| August 04, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
The U.S. Senate has unanimously confirmed Chris Giancarlo as Chairman, Quintenz and Behnam as Commissioners.~JJL
The latest in Asia Pacific Financial News from John Lothian News for August 3, 2017 is available here
Trade Alert President Henry Schwartz's talk is today's video from MarketsWiki Education. The other videos we have released so far are Everyone Can't Be the Best from former NYSE Euronext CEO Duncan Niederauer, The Concept of Basis from Gregg Doud, president of the Commodity Markets Council, and The State of Today's Markets: Issues and Opportunities from Tabb Group founder Larry Tabb. ~SD
I penned a blog about recent options exchange activity in light of the BOX floor approval - BOXing: Let the Bodies Hit the (Options) Floor. ~SD
Put this on your calendar. Rosenblatt's 9th Annual Financial Technologies Summit is a day of insightful discussions and excellent networking opportunities and is scheduled for Thursday, September 21, 2017, 7:30am-12:30pm at Convene Conference Center in New York.~JJL
Thank you to RSM for a wet and wild customer outing at Wrigley Field yesterday for the Chicago Cubs game.~JJL
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Oxford and Cambridge Struggle to Hire EU Talent Thanks to Brexit
Alex Morales - Bloomberg
Top U.K. universities seek clarity over EU citizens' rights; Russell Group makes 10 proposals to minimize uncertainty
The U.K.'s top universities say they are struggling to hire talented European Union academics and it's the fault of Brexit. So they put down 10 proposals for Prime Minister Theresa May.
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***** In portfolio terms, what would be better, a concentrated portfolio or one with more diversity?~JJL
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Making Sense of Options Order Flow - Henry Schwartz
Education.MarketsWiki.com
"There are four primary reasons people use options, and they tend to attract the smartest, the most well capitalized and most informed traders out there. Basically, dumb people lose their money trading options so quickly, they're not really out there anymore."
In this video from MarketsWiki Education's World of Opportunity event in New York, Henry Schwartz, president of Trade Alert LLC, breaks down the four primary reasons people trade options: leverage, defined risk, flexibility and liquidity. Schwartz then delves into a wealth of data to show what kind of information can be gleaned from the 1.1 million options trades happening every day.
Read the rest and watch the video »
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Parts of Asia May Be Too Hot for People by 2100; Unless carbon emissions are curtailed, climate change may expose 1.5 billion people in South Asia to potentially lethal heat and humidity in the near future.
Stephen Leahy - National Geographic
South Asia, where one-fifth of the world's people live, could face summer heat waves that are impossible to survive without protection, thanks to global warming, new research suggests. Hardest hit regions are in northern India, Bangladesh, and southern Pakistan, home to 1.5 billion people. These are also among the poorest regions in South Asia. Many are dependent on subsistence farming that requires long hours of hard outdoor labor.
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****** I will be dust by then, so probably part of the problem.~JJL
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Thursday's Top Three
Chicago options exchanges continue their news dominance. It is no surprise that yesterday's most clicked story was Chicago Is Getting a New Open Outcry Trading Floor followed by CBOE Teams Up With Winklevoss Twins for Bitcoin Data. Our third favorite from yesterday was a rare repeat offender that we first included on Wednesday, How Two Brothers Turned Seven Lines of Code Into a $9.2 Billion Startup
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MarketsWiki Stats
105,519,897 pages viewed; 22,659 pages; 207,567 edits
MarketsWiki Statistics
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| Lead Stories | Senate votes to confirm slate of three CFTC commissioners
Sarah N. Lynch - Reuters
The U.S. Senate voted on Thursday to confirm two Republicans and one Democrat to serve on the Commodity Futures Trading Commission, the top U.S derivatives regulator.
/goo.gl/3S2Ki8
Bats fires up debate over NYSE and Nasdaq closing auctions; Proposal to SEC raises objections from incumbents over disruption
Nicole Bullock in New York - FT
Bats, a unit of the Chicago Board Options Exchange, is hitting back at opponents of its efforts to create an alternative to the closing auctions run by rivals New York Stock Exchange and Nasdaq in what is shaping up to be a sharp industry debate.
