| May 29, 2018 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Fighting for Futures - help build a world without childhood brain tumors
May is Brain Tumor Awareness Month and the Futures Industry is teaming up to fight for one of their own and children with brain tumors. https://team.curethekids.org/fightingforfutures2018
Meet Beckett. Beckett is the son of Matthew and Millie Ryba. Becket is like most 7 year-olds except he has been battling a brain tumor since 2011. Millie works for the CME Group and Matthew used to work in banking until he left to stay at home full time to care for Beckett. Beckett is one of 28,000 children in the U.S. currently fighting a brain tumor. That's 13 families a day who receive the devastating diagnosis that their child has a brain tumor - the deadliest of all childhood cancers.
Fellow futures professional Julie DeMatteo, managing director, Asset Management at RJ Oasis, met the Ryba family and felt that more needed to be done. Fighting for Futures is the tagline for the Pediatric Brain Tumor Foundation (PBTF), the largest non-governmental funder of research for pediatric brain tumors. Julie currently sits on the Illinois Chapter Board for the PBTF and quickly made the connection to the industry and fighting for futures. The Futures Industry has always been very generous in support of their own and quickly found a way to support the Ryba family and families like them during Brain Tumor Awareness Month.
Donations to the PBTF can be made directly at the Fighting For Futures donation page - https://team.curethekids.org/fightingforfutures2018
There will also be a networking and fundraising event to support Fighting for Futures on Thursday, June 14th at Little Toasted, 300 S Riverside Plaza, Chicago, IL.
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Hits & Takes
JLN Staff
My grandfather, for whom I am named, celebrated his 18th birthday in a trench in France during World War I. His brother was killed in the war and is buried in France. Yesterday in the U.S. we remembered those who gave their lives in the service of the United States of America. Thank you to all who served and gave their lives in the defense of freedom. We remember you and thank you.~JJL
The Fintech conference of the day is WealthTech 2018 in Chicago. Some of our favorite people and companies are represented.~JJL
I am excited to head to London for IDX 2018, but not as excited as Eurex, it seems.~JJL
I am back from the National Meeting of the Boy Scouts of America. At the meeting from the readership of this newsletter was Scouter Keith Ross, chairman of CODA Markets.~JJL
Jamie Dimon of JP Morgan Chase and Jeff Sprecher of Intercontinental Exchange are among the list of the "World's Best CEOs," according to Barron's.~JJL
Nasdaq CEO Adena Friedman spoke to Intel Capital President Wendell Brooks about new technologies in fintech, IPOs and inclusion and diversity.~JJL
ICE Three Month SONIA Index futures will be available to trade this Friday June 1, offering market participants trading in new, alternative interest rates and more opportunities to trade the Sterling Curve.~JJL
Starbucks is shutting down all their U.S. stores this afternoon for racial bias training.~JJL
I suppose it was only a matter of time. Treatment centre for cryptocurrency addicts opens in the Scottish Borders.~JB
Bank of Mum and Dad 'feels the pinch'. Parents are parting with thousands of pounds to help their children get on the property ladder, but they can't afford to lend as much as they used to.~JB
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The Spread - Week of 5/21 to 5/25
JohnLothianNews.com
Reviews of "The Spread" are in!
"You look better in blue." - Host's mom
"I guess I like it - I just don't understand what you're talking about." - Old college friend
"I prefer the book." - Random millennial
"It's better than most other stuff." - Biased observer
Watch the video and see the stories referenced here »
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Fintech Exchange: Changing The Market Landscape
JLN
The fourth annual Fintech Exchange event was held in Chicago on April 25 -26, with an eye toward up-and-coming companies and exchanges, as well as what's new in the fintech space from established players. Here is a recap of the best of the two-day conference, hosted by Barchart, with speakers from start-up exchanges to Richard Sandor and Julie Armstrong. It also features the 90-minute lightning round in 90 seconds.
bit.ly/2setgbs
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AML; Suspicious Transactions; Disgorgement; Fake ICO
Gary DeWaal - Bridging the Week
The Securities and Exchange Commission and the Financial Industry Regulatory Authority collectively fined a broker-dealer over US $6.1 million for not having an anti-money laundering program reasonably designed to detect and report suspicious activities, and not reporting a number of questionable transactions. Separately, during a House of Representatives' committee appearance, the co-heads of the SEC's Division of Enforcement bemoaned recent time restrictions imposed on enforcement actions for disgorgement, while the SEC itself launched an initial coin offering that purposely was a fraud - but it was a very good fraud!
bit.ly/2slU20B
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Intercontinental Exchange Agrees to Acquire TMC Bonds ICE
Intercontinental Exchange today announced that it has entered into an agreement to acquire TMC Bonds LLC for $685 million in cash. The transaction is expected to close in the second half of 2018, subject to customary regulatory and anti-trust approvals, and is not expected to materially impact 2018 financial results or capital returns.
