| November 20, 2018 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
I am home from the hospital. I actually came home on Saturday. I will be working from home for the next week, which works out nicely with Thanksgiving and the kids being home from college. I am thankful for the tremendous care I received from the doctors and staff at Elmhurst Hospital. I am in and continue to be in good hands.~JJL
Thank you to the JLN staff for their hard work in my absence.~JJL
Thank you to all who offered me prayers and wishes of good health and quick recovery. I greatly appreciate it all. It means a lot. Thank you!~JJL
The main subject of yesterday's JLN Options newsletter was the plight of OptionSellers.com. The firm fell victim to the wild energy sector gyrations last week. In sum, don't go naked short calls into the wintery nat gas wilderness. The head of the firm put out a 10-minute long mea culpa video. It's an odd viewing experience.~SD
Registration for FIA Boca 2019 is officially open! The FIA's 44th Annual International Futures Industry Conference will take place March 12-14, 2019 at the familiar pink-tinged Boca Raton Resort & Club. You can register and learn more here. ~SR
CME Group updated its website.~SD
To my knowledge, Eurex's new SARON futures product is not inspired by, nor has any relation to, Middle-earth's Dark Lord of Mordor.~SD
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The Spread - College Football Edition - 11/16
JohnLothianNews.com
A chance to talk sports?! And derivatives trading?! This past week offered up a glorious opportunity for "The Spread" and we pounced.
Watch the video and see the stories referenced here »
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Free Vacations, $100,000 Discounts: Homebuilders Get Desperate
Prashant Gopal - Bloomberg
Ram Konara, a real estate broker in suburban Dallas, is raking in freebies this year: trips to Lake Tahoe and Santa Barbara in California, Cabo San Lucas in Mexico, and a dude ranch in Wyoming. The homebuyers he represents are cashing in, too. They're winning price cuts of more than $100,000, on top of free upgrades such as media rooms, cabinets, and blinds.
/goo.gl/5vReKz
****Oh boy, I bet this'll turn out well... If you want some fun homebuilding context check out this historical tidbit - "Fewer than 12,000 homes per month were built in 1943, equivalent to less than one new home per American city" via Morgan Housel's blog. ~SD
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The Poker Aces Playing a Key Hand in the $5 Trillion ETF Market; Harnessing poker prowess and game theory, Susquehanna International has become a key ETF player.
Annie Massa - Bloomberg
On City Avenue in the Philadelphia suburb of Bala Cynwyd, Pa., across the street from a TGI Fridays and California Pizza Kitchen, sits a bland building that looks like any other corporate office. The only notable feature is in the parking lot: a large oak labeled a "significant tree" because it survived the American Revolution.
/bloom.bg/2qWwnDS
**Never, ever, smile at SIG.~JK
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Monday's Top Three
Our top three was led by the Washington Post's piece Trump's attack on McRaven, who led bin Laden raid, escalates a war of words. It's tough to say anything positive about this, so let's move on to our second story, Bloomberg's Goldman Executive Dismissed 15-Year Veteran on Maternity Leave. It's hard to say anything positive about that, so let's move on to our third top story, Bloomberg's Bin Salman, Trump and Putin Control the Oil Price Now. Um... let's keep it positive today, shall we?
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MarketsWiki Stats
135,782,104 pages viewed; 23,314 pages; 215,501 edits
MarketsWiki Statistics
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| Lead Stories | SEC Crypto Settlements Spur Expectations of Wider ICO Crackdown
Vildana Hajric - Bloomberg
Airfox, Paragon must register tokens, compensate investors; Crypto market drops to 13-month low on liquidation concern
The cryptocurrency market is reeling after the SEC fined two companies that didn't register initial coin offerings as securities and allowed investors to reclaim their money.
/bloom.bg/2qY317Y
Options trading firm blows up amid natural gas volatility; Optionsellers.com is first known casualty of last week's price spike
Gregory Meyer - FT
The first casualty has publicly surfaced from last week's mayhem in energy markets, when a sharp decline in crude oil futures was followed by an explosive rise in US natural gas. Accounts managed by Optionsellers.com "had to be liquidated as a result of these moves," said INTL FCStone, the company's futures broker. As its name made plain, Optionsellers.com specialised in selling options contracts to earn income for its investors.
