| November 16, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
JLN Staff
Yesterday's LaSalle Street Trading Tech Awards program was good fun for a good cause, despite the absence of one John Lothian. (His surgery went well - you can tell because he's tweeting again.) Over $150k was raised to help Scouts from underserved areas of the city get exposure to finance, witness corporate life and develop leadership skills. How often do you get to see industry leaders in campaign hats?~SD
Nodal Exchange and IncubEx launched their first tranche of North American Environmental contracts today. The new contracts, which mark the expansion of Nodal Exchange's products into the environmental markets sector, include futures and options on: California Carbon Allowances, Regional Greenhouse Gas Initiative Allowances (RGGI), New Jersey Solar Renewable Energy Certificates, PJM Tri-Qualified Renewable Energy Certificates and 11 other emissions and renewable contracts.~JK
The market in 2018 might feel a bit crazy, but how crazy is crazy? Susquehanna's Stacey Gilbert, head of derivative strategy, said during a panel at SIFMA's Listed Options Symposium that there have been seven days in 2018 that saw a three standard deviation move - that should happen only two or three times a year. In the last 30 years, there was only one other year that happened: 2008.~SD
FIA and SIFMA AMG announced that their keynote speaker for the 2019 Asset Management Derivatives Forum will be Dalia Blass, U.S. Securities and Exchange Commission's director of the Division of Investment Management. The conference will take place from February 13-15, 2019, at the Montage Laguna Beach in Laguna Beach, CA. ~SR
Yesterday's JLN Options was chock full of content - negative gamma, pound volatility, CAT concerns - we had a ton. Check it out here. ~SD
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Spoofing: The Need for Regulatory Clarity
JohnLothianNews.com
"You don't want to get caught doing something that you thought was legal, but somehow it has wandered into the grey zone, somebody's taken a dislike to you, and then they throw the book at you three years afterwards."
In this video, Alex Lamb, The Technancial Company's head of marketing and business development Americas, discusses the problems with identifying and preventing manipulative trading practices.
Watch the video and read the rest »
****Lamb provides some hypotheticals - don't get any ideas, guys!~SD
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Box Office Bomb: The Short Life of Popcorn Prediction Markets
Shaun Raviv - The Ringer
Once upon a time, box office futures could have changed Hollywood. And for two short days, they sort of did. But - in the midst of the financial crisis of 2008 - lawmakers in Washington, D.C., had other ideas.
/goo.gl/t1QZcG
****When this first happened, I bet Vincent Kosuga was chuckling to himself somewhere, muttering, "At least onions aren't the only thing now." It's only fitting that today Bloomberg has Box Office Records Beckon, But Challenges Loom for Theater Chains.~SD
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'Get Me Out': Investors Sour on Market Strewn by Tape Bombs
Lu Wang, Elena Popina and Vildana Hajric - Bloomberg
Anxiety is an occupational hazard, a fact of life, for professional traders. After all, even on good days, something is always going wrong, somewhere.
But when everything starts to go wrong at once, imaginations can run wild. Like now, when everywhere you look, something's blowing up. In commodities, it's the record plunge in oil. In equities, it's six weeks of turbulence in the S&P 500. Debt markets have been rattled by the turmoil engulfing General Electric and PG&E. Bitcoin just plunged 13 percent. And Goldman Sachs, the storied investment bank, is having the worst week since 2016.
/bloom.bg/2FnGIlZ
****Remember the immortal words of Douglas Adams, "Don't Panic!"
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Thursday's Top Three
Our top three stories from Thursday were led by Bloomberg's Theresa May's Brexit Deal Is Not the Answer. Second was FN London's Sun Trading chief leaves in wake of Hudson River takeover. Third was Bloomberg's Mark Cuban Exits the High-Frequency Trading Game He Hated Anyway. Have a great weekend everyone.
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MarketsWiki Stats
135,471,857 pages viewed; 23,313 pages; 215,492 edits
MarketsWiki Statistics
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| Lead Stories | Opposition mounts as CME looks to slim down its board
Lynne Marek - Crain's Chicago Business
Futures exchange operator CME Group postponed a November shareholder vote aimed at eliminating board members, as opposition to the proposal mounted, though voter apathy might have something to do with the decision, too.
