John Lothian: Quadriga Clients Won't Get Help From Regulator on Lost Crypto Millions; ICE will not fight upstart exchange MEMX, CEO says; NGOs hit out at LME's cobalt sourcing plans

11 days ago


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For more news, visit us at JohnLothianNews.com and follow us on Twitter at @JohnLothian
 
 
February 08, 2019
"Irreverent, but never irrelevant"
 
John Lothian
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Hits & Takes
JLN Staff
Three-month LIBOR fell by more than four basis points yesterday — the biggest drop in a decade. How's that SOFR stuff doing again?~SD
ICE's 2018 data and listings revenues were $2.6 billion, and trading and clearing net revenues were $2.4 billion, up 2 percent and 14 percent year-over-year, respectively. Exchange data and feeds generated $174 million in Q4, up 9 percent.~JK
Seeking Alpha has a transcript of the Intercontinental Exchange's Feb. 7 earnings call with CEO Jeff Sprecher on the Q4 2018 Results.~SR
Cboe Global Markets posted a record Q4 and record 2018 with net revenues up 26 percent and up 22 percent respectively. Options led the way with net revenues in Q4 of $44.5 million, up 34 percent, due in part to record volumes from SPX options.~JK
Today's video with Templum Markets CEO Vince Molinari covers so much ground in four minutes — where else can you get talk of blockchain, CUSIP identifiers and Wall Street's paper crisis in the late '60s all in one spot? ~SD
Murphy & McGonigle have issued a report titled "Six Trends Emerge in Murphy & McGonigle's Newly Published "Blockchain Litigation: 2018 Year in Review Report"."~JJL
The CFTC is still asking for public help to understand cryptoassets. If you would like to leave a public comment on their website, or view existing comments, click here.~MR
Nodal Exchange set a new daily trading record in #US power futures. 40.1 TWh were traded on 5 February 2019.~JJL
~JB
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The Pathway to Liquidity in Unregistered Securities
JohnLothianNews.com
In the United States last year there were more private unregistered securities issued than public ones. In this video from STAC's 93rd Annual Midwinter Meeting, Vince Molinari, CEO of Templum Markets, talks about the decline in IPOs, building out market infrastructure to support secondary trading of unregistered securities, the illiquidity discount, and how smart contracts can tie it all together while becoming the ultimate vehicle for structured products.
Watch the video »
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Long, strange trip: How U.S. ethanol reaches China tariff-free
Chris Prentice, A. Ananthalakshmi - Reuters
In June, the High Seas tanker ship loaded up on ethanol in Texas and set off for Asia. Two months later - after a circuitous journey that included a ship-to-ship transfer and a stop in Malaysia - its cargo arrived in China, according to shipping data analyzed by Reuters and interviews with Malaysian and Chinese port officials.At the time, the roundabout route puzzled global ethanol traders and ship brokers, who called it a convoluted and costly way to get U.S. fuel to China.
/jlne.ws/2DhQZvP
*****While it was a long, strange trip, there does not appear to have been much "Truckin" involved.~SD
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NYSE-owner ICE warms to new challenger as profits rise
John McCrank, Bharath ManjeshR - ICE
The New York Stock Exchange will not stand in the way of the creation of a new low-cost challenger recently proposed by some of its biggest clients, the head of NYSE-owner Intercontinental Exchange Inc said on Thursday after his company reported higher-than-expected earnings.
/reut.rs/2MVsmJV
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Thursday's Top Three
Our top read stories of the day Thursday were led by The Wall Street Journal's 'This One Here Is Gonna Kick My Butt'—Farm Belt Bankruptcies Are Soaring. Second was FOW's GH Financials leaves LME for new markets. Third was Wired's op/ed piece There's No Good Reason to Trust Blockchain Technology
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MarketsWiki Statistics
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CryptoMarketsWiki's Coin of the Week is: Monero (XMR)
Crypto-related hacking attacks against large corporations are on the rise. Researchers and cybersecurity experts have determined that Outlaw, a Romanian hacker group, is responsible for a number of recent "cryptojacking" attacks. In these attacks, hackers used a virus called "Shellbot" to hijack websites or computers owned by businesses in order to mine Monero.