/on.ft.com/2qVBK5W
****As I mentioned up top, yesterday's JLN Options newsletter took a look at this blowup. The WSJ had a story, too.~SD
US futures exchange weighs launch of Brazil soyabean contracts; CME Group considers move as Sino-US trade spat unsettles oilseed prices
Joe Rennison and Gregory Meyer - FT
CME Group, the largest futures exchange operator, is considering launching new contracts on Brazilian soyabeans as US-China trade tensions unsettle prices for the oilseed, its chief executive said.
/on.ft.com/2qV3fgd
Cboe Tries To Keep Lid On Discovery In VIX Manipulation MDL
Law360
Cboe Global Markets Inc. is urging an Illinois federal court to deny Chicago Board Options Exchange investors a head start on discovery in multidistrict litigation over alleged manipulation of its volatility.
bit.ly/2DvVYed
How Brexit will redraw Europe's financial infrastructure; London's central position means a messy divorce would be complicated and costly
Philip Stafford - FT
Brexit is already weakening the UK's grip on Europe's capital markets, denting London's status as a hub for millions of deals each day. Key parts of the trading infrastructure for equities, sovereign debt and repo markets are setting up in the Netherlands and Italy. Banks are moving jobs to Paris and Frankfurt.
/on.ft.com/2qURUfR
London Gold Market Comes Clean: It's Not as Big as Thought
Eddie van der Walt, Rupert Rowling and Anna Edwards - Bloomberg
London's gold market owned up to the biggest secret in bullion: it's not as big as some thought and, for last week at least, smaller than New York's. An average of $36.9 billion of gold and $5.2 billion of silver changed hands each day in the city's over-the-counter market, including metal for delivery in Zurich, according to figures released for the first time on Tuesday by the London Bullion Market Association. Previous World Gold Council estimates, based on 2016 data, were between three and six times higher.
/goo.gl/xAsttZ
MAS & SGX on How Project Ubin is the Way of the Future for Blockchain Interoperability
Nasdaq.com
In addition to all the goings on, Nasdaq was part of an announcement by the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) around an exciting blockchain collaboration called Project Ubin.
bit.ly/2DxRgfX
The rise of 'quantamental' investing: where man and machine meet; Asset managers adopt new approach in era defined by automation, algorithms and big data
Robin Wigglesworth - FT
As soon as the financial crisis started to recede, Jordi Visser knew something had to change. Algorithms were starting to rule markets, and hedge funds like the one he managed were confronting a tougher era.
/on.ft.com/2qRTRtI
Pressure builds on regulators over crypto irregularities; Push for more oversight following $15bn crash in bitcoin and trading platform problems
Don Weinland, Emma Dunkley and Federica Cocco - FT
Pressure is building on regulators to increase their oversight of cryptocurrencies following a $15bn crash in bitcoin and irregularities at one of the world's largest virtual trading platforms.
/on.ft.com/2qWFG6v
Societe Generale to pay $1.4 billion to settle cases in the U.S.
Katanga Johnson, Karen Freifeld, Inti Landauro - Reuters
French banking giant Societe Generale on Monday agreed to pay U.S. federal and state authorities $1.4 billion to resolve pending legal disputes.
/reut.rs/2QWwOZY
Bitcoin plunges 16% to $4,200, a new low for the year
Kate Rooney - CNBC
The digital currency hit its lowest point since September 2017, and it is now down roughly 30 percent for the week. Bitcoin had been trading in a relatively narrow range for most of October, around $6,400, as the rest of global markets sold off. "Markets around the world are fragile, and panic and sentiment are playing a disproportionate role right now," Fundstrat's Tom Lee says. "Does this mean bitcoin is broken? No. The use case is still there, but in the short term, panics are panics."