/jlne.ws/2GYQM0A
***** This TMC deal does not include acquiring the rights to the movie "It's a Wonderful Life."~JJL
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Friday's Top Three
Friday's top read pieces were led by the Wall Street Journal's U.S. Websites Go Dark in Europe as GDPR Data Rules Kick In about US news sites in Europe. Second went to the FT's coverage of an ICO to climb Mt. Everest in A crypto stunt gone tragically wrong. And third went to US banks can now expect a streamlined Volcker rule 2.0 from the
Financial Times.
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MarketsWiki Stats
126,814,060 pages viewed; 23,126 pages; 213,198 edits
MarketsWiki Statistics
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| Lead Stories | Singapore, India exchanges 'abandoning trade link talks'; Singapore's SGX and India's NSE are nowhere near negotiation table for a cross-border trading link: sources
Business Times
Singapore Exchange Ltd and National Stock Exchange of India Ltd have abandoned talks on a cross-border trading link, according to people familiar with the matter, amid a bitter court battle that's soured an 18-year partnership.
/jlne.ws/2smkA1H
Radical reform: Switzerland to vote on banking overhaul; Supporters promise the proposal will end boom-and-boost, but critics say it is a dangerous experiment
Ralph Atkins in Bern - FT
Early one recent sunny Friday morning, as many Swiss planned weekend hikes in the mountains, seven activists sprayed a slogan on hoardings near the Bern head office of Switzerland's central bank. "Please remember why we created you," it read in big red letters.
/jlne.ws/2smyHnN
Investors Bet $4 Billion on a Cryptocurrency Startup; Block.one's sale of its EOS digital tokens dwarfs other coin salesÂand most of this year's IPOs
Paul Vigna - WSJ
A start-up company based in the Cayman Islands is on track to raise more than $4 billion through a yearlong sale of digital tokensÂthe largest fundraising of its kind.
/jlne.ws/2H02Dez
Italy Woes Rock Global Assets as Traders Dump Risk: Markets Wrap
Samuel Potter - Bloomberg
Italian bonds plunge, euro slides as political risks mount; European stocks slump and U.S. futures fall; WTI extends drop
The escalating political crisis in Italy engulfed markets on Tuesday, triggering risk-off moves and a flight to safety worldwide. Treasuries rallied with core European debt as gold and the yen gained, while Italian bonds plunged and the euro retreated.
/jlne.ws/2H0YU0i
How Chicago's know-how will be key to crypto's growth
Lynne Marek - Crain's Chicago Business
Cryptocurrency trailblazers eager to expand their market are turning to Chicago's 170-year-old trading community for help. Chicago trading firms were early to the cryptocurrency market, and now their talent, technology and experience are propelling its growth.
/jlne.ws/2H32F5K
Italy Heads to New Vote With Europe as Campaign Faultline
John Follain - Bloomberg
Elections possible as early as the fall after populists fail; Cottarelli, 63, is a former executive director of IMF
Italian President Sergio Mattarella asked economist Carlo Cottarelli to form a government with new elections due as early as the fall, as populist leaders railed against the president and the European Union for blocking their bid for power.
/goo.gl/xnjKfR
What's Next: Trading Technologies' Expansion in the Asia/Pacific Region
Mark Pottle - Trading Technologies
Last week, we exhibited at LME Week Asia in Hong Kong, where we demonstrated TT's latest developments, including our enhanced options offering, advanced execution services and our trade surveillance solution, TT Score. China's impact on the global commodities market was a popular topic among conference attendees, prompting a much broader conversation about open borders and providing greater access to global commodities. Events like LME Week Asia allow us to gauge these valuable insights and industry trends, while providing us with a great opportunity to meet with key market players, gather customer feedback and introduce TT's latest functionality.