/bit.ly/2DZpEQP
CryptoMarketsWiki
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CryptoMarketsWiki, our archive of the cryptocurrency and blockchain world, is going strong and keeping pace as this area of finance grows and evolves.
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John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals.
 
 
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Lead Stories
Quadriga Clients Won't Get Help From Regulator on Lost Crypto Millions
Doug Alexander - Bloomberg
British Columbia agency says it doesn't oversee the exchange; Royal Canadian Mounted Police not commenting on any probes
The latest twist in the crypto drama that stranded $145 million in assets on Quadriga CX brought more bad news for the investors: British Columbia's securities regulator said Thursday it doesn't have jurisdiction over the exchange.
/bloom.bg/2SD80u9
ICE will not fight upstart exchange MEMX, CEO says
Nicole Bullock and Philip Stafford - FT
Intercontinental Exchange, owner of the New York Stock Exchange, will not fight the latest upstart exchange aiming to cut the cost of trading in the world's largest stock market.
/on.ft.com/2MTO80x
***** That is what surrogates are for.~JJL
NGOs hit out at LME's cobalt sourcing plans; Groups including Amnesty warn proposals risk overlooking supply chain corruption
Henry Sanderson - FT
Fourteen non-governmental groups, including Amnesty and Global Witness, have criticised proposals by the London Metal Exchange to ensure its metals are sourced responsibly, saying the exchange risks creating a "greenwashing mechanism" that overlooks serious supply chain problems such as corruption.
/on.ft.com/2SBZfjT
Private versus public markets is the battle to watch; Billions have gone into less liquid securities but the risks of private markets are untested
Robin Wigglesworth - FT
There is no shortage of popular bogeymen scaring markets these days, whether leveraged loans or algorithmic traders. But perhaps the least-appreciated dangers are lurking in the shadows, away from the glare of mainstream markets.
/on.ft.com/2SDuBa3
Fiddling while the world simmers; Our temperatures have doubled while our politics has halved
Edward Luce - FT
On Wednesday, the US Congress did something we'd forgotten was possible. It held a hearing about climate change. In fact, it held two. These were the first sessions that the US House of Representatives had devoted to the subject since 2010. Students of politics will recall that was the year when the House shifted to Republican control. Only last month did Democrats regain the gavel. It was a lost decade for congressional action to combat global warming. But it was a boom period for the heating planet itself. During that time, the world experienced nine of the hottest 18 years on record (eight of the other nine were earlier in this century).
/on.ft.com/2SCmaf4
A Solution for the IM Big Bang
Scott O'Malia - ISDA
With everything else going on, it's tempting to shove something with a September 2020 deadline to the back of the line. That's not an option when it comes to initial margin (IM) requirements. With over 1,100 small firms expected to come into scope, each needing to put IM documentation and systems in place, an early start on compliance efforts will be critical. Even then, the industry faces a very real capacity challenge. That's why we're leveraging our 30-year track record in providing the global standard for legal documentation by launching ISDA Create - IM, a new digital platform that automates the negotiation and execution of IM documents.
/goo.gl/5VUqVZ
LIBOR Reform - What Will Work?
Kurt Dew, Northeastern University - TabbFORUM
Consternation over the question of replacing LIBOR continues. There is no guarantee that any choice of LIBOR replacement currently advanced by bank regulators will 'work,' and so far, things have not gone well for the replacement candidates
bit.ly/2DslYFR
The Financial Crisis Put a Chill on Big Bank Deals. That Ended Thursday.
Michael J. de la Merced and Emily Flitter - NY Times
Two banks announced the industry's biggest merger in a decade on Thursday, signaling bank executives' growing confidence that the regulatory constraints imposed after the 2008 financial crisis have begun to loosen.
