| October 18, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2016 Newsletter Subscriptions: | |
Welcome to FIA EXPO Week
By John J. Lothian
Welcome to FIA EXPO week in Chicago. The global derivatives/financial/technology industry converges on the Hilton on South Michigan Avenue tomorrow as the conference officially begins then.
It will be a week of news, meeting colleagues and old friends and a little bit of socializing. Just be careful out there.
The Windy City is living up to its name as tremendous winds, not created by blow-hard politicians, has descended on the city.
John Lothian New will be out in force at the conference, and we will again be shooting video in the Cinnober booth on the trading floor. Thank you to our good friends at Cinnober for again giving us this opportunity. Collaboration is a great thing.
Our video series will be focusing on regulation and solutions to overcoming the new rules since the passage of Dodd-Frank. How are you doing? And, how are you doing it?
I want to encourage everyone to buy a ticket to the gala for Thursday that supports the Greater Chicago Food Depository. It is a great thing this industry and conference does to help battle hunger in Chicago where one in eight people needs some assistance. We do well, so let's do some good too.
Have a great week and please say hello to me or my team if you see us.
++++
A Tangled Web: Exploring The Explosive U.S. Growth Of Options On Futures
Spencer Doar - JLN
In 1982, the CME became the first exchange to offer options on futures products. That was nine years after the Chicago Board Options Exchange standardized the equity options market and five years after the CBOE were allowed to list puts.
While options on futures, also called futures options (or, even better, OOFs), have a 34-year history, the period since the financial crisis marks a new era for the market amid continually shifting currents. In 2011, 500 million contracts were traded. In 2015, industry volumes hit 756 million contracts, a 51 percent increase. Do not be mistaken, the volumes of options on futures were already on the march upwards in the years prior to 2008. In 1999, 115 million contracts were traded compared to 584 million in 2008. But the current environment rekindled that growth.
To access the rest of the article, click here
**If you missed it yesterday, here is JLN's feature on options on futures growth, our top read piece of the day. It's well worth a look at what's happened in the options space.
++++
++++
Why Wall Street is turning on TrumpÂcommentary
CNBC
With Hillary Clinton leading in the polls, there has been a feeling of a safety net in place for the markets and the economy. It's because a HRC win would be somewhat neutralized by the Republican majorities in the Senate and the House. But then there's the Trump wild card factor and the little matter of the civil war he's started in the Republican party.
cnb.cx/2eqyusk
**JK: Civil war is a nice way to put it. Somewhere John Boehner is laughing and saying, "I'm sure glad I got out."
++++
Start-Up Taking Aim at Bloomberg Terminals Hires Former Bloomberg Head
By NATHANIEL POPPERO - NY Times
Norman Pearlstine is tasked with building a news feed for Money.net that will be based on machine-generated news bulletins and stories.
A start-up looking to take on the financial information behemoth Bloomberg L.P. is hiring a former Bloomberg executive to begin a new financial news service.
/goo.gl/G3Fcof
**JK: Can you out Bloomberg Bloomberg with a guy from Bloomberg?
++++
Recruiters give advice for applying for hedge fund investment jobs
Business Insider
Hedge funds are having a rough time.
Several storied managers are posting dismal performance, while others are closing shop entirely.
At the same time, the industry is known for being lucrative, turning a fortunate few into multi-millionaires - and even billionaires.
Not that it's easy to find a job.
read.bi/2eqBGEn
**JK: Whatever you do, don't say "I really love passive investing."
++++
Chicago's Coolest Offices 2016
Crain's Chicago Business
2016 brought us plenty of office design trends to love: residential elements such as Oriental rugs; leasing programs that bring in rotating collections of high-end art; and a move toward softer color palettes with accents of blush and gold. But while design trends change year to year, some values always ring true: attractiveness, originality and functionality.
