| September 24, 2018 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
Dave Osborn of the Naples Daily News reports that Bill Clinton and George W. Bush will be speakers at the annual CME Group Global Financial Leadership Conference at The Ritz-Carlton beach resort Nov. 12-14.~JJL
HKEX's markets will be closed for the Mid-Autumn Festival on 25 September (Tuesday) and re-open on 26 September (Wednesday).~JJL
The CFTC officially announced the October 5 meeting of the Technology Advisory Committee. I will be there.~JJL
ISDA published a 106-page white paper on China's Derivatives Market and Judicial Trends.~SD
If any NFA Members located in the southeastern United States encounter issues regarding filings or their operations due to Hurricane Florence, please contact NFA's Information Center by calling 312-781-1410 or 800-621-3570 or emailing information@nfa.futures.org.~JJL
I hiked five miles on trails at Turkey Run State Park in Central Indiana this weekend with my Scout troop and Exploring Club. That was 2.5 times longer than my longest post surgery walk/hike. And this was in canyons, riverbeds and up and down stairs and I am feeling pretty good.~JJL
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Five reasons why bitcoin fails the innovation test; Crypto-assets are impractical and do little for financial inclusion
Huw van Steenis - FT
Paul Volcker, former chairman of the US Federal Reserve, once said that the ATM was the only really useful financial innovation. Today's entrepreneurs and bankers are looking to prove him wrong. Mr Volcker's view was far too gloomy. But given the flurry of fintech innovation - some of it potentially disruptive - we must think hard about what defines success.
/jlne.ws/2Ny2jMm
***** I am entering a 12 step program to help stop reading list based articles.~JJL
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US student debt might lead to the next financial crisis
John Aidan Byrne - NY Post
In may not be trigonometry, but if you do the math, there is a great divide in how an estimated $2 trillion will be paid back in the near future. For some analysts, US student debt has shades of the subprime crisis that felled the economy back in 2008.
/jlne.ws/2NDIEL9
****** Yes, this is correct. This is a big issue ready to explode.~JJL
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The Spread - Record Highs - 9/21
JohnLothianNews.com
To put it bluntly, action in marijuana stocks this week was nuts.
Watch the video and see the stories referenced here »
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Bridging the Week: September 17 - 21 and September 24, 2018 (Spoofing; Cryptocurrency Trading Platforms; Post-Trade Allocations)
Gary DeWaal - Bridging the Week
The Commodity Futures Trading Commission filed and settled three enforcement actions for spoofing. Some of the CFTC's cases paralleled prior or concurrent exchange-resolved disciplinary actions for the same offense. One CFTC enforcement action resulted in the imposition of a fine on a trading firm for the actions of its employees when the exchanges where the spoofing occurred determined that such a penalty was not warranted. Separately, the New York Attorney General issued a report criticizing cryptocurrency trading platforms for conflicts of interest, trading oversight weaknesses, and not adequately protecting customers' positions.
/goo.gl/Qv4zy4
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Friday's Top Three
Our top story on Friday was Crain's Chicago Business' CFTC move against Geneva Trading in Chicago trading firm Geneva Trading fined $1.5 million for spoofing. Second was the FT's piece Court ruling poses threat to retail brokerage industry. And third went to the Streetwise Professor's The Smoke is Starting to Clear from the Aas/Nasdaq Blowup
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MarketsWiki Stats
132,793,680 pages viewed; 23,285 pages; 215,052 edits
MarketsWiki Statistics
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| Lead Stories | America's Libor Alternative Is Gaining Traction on Wall Street
Alex Harris - Bloomberg
Issuers have sold more than $9 billion of SOFR-linked debt; Yet tepid futures trading shows new benchmark has a ways to go
After some early struggles, America's Libor alternative appears to be finding its footing. Since the debut of the Secured Overnight Financing Rate almost six months ago, futures have launched in Chicago, swaps are being cleared in London and about half-a-dozen issuers have sold debt linked to the nascent benchmark. Measured against the Alternative Reference Rates Committee's transition plan, efforts to develop SOFR as a viable replacement for the scandal-tainted London interbank offered rate appear to be proceeding ahead of schedule.