/nyti.ms/2SD9CnH
Why regulators need to worry about non-bank runs; Transformation of the lending landscape since the crisis brings a new set of risks
Ben McLannahan - FT
Craig Reeves knew the banks were in a lot of trouble the day his Dad dropped in to a branch of Northern Rock, shortly before the UK lender became one of the earliest victims of the global financial crisis. People were queueing down the street, waiting to close their accounts. But his father was still offered a big buy-to-let mortgage on a flat in London.
/on.ft.com/2SxdqHa
E*Trade Suit Against Morgan Stanley Centers on Client Data
Barron's
After exiting the broker recruiting protocol, Morgan Stanley played legal hardball with breakaway advisors, attempting to prevent them from soliciting former clients.
bit.ly/2MTV7GZ
Josh Constine - Techcrunch
It was the Lehman Brothers of blockchain: 850,000 Bitcoin disappeared when cryptocurrency exchange Mt. Gox imploded in 2014 after a series of hacks. The incident cemented the industry's reputation as frighteningly insecure. Now a controversial crypto celebrity named Brock Pierce is trying to get the Mt. Gox flameout's 24,000 victims their money back and build a new company from the ashes.
/tcrn.ch/2MTdpb6
Exchanges, OTC & Clearing
Top news from exchanges, clearing, settlement and trade execution facilities
Cboe Global Markets Reports Record 2018 Fourth Quarter and Full Year Results; Diluted EPS for the Fourth Quarter and the Year of $1.23 and $3.76, Respectively; Adjusted Diluted EPS1 for the Fourth Quarter of $1.54 and $5.02 for the Year, up 77 Percent and 47 Percent, Respectively
CBOE
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the 2018 fourth quarter and full year.
bit.ly/2SI8sYk
ErisX fills C-Suite spot with former Barclays exec as it eyes the launch of its institutional crypto exchange
Frank Chaparro - The Block Crypto
The C-Suite at ErisX is fully staffed. The institutional-grade exchange announced three new hires Thursday as it prepares for the launch of its spot marketplace for crypto in Q2.
bit.ly/2Dhx00w
ErisX Continues to Secure Talent Ahead of Spot Launch
Business Wire
ErisX today announced the addition of three new staff members including Robert Thrash, Chief Operating Officer, Arnold Connell, Head of Infrastructure and John Denza, Business Development Executive.
bit.ly/2MVGRxn
Cboe Global Markets Begins Rollout of Options on 11 Select Sector Indices Published by S&P
Press Release
Cboe Global Markets, Inc. (Cboe: CBOE ) today began the rollout of options on 11 Select
Sector Indices that comprise a sub-index of the S&P 500 Index, a key U.S. equities benchmark, further expanding Cboe's suite of products tied to S&P Indices.
bit.ly/2Se3YJg
Options on VSTOXX Futures: Change in Minimum Block Trade Size and Strike Price Interval
Eurex
The Management Board of Eurex Deutschland has decided the following changes for options on VSTOXX Futures (Product ID: OVS2), effective 4 March 2019:
bit.ly/2SDwx2j
Equity Index Highlights - February 2019 edition
Eurex
The January Effect returned, as equity markets staged a broad recovery after December's rout. All could merely be a relief rally though, as the markets took note of the mixed earnings reports of American bellwether stocks as a possible early indicator for the year ahead.
bit.ly/2Szr7FE
TMX Group Equity Financing Statistics - January 2019
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for January 2019. TSX welcomed 19 new issuers in January 2019, compared with five in the previous month and 15 in January 2018. The new listings were 18 exchange traded funds and one consumer products & services company. Total financings raised in January 2019 increased 21% from the previous month, but were down 49% compared to January 2018. The total number of financings in January 2019 was 42, compared with 44 the previous month and 63 in January 2018.
bit.ly/2SI2E0C
Explainer: Why Shanghai's new Nasdaq-style tech board may be a game-changer
Julia Fioretti and Samuel Shen - Reuters
The detailed rules for a Nasdaq-style start-up board in Shanghai have fueled hopes among early-stage companies the new regime could bring about positive changes in China's stance towards raising equity that investors have been seeking.