/goo.gl/dAeFSG
****Bloomberg on the plunge here.
Danske whistleblower says big European bank handled $150 billion in payments
Teis Jensen, Jacob Gronholt-Pedersen - Reuters
The whistleblower who revealed alleged money laundering involving Danske Bank said on Monday that a major European bank helped process up to $150 billion in suspicious payments, or nearly two-thirds of the transactions under scrutiny.
/goo.gl/3J4fYi
CFTC Approves a Final Rule to Amend Uncleared Swap Margin Requirements
CFTC
The Commodity Futures Trading Commission (CFTC) announced today that it has approved a final rule to amend its uncleared swap margin requirements (CFTC Margin Rule) to better align with certain rules (QFC Rules) adopted by the Board of Governors of the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) that impose restrictions on certain qualified financial contracts.
/goo.gl/nwN85e
****For CFTC Chairman Giancarlo's statement go here.
Cyborg supervision - the application of advanced analytics in prudential supervision
James Proudman, UK Deposit Takers Supervision - Bank of England
Recognising faces comes instinctively to humans. Until fairly recently, however, it proved beyond the ability of computers. Advances in artificial intelligence (AI) - the use of a machine to simulate human behaviour - and its subset, machine learning (ML) - in which a machine teaches itself to perform tasks - are now making facial recognition software much more widely available. You might even use it to access your bank account.
bit.ly/2QRYrDz
Measuring uncertainty helps investors navigate risk; Researchers are developing new ways to gauge volatility far beyond financial markets
Howard R. Gold - Chicago Booth Review
When the United States and Mexico reached a new understanding about trade matters this past summer, renegotiating parts of the North American Free Trade Agreement, President Donald Trump cheered. Others had questions: How would the deal affect the US auto industry? How would it affect consumers? What would it mean for recent tariff hikes on steel and aluminum imports? You could almost hear executives across the continent reaching for antacids.
/goo.gl/HwV3Xj
May's Brexit Deal Has a Fatal Defect; The agreement makes Britain a perpetual subordinate.
Clive Crook - Bloomberg
Last week Theresa May unveiled her draft agreement with the European Union on the terms of Britain's exit. The reaction was exactly as expected. Remainers despaired because the deal is so much worse than staying in the union  which is true, of course. Leavers despaired because the deal is Brexit in name only  which is also true. But that was bound to happen, right? Whatever variant of the earlier much-derided Chequers plan May had brought the EU to accept, the response from both sides would have been exactly the same.
/bloom.bg/2qUPRsb
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Singapore Exchange to launch new iron ore swaps, futures Dec 3
S&P Global Platts
Singapore Exchange will launch new high grade iron ore swaps and futures contracts on December 3, SGX confirmed Tuesday, referencing Fastmarkets MB.
bit.ly/2Dyuu7N
MW18: Freight Futures will launch on the Nodal Exchange March 29
FreightWaves
During the conversation, Fuller announced that the Freight Futures ExchangeÂin partnership with Nodal Exchange and DATÂwould open on March 29, 2019.
bit.ly/2DysZX4
Indonesia May Soon Have a Blockchain-based Futures Exchange
LIivebitcoinnews.com
Indonesia is the latest country that looks set to benefit from blockchain technology. Its Jakarta Futures Exchange is partnering with two Australian platforms to develop a more secure and efficient financial solution.
bit.ly/2DzhfU9
SGX sets out guidelines for initial coin offerings
Singapore Business Review
The Singapore Exchange (SGX) has laid out guidelines for listed companies considering conducting initial coin offerings (ICO) given the growing popularity of the fundraising method. -
An ICO is when a firm makes an offer of digital tokens or coins to investors that are paid for either with fiat currencies or other cryptocurrencies.
bit.ly/2DAyODE
Deutsche Boerse's Clearstream Posts Flat Volumes for October
Aziz Abdel-Qader - Finance Magnates
Clearstream, a provider of post-trade services for financial services participants, has reported its aggregated operational metrics for October 2018, which showed a mixed performance when weighed against its counterparts a year ago, though specific segments did undergo healthy growth.
bit.ly/2QRFMrv
Nasdaq Nordic members face fresh capital demand if make Brexit switch
Lefteris Karagiannopoulos - Reuters
Nasdaq's Nordic clearing house will calculate additional risk-related capital requirements for trading members that move their accounts and positions from Britain to the European Union because of Brexit, the exchange said on Monday.