Chicago-based CME, which operates the biggest futures market in the world, had planned to tally the vote at a Nov. 5 special meeting, but postponed the poll to Nov. 29. A spokeswoman for the company didn't have any comment regarding the delay.
/goo.gl/wg1Dou
Theresa May appeals for EU deal support as Brexit battle rages; Environment secretary Michael Gove stays put as prime minister fights on
Laura Hughes, George Parker and Michael Hunter - Financial Times
Theresa May took to the airwaves on Friday to appeal directly to the British public to support the draft Brexit deal after a series of cabinet resignations and the threat of a Eurosceptic coup left the Conservative party on the brink of civil war.
/goo.gl/PLPkz7
****In a properly British move, Theresa May ended her Brexit press conference yesterday by referencing her favorite cricket player, Geoffrey Boycott. For live Brexit updates, see the BBC or The Guardian. For another take, see the FT's Jo Johnson: the inside story of Brexit and where it all went wrong.~SD
Supercomputer to Launch With Glitches; Giant stock orders database conceived after 2010 'flash crash' to have limited functionality
Dave Michaels - WSJ
A data warehouse created to track all U.S. stock and options orders is expected to launch on Thursday with less functionality than previously anticipated including limits on how many users can search it, according to people familiar with the matter.
/goo.gl/6RFdV1
****Also see S&P's Wall Street still worries SEC's massive trading database could be hacked.~SD
Star Trader Who Blew the Nordic Fuse Gets to Keep House
Mikael Holter and Jesper Starn - Bloomberg
Sells art, shares and properties in deal with power utilities; Nasdaq says he's done trading in market where he made millions
Norwegian power trader Einar Aas, widely regarded as the biggest in the market, will keep his house and a few other assets in a deal with creditors after his spectacular default on Nasdaq Inc.'s Nordic power exchange this year.
/goo.gl/5msyqK
****Says he's done trading in power markets? Does that mean done done or that he'll move along to a different esoteric product/market? ~SD
Ex-Deutsche Bank traders hit back at US prosecutors
Caroline Binham and Kadhim Shubber - Financial Times
Two former Deutsche Bank traders have accused US prosecutors of a "cynical" attempt to reframe spoofing charges against them as a way to avoid evidence helpful to their case.
The claims are at the centre of an effort by James Vorley and Cedric Chanu - who both worked as London-based traders of precious-metal futures at Deutsche - to have wire-fraud charges against them dismissed, according to arguments filed in a Chicago court on Wednesday.
/on.ft.com/2DFOQg1
Shape of EU carbon market unclear after UK axes auctions; Any 2019 allowances sold by Britain would be worthless in the event of a hard Brexit
David Sheppard and Philip Stafford - Financial Times
Europe's carbon market faces an uncertain few weeks over whether the UK, one of its biggest participants, will continue in its flagship system to curb pollution on the continent. Because of uncertainty over its exit from the EU, Britain has declined to schedule any of its twice-monthly auctions for new emissions permits beyond December, fearing allowances for 2019 may become invalid.
/goo.gl/q9WGcq
Two Words that Sent the Oil Market Plunging: Negative Gamma
Alex Longley - BloombergQuint
Price slump was exacerbated as options traders sold futures; Wall Street banks do deals locking in oil prices for producers
As oil suffered its biggest one-day slump in three years, it wasn't OPEC or President Donald Trump that was shaking the market. Instead, trading desks were abuzz with chatter of "negative gamma."
goo.gl/oRVdN6
Pound Plunge Was Mere Prelude to What May Happen With No Deal
Paul Dobson - Bloomberg
Thursday's market rebuke a taste of potential turmoil to come; Financial pressure may ultimately force lawmakers into accord
U.K. politicians got a first view Thursday of the financial market turmoil that may be triggered if they fail to approve the Brexit deal struck with the European Union.
/goo.gl/8PLcgF
Major Exchanges Are Already Distributing New Bitcoin Cash Tokens
Yogita Khatri - Coindesk
After yesterday's split of the bitcoin cash blockchain, several top exchanges have already accommodated the resulting two tokens.