/read.bi/2MWKG5a
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Fintech
A roundup of today's market tech news and a look at tomorrow's disruptors
Meet the First AI-Managed Asset-Backed Securities Portfolio
Mary Childs - Barron's
World, meet the first artificial-intelligence-managed asset-backed-securities portfolio. At the end of last year, asset manager/tech company Pagaya Investments created what it says is the first-ever $100 million consumer-credit ABS fully managed by AI.
bit.ly/2DiVEOb
Citi and HSBC automate FX prime brokerage novation with Capitolis; Capitolis launched its novation platform last year in partnership with major firms including Citi, HSBC, Brevan Howard and BlueCrest.
Hayley McDowell - The Trade
Technology provider Capitolis has onboarded the foreign exchange (FX) prime brokerage businesses at Citi and HSBC to its recently launched platform for streamlined novation and automation.
bit.ly/2SEsEKr
FlexTrade moves EMS to the cloud with AWS; FlexTrade has deployed FlexNOW to the cloud with AWS, making it the industry's first cloud-based execution management system.
Hayley McDowell - The Trade
FlexTrade's multi-asset execution management system (EMS) for buy-side traders is now available on the cloud via Amazon Web Services (AWS).
bit.ly/2SC03Fr
OpenFin bolsters ecosystem with MDX Technology market data connectivity; MDX Technology's multi-vendor data feeds are now available to OpenFin institutional and FinTech clients.
Hayley McDowell - The Trade
Market data services specialist MDX Technology has become the first real-time market data distributor to join the institutional investment ecosystem established by OpenFin.
bit.ly/2SAQ8jv
City watchdog to probe Revolut's 'spoof' takeaway ad campaign; Fintech firm attracts ire of regulators after it admits using falsified data
Claer Barrett - FT
Revolut, one of London's fastest growing fintech firms, has admitted it fabricated statistics in a high-profile advertising campaign, which has now been referred to the City watchdog.
/on.ft.com/2SDtyXF
A fintech that helps the world's biggest banks chart data just raised $17.4 million
Dan DeFrancesco - Business Insider
As financial firms look to visualize data in the most digestible way, companies that can facilitate that process continue to become more valuable.
/read.bi/2MXv6WZ
Cryptocurrencies
Top stories for cryptocurrencies
Crypto Broker Led by Uber and E*Trade Alums Is Going Public
Coindesk
Voyager, a cryptocurrency brokerage startup founded by veterans of Uber and E*Trade, is going public on Canada's TSX Venture Exchange through a reverse merger valued at $60 million.
A reverse merger occurs when a privately held company acquires the majority of shares in a publicly traded one and the two firms are combined. In this case, New York-based Voyager Digital Holdings acquired UC Resources Ltd., the shell of a mineral exploration company that ceased operations in 2015, in an all-stock deal finalized earlier this week.
bit.ly/2DYMBUg
UK's Financial Conduct Authority Reports Crypto Fraudsters Are Moving To Social Media
Nicholas Ruggieri - ETH News
The Financial Conduct Authority (FCA), a financial regulatory agency in the UK, issued a warning to investors this week with their report highlighting losses in investment scams suffered in 2018. With cryptocurrency included in the list of most commonly reported scams, the warning states that over EUR197 million (about $223 million) was lost in scam investments in 2018.
bit.ly/2SEuQ4D
Crypto bear market threatens to last as potential token supply weighs
Gertrude Chavez-Dreyfuss - Reuters
Cryptocurrencies may be facing a prolonged bear market.
Companies that issued tokens, or digital currencies, over the last two years through initial coin offerings (ICOs) may have to sell more of these assets to finance their operations. There's just one problem: There are very few takers.
