| June 28, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Using A.I. to Address the Compliance Challenge
JohnLothianNews.com
"Historically for a lot of these artificial intelligence tools, they were very bespoke builds  and a lot of them still are. What we're really working on is taking the concepts and building more generic tool sets that you can provide to lots of different people."
As regulatory scrutiny spreads to more asset classes, so too do the challenges for compliance teams. Tony Sio, head of exchange and regulator surveillance with Nasdaq, believes artificial intelligence is the way forward.
Artificial intelligence has been around in varying forms for years, but it was not accessible to firms due to the associated costs to build and maintain. It is only of late the technology is being democratized for broader use. This bodes well for those reeling from compliance costs as A.I. represents a chance to leverage existing manpower in the search for manipulative trading practices.
Watch the video »
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CME CEO Says It's Important to Have Smart Regulation
Bloomberg Video
Terrence Duffy, CME Group chairman and CEO, talks about the delayed Senate health-care vote with Bloomberg's Scarlet Fu on "What'd You Miss?"
/goo.gl/CZPgdT
***** Terry is a smart man.
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CME to launch Australian wheat futures with Platts index
Reuters
CME Group will enter the Australian wheat market next month by launching a futures contract based on an export price index calculated by S&P Global Platts, the Chicago-based exchange said on Wednesday.
/goo.gl/pVSjwz
****** Aussies have always used to Chicago to hedge, so this is a good move.
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Yellen: Banks 'very much stronger'; another financial crisis not likely 'in our lifetime'; Fed Chair Janet Yellen said the banking system is "very much stronger" due to Fed supervision and higher capital levels.; Yellen also predicted that because of the measures the Fed has taken, another financial crisis is unlikely "in our lifetime."
Jeff Cox - CNBC
Fed Chair Janet Yellen said Tuesday that banks are "very much stronger" and another financial crisis is unlikely anytime soon.
/goo.gl/q2XyXP
**** At least we have this going for us.
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Don't play the market on unsolicited stock tips; Such tips are sent by operators who want to exit or enter stock at cost of retail investor's greed
Tinesh Bhasin - Business Standard
If you have a trading account with a broker, there are chances that you have received stock tips through text messages (SMS). The sender's name would suggest that the message is from a reputed broker. But, there is a strong likelihood that the sender is using the reputed broker's name to drive up or down some stock.
/goo.gl/px7eyV
***** Really?
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Tuesday's Top Three
Our most read story yesterday was the Financial Times' story, Lutnick offers $20,000 per month to trade on new Treasury platform. In number two was Business Insider's story, There's about to be a showdown between America's biggest players in trading. Rounding out the top three today is Bloomberg's story, Dark-Pool Clampdown Seen Ensnaring 74% of European Equities
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MarketsWiki Stats
103,423,573 pages viewed; 22,572 pages; 206,735 edits
MarketsWiki Statistics
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| Lead Stories | UK regulator calls for radical shake-up of £7tn investment sector; Financial Conduct Authority wants fund managers to present investors with all-in fee
Madison Marriage, Peter Smith and Caroline Binham in London
A radical shake-up of the UK's £7tn investment market has been proposed by Britain's financial regulator in a bid to stamp out conflicts of interest and restore savers' trust in the asset management industry.
/goo.gl/X6ifL1
Cyber attack shows few signs of spreading to Asia; Ransomware hack that hit global companies appears to have limited impact
FT reporters
The cyber attack that hit some of Europe and the US's largest companies showed few signs of spreading to other continents on Wednesday, with only isolated branches of the multinationals being affected by the ransomware attack in Asia that had shut down computers and demanded a $300 ransom to be paid in bitcoins.
/goo.gl/jXAKwh
CME Obtains Regulatory Clearance to Launch OTC FX Options Clearing
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, announced today it has received regulatory clearance from the Commodity Futures Trading Commission (CFTC) to provide clearing services for over-the-counter FX options.
/goo.gl/4wSAis
LSE's man behind the deals calls time after 16 years; Technology veteran, who has helped transform the 320-year-old exchange group's business model, heads for the exit
By Samuel Agini - Financial News
The London Stock Exchange's top strategist - who has helped transform the group from its roots in UK equities trading into an exchange spanning clearing, indexing and data - has left.
