| July 19, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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New York, New York
The MarketsWiki Education World of Opportunity series comes to New York today with two events at Nasdaq's Marketsite. There is a great lineup of speakers, starting with Nasdaq President & COO Adena Friedman
Note: we will be closing the registration portal at 10:00 am EDT/9:00 am CDT, so we may give a final list to Nasdaq security. We can accommodate walk-ins, but it would be best if you sent a heads-up email to dougashburn@johnlothian.com
>From the JLN team in New York for the event are Jim Kharouf, Doug Ashburn, Patrick Lothian and John Lothian
This is the second year the World of Opportunity series has come to New York. Last year the event was held in the former member's dining room of the New York Stock Exchange.
After three great events in Chicago, two at the CME Group and one at Trading Technologies' offices, the series comes with a lot of momentum. After New York, the series moves to Europe in the fall with events planned in Paris, Frankfurt and London in October.
Doug will act as emcee of the sessions. Here is the complete lineup of today's speakers:
- Adena Friedman, President and COO, Nasdaq
- A John Lothian & Co. Overview, by CEO John Lothian
- Bill Harts, CEO, Modern Markets Initiative
- Scott Feldman, Managing Director, ICAP Infinity
- Kenny Polcari, Director of Equities, O'Neil Securities
- Bill Looney, Director of Global Client Services, CBOE
The second session's speakers include:
- Justin Schack, Managing Director, Rosenblatt Securities
- Gary DeWaal, Special Counsel, Katten Muchin Rosenman LLP
- Kevin Wolf, Chief Business and Product Development Officer, Eris Exchange
- John Rapa, President and CEO, Tellefsen and Company
- Kristin Boggiano, Managing Director, Guggenheim Partners; Founder, Women in Derivatives
The swag giveaways as part of the series were very popular in Chicago, including copies of the study course for the Series 3 exam given by sponsor The IFM.
We are appreciative of all our sponsors for the series, including Global Premier Sponsor CME Group. Other sponsors are CBOE, OCC, The IFM, Barchart.com, Trading Technologies, LME and our host today Nasdaq
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Cinnober chosen for major design study
Cinnober
Cinnober has signed an agreement with a major international exchange group to conduct a comprehensive design study for utilizing Cinnober's technology for real-time clearing for listed derivatives as well as a complete CSD system (Central Security Depository). The tender process has included a profound evaluation of the available global technology providers and Cinnober has now been uniquely selected to commence work while conducting a full design study that should be completed in December.
goo.gl/VkxYs4
****** I have great confidence in Cinnober. It is good to see others agree.
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BGC Partners set to snap up UK's Sunrise Brokers
US interdealer broker shrugs off Brexit fears to buy highly valued London asset
by: Philip Stafford - The Financial Times
BGC Partners, the US interdealer broker, is making an aggressive push into specialist equity derivatives after agreeing to buy the UK's Sunrise Brokers for an undisclosed sum.
/goo.gl/wbuxUd
****** Reminds me of the phrase, "the empire on which the sun never sets."
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The Rise of Muslim-Friendly Workplaces in Corporate America
Carol Hymowitz and Jeff Green - Bloomberg
More U.S. employers are taking steps to make Muslims feel accepted and safe at work, as their faith comes under scrutiny with the rise in terror attacks and calls by presumptive Republican presidential nominee Donald Trump for a ban on Muslim immigrants. Companies are setting aside rooms for prayer, organizing group discussions about the religion and planning office parties without alcohol. The motivations may be principled, but the moves are practical. Managers want to keep talented workers and avoid conflict, and litigation.
goo.gl/wUgzyd
****** Don't mess with the HR people.
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| Sponsored Content |
JPX-Osaka Exchange's new derivatives trading system "New J-GATE" launched!
- Trading hours extended
>From July 19, OSE market is open until 5:30am (JST), i.e. 3:30pm in Chicago, 4:30pm in NY, and 9:30pm in London. Also, its day session opens at 8:45am, 15 minutes earlier than before.