/goo.gl/u2br6W
LSE's New Brexit Plan to Protect London Financial-Hub Status
Joe Easton and Will Hadfield - Bloomberg
LSE aims to prevent policies that will fragment markets; Clearing has become a key battleground after Brexit vote
London Stock Exchange Group Plc has set up a Brexit strategy to advise policy makers on how to protect London as a financial hub and prevent the divorce shattering financial-market infrastructure.
/goo.gl/8eEgrx
Paul Singer Says Passive Investing Is 'Devouring Capitalism'
Simone Foxman - Bloomberg
Billionaire Paul Singer is warning of a growing and menacing threat: passive investing. "Passive investing is in danger of devouring capitalism," Singer wrote in his firm's second-quarter letter dated July 27. "What may have been a clever idea in its infancy has grown into a blob which is destructive to the growth-creating and consensus-building prospects of free market capitalism."
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How the bond industry changed, 15 years after the first fixed-income ETF
Ryan Vlastelica - MarketWatch
The rise of exchange-traded funds from niche product into a dominant market vehicle has upended Wall Street, accelerating the move into passive investing and leading a drop in fund fees, a shift that shows no sign of stopping. But nowhere has their impact been felt more acutely than in the fixed-income market.
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NSEL scam: Jignesh Shah denies violation of Sebi rules; alleges conspiracy; I stand tall, no agency has found anything against me, he said in the press conference
Business Standard
Embattled businessman Jignesh Shah on Friday denied any violation of insider trading norms following Sebi order against 13 entities, including his relatives, with regard to trading in shares of MCX and erstwhile FTIL even as he alleged "conspiracy" against him.
/goo.gl/34Xmkt
The Oil Trader Known as 'God' Is Closing Down His Main Hedge Fund
Nishant Kumar, Javier Blas and Suzy Waite - Bloomberg
Renowned investor Andy Hall is said to close Astenbeck fund; His wrong-way bet on crude prices led to losses this year
Andy Hall, the oil trader sometimes known in markets as "God," is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter.
jlne.ws/2vx7DWP
America's upstart stock exchange slams NYSE and Nasdaq for being 'hypocritical'
Matt Turner - Business Insider
There's a two-on-two rumble taking place amongst America's stock exchanges to decide how the trading day ends.
/goo.gl/VNLXFq
No, Mutual Funds Aren't "Dumb Money" Startup Investors
Erin Griffith - Fortune
After we wrote about mutual fund markdowns to Uber's share price, a few readers wrote in asking how mutual funds determine their markdowns.
/goo.gl/2YJ84y
Virtu Financial closes KCG's European prop trading business; US group plans to keep London office following its $1.4bn takeover of its rival
Philip Stafford in London and Nicole Bullock in New York - FT
Virtu Financial is closing the London proprietary trading businesses of KCG Holdings following its $1.4bn takeover of its rival, but will retain a team in the City to build more customer business.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CBOE Holdings Reports Second-Quarter 2017 Results
CBOE
Second-Quarter 2017 Highlights; GAAP Revenue Less Cost of Revenue of $266.9 Million, up 85 Percent, Reflects the Bats Acquisition
/goo.gl/oG85HP
CBOE Holdings Reports July 2017 Trading Volume
CBOE
CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE) today reported July monthly trading volume and average revenue per contract (RPC)/net revenue capture data at www.cboe.com/monthlyvolrpc.
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Bats takes a swing at NYSE and Nasdaq in closing auctions spat
John McCrank - Reuters
Bats, the CBOE Holdings Inc-owned (CBOE.O) exchange operator, lambasted the New York Stock Exchange and Nasdaq Inc (NDAQ.O) over their criticism of a Bats plan to compete for end-of-day stock orders, calling it disingenuous in a letter to regulators.
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Coinbase investor says the platform might reverse its bitcoin cash ban in the next few days
Becky Peterson - Business Insider
Coinbase has spent much of this week in the weeds over its decision not to accept the newly minted digital currency bitcoin cash. But the company could reverse that decision in the next few days, an investor told Business Insider.
jlne.ws/2vxlWKW
Changes of Designated Securities for Short Selling
HKEX
The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announces that with effect from 11 August 2017 (Friday), 42 additional securities will be eligible for short selling and 47 existing designated securities will be removed from the list. The total number of designated securities for short selling will be 934 after the revision.