/reut.rs/2qXwmPW
LSE moves euro government bond trading from London to Italy ahead of Brexit
Reuters
The London Stock Exchange said on Monday it will move its European government bond trading from London to Italy in time for Britain's exit from the European Union next March.
/reut.rs/2qUaTHo
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Disrupting the Order Management Landscape
Jason Shaffer - Trading Technologies Blog
At this year's FIA Expo, we made the exciting announcement that we are launching a full service order management system called TT OMS. For years now, we have been describing at length how the TT platform has re-imagined and redefined what a professional trading system is capable of. Offering a full-service OMS allows us to deploy our disruptive technology to provide a very compelling alternative to a segment of customers in need of a trustworthy partner who can deliver the level of service for which TT is known.
bit.ly/2QWpEFl
The Chip Industry Can't Seem to Escape Its Boom-and-Bust Past
Robert Cyran - NY Times
The chip industry's new paradigm looks like the old one.
As cutting-edge semiconductors got harder to make and demand boomed from new fields like bitcoin mining, the world's top processor manufacturers seemed invulnerable. But shrinking sales forecasts from Nvidia and Applied Materials show that companies are as prone as ever to economic cycles and excess inventory.
/nyti.ms/2QXMbkY
US considers export controls on AI and other new tech; Restrictions applied to weaponry could be extended as trade war with China intensifies
James Politi in Washington - FT
The Trump administration is considering curbs on exports of advanced technologies ranging from artificial intelligence to robotics, as it seeks new means to protect American leadership in innovation from Chinese competition. On Monday, the commerce department said it was seeking public comment by December 19 on "whether there are certain emerging technologies that are essential to the national security of the US".
/on.ft.com/2qXS3PW
Eventus Systems Named to Global RegTech 100 for 2019
List Identifies the Most Innovative Technology Solution Providers Addressing Regulatory Issues in Financial Services
Specialist research firm RegTech Analyst has just named Eventus Systems, Inc., a provider of regulatory technology software solutions for the capital markets, to its global RegTech 100 list for 2019, recognizing the pioneering companies transforming compliance, risk management and cybersecurity.
/goo.gl/rHo9K4
Goldman Sachs' big bet on the future of Wall Street had a rocky start. Here's the inside story of the bank's struggle to grow its next business and an exclusive look at its plans
Dakin Campbell - Business Insider
It was early 2017, and Marquee, a trading and risk-management platform in which the firm had invested millions with the hopes of turning it into its next big business, was struggling to gain momentum.
/read.bi/2qYfZCJ
CloudQuant Partners with RavenPack to Expand Use of Alternative Data
CloudQuant
CloudQuant LLC today announced the addition of RavenPack analytics within their trading strategy incubator. Crowd researchers can now use RavenPack historical data to discover tradable alpha signals on CloudQuant's online Python and JupyterLab-based tools.
/goo.gl/dvUpGW
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Bulls Who Lived by This Metric Now Dive With It; A gauge based on transactions shows the digital currency should drop even more.
Stephen Gandel - Bloomberg
Bitcoin bulls are going to need a new reason to buy. The gauge that many said they were relying on suggests the price, even after falling below $5,000 for the first time in more than a year on Monday, has even further to drop, perhaps a lot.
/bloom.bg/2qVFVic
Jamie Dimon Vindicated? Bitcoin's Back to Where He Cried 'Fraud'
Michael Patterson - Bloomberg
Maybe Jamie Dimon was right after all. In September 2017, the JPMorgan Chase & Co. chief executive officer famously called Bitcoin a "fraud" and threatened to fire any employee caught trading it. While the cryptocurrency briefly fell on his remarks, it went on to rally more than fourfold in three months as crypto-mania swept the globe. Dimon became a favorite punching bag for Bitcoin bulls, even after saying later that he regretted the comments and that he believes in the digital asset's underlying blockchain technology.