/goo.gl/YJXw4m
**** Story broken by Financial News of Dow Jones
Draghi Tried to Be Cautious But Spooked the Market Anyway
Alessandro Speciale - Bloomberg
Mario Draghi just got evidence that his call for "prudence" in withdrawing European Central Bank stimulus applies to his words, too.
The euro and bond yields surged on Tuesday after the ECB president said the reflation of the euro-area economy creates room to pull back unconventional measures without tightening the stance. Policy makers noted the jolt that showed how hypersensitive investors are to statements that can be read as even mildly hawkish, according to three Eurosystem officials familiar with their thinking.
/bloom.bg/2t0DMlB
'Enigma Network' Rocks Hong Kong Markets With Sudden 90% Losses
Kana Nishizawa - Bloomberg
It sounds straight out of Le Carre: "The Enigma Network."
But suddenly that phrase is sending shock waves across Hong Kong equities, in an unexpected culmination of one man's campaign to train a spotlight on the market's darkest corners.
His name is David Webb -- and if investors ignored him until now, they're paying the price.
/bloom.bg/2t0E3F8
Bitcoin exchange operator tied to hacks gets five-and-a-half years U.S. prison
By Jonathan Stempel - Reuters
A Florida man was sentenced on Tuesday to 5-1/2 years in prison after pleading guilty to operating an illegal bitcoin exchange suspected of laundering money for hackers and linked to a data breach at JPMorgan Chase & Co.
/goo.gl/YQTmVV
FCA publishes final report into asset management sector
UK FCA
The Financial Conduct Authority (FCA) has today published the final findings of its asset management market study and announced the package of remedies it will take forward to address the concerns identified in its interim report into the sector.
/goo.gl/mYEDeP
FCA's Bailey: We expect to see active fees come down
Anna Fedorova - InvestmentWeek
Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said he expects to see improved competition within the asset management industry as a result of the regulator's package of 'remedies', which will ultimately lead to lower management costs.
/goo.gl/CnQTTL
FCA accuses buy-side of greed and outlines plans for single all-in fee; Latest asset management review from the FCA stands by plans to impose a single all-in fee to improve transparency and competition.
By Hayley McDowell - The Trade
The Financial Conduct Authority (FCA) has once again criticised the asset management industry for making high profits at the expense of investors and outlined plans to impose a 'single all-in' fee.
/goo.gl/YncQmt
Cyberattacks Lay Bare Our Lack of Knowledge
By Jordan Robertson - Bloomberg
Hey there. Jordan Robertson here. I cover cybersecurity in Washington D.C. This week, a new cyberattack wave is hitting companies across the globe. We're probably going to see more of these and a lot of headlines about a new era of nefarious wrongdoers demanding ransom from people and businesses.
/goo.gl/UjTqdN
Executives testify that stock exchanges competing with firms they regulate
Francine McKenna - MarketWatch
Stock exchanges have been allowed to evolve beyond their role as neutral market referees and the conflicts of interest that have developed are hurting long-term investors and the integrity of the markets, according to witnesses at a hearing on Capitol Hill on Tuesday.
on.mktw.net/2thAGMc
U.S. stock market executives tell lawmakers about conflicts in broker rebates
John McCrank - Reuters
Some of the biggest players in the U.S. equities market went to Capitol Hill on Tuesday to update lawmakers on issues that impact stock trading, including potential conflicts of interest arising from exchanges paying brokers for orders.
The hearing gave top executives from stock exchanges, fund companies and brokerages a chance to detail their often competing issues to members of the House of Representatives Committee on Financial Services subcommittee on capital markets.
reut.rs/2ti3apf
A Mystery Fed Candidate Won a Seat at the FOMC Table, Then Walked Away
Christopher Condon - Bloomberg
Who got an invitation from Janet Yellen to sit at the most exclusive economic-policy table in the world, and turned it down?
The Federal Reserve isn't saying.