/goo.gl/AYnKF4
TMX Group - Consolidated Market Statistics January 2010
TMX
TMX Group Limited today announced July 2017 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), Montréal Exchange (MX) and NGX
/goo.gl/UsQok9
Options Exchange in Chicago gains approval for open-outcry trading floor; Boston Options Exchange will open trading floor in Chicago after US financial authority approves plans.
Hayley McDowell - The Trade
An options exchange has gained regulatory authority to establish an open-outcry trading floor in Chicago, seemingly reviving the traditional method of floor broking.
/goo.gl/MNiYLk
MSE to conduct mock trading session DR site on Saturday; This monthly mock trading session will be held from the Disaster Recovery (DR) site of the exchange in New Delhi, as a periodical exercise to check the preparedness of the DR site to face any eventuality
Outlook India
Metropolitan Stock Exchange of India (MSE) today said it will conduct mock trading session in all the segments on Saturday, August 5.
/goo.gl/MYUZpu
Euronext announces volumes for July 2017
Euronext
Euronext, the leading pan-European exchange in the Eurozone, today announced trading volumes for July 2017.
/goo.gl/rRto6o
Single Stock Futures: Introduction of three Single Stock Futures; Single Stock Dividend Futures: Introduction of one Single Stock Dividend Future
Eurex
The Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG took the following decision with effect from 10 August 2017:
/goo.gl/s2UTFw
TOCOM July Volume Averaged 111,539 Contracts for the Month, Up 15.9%
TOCOM
The Tokyo Commodity Exchange announced today that July 2017 daily average volume was 111,540 contracts, up 15.9% from June. Volume increased for TOCOM's most active contracts, including Dubai Crude Oil, which rose 45.9% to 30,598 contracts. Gold Standard was up 12.8% to 29,523 contracts. These gains overcame weakness for contracts including Rubber, which was down 5.1% to 7,957 contracts.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Bloomberg testing use of image recognition in volatility trading; Computers could be used to spot kinks in volatility surfaces
Sebastian Day - Risk.net
Researchers at Bloomberg are exploring ways to apply an image-recognition technique used by firms such as Facebook and Google to options and volatility trading.
/goo.gl/ph3EUF
S3 Partners adds Black App to Thomson Reuters Eikon App Studio
Institutional Investor
The app delivers real-time short interest, market- standard borrow and loan rates, and predictive analytics that identify trading and portfolio- finance opportunities on 28,000+ public equities, indices and ETFs globally.
/goo.gl/BPXgan
Eze Software To Host 2017 Eze Advance Conference Oct. 22-25 in Orlando, Fla.
Finanznachrichten.de
Eze Software, a global leading provider of investment technology, will be holding its 2017 Eze Advance global conference at the Four Seasons Resort in Orlando, Fla., on Oct 22-25. More than 250 investment professionals from all over North America, EMEA and APAC attended the 2016 event. This year's event will offer more than 25 sessions, panels, feature showcases and roundtable discussions on investment technology and managing regulatory compliance over the course of three days, including one-on-one training with Eze Software product experts.
/goo.gl/k3t71Q
Buy-Side IT Spending Trends: Cloud as an Enabler for Digital Transformation
Chirag Shah, Sapient Global Markets via TABB Forum
As pressure heats up to increase margins and achieve greater revenue, firms are moving away from compliance technology investments toward more innovative approaches. As financial institutions undergo radical digital transformation, many are shifting their focus to integrating big data analytics, public cloud solutions, visualization tools and AI.
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| Politics | | An overview of politics as it relates to the financial markets | U.K. Voters Are Still Worrying About Brexit; Theresa May didn't think Britons cared much about the terms of an EU divorce. A study of her June election debacle proves her wrong.
