| March 29, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
The MarketsWiki Education World of Opportunity series dates are set for Chicago and New York. This is the 6th year of the series that began in 2013 in Chicago.
The New York events will again be held at Nasdaq at the Marketsite in Times Square. Nasdaq will again be an event sponsor.
The Chicago series will be held on July 30, 31 and August 2. The first two days will be at the Stuart School of Business at Illinois Tech. The last day will be in the offices of Trading Technologies. Both IT and TT will again be event sponsors for the series.
We are beginning work on signing up speakers for the events. Suggestions or volunteers are welcome. Email me at [email protected]
We are working on plans for London events in early October, though no date has been set.
Sign up for the Chicago and New York events will open up on June 1, 2018.
If you are interested in becoming a sponsor of the events or series, please contact me.~JJL
The FIA has published a fantastic summary and review of the FIA Boca 2018 International Futures Industry Conference.~JJL
Epsilon Economics announced the expansion of their financial markets expertise with the addition of Managing Director David Marshall, formerly of the Chicago Fed.~JJL
ESMA's website is down today for service.~JJL
PwC has issued "A primer on the regulation of the trading in cryptocurrencies and the asset management related to cryptocurrencies in Switzerland."~JJL
HKEX's USD/CNH Futures contract set a new record last night during the after-hours session, with volume reaching 6,049 contracts (US$605 million in notional value) on 28 March. Total average daily volume in day and night sessions combined is up 78% in Q1 compared to Q1 2017. HKEX via Twitter.~JJL
Gary DeWaal shared this video on LinkedIn with the line "Finally, a simple explanation of Bitcoin." Funny, but with some rude language about the attempt to make the first gold based transaction.~JJL
It has been eight years since Pat Kenny was traded from Patsystems to CQG for a case of Dos Equis. Congratulations to the Most Interesting Man in the World on his CQG anniversary.~JJL
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So You Have A Token, Now What? OpenFinance Network Aims To Offer Trading, Clearing And Settlement All On the Blockchain
Jim Kharouf - JLN
For those who believe that blockchain for markets is years away, there are some examples that are here and now.
OpenFinance Network launched a blockchain-based clearing and settlement platform this month aimed at token-based securities in the alternative investment space. What OFN is aiming for is to improve the trading, clearing and settlement for alternative assets that are clunky, fragmented, opaque and frustratingly slow for transactions.
/goo.gl/NH7gMU
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CME Group to Acquire NEX Group plc, Bringing Together Cash, Futures and OTC Marketplaces
CME Group
CME Group Inc. and NEX Group plc today announced that they have reached an agreement in which CME Group will acquire NEX in a transaction valued at £10 per share, consisting of 500 pence in cash and 0.0444 CME Group shares. The proposed transaction has been approved unanimously by the board of directors of both companies and is expected to close in the second half of 2018.
/goo.gl/6gS8bn
**** The good news for the CME Group.~JJL
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CME plans hundreds of job cuts after £3.8bn NEX takeover
Samuel Agini - Financial News
City veteran Michael Spencer will join the board of CME Group after agreeing to sell NEX Group, his financial trading company, to the US derivatives giant  but hundreds of jobs will be cut if the deal goes through.
/goo.gl/PJztMK
***** The bad news for the NEX employees.~JJL
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Stability Down Under - Peter Hiom, ASX
JohnLothianNews.com
While Peter Hiom, deputy CEO of ASX, describes his markets and the region in general as relatively stable, that does not mean that ASX has been idle.
In this fourth video of JLN's annual series with industry leaders, Hiom talks about ASX's successful launch of its new futures trading platform, the slowing winds of regulatory change, the hope for a real yield curve, and the exchange's progress in developing a blockchain reconciliation platform to ease the administrative burdens on clients.
Watch the video and read the rest here »
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The Big Interview: Larry Tabb; TABB Group founder and research chairman, Larry Tabb, gives his view on the future of the buy-side, how MiFID III could come about and the rise of cryptocurrencies.
Hayley McDowell - The Trade
Hayley McDowell: What will be the impact of MiFID II market structure rules?
/goo.