/jlne.ws/2NwVbzX
China Says It Won't Hold Trade Talks Unless Trump Stops Threats
Bloomberg News
U.S. imposed higher duties on $200 billion of goods on Monday; Beijing pledged to hit $60 billion of U.S. goods with duties. China dashed prospects for a near-term resolution to the trade war with the U.S., warning President Donald Trump his threats of further tariffs are blocking any potential negotiations.
/jlne.ws/2NxWIFQ
EU Calls for Investigation of Danske Money-Laundering Scandal
Alexander Weber - Bloomberg
EBA asked to investigate actions of Danish, Estonian overseers; European Commission calls for inquest as a matter of urgency
The snowballing money-laundering scandal at Danske Bank A/S has led European Union authorities to investigate whether the lenders' supervisors did enough to prevent it.
/jlne.ws/2NEClqM
Nasdaq says Nordic trader whose deals went sour agrees to sell personal assets
Reuters
Nasdaq's Nordic commodities exchange has reached agreement on the sale of assets belonging to a private trader who defaulted on his commitments last week, it said on Friday.
/reut.rs/2zmJhQk
Numis founder heads investment consortium for NEX Exchange; Oliver Hemsley will take over from current NEX Exchange chief executive Patrick Birley upon completion of the deal.
John Brazier - The Trade
Oliver Hemsley has led an investment consortium that will take majority control of NEX Exchange in a deal valued at �20 million.
/jlne.ws/2NyLeBT
Barrick Gold, Randgold in Advanced Talks on Merger
Danielle Bochove, Dinesh Nair, and Scott Deveau - Bloomberg
Barrick may benefit from Randgold's experience in Africa; Acacia has been stuck in limbo, with its $190 billion tax bill
Barrick Gold Corp. is said to be in advanced negotiations to merge its operations with Africa-focused rival Randgold Resources Ltd., protecting the Toronto-based miner's crown as the world's largest producer of the metal.
/jlne.ws/2NzTQIp
What You Need to Know About the Major Tech Index Changes Coming Next Week
Carolina Wilson and Sarah Ponczek - Bloomberg
Vanguard, State Street funds adjust while iShares stays put; Some investors start to shift cash, others worry about FANG
ETF investors have ridden tech stocks to outsized returns during the record bull market in U.S. equities. But a major shakeup coming next week to the indexes some of the biggest funds track could leave fans cheering for a team they barely recognize.
/jlne.ws/2NyClIx
Bitcoin Bulls Winklevoss Twins Eye Huge New European Market
Billy Bambrough - Bloomberg
Two of the biggest personalities in the bitcoin world, Tylor and Cameron Winklevoss of Facebook-founding fame, are mulling whether to grow their New York-based Gemini cryptocurrency exchange across the Atlantic to the UK.
/jlne.ws/2NwT9Ql
How Cathie Wood Bought Bitcoin and Ruled the ETF Rankings; The founder and CEO of Ark Investment Management took a risk investing in the cryptocurrency in 2015.
Rachel Evans - Bloomberg
Something pretty striking emerges when you sort all of the 1,818 U.S.-listed, unleveraged ETFs by three-year return: Three of the top 15 are managed by the same person.
/jlne.ws/2NCD0bU
Wall Street's Marijuana Madness: 'It's Like the Internet in 1997'; Tilray, a startup with just $20 million in first-half revenue, was briefly worth $20 billion during a wild ride last week
By Jacquie McNish and Vipal Monga - WSJ
Shannon Soqui just quit his Wall Street job to go after what he thinks is a bigger business: selling marijuana the way Mary Kay Inc. sells cosmetics.