Therese Raphael - Bloomberg
The best thing to do with mistakes is learn from them. So as part of her vacation reading, U.K. Prime Minister Theresa May might want to glance at the just-released British Election Study showing what was foremost on voters' minds as they cast ballots in the 2017 general election: Brexit
/goo.gl/ouPQeu
Special Counsel Robert Mueller Impanels Washington Grand Jury in Russia Probe; Expansion beyond Flynn grand jury is a sign the investigation in election meddling is ramping up
Del Quentin Wilber and Byron Tau - WSJ
Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate Russia's interference in the 2016 elections, a sign that his inquiry is growing in intensity and entering a new phase, according to people familiar with the matter.
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'That doesn't just happen!' Trump takes credit for massive stock market leap even though the uptick strated years ago and Obama's second-term boom was much larger
David Martosko - Dailymail.com
President Donald Trump took credit on Thursday for a series of record highs in the U.S. stock market, ignoring his past claims that the market was in an unsustainable 'bubble.'
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | U.S. Senate Unanimously Confirms Giancarlo as Chairman, Quintenz and Behnam as Commissioners
US CFTC
The U.S. Senate today voted unanimously to confirm the nomination of J. Christopher Giancarlo as Chairman for the U.S. Commodity Futures Trading Commission. In addition, Brian D. Quintenz and Rostin Behnam were unanimously confirmed as Commissioners. Giancarlo has served as Acting Chairman since January. Giancarlo issued the following statement regarding his confirmation:
/goo.gl/x4aWyW
Senate Confirms Giancarlo as CFTC Chairman and Two Commissioners; Lawmakers approve Republican Brian Quintenz and Democrat Russ Behnam as commissioners
By Gabriel T. Rubin - WSJ
The Senate confirmed J. Christopher Giancarlo as chairman of the Commodity Futures Trading Commission on Thursday and approved two commissionersÂone Republican and one Democrat.
/goo.gl/MU5h3r
Statement of CFTC Commissioner Sharon Y. Bowen on the Confirmation of J. Christopher Giancarlo as Chairman
CFTC
CFTC Commissioner Sharon Y. Bowen today released the following statement after the Senate confirmation vote of J. Christopher Giancarlo as Chairman:
/goo.gl/LThMVz
Statement of CFTC Commissioner Sharon Y. Bowen on the Confirmation Russ Behnam and Brian Quintenz as CFTC Commissioners
CFTC
CFTC Commissioner Sharon Y. Bowen today released the following statement after the Senate confirmation vote of Russ Behnam and Brian Quintenz as CFTC Commissioners:
/goo.gl/dcqtqj
Senate confirms key financial nominees before summer recess
BY SYLVAN LANE - The Hill
The Senate confirmed on Wednesday 10 Trump administration financial regulatory appointments, including the chairman of the Commodity Futures Trading Commission (CFTC) and key Treasury Department aides.
/goo.gl/2Z9jXU
JPMorgan Chase Ordered to Pay $4.6 Million Over Checking Account Reports
Lisa Marie Segarra - Fortune
The United States Consumer Financial Protection Bureau (CFPB) has ordered JPMorgan Chase (JPM, -0.66%) to pay $4.6 million after the company failed to provide accurate screening reports.
/goo.gl/wMgRfq
The U.K. Doesn't Want a Steven Cohen-Run Hedge Fund in London
Geoffrey Smith - Fortune
Britain isn't buying Steven Cohen's attempts to get back into the hedge fund business.
/goo.gl/uMkbae
Looser dark-pool trading caps would still fit - FCA paper; New EU market rulebook Mifid II is set to cap dark-pool trading at 8% next year, but academics say 15% would cause no problems
Samuel Agini - Financial News
EU regulators could allow almost twice as much trading to take place in off-market venues known as "dark pools" without any ill-effects to public markets, according to the latest academic thinking.
/goo.gl/HkzCN6
Mistry vs Ratan Tata: 3 allegations by ex-Tata Sons chairman before Sebi; Sebi has not seen much merit in Mistry's allegations against Ratan Tata and the Tata Group
Business Standard
The Securities and Exchange Board of India (Sebi) has not seen much merit in the allegations made by former Tata Sons chairman Cyrus Mistry against Tata group flagship companies and Chairman Emeritus Ratan Tata. (Read more) After his ouster, Mistry had shot a letter to Sebi flagging various lapses at Tata group listed companies.
