| November 29, 2016 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2016 Newsletter Subscriptions: | |
Smile When You Buy Just Like You Do When You Give
By John J. Lothian
Today is GivingTuesday. I can only suspect this new holiday was created to give some balance to Black Friday and Cyber Monday shopping extravaganzas. Today we are supposed to pause from our excessive consumerism and give something back to worthy charities.
Thanks to our friends at Amazon, you can turn every day into GivingTuesday through the Amazon Smile program (smile.amazon.com).
When you buy items from Amazon, and click on the Smile URL, you can select a charity to which Amazon will give .05 percent of the qualified purchase price. Yes, that is right, you buy and the charity benefits every day of the year, not just one.
My church is in the process of registering for the Amazon Smile program, so that our church members can contribute to its ministry every time they buy through Smile and select St. Peter's United Church of Christ. My Boy Scout council is registered with Smile, as is the Pathway to Adventure Council, which has created the Trading Tech 300 program. A Leg To Stand On is also on the Smile list.
Here is a chance to give to these charities, or ones of your own choice. So far, Amazon's Foundation has given away almost $38 million. There are over 1 million charities registered with Smile.
We are going to start to regularly promote the Smile program. More details on this will be forthcoming.
For right now, go ahead and give on GivingTuesday. But if you are an Amazon user, I strongly urge you to click on SMILE.AMAZON.COM the next time you buy something from Amazon. For many people like me, that will be today.
++++
Next Man Up: Tom Sexton Takes The Reins At National Futures Association With An Eye On Technology and Swaps Regulation
JohnLothianNews.com
Tom Sexton will take the reins as president and CEO of the National Futures Association next March. John Lothian News spoke with him about how the NFA has changed in his 25 years there, the focus on technology and what's next in its role as a swaps regulator.
Some areas that will receive attention include the NFA member registration system and FACTS system which provides analytics on members. Sexton said that the NFA is also investing in its risk monitoring systems in both swaps and futures compliance.
"We have to try to determine which firms pose the most risk here and then go out and examine those firms, and keep on eye on those firms," Sexton said. "Our risk systems here are key to doing that."
Watch the video »
++++
++++
Tom Price, Obamacare Critic, Is Said to Be Trump's Choice for Health Secretary
By ROBERT PEAR - NY Times
If President-elect Donald J. Trump wanted a cabinet secretary who could help him dismantle and replace President Obama's health care law, he could not have found anyone more prepared than Representative Tom Price, who has been studying how to accomplish that goal for more than six years.
/goo.gl/YQwgCt
***** He is picking the wrong Tom Price
++++
OptionsCity FIA Winner Enjoys Weekend with a McLaren
OptionsCity
Back in October, over 1000 FIA conference attendees entered the OptionsCity drawing for their chance to win a weekend with a McLaren. The lucky winner drawn at random was Tony Feeney, an employee at Societe Generale. Well, we recently received an email back from Tony sharing his weekend experience with the McLaren.
/goo.gl/A1gh4I
**JK: Two speeding tickets, $400; 3 reckless driving offenses, $1500; driving a McLaren, priceless.
++++
MiFID II/MiFIR Regulatory workshops in Chicago and New York
Our friends at Eurex are holding workshops in Chicago and New York featuring an updated overview of the regulatory timeline and their plans to ensure compliance with the various requirements on transparency, market making, microstructural issues/algorithmic trading/HFT and reporting.
The sessions will be concluded with an outline of Eurex's member readiness approach, followed by a reception that will provide time to discuss any potential questions.
12.07.2016, 2:30 p.m - Chicago, W Chicago City Center
12.08.2016, 3:30 p.m - New York, The Westin Times Square
To register, please email [email protected]
++++
Monday's Top Three
If you were to tell us these would be the top picks for Monday, you should be buying a lottery ticket. Our top read story of the day was the FT's piece EU calls on clearing houses not to become 'too big too fail'. Second was all about chess, in Bloomberg's World Chess Has a Big Problem. Our third read story came from Vanity Fair - a critical look at AQR's Cliff Asness in Libertarian Hedge Funder Cliff Asness Happily Accepts $35 Million Government Aid Package
++++
|
| | | | |
| Lead Stories | CME Group bids for LSE's French clearing business: Sunday Times
Reuters
CME Group Inc (CME.O) has submitted a bid to buy the London Stock Exchange's (LSE.L) French clearing business for more than $340 million pounds (400 million euros), the Sunday Times reported, setting the stage for a potential battle over the division.