/jlne.ws/2NCFAP8
Action Jackson!
Themis Trading Blog
This morning we were going to share a first-account-trading-war-story that perfectly captures the absurdity created in our markets from payment for order flow, and specifically stock exchange rebates. However, a jaw-dropping speech from one of our new SEC Commissioners, Robert Jackson, presented itself as a perfect stage-setting opportunity. This morning we highlight that speech instead, and next week we will share our war story.
/goo.gl/epy2bq
OPEC, Like a Dying Star, Is About to Go Supernova; A Saudi-Russia axis may emerge from the debris.
Julian Lee - Bloomberg
OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better. For a while, in its youth, the group burned so very bright, helping members wrest control over their oil industries and stand up to foreign producers � and their governments. But now, like every star, it is about to implode.
/jlne.ws/2Ny0wa6
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | 20 Years of Eurex: 1998 - The start of a global liquidity network
Eurex
On 28 September 1998, Schweizer Boerse and Deutsche Boerse celebrated the completion of a truly ambitious project. Eurex was the collective name given to the two exchanges Eurex Deutschland (the legal successor to DTB) and Eurex Zurich (the legal successor to SOFFEX) that formed a new joint system. Eurex offered trading and clearing for futures and options on stock indices as well as on capital market instruments and on money-market paper.
/jlne.ws/2NzbwnD
CME Group to Launch Physical WTI Houston Crude Oil Futures Contract
Press Release
Suppliers, refiners and end users of U.S. crude oil will have a new way to price and hedge WTI light sweet crude oil in Houston beginning in Q4 2018. CME Group, the world's leading and most diverse derivatives marketplace, will offer a new WTI Houston Crude Oil futures contract with three physical delivery locations on the Enterprise Houston system, pending regulatory review. WTI Houston Crude Oil futures will be listed with and subject to the rules of NYMEX, beginning with the January 2019 contract month.
/prn.to/2MYzq6J
LCH taps Kate Birchall as new head of Asia Pacific; Kate Birchall joins LCH from National Australia Bank, replacing previous region head Marcus Robinson.
John Brazier - The Trade
LCH has appointed a new head of Asia-Pacific from the National Australia Bank (NAB) who will take up the position from on 15 October.
/jlne.ws/2NC64jK
Kate Birchall appointed Head of Asia Pacific, LCH Ltd
LCH
Responsible for LCH's business in the region, supporting LCH's continued expansion in APAC; Marcus Robinson assumes role as LCH Head of Group Business Development
LCH, a leading global clearing house, today announced that Kate Birchall has been appointed Head of Asia Pacific, LCH Ltd, effective 15 October 2018. Based in Sydney, Kate will report to Martin Pluves, CEO, LCH Ltd.
/jlne.ws/2NAlDIU
Asia, MSCI and Eurex' extended trading hours - all good things come in threes
Eurex
Eurex is the only exchange to offer a comprehensive suite of MSCI products consisting of futures and options on regional and country indexes. Close to 60 percent of these products are related to the Asian-Pacific time zone and show rapid growth. This makes the products particularly relevant for Asian clients.
/jlne.ws/2xtqKAy
Singapore Soccer Stars, MPs Raise $130,000 in SGX Bull Charge Charity Futsal tournament
SGX
Senior Minister of State Edwin Tong leads Parliament Team in friendly match; SGX Bull Charge raising funds for six adopted beneficiaries in 2018
Singapore soccer stars and Members of Parliament (MPs) came together today to raise $130,000 in the fifth edition of the SGX Bull Charge Charity Futsal tournament.
/jlne.ws/2NAZgTP
Bursa Malaysia Announces New Sector Classification And Sectorial Index Series
MondoVisione
Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange") announced enhancements to the Exchange's sector classification and sectorial index today, introducing five new sectors among other changes, effectively aligning Bursa Malaysia's sector classification with internationally recognised standards in line with its vision to be a leading, responsible and globally-connected ASEAN Marketplace.
