastening the makeover of fee models of active managers
Amin Rajan - FT
Talking to The Boston Globe three years after Vanguard rolled out the first index mutual fund in 1976, Fidelity's then chief executive Ned Johnson said: "I can't believe that the great mass of investors are going to be satisfied with the ultimate goal of just achieving average returns?.?.?.?I can't conceive of investment managers not even trying to do better than average."
/jlne.ws/2MGKBkm
Vanguard fund closure the latest sign of apathy towards gold; Precious metal has suffered from a rising US dollar and Treasury bill rates
Henry Sanderson and Neil Hume - FT
One of the world's largest asset managers is set to complete the overhaul of its precious metals and mining fund this month, in the latest sign of investor apathy towards gold.
/jlne.ws/2ME1cFL
Visible Alpha hires FactSet's former operating chief; Mark Hale spent more than 22 years with FactSet and joins Visible Alpha as its new chief operating officer.
Hayley McDowell - The Trade
Investment research specialist Visible Alpha has hired the former chief operating officer from FactSet in the same role for a newly-created position.
/jlne.ws/2MEOUNh
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | How JPMorgan's CFO became the top prospect to succeed Dimon
David Henry - Reuters
As a single mother with a British accent who loves numbers, Marianne Lake bears little resemblance to Jamie Dimon, the longtime chief executive of JPMorgan Chase & Co (JPM.N), known for his bravado, quips and occasional profanity-laced outbursts.
/reut.rs/2p9GAMi
A Deluded Banker's Tale of Lehman's Last Days; In an emptying, eerily quiet office, we believed our group would survive.
Shuli Ren - Bloomberg
On a Sunday night 10 years ago, I was sitting alone in my midtown Manhattan apartment on 46th Street, preparing to dial into a conference call to discuss the impending demise of my employer: Lehman Brothers Holdings Inc.
/jlne.ws/2MGClAS
The Financial System May Be Built to Scare; Risk models still aren't too useful, and banks wouldn't want them to be anyway.
Mark Gongloff - Bloomberg
Ten years ago today, Lehman Brothers was spending its last day on Earth as a going concern, ahead of a bankruptcy that unleashed heckfire on the global economy. We've had a lot of Bloomberg Opinion columns about this watershed event this week (more on that in a second), but maybe the most important thing to think about now is the next crisis: What will cause it? How can we avoid it?
/jlne.ws/2MFzEQ7
Lehman's Last Hires Look Back; Four people who started at Lehman Brothers the day it failed reflect on the lessons they've learned
Corrie Driebusch - WSJ
September 15, 2008, was one of the darkest days in the history of Wall Street. For four new college graduates, it was also their first day of work at Lehman Brothers Holdings Inc.
/jlne.ws/2MFXawg
Credit Suisse CEO targets annual profit of 5-6 billion Swiss francs: newspaper
Reuters
Credit Suisse (CSGN.S) is aiming for an annual profit of 5 to 6 billion Swiss francs for the next two years as the bank puts its problems behind it, Chief Executive Tidjane Thiam told Swiss newspaper NZZ am Sonntag in an interview to be published on Sunday.
/jlne.ws/2MHHxVk
Credit Suisse Heralds Calmer Years Ahead as Overhaul Ends
Jan-Henrik Foerster - Bloomberg
Tidjane Thiam is looking forward to things getting back to normal. In an interview with Swiss newspaper NZZ am Sonntag, the chief executive officer of Credit Suisse Group AG said the bank is now targeting "business as usual" after years of restructuring.
/jlne.ws/2NUoPP6
Deutsche Bank steps up plan to shift more UK assets after Brexit; German lender bows to ECB pressure and eyes moving 75% of balance sheet to Frankfurt
Stephen Morris in London, Olaf Storbeck in Frankfurt and Laura Noonan in New York - FT
Deutsche Bank has scaled up plans to shift hundreds of billions of assets from London to Frankfurt after coming under increasing pressure from European regulators over the size and complexity of its UK operations after Brexit.
/jlne.ws/2NUlHTm
ING to assess $600bn loan portfolio based on climate impact; Dutch lender becomes first big bank to adopt policy pressing clients to meet Paris goals
Leslie Hook in San Francisco - FT
ING, the Dutch bank, will start assessing its $600bn lending portfolio based on climate impact, a first step in shifting the entire portfolio to align with the emissions reductions required by the Paris climate agreement.
/jlne.ws/2NQDUAQ
Goldman Sachs Doesn't Share Wall Street Fears of 2020 Recession
Simon Kennedy - Bloomberg
Goldman economists see a 36% chance of U.S. slump in 3 years; n Billionaire Ray Dalio sees a downturn as tax jolt fades
Goldman Sachs Group Inc. economists are proving more relaxed than Wall Street rivals about the risks of a U.S. recession come 2020.
/jlne.ws/2NL8hcd
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Deutsche Bank's retreat to Germany gets tepid welcome at home
Tom Sims, John O'Donnell - Reuters
German manufacturer Voith has been a customer of Deutsche Bank (DBKGn.DE) for more than a century. But as the maker of hydropower and paper plants expands abroad it said it has started to hire other international banks where it would have previously considered Germany's largest lender.