- New products debuted
In addition to OSE's representative Nikkei 225 Futures/Options and TOPIX Futures, TSE Mothers Index Futures, TAIEX Futures, FTSE China 50 Index Futures, and JPX-Nikkei 400 Index Options were added in OSE's product lineup.
- New functions are available
Powered by Nasdaq OMX Genium INET Trading, the New J-GATE brings you: ITCH protocol for multicast market data distribution, OMnet API for lower-latency order entry and TradeGuard for enhanced risk management.
For more information, please visit our website.
Sponsored
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Don't Try This Crazy Trick on the Economy
By Narayana Kocherlakota - Bloomberg
Some economists argue that the Federal Reserve should take a highly unconventional approach to ending a long period of below-target inflation: Instead of keeping interest rates low to spur economic activity and push up prices, it should raise rates. Labeled "Neo-Fisherism" by my Bloomberg colleague Noah Smith (after the famous monetary economist Irving Fisher), it's an idea I once entertained. Allow me to explain why I now think it's dangerous.
goo.gl/lPDbkV
****** Inflationary expectations will get sucked down into that great global deflationary vortex.
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Pokemon Go: Irritating Harbinger of Something Great
Bloomberg
You've heard of Pokemon Go by now, yes? It's the pervasively viral, madness-inducing, privacy-invading, weirdly alarming, metaphysically destabilizing new mobile-phone game from Niantic. It's potentially worth $1.8 billion a year. And it just may herald an important technological shift.
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****JB: Here is a video of a hoard of people rushing into Central Park in New York chasing a Pokemon. Strangely disturbing even though nothing bad is actually happening.
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Monday's Top Three
Our top story Monday was our top story on Friday showing the power of anything with the name Google in the headline, Ex-Googler says he solved "the greatest challenge in fintech". And some readers can't get enough of Trump's, um, banker spin in Reuters' Art of the spin: Trump bankers question his portrayal of financial comeback. Third went for the cash in the NY Times piece Paying With Cash Hurts. That's Also Why It Feels So Good
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| Lead Stories | Wall Street on edge as Republicans warm to Glass-Steagall; Proposals similar to post-depression act of breaking up big institutions gains bipartisan support
by: Barney Jopson in Washington and Demetri Sevastopulo in Cleveland - FT
The Republican convention has left Wall Street banks on edge by embracing a populist proposal to break up big institutions, an idea loved by many Democrats that adds a new twist to the GOP under Donald Trump.
/goo.gl/sVTivE
High Court to hear legal challenge to Brexit; First of three actions around the Article 50 process
by: Jane Croft, Law Courts Correspondent - FT
The High Court will on Tuesday hear details of the first legal challenge over the process of triggering Britain's exit from the EU.
/goo.gl/W2lr5l
Wall Street, Enjoy Your Brief Reprieve
Lisa Abramowicz - Bloomberg
Storms never last, especially the perfect ones. For years, fixed-income, currency and commodity trading desks at big banks have been rife with gloom, doom, depression and fatalism. Firms chopped staff and replaced humans with machines but could still not stave off a decline in debt-trading revenue. This was serious because debt-trading units traditionally were among the biggest money makers for Wall Street. But the biggest U.S. banks are now reporting a surge in fixed-income profits.
bloom.bg/2anRG83
It's Not a Housing Bubble, It's Just Expensive
Patrick Clark - Bloomberg
Home prices have hit record highs in some major U.S. metropolitan areas, and house-flippers are behaving like it's 2005: It's no wonder people are chattering about another housing bubble. But residential real estate isn't in a speculative bubble, industry observers contend. Instead, a low inventory of available homes is driving prices higherÂprices, however, will eventually recede as buyers throw up their hands, or as more new homes come on line. The structural issues that led to the housing collapse last decade aren't present.
bloom.bg/2anQMZ3
Turkish Stock Market Plunges Most Since 2013 Protests: Chart
Bloomberg
The 7.1 percent plunge in Turkey's Borsa Istanbul 100 Index was the benchmark's worst since June 3, 2013, when anti-government protests prompted a crackdown by then-Prime Minister Recep Tayyip Erdogan, now president.
bloom.bg/2anRE05
EU Regulator Backs Overseas-Fund Access in Brexit Boost for U.K.