/reut.rs/2SFrPRy
Left high and dry by a crypto founder's demise; Conspiracy theories surround QuadrigaCX after customers are shut out of its 'cold wallets'
Henry Mance - FT
For years, I've had one thing in common with most cryptocurrency investors: I know almost nothing about cryptocurrency. I now share something else with users of cryptocurrency trading platform QuadrigaCX: I cannot access any cryptocurrency.
/on.ft.com/2SxoBj9
Fraud Alert: Fake Bakkt Website is Seeking Funds
Arnab Shome - Finance Magnates
Fraudsters are targeting vulnerable investors to invest in fake Bakkt fundraising round, according to a Coindesk report. As per the report, an imposter is sending emails claiming that Bakkt is planning to raise $50 million in a second token sale round. The email was sent from a Gmail address and the contents are written in broken English - a very common thing among the scammers.
/bit.ly/2ROWbg7
Credit Suisse Arm Sees Blockchain Benefits After Fund Distribution Trial
Yogita Khatri - Coindesk
A subsidiary of Swiss multinational investment bank Credit Suisse has completed a blockchain trial for fund transactions. Fundsquare, the fund distribution arm of the Luxembourg Stock Exchange and the project's technical partner, announced the news on its blog Thursday, saying Credit Suisse Asset Management and Portugal-based bank Banco Best have "successfully processed live end-to-end fund transactions" using blockchain technology.
bit.ly/2MSRdy3
Bithumb Exchange Launches OTC Trading Desk for Digital Assets
Yogita Khatri - Coindesk
South Korean-headquartered cryptocurrency exchange Bithumb has launched a global over-the-counter (OTC) trading desk for digital assets. Announcing the news on Thursday, the firm said that the new Hong Kong-based venture - Ortus - is a "block deal, matchmaking service" for institutional clients. In an OTC deal, two parties trade directly with each other, unlike on an exchange where orders are matched between buyers and sellers.
bit.ly/2MV5nia
Blow To Bitcoin And Crypto As Asset Manager Makes 'Bubble' Warning
Billy Bambrough - Forbes
Bitcoin and the cryptocurrency sector struggled over the last year, battling through a bear market that's been branded a "crypto winter" for its debilitating effect on the burgeoning industry.
bit.ly/2MVWTHF
Winklevoss Ordered to Pay $45K Worth of Charlie Shrem's Legal Fees
Pete Rizzo - Coindesk
Investors Cameron and Tyler Winklevoss have been ordered to pay back $45,000 in legal fees incurred by entrepreneur Charlie Shrem as part of an ongoing lawsuit that alleges he failed to broker a series of promised cryptocurrency purchases on their behalf. In the order, filed in the U.S. District Court of the Southern District of New York on Thursday, Judge Jed S. Rakoff ruled Shrem should be reimbursed for a prior court ruling that gave the plaintiffs the ability to seize up to $30 million worth of his assets.
bit.ly/2MTKOCB
Stories from Alternative Crypto Sources
Binance moves away from Ethereum as it prepares to launch DEX
Larry Cermak - The Block
/jlne.ws/2GuSlGT
***DEX is a common abbreviation for "decentralized exchange," a type of digital trading platform that doesn't facilitate trades through a centralized source like a traditional exchange. Instead, it is regulated through smart contracts. Many crypto experts have theorized that DEX exchanges could solve some of the existing problems, such as hacking attacks. Currently, most DEX exchanges struggle with a lack of liquidity. You can find our CryptoMarketsWiki entry on the subject here. ~MR
Monero-mining Outlaw Shellbot targets Linux servers
Teo Adam Morrel - Coingeek
bit.ly/2UMLBb4
Politics
An overview of politics as it relates to the financial markets
White House expects to take action on 5G, artificial intelligence soon
Reuters
The White House will take "executive action" in the coming weeks to make sure the United States keeps its research and development advantage in artificial intelligence, advanced manufacturing, quantum computing and next generation wireless networks, known as 5G, a White House official said on Wednesday.