/jlne.ws/2Ny748A
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintech pair aim to disrupt industry with investments for millennials; New funds from Revolut and Plum will appeal to smartphone generation
Owen Walker - FT
Europe's asset management industry is likely to have an abrupt wake-up call as two of the fastest-growing fintech companies, which aim their products at millennials, roll out new investment propositions.
/jlne.ws/2NEBhDi
The SEC's Proposed ETF Rule Creates Fintech Opportunities
Edward Baer - Bloomberg BNA
On June 28, 2018, the Securities and Exchange Commission ("SEC") proposed new Rule 6c-11 (the "ETF Rule"), which would permit Exchange Traded Funds ("ETFs") to organize and operate without the expense and delay of obtaining an exemptive order from the SEC. The SEC seeks to "create a consistent, transparent, and efficient regulatory framework for ETFs and to facilitate greater competition and innovation among ETFs." If adopted, the ETF Rule would significantly ease the regulatory burdens associated with launching ETFs and create a more level playing field for ETFs. The ETF Rule should also bolster the efficient operation of the arbitrage mechanism that helps ETF shares trade at market prices that are close to the ETF's net asset value per share ("NAV").
/goo.gl/DgrW59
The rise and rise of APIs
Mark Woolfenden - bobsguide
Much has been written about the role of application programmable interfaces or APIs, which are in ubiquitous use these days, although mention APIs to experienced technology professionals and you get raised eyebrows and shaking of heads in unison, decrying API novelty with a diatribe evidencing long term prior use. In simple terms, APIs specify how software components should interact when handling data between digital environments and have indeed been in widespread use, under the bonnet, in applications and user interfaces for almost two decades.
/goo.gl/ibup8g
FIS and IBM Top 15th Annual IDC FinTech Rankings Top 100 and Enterprise 25
Rankings Revealed at 2018 Finovate Fall New York
BusinessWire
IDC Financial Insights today announced FIS and IBM top the 2018 IDC FinTech Rankings Top 100 and Enterprise 25 respectively. Now in its 15th year, the annual IDC FinTech Rankings categorize and evaluate technology providers based on calendar year revenues from financial institutions for hardware, software, and/or services. Data is gathered from surveys completed by vendors, as well as original research and market analysis conducted by IDC Financial Insights. Two sets of rankings emerge from this process: IDC FinTech Rankings Top 100 and Top 25 Enterprise.
/goo.gl/6DS2ko
Ireland Launches EUR5M Project FinTech Fusion Targeting Blockchain, Other Innovative Tech
Cryptovest News
Ireland has launched FinTech Fusion, a EUR5 million project aimed at researching and developing solutions related to blockchain, digital payments, and regulation technology among others.
The Irish government launched on Friday a EUR5 million financial technology (fintech) research and development project for a period of five years. The FinTech Fusion, as the project is called, will be managed by the ADAPT Centre for Digital Content Technology. The project will run until 2022 in Trinity College in Dublin and will focus on innovative technologies like blockchain, online payments, regulation technology (RegTech) and their use in the banking and insurance industries.
/goo.gl/jxdkhX
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| Cryptocurrencies | | Top stories for cryptocurrencies | Winklevoss crypto exchange explores UK market; Company founded by twins has hired advisers on potential move to Britain
Hannah Murphy - FT
The US cryptocurrency exchange set up by Cameron and Tyler Winklevoss is exploring plans to expand into the UK despite sharp falls in the market.
/jlne.ws/2NwOrC5
Japan's hacked crypto exchange says $62 million worth of coins stolen
Reuters
Japanese cryptocurrency firm Tech Bureau Corp said on Friday it now estimates $62 million worth of digital currencies were stolen in a hack last week, but added that the amount could still rise as the precise figures would only be known once its computer server is restored.