Luca Casiraghi, Silla Brush - Bloomberg
ESMA supports fund passports for Canada, Jersey, Switzerland; Ruling seen as key guide for U.K. access once nation leaves EU
The European Union's investment regulator said some overseas alternative funds should qualify for the right to operate across the trade bloc, creating a potential opening for U.K. managers worried about losing access after Brexit.
goo.gl/FomZWL
Without London Europe Would Have No Finance Center, Osborne Says
Naomi Christie - Bloomberg
Calls for maximum EU access for financial services post-Brexit; Former chancellor says Fintech would move to California
Former U.K. Chancellor of the Exchequer George Osborne warned that if London loses its status as a financial center following Britain's withdrawal from the European Union, the continent would be unable to replace it.
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Fed Officials Gain Confidence They Can Raise Rates This Year; A rate increase could come as early as September if economic data hold firm
By JON HILSENRATH and MICHAEL S. DERBY - WSJ
Federal Reserve officials are looking more confidently toward an interest-rate increase before year-end, possibly as early as September, now that financial markets have stabilized after Britain's vote to leave the European Union and the economy shows signs of picking up.
goo.gl/U3Z1DM
BlackRock Tops II300 for a Seventh Straight Year
Institutional Investor
Few should feel sorry for asset managers, whose profit margins continue to hover at about 40 percent. But the traditional drivers that have fueled growth for at least three decades aren't working anymore, and that is leaving the industry rethinking the range of products it offers, its relationships with clients and its cost structure. Total assets under management overseen by firms in the II300, Institutional Investor's annual ranking of the U.S.'s top money managers, were little changed in 2015, rising a scant 0.39 percent year over year, to $45.3 trillion.
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Greek tax investigators raid home of former local UBS bank boss
Probe into tax evasion based on account data acquired via Germany
by: Tom Burgis in Paris and Kerin Hope in Athens - FT
The raid on Christos Sclavounis' Athens residence on July 4 is the latest attempt by cash-strapped European nations to pierce the secrecy of Swiss banks in the hope of boosting depleted coffers. Police took away computers, documents and disks, according to people with knowledge of the raid.
/goo.gl/ULsq06
****SD: "Everyone knew, if you were referring clients back to Switzerland, they were not going there to buy chocolate" - Bradley Birkenfeld, former UBS banker turned whistleblower
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| Brexit | | Financials stories regarding the recent decision of the United Kingdom to leave the European Union | U.K. Won't Abandon Leading Role in Europe, Boris Johnson Says
Ian Wishart - Bloomberg
The U.K. will continue to be an active participant on the European stage even after leaving the European Union, Boris Johnson said in Brussels on his first overseas trip as Britain's new foreign secretary.
goo.gl/Bs348t
City of London's brokers put brave face on fallout from Brexit; Bond, currency and equity trading venues, banks and brokers are debating the need to move operations
by: Philip Stafford
If the UK's decision to leave the EU puts the City of London's trading position at risk, those most affected are putting a brave face on it nearly a month on from the vote.
/goo.gl/HocqEm
Brexit spurs London start-ups to investigate Berlin move
By Caroline Copley and Huw Jones- Reuters
Ten London start-ups have made inquiries about moving to Berlin since Britain voted to leave the European Union, business development group Berlin Partner said on Monday.
Along with other European cities, Berlin is jostling for a piece of London's financial technology industry and has stepped up efforts to promote the German capital as an affordable and creative alternative to other centres.
goo.gl/onDbO8
Why is Article 50 so important for Brexit?
David Allen Green - Financial Times
Britain's vote to leave the EU has already been hailed as one of the most momentous events in Europe since the fall of the Berlin Wall in 1989. Exiting the EU is the central task that Theresa May, the country's new prime minister, has set herself  even though she herself voted to remain in the bloc. But how and when the UK will break up with Brussels is far from clear. Much depends on an innovation in the EU treaty  Article 50 sets out how a member state can break up with the bloc.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | A structural problem the London Metal Exchange can fix
Andy Home - Reuters
The London Metal Exchange (LME) today finds itself operating in "business continuity" mode with open-outcry ring trading migrating east of London to the disaster recovery site in Chelmsford. That's because of "a structural issue" within the Exchange's new home in Finsbury Square. The building remains out of bounds until at least Wednesday, July 20 as "the landlord, building manager, structural engineer and other relevant parties (work) to establish the extent of the issue, its implications and resolution." Other structural issues, however, you can do something about. The cost of storage in the LME's warehouse network has been a bone of contention for as long as anyone can remember.