While the scheduled hard fork was originally intended as an upgrade to the network, the long-standard Bitcoin ABC version found itself with a rival network and token, Bitcoin SV, after it managed to garner enough support from miners.
/goo.gl/VXb4Xs
As ETFs Get Cheaper, Wall Street Looks for Ways to Charge More; Complex strategies come with higher fees.
Rachel Evans - Bloomberg
Investors love exchange-traded funds because they're simple and cheap. With some index funds now charging zero fees, it's getting harder for asset managers to make money selling investors the basics. Watch ETFs get more complicated.
/goo.gl/e2gcbP
Fed set for a broad review on how it conducts policy in 2019
Jeff Cox - CNBC
The Federal Reserve in 2019 will launch a broad look at how it conducts policy and conveys what is doing to the public.
/cnb.cx/2DGSRRI
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Despite Low Volatility, Options-On-Futures on Track for Record Year
Russell Rhoads - TABB Forum
The third quarter of 2018 took on the look of 2017, with volatility across most markets returning to lower levels. The average VIX close in the third quarter was 12.85, down from 17.35 in the first quarter and 15.34 in the second. Despite the slowing growth, options-on-futures volume in the US remains on track to top 1 billion contract changing hands in 2018, up about 8% from 2017's record volumes.
bit.ly/2QS0l6Y
CME Group Energy Futures and Options Volume Reaches Record 5.1 Million Contracts
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced its suite of energy futures and options reached a daily trading volume record of 5,103,881 contracts on Wednesday, Nov. 14, 2018, surpassing the previous record of 5,067,833 contracts set on Dec. 1, 2016.
/goo.gl/nHmakR
Heating Oil Futures: A Key Cog in Energy Markets Turns 40
Owain Johnson - CME Group OpenMarkets
CME Group's New York Harbor Ultra-Low Sulfur Diesel (ULSD) contract hit the big 4-0 on November 14, 2018. As it hits middle age, ULSD shows no sign of slowing down. So far this year, the contract has set open interest and volume records while international participation is booming.
/goo.gl/wHg2qc
CME introduces incentives for suite of Eris contracts
Louisa Chender - Global Investor Group
CME Group expects to launch ten Eris USD swap futures for trading on December 3
/goo.gl/Tc6Bkq
First TSE Listing of ETF Focused on UK-listed ETF
Japan Exchange Group
Japan Exchange Group, Inc. (JPX) and London Stock Exchange Group plc (LSEG) agreed in July 2018 to collaborate on financial market infrastructure initiatives designed to promote global sustainable investment and on product marketing initiatives. Today, an ETF that invests mainly in an ETF listed on London Stock Exchange (LSE) was listed on Tokyo Stock Exchange (TSE) for the first time.
/goo.gl/gCMtdC
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Anova Technologies Rebrands to Anova Financial Networks
Celeste Skinner - Finance Magnates
Anova Technologies, a market data provider across all asset classes, announced on Wednesday that it has rebranded its operations to Anova Financial Networks, including a new logo and a redesigned website which is currently under development.
/goo.gl/AJZqa5
Firm behind the two best-performing ETFs adds a new fund for fintech
Rachel Evans and Vildana Hajric - The Seattle Times
Ark Investment Management, which runs the two best-performing exchange-traded funds over the last three years, is planning a new thematic ETF focused on technology for finance firms.
The product, the ARK Fintech Innovation ETF, will invest in companies working to change the way the financial sector operates, according to a regulatory filing.
Ark already manages a similar strategy in Japan, where the firm acts as a sub-adviser to several Nikko Asset Management mutual funds.
bit.ly/2FpkrEz
CreditEase CEO Says China's P2P Lending Cleanup to Benefit Industry Leaders - Bloomberg
Bloomberg (VIDEO)
Ning Tang, chief executive officer of CreditEase, a fintech company with peer-to-peer lending business in China, talks about the prospects for the industry. He speaks with Stephen Engle on "Bloomberg Markets: Asia."