/goo.gl/KkJrEm
Recep Tayyip Erdogan: Turkey's strongman grapples with the markets; Facing a currency crisis and a re-election bid, the president finally allowed interest rates to rise. But investors fear he is micromanaging the economy
Laura Pitel in Ankara - FT
Economists in Turkey like to joke that the lira is the only real opposition left. It is certainly a formidable adversary. On Wednesday, after weeks of resisting action to arrest the sliding currency, President Recep Tayyip Erdogan was forced to submit to the power of the markets and allow the central bank to lift interest rates. The lira had lost 20 per cent of its value against the dollar since the start of the year.
/jlne.ws/2skFCOr
Centuries-Old Swiss Banks for Wealthy May Finally Merge
Patrick Winters and Edward Robinson - Bloomberg
Resurgent UBS and Credit Suisse fueling competitive pressure; More deals may follow Vontobel purchase of Notenstein La Roche
For years, Swiss private banks largely resisted the temptation to merge with rivals. Often run by proud families, few wanted to let go of their independence or dilute their legacies. While local giants UBS Group AG and Credit Suisse Group AG went through painful reorganizations, smaller banks had time to continue with business as usual, even winning over disaffected clients from the wealth-management powerhouses.
/jlne.ws/2sqCMYi
Defaults of Crises Past Haunt China's Markets; Are China's debt problems about to come home to roost again?
Nathaniel Taplin - WSJ
Commodities are struggling, China is cracking down on debt issuance, and Chinese companies are defaulting again. To some investors, this may all sound uncomfortably familiarÂChina's big troubles in 2015, including surging capital outflows and a historic stock crash, kicked off with a rash of bond defaults following regulators' attempts to rationalize the nation's freewheeling financial system.
/jlne.ws/2smcWo1
Sebi launches probe into MCX's technical glitches and NSE's NOW disruption;
Press Trust of India
Markets regulator Sebi has begun initial probe into technical problem with MCX's trading system and "disruption" in NSE's web-based tool NOW, senior officials said.
/jlne.ws/2GYzhxi
At 18%, Indian customers biggest victims of banking fraud: FIS study
Mayank Jain - Business Standard
Indian consumers have taken to digital banking in a big way, but they are also among the biggest victims of banking frauds, shows a new report released by payments company FIS. The report, surveying people across multiple countries, found that 18 per cent of Indian customers reported a fraud in the past year - more than any other country surveyed by the organisation.
/jlne.ws/2H37UlW
As Singapore and India fight over futures trading, investors' worries grow
Bloomberg via Business Standard
NSE and SGX first clashed in January, when the Indian bourse asked its counterpart to delay plans to introduce single-stock futures that would track some of the subcontinent's largest companies. What started as a business disagreement between two Asian exchanges has become a source of growing concern for international investors.
/jlne.ws/2slY7lr
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | NEX Markets adds Bloomberg FX benchmark to matching service; The BFIX benchmarks have been added to NEX Markets eFIX Matching service.
By Hayley McDowell - The Trade
Foreign exchange and fixed income electronic trading services provider NEX Markets has added the Bloomberg FX benchmark to its eFix Matching service.
/jlne.ws/2slTOqh
HC extends stay in NSE-SGX case till May 31 following suit by Indian bourse; Setback for SGX as NSE's injunction continues against product launch
Shrimi Choudhary - Business Standard
In a setback to Singapore Exchange (SGX), the Bombay High Court (HC) on Saturday extended the interim injunction order against launch of derivatives contracts by the foreign bourse. The court adjourned the hearing till May 31. "Until then, the ad-interim injunction granted on May 21, 2018, continues against the launch of new derivative contracts by SGX," the National Stock Exchange (NSE) said in a press statement.
/jlne.ws/2sksUiB
STOXX Europe 600 / Large / Mid / Small Futures: Extension of Liquidity Provider Scheme
Eurex
The Management Board of Eurex Deutschland took the following decision:
/jlne.ws/2H0Qbex
EurexOTC IRS: Update of liquidity factors and decay factor with effect from 4 June 2018
Eurex
The liquidity factors for EurexOTC IRS are part of a regular review and will be updated prior to the first intraday calculation run on 4 June 2018.