/bloom.bg/2qUnuKO
Bitcoin Rout Marks Third-Biggest Selloff in Crypto History
Eddie van der Walt - Bloomberg
Reversal is worst since fallout from Mt. Gox 2014 bankruptcy; Losses snowballed after coin plunged through $6,000 support
Bitcoin's woes continued with its selloff now the third-biggest it has ever faced. The oldest cryptocurrency plunged as much as 78 percent from its intraday high of $19,666 in December, according to data from exchange Bitstamp. That makes it the biggest retracement since the fallout from the Mt. Gox bankruptcy in 2014 and a dip in 2011 when it was trading below $50.
/bloom.bg/2qVGZTe
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| Politics | | An overview of politics as it relates to the financial markets | Elizabeth Warren Throws Down the Gauntlet on Leveraged Loans
Brian Chappatta - Bloomberg
It seemed like only a matter of time before Senator Elizabeth Warren of Massachusetts, one of the fiercest Wall Street critics on Capitol Hill, joined the fray over potential risks in U.S. leveraged loans. She didn't disappoint, blasting the $1.3 trillion market in a letter to regulators as a repeat of the subprime mortgage crisis that nearly toppled the financial system a decade ago.
/bloom.bg/2QWu92C
China's Biggest Problem Isn't Trump. It's China.; Long before the trade war heated up, Beijing started cooling off its own economy.
Mark Gongloff - Bloomberg
For all the tariffs and threats President Donald Trump hurls at China, they're not nearly as harmful as what China throws at itself.
/bloom.bg/2qTfObK
Trump Threatens High-Tech Export Curbs in Latest Swipe at China
Sarah Wells - Bloomberg
Move may affect Apple, Amazon, IBM, Washington Post reports; Chinese surveillance stocks slide in Tuesday trading
The Trump administration is considering tighter curbs on technology exports, a step that Deutsche Bank AG says would have a "profound and long lasting adverse impact" on relations between the U.S. and China.
/bloom.bg/2qU9XCS
Brexit shows why CEOs cannot be political leaders; Business has finally taken a position, but they are not democratically accountable
Michael Skapinker - FT
After staying largely quiet during the Brexit referendum, the UK's business leaders have finally taken a position: they are backing prime minister Theresa May and the EU's withdrawal agreement.
/on.ft.com/2qYgSLz
'Extremely Weak': A Pro-Brexit Bastion Takes Dim View of May's Deal; In the town of Stoke-on-Trent, many residents see the prime minister's compromise arrangement for leaving the EU as a betrayal of the 2016 'yes' vote
Donato Paolo Mancini - WSJ
In June 2016, nearly 70% of residents in this town in the English Midlands voted for the U.K. to end its membership in the European Union, making their post-industrial town a bastion of anti-EU sentiment.
/on.wsj.com/2qXy5oe
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Ex-UBS Compliance Officer Used Burner Phone to Make Club Dates
Franz Wild - Bloomberg
Fabiana Abdel-Malek begins defense in insider-trading trial; Defendant said her family friend suggested using burner phone
A former UBS Group AG compliance officer charged with insider trading told a London court that she started using a burner phone to call a day trader as a way to keep in touch and go out clubbing.
/bloom.bg/2QY0t4X
CFTC Vacates SEF Registration Upon Request of GTX SEF, LLC
CFTC
The Commodity Futures Trading Commission (CFTC) announced today that it issued an order vacating the swap execution facility (SEF) registration of GTX SEF, LLC (GTX SEF). The order was issued at the request of GTX SEF. The CFTC granted GTX SEF registration as a SEF on May 26, 2016.
/goo.gl/L5TsDQ
CFTC Commissioner Dan Berkovitz Announces Staff Appointments
CFTC
Commodity Futures Trading Commission (CFTC) Commissioner Dan Berkovitz announced that Erik Remmler will serve as Chief of Staff and Lucy Hynes will serve as Special Counsel.
bit.ly/2FtnJGI
Singapore authorities launch probe into Noble Group; Commodity trader under investigation over suspected false financial statements
Stefania Palma, Neil Hume and David Sheppard - FT
Singapore authorities have launched an "unprecedented" investigation into suspected false and misleading statements at Noble Group, the commodity trader trying to push through a $3.5bn debt restructuring to stave off collapse.