/bloom.bg/2Fr18Lb
Fintech startup tries to help consumers fix credit report errors
Penny Crosman - American Banker
A fintech startup called Upturn, launching Thursday, is attempting to solve a critical problem in the modern financial age: inaccuracies in credit reports. Upturn was incubated by and is currently owned by BBVA's New Digital Business unit, the bank's fintech lab and part of its mission to fend off competition by innovating from within. (Simple and Propel Venture Partners are also in its portfolio.)
bit.ly/2RW2Q8q
PayPal Stock Rated A Top Investing Pick Among Fintech Companies
Reinhardt Krause - Investor's Business Daily
PayPal Holdings (PYPL) can deliver 20%-plus annual revenue growth mostly from digital payment channels, says Barclays. It ranked PayPal stock as a top pick while initiating coverage of 20 fintech companies.
bit.ly/2K83mhb
The Future Of E-Commerce And Retail Will Be Written In China
Justin Leverenz - Forbes
China's experiments in shopping are moving into high gear. The world needs to pay attention. Consider Alibaba, the Chinese Internet giant whose wide-ranging businesses span e-commerce, offline retail, fintech, online video, maps and browsers, and artificial intelligence. By the third quarter of 2017, Alibaba's business model appeared to have reached peak fruition, as the company took pole position as the world's largest e-commerce platform (by a factor of at least 2x Amazon), but was also third in digital advertising, just behind Google and Facebook. What could possibly change?
bit.ly/2FssxMR
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| Cryptocurrencies | | Top stories for cryptocurrencies | 'Crypto hangover' hammers Nvidia's outlook, shares drop 17 percent
Munsif Vengattil, Stephen Nellis - Reuters
Chip designer Nvidia Corp (NVDA.O) on Thursday forecast disappointing sales for the holiday quarter, pinning the blame on unsold chips piling up with distributors and retailers after the evaporation of the cryptocurrency mining boom.
/goo.gl/4X6FQg
Stablecoins are crypto sector's next big bet; 'Hybrid' cryptocurrencies are often pegged to real assets, including fiat currencies
Hannah Murphy - Financial Times
When Elizabeth White set up a company in early 2017 to help new-found bitcoin millionaires buy luxury goods such as Lamborghinis and yachts, she quickly encountered a major problem: crypto price volatility.
/goo.gl/UYnYWa
Parent Co. of World's Largest Crypto Exchange OKEx Launches Trading in Argentina
Ana Berman - Cointelegraph
OKCoin, the parent company for world's largest cryptocurrency exchange OKEx, has launched fiat-crypto trading services in Argentina, the company revealed in a tweet Thursday, Nov. 15.
According to the company's blog post about the move, customers can already deposit Argentine pesos (ARS) in exchange for major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Stellar (XLM), Zcash (ZEC), and 0x (ZRX) "and more."
bit.ly/2FzVrL4
Binance Warns Iranian Traders to Withdraw Crypto Amid Sanctions
Leigh Cuen - Coindesk
Binance is advising its remaining users in Iran to withdraw their money as the cryptocurrency exchange seeks to comply with international sanctions.
"If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible," reads an email received in recent days by Iranian users, according to several local sources.
Sepehr Mohamadi, chairman of the board of the Blockchain Association of Iran, said emails like this have been trickling in for months, but their numbers recently increased following renewed U.S. sanctions, which activated on November 5.
bit.ly/2FCSOYX
Coinmine rolls out at-home crypto mining device
Madeline Shi - Business Insider
For $799, you can mine cryptocurrency at home.
Launched this week, a new gadget called Coinmine One gets rid of the traditionally cumbersome mining process.
Instead of manually assembling multiple computer graphic processors, downloading the software, and setting up a crypto wallet, all you need to do is power up the device, connect it to WIFI, and tap your phone to choose which coin you want to mine.
/read.bi/2FpXpxc
Crypto Not A Current Threat To Financial Stability, Says Office Of Financial Research
Ted Knutson - Forbes
The narrow market for cryptocurrencies doesn't pose a current threat to financial stability, the Office of Financial Research said in its annual report released today.