/reut.rs/2DXobdR
Sen. Schatz Plan Would Tax Financial Trades
Laura Davison - Bloomberg
Wall Street would bear the brunt of the latest tax proposal as Democrats jockey for the most progressive tax ideas with the approach of the 2020 elections.
Senator Brian Schatz, a Hawaii Democrat, is working on a plan that would tax financial trades, according to his spokesman, Michael Inacay, who declined to provide details on how, exactly, it would be structured.
/jlne.ws/2Diz6Ns
Sanders and Warren take fund groups to task over palm oil; US senators write to chiefs of BlackRock, JPMorgan and Fidelity over deforestation concerns
Jennifer Thompson - FT
Elizabeth Warren, Bernie Sanders and other US senators have written to investment groups to urge them to disclose how they manage investments exposed to tropical deforestation linked to palm oil.
/on.ft.com/2SAuBrj
Does Jay Powell Have the Stock Market's Back?; Investors have long expected the Fed to step in when prices plunge. It looks like the current chairman won't let them down.
Michael P. Regan - Bloomberg
Traders and stock market pundits are talking about a "Powell put," after Federal Reserve Chairman Jerome Powell presided over a decision in late January to ease off on rate hikes. It's a callback to the fabled Greenspan put, which was the idea that Fed chief Alan Greenspan in the 1990s and early 2000s would never allow the stock market to fall too far.
/bloom.bg/2SDZzyS
Regulation & Enforcement
For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts.
In CFTC Action, Court Orders Precious Metals Trader to Pay Penalty and Imposes Trading Ban for Spoofing and Deceptive or Manipulative Scheme
CFTC
The Commodity Futures Trading Commission (CFTC) announced today that Judge Vanessa Bryant of the U.S. District Court for the District of Connecticut issued a Final Judgment and Consent Order on February 5, 2019, against Andre Flotron, a former precious metals trader for UBS AG, requiring him to pay a $100,000 civil monetary penalty for spoofing and engaging in a deceptive or manipulative scheme through his spoofing in violation of the Commodity Exchange Act (CEA) and CFTC Regulations. The Order also imposes a one-year trading and registration ban.
bit.ly/2SEu8V1
SEC Charges Founder of Online Gaming Company Defrauding Investors
SEC
The Securities and Exchange Commission today charged Robert Alexander with fraudulently raising approximately $9 million from more than 50 individuals by selling investments in Kizzang LLC, a purported online gaming business.
bit.ly/2SDpFlo
Getting a Pay Raise? Do This First
FINRA
Expecting something extra in your paycheck soon? You're not alone.
Employers expect to provide employees with an average raise of 3.1 percent in 2019, according to a recent survey by the advisory firm Willis Towers Watson. If you're among the employees due for a raise, you might be surprised at just how much even a modest salary bump can improve your financial fortunes.
bit.ly/2SC2lEx
ESAs publish recommendations on changes to the PRIIPs Key Information Document
ESMA
The European Supervisory Authorities (ESAs) today published their final recommendations following a consultation on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
bit.ly/2SAeFFz
ESMA publishes list of thresholds below which an EU prospectus is not required
ESMA
The European Securities and Markets Authority (ESMA) has published today a document listing the thresholds below which an offer of securities to the public does not need a prospectus in the various Member States of the European Union (EU).
bit.ly/2SzsQL8
Investing & Trading
Today's top stories from equities, indices and FICC (fixed income, currencies and commodities)
Market Turbulence Spurs Demand for Fledgling Active ETFs; Passive funds still dominate industry, but a flurry of interest in active segment hints investors' perceptions are shifting
Asjylyn Loder - WSJ
Rocky markets have been a boon to active managers in exchange-traded funds, an industry long synonymous with the rise of passive investing. ETF managers who handpick stocks and bonds drew a record $27.5 billion in new investor cash last year, while inflows into index-tracking ETFs slowed for the first time since 2013, according to Morningstar. So-called strategic beta funds, a hybrid between active and passive management, likewise had a banner year, garnering $74 billion.