/jlne.ws/2GZf2Q7
HKEX to roll out MSCI Asia ex Japan Index Futures on 11 June
HKEX
HKEX has received regulatory approval to launch MSCI Asia ex Japan Index Futures; These are HKEX's first regional stock index futures; Underlying index includes shares of Mainland enterprises listed in the US as well as shares from Hong Kong and 10 other Asia markets
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce that it has received regulatory approval to launch MSCI Asia ex Japan (MSCI AxJ) Futures linked to the MSCI All Country (AC) Asia ex Japan Net Total Return (USD) Index. The MSCI AxJ Futures will be HKEX's first regional stock index futures and will be launched on Monday, 11 June 2018.
/jlne.ws/2GZB8ls
HKEX to Cut Fees and Make Other Changes in its Stock Futures Market in Early July
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) will reduce fees and introduce other changes in its stock futures market on 3 July 2018 to facilitate further growth in the market by reducing barriers to further product adoption.
/jlne.ws/2snZAYm
Update on SGX India Derivatives
SGX
On 21 May 2018, India Index Services and Products Limited (IISL), a subsidiary of the National Stock Exchange of India (NSE), filed for and was granted an interim injunction against the launch of SGX's new India derivatives products announced on 11 April 2018. SGX was not able to contest this injunction as it was not given notice by IISL of its application for the injunction.
/jlne.ws/2GYKfmA
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BMO, Simplii Financial Report Possible Data Breaches; Both banks said they were contacted Sunday by 'fraudsters'
Vipal Monga - WSJ
Two Canadian banks on Monday reported their customer accounts may have been breached.
/jlne.ws/2sqEAR4
In 'Founder Friendly' Era, Star Tech Entrepreneurs Grab Power, Huge Pay; Silicon Valley financiers are losing leverage to star entrepreneurs
Rolfe Winkler and Maureen Farrell - WSJ
Founders of highflying startups are increasingly wresting control of their companies from venture-capital backers and extracting huge pay packages tied to going public.
/jlne.ws/2GWO3ER
Data Subjects of the World, Unite!
Atossa Araxia Abrahamian - NY Times
The European Union's new digital privacy law, the General Data Protection Regulation, doesn't just protect European residents or citizens. The law covers "data subjects."
/jlne.ws/2snoveB
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| Cryptocurrencies | | Top stories for cryptocurrencies | Chairman Mao stunt backfires at blockchain conference in China
Reuters
A publicity stunt featuring a Mao Zedong lookalike at a conference on blockchain in China on Monday sparked an uproar on social media, with some users saying the "shameful" disrespect to the founding leader could hurt the industry's image.
/jlne.ws/2GZ5btB
Cryptocurrency Miners Make Big Promises In Small Towns
David Sommerstein - NPR
Massena, N.Y., perched on the northernmost border of New York state, is the archetype of the company town that has lost its companies. Downtown there's a pillared town hall and a Main Street lined with stately old buildings, along with an empty union hall, a couple of banks and restaurants, and a bunch of vacant storefronts  echoes of the town's more prosperous past.
/jlne.ws/2sqzg02
Looking for new way to donate during Ramadan? London mosque now accepts bitcoin
Reuters Staff
Looking for a new way to give money to charity as part of Ramadan? A mosque in Britain's capital is willing to receive your donation - in bitcoin.
/jlne.ws/2slWwMF
Bitcoin backlash as 'miners' suck up electricity, stress power grids in Central Washington
Paul Roberts - Seattle Times
Bargain electric rates are attracting digital currency entrepreneurs, but three public utilities districts are reassessing how they deal with the surging demand, and whether they should even try to keep up. Residential customers, meanwhile, worry that their rates will go up.
/jlne.ws/2snmr6j
Cryptocurrency 'Scam' Has South African Police Chasing Billions
Renee Bonorchis - Bloomberg
More than 28,000 people may have been conned in Bitcoin fraud; South African police unit says it's investigating BTC Global
A unit of the South African Police Service said it's started an investigation into an alleged cryptocurrency investment fraud that has affected more than 28,000 people and led to losses of more than 1 billion rand ($80.4 million).
/jlne.ws/2GZjw9j
How Blockchain Could Help Lower Health Costs; The digital ledger could replace fragmented data systems, simplifying record-keeping and improving care
Tomio Geron - WSJ
In the continuing push for affordable health care, one of the biggest stumbling blocks is still the confused and error-filled manner in which electronic data is shared among doctors, insurers, hospitals and patients.