/jlne.ws/2NB6ffu
Obstacles to institutional crypto trading remain slow to clear
Paul Golden - Euromoney Magazine
The volume of cryptocurrency traded by institutions remains small compared to other asset classes. That was one of the key findings of the GreySpark Partners report Charting the growth of cryptocurrencies, which noted that growth in new crypto hedge funds has slowed. By the end of this year, these will still only represent about 2% of the number of funds trading on other asset classes globally.
/goo.gl/zobvmF
Taiwan Politician Receives Cryptocurrency Donation In First-Ever
Nick Chong - Ethereum World News
Per several unnamed sources, relayed by Taiwanese media, Hsiao Hsin-Chen, a Taipei-based politician, has just "made history" by becoming the first individual to accept a donation via cryptocurrency while running for a governmental position. According to the local news outlet, Taiwan News, Hsin-Chen is currently running for Taipei city council and opened up his campaign to donations from anyone and everyone.
/goo.gl/L3dF46
Singapore may become first country to fully embrace cryptocurrencies
Paula Baciu - Bitcoinist
The Singapore Consensus 2018 welcomed thousands of cryptocurrency visionaries, entrepreneurs, and experts to discuss and create new links that might form the foundation of the future of the industry. An essential element of the meeting was the talk delivered by the representatives of the Monetary Authority of Singapore (MAS) with regards to the future of cryptocurrencies in their country.
/goo.gl/bYRNiG
Bitcoin ETFs Keep Trying, Despite Regulators' Rejections
Asjylyn Loder - Wall Street Journal
Bitcoin enthusiasts trying to launch funds that would bring the cryptocurrency to small investors have been rebuffed at least 10 times by Wall Street's top regulator. That hasn't stopped them. There's at least one application for a bitcoin exchange-traded fund still pending with the Securities and Exchange Commission, and more are planned, like one from cryptocurrency asset manager Bitwise Asset Management.
/goo.gl/DgN9ad
When Blockchains Go Down: Why Crypto Outages Are on the Rise
David Floyd - Coindesk
Berniesanders (not to be confused with former presidential candidate and Vermont Senator Bernie Sanders) is an institution on blockchain-based blogging platform Steemit. Steemit allows content creators to earn crypto - at least, crypto that's native to the Steem blockchain, of which there are three - for popular posts.
/goo.gl/HrwgqC
Dubai Department of Finance Launches Blockchain-Based Payment System for UAE Gov't
Helen Partz - Cointelegraph
The Dubai Department of Finance (DoF) has partnered with the Smart Dubai Office (SDO) to launch a blockchain-powered payment system. The news was reported on by a local news site Zawya, September 23.
/goo.gl/EDfxJe
US Congressman to Introduce Bills Supporting Blockchain Technology, Cryptocurrencies
Ana Alexandre - Cointelegraph
U.S. Rep. Tom Emmer (R-MN) is planning to introduce three bills to support blockchain technology and cryptocurrencies, according to a press release published September 21. The three upcoming bills are entitled the "Resolution Supporting Digital Currencies and Blockchain Technology," the "Blockchain Regulatory Certainty Act," and the "Safe Harbor for Taxpayers with Forked Assets Act."
/goo.gl/n7siyb
No One Knows What to Call the Hottest Cryptocurrency
Jeremy Herron - Bloomberg
Widely known as Ripple, XRP has more than doubled this week; Ripple Labs is biggest holder of token with 60 percent
The cryptocurrency widely known as Ripple is on a tear. Problem is, that's not its actual name. That would be XRP, a token created for use on the Ripple payment protocol back in 2012.
/jlne.ws/2NCBdnc
Former Point72 Manager Set to Open Crypto Hedge Fund Next Month
Camila Russo - Bloomberg
Travis Kling is bearish on cryptocurrencies in the near-term; Ikigai plans to increase tokens portfolio to $100 million
Travis Kling quit billionaire Steven Cohen's Point72 fund in December, at the peak of the cryptocurrency boom, to start his own fund focusing on digital assets. Nine months and an over 70 percent selloff later, he's sticking to the plan.