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Fees war on the trading room floor: Traders plot walkout from London Metal Exchange as foreign owners push up prices
James Burton - Daily Mail
Angry traders are plotting to break away from the world's largest metals market in a row over fees. The 139-year-old London Metal Exchange was bought by foreign owners four years ago and prices have since been pushed up. It has led a group of disgruntled brokers to start pondering a split with the LME - a move that could threaten London's dominance in a market where it is the undisputed ruler.
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ICAP and BATS collaboration sees EUR212 billion of trades
Hayley McDowell - The Trade
ICAP has routed EUR212 billion of notional trades through Bats Exchange Trade Reporting (ETR) since the launch of ICAP's cleared equity basket solution in April 2015. Bats Europe and ICAP launched the equity basket, which enables cash equity baskets to be traded anonymously on-exchange and cleared, to "deepen liquidity."
goo.gl/W66daW
HKEX, best known for stock trading, eyes a role in currency market
Enoch Yiu - SCMP
Hong Kong Exchanges and Clearing has been trying to move into the currency market, a wise move in light of the internationalisation of renminbi - but a challenging one all the same. In the latest step by HKEX to expand its yuan business, the bourse on Monday began publishingthe TR/HKEX RMB Currency (RXY) Indices that tracks renminbi against 14 currencies from countries that are major trading partners of mainland China.
goo.gl/QfSBie
Singapore Exchange Echoes NYSE in Spinning Off Policing Role
Andrea Tan - Bloomberg
Singapore Exchange Ltd. will house regulatory functions in a unit with its own board, following calls to separate the role. The subsidiary is expected to be set up by the second half of 2017 and will not add to the requirements of Singapore's initial share sale process, Southeast Asia's biggest bourse operator said in a statement Monday. SGX shares climbed 0.9 percent as of 3:42 p.m. in the city-state, resuming after a morning trading halt following a Straits Times report on the plans.
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SGX provides further details on market disruption
SGX
1. Singapore Exchange's (SGX) securities market experienced a market disruption on Thursday, 14 July 2016, when the exchange ceased trading at 1138 hours, and remained closed for the rest of the day. 2. Investigations found that Thursday's event was caused by a disk failure and an application that did not detect the problem. The disruption was prolonged due to challenges in the orders and trade reconciliation process.
goo.gl/ISha3K
Japanese/Taiwanese partnership grows with futures listing
The Trade
The first-ever futures contract tracking the Taiwan Stock Exchange cap-weighted index - or TaiEx - has gone live on the Osaka Exchange. It follows a series of collaborative projects between the Taiwan Stock Exchange Corporation and the Japanese Exchange Group.
goo.gl/plxIP8
CME Group Foundation Grants $3.6 Million to Support Math Education for Illinois Children
Press Release
CME Group Foundation today announced the launch of the second phase of its Early Math Education Initiative and $3.6 million in new grants for the program. The initiative, first established in October 2010, is a multi-year effort to enable young children from low income communities to develop proficiency in math.
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Nasdaq Wins 'Best Market Surveillance Provider'
By GlobeNewswire
Nasdaq (Nasdaq:NDAQ), the world's leading provider of market technology, was recently selected as 'Best Market Surveillance Provider' by Waters Technology's 2016 Waters Rankings. This is the fourth consecutive win for Nasdaq's SMARTS Trade Surveillance product, which is currently used by over 120 market participants across 139 global markets and across all asset classes.
goo.gl/99tdld
Japan Exchange Group (JPX) Launches Next Generation Technology Suite Powered by Nasdaq
By GlobeNewswire
Japan Exchange Group (JPX) and Nasdaq have officially announced that JPX has gone live with their new next-generation derivatives trading system for the JPX subsidiary, Osaka Exchange. This is a milestone in the relationship between Nasdaq and JPX, who have been working together since 2011.