/bloom.bg/2thYVtN
DERIVATIVES-Swaps compression hits US$1 quadrillion
Helen Bartholomew - Reuters
Derivatives users have eliminated more than US$1 quadrillion of notional outstanding in over-the-counter swaps through NEX Optimisation's triReduce multilateral compression service since its 2003 launch by TriOptima.
reut.rs/2ue4AOH
Central Banks Give Sleepy Markets a Wake-Up Call; Investors haven't been paying attention to what central banks have been saying
By Richard Barley - WSJ
Sometimes financial markets are surprisingly bad at joining up the dotsÂuntil they can't ignore the picture forming before their eyes. The screeching U-turn in bond markets this week is a good example. The world's central banks are sending out a message that loose monetary policy can't last forever.
/goo.gl/VXJoDn
Something called Ethereum is suddenly all over the news  here's what the bitcoin rival is all about
Frank Chaparro - Business Insider
Just when you thought you had your head around bitcoin, along comes Ethereum.
/goo.gl/dX5naX
Traders seek source of Hong Kong's 'Enigma' market crash; Tangle of cross-shareholdings and fuzzy balance sheets linked to small-cap sell-off
Jennifer Hughes in Hong Kong
Amid the hundreds of Hong Kong companies screened every year by independent investor David Webb, the 50 he chose to dub the "Enigma" network could seem insignificant. But when almost half that list plunged this week without warning or known cause, the group he mapped in May suddenly took on new importance.
/goo.gl/7pbMG7
Hong Kong's small-cap 'bloodbath' spills into day two; Regulator says concentrated ownership and thin trade make stocks ripe for misconduct
Jennifer Hughes in Hong Kong
Forty out of the 50 members of the "Enigma" network at the heart of a Hong Kong market crash fell on Wednesday as a bloodbath among the city's small caps spilled into a second day.
/goo.gl/MtzgNt
Phiz confident that interdealer brokers have not lost their voice; The head of TP ICAP is optimistic that trading on the phone will thrive in the face of electronic competition
Philip Stafford -- FT
With a global army of 3,300 brokers alongside electronic trading systems, John Phizackerley, head of TP ICAP, says the world's largest interdealer broker enjoys the best of both worlds.
/goo.gl/kUb7U7
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Stockholm Orders GomSpace Group AB To Pay A Fine Corresponding To Two Annual Fees
Mondovisione
The Disciplinary Committee of Nasdaq Stockholm has found that GomSpace Group AB ("GomSpace") has breached Nasdaq First North Nordic Rulebook ("the Rule Book") in several respects and, accordingly, has imposed a fine on GomSpace amounting to two annual fees, corresponding to an amount of SEK 447,122.
/goo.gl/YaNmfZ
NZX Appoints Jayshree Das As Conflicts Committee Member
Mondovisione
NZX today announces the appointment of Jayshree Das as an independent non-director member of NZX's Conflicts Committee, effective 28 June 2017.
/goo.gl/MBDmYG
Deutsche Börse Venture Network opens up for Polish start-ups
Deutsche Börse Cash Market
Start-ups Aventus Group and DESK.WORKS already members; - Joint Polish Investment Fund and INOVO current investors
Deutsche Börse Venture Network is extending its network to Poland. The platform brings together international investors and European start-ups, enabling them to effectively fund their growth. The currently more than 140 member companies in the Venture Network have already concluded financing rounds totalling USD 1.4 billion since the platform was launched. With more than 250 international investors having already joined the network, Poland's promising start-up scene is now also expected to profit from these as well.
/goo.gl/bxKzRu
Exhibition "Deutsche Börse Photography Foundation Prize 2017" at the MMK Museum of Modern Art in Frankfurt
Deutsche Börse
The exhibition of the "Deutsche Börse Photography Foundation Prize 2017" will be shown in the MMK3 as of 29 June at the MMK Museum für Moderne Kunst Frankfurt am Main. Works by the four finalists Sophie Calle , Dana Lixenberg , Awoiska van der Molen and the artist duo Taiyo Onorato and Nico Krebs will be shown . The award, worth £ 30,000, was awarded to Dana Lixenberg for her project "Imperial Courts" on 18 May 2017 at the Photographers' Gallery in London.
/goo.gl/tMvgSB
All-to-all fixed income platform OpenDoor resonating with buy-side; Since its launch, the platform has attracted buy-side firms and generated over $60 billion in orders.