"The market is small enough that it is unlikely to affect household wealth or gross domestic product in a way that would pose much risk to the U.S. economy," said the report from OFR, an independent bureau of the Treasury Department.
bit.ly/2FrE52D
France hopes to lure crypto-issuers with Gallic stamp of approval
Inti Landauro - Reuters
With hundreds of cryptocurrencies being issued every month, countries face a choice: ban them, leave them unregulated, or come up with rules to tame them.
France is pursuing the third option, which might be regarded as a Gallic middle ground. It wants cryptocurrencies to be issued in France as long as those backing them agree to be regulated. In doing so, it would be one of the first major countries to regulate so-called initial coin offerings (ICOs).
/reut.rs/2FpYvJk
'First' Collectible on Two Blockchains: 'The Cutest Crypto Game' Now Available on EOS
Maria Yavuz - Cointelegraph
Blockchain Cuties, a decentralized crypto collectible game operating on the Ethereum (ETH) blockchain, has announced that it is now available on EOS. The developer company says the new step makes Blockchain Cuties "the first game which officially supports two blockchains simultaneously." This is supposed to make transactions faster and the players can now breed both ETH and EOS-based cuties.
bit.ly/2FtGoST
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| Politics | | An overview of politics as it relates to the financial markets | Maxine Waters: Days of easing bank regulations 'will come to an end'
Jeff Cox - CNBC
Rep. Maxine Waters, poised to take over the powerful House Financial Services Committee when the new Congress convenes in January, laid down the law Wednesday about the future of banking regulation.
/cnb.cx/2DFl8b1
Trump and Xi Likely to Get Only Framework Trade Deal, Ross Says
Rachel Adams-Heard and Shawn Donnan - Bloomberg
The U.S. still plans to raise tariffs on Chinese imports in January with President Donald Trump and China's Xi Jinping likely at best to agree to a "framework" for further talks to resolve trade tensions at an upcoming meeting, Commerce Secretary Wilbur Ross said.
/goo.gl/thoxKF
Trump Tax Cut to Be Eroded Next Year by Inflation Switch
Richard Rubin - WSJ
Last year's big tax cut is about to start shrinking.
The Internal Revenue Service on Thursday announced the tax code's parameters for 2019, implementing a new method for making inflation adjustments that will result in higher tax paymentsÂand government revenueÂover time.
The shift will cost Americans $133.5 billion over a decade, according to Congress's Joint Committee on Taxation.
/goo.gl/a7o7Ke
Charts: Democrats represent modern economy, Republicans left behind
John Harwood - CNBC
Among other results, this year's midterm elections affirmed this much: in Washington, the two parties now speak for dramatically different segments of the American economy.
/cnb.cx/2DGKmGb
Who will challenge Trump in 2020? Senators, billionaires and governors among those weighing White House runs
Courtney Weaver and Demetri Sevastopulo - Financial Times
17 Seven senators. Four billionaires. Three former presidential candidates. And the made-for-TV lawyer for a porn star suing Donald Trump. The November midterm vote has just ended, and already a wide field of potential Democratic presidential contenders is coming into focus.
/goo.gl/sN9DMB
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | In CFTC Action, Federal Court Orders Hedge Fund and Its Principals To Pay More Than $1 Million for Fraud and Registration Violations
CFTC
A federal court in New York has entered orders against Kevin P. Whylie of Ozone Park, New York, Matthew James Zecchini of East Islip, New York, and the New York hedge fund they co-founded, Algointeractive Inc (together, Defendants), to pay more than $1 million in civil monetary penalties and restitution. The Court's Orders resolve the Commodity Futures Trading Commission's (CFTC) enforcement action against the Defendants, filed on April 11, 2018, which charged them with fraudulent solicitation and misappropriation of funds, among other charges (see CFTC Complaint and Press Release 7710-18).
bit.ly/2DFYhw8
Podcast: CFTC Talks EP072: CFTC Jamie McDonald
CFTC
This week on CFTC Talks, we speak with CFTC Director of Enforcement Jamie McDonald
/goo.gl/baX3Wj
CFTC Division of Enforcement Issues Report on FY 2018 Results
CFTC
The Division of Enforcement (DOE) of the Commodity Futures Trading Commission (CFTC) today issued its report outlining its major priorities and initiatives during the past Fiscal Year 2018 (FY 2018). Enforcement Director James McDonald announced the release of the report at a speech given at NYU as part of the Program on Corporate Compliance & Enforcement.