/goo.gl/6Jz0xj
***** Geneva Trading has way cool offices.
++++
Monday's Top Three
Yesterday's top story was a JLN feature from Spencer Doar on the growth of options on futures with separate sidebars on options analytics firm Bantix, CBOE's VIX and a video interview with Drew Shields from Trading Technologies. The package, A Tangled Web: Exploring The Explosive U.S. Growth Of Options On Futures was a runaway winner and worth a look. Second place goes to RJ O'Brien's new hire, R.J. O'Brien Hires Staniford to Lead Institutional Business Development in New York, London. Third place went to the troubles with Trayport in the FT, UK competition watchdog calls for ICE to drop Trayport
++++
| Sponsored Content |
Whitepaper: The Need for Radical Reform
A perfect storm of rising costs and an increasing regulatory burden has raised barriers to entry across the market.
The post financial crisis world of low rates and increased monopoly is not sustainable, there is a need for radical reform across the market.
This whitepaper looks at the challenges in the market today and asks what can put the derivatives industry on a more sustainable course. The whitepaper, produced in partnership with Object Trading, is free to download. To get your copy, click here. |
|
|  | | | |
 | |
| Lead Stories | The Dying Business of Picking Stocks; Passive investing has become investors' default, driving billions into funds that track indexes. It's transforming Wall Street, corporate boardrooms and the life of the neighborhood broker
By ANNE TERGESEN and JASON ZWEIG - WSJ
Investors are giving up on stock picking.
Pension funds, endowments, 401(k) retirement plans and retail investors are flooding into passive investment funds, which run on autopilot by tracking an index. Stock pickers, archetypes of 20th century Wall Street, are being pushed to the margins.
/goo.gl/3t5cph
**JK: People really love passive investing.
Index Funds Are Taking Over The S&P 500; A Wall Street Journal analysis of U.S.-based mutual fund and ETF ownership of the S&P 500 reveals that passive funds have more than doubled their stake in the index over the last decade.
By Tom McGinty, Sarah Krouse and Elliot Bentley - WSJ
The WSJ's analysis of S&P 500 ownership shows that passive mutual fund and ETFs' share has been growing steadily since 2005, while that of active mutual funds and ETFs has remained relatively flat.
/goo.gl/jspfSr
Goldman Sachs Profit Rises 47% as Bond-Trading Outperforms
Dakin Campbell - Bloomberg
Goldman Sachs Group Inc., the Wall Street firm most reliant on trading, reported a 47 percent increase in third-quarter profit as its performance in bond trading beat analysts' estimates.
/goo.gl/UJc84l
ICE considers appeal after watchdog demands Trayport sale; UK regulator concerned that exchange operator could use acquisition to reduce competition
by: Philip Stafford - FT
Intercontinental Exchange may appeal against a rare ruling by UK competition authorities that it sell an energy trading software platform it bought last year, and fight off potential interest for the asset from IHS Markit.
/goo.gl/rLoda7
The Fed Embraces a More Diverse Future
Bloomberg
The Federal Reserve gave two indications last week that one of its next structural pushes will be toward incorporating more diversity into how it conducts its business. For a variety of reasons, this evolution is likely to lead to a monetary policy with a more dovish bias than the institution has had in the past.
bloom.bg/2eqBy7E
HFT firm Virtu in breakthrough talks with EUR260bn fund manager
Tim Cave - Financial News
Virtu Financial is in talks to trade on behalf of Union Investment, a major German asset manager, in one of the clearest signs yet that high-frequency trading is becoming widely accepted by Europe's traditional investment community. The deal, which would see Virtu execute trades on an agency basis for Union in Europe, is set to be one of the first of its kind in the region bringing together a leading electronic market-maker and an asset manager with more than EUR260 billion in client assets.
/goo.gl/mgbknk
**JK: Other Union partners include KCG, Jane Street, and Flow Traders.
A Critical Eye on Wall Street's Secrets
Alexandra Stevenson and Matthew Goldstein - NY Times
On Wall Street, moneymaking companies have long relied on confidentiality agreements to prevent employees from divulging their secrets. But now, the nation's labor board has challenged some provisions in the contracts that Bridgewater Associates, the world's biggest hedge fund firm, requires each full-time employee to sign. The unusual action is calling into question longstanding practices and prompting some companies to re-examine their employment agreements.
nyti.ms/2dJBMWo
**JK: Just how far would you go to ''protect'' your firm?
World Federation Of Exchanges Responds To FSB's Paper On CCP Resolution Planning
CCP Resolution
WFE Release
The WFE considers recovery is almost always preferable to resolution, but we welcome well-designed international efforts to enhance and strengthen how CCPs would be resolved in the event of a systemic crisis, such as the simultaneous default of several large global banks.