/jlne.ws/2NCGEmc
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Overconfidence May Bring 'Major Miscalculation': JPMorgan
Joanna Ossinger - Bloomberg
Stock-market resilience may prompt 'major miscalcuation'; Potential error on sanctions could be 'tough to calibrate'
JPMorgan Chase & Co. strategists are starting to make forecast and strategy changes around the potential that President Donald Trump gets so overconfident in the robust economy and markets that he makes a "major miscalculation."
/jlne.ws/2NAJHLN
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | France's Orange Bank sued over 439 million euros lost in Madoff collapse
Inti Landauro - Reuters
A French woman and her daughter are bringing a law suit against Orange Bank to try to recover some of the 439 million euros ($516 million) they say they lost in the collapse of Bernard Madoff's Ponzi scheme a decade ago.
/reut.rs/2zn49XW
CFTC Finds Mizuho Bank, Ltd. Engaged in Spoofing of Treasury Futures and Eurodollar Futures; CFTC Recognizes Cooperation and Proactive Remediation in Significantly Reduced Penalty
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Mizuho Bank, Ltd. (Mizuho) for engaging in multiple acts of spoofing in a variety of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, including futures contracts based on United States Treasury notes and Eurodollars. The Order finds that Mizuho engaged in this activity through one of its employees (Trader A) who accessed these markets through a trading platform from Mizuho's Singapore office. The Order requires Mizuho to pay a $250,000 civil monetary penalty, and cease and desist from violating the Commodity Exchange Act's prohibition against spoofing.
/jlne.ws/2DiMBjm
Re: National Futures Association: Proposed Amendments to NFA Financial
Requirements Section 11 and Section 12 and the Related Interpretive
Notice Entitled: Forex Transactions
NFA
/jlne.ws/2DjipF1
SEC Charges Unregistered Sales of Securities Issued Under EB-5 Immigrant Investor Program
SEC
The Securities and Exchange Commission today announced that an Illinois-based regional center, its CEO, and 37 affiliated limited partnerships have agreed to settle charges related to securities issued under the EB-5 Immigrant Investor Program, which provides foreigners who invest in the U.S. a potential path to becoming a U.S. resident.
/jlne.ws/2NzUKoh
ASIC encourages submissions to the Council of Financial Regulators' Issues Paper on Retail Payments Regulation; The Council of Financial Regulators (CFR) today released an Issues Paper: Review of Retail Payments Regulation: Stored-Value Facilities.
ASIC
The Issues Paper is part of a review into the regulatory regime for 'stored value facilities', which are payment products that allow users to pre-load money for future purchases (such as a travel money card). While the CFR's review will primarily consider how stored-value facilities are regulated, the review will also focus on identifying opportunities for improvements or clarification to other aspects of the regulation of retail payments service providers retail payments regulation. The CFR intends to provide recommendations to streamline and enhance regulation while ensuring appropriate consumer protections.
/jlne.ws/2NAZMRB
Regulated by ASIC? Urgent action required by 27 September
ASIC
Organisations and individuals regulated by ASIC must act by this Thursday 27 September to meet their legal obligations under new industry funding laws.
/jlne.ws/2Ny6jwg
Former CEO of NewSat Limited committed to stand trial
ASIC
Mr Adrian Maxwell Ballintine, 62, of Brighton in Victoria, has been committed to stand trial on charges following a committal hearing before the Melbourne Magistrates' Court. Three charges were brought by ASIC following an investigation into NewSat Limited (NewSat), a company formerly listed on the Australian Securities Exchange.
/jlne.ws/2NAZYjN
ESMA monitors volatility in financial markets24 September 2018
ESMA
The European Securities and Markets Authorities (ESMA) has published an article setting out the details of its analysis of volatility in financial markets.