/on.ft.com/2qYRwNn
SocGen laundered nearly $13B to Cuban terrorist groups: DOJ
Kevin Dugan - NY Post
A major European bank laundered nearly $13 billion in transactions from Cuba and state terrorism sponsors for 10 years as part of a scheme to evade US financial sanctions, according to a $1.34 billion settlement with the Department of Justice announced Monday.
/nyp.st/2qYiKE5
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Vitol's first-half profits tumble as volatile energy markets bite
Neil Hume and David Sheppard - Financial Times
Vitol suffered a sharp drop in profits during the first six months of 2018 as the world's biggest independent oil trader struggled with volatile energy markets and tough trading conditions.
/on.ft.com/2QWxVZE
The market right now doesn't care how fantastic your stocks are; In the short run, good decisions don't always produce lucrative results
Vitaliy Katsenelson - MarketWatch
The Roman philosopher Seneca wasn't talking about the stock market when he wrote that "Time discovers truth," but he could have been. In the long run a stock price will reflect a company's (true) intrinsic value. In the short run the pricing is basically random. Here are two real-life examples.
/on.mktw.net/2qY3vuO
Asset Managers Are Drowning Not Waving; Profits have been flattered by rising markets. With markets lackluster this year, expect mid-sized firms to struggle most.
Mark Gilbert - Bloomberg
It's only when the tide goes out that you find out who's been swimming in the nude, billionaire investor Warren Buffett famously opined. And as the bull market in global stocks starts to ebb, asset management companies will find themselves dangerously exposed - with medium-sized firms the most at risk of finding themselves naked and shivering on the beach.
/bloom.bg/2qUOlqf
Volatile stock market spooking some older workers, retirees
Andrew Soergel - AP
The recent turbulence in the U.S. stock markets is spooking some older workers and retirees, a group that was hit particularly hard during the most recent financial crisis.
bit.ly/2qYfkRL
Goldman Says It's Time for Equity Investors to Boost Their Cash
Divya Balji and Joanna Ossinger - Bloomberg
Base case sees a modest 5% gain in S&P 500 Index next year; Goldman's downside case has the S&P 500 down 7% by end-2019
Stock investors have had a great run in recent years, but with cash now offering positive inflation-adjusted returns, it may be wise to dial back on risk, according to Goldman Sachs Group Inc.
/bloom.bg/2qXx5R0
Credit Set for Worst Year Since 2008 as Crashes Roil Market
Tasos Vossos - Bloomberg
High-yield and high-grade notes face losses in euros, dollars; Market pessimism fanned by shocks including GE, Ghosn arrest
Credit markets are set for the worst year since the global financial crisis as investors abandon hope of a late-2018 rally.
/bloom.bg/2qXx5AE
Limit dual-class share structures rather than shun them; Banning groups like Snap and Dropbox from stock indices only hurts ordinary investors
Scott Kupor - FT
A fight is raging between chief executives and big investors over "dual" (or multi) class share structures, which give disproportionate voting rights to corporate founders and leaders at companies including Google, Facebook, Dropbox and Snap.
/on.ft.com/2r4lHTL
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank was correspondent bank for Danske Bank in Estonia - spokesman
Reuters
Deutsche Bank processed payments for Danske Bank in Estonia but ended the relationship in 2015 after it found suspicious activity, a spokesman for the German lender said on Monday.
/reut.rs/2QW6lf0
Barclays not liable to buyers of U.S. IPO before 2008 crisis: appeals court
Jonathan Stempel - Reuters
Barclays Plc (BARC.L) is not liable to investors who bought its U.S.-listed stock a few months before the 2008 financial crisis and accused the British bank of hiding its risky debt exposure and a capital shortfall, a U.S. court ruled on Monday.
/reut.rs/2qVDmg0
Regulator says UBS Securities Australia Ltd fined for improper buy-backs
Reuters
UBS Group AG's (UBSG.S) Australian unit was fined A$120,000 ($87,552) after the Markets Disciplinary Panel found that certain buy-backs were not in the ordinary course of trading, the Australian corporate watchdog said on Tuesday.