/jlne.ws/2H35WSA
Wyoming's plan to diversify its economy from fossil fuels ... to blockchain
CNBC
Block Chain Gang, Crypto Cowboy, Something Something Blockchain: Based on the names of dozens of new companies registering to set up shop in Wyoming, the state's effort to lure the latest tech craze appears to be paying off.
Proponents say blockchain  the ledger where transactions of digital currencies, like bitcoin, are recorded  could be the kick in the pants Wyoming needs to attract tech businesses and diversify its economy beyond fossil fuels.
/cnb.cx/2xdRmHX
iComply Wins Top Blockchain Solution for Enterprise and Government Applications, Surpasses Six-Figure ARR
iComply Investor Services
iComply Investor Services (iComply), a Canadian RegTech company offering the world's first automated compliance software for blockchain securities and cryptocurrencies, is announcing that the company was named the top blockchain solution at GovTech.Pioneers.
/jlne.ws/2H03ImL
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| Politics | | An overview of politics as it relates to the financial markets | Europe's Fragility Is Exposed Again; With political chaos, pressure on leaders and a divided continent, it's as you were for Europe.
Rodney Jefferson and Patrick Donahue - Bloomberg
So much for the return to stability. The euro-region economy grew at its fastest lick in a decade last year and unemployment dropped to the lowest since the global financial crisis. Summer has arrived early and the feel-good factor is set to continue with Europeans glued to the World Cup soccer competition starting in Russia next month. But you wouldn't tell from the continent's politics.
/jlne.ws/2smxltd
With 'Spygate,' Trump Shows How He Uses Conspiracy Theories to Erode Trust
Julie Hirschfeld Davis and Maggie Haberman - NY Times
As a candidate, Donald J. Trump claimed that the United States government had known in advance about the Sept. 11 attacks. He hinted that Antonin Scalia, a Supreme Court justice who died in his sleep two years ago, had been murdered. And for years, Mr. Trump pushed the notion that President Barack Obama had been born in Kenya rather than Honolulu, making him ineligible for the presidency.
/jlne.ws/2GZWCyv
In California's Farm Country, the Tide of 'Resistance' Runs Dry Ahead of the Primary; Although within California it is common to pit north versus south, the sharp cultural divisions between rural and urban areas are in many ways more significant.
Jose A. Del Real - NY Times
Amid neat rows of orchards, on cattle ranches and dairy farms across the southern territory of California's San Joaquin Valley, the churn of daily life offers few hints of an imminent political spectacle. This is another California, where conservative values are often taken for granted, and where the tide of liberal "resistance" runs as dry as its unirrigated dirt.
/jlne.ws/2GYFx8p
Carl Bernstein questions whether Trump is leading US toward authoritarianism
Luis Sanchez - The Hill
Veteran journalist Carl Bernstein questioned on Sunday if President Trump's actions are leading the country toward authoritarianism.
/jlne.ws/2shmdOe
Banks Won Big in Washington. What It Means for Investors
Jason Zweig - WSJ
The financial-deregulation bill passed by the U.S. Congress this week is the latest phase in the eternal tug-of-war between regulators and banks. As fast as governments impose limits on the financial industry, banks, brokers and other firms fight back.
/jlne.ws/2GZZU4P
Trump Is 'Boiling the Frog' With His Attacks on DOJ, Critics Say
Mark Niquette - Bloomberg
Flake says president 'probing' to see how far he can push; Democrats fret about rule of law and targeting Mueller probe
Donald Trump's regular attacks on the U.S. Justice Department, including accusations that the FBI spied on his campaign, strike some critics as "boiling the frog" -- seeing how far he can push his fight against a federal investigation ensnaring his administration.
/jlne.ws/2snV7ou
Obama warns: if America stays so divided, our democracy and economy won't survive
Julie Bort - Business Insider
Former President Barack Obama was on stage Wednesday evening at a tech conference in Las Vegas hosted by identity security company Okta where he talked about the future of the country.
/jlne.ws/2smwIzR
Trump effect? Future of 60,000 spouses of Indian H-1B visa holders at stake
Business Standard
The move to rescind work authorisation to certain categories of H-4 visa holders is in final stages, the Trump administration has told a US court.