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Barclays exec to lead Icap's EBS BrokerTec sales effort
Bernard Goyder - Financial News
Jim Iorio has been named as global head of sales at Icap's EBS BrokerTec platform - which trades fixed income and foreign exchange - the company said in a statement on July 18. Ioria, who will be based in New York, has responsibilty for sales across both the EBS and BrokerTec platforms and will report to Gil Mandelzis, the chief executive of EBS BrokerTec.
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ASX Chooses Metamako
Mondovisione
Metamako, the leading specialist in deterministic network devices for the world's financial institutions, announced today that it has secured as a client the Australian Securities Exchange (ASX), one of the world's leading financial market exchanges. The ASX will be using Metamako's MetaMux for real-time monitoring of its new trading platform and for timestamping and time synchronisation of its internal network traffic.
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| Politics | | An overview of politics during an election year as it relates to the financial markets | Republican platform said to call for return of Glass Steagall
Greg Robb - MarketWatch
Republicans and Democrats are both bending over backwards to show that they are not beholden to Wall Street. In the latest move on Monday, Donald Trump's campaign chairman Paul Manafort told reporters the party's platform would call for the return of Glass-Steagall restrictions on banks. The platform will be considered later this afternoon.
on.mktw.net/2aoiq8D
Stock Market's Enduring Record of Calling Presidential Races
Lu Wang - Bloomberg
For an idea of how a presidential election will go, you could do a lot worse than look at the stock market. It has a record of prescience that is hard to exaggerate. Since 1928, U.S. equities have correctly signaled who will win, incumbent or challenger, 19 out of 22 times, data compiled by Strategas Research Partners LLC and Bloomberg show. When stocks are higher in the months before a vote, the sitting party has won 86 percent of elections.
bloom.bg/2anRAgO
Why Trump should gut the Federal Reserve if he becomes president
By John Crudele - NY Post
Donald Trump's first job if he becomes president should be to gut the Federal Reserve Board, where desperate members are saying some pretty crazy things.
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Trump leads the west's flight from dignity; The most troubling aspect of his rise is how he is licensing society's darkest instincts
by: Edward Luce
This week, Republicans will endorse the first US presidential nominee since the second world war to reject America's globalist consensus. It is hard to see beyond that stark fact. Yet it is only the second most troubling feature of Donald Trump's rise. The bigger one is his impact on the health of American democracy. Even if Mr Trump is defeated in November, it will be hard to put the genie back into the bottle. Budding demagogues will have taken note. You can denigrate most of the people most of the time and still have a shot at the main prize.
/goo.gl/v7GuFL
Republicans Feeling the Bern on Breaking Up JPMorgan and Goldman
Elizabeth Dexheimer - Bloomberg
Party's platform calls for reinstating Glass-Steagall Act; Trump will use agenda to hit Clinton over bank ties: analysts
Republicans are taking a page from Bernie Sanders' playbook to hit Hillary Clinton on a topic where they think they can hurt her: Wall Street.
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Why Investors Are Stuck in the Middle
Nir Kaissar - Bloomberg
If 2015 was the year that nothing worked, then 2016 is shaping up to be the year that everything worked. Bonds are up. Stocks are up. Real assets are up. Gold is up. Go ahead - pick your favorite asset -- it's likely to be up as well.
bloom.bg/2anQTE2
The Hidden Risk to Sovereign Bonds
By Mark Gilbert - Bloomberg
The Bundesbank dropped something of a bombshell this week. The eurozone's most influential central bank and the guardian of all things sacred to monetarists, suggested that sovereign bonds should contain clauses that would automatically delay repayment to investors for countries in financial difficulty. Not paying on schedule may not be the same as default, but it won't feel much different to bond investors. They may have to get used to it.
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Outflows accelerate from US active funds
Stephen Foley - Financial Times
The shift of assets from actively managed investment funds to low-cost index trackers accelerated last month, as US stockpicking funds suffered their worst outflows since the financial crisis. The new US market data, released on Monday by Morningstar, underscore the depth of the business challenges facing active fund managers.