/goo.gl/bw5Tyz
FCA's Libor plans a 'reality check' for loans, bonds, RMBS; Chair of US benchmark group says surprise announcement will push rate reform beyond swaps
Robert Mackenzie Smith - Risk.net
The decision by the UK markets regulator to end its official support of Libor after 2021 has widened the scope of products the US market will focus on replacing, says the chair of the US Alternative Reference Rate Committee (Arrc), Sandie O'Connor.
/goo.gl/fcpBhv
FINRA NTF Unavailable for ORF and ADF on August 7, 2017
FINRA
On Monday, August 7, 2017, the FINRA test facility (NTF) will be unavailable for testing the OTC Reporting Facility (ORF) and the Alternative Display Facility (ADF). Trade report testing via CTCI, FIX and the TRAQS Web application, API downloads and vendor feed dissemination from the test region will be affected.
/goo.gl/5YMEHA
Investment Management Director David W. Grim to Leave SEC
SEC
The Securities and Exchange Commission today announced that David W. Grim, Director of the Division of Investment Management, will leave the agency next month after more than 20 years of public service.
/goo.gl/Lufp5f
Four Brokers Fined for Violating Market Access Rules
John D'Antona Jr. - Traders Magazine
Pay - that's what. Four firms have been censured and fined a total of $4.75 million for violations of various provisions of Rule 15c3-5 of the Securities Exchange Act of 1934 otherwise known as the Market Access Rule 15c 3-5 and related exchange supervisory rules.
/goo.gl/2rxfmY
What's New on the FSA Website; Week of July 24 - July 28, 2017
FSA Japan
This page contains the latest in events, developments, and updates to the FSA website.
/goo.gl/MUYjWM
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors Flee When a Fund Manager Does. They Probably Shouldn't.
Daisy Maxey - WSJ
When mutual-fund managers depart, fearful investors often follow.
They probably shouldn't.
A new study by Morningstar Inc. MORN 0.49% examines the impact of the addition or departure of a portfolio manager on the performance of actively managed stock and bond funds domiciled in the U.S. in its database between January 2003 and December 2016.
jlne.ws/2vxahMj
'Abnormal' Stock Market Sparks Frenzy of Questions from AllianceBernstein Clients
By Felice Maranz - Bloomberg
Inquiries about the next market drop is what the firm hears; It's been a while: 56 weeks since the S&P 500 fell 5%
The longer the stock market goes up, the more clients of AllianceBernstein ask when it will go down.
/goo.gl/R98jrz
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | China blacklists nine HSBC mutual funds for IPO violations; Regulators target market corruption in share subscription process
Gabriel Wildau in Shanghai - FT
HSBC's China fund management venture has been punished for misconduct related to IPO subscriptions, as regulators proceed with a broad campaign against financial corruption.
/goo.gl/QZfXyb
RBS to expand Amsterdam base if there is a hard Brexit; State-backed bank swings to a second-quarter profit despite £342m charge
Emma Dunkley - FT
Royal Bank of Scotland will expand its Amsterdam office to serve customers in the EU if there is a hard Brexit, the bank announced as it reported a swing back into net profit in the second quarter.
/goo.gl/cndCre
RBS Investment Bank Income Jumps, Amsterdam Picked as EU Hub
Stephen Morris - Bloomberg
Bank in talks to secure EU trading base in case of hard Brexit; Lender reports net income swings to $894 million from loss
Royal Bank of Scotland Group Plc's better-than-expected performance in the second quarter came from an unexpected source: its investment bank.
/goo.gl/nPgq6K
Blankfein says he's confident Goldman will fix its trading woes
Bloomberg News
Lloyd Blankfein says he knows how to fix Goldman Sachs Group Inc.'s fixed-income business, and he's not panicking.
/goo.gl/jxeN4C
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Bond Market Is on a Comeback After Deleveraging Hit
Bloomberg News
Extra yield on China bonds is worth taking: AllianceBernstein; Deleveraging fears fade; CITIC Securities sees PBOC loosening
So much for the deleveraging scare. China's bond market is staging a comeback, with both domestic and foreign buyers lured by the nation's yields.