/jlne.ws/2MzJBPb
Anti-capitalism group targets French banks a decade after Lehman Brothers demise
Reuters
Anti-globalization activists threw black liquid soap across the glass-front of a bank in Paris on Saturday, one of several actions planned in France and Germany in protest against banking practices a decade after the collapse of Lehman Brothers.
/jlne.ws/2MKyXFu
France waters down its 'exit tax'; Macron had earlier promised to end the levy on capital gains for those leaving the country
David Keohane in Paris - FT
France is modifying rather than removing its "exit tax" on capital gains made by business owners or investors, maintaining a more limited version to target those trying to optimise their taxes.
/jlne.ws/2MI3ow1
Mangkhut weakens to tropical storm after plowing into China
Associated Press
Mangkhut weakened from a typhoon to a tropical storm as it moved deeper into southern China on Monday, leaving death and destruction from Hong Kong to the Philippines.
/jlne.ws/2NU4J7g
Collapsing Investment Doesn't Mean Collapsing China; President Trump's trade negotiators may be watching the wrong numbers on China
Nathaniel Taplin - WSJ
Infrastructure investment in China is nose-diving and bears are roaming the Shanghai Stock Exchange. Does that mean that President Trump's planned tariffs on another $200 billion of Chinese imports, which could be announced any day, will be enough to nudge the Chinese economy over the brink?
/jlne.ws/2NQBUIQ
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | London mayor calls for second Brexit referendum
Paul Sandle - Reuters
London mayor Sadiq Khan has called for another referendum on Britain's European Union membership, saying the prime minister's handling of Brexit negotiations had become "mired in confusion and deadlock" and was leading the country down a damaging path.
/jlne.ws/2MHGS6i
London Mayor Adds to Pressure on Corbyn Over New Brexit Vote
Stuart Biggs and James Ludden - Bloomberg
Second referendum should include option to stay in EU: Khan; Gardiner warns another vote would give government 'lifeline'
Mayor of London Sadiq Khan added his voice to the growing calls for a second referendum on Brexit, heaping more pressure on Labour leader Jeremy Corbyn to come off the fence before his party's annual conference next week.
/jlne.ws/2NI6NiX
No-Deal Brexit Would Inflict Substantial Costs on U.K., IMF Says
Andrew Atkinson and David Goodman - Bloomberg
The International Monetary Fund added its voice to calls for U.K. Prime Minister Theresa May to strike a Brexit deal with the European Union.
All options for leaving the EU involve costs, but departing without a deal would inflict "substantial costs for the U.K. economy, and to a lesser extent the EU economies -- particularly if it were to occur in a disorderly fashion," the Washington-based IMF said on Monday. Until a deal is reached, Brexit uncertainty is likely to weigh on investment, it said.
/bloom.bg/2xsS7do
With a Brexit deal in sight, Britain is entering a no man's land; Any deal with the EU will only cover the UK's withdrawal, not its future relationship
Nick Clegg - FT
When is a deal a deal and no deal at the same time? In the Brexit negotiations. In fact, the way in which the talks between the UK and the EU were organised propels the process to one overwhelmingly likely outcome: an agreement on how to leave the EU, with no binding agreement on how to live outside the bloc. The former  as the EU's chief negotiator Michel Barnier made clear this week  is within touching distance. But the latter remains as distant as ever.
/jlne.ws/2NQeWSh
Deutsche Bank Plans to Operate in U.K. Via Branch After Brexit
Nicholas Comfort and Steven Arons - Bloomberg
Deutsche Bank AG reiterated that it plans to carry on operating as a branch in the U.K. after the country leaves the European Union.
/jlne.ws/2NOcHid
Brexit Bulletin: Theresa May Meets EU Heads in Salzburg This Week
Emma Ross-Thomas - Bloomberg
U.K. Prime Minister Theresa May heads to Salzburg on Wednesday for the first of three summits with her European Union counterparts where the Brexit deal will slowly start to be sealed. Both sides are plotting the endgame, and while there are obstacles, the outline of a deal is in sight. Salzburg is just a "staging post," according to the British side, but it will be the first time EU leaders have sat down to discuss Brexit since June.
/bloom.bg/2xqCdQC
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| Miscellaneous | | Stories that don't quite fit under the other sections | Cargill to pay total of $1.5 million to Muslim workers in Colorado prayer dispute
Keith Coffman - Reuters
Cargill Meat Solutions will pay a total of $1.5 million to 138 Muslim workers who were fired after walking off the job in a dispute over prayer breaks at a Colorado meat-packing plant in 2015, the company said on Friday.
/jlne.ws/2MEGRjx
Time Magazine Sold to Salesforce Founder Marc Benioff for $190 Million; Benioffs won't have day-to-day operational role at Time Magazine
Jeffrey A. Trachtenberg - WSJ
Nearly eight months after Meredith Corp. MDP -0.57% completed its purchase of Time Inc., the publisher has agreed to sell Time magazine for $190 million to Marc Benioff, co-founder of Salesforce.com , CRM -0.44% and his wife Lynne Benioff
/jlne.ws/2NR1Nsi
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