| August 02, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
John Lothian is out today, having surgery on his hip. The JLN team is picking up the newsletter for at least one day. Get well soon John.~JLN
Today is the last day of our Chicago MarketsWiki Education World of Opportunity Event. This session will be held at Trading Technologies' offices - thank you again to TT for helping us out! Today's speakers are Renato Mariotti, Thompson Coburn LLP; Scott Ferris, BMO; Colleen Sullivan, CMT Digital; Lisamarie Lukas, OCC; Tim McCourt, CME Group; Bob Fitzsimmons, Wedbush Futures and Maria Mancusi of ABN AMRO Clearing. ~SD
On Thursday, August 16, Women in Listed Derivatives (WILD) is presenting an interactive and informative workshop on Sexual Harassment at work in the #MeToo Era. The event will be conducted by Jennifer Schoen Gilbert of Stowell & Friedman, Ltd., a law firm dedicated to defending employees' civil rights, including against sexual harassment. The workshop will provide an open ended discussion and practical tips and tools for employees. The workshop is open to all and is designed to elicit discussion on this important topic.
The event is at the Union League Club of Chicago at 65 Jackson Blvd. Registration starts at 4:30pm and the program starts at 5:15. A networking reception will follow. Cost is $35 (includes both event and reception).
You can go HERE to sign up for the event. ~SR
U.S. regulators approved a charter for fintech firms to provide full on banking services. In the wake of the announcement, N.Y. Department of Financial Services Superintendent Maria Vullo said, "Toddlers play in sandboxes. Adults play by the rules."~SD
Six people from Jump Trading are going to swim across the English Channel for charity. Here's hoping they have great weather conditions!~SD
Nasdaq has a new "Tomorrow's Capital" podcast out.~SD
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Wall Street Is Adding a New 'Weinstein Clause' Before Making Deals
Nabila Ahmed - Bloomberg
On Wall Street, it's known as "the Weinstein clause."
Advisers are adding guarantees to certain merger agreements in light of the sexual misconduct scandals that have enveloped the producer Harvey Weinstein and other high-profile businessmen -- ones that legally vouch for the behavior of a company's leadership.
The development is a concrete example of how business is trying to adapt to the #MeToo era, at least in terms of legal liability. The move is particularly noteworthy given its source: the male-dominated world of M&A advisory where the terms of an offer can make or break a bid.
/jlne.ws/2OCEn7E
**It's not good when you have a clause or scam named after you.~JK
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The Fallible CEO
James Ellis - Bloomberg
Businesses spend endless hours preparing for external perils such as fires, recessions, or even climate change. But the biggest danger for many companies could sit right in the corner office.
Call it key man risk, a real worry in an age when chief executive officers can be synonymous with the enterprises they lead. If a founder fails to appreciate the importance of privacy to his customers (Facebook) or a leader's death exposes previously overlooked holes in a corporate strategy (Fiat Chrysler), that spells trouble. It's even worse when an executive makes racially insensitive remarks (Papa John's) or a CEO is accused of inappropriate sexual behavior (CBS). That can send investors heading for the exits.
/jlne.ws/2vtxmxa
**CEOs are fallible. The question is are they accountable?~JK
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Vienna Beef's 125th anniversary reminds Chicago of its meatpacking roots
ABC
"The dog's gotta be served at 165 degrees, the bun has to be perfectly steamed, the condiments have to be cold," said Vienna Beef hot dog expert Mark Reitman. "The most important ingredient is love, ok? Without love, you got nothing."