/jlne.ws/2sn8MMU
Congress reclassifies U.S. muni bonds, likely to lower borrowing costs
Hilary Russ - Reuters
The U.S. House of Representatives on Tuesday passed legislation that reclassifies investment-grade municipal bonds as high-quality liquid assets, a long-awaited move that public officials say will help lower financing costs on infrastructure projects nationwide.
/jlne.ws/2GYqPhJ
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | 'Gamesmanship' one reason court won't revive interest-rate-swaps antitrust claims
Anne Sherry - Jim Hamilton's World of Securities Regulation:
In a multi-district litigation over antitrust violations in the market for interest-rate swaps, the Southern District of New York denied plaintiffs' efforts to revive claims based on pre-2013 conduct. For one thing, the proposed amended complaint would not remedy the "gauntlet of deficiencies" that led to the claims' dismissal in 2017. Independent of that futility, amendment would delay litigation and unduly prejudice the defendants given that discovery was well underway based on the 2013+ claims only. The court admonished plaintiffs' counsel for "gamesmanship" in not disclosing their intent to seek revival of the pre-2013 claims
/goo.gl/V6WXn9
Traders not convinced of shift to lit markets under MiFID II; Only 26% of traders believe dark liquidity will shift towards lit venues under MiFID II regime in Europe.
Hayley McDowell - The Trade
Just one in four traders are confident that dark liquidity will shift to lit markets under the MiFID II regime in Europe, according to a survey carried out by SIX Group.
/jlne.ws/2H0RZEx
White-Collar Prosecutions Fall to 20-Year Low Under Trump
Patricia Hurtado - Bloomberg
The number of white-collar prosecutions is on track to hit a 20-year low under President Donald Trump, after reaching a high in 2011 during the Barack Obama administration, according to a nonprofit research center that analyzes government data.
/bloom.bg/2LxmlSC
Close Brothers opts for Red Deer's MiFID II research service; UK buy-side firm adopts research service to comply with new rules on research consumption under MiFID II.
Hayley McDowell - The Trade
UK buy-side firm Close Brothers Asset Management has implemented Red Deer's research management service for handling research under MiFID II.
/jlne.ws/2GZrDCW
Trax teams up with TORA for MiFID II reporting; Trax and TORA have combined their services to help clients meet MiFID II trade and transaction reporting requirements.
Hayley McDowell - The Trade
The post-trade services and market data division of MarketAxess has combined its regulatory reporting engine with TORA's order and execution management system (OEMS).
/jlne.ws/2sn5JEs
Sebi likely to allow futures trading in petrol and diesel; Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
Rajesh Bhayani - Business Standard
The Securities and Exchange Board of India (Sebi) is considering allowing futures trading in petrol and diesel, according to sources. The petroleum and natural gas ministry has already approved the proposal. Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading.
/jlne.ws/2siFfne
ESMA updates its MiFID II / MiFIR Q&As on transparency and market structures topics
ESMA
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding transparency and market structures issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
/jlne.ws/2H3a30Y
ESMA publishes final Guidelines on MiFID II suitability requirements
ESMA
The European Securities and Markets Authority (ESMA) has published its Final Report on Guidelines on certain aspects of the MiFID II suitability requirements.
/jlne.ws/2GXdCp7
ESMA updates Q&A on Short-Selling Regulation ESMA
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Short-Selling Regulation (SSR).
ESMA updates Q&A on Short-Selling Regulation
/jlne.ws/2snahuw
Upcoming FINRA Board of Governors Election; Petitions for Candidacy Due: July 9, 2018
FINRA
The annual meeting of FINRA firms will take place on or about Friday, August 17, 2018, to elect one Large Firm Governor, one Mid-Size Firm Governor, and one Small Firm Governor to the FINRA Board of Governors (FINRA Board). A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on or about July 19, 2018.
/jlne.ws/2skxmxP
Press Release: CFTC to Hold an Open Commission Meeting on June 4
CFTC
Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo announced today that the CFTC will hold an open meeting on Monday, June 4, 2018 at 9:30 a.m. to consider the following:
/jlne.ws/2snYrjB
Information for customers of Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services Limited (BACSL)
UK FCA
Information on what you should do if you were a customer of the firms.
/jlne.ws/2H0KgGy
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | 'Diamonds Are Forever,' and Made by Machine; De Beers is getting into the lab-created diamond business with a new line of fashion jewelry and an aggressive pricing strategy.