bit.ly/2dJ3WRx
Investors may need to get used to flash crashes
Irish Times
The recent overnight crash in sterling, which saw the currency plunge by more than 6 per cent in a matter of minutes before swiftly rebounding, is the latest in an increasingly long line of so-called flash crashes to afflict financial markets.
bit.ly/2eqCuJs
Exclusive: LPL Financial exploring a sale - sources
Greg Roumeliotis - Reuters
LPL Financial Holdings Inc, the largest independent broker-dealer and registered investment adviser in the United States, is exploring strategic alternatives, including a potential sale, according to people familiar with the matter.
reut.rs/2dJu0f9
How Spoofing Works & Why It is Illegal
Neurensic
Our trader in the above example has tricked the marketplace into thinking that a market move is starting. Sellers are tricked into to lowering their prices because of the additional supply. Buy-side traders have retreated from where they actually were willing to invest based on false market supply signals.
/goo.gl/GWjvsj
Berkshire, Twitter and Alibaba Share Unusual Ally: This HFT Firm
Annie Massa and Matthew Leising - Bloomberg
It's the end of another day on the New York Stock Exchange in Lower Manhattan, and that means it's Global Trading Systems vs. the world. Brokers in blue jackets are crowding around the GTS trading post, looking to sell shares of Alibaba. They're calling out figures above $98 a share, where they expect the Chinese retailer's price to close. GTS is pushing back: They've got it wrong.
bloom.bg/2egZluW
Oil groups 'threatened' by electric cars
Financial Times
Oil companies face a "resoundingly negative" threat from a sharp growth of electric cars, one of the leading credit rating agencies has warned.
"Widespread adoption of battery-powered vehicles is a serious threat to the oil industry," says a report from Fitch Ratings that urges energy companies to plan for "radical change" spurred by new technologies that could arrive faster than expected.
on.ft.com/2eqBB3l
|
| | | |
|
| |
| Deutsche Bank News | | A roundup of stories surrounding the troubles at Deutsche Bank. | Deutsche Bank's options to solve capital dilemma seen to be limited
Edward Taylor - Reuters
Deutsche Bank needs to move quickly to boost capital and deliver healthy profits if it is to restore investor confidence, but its room for maneuver appears limited, bankers, analysts and investors say. When John Cryan took over as chief executive last year, he announced steps to cut staff and overheads and to sell off non-core businesses. But a $14 billion fine sought by the U.S. Department of Justice (DOJ) for the bank's mis-selling of mortgage securities has exposed a potential capital shortfall of between 5 to 10 billion euros, while progress in implementing Cryan's strategy has been slow.
reut.rs/2dJw3Qj
Deutsche Bank Faces Shrinking U.S. Fortunes
Paul J. Davies - WSJ
Deutsche Bank has been struggling in the U.S. Now investors must contemplate if it might be forced to shrink its operations in the world's biggest and deepest capital markets even more radically. That would be painful even for a bank that has written down most of the billions in goodwill left from its takeover of Bankers Trust that took it into the U.S. in a big way in 1999. Deutsche has all along struggled to make money there.
on.wsj.com/2ehbHmO
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Rival Systems Adds Connectivity to Nasdaq Futures
By GlobeNewswire
Chicago-based Rival Systems (Rival), a leading provider of trading and risk management software, today announced it now offers connectivity to Nasdaq Futures, Inc. (NFX), giving clients expanded access to energy markets and the ability to easily trade and manage like products across multiple exchanges. Rival is the latest software provider accepted into the NFX Preferred Vendor Program.
/goo.gl/QPGHBf
SIX Swiss Exchange Welcomes New Trading Participant
Mondovisione
Today, SIX Swiss Exchange is pleased to welcome DRW Investments (UK) Limited as its third new participant in 2016. " SIX Swiss Exchange offers excellent trading conditions as well as premium products and services. We are happy that DRW Investments (UK) Limited has joined our exchange and wish them successful trading. " comments Gregor Braun, Head Member Acquisition & Product Sales, the acquisition of the new participant. With the arrival of DRW Investments (UK) Limited, the total number of trading participants at SIX Swiss Exchange stands at 103.