/on.wsj.com/2SBZvzn
Diversification: High Dispersion Beats Low Correlation
Joachim Klement - CFA Institute Enterprising Investor Blog
When advisers talk about diversification their go-to variable is correlation. Finding an asset with low correlation to equities and bonds is a key consideration of every asset allocator and chief investment officer (CIO) of an institution. But correlation is not everything.
/cfa.is/2DlzN8Z
FTSE Russell introduces Market Based Allocation Index Series
Press Release
FTSE Russell, a leading global multi-asset index, data and analytics provider, today introduced the FTSE Market Based Allocation Index Series. The new series initially comprises five indexes designed for use by the US wealth management and financial advisory community and other multi-asset investors, bridging a gap in index coverage for this important and growing market and demonstrating FTSE Russell's continued expansion of its multi-asset capabilities.
/goo.gl/dzJWfW
The Stock Market Finally Acknowledges Reality; Global slowdown leads financial commentary.
Robert Burgess - Bloomberg
This year's remarkable surge in global equities sparked optimism that the recovery from the fourth quarter's steep 13 percent sell-off would be V-shaped. The action on Thursday suggests it's more likely to look like a W. After surging 8.65 percent since the start of the year, stocks tumbled as much as 1.37 percent as investors could no longer make excuses for the deteriorating economic outlook.
/bloom.bg/2SD7Lzf
Banks, Brokers & Managed Funds
The latest from banks, brokers, hedge funds and managed futures
Guess Who's Defending Active Bond Funds? Vanguard.
Brian Chappatta - Bloomberg
Quick — what's the first word you associate with Vanguard Group Inc., the $5.1 trillion investing giant? Perhaps it's "indexing" or "passive," referring to some of the asset manager's largest fund offerings, such as its $577 billion Vanguard Total Stock Market Index Fund or the $154 billion Vanguard Total Bond Market II Index Fund.
John Hollyer, global head of fixed income at Vanguard, would much prefer you use the term "low cost."
/bloom.bg/2DkE2Sd
Kepler Cheuvreux extends equity research deal with CIBC; Kepler Cheuvreux will distribute CIBC's equity research to European institutional client base as part of the extended agreement.
Hayley McDowell -The Trade
European equity agency broker Kepler Cheuvreux has extended its equity research distribution agreement with the capital markets business of the Canadian Imperial Bank of Commerce (CIBC).
bit.ly/2SDo7b4
Investors are wrong about both hedge funds and infrastructure; Promises of double-digit returns for decades on real assets cannot be true
John Dizard - FT
I know that professional investors read and pay for this newspaper. They also attend conferences about the risks and opportunities of investible assets, hearing lots of analysis and warnings. Yet what they do as investors seems systematically contrary to the advice and evidence they have in hand.
/on.ft.com/2SA7JrY
$66bn US bank merger ups ante on rivals to consolidate; Deal between BB&T and SunTrust highlights benefits of scale in digital world
Robert Armstrong and Laura Noonan - FT
The biggest US bank deal since the financial crisis will heap pressure on America's mid-sized lenders to find merger partners, industry executives, investors and analysts say.
/on.ft.com/2SI1lie
Hedge Fund Founder Jeff Tannenbaum's Next Act Will Be Green; The chairman emeritus of Fir Tree Capital Management is investing his own money through a new firm called Titan Grove.
Brian Eckhouse and Chris Martin - Bloomberg
Jeff Tannenbaum made his fortune through investing; now he's investing that fortune.
/bloom.bg/2SI0XAi
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Regions
Stories of local interest from the Americas, EMEA and Asia-Pacific regions
Markets Need to Keep an Eye on the Lucky Country
Robert Burgess - Bloomberg
Australia has become known as "The Lucky Country" for having avoided a technical recession since 1991. It even managed to keep growing while the rest of the world suffered through the worst financial crisis since the Great Depression a decade ago. But now its luck may be running out, and the implications are potentially global.