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There Are No "Bond Kings" in This Bond Market
Pragmatic Capitalism
I've called the 30 year bull market in bonds the greatest risk adjusted bull market ever because the figures are truly amazing. For instance, anyone who bought a 30 year T-Bond in 1985 generated about a 9% annualized return with just a 12% standard deviation. That's 90% of the stock market's return over the same period with just 68% of the risk. The investor who bought nothing but short-term Treasury Bills generated an average annual return of 5.25% with a standard deviation of just 4. That's almost half of the stock market return with 25% of the risk.
http://goo.gl/pF7khW
Profit Trends Seem to Make No Difference to P/E
Kevin Kingsbury - WSJ
Last week RBC Capital's chief U.S. equity strategist, Jonathan Golub, laid out the case that the S&P 500's price-to-earnings multiple would remain elevated through at least next year and returns wouldn't fall off despite a muted earnings picture. "The only thing investors dislike more than a bearish argument is an optimistic one based solely on improving animal spirits rather than fundamentals," he noted Monday in describing the reaction from some quarters following his prediction.
on.wsj.com/2anNKEi
Cargill suspends ties with palm oil trader IOI
Emiko Terazono - Financial Times
Cargill, the leading international agricultural trading house has suspended ties with IOI Group after the Malaysian palm oil producer and trader failed to publish a detailed plan on delivering sustainable palm oil.
/goo.gl/EY68si
Aberdeen's Discounted London Sale Shows Post-Brexit Fund Stress
Jack Sidders - Bloomberg
What's the cost of having to raise money quickly by selling London real estate? Almost 15 percent based on the sale of two properties on Oxford Street, the U.K.'s busiest shopping thoroughfare, since Britain voted to leave the European Union.
goo.gl/v2TWvo
Hedge Funds Bet Battered Sterling Could Plunge Further
WSJ
Hedge funds are betting that the battered British pound could fall further in the wake of the U.K.'s decision to leave the European Union. Managers, many of whom stayed cautious ahead of the U.K.'s June 23 referendum on EU membership, have since been cranking up their bets, according to industry insiders. The bulk of funds that specialize in trading on big economic trends are now betting that sterling will fall.
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Opinion: Financial statements are outliving their usefulness for investors  and here's how to replace them
Baruch Lev - MarketWatch
It's time for investors to shift how they measure a company's strengths and weaknesses to things that matter
It used to be that earnings moved stock markets, but now even the "calamity" of missing analysts' consensus forecast of earnings causes an average 1.5% drop in the share price that day  a change that's within the range of normal.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | What JP Morgan found when it weighed its own Brexit
Financial News
JP Morgan chief executive James Dimon had his bank weigh the possibility of its own type of Brexit years before the UK voted to leave the European Union. The research, done around 2011, concluded that certain European moves wouldn't make financial sense. This underscores how difficult and potentially costly any moves may be for banks if they are forced by Brexit to relocate some of their businesses from the UK to other countries within the EU. Last week, Dimon said on a quarterly earnings call he hoped politicians would be "very sensible" on decisions relating to the EU and the UK, such as giving businesses years to adjust to the new reality. He said the bank will continue to serve clients in European countries, even if costs increase.
goo.gl/XJ6qIw
EU court says bail-in legal but bank rescues need not hit investors
Reuters
The European Union's top court ruled on Tuesday that junior creditors and investors need not necessarily suffer losses before a bank is rescued, a judgment that may work in Italy's favor as it seeks to bail out its banks.
goo.gl/Z1nKhH
BofA Trading Tops Estimates as Moynihan Vows Deeper Cuts
Laura J Keller - Bloomberg
Fixed-income trading revenue rises 22% to $2.62 billion
Accounting charge of about $1 billion drags profit lower
Bank of America Corp., the second-biggest U.S. bank by assets, posted higher profit in each of its four main businesses as bond-trading revenue increased more than analysts estimated and expenses fell.