reut.rs/2gptdSh
The Royal Mint and CME Group to Launch Royal Mint Gold; Partnership to build digital gold product on blockchain to be available in 2017
CME Group
The Royal Mint, the world's leading export mint, and CME Group, the world's leading and most diverse derivatives marketplace, today announced a collaboration to transform the way that market participants can trade gold.
/goo.gl/BnzERH
Joint Deutsche Bundesbank and Deutsche Borse blockchain prototype
Deutsche Borse
Today the Deutsche Bundesbank and Deutsche Borse jointly presented a functional prototype for the blockchain technology-based settlement of securities. The innovative prototype is designed to provide the technical functionality for the settlement of securities in delivery-versus-payment mode for centrally-issued digital coins, as well as the pure transfer of either digital coins or digital securities alone. In addition, it is capable of settling basic corporate actions such as coupon payments on securities and the redemption of maturing securities.
/goo.gl/1AEtnw
Paxos Appoints Former NYSE CEO Duncan L. Niederauer to Board of Directors
PRNewswire
Paxos, a financial technology company delivering revolutionary blockchain solutions for global financial institutions, today announced the appointment of Duncan L. Niederauer, the former Chief Executive Officer of The New York Stock Exchange, to the company's Board of Directors.
/goo.gl/R5G03F
Exclusive: Chicago Stock Exchange tries to ease fears over China deal
John McCrank - Reuters
Chicago Stock Exchange Inc (CHX) has released new information related to its proposed takeover by an investor group led by China's Chongqing Casin Enterprise Group, in part to make clear that the Chinese government is not involved in the deal.
reut.rs/2gpMumF
World Federation of Exchanges Notes European Commission's Initial CCP Crisis Management Proposal
WFE
The World Federation of Exchanges ("WFE"), which represents more than 200 market infrastructure providers including exchanges and central counterparties ("CCPs"), today notes the European Commission's proposal for regulation regarding the recovery and resolution of CCPs, and welcomes the importance placed on consistency with international standards.
/goo.gl/cDcQvB
Virtu Financial Acquires Select Strategic Telco Assets from Teza Technologies Nasdaq:VIRT
Globe Newswire
Virtu Financial (NASDAQ:VIRT) announced today its agreement to acquire select strategic telecommunications assets from Teza Technologies, a science and technology-driven global trading firm.
/goo.gl/kQqSMI
DRW set for court showdown with US derivatives regulator
Gregory Meyer in New York - Financial Times
Don Wilson is a boldfaced name in derivatives markets, a place where many big traders prize anonymity. The head of DRW, one of the world's largest proprietary traders, speaks on expert panels and belonged to an advisory committee to the US regulator for futures, options and swaps.
/is.gd/YYGtLj
Intercontinental Exchange Announces Appointment of Lee Yi Shyan as Chairman of ICE Futures Singapore and ICE Clear Singapore
Business Wire
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced the appointment of Lee Yi Shyan as Chairman of ICE Futures Singapore (IFSG) and ICE Clear Singapore (ICSG) effective as of November 24 2016.
/goo.gl/8jiyiq
Women still struggling to get top financial jobs
By Carleton English - NY Post
Women still can't get a toehold into the top jobs of global finance, according to a new study.
/goo.gl/OibdMi
Tullett Prebon wins ICAP deal approval from German regulator; Both parties prepare for £1.1bn deal to close at the end of the year
Philip Stafford in London - FT
Tullett Prebon will formally separate the 1,500 voice brokers it is buying from ICAP on January 1, setting what were once two long-time rivals in the over-the-counter markets on radically different paths.
/goo.gl/tKGY8q
EU targets 'too big to fail' clearing houses; Proposals seek to address systemic risk but could also affect City of London role
Jim Brunsden in Brussels and Philip Stafford in London - FT
Brussels is proposing to give regulators more power to manage crises at clearing houses  for products including stocks, bonds and derivatives  amid fears such institutions are now "too big to fail".