Elizabeth Paton and Vanessa Friedman - NY Times
In a white industrial building in the rolling hills of the English countryside 16 miles from Oxford, silver machines shaped like spaceships hum inside vast laboratories. They are replicating the extreme pressure and temperatures found deep in the earth's crust and producing, in mere weeks, what historically nature managed only over billions of years: flawless diamonds.
/jlne.ws/2snSAL0
Red Flags Are Suddenly Soaring in Markets; Europe's deepening troubles and disappointing global growth signals are sparking a rally in haven bonds
Richard Barley - WSJ
Italy's bond market is in meltdown, its politics in crisis after President Sergio Mattarella blocked the formation of an antiestablishment government and its credit rating under threat.
/jlne.ws/2GYZj3m
Alberto Weakens to a Depression, Moving North Across Alabama
Brian K Sullivan - Bloomberg
Rainfall to stretch as far as Great Lakes, tornadoes possible; Chevron restarts production at two Gulf of Mexico platforms
Storm Alberto weakened to a subtropical depression, moving across central Alabama after making landfall in the Florida Panhandle and bringing heavy rains that threaten the U.S. South with economic losses of $1 billion.
/jlne.ws/2H1kEcv
Why Some Emerging Markets Are Suddenly Melting Down
Netty Idayu Ismail - Bloomberg
Investors had been enamored with emerging markets for more than two years. These days, they're not so besotted. For several weeks, money has poured out of developing nations and into the U.S., causing the dollar to rise in value and the currencies of emerging markets to hit new lows. Turkey has been at the center of the rout, but many other countries, including Argentina, Hungary and Indonesia, have been hit as investors dump riskier stocks and bonds for the safety of U.S. assets. For some economists, it raises the specter of the late 1990s-era Asian economic crisis. What's going on?
/jlne.ws/2so67SU
Ex-Louis Dreyfus metal unit changes name to IXM
Reuters Staff
Louis Dreyfus Company Metals says changed its name with immediate effect to "IXM" following takeover by NCCL Natural Resources Investment Fund.
/jlne.ws/2H28X5k
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Fidelity, Bruised From Crises, Searches for Life After Mutual Funds
Landon Thomas Jr. - NY Times
Few star fund managers have shone brighter than Steven S. Wymer, who runs a portfolio of stocks at Fidelity Investments, the mutual-fund giant.
/goo.gl/vCJXfZ
Graduate applications flood Deutsche and other banks; Concerns of work-life balance and Brexit uncertainty fail to dim demand for bank jobs
Laura Noonan in Dublin - FT
Around 110,000 students applied for Deutsche Bank's graduate scheme this year in the most striking example of milliennials' appetite for careers at even the most troubled banks.
/jlne.ws/2H0NSIB
110,000 students applied for jobs at Deutsche Bank despite management changes and cuts
Michael Selby-Green - Business Insider
Deutsche Bank saw 110, 000 student applications for its graduate scheme this year despite management turmoil, according to data from the Financial TImes.
/jlne.ws/2GYpdo0
Blackstone's Tax-Free Hedge Fund Pitch Woos Even More Clients
Heather Perlberg and Ben Steverman - Bloomberg
Lombard driving increase in private placement life insurance; Investor interest rising as tax overhaul limits deductions
Blackstone Group LP has an enticing pitch for the ultra wealthy: Invest in hedge funds and avoid paying taxes forever.
/jlne.ws/2siCL8o
RBS to halt lending for certain projects in environmental push; Bank was under pressure to curb financing of environmentally-damaging work
Nicholas Megaw in London - FT
Royal Bank of Scotland has become the latest bank to stop financing environmentally-damaging energy and mining projects, as investors ramp up pressure on lenders to help combat climate change.
/jlne.ws/2sl9muo
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bloomberg is gathering a who's who of global economics to rival Davos - in Beijing
Rachel Siegel - WaPo
For the past four decades, heads of state, celebrities and business elite have convened at the World Economic Forum, the yearly pilgrimage that merges debates on international problems with days of fanfare in the snow-capped mountains of Switzerland.
/goo.gl/s9bpaU
Sweden's Finance Minister Wants Debate on Riksbank Independence
Amanda Billner and Rafaela Lindeberg - Bloomberg
Sweden's finance minister said it's time to look deeper into the framework of central bank independence.