bloom.bg/2anSfP2
Deutsche Bank Global Transaction Banking Names SWIFT As Preferred Partner For Intraday Liquidity Reporting
Mondovisione
SWIFT Scope has been named by Deutsche Bank Global Transaction Banking (GTB), a global services provider to other financial institutions, as the preferred solution for intraday liquidity reporting requirements.
goo.gl/aF4V9i
BGC Partners Announces Agreement to Acquire Sunrise Brokers, a Leading Financial Brokerage for Equity Derivatives
BGC
BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company") a leading global brokerage company servicing the financial and real estate markets, today announced that it has entered into an agreement to acquire the businesses of Sunrise Brokers Group ("Sunrise Brokers"), an independent financial brokerage with a leading reputation in worldwide equity derivatives.
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Calpers reports lowest investment gain since financial crisis
Financial News
The largest US public pension posted its lowest annual gain since the last financial crisis due to heavy losses in stocks.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | KBW and Nasdaq launch fintech index
Finextra
Keefe Bruyette & Woods (KBW), a Stifel company (NYSE:SF), and Nasdaq (NASDAQ:NDAQ) today announced the launch of the KBW Nasdaq Financial Technology Index (Ticker: KFTX), a preeminent index designed to precisely track the performance of those companies that leverage technology to deliver financial products and services.
/goo.gl/WbzCMp
Lloyds Banking Group Launches FinTech Mentorship Program
WatersTechnology
Lloyds Banking Group announced the launch of a mentorship program that will allow fintechs to work with the London-based investment bank. Innovate Finance, a member organization focused on fintechs in the UK, and Startupbootcamp, a global accelerator program, will serve as partners to Lloyds Banking Group to help the bank identify candidates for the program. The firm will also collaborate with FemTech Leaders, a group focused on females in financial technology.
goo.gl/FaAUA3
Tiny Hard Drive Uses Single Atoms to Store Data
Daniela Hernandez - WSJ
By manipulating the interactions between individual atoms, scientists report they have created a device that can pack hundreds of times more information per square inch than the best currently available data-storage technologies.
on.wsj.com/2anNoxA
Tower Trading Group Selects Ancoa Market Surveillance Platform To Monitor Multi-Asset Trading Activities
Mondovisione
Ancoa, provider of contextual surveillance and insightful analytics for exchanges, regulators, buy & sell-side firms, today announced that Tower Trading Group (TTG), a global trading firm delivering bespoke commercial and technical solutions for professional traders, has selected Ancoa's market surveillance platform to monitor its multi-asset trading activities across all exchanges and Independent Services Providers (ISVs). Deployment of the Ancoa platform has been timed and designed to enhance TTG's compliance function with the advent of the Market Abuse Regulation (MAR) which came into effect on 3rd July 2016.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | NSEL?scam: Shah ran stock exchange as a financial company, says ED
Hindustan Times
Jignesh Shah  currently at the center of the multi-crore National Stock Exchange Limited (NSEL) scam  was in charge of its overall management and ran it more as a "financial company" than as "a commodity exchange", alleged the Enforcement Directorate (ED). The ED said Shah's role in overseeing the company's affairs was linked to his status as the managing director of Financial Technologies India Limited (FTIL) - the company which holds 99.99% of NSEL's shares.
goo.gl/qXRUwz
Court rejects ED plea for Jignesh Shah's custody in NSEL case
Economic Times
In a setback to Enforcement Directorate, a Mumbai court today rejected its application for extension of the custody of FTIL founder Jignesh Shah, arrested in the Rs 5,600-crore NSEL scam, and sent him to judicial custody.
goo.gl/ZiQ1nu
ESMA Seeking Commodity Derivatives Experts To Join Consultative Industry Group
ESMA
The European Securities and Markets Authority (ESMA) has published today a call for candidates to newly constitute a Consultative Working Group (CWG) for the ESMA Commodity Derivatives Task Force (CDTF) as the two-year-term of the existing CWG has recently expired.