/goo.gl/S6eQ2n
The U.S Ambassador Visits The Amman Stock Exchange
Mondovisione
The Chairman of the ASE Board of Directors Marwan Bataieneh received the US Ambassador to the Kingdom Alice Wells in the presence of the CEO of the ASE Nader Azar, and a number of the ASE employees. During the visit, they discussed the common subject of mutual interest in the economic field.
bit.ly/2dJvPJ9
Nasdaq Dubai Expands Equity Futures Market By Adding Two More Leading Companies
Press Release
Nasdaq Dubai will add Abu Dhabi Commercial Bank (ADCB) and Union Properties (UPP) to its equity futures market, raising the number of leading UAE companies on which futures can be traded to nine.
The market opened on September 1, 2016, to provide regional and international investors with unique new tools for investment and wealth protection. On October 23, 2016, ADCB and UPP will join seven other UAE-listed companies on which futures have been offered from the outset: Aldar Properties, Arabtec Holding, DP World, Dubai Islamic Bank, DXB Entertainments, Emaar Properties and Etisalat.
bit.ly/2eqAgtC
The European Association Of CCP Clearing Houses (EACH) Responds To The FSB Discussion Note On CCP Resolution Planning, 18th October 2016
Press Release
The EACH response to the Financial Stability Board (FSB) discussion note on 'Essential Aspects of CCP Resolution Planning' is published today. In this response, EACH identifies the relevant aspects of CCP resolution that are core to the design of effective resolution strategies, including:
bit.ly/2eqDSM8
Clearstream's Monthly Report
Deutsche Boerse
/goo.gl/1jF3fC
Shenzhen-Hong Kong Stock Connect to make test debut Monday
South China Morning Post
If three-week trial successful, the new cross border share trading scheme should go live on November 21, say officials
/goo.gl/1HS3Py
|
| | | |
|
| |
| Politics | | An overview of politics during an election year as it relates to the financial markets | Trump proposes five-year ban on executive branch officials and lawmakers who want to become lobbyists
The Washington Post
Republican presidential nominee Donald Trump on Monday called for tighter restrictions on Washington's revolving door, proposing a five-year ban on members of Congress and executive branch officials who want to become lobbyists after leaving government.
wapo.st/2eqAPmY
Where Wall Street Republicans Are Making Their Political Donations
Fortune
Largely united in their dislike of Republican presidential candidate Donald Trump, some ultra-wealthy U.S. investors who play in conservative politics are warily weighing their choices, torn between third-party candidates, simply focusing on down-ballot contests or even voting for Democrat Hillary Clinton.
for.tn/2eqCJUL
Wall Street wants Donald Trump to be beaten, but not crushed
MarketWatch
Sorry, Trump supporters: With three weeks until Election Day, the presidential election is over, as MarketWatch's Steve Goldstein wrote earlier this month. The notorious Access Hollywood video in which Republican nominee Donald Trump boasted about groping and kissing women just because he could was the death blow to an already sputtering campaign. Subsequent complaints by 10 women that he did exactly what he said (apparently he's a man of his word in that department, though he's denied the allegations) were the exclamation points.
on.mktw.net/2eqCFEr
Could a President Clinton Be Tough on Wall St.? Her Staff's Emails Hint Yes
NY Times
When Hillary Clinton was battling Bernie Sanders for the Democratic presidential nomination, she made spirited attacks on Wall Street and corporate America.
"Prosperity can't just be for C.E.O.s and hedge fund managers," Mrs. Clinton said in one speech.
In another: "No bank is too big to fail, and no executive is too powerful to jail."
nyti.ms/2eqF2Y0
As OPEC Waits on Russia, Naimi Memoir Offers Cautionary History
Javier Blas - Bloomberg
Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that's roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
/goo.gl/jrMShq
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Bond trading drives Q3 revenue surge for investment banks
The Trade
Goldman Sachs revealed this week a 47% increase in third quarter revenues to over $2 billion, driven by a 34% surge in its fixed income trading sales in the same period.