/goo.gl/Fi8e6V
Rogue UBS trader Kweku Adoboli deported from UK; Adoboli's supporters vow to fight to bring him home
Lucy McNulty - Financial News
Convicted rogue trader Kweku Adoboli was deported from the UK on November 14, according to a statement from his supporters.
/goo.gl/F2AH4P
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Goldman Says Investor Bearishness Concentrated in a Few Sectors
Joanna Ossinger - Bloomberg
Investors are pricing a lot more fear into individual stock options than they are into the S&P 500 Index, showing concern is concentrated in a few industries including health care and materials.
/bloom.bg/2DFQNsR
Tradeweb chief takes stock of electronic bond trading revolution
Financial News (paywalled)
Lee Olesky and his rivals have helped move fixed income trading away from the phone but there is ample room for growth
/goo.gl/ZZDHDi
Don't Take Your Eyes Off the Yield Curve; Years of ultralow interest rates have complicated the recession warning.
Liz McCormick and Jeanna Smialek - Bloomberg
Historically, the $15.4 trillion U.S. Treasury market has offered one of the most reliable barometers for the health of the American economy. Investors are particularly fixated on what's known as the yield curve, which depicts the yields on government debt of different maturities at a given point in time.
/goo.gl/TmabCb
****But please, still look both ways before crossing the street.~SD
Tudor Jones sees peril in corporate credit 'bubble'
Lindsay Fortado, Joe Rennison and Robin Wigglesworth - Financial Times
Paul Tudor Jones, the veteran hedge fund manager, has warned that "some really scary moments" in the swelling corporate debt market could precipitate another financial crisis.
/on.ft.com/2DHhy0b
Market turbulence poses Wall Street dealmakers a tricky question; Volatility in stocks has hit the ambitions of public companies but helped private equity firms
James Fontanella-Khan - Financial Times
Wall Street dealmakers are the ultimate optimists. Ask them how mergers and acquisitions activity is going, and they'll cheerily say they've never been busier. But now that answer comes with a crucial caveat: it's tough getting my deals closed. "I have a couple of gigantic deals in the pipeline but I'm struggling to make them land," complained a top banker at one of the boutique investment banks. Another adviser lamented how five of his transactions collapsed days before they were due to be announced.
/goo.gl/35gKwH
Credit boom: Private equity bounces back on cheap debt bubble; Buyout deals are being financed with debt levels not seen since the last crisis
Eric Platt and Mark Vandevelde - Financial Times
Private equity dealmakers are riding high on a wave of cheap debt, pushing buyout values to levels not seen since the financial crisis. The deals may not yet be quite as large as those in the last buyout bubble that blew up spectacularly a decade ago, such as the $44bn buyout of energy company TXU that ended in one of the biggest bankruptcies on record.
/goo.gl/Dzn7n3
World's Biggest Dollar Bull Doubles Down on Euro Pain for 2019
Todd White - Bloomberg
U.S. growth, rate hikes to fuel dollar over euro: HSBC's Bloom; Greenback may benefit from haven flow if risk appetite wanes
The world's biggest dollar bull is sticking to his guns as the U.S. economy powers ahead and dangles some of the highest interest rates versus Europe in history. Wall Street's "America First" playbook in 2019 will pack more punch, boosting the greenback along the way, according to David Bloom at HSBC Holdings Plc.
/goo.gl/741uRv
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank, BofA, JPM Are Drawn Into Danske Probe
Christian Berthelsen, Tom Schoenberg, and Jonathan Browning - Bloomberg
Danske Bank admits handling $230 billion in suspicious funds
Deutsche Bank AG and Bank of America Corp. have been contacted by U.S. criminal investigators for information about transactions they handled for a small bank branch in Estonia that's at the center of one of the biggest money-laundering investigations in history, according to two people familiar with the matter.