/goo.gl/2cywO8
Euro chief Dijsselbloem sees London losing EU finance dominance
Reuters
The European Union cannot let London remain the main financial center for the euro zone after Brexit if Britain does not want to be bound by EU financial rules, Eurogroup President Jeroen Dijsselbloem said on Tuesday.
/goo.gl/XfgwwP
$4.5 Billion in Revenue Available for U.S. Futures Commission Merchants in 2016, According to TABB Group Study
TABB
The U.S. Future Commission Merchant (FCM) community has been under constant pressure for the last eight years in the form of new regulation, stifling capital rules, declining number of players, a challenging interest rate environment, and increasing costs that are all adversely affecting profitability. Despite this wave of challenges, TABB Group's latest research, "The Tide is Rising for US FCMs: US FCM 2016," finds leaders of the FCM community are finally spinning a positive outlook for the industry.
Report author Tom Lehrkinder explains that regulation is the incumbent top challenge for the last three TABB FCM studies sampled, but this year 73% of respondents say their firm is either ahead (50%) or on pace (23%) with the necessary procedures to handle the wave of regulation.
/yhoo.it/2gBSDPv
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Chicago Stock Exchange sets out voting power in Chinese bid; US group states 20% limit as it seeks approval for controversial takeover deal
by: Nicole Bullock in New York - FT
The Chicago Stock Exchange, which is seeking to win approval for a controversial takeover deal by Chinese investors, on Monday said that two companies controlled by the Lu family would own a combined 39 per cent of the exchange, but their voting power would be limited to 20 per cent.
/goo.gl/mHJqiC
Deutsche Boerse and Bundesbank launch blockchain settlement prototype
Hayley McDowell - The Trade
Deutsche Boerse and Deutsche Bundesbank have teamed up to launch a functional blockchain prototype for the settlement of securities. The prototype was designed to provide settlement of securities and securities transfers against both instant and delayed payment.
/goo.gl/xrPCr8
BRIEF-Nasdaq says short interest in all 3,100 Nasdaq securities totaled 8.4 bln shares at Nov 15 settlement date
Reuters
Nasdaq announces mid-month open short interest positions in Nasdaq stocks as of settlement date November 15, 2016
reut.rs/2gpEdzh
Aequitas Vows to Continue Fight for Canadian Tape After Competition Bureau Drops TMX Probe
Max Bowie - WatersTechnology
Canadian exchange operator Aequitas Exchange is to begin a campaign of lobbying the Canadian regulator and market participants after the Canadian Competition Bureau dropped an investigation into its claims that rival exchange TMX Group engaged in anti-competitive behavior by using its contracts with dealer firms to block Aequitas from creating a data product that would provide a cheaper, alternative consolidated tape of Canadian market data.
/goo.gl/ONX0ZA
DTCC Expands Trade Repository Services in Canada
WatersTechnology
With Canada adopting new reporting regulations for improved risk analysis, the Depository Trust & Clearing Corporation (DTCC) has expanded its trade repository services to cover all provinces in the country. DTCC added trade repository services for Newfoundland and Labrador, the last two areas not yet covered by its Global Trade Repository. The firm already supports Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, Saskatchewan, Nunavut, the Northwest Territories, Prince Edward Island and Yukon.
/goo.gl/fKNCjJ
How China is creating the world's second biggest stock market  in one chart
VICTOR REKLAITIS - MarketWatch
A long-awaited trading link in China is close to becoming a reality, and that's got people talking about the country's heavyweight status in financial markets. A link connecting the Shenzhen and Hong Kong stock exchanges is slated to open Dec. 5, making hundreds of China's fastest-growing companies available to foreign investors.
/goo.gl/TzAr9Q
Traders cut positions on MCX due to policy uncertainty
Business Standard
Open interest in non-farm commodities on the Multi Commodity Exchange (MCX) has declined sharply in the last three weeks following uncertainty over global economic indicators. Traders have started squaring off their positions and churning their portfolios for better profit. This is happening despite the rising prices of base metals and falling bullion prices.