/jlne.ws/2KhoRdS
**Mustard, relish, onion, hot peppers, tomatoes, celery salt - no ketchup - on the birthday dog.~JK
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Wednesday's Top Three
If you want to make it big in the media someday, you start a reclusive, private proprietary trading firm and then some years later, sue each other in a court of law, making you very public. Such was the case with one of the top read stories of the year so far, the Wall Street Journal's Former High-Speed Trading Executives Allege 'Tyrannical Coup' at Quantlab. Second was from RCM, which put together a cool infographic of The Top 100 Managed Futures Programs. There you will see the size of Winton, Man, AQR, H20 AM and more. Third was Bloomberg's piece on an old firm getting into a very new business, in Northern Trust Looks to Join Burgeoning Crypto Custody Business
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MarketsWiki Stats
130,446,296 pages viewed; 23,222 pages; 214,445 edits
MarketsWiki Statistics
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| Lead Stories | Regulators Probe Options Market's Major Clearinghouse
Gunjan Banerji and Dave Michaels - WSJ
The probes from the Securities and Exchange Commission and Commodity Futures Trading Commission include concerns that Options Clearing Corp. failed to accurately forecast how much cash would be needed to cover trading losses triggered by a spike in volatility last February, some of the people said.
/jlne.ws/2O2DZhq
Intercontinental Exchange to Create Platform to Standardize ETF Primary Market Trading
ICE
Intercontinental Exchange, Inc. announced its intention to launch a new open-architecture, centralized industry platform to facilitate creation and redemption orders for exchange-traded funds (ETFs). This new platform, expected to begin operations in 2019, subject to regulatory approval, will employ innovative functionality and establish standards to simplify the primary market trading process, which will bring more efficiency and transparency to the process. BlackRock will be one of ICE's development partners and has executed a memorandum of understanding with ICE to support the new platform.
/jlne.ws/2KjJbeG
Wells Fargo to pay $2.09 billion fine in mortgage settlement
Julia Horowitz - CNN Money
Wells Fargo has agreed to pay a $2.09 billion fine for issuing mortgage loans it knew contained incorrect income information, the Justice Department announced Wednesday.
/jlne.ws/2OyIEIZ
Credit Suisse loses algorithmic trading boss after 18 years
FN
Chris Marsh, a managing director in the global markets division and the co-head of Credit Suisse's cash execution services in Europe, the Middle East and Africa, has handed in his notice, according to two people with knowledge of the matter, leaving former Deutsche Bank trader Stuart McGuire as sole head for now.
/jlne.ws/2O5HPGz
Liquidnet appoints Canada head from Morgan Stanley
The Trade
Jay Lee will be responsible for overseeing Liquidnet's growth in Canada, which will consist of expanding its buy-side member network and providing asset managers in the country with access to its full product suite.
/jlne.ws/2O5PV1Q
Blockchain hires Jamie Selway to ramp up institutional business
John McCrank - Reuters
Blockchain, one of the world's biggest cryptocurrency wallet companies, said on Wednesday it had hired Jamie Selway, an electronic trading veteran and expert on U.S. equity market structure, as global head of institutional markets.
/goo.gl/tzvxKj
US Treasury outlines tax reforms over $3tn offshore cash pile
Sam Fleming - Financial Times
The US Treasury has set out details of tax reforms to tackle $3tn worth of corporate earnings hoarded overseas, as it introduces a regime it hopes will boost investment in the country.
The department published the draft regulations underpinning the new tax, with senior officials endorsing forecasts showing the measure could raise $340bn of revenue over 10 years. The draft document, which is subject to consultation, will help big corporations undertake the detailed calculations of their liabilities under the regime.
/jlne.ws/2vtpfAw
Japan FSA fines MUFG-Morgan Stanley JV $2 million for market manipulation
Reuters
Japan's Financial Services Agency on Tuesday slapped a fine of 218.37 million yen ($1.96 million) yen on a joint venture of Mitsubishi UFJ Financial Group Inc and Morgan Stanley for trying to manipulate Japanese government bond futures prices.
/jlne.ws/2M6u5uF
China Vows It Won't Back Down After Trump's Latest Tariff Threat
Bloomberg
China said that the latest threat by the U.S. to increase tariffs won't succeed in forcing concessions from Beijing.
"China is fully prepared and will have to retaliate to defend the nation's dignity and the interests of the people, defend free trade and the multilateral system, and defend the common interests of all countries," China's Ministry of Commerce said in a statement Thursday on its website. The "carrot-and-stick" tactic won't work, it said.