/bloom.bg/2DgsPlB
Wall Street's Slide Hurts New York; City Loses Nearly $1 Billion in Tax Revenue
Jesse McKinley, William Neuman and Ben Casselman - NY Times
New York City will see a sharp drop in personal income tax collections this year, surprising city officials who now warn of a possible end to the nearly decade-long boom that accompanied Wall Street's gains.
/nyti.ms/2SxpND9
S&P BSE SENSEX During the Modi Administration's Budget Sessions
Ved Malla - S&P Dow Jones Indices Indexology Blog
Every year in India, the Finance Minister presents the Union Budget, which is perhaps the most important economic activity in the country. "Budget Day" comes with a lot of expectations, and it therefore has a bearing on the capital markets in both the pre- and post-budget sessions. The days before and after the budget session usually bring volatility to the capital markets.
/jlne.ws/2DeOHO6
Political uncertainty to keep Mexican investors on sidelines
Jude Webber - FT
Institutional investors in Mexico are mostly planning to sit on the sidelines this year, their risk appetite constrained by concerns over the direction of politics under President Andrés Manuel López Obrador, according to a new poll.
/on.ft.com/2SDvaRd
Why Investors Will Still Flock to Negative-Yield Japan Bonds
Chikako Mogi and Kazumi Miura - Bloomberg
Overseas demand will remain robust this year: Sumitomo Mitsui; Short-dated JGBs extremely attractive for foreigners: Daiwa SB
The return of dovish central banks is putting Japan's negative-yielding government bonds back on the investment menu for global funds.
/bloom.bg/2SIjiO1
Mysterious Turkish Firm Helped Maduro Move $900 Million in Gold
Bloomberg News
Turkey joined Russia, Iran and others in backing Maduro; Erdogan has tried to alleviate U.S. financial pressure
Two months after Venezuelan President Nicolas Maduro visited his counterpart Recep Tayyip Erdogan in Ankara, a mysterious company called Sardes sprang into existence.
/bloom.bg/2SD7dJH
Brexit
Financials stories regarding the decision of the United Kingdom to leave the European Union
Norway proposes legislation to secure rights of citizens if no-deal Brexit
Reuters
Norway's government proposed legislation on Friday to secure the rights of Norwegians living in Britain and of Britons living in Norway in the case of a no-deal Brexit, the country's justice ministry said.
/reut.rs/2SC2Oqh
Hello Brexiters, and welcome to your special place in hell
I'm afraid there is a hard border with paradise — and you'll need euros of course
Robert Shrimsley - FT
Hello there and welcome to hell. I'm afraid the Devil couldn't be here himself, but I'm his chef de cabinet. You can call me Martin.
/on.ft.com/2SxOpvz
Brexit: Labour plan can get majority, says John McDonnell
BBC News
Labour's plan for a permanent customs union with the EU after Brexit can secure a Commons majority, the shadow chancellor has told the BBC. John McDonnell said it was a "very traditional British compromise" to avoid a "catastrophic" no-deal Brexit. "We believe that this is a deal that could fly within Parliament," he said. Jeremy Corbyn's letter setting out Labour's demands for supporting a Brexit deal was welcomed by some EU figures and Tory MPs. Downing Street is expected to reply to Mr Corbyn's letter later on Friday.
/bbc.in/2SInk97
May Heads to Ireland Seeking Border Compromise: Brexit Update
Thomas Penny, Jess Shankleman - Bloomberg
Theresa May heads to Dublin in the latest effort to extract concessions from the European Union that will make her Brexit divorce deal more acceptable to Parliament. A trip to Brussels on Thursday yielded little though both sides agreed to send their negotiators back into talks.
/bloom.bg/2Dn7mr1
MR Preparing for Brexit
ASIC
The United Kingdom (UK) is scheduled to leave the European Union (EU) on 29 March 2019 ('Brexit'). The terms of the UK's exit remain subject to on-going negotiation between the UK and EU with a range of outcomes possible.
bit.ly/2MSUJZh
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