/goo.gl/rPQKw8
CFTC Commitments of Traders Reports Update
Press Release
The current reports for the week of November 22, 2016 are now available.
/goo.gl/mWpzsf
NYSE, NYSE Arca And NYSE MKT Short Interest Reports
Press Release
NYSE today reported short interest as of the close of business on the settlement date of November 15, 2016.
/goo.gl/GXWgo5
NSE to set up international exchange at GIFT city
Business Standard
National Stock Exchange of India (NSE) has applied for setting up a new company which will function as an international exchange in the Gujarat International Finance Tec-City (GIFT). This will be a fully-owned subsidiary of NSE. The exchange is hoping for an approval from the Securities and Exchange Board of India (Sebi) next month and is in the process of taking up space in the GIFT authority-promoted centre. Similar to rival BSE, the exchange is looking to kickstart operations in January next year.
/goo.gl/5CnbVG
Successful issue of Portuguese treasury bonds dedicated to retail; "OTRV NOVEMBRO 2021" demand exceeds EUR2 billion
Euronext
Euronext today announced the results of the successful issue of Treasury Bonds dedicated to retail investors, to be listed in its regulated market on November 30. Initially set at EUR500 million, the Portuguese Treasury and Debt Management Agency (IGCP), which has issued this "OTRV NOVEMBRO 2021" bond on behalf of the Portuguese government, has triplicated the total amount to EUR1.5 billion based on a surge in demand for the subscription period.
/goo.gl/DrK5z4
|
| | | |
|
| Politics | | An overview of politics during an election year as it relates to the financial markets | Trump meets with John Allison, former CEO who wants to abolish the Fed
Bob Bryan - Business Insider
As President-elect's Donald Trump's transition rolls on, more and more attention is being paid to possible selections for a variety of high-ranking positions and meetings that might help decide these appointments. On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute.
read.bi/2gpqWH5
An Ayn Rand-Loving Banker Huddles With Donald Trump; President-elect met Monday with John A. Allison IV, a fierce champion of free markets
By CHRISTINA REXRODE and RACHEL LOUISE ENSIGN - WSJ
John A. Allison IV built one of the largest U.S. regional banks in the years leading up to the financial crisis. Since then, he has remained a fierce champion of free markets and a vocal opponent of new government regulations intended to stave off the next meltdown.
/goo.gl/2Brcaz
Donald Trump, the First President of Our Post-Literate Age
Joe Weisenthal - Bloomberg View
In the wake of the 2016 presidential election, the media has worked itself into a panic about the rise of fake news on social media. Reporters have examined the subject from dozens of angles -- profiling misinformation peddlers from California to the Caucasus, analyzing how hoaxes spread, raising red flags about media literacy, and much more.
/goo.gl/2DULvj
|
| | | |
|
| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Investors Gobbling Up Companies With Heftiest Tax Burdens
Chris Dieterich - WSJ
Investors are bidding up shares of the most-taxed U.S. companies, wagering that a tax reform package from the Trump administration will trickle down into companies' bottom lines. Market-watchers point to shares of U.S. companies with the highest effective tax rates as likely beneficiaries in the months ahead, even as questions swirl about the durability of the big post-election rallies in cyclical, growth-sensitive stocks.
/is.gd/rwr9IO
Mom's Big Oil Bet Bites the Dust
Spencer Jakab - WSJ
One of the stock market's most popular investmentsÂa favorite of "moms and millennials"Âis shutting down, showing once again why complicated structured products that promise high returns are best avoided. With the explosion in the number of exchange traded products, inevitable closures have followed. Some fill no real investor needÂwhiskey, Mongolia or Nashville for example. Others just didn't trade enough. That wasn't the issue for two hugely popular exchange-traded notes (ETNs) by VelocityShares that give investors triple daily exposure to gains or losses in a crude oil index.
/is.gd/d2CLaF
Debt Ceiling Looms Large Over Congress
By Bluford Putnam - CME Group
Watch CME Group Chief Economist Blu Putnam on Futures Institute discuss the return of the debt ceiling debate to the Republican-dominated Congress in 2017.