/goo.gl/PTeksF
What the best conferences do to improve gender equality
Mariangeles Noseda - Quartz
As someone who attends tech conferences regularly, I can attest that between a lack of women speakers, sexist behavior, and in many cases sexual harassment, the whole conference experience can be highly uncomfortable. In one survey of 200 mostly high-level women working in tech, 90% of them said they have witnessed sexist behavior offsite and at industry conferences.
/jlne.ws/2OwGZDM
U.S. Unlikely to Replace Loss of China Soy Buying, Bunge Says
Mario Parker - Bloomberg
American farmers can't expect soybean demand from other countries to fill the void created by China if the trade war between the countries persists, Bunge Ltd. Chief Executive Officer Soren Schroder said.
Last month, China slapped 25 percent tariffs on American soybeans and also targeted other farm goods in retaliation for U.S. duties on imports of steel and aluminum. China is instead splurging on soybeans from South America.
/jlne.ws/2vz4EuS
Baker McKenzie Appoints Global Head of Financial Institutions
PRNewswire
Leading global law firm Baker McKenzie has appointed London-based disputes partner Jonathan Peddie to the role of Global Chair, Financial Institutions.
/goo.gl/2UHSLi
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC Cleared Contract Volume Up 15 Percent in July
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that total cleared contract volume in July reached 373,984,999 contracts, up 15 percent compared to July 2017 volume of 324,718,888. OCC's year-to-date average daily cleared contract volume is up 21 percent with 20,551,805 contracts compared to 17,045,133 contracts in 2017.
/jlne.ws/2OBMIbF
Sonos brings new sounding bell to Nasdaq, along with its IPO
USA Today
Speaker company Sonos is not only kicking off its initial public offering on Nasdaq Thursday, but also ringing in with a new opening and closing bell for the stock exchange.
/jlne.ws/2KlXUpz
CME Group Changes FX Options Expiration Time to Align with OTC Market Conventions
Marketwatch.com
CME Group, the world's leading and most diverse derivatives marketplace, will change the time its FX options expire to 10 a.m. ET. This change will begin with contracts expiring after June 9, 2019. Clients across time zones will be able to trade listed options that expire at the same time as most over-the-counter (OTC) contracts.
/jlne.ws/2O5yRJh
Strength in clearing and market indices powers LSE profit jump; Profits climbed 30% as exchange group benefits from popularity of ETFs
Adam Samson - Financial Times
London Stock Exchange posted a rise in profits and revenues in the first half of this year, driven by strong results at its clearinghouse and FTSE Russell market index provider.
/goo.gl/Zpghnk
Swaps Data: OTC Margin Up, Futures Margin Down
Amir Khwaja, Clarus FT - Risk.net
There were surprises and mysteries in the latest set of quarterly quantitative disclosures from derivatives clearing houses.
In the 12 months leading up to the end of March, the amount of initial margin consumed by interest rate swap clearing houses jumped 22%. But, here's one surprise: IM for listed futures and options declined 9% over the same period. That's not easy to explain when some of the biggest contracts in the listed market, such as CME's Eurodollar interest rate futures, have been posting record volumes.
/goo.gl/6gLHFc
Nasdaq Dubai to launch futures trading of 12 Saudi firms from Sept
Reuters
Nasdaq Dubai will launch equity futures trading of 12 Saudi Arabian companies from September, stimulating investor interest in the kingdom's capital markets, the exchange said.
/jlne.ws/2M8M182
Review Of The First Half Of 2018: EEX Group Growth Story Continues - Power Market Bounces Back - Significant Increase In Volumes On The Gas And Emissions Markets
Mondovisione
In the first half of 2018, EEX Group significantly increased trading volumes in its biggest markets and as a result, continued its growth path. On the power market, which faced significant regulatory uncertainty last year, EEX Group was again able to increase volumes. Furthermore the Natural Gas and Emission Allowance markets also achieved significant gains. In addition, EEX Group launched further measures in the smaller market segments for Agricultural products and Global Commodities with a view to strengthening its global position.
/goo.gl/6yhduc
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Controversial New Bank Charter Sparks Fears of a 'Fintech Apocalypse'
Steve Cocheo - The Financial Brand
A hotly debated and controversial fintech banking charter is becoming a reality. Will it threaten traditional financial institutions and forever alter the competitive landscape? Possibly. Some see the potential for great harm. Others think it could help push the U.S. banking industry in the right direction. No matter who you are, everyone  banks, credit unions, and fintech companies alike  must now assess the fallout and how their role will change going forward.