/goo.gl/nE2Pha
JPMorgan Chase launches new assault on Silicon Valley; Bank focuses on tech dealmaking ahead of expectations of bumper year for IPOs
Elaine Moore and James Fontanella-Khan - Financial Times
As the US heads into a bumper year for tech IPOs, JPMorgan Chase is betting that it can shrug off the loss of two of its most senior tech bankers and break the duopoly of Goldman Sachs and Morgan Stanley on big deals. After its recent work on IBM's $34bn purchase of Red Hat, JPMorgan has edged into second place in US tech M&A for the year to date, according to data from Dealogic.
/goo.gl/6HMLLQ
Oil hedge fund giant Andurand hammered in crude's slide
Rachael Levy, Georgi Kantchev and Gregory Zuckerman - Financial News
One of the last oil hedge funds standing has become a high-profile victim of the recent rout in crude prices.
/goo.gl/RgxQ1z
Goldman CEO's message to staff on 1MDB scandal
Fareed Sahloul - Financial News
Goldman Sachs chief executive David Solomon has spoken to the bank's staff about the deepening investigation into its links with the scandal-hit Malaysian investment fund 1MDB
/goo.gl/BzHdBn
JPMorgan's co-head of metals to leave around end of the year
Reuters
Sid Tipples, joint head of JPMorgan's metals business, will leave the bank around the end of the year, four sources familiar with the matter said.
/reut.rs/2DFIjC6
****Sid Tipples sounds like the moniker for the nicer brother of the infamous British punk bassist.~SD
Deutsche Bank CEO calls for European digital and banking integration
Reuters
Deutsche Bank's (DBKGn.DE) chief executive on Friday urged Europe to renew efforts to cooperate, calling on politicians to create a program for digital innovation with the aim of fostering European platforms that would compete against those in the U.S. and China.
/goo.gl/QWvFbo
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chip Stock Carnage Seeps Into Asia With $11 Billion Lost
Min Jeong Lee - Bloomberg
Softbank Group slides as Vision Fund has stake in Nvidia; Tokyo Electron, Advantest Corp bore brunt of losses in Japan
The chipmaking sector saw another bout of selling in Asia, wiping at least $11.2 billion in market value, as weak forecasts from Nvidia Corp. and Applied Materials Inc. added to the latest signals that demand for servers, personal computers and mobile is falling.
/goo.gl/WraAKw
Weak credit growth raises odds of first China rate cut in years
Winni Zhou, Kevin Yao - Reuters
SHANGHAI/BEIJING (Reuters) - China's stubbornly weak credit growth has spurred talk of its first cut in benchmark lending rates in three years, but economists and policy insiders say concerns about a potential knock to its currency will likely give the central bank pause.
/goo.gl/eTCzpe
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Companies Start to Sweat Prospect of No-Deal Brexit as Deadline Looms; While some firms in U.K. and elsewhere fail to set plans for potential EU roadblocks, others stockpile goods like car parts, medicine - and oatmeal
Max Colchester and Daphne Zhang - WSJ.com
With Prime Minister Theresa May's government in turmoil over the terms of a Brexit agreement, the prospect of "no deal" is getting realÂspooking companies big and small, including some far from Britain's shores.
/goo.gl/3nFGJk
Brexit agreement prolongs uncertainty for the City; Any short-term relief that a cliff-edge divorce can be avoided due will be outweighed by the fact the UK faces years of further talks
Pierre Briancon - Financial News
It was supposed to provide the certainty they were seeking, but neither London's financial services executives nor their European competitors will find much to rejoice about in the UK's withdrawal agreement from the European Union. Rather than ending uncertainty, the City has been presented with a permanent fudge.
/goo.gl/2xon1n
The Brutal Reality Of Brexit
Frances Coppola - Forbes
Theresa May's chickens are coming home to roost. The deal she agreed with Brussels is unravelling fast, and her premiership along with it. So far, seven of her ministers have resigned. Letters calling for her replacement are pouring in to the powerful chairman of the Conservative Party's 1922 Committee: once he receives 48 letters, there could be a vote of confidence in her leadership, and perhaps a leadership challenge. Other Tories are calling for a second referendum. Meanwhile, the Labour party is slavering at the possibility of an early General Election. The political crisis that has been simmering since 2016 has erupted with a vengeance.
bit.ly/2FnC2Ni
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