/reut.rs/2qXwgYA
Warburg Pincus plans to raise up to $4 billion for new China fund: sources
Julie Zhu - Reuters
Warburg Pincus LLC is looking to raise its second China-focused private equity fund of up to $4 billion, giving the U.S. investment firm more firepower to cut deals in the world's second-largest economy, sources told Reuters.
/reut.rs/2qUPpKv
Some Merrill Brokers Say Pay Plan Urges More Customer Debt; Financial advisers have complained that the pay structure pits them against their clients
Lisa Beilfuss - WSJ
Some brokers at Merrill Lynch are pushing back against a compensation plan they claim rewards them for increasing debt their clients take on and in some cases can punish them for reducing it.
/on.wsj.com/2qYTkG9
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Cashew traders scramble after Tanzanian government intervention; Prices jump as president orders army to buy country's entire harvest
Tom Wilson and Emiko Terazono - FT
Cashew prices have jumped after John Magufuli, Tanzania's president, ordered the army to buy the country's entire 2018 cashew nut harvest.
/on.ft.com/2qXvLh0
Could Italian private wealth compensate for flight of foreign bond-holders?
Jan Mazza and Silvia Merler - Bruegel
Italy's deputy prime minister Matteo Salvini is "convinced" that Italians can help out their government, in the face of a widening yield spread between German and Italian government bonds. The authors assess the feasibility of recourse to household wealth in Italy, and estimate the relative importance of foreign debt-holders in the upcoming bond redemptions.
/goo.gl/6R3EKf
How China Walled Off the Internet
Raymond Zhong - NY Times
Today, China has the world's only internet companies that can match America's in ambition and reach. It is years ahead of the United States in replacing paper money with smartphone payments, turning tech giants into vital gatekeepers of the consumer economy. And it is host to a supernova of creative expression - in short videos, podcasts, blogs and streaming TV - that ought to dispel any notions of Chinese culture as drearily conformist.
/goo.gl/hC1bfF
Google: Southeast Asia's digital economy is surging; It's on track to reach $240 billion by 2025.
Saqib Shah - Engadget
Google has begun looking beyond India to Southeast Asia for its "next billion" users. And its annual report on the region's internet economy gives us an insight as to why it's so crucial to the web giant. Home to 650 million people, Google projects Southeast Asia's digital economy will triple in size to $240 billion in the next seven years.
/goo.gl/Z5zqyV
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Spain rocks the boat with demand for Brexit veto over Gibraltar
Bruno Waterfield and Graham Keeley - The Times
Spain has threatened to reject the Brexit withdrawal agreement unless the European Union gives Madrid a guaranteed veto over a future trade deal between Britain and Europe.
bit.ly/2QT0iba
Brexit 'Queues at Dover' Can't Be Solved by Bank of England
Catherine Bosley and Anurag Kotoky - Bloomberg
The Bank of England can't do much to counter economic damage from supply problems if Britain exits the European Union without a comprehensive agreement, policy makers said.
/bloom.bg/2qUnsTc
Mark Carney backs Theresa May's Brexit deal; Bank of England governor says agree would support investment and increase certainty for business
Chris Giles, Economics Editor - FT
Mark Carney backed Theresa May's draft Brexit deal on Tuesday, telling MPs that it would "support investment" and would increase certainty for business.
/on.ft.com/2qTilTi
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| Miscellaneous | | Stories that don't quite fit under the other sections | Too Many Bosses Means Too Little Time; Workers complain that reporting to more than one leader creates conflicting directives
Lauren Weber and Lynn Cook - WSJ
Who's the boss? Many workers say they have more than one, and that's causing frustration and confusion in the office. More than two-thirds of employees around the world say they have to consult with more than one boss to get their jobs done, according to a Gartner Inc. IT -1.23% survey, and nearly as many waste significant amounts of time waiting for guidance from senior leaders. The lack of clear goals has caused some employees to try to manage their managers.
/on.wsj.com/2r4iZh3
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