/jlne.ws/2vbEheQ
Clearpool Licenses Algo Platform in Europe
Wei-Shen Wong - WatersTechnology
Users of Clearpool's Algorithmic Management System platform can customize algorithms and analyze trading performance.
/goo.gl/JqcW9o
Algomi's New CEO Eaton: 'I Could Not Have Asked For A Better Six Weeks'
Joe Wallen - Forbes
To say that the new CEO of Algomi, Scott Eaton, is a busy man is an understatement. Not only satisfied with tackling the challenges of settling into a new working environment at the fixed income liquidity matching firm, Eaton announced that Algomi has this month agreed to partner with Belgian financial services firm Euroclear. Euroclear has pledged significant investment in Algomi but their partnership will also involve a technological collaboration, with the hundreds of thousands of bonds held by Euroclear in Europe now made available to the buyers through Algomi's ALFA price aggregation tool.
/goo.gl/92M4XA
Cobalt Joins With BT To Speed Deployment
Shanny Basar - MarketsMedia
Cobalt is being deployed in the BT Radianz Cloud to make it easier for financial firms to integrate the foreign exchange post-trade processing network which uses distributed ledger technology, and to accelerate global growth.
/goo.gl/wT6SDy
HSBC touts client-checking software to competitors; Banks keen to tighten up systems following big fines from regulators
Martin Arnold - Financial Times
HSBC, once the preferred bank of Mexican drug cartels, is now pitching its "know your customer" software to rivals. The bank has agreed to sell its new compliance system, which combines robotic process automation and machine learning technologies to carry out automated checks on clients, through a deal with US-listed outsourcing company EXL.
/goo.gl/FozuPf
Google Google said to plan AI-powered news-aggregation app along with search engine for China market
South China Morning Post
Reports of Google's plans underline how important the China market is for US tech companies despite strict censorship hurdles
/goo.gl/AjKsZB
SIX Payment Services Supports World Vision Switzerland's Financial Sustainability With A New Recurring Donations Functionality
Mondovisione
Subscription commerce has inspired SIX Payment Services to develop a payment solution for recurring donations that revolutionises the charity industry. World Vision Switzerland, one of the country's largest NGOs, is the first non-profit organisation to benefit from the new payment solution by SIX.
/goo.gl/Hj9b2w
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin's Use in Commerce Keeps Falling Even as Volatility Eases
Olga Kharif - Bloomberg
Who's using Bitcoin to buy and sell goods and services?
A lot fewer people than you probably would have guessed. After peaking at $411 million in September, the amount of money the largest 17 crypto merchant-processing services received in the best-known cryptocurrency has been on a steady decline, hitting a recent low of $60 million in May, according to research that startup Chainalysis Inc. conducted for Bloomberg News.
/jlne.ws/2vs2tsX
Bringing Cryptocurrency into the Institutional Order Flow
Traders Magazine
With more than 500 cryptocurrency exchanges in the world today and about 1,500 cryptocurrencies, digital assets are truly a global market that has grabbed the attention of everyone from the retail investor to major institutions. But with a market that has literally pulled in millions of individual accounts globally, it has brought in a small percentage of traditional institutional players.
/goo.gl/LaJhp9
The SEC's Hester Peirce Isn't a Bitcoin Champion, Just a Regulatory Realist
Stan Higgins - Coindesk
Regulators like the Securities and Exchange Commission shouldn't be acting as gatekeepers to new technologies like bitcoin, according to Commissioner Hester Peirce.
/goo.gl/c9uZ4R
Nobel Prize Winner Joins Blockchain Startup To Fix Smart Contracts
Michael del Castillo - Forbes
Long before blockchain was cool, Nobel Prize-winning economist Oliver Hart was into contracts. As far back as 1976, the doctor of economics from Princeton University had been exploring how corporations use contracts to interact, and what happens when things go wrong.