/jlne.ws/2NwR5rv
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Volume spikes on sector reshuffle, quadruple witching
Chuck Mikolajczak, Caroline Valetkevitch - Reuters
An overhaul of Wall Street's technology and media sectors coincided with the quarterly expiration of futures and options, bringing a burst of volume to trading late on Friday that could continue in the days that follow.
/goo.gl/4xWGce
Major Traders Are Talking About $100 Oil Again
Javier Blas, Heesu Lee, Alfred Cang and Dan Murtaugh - Bloomberg
Major trading houses predict crude-price spike later this year; Trump's demand for lower prices gets tepid response from OPEC
Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran's exports.
/jlne.ws/2NCDM92
Oil Traders Suffering Dismal Year as Easy Money Deals Vanish
Andy Hoffman, Laura Hurst and Catherine Ngai - Bloomberg
Some of the largest trading firms are restructuring operations; Top executives expect wave of consolidation amid lower profits
After years of easy money, many of the world's biggest oil traders are enduring a brutal new reality.Traders have been wrong-footed by wild swings in price spreads between oil grades, particularly in the U.S. market. Amid dwindling profits, trading desks are being overhauled, with some firms restructuring their operations and paring budgets designed for better times.
/jlne.ws/2NzeOat
Liquidity issues in bond market prompt institutions to turn to ETFs; Rise in 'big ticket' trades of more than $50m as more investors use fixed income funds
Chris Flood - FT
Difficult liquidity conditions are leading to greater adoption of fixed income exchange traded funds by institutional investors in the US and Europe, and allocations are set to rise further, according to Greenwich Associates, the consultancy.
/jlne.ws/2NDHAXF
Investors ignore human rights at their peril; From land grabs to illegal labour, civil liberties issues should matter to investors
Jennifer Thompson - FT
Two of Europe's biggest investors made headlines for all the wrong reasons in 2013 despite being keen to emphasise their commitment to responsible investment.
/jlne.ws/2NwYNSx
Tracker funds in the balance amid sector reclassifications; 1,100 companies will switch 'home', generating billions in rebalancing trade
Chris Flood - FT
The smooth running of dozens of tracker funds that together hold many billions of dollars face a major operational test following changes on Monday to the sector classifications of some of the most widely-followed US companies.
/jlne.ws/2NBm06
Houston, We Have a Solution
Owain Johnson - CME OpenMarkets
As the U.S. exports record levels of crude oil, global hedgers look to connect pricing to major U.S. hubs. A new futures contract offers a solution. The global markets want U.S. oil badly at present. Venezuelan production is in freefall, Libyan production remains low and U.S. sanctions will dramatically reduce Iranian crude exports. Meanwhile, demand from key oil users like the United States, China and India remains strong. Luckily, the shale revolution means that U.S. production is soaring. U.S. crude oil output will average around 10.7 million barrels per day (b/d) in 2018, up from 9.4 million b/d in 2017, and will average 11.5 million b/d in 2019, according to the Energy Information Administration
/goo.gl/3u4Esp
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Lehman Brothers workers share memories 10 years after the fall
Jessica DiNapoli and Joshua Franklin - Reuters
Ex-employees of Lehman Brothers Holdings Inc met at Irish pubs near their former office in Midtown Manhattan on Thursday night to reminisce 10 years after the bank's collapse, in gatherings with the atmosphere of high school reunions despite marking the largest failure of the financial crisis.
/jlne.ws/2NAKOer
British inquiry intensifies Danske Bank money laundering scandal
Teis Jensen, Pamela Barbaglia - Reuters
Danske Bank's money laundering scandal spread on Friday to Britain where the National Crime Agency (NCA) said it is investigating the use of UK-registered companies.
/jlne.ws/2NDCsCT
Invesco nears $5bn deal to buy OppenheimerFunds; Acquisition would lift assets under management to more than $1tn
Robin Wigglesworth - FT
Invesco is nearing a deal to buy OppenheimerFunds for about $5bn, an acquisition that would vault the investment group into the trillion-dollar asset management club and highlights the scramble to bulk up in the face of mounting competitive pressures.