/goo.gl/H06V06
Do you want to hand your money to super-algo or a Swiss banker?
Ralph Atkins - Financial Times
Switzerland has a world-beating position in cross-border investing: its finance industry last year managed SFr6.6tn of assets on behalf of institutions, companies and the rich.
/is.gd/0RgjX5
New Basel banking rules' impact on European economy;' EU project relies on the capacity of institutions to bring prosperity and security
by: Frédéric Oudéa - FT
The coming days will be crucial for the future of the European economy. The Basel Committee on Banking Supervision will officially present its final set of proposals on capital requirements for the banking sector, known as the Basel IV framework.
/goo.gl/Iii5Wq
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bank Stocks Have Gained $300 Billion in 25 Days Thanks to Trump
Lu Wang and Felice Maranz - Bloomberg
Optimism is higher than ever on a group of stocks that have specialized in disappointment. Already in November, the value of American financial firms has been inflated by more than $300 billion, the most ever for the group as it benefits from optimism over Donald Trump's presidential plans. Dealers are charging next to nothing for protective options and short sales are being covered in droves -- all for stocks that have punished bulls every time comparable bouts of euphoria took hold since 1990.
bloom.bg/2gpiwPL
Ex-Citadel Securities head trader joins BTIG
The Trade
BTIG has expanded its international equities capabilities with the appointment of Citadel Securities former head of trading. Chris Amato, former head of trading at Citadel Securities, has joined as head of ADR conversion trading.
/goo.gl/KEj2l2
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | 54% of incumbents say fintech partnerships have boosted revenue
Business Insider
The growing number of partnerships between fintechs and legacy players suggests that incumbents believe there are benefits to working with new market entrants. Meanwhile, some of these collaborations are now established enough for those benefits to be measured, with a new survey from global law firm Mayer Brown showing where incumbents think their partnerships are paying off.
read.bi/2gpqjgy
Britain's coin maker is going to let people trade gold using the technology behind bitcoin
Reuters via Business Insider
Britain's Royal Mint and leading U.S.-based derivatives exchange CME Group have teamed up to create a blockchain-based digital platform for dealing in gold in a drive to cut the costs involved in trading the precious metal.
/goo.gl/2r1sBk
Thomson Reuters Wealth Management Offers Portfolio Management Solutions Through Agreement With Dorsey, Wright & Associates, A Nasdaq Company
Mondovisione
Thomson Reuters has signed an agreement with Dorsey, Wright & Associates (DWA), a Nasdaq Company, to offer investment research and portfolio management solutions to Thomson ONE Wealth clients in the Americas and Canada, through Dorsey Wright's "DWA Research Platform," a web-based technical research platform used by thousands of advisors to help build and manage portfolios in a transparent, rules-based, and systematic way.
/goo.gl/XjiSjd
|
| | | |
|
| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | New Basel banking rules' impact on European economy
Financial Times
The coming days will be crucial for the future of the European economy. The Basel Committee on Banking Supervision will officially present its final set of proposals on capital requirements for the banking sector, known as the Basel IV framework.
/goo.gl/Iii5Wq
Bank Regulators Seek 'Miracle' Deal on Capital Before Trump
Silla Brush and Alexander Weber - Bloomberg
Global banking regulators are scrambling to reach a compromise on new capital standards, as political support wanes in Europe and the U.S. for new curbs on the industry.
bloom.bg/2gpnzjl
BIS urges Basel regulators to keep nerve on bank capital rules
Huw Jones - Reuters
Regulators should complete work on new their bank capital rules without diluting them otherwise it would be harder to draw a line under the financial crisis, a global central banking official said on Monday.
reut.rs/2gpr7SL
CFTC Divisions Extend Time-Limited No-Action Relief from the Clearing and Trade Execution Requirements for Certain Affiliated Counterparties
CFTC
The U.S. Commodity Futures Trading Commission's (CFTC) Divisions of Clearing and Risk (DCR) and Market Oversight (DMO) today each extended previously-issued no-action relief from the clearing and trade execution requirements for certain inter-affiliate transactions. As described further below, DCR and DMO are extending, until December 31, 2017, no-action relief that was previously provided in DCR No-Action Letter 15-63 and DMO No-Action Letter 15-62, respectively.