By Joe Parsons - The Trade
OpenDoor Securities, an all-to-all trading platform for illiquid fixed income products, has seen a pick-up in buy-side traders using the platform, according to its founder and chief executive.
/goo.gl/e4vbyA
LSE veteran and Group strategy chief departs; David Lester, chief strategy officer and dealmaker at the LSE, has departed the LSE after 16 years with the exchange group.
By Hayley McDowell - The Trade
The London Stock Exchange (LSE) has confirmed its chief strategy officer has decided to leave his position after more than 16 years with the exchange
/goo.gl/udNWAU
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Dialing Up Availability on the TT Platform
Mike Mayhew, CIO - Trading Technologies' Blog
At TT, we take outages personally, and any time there is a major issue on any of our platforms, it's "all hands on deck." Still, we would much rather avoid outages and unplanned downtime altogether. So, I would like to take this opportunity to let you know what we've done over the last few years to avoid system outages and how the TT platform ups the ante with respect to delivering superior system availability. And while much of this blog post relates to the newer TT platform, rest assured, we are committed to delivering the highest possible availability on all platforms: TT, X_TRADER ASP and TTNET.
/goo.gl/rCJcrG
SC and ASIC sign agreement to establish fintech bridge
The Star
The Securities Commission Malaysia (SC) has entered into an innovation cooperation agreement with the Australian Securities and Investments Commission (ASIC) to further promote innovation in financial services in their respective markets.
/goo.gl/W3bo51
BlackRock makes technology deal in cash management business
Trevor Hunnicutt - Reuters
BlackRock, the world's biggest asset manager, on Tuesday said it would buy a software company that helps businesses invest their cash, marking its second investment in a technology firm this month.
reut.rs/2thE1Lg
World Economic Forum - Blockchain: The Next Generation Of The Internet
Mondovsione
Blockchain, or distributed ledger technology, could soon give rise to a new internet era even more disruptive and transformative than the current one, according to a white paper, Realizing the Potential of Blockchain, published by the World Economic Forum today.
/goo.gl/HQV77B
FinTech Association Of Hong Kong Officially Launches To Power The Local FinTech Community
Mondovisione
The FinTech Association of Hong Kong was officially launched last night to champion an open, inclusive and diverse FinTech community in Hong Kong. The launch event was attended by over 300 guests from across the local FinTech, financial and wider business community. The Association is an independent, not-for-profit, member-driven association that draws its members from across the FinTech and wider financial industry.
/goo.gl/haoEDC
NEX Optimisation's triReduce Compression Service Surpasses $1 Quadrillion In Notional Principal Eliminated By Market Participants
Mondovisione
NEX Optimisation, which helps clients reduce complexity and optimise resources across the transaction lifecycle, announces today that participants in its triReduce compression service have eliminated over $1 quadrillion (1,000 trillion) in OTC derivative notional principal since its introduction in 2003.
/goo.gl/RWvG6k
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| Politics | | An overview of politics as it relates to the financial markets | The economic origins of the populist surge; nequality and joblessness will fuel and sustain the wave of voters' anger
Martin Wolf
Why has the appeal of populist ideas grown in western countries? Is this a temporary phenomenon? In the wake of Brexit and the election of Donald Trump, the collapse in support for established political parties in France and the rise of the Five Star Movement in Italy, not to mention the surge of authoritarian populism in central and eastern Europe, these are important questions.
/goo.gl/cmnYQS
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FCA reveals asset management 'remedies': Supports 'all-in fee' including transaction charge estimate but further work needed; Final Report of the Asset Management Market Study
Katrina Lloyd and Natalie Kenway - InvestmentWeek
The Financial Conduct Authority (FCA) has published a package of measures to improve "weak price competition" in the asset management industry.
/goo.gl/9ypQrr
FCA asset management market shake-up: How the City has reacted
Caitlin Morrison - City AM
The financial watchdog has announced its plans to reform the asset management market, after carrying out a review of the £7 trillion industry over the past two years.
/goo.gl/zrRSzm
FCA Unveils Tough New Rulebook for UK Asset Managers
By Mark Taylor - Law360
Britain's Financial Conduct Authority proposed a major package of remedies on Wednesday designed to clean up the U.K.'s £7 trillion ($8.6 trillion) asset management sector, including conduct codes similar to rules governing banking and insurance.