/goo.gl/KBIH7n
Broker-dealers to carry costs of US CAT NMS rules
By Hayley McDowell - The Trade
The Securities Industry and Financial Markets Association (SIFMA) has objected to the funding structure of US regulators' proposed consolidated audit trail (CAT) on the National Market System (NMS) rules.
goo.gl/SXbIm8
ESMA Advises On Extension Of Funds Passport To 12 Non-EU Countries
ESMA
The European Securities and Markets Authority (ESMA) has today published its Advice in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve countries: Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland, and the United States.
/goo.gl/Zs8PEH
CFTC fines Golden Agri International for failing to report cash positions
Reuters
CFTC orders Golden Agri International PTE Ltd., an entity that operates as a processor and trader of crude palm oil, which it hedges with soybean oil futures contracts, to pay $150,000 for failing to report cash positions (failing to file CFTC Form 204 Reports as required by CFTC Regulation 19.01)
goo.gl/0ZFXvM
SocGen seeks to push back trial date in Libya fund case
Reuters
French investment bank Societe Generale on Monday asked for an adjournment to push back the date of a trial in a long-running dispute with Libya's $67 billion sovereign wealth fund over a series of trades entered into between 2007 and 2009.
reut.rs/2anNmWe
DTCC, Swift Get Third Renewal of LEI Designation
WatersTechnology
The Global Markets Entity Identifier utility operated jointly by DTCC and Swift has been renewed by the CFTC for another year
The US Commodity Futures Trading Commission (CFTC) has extended its designation of the Depository Trust & Clearing Corporation (DTCC) and Swift as the providers of legal entity identifiers (LEIs) for entities under its jurisdiction, including swaps and swap counterparties, for another year. The CFTC first designated DTCC and Swift, which jointly operate the Global Markets Entity Identifier (GMEI) utility, in July 2012 for two years, then extended that designation in 2014 and 2015 for one year each time.
goo.gl/nBxmlj
ISDA Americas Credit Derivatives Determinations Committee: Commonwealth Of Puerto Rico Failure To Pay Credit Event
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of the Commonwealth of Puerto Rico.
goo.gl/DawUGt
Securities Commission Malaysia Introduces Initiatives To Enhance Competitiveness, Improve Efficiency Of Unit Trust Industry
Mondovisione
The Securities Commission Malaysia (SC) today announced new initiatives to enhance the competitiveness and efficiency of the Malaysian unit trust industry.
goo.gl/A4MNV9
ESMA Publishes Updated AIFMD Q&A
ESMA
The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD).
/goo.gl/7de6VV
Financial Stability Oversight Council Meeting July 18
US Treasury
U.S. Secretary of the Treasury Jacob J. Lew today convened a meeting of the Financial Stability Oversight Council (Council) in an executive session at the Treasury Department.
/goo.gl/Nn7Jlg
Canadian securities regulators publish results of continuous disclosure reviews for fiscal 2016
Press Release
Toronto - The Canadian Securities Administrators (CSA) today published Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016, which summarizes the results of the CSA's continuous disclosure (CD) review program, highlights common deficiencies and illustrates best practices for reporting issuers.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Canada's Oil Heartland Is In the Midst of its Worst Recession on Record
Luke Kawa - Bloomberg
Alberta, the home of Canada's oil sands, is going through its worst downturn in activity on record as a prolonged period of low oil prices and the wildfires earlier this year buffet the provincial economy.
bloom.bg/2anRkOR
Venezuela's inflation is set to top 1,600% next year
Food shortages, weak oil prices and economic mismanagement has forced the government to declare a state of emergency
By Ian Talley - The Wall Street Journal
While most advanced economies struggle to lift inflation, none would want Venezuela's situation: Consumer-price inflation is forecast to hit 480% this year and top 1,640% in 2017, according to the International Monetary Fund.
goo.gl/Br46kA
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| Miscellaneous | | Stories that don't quite fit under the other sections | Dad's Tape Could Jail Banker Son Accused of Offering Stock Tips
Bob Van Voris - Bloomberg
Perella Weinberg's Stewart faces trial for insider trading; A family tragedy plays out before a federal jury in New York
Bob Stewart was always there for his son -- as a soccer coach and Boy Scout leader, as the proud parent of a Yale graduate and then an investment banker.
Now it may be his own words that send his son to prison.
goo.gl/D5z7xl
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