/goo.gl/ijsDjx
Bitcoin's Price Snaps Longest Monthly Losing Streak Since 2016
Omkar Godbole - Coindesk
Bitcoin's price posted gains in the first month of the third quarter, snapping the longest losing streak it's seen in nearly two years.
/goo.gl/Y6kmCC
Over 5,000 Merchants Are Now Accepting Crypto Payments in Bitcoin (BTC), Ethereum (ETH) and Stellar (XLM) in Chile
Staff - The Daily Hodl
Chilean payment service platform Flow announced a partnership with cryptocurrency exchange Cryptomkt that allows customers to pay for everyday goods and services with Bitcoin, Ethereum and Stellar at over 5,000 merchants.
/goo.gl/Cw8Q5Y
Coinbase Adds British Pound for UK Crypto Users
Nikhilesh De - Coindesk
Crypto exchange Coinbase is now offering deposits and withdrawals denominated in the British pound (GBP), the firm announced Wednesday.
/goo.gl/t7Gos6
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| Politics | | An overview of politics as it relates to the financial markets | Senate panel delays vote on Trump consumer watchdog pick
Katanga Johnson - Reuters
A U.S. Senate panel on Wednesday postponed a vote to confirm President Donald Trump's pick to lead the U.S. consumer watchdog following an effort by Democratic Senator Elizabeth Warren to get more details on the nominee's role in immigration matters and other policy areas.
/goo.gl/XUiw8D
Trump tax cut push for wealthy faces thorny obstacles
Sam Fleming - FT
The Trump administration faces obstacles in any attempt to overhaul the US capital gains tax regime without having the help of Congress  an initiative that could cost $100bn or more over 10 years.
/goo.gl/KWciew
Fake Facebook Accounts Latched On to Real U.S. Protest Groups
Deepa Seetharaman and Robert McMillan - WSJ
Organizers behind the newly revealed batch of fake Facebook accounts often sought to work alongside legitimate groups organizing rallies and protests in the U.S., marking a new strategy in efforts to sow discord through social media ahead of the midterm elections, a review of archived event listings shows.
/goo.gl/rqURsf
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | JPMorgan says it is a subject of SEC probe of ADR abuses
David Henry - Reuters
JPMorgan Chase & Co (JPM.N) said on Wednesday it is among banks and securities dealers being investigated by the U.S. Securities and Exchange Commission for their handling of so-called "pre-released" American Depositary Receipts (ADR) between 2011 and 2015.
/goo.gl/b4UtiH
U.S. Treasury proposes rules on repatriating overseas corporate income
David Morgan - Reuters
U.S. companies got more clarity on Wednesday on bringing more than $2.6 trillion in profits held abroad into the United States, as required under tax changes enacted by the U.S. Congress in December.
/goo.gl/CLLbo2
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Gold demand slumps to lowest since 2009 - report
Neil Hume - FT
The bullion market has suffered it worst start to a year in almost a decade as US investors pulled money out of gold-backed exchange traded funds. Gold demand totalled 1,959 tonnes in the first half, the lowest level since 2009, and down from 2,086 tonnes a year earlier, according to report published by the World Gold Council on Thursday.
/goo.gl/VLHV2w
Asset manager shares dive after no-fee fund launch; Fidelity takes industry price war to new level with zero-cost index funds
Robin Wigglesworth - FT
The asset management industry crossed a Rubicon on Wednesday as Fidelity launched the first zero-cost index funds in the US, ratcheting up the passive investing price war to a new level and sending rivals' shares lower.
/goo.gl/TDqZJX
5 Questions with Kevin Muir of The MacroTourist
Trading Technologies
We're happy to feature a long-time user of Trading Technologies software in this edition of our "5 Questions with..." blog series. Kevin Muir has used TT on three fronts: as an institutional sell-side broker, as a prop trader managing his own account and now as a fund manager.
/jlne.ws/2M7AYM5
Booming CFD market faces reckoning as new EU rules come into force
Philip Stafford and Hannah Murphy - Financial Times
High-profile advertising campaigns and celebrity endorsements have helped Europe's EUR1tn contracts-for-difference market flourish in recent years, luring retail investors eager to try their hand trading currencies, equities and cryptocurrencies.