/goo.gl/e8wih7
China Tries to Calm U.S. Trade Spat While Readying Riposte
Bloomberg News
Commerce Ministry spokesman says China wants good cooperation; Soybean imports could be used as lever if U.S. escalates
China sought to stabilize the deteriorating trade relationship with the U.S., as the prospect of an investigation by the Trump administration on intellectual property raised the risk of tit-for-tat measures from Beijing.
/goo.gl/3gaURd
Exclusive: China regulators plan to crack down further on overseas deals
Kane Wu and Sumeet Chatterjee - Reuters
China plans to further tighten the screws on overseas acquisitions by Chinese companies and borrowing to fund those transactions, and has started closely scrutinizing the commercial aspects of the deals, three people familiar with the move said.
/goo.gl/ebDgJH
Global refiners brace themselves as China cements its oil market dominance
Jessica Jaganathan and Tom Daly - Reuters
China is on pace to overtake the United States as the world's biggest oil importer this year, cementing its status as Asia's most pivotal oil market actor that will increasingly dominate the region's fuel trade.
/goo.gl/8hZ8Z9
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | The long-term cost of uncertainty on Brexit; Businesses are slow to invest despite a strong external environment
FT
After a decade in which central bankers led the fightback from the global financial crisis, Mark Carney finds himself in a singular position. As the Bank of England governor acknowledged on Thursday, the "big, big macro decisions" in Britain's current environment do not lie with monetary policymakers. Everything depends on Brexit.
/goo.gl/QCFnKA
Brexit casts lengthy shadow over UK rate tightening outlook; Weaker pound and lower gilt yields after bank cuts growth expectations
Thomas Hale - FT
As investors try to calibrate which central bank will tighten policy next, the uncertainty over the country's divorce negotiations with the EU has pushed the Bank of England towards the back of the pack.
/goo.gl/VJiRnC
BOE Says Companies Need Clarity as Brexit Crimps Investment
Fergal O'Brien - Bloomberg
Deputy Governor Ben Broadbent says firms should be spending; Households are 'holding their nerve' in face of uncertainty
Bank of England Deputy Governor Ben Broadbent said the shadow of Brexit is holding back U.K. investment, even though the economy has all the right conditions in place for a pickup.
/goo.gl/gYyDk1
Don't relax rules on City after Brexit, Mark Carney warns; Bank of England governor predicts financial sector will thrive after Brexit but says there can be no return to the lax pre-2007 regime
Larry Elliott and Jill Treanor - The Guardian
The governor of the Bank of England has predicted that the financial sector could double in size to be 20 times as big as GDP within the next 25 years, but warned that the government must hold its nerve and resist pressure to water down regulation after Brexit.
/goo.gl/J1PnnB
Carney Sees U.K. Economy at Brexit's Mercy as Forecasts Cut
David Goodman and Jill Ward - Bloomberg
Governor says EU negotiations most important factor to outlook; Uncertainty set to weigh on decisions of households and firms
Mark Carney said Brexit is casting the biggest shadow over the U.K.'s economic outlook, as his confidence in an orderly departure from the European Union starts to fade.
/goo.gl/vDmKxa
Amsterdam attracts trading platforms for post-Brexit base
John Geddie - Reuters
Amsterdam, with some of the world's fastest data links and a history of high-frequency trading, on Thursday reaffirmed its allure to financial market platforms looking for a post-Brexit base in Europe when Tradeweb said it would move to the city.
/goo.gl/WbcWBS
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| Miscellaneous | | Stories that don't quite fit under the other sections | Pearson to Cut 3,000 Jobs, Dividend as Education Woes Remain
Joe Mayes - Bloomberg
Staff reductions part of CEO Fallon's cost-savings plan; CEO creating a leaner company focused on digital education
Pearson Plc made good on a pledge to cut costs, slashing 3,000 jobs and cutting its interim dividend to preserve cash as it works on a turnaround of its struggling education business.
/goo.gl/MfJdSw
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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