/jlne.ws/2GYhJS7
First election since peace deal with Marxist guerrillas; Frontrunners represent left and right with center faltering
Oscar Medina and Ezra Fieser - Bloomberg
Polls closed in Colombia Sunday afternoon after a polarizing presidential election for who will inherit a set of sharp challenges: hundreds of thousands of hungry Venezuelans pouring into the country, the future of a controversial peace accord that ended a 52-year civil war, soaring cocaine production and a sluggish economy.
/jlne.ws/2skDtCn
Norwegian Salmon Prices Are Going Wild
Agnieszka De Sousa - Bloomberg
Hungry Chinese and Brazilians help drive purchases of the fish; Supplies fail to recover fast after disastrous 2016: Rabobank
That salmon and cream cheese bagel to get you through the mid-morning slump is fast becoming a luxury.
/jlne.ws/2H1ZElU
Trump's Korea Blunder Is Worse Than It Looks; Kim Jong Un appears shrewd. China is stronger. And U.S. allies know not to trust Washington.
Albert R. Hunt - Bloomberg
Donald Trump thinks he's a great negotiator, a brilliant bluffer whose gut instincts are so stellar that ignorance of history and refusal to deal with substantive complexities are irrelevant.
/jlne.ws/2skDRAP
Hong Kong Needs an Ant to Move This IPO Mountain; The listing queue is long but many aspirants may struggle to meet the kind of valuations being discussed.
Nisha Gopalan - Bloomberg
It will take an Ant to move this Hong Kong stock mountain.
/jlne.ws/2sm9V7b
China $10 Trillion Shadow Bank Crackdown Has Long Way to Go
Bloomberg News
Initial success combating interbank borrowing, asset products; Banks discover ways around the curbs in quest for funding
Chinese regulators are making progress in their attempts to tame the country's $10 trillion shadow banking sector, but after a one-year squeeze on the riskiest areas of the industry, there's still a lengthy battle ahead.
/jlne.ws/2sl2JIw
China Expands Salt-Tolerant Rice Tests to Use More Degraded Land
Bloomberg News
Trials to test hybrid's yields, taste before further expansion; Scientists target possible commercial production in 2019
Chinese scientists will expand planting of a salt-tolerant hybrid rice breed this year as the world's most-populous country seeks to use more of its poor-quality arable land and increase self-sufficiency.
/jlne.ws/2GZoVNM
Soros on Europe: 'Everything that could go wrong has gone wrong'; 'Existential crisis' gripping EU, billionaire financier says
Camilla Hodgson - FT
Global politics are threatening to generate "another major financial crisis", George Soros warned on Tuesday while also calling for a "reinvention" of Europe to solve its deepening flaws.
/jlne.ws/2H21EdU
'National team' sells $28bn of vast China stock holdings in Q1; Groups sell as foreign funds position for MSCI's inclusion of A-shares
Emma Dunkley in Hong Kong - FT
Five funds that bought shares in Chinese companies during the 2015 market crash to prop up stock prices have moved to sell their multibillion-dollar holdings, according to a report.
/jlne.ws/2sl7ZvO
India, Buried in Sugar, Tries to Dig Out; Government price controls have created an unsustainable glut, with 13 million tons stockpiled
Vibhuti Agarwal - WSJ
The Indian government's price controls have created an unsustainable sugar glut, and now New Delhi wants to dump it on the already struggling world market for the commodity.
/jlne.ws/2snRVt4
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Treasury and BoE clash over City of London regulation after Brexit; Officials say central bank deputy governor Jon Cunliffe has fallen out with Treasury
George Parker and Chris Giles in London - FT
The Treasury and Bank of England are at loggerheads over the future of City of London regulation after Brexit, with claims that relations on the issue are now "very, very bad".
/jlne.ws/2GYHTDW
David Miliband on reacting to a global emergency and political comebacks; The IRC head tackles an unprecedented migration crisis, and a Brexit campaign
Andrew Edgecliffe-Johnson - FT
Asking David Miliband about leadership still feels a little raw. In 2010, after a life in policy, parliament and government, the UK's former foreign secretary ran for the Labour party leadership. He lost, to his younger brother Ed, and his move to New York three years later had an air of self-imposed exile.
/jlne.ws/2snpPy3
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