/jlne.ws/2NCB9DY
Crime agency investigates UK entity linked to Danske Bank; NCA opens case into limited liability partnership and warns of 'route for money laundering'
Caroline Binham - FT
The UK's National Crime Agency has opened an investigation into a UK entity with links to the Danske Bank branch at the centre of a EUR200bn money-laundering scandal.
/jlne.ws/2xwpUD2
Lloyd's of London profits halve as lower investment returns bite; New chief faces test as insurance market posts worst first-half figure in five years
Oliver Ralph - FT
Profits at Lloyd's of London halved in the first half of the year, as the insurance market's results showed the scale of the challenge facing incoming chief executive John Neal.
/jlne.ws/2NCGWcM
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Poland upgraded to developed market status by FTSE Russell
Katie Martin - FT
Poland hit a milestone on Monday with its promotion to 'developed market' status in indices run by FTSE Russell, becoming the first country in Europe to make the step and the first country in the world to be awarded such an upgrade in almost a decade.
/jlne.ws/2NzaRTo
Govt to take all measures to ensure liquidity for NBFCs, MFs: Arun Jaitley; There are liquidity concerns following default in repayment of loans by a diversified IL&FS group
Business Standard
Seeking to calm the nerves of worried investors, Finance Minister Arun Jaitley said on Monday that the government would take all measures to ensure adequate liquidity for non-banking financial companies (NBFCs) and mutual funds.
/jlne.ws/2NApmpS
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | EU ambushes Theresa May over Brexit plan; Tusk gives the UK four weeks to save exit talks and rejects Chequers proposals
George Parker, Alex Barker and Michael Peel in Salzburg - FT
Theresa May was ambushed by EU leaders at a summit on Thursday, as they warned that her economic plan for Brexit "will not work" and gave her four weeks to save the exit talks.
/jlne.ws/2NCCY40
Revolut seeks to hedge Brexit risk with Luxembourg licence; Fast-growing fintech company predicts London's role as a financial centre could fade
Martin Arnold, Banking Editor - FT
The UK's fastest-growing financial technology company has started the process of applying for a licence in Luxembourg to cope with the potential disruption of Brexit.
/jlne.ws/2NzUhCx
Brussels Edition: Banking After Brexit
Alexander Weber and Nikos Chrysoloras - Bloomberg
Investment banks in the U.K. take note: The European Parliament may be about to make life after Brexit a bit more challenging. European lawmakers are attempting to change the way services can be supplied to EU customers from outside the bloc. Their compromise proposal will be put to a vote this afternoon. If passed, it must still be discussed with national governments, with France in particular pushing for a more restrictive regime.
/jlne.ws/2NEbsDn
Brexit May Help Ex-Deutsche Bank Trader Avoid Extradition
Kaye Wiggins - Bloomberg
Andreas Hauschild, arrested in Italy, is sought by Britain; U.K.'s exit from EU may complicate extradition from bloc
Britain's decision to leave the European Union might be Andreas Hauschild's best hope of remaining in it.
/jlne.ws/2NEGmeQ
Why Brexiters' confidence in services trade may be misplaced; Geography matters almost as much to finance as it does to goods, study finds
Chris Giles, Economics Editor - FT
Brexit will fail to transform Britain into a global services powerhouse because geography matters almost as much to trade in finance, retail and other services as it does in goods, according to research from prize-winning trade economists.
/jlne.ws/2NC2qq4
UK's Labour says it will vote down a Brexit deal that fails to meet its tests
Reuters
The Brexit spokesman for Britain's opposition Labour Party said on Monday his party would vote against any deal Prime Minister Theresa May strikes with the European Union if the agreement failed to meet its tests.
/jlne.ws/2NEhZOp
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