/goo.gl/awqBQ9
FCA's Asset Management Final Report: Top ten takeaways for the retail industry; The key points from this morning's release
Natalie Kenway - InvestmentWeek
As the FCA publishes the Final Report of its Asset Management Market Study, including a regime of "remedies" to improve competition and price clustering in the retail industry, Investment Week collates the top ten key points from the findings.
/goo.gl/6WtXWK
City watchdog proposes sweeping changes to fund management industry including an 'all-in fee'
Lucy Burton - City AM
The City watchdog has pressed the "nuclear button" on Britain's investment industry by proposing a swathe of strict new rules aimed at building trust in the £7 trillion market.
/goo.gl/iHWCyY
Hedge funds and private equity caught in FCA's fees dragnet; FCA endorses pension funds' fee-disclosure code and says it will sponsor a group to apply similar ideas more widely
By Tabby Kinder - Financial News
Hedge funds and private equity managers will be dragged into the FCA's drive to increase transparency on fees and charges in the wake of its major market review, which was released today.
/goo.gl/odTBRX
TRACE Reporting of Transactions in U.S. Treasury Securities: Final Installment in Series; On-Demand Recording: Phone-In Workshop
FINRA
On July 10, 2017, FINRA member firms must begin reporting transactions in U.S. Treasury Securities to FINRA via the Trade Reporting and Compliance Engine (TRACE). To assist firms with this initiative, FINRA's Transparency Services department is hosting a series of free phone-in workshops. The final phone-in workshop in this series took place Thursday, June 8. During this on-demand presentation, FINRA staff review relevant rules and regulations, and discuss testing and other relevant technical information.
/goo.gl/VeVUke
SIFMA Testimony at House Subcommittee Market Structure Hearing
SIFMA
Today, Jeff Brown, Senior Vice President of Legislative and Regulatory Affairs at The Charles Schwab Corporation gave the following oral statement before the House Financial Services Subcommittee on Capital Markets, Securities and Investments at a hearing entitled "U.S. Equity Market Structure Part I: A Review of the Evolution of Today's Equity Market Structure and How We Got Here," with the full written testimony submitted for the record:
/goo.gl/WajrDn
Phil Mickelson's Insider-Trading Escape
Jeffrey Toobin - Golf Digest
How a legal opening let Phil Mickelson wiggle out of an insider-trading case that snared Billy Walters.
/goo.gl/iHFqNB
Testimony of J. Christopher Giancarlo Acting-Chairman, Commodity Futures Trading Commission before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government
CFTC
/goo.gl/Koa5co
CFTC Orders Hong Kong-Based Huafu HK Co. Ltd. to Pay $225,000 for Reporting Violations
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Huafu HK Co. Ltd. (Huafu), a corporation based in Hong Kong, for failing to file CFTC Form 304 reports, reporting its call cotton purchases and sales when it held or controlled at least 100 cotton futures positions. The CFTC previously issued a market Advisory reminding cotton market participants wherever they are located of their ongoing obligation to comply in a timely manner with applicable reporting obligations
/goo.gl/Koa5co
Buy side unimpressed with Mifid II cost transparency rules; Clients question value of receiving dealers' swaps profit margin data
Chris Davis - Risk.net
In an age where everybody in finance seems to be striving for an information edge, you would expect buy-side firms to welcome rules requiring banks to disclose all of the charges and profit margins embedded in derivatives quotes. These details could surely be used as a weapon to play banks off against each other and drive down prices.
/goo.gl/KqT7oS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Global groups join forces to prove value beyond financial results
Chloe Cornish - Financial Times
Some of the world's biggest companies and investors are joining forces to move beyond pure financial reporting and develop ways to measure performance on softer issues such as environmental impact and training.
The chief executives of more than 20 companies and investment funds, including Unilever, PepsiCo and Nestlé, and the asset managers Vanguard, Fidelity and Schroders, are involved in the project led by the not-for-profit business group, Coalition for Inclusive Capitalism, and professional services firm EY.
on.ft.com/2ti6XTx
Even the most cutting-edge quant funds rely on old-school human intuition
John Detrixhe - Quatz
Financial markets are just as excited about artificial intelligence, machine learning, and big data as the technology industry. So-called "quants" have benefitted from this enthusiasm, with money from investors steadily flowing into their algorithm-driven funds.