Now the region's regulators are taking aim at an industry culture they see as freewheeling and too ready to leave customers out of pocket.
/jlne.ws/2vwNOwr
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse loses algorithmic trading boss after 18 years; Chris Marsh's departure is the latest change in the Swiss bank's electronic trading team
Samuel Agini - Financial News
One of the most senior members of the electronic trading team at Credit Suisse has decided to leave the Swiss bank after 18 years.
/goo.gl/DJ1TR6
Barclays rebuffs activist pressure with buoyant results Solid investment bank performance boosts earnings at UK lender
Martin Arnold - FT
Barclays has hit back against activist investor Edward Bramson with a strong quarterly performance in its investment bank, which helped the UK group to report an almost trebling of pre-tax profits in the period.
/goo.gl/g3bWd9
Man Group reports 'sustained growth' in first six months of 2018
Hedgeweek
Alternative asset manager Man Group has reported 'sustained growth' during the first six months of 2018, with funds under management (FUM) reaching USD113.7 billion, up from USD109.1 billion as at 31 December 2017.
/jlne.ws/2OzQlPf
Siebert Financial and a fortune floating free
Jamie Powell - FT Alphaville
A trade of the decade was made in December 2016 by Gloria Gebbia, mother-in-law to Real Housewives of Beverly Hills star Carlton Gebbia, who spent $7.8m to buy 91 per cent of Siebert Financial, a New York brokerage founded by the first woman to own a seat on the New York Stock Exchange.
/goo.gl/Kbb7Ve
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | West begins to close door on Chinese investment
James Kynge, Sherry Fei Ju, Guy Chazan and Shawn Donnan - Financial Times
Nearly 40 years after China began opening its economy to the west, the US and Europe are taking steps to close their doors to Chinese investors.
Large Chinese state-owned funds and companies are feeling the freeze as the US, the UK and Germany signal a cooler attitude towards Chinese acquisitions of vital corporate assets. Beijing also announced proposals to expand the range of foreign investments covered by China's national security review process.
So far, Chinese investors perceive the US as much more restrictive than Europe.
/jlne.ws/2vxQD0a
China's Steelmakers Are Smashing Production Records
Bloomberg
China's steelmakers are smashing production records by pushing furnaces beyond their typical limits, offsetting nationwide closures that may be even more swingeing than government estimates, according to Goldman Sachs Group Inc.
/jlne.ws/2vs2ahN
Hong Kong insurance market lures well-educated mainland Chinese
Sijia Jiang - Reuters
May Zhang, a 28-year-old from the southern Chinese city of Shenzhen, holds a master's degree in engineering from the University of Oxford, but now makes her living selling insurance in Hong Kong.
/goo.gl/BBmoZx
China crackdown on bad debt forces wave of loans on the market
Don Weinland - FT
A tightening of credit and a crackdown on bad debt at banks in China has led to a flood of non-performing loans hitting the market at increasingly low prices. The supply of bad debt in China, estimated at $3tn last year, is expected to grow significantly in 2018, as regulators force banks to deal with bad assets after years of unbridled lending.
/goo.gl/f6Yia3
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Bank of England Raises Interest Rate to 0.75% in Surprise Unanimous Vote
David Goodman and Lucy Meakin - Bloomberg
The Bank of England raised its benchmark interest rate to the highest level since 2009 as Mark Carney suggested that inflation is a more imminent concern for the economy than the risk of a disorderly Brexit.
"With domestically generated inflation building and the prospect of excess demand emerging, a modest tightening of monetary policy is now appropriate," the BOE governor told reporters in London on Thursday. "The Bank is well-prepared for whatever path the economy takes, including a wide range of potential Brexit outcomes."
/jlne.ws/2vvPhmG
Credit Suisse chooses Frankfurt as a key post-Brexit hub
Laura Noonan and Ralph Atkins - FT
Credit Suisse has picked Frankfurt as a key post-Brexit centre for its investment banking and capital markets business and has already moved several hundred million dollars of assets to support the new hub.
/goo.gl/67M3Sa
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