The investment bank said the increase was "due to significantly higher net revenues in interest rate products and credit products, as well as higher net revenues in mortgages."
bit.ly/2eqB7uj
Norway's oil fund urged to invest billions more in shares; Government report says 70% of assets should be invested in equities
by: Richard Milne in Oslo - FT
Norway's $880bn oil fund should invest billions of dollars more in equities and take on more risk, according to the conclusions of a government-commissioned report.
/goo.gl/0cyn8d
Complacency is number one enemy of this ageing US credit cycle; The amount of US corporate borrowing should worry investors more than it does
by: Michael Mackenzie - FT
Buy low, sell high. Based on that dollop of investment wisdom, bonds across the risk spectrum have long faced an almighty reckoning.
/goo.gl/tDpzvD
Older Investors Biggest Users Of ETFs
Jeff Schlegel - Financial Advisor Magazine
For various reasons, there's a perception that exchange-traded funds are more up the alley of younger investors than older investors. Turns out that's not the case, at least according to a recent report from Pershing LLC that found that investors ages 51 and up are the biggest users of ETFs. In its report, The Evolving ETF: Using Exchange Traded Funds in Client Portfolios, Pershing worked with Beacon Strategies LLC to interview more than 1,500 financial advisors both in the U.S. and abroad to gauge their attitudes towardÂand usage of - ETFs.
/goo.gl/3kAAmD
FCA opens up feeder fund market to NURS investors
Investment Week
Non-UCITS Retail Schemes (NURS), including funds of funds, will now be able to invest in the feeder funds of master-feeder structures, providing access to many Luxembourg-domiciled SICAVs and Dublin-domiciled ICAVs for the first time.
bit.ly/2eqC3Ph
Growth in low-fee products helps boost BlackRock profits
Reuters
BlackRock Inc (BLK.N), the world's largest asset manager, reported a better-than-expected quarterly profit on Tuesday, showing resilience in what has been a punishing market for many asset managers' earnings.
reut.rs/2eqCE3z
BNP Paribas launches initiatives to improve access to local fixed income markets
The Trade
BNP Paribas has launched a series of initiatives to help financial institutions access local fixed income markets.
bit.ly/2eqBepw
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS spending $1 billion on IT overhaul
Joshua Franklin and Angelika Gruber - Reuters
UBS (UBSG.S), the world's biggest private bank, is spending around 1 billion Swiss francs ($1 billion) to standardize the IT platform across its flagship wealth management business, an investment it hopes will ultimately help lower costs. "This is about integrating our historically fragmented infrastructure that we have globally into one platform," the Swiss bank's chief operating officer for wealth management, Dirk Klee, told Reuters. "So we want to have the same processes, the same way of approaching UBS and we also want to raise synergies and scale in the back office."
reut.rs/2dJxAG1
Better Trading Revenue Heightens Anticipation for Morgan Stanley, Goldman
Ben Eisen - WSJ
After major banks showed trading revenue was resurgent last quarter, expectations have been building for two of the biggest trading powerhouses that have yet to report results. Shares of Goldman Sachs Group Inc. climbed 1.9% Friday and Morgan Stanley rose 1.1%, outperforming the three major banks that reported third-quarter results that day, all of which topped estimates on the back of stronger trading.
on.wsj.com/2dJBRJE
Why Can't All Japanese Banks Be Like Suruga?
WSJ
If only all Japanese banks could be like this one, the Bank of Japan would have less to worry about.
As Japan's largest banks languish under negative interest rates, with deteriorating profitability and wilting loan demand, a clear winner has emerged: Suruga Bank. Suruga's stock price is up over 13% since negative rates were introduced in Japan compared with a 17% fall of the wider TOPIX banks index.
on.wsj.com/2eqAUXY
British Bank Abruptly Drops Russian Network RT's Accounts
Neil MacFarquhar and Kimiko de Freytas-Tamura - NY Times
Russia's main English-language satellite network complained on Monday that its British bank was abruptly closing its accounts. The network, which reported on the decision, called it a British-government-sanctioned attempt to interfere with freedom of speech.
nyti.ms/2dJwdY9
Winners Emerging Among Battered Banks
Aaron Back - WSJ
A strong rebound in trading activity has boosted the results of three major U.S. banks. What matters to the battered banking industry is whether the shift is temporary or more permanent. If the rebound proves lasting, big U.S. banks may be positioned to take market share from competitors, mostly Europeans, that have scaled back their trading businesses. Less capacity and competition could make for improved overall economics of the banking industry.
on.wsj.com/2dJxGOd
It's 'happy hour' as brokers pour sops to retain clients
Business Standard News
Traditional brokerages are introducing a slew of incentives to defend their turf from the so-called discount brokerages. Some of the sops being offered to rope in new clients and retain the existing ones are cashbacks, reduced fee, and customised consultancy for clients. Brokerages are also introducing the concept of "happy hour", to promote trade during specific time every day.
bit.ly/2dJDfMn
Lloyds Regulatory Official Sues Bank Over Whistle-Blowing Claims
Patrick Gower - Bloomberg
Nemanja Eckert had a closed-door hearing in London Monday; 12-year Lloyds veteran worked in transaction-banking unit
A one-time regulatory official at Lloyds Banking Group Plc sued the lender over claims he was pushed out for blowing the whistle on corporate misconduct and suffered sex and disability discrimination.
/goo.gl/rhDZ63
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Thomson Reuters begins roll out of high-speed data feed
Reuters
Thomson Reuters will take the first steps next month to launch a new data feed that gives high-speed computer traders 10 times faster updates on prices on its Matching venue, where banks trade tens of billions in foreign exchange daily.
reut.rs/2eh9veU
The former chief investment officer of UBS thinks widespread blockchain adoption is a long way off
Business Insider
Oliver Bussman, ex-CIO of UBS and vocal advocate of blockchain, believes it will be some time before we see widespread adoption of the technology by banks, according to an article published by theFinancial Times.
read.bi/2eqByon
Colt PrizmNet Expands North American Offering
Colt Release
Colt, the global network and trading infrastructure provider, announced today that it is rapidly expanding the Colt PrizmNet financial extranet in North America to include a range of U.S. and Canadian financial content providers, foreign exchange (FX) venues and technology providers, including Hotspot, Nasdaq and Omega ATS.
/goo.gl/OcBJ8X
CQG Releases Advanced Mobile Trading Tools
Automated Trader
CQG, a provider of trade routing, market data, and technical analysis, has announced several enhancements to CQG M, its mobile product for on-the-go access to quotes, analytics, and trading. The advanced trading features of the HTML5-based mobile platform released today in an alpha version are:
/goo.gl/2dhZy8
FIA Launches Interactive SEF Tracker
Mondovisione
FIA announced the launch of an online tool to track and visualize trading activity on swap execution facilities (SEFs). The new interactive version of FIA SEF Tracker uses Tableau data visualization software to create displays of volume and market share data for interest rate swaps, credit default swaps, and foreign exchange products traded on SEFs. Users can filter the data by currency, date, asset class and SEF, and the resulting displays can be downloaded in several formats.
/goo.gl/Vze32C
|
| | | |
|
| |
| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Approves FINRA's Capital Acquisition Broker (CAB) Rules
FINRA.org
The Securities and Exchange Commission (SEC) approved FINRA's rule set for firms that meet the definition of "capital acquisition broker" (CAB) and that elect to be governed under this rule set. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as placement agents for sales of unregistered securities to institutional investors under limited conditions
bit.ly/2ehbFvf
Morgan Stanley's investment unit settles with FINRA for $2.2 million
Reuters
Morgan Stanley Smith Barney LLC said it would pay a fine of $2.2 million to the Financial Industry Regulatory Authority (FINRA), after the regulatory body alleged that the firm submitted millions of inaccurate reports to the Options Clearing Corp, violating the FINRA rules.
reut.rs/2eqE3Hr
Draft bill on resolution of financial firms credit positive: Moody's
The draft bill on a resolution of financial firms is credit positive for banks as it is an important step to have a comprehensive framework in place for stressed financial firms, Moody's Investors Service on Tuesday said.
After enacting a bankruptcy code for time-bound settlement of insolvency cases in non-financial firms, the finance ministry last month released a draft bill to set up a resolution corporation to address similar issues among financial firms.
/goo.gl/sGKSV2
Piecemeal regulation is hindering US fintechs
Business Insider
High-level criticism of the US regulatory regime for fintech is gathering steam.
Mark Warner, senior Senator of Virginia, said that there is a lack of expertise among the regulators responsible for fintech regulation, effectively making the industry a "Wild West space," at an event hosted by The Brookings Institute last Thursday.
read.bi/2eqAwIQ
UK regulator to clamp down on gaming of bank league tables; Inquiry into investment and corporate banking outlines proposals
by: Caroline Binham, Financial Regulation Correspondent - FT
The City watchdog is clamping down on investment banks' "misrepresentation" and league table inflation as part of efforts to stamp out conflicts of interest and to ensure clients, particularly small companies, get a fair deal.
/goo.gl/0OIguD
Nevada Voters Weigh Deregulation of Electricity Market; November ballot measure backed by casinos would end monopoly of NV Energy, state's largest utility
By CASSANDRA SWEET - WSJ
Nevada is the latest battleground in a national political fight over whether consumers and businesses should be able to choose where they buy electricity.
/goo.gl/a9JpSY
Boston entrepreneur convicted of insider trading
Reuters
A Boston-based real estate entrepreneur was convicted on Monday of engaging in insider trading with two friends after learning of India-based Apollo Tyres Ltd's planned attempt to buy Cooper Tire & Rubber Co in 2013.
Amit Kanodia, 49, was found guilty by a federal jury in Boston on 11 of the 19 counts he faced, including conspiracy and securities fraud. He was acquitted of the other eight counts of securities fraud, prosecutors said.
reut.rs/2eqCXLv
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Goldman Sachs's Asia Pacific Chairman to Retire
Michael J. de la Merced - NY Times
One of Goldman Sachs's top bankers in Asia is planning on retiring after nearly three decades at the firm. Mark Schwartz, who is chairman of Goldman's Asia Pacific region and a vice chairman of the firm, will retire at the end of the year, the firm said in an internal memorandum on Monday.
nyti.ms/2eh4Idr
World's Biggest Cocoa Grower Is Wiping Out Its Rainforests
Olivier Monnier - Bloomberg
Ivory Coast farmers invade protected forests to plant cocoa; Less rainfall is one reason why government now wants them out
After disease ravaged his cocoa farm, Philippe Zongo walked into one of West Africa's last remaining rainforests to hack out new acreage. Like thousands of young men from Ivory Coast and more arid neighboring countries, Zongo set out to find the best soil to plant new cocoa trees. He found it in the western Cavally forest, an area bigger than Chicago where chimpanzees live under the canopy of trees 100 feet tall.
bloom.bg/2ehcunQ
Greater Freedom For Nigerian Financial Markets With Launch Of Thomson Reuters FX Central Limit Order Book
Mondovisione
Thomson Reuters has launched an FX Central Limit Order Book (CLOB) for the Nigerian market, a move that will enhance liquidity in the FX market and give the Central Bank of Nigeria (CBN) the tools to foster greater freedom in its financial markets.
/goo.gl/Zeaqxy
Expensive Lessons for Rand Traders as Gordhan-Zuma Battle Rages
Xola Potelwa, Colin McClelland - Bloomberg
Rand is a daily 'nightmare,' Credit Agricole strategist says; 'Personality politics' make forecasts volatile, Nomura says
The wheels are coming off the rally in the South African rand. The currency has swung to being the emerging world's worst performer this month, from best in the third quarter, after a move to prosecute Finance Minister Pravin Gordhan sparked a sell-off of South African assets. Volatility has jumped to the highest among currencies tracked by Bloomberg, catching out investors and driving others to steer clear of South African markets until the political storm has passed.
/goo.gl/JYzvsa
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | How Baseball and Journalism Made Los Angeles and Chicago Rivals
NY Times
Correspondents for The New York Times in Los Angeles and Chicago discuss how baseball and journalism have combined to bring out a rivalry between the two cities. Contributing to this conversation were Adam Nagourney, the Los Angeles bureau chief; Monica Davey, the Chicago bureau chief; Jennifer Medina, a Los Angeles correspondent; and Mitch Smith, a Chicago correspondent.
nyti.ms/2dJArz1
|
| | | |
|
| |
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.
© 2016 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