/goo.gl/4dvNUa
Sebi issues norms for bourses, clearing corporations at IFSCs
Business Standard News
Markets regulator Securities and Exchange Board of India (Sebi) on Monday issued a new framework for functioning of stock exchanges and clearing corporations that are setting up their operations in international financial services centres (IFSCs).
/goo.gl/wvcNmk
ISDA and IHS Markit Launch 2016 Variation Margin Protocol
on ISDA Amend
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) and IHS Markit today announced the launch of the ISDA 2016 Variation Margin Protocol on ISDA Amend, which automates the process for amending existing collateral documents or setting up new agreements in order to comply with new variation margin requirements going into effect on March 1, 2017.
/goo.gl/bYpd8F
Bankers are worried that Trump will scrap Wall Street regulation
Reuters via Business Insider
Having spent billions of dollars on post-crisis U.S. financial industry reforms they once scorned, bankers are concerned the Trump administration, joined by a like-minded Congress, will scrap or significantly change the rules.
read.bi/2gph3ZE
Financial Services Policymakers Prepare for 2017 as Regulators Wrap-Up Work
The National Law Review
Last week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) outlined his ambitious agenda for 2017. At the top of the list is moving forward with the Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act (CHOICE Act), which Chairman Hensarling estimates will be on the House floor early next year. He signaled that he is actively working together with the Trump transition team and is open to making certain changes as necessary.
/goo.gl/gf2pOc
FINRA Fines VALIC Financial Advisors, Inc. $1.75 Million for Failure to Prevent Conflicts of Interest in its Compensation Policy and for Other Supervisory Failures Related to Variable Annuity Sales
FINRA.org
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Houston-based VALIC Financial Advisors, Inc. (VFA), a total of $1.75 million for failing to identify and reasonably address certain conflicts of interest in the firm's compensation policy for instances when customers elected to move assets out of their VALIC variable annuities (VA), many of which were held in retirement plan accounts.
/goo.gl/JJG4lB
FIIs say no to short-term capital gains
Business Standard News
Foreign institutional investors (FIIs) have written to the finance ministry and the Securities and Exchange Board of India (Sebi) demanding short-term capital gains be scrapped. Instead, the FIIs want the government to impose higher securities transaction tax (STT) on their trades.
/goo.gl/zR1ltC
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China to Curb Megadeals as Regulators Tame Record Overseas Spree
Bloomberg
China is planning sweeping curbs on its companies' overseas acquisitions, including barring most foreign investments of $10 billion or more, people with knowledge of the matter said, as it seeks to tame a record dealmaking spree that's alarmed officials from Washington to Berlin.
bloom.bg/2gplVOs
Cash ban impact on stocks may linger, as shown by Macau casinos
Andy Mukherjee - LiveMint
Amid the panic and confusion caused by the Narendra Modi government's ban on 86% of cash in circulation, there's hope that the pain in the stock market won't last beyond a quarter or two, and that everything will be hunky-dory once banks have dispensed enough new notes.
/goo.gl/o8FAYG
FTIL questions 'forced' merger with NSEL
Times of India
The Centre cannot use a provision in law that allows mergers to forcibly amalgamate parent company with its wholly owned subsidiary in a manner that undermines the interest of shareholders of the parent company, said senior counsel Harish Salve, the counsel for FTIL, on Thursday.
/goo.gl/jtrvDj
Zimbabwe note launch stokes currency fears
BBC
Zimbabwe has launched its own money for the first time since the country's dollar was abandoned seven years ago amid rampant inflation. The bond note, which is worth one US dollar - the country's main currency since 2009 - is raising fears of a return to the ill-fated local dollar.
bbc.in/2gpFDd3
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | All the world's most unequal countries revealed in one chart
The Independent
The global economic recovery since the 2008 crash has failed to reach all levels of society and inequality continues to grow, according to a major report. Credit Suisse's Global Wealth Report 2016 identified Russia as the world's most unequal country, with a staggering 74.5 per cent of the nation's wealth controlled by the richest 1 per cent of people.
/goo.gl/74CQWV
|
| | | |
|
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. |
|
|