/goo.gl/XcRCwT
Darwinism Will Fix the Investment Industry
By Mark Gilbert - Bloomberg
The Financial Conduct Authority concluded its two-year investigation into the U.K. asset management industry by ordering investment firms to provide customers with an "all-in fee." It's a welcome attempt to eliminate the hidden costs that undermine people's efforts to save for their old age. Far more effective than an increase in regulation, however, is the financial Darwinism already wreaking change on the industry.
/goo.gl/Zz5XaZ
Buy-side forced to find new methods of financing; Asset managers will have to find new sources of funding and liquidity as balance sheet pressures continue to hit banks.
By Joe Parsons- The Trade
Asset managers and hedge funds are facing increased pressures to find new ways of self-financing, as balance sheet pressures on banks continue to impact client relationships.
/goo.gl/5gfKHw
Binary Is Shutting Down Its Latest Fund After Co-Founder Misconduct
By Emily Chang - Bloomberg
Binary Capital LLC, the venture firm whose co-founder Justin Caldbeck departed last week after admitting to misconduct with female entrepreneurs, is shutting down its most recent fund, according to a person with knowledge of the matter.
/goo.gl/9vho8o
Ex-Bridgewater Quant Says Smart Beta ETFs Use Factors All Wrong
By Dani Burger - Bloomberg
Strategy works for weeding out worst stocks, not picking best; Shanbhag started Greenline Partners after leaving Bridgewater
The smart beta exchange-traded fund you just bought may not have been the wisest idea -- at least according to an upstart quantitative investing shop with ties to the world's biggest hedge fund.
/goo.gl/R2njnr
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank Faces Possible $60 Million Derivative Loss
Matt Scully, Donal Griffin and Steven Arons - Bloomberg
Deutsche Bank AG, the German lender seeking to overhaul how it manages risks, made a bet on U.S. inflation that puts the firm on course to lose as much as $60 million, people familiar with the matter said.
/bloom.bg/2thEdKA
Cyber attack hits BNP Paribas arm
The Star
A global cyber attack has hit the property arm of France's biggest bank BNP Paribas, one of the largest financial institutions known to be affected by an extortion campaign that started in Russia and Ukraine before spreading.
/goo.gl/uiqvjA
J.P. Morgan Finds the Newest Banking Fad: Dark Corners; Bank joining with General Electric to install energy- and water-efficient technologies in about 4,500 branches
By Emily Glazer - WSJ
The future of the bank branch may soon get a boost by turning the lights out.
/goo.gl/9K2HSf
How Warren Buffett's $16-Billion Bet on Bank of America May Change With Fed Stress Test
By Rachel Louise Ensign and Nicole Friedman - WSJ
Warren Buffett's firm may soon become the biggest shareholder in Bank of America Corp. BAC 1.66%
/goo.gl/8ebup5
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong's penny stock woes will only worsen with the exchange's new board
Jake Van Der Kamp - South China Morning Post
This is not the first time that penny stocks have been threatened because they give the Hong Kong stock market a bad name, far from it.
/goo.gl/15oh2U
Singapore Dreams of Its Own J.P. Morgan
By Andy Mukherjee - Bloomberg
There are no new ideas in banking -- no equivalents of flying cars, or even 20-foot containers. The revolutionary thinking in finance is usually dusted off from the archives. Singapore's plan to let bankers play businessmen is no different.
/goo.gl/UoZvsL
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Brexit set to blow hole in common EU budget, Brussels warns; Paper suggests ways to fill gap, including taxes and overhaul of farm spending
Jim Brunsden in Brussels
Brexit risks stretching the EU's common budget to breaking point, Brussels is warning as it braces for a clash with member states by setting out ideas to plug the financial gap.
/goo.gl/U4WmwX
UK's new financial sector minister says listening to banks ahead of Brexit
Carolyn Cohn and Huw Jones - Reuters
Britain's new "City minister", Stephen Barclay said he was up to the job of overseeing financial services and would listen to the sector's concerns over Britain's departure from the European Union.
/goo.gl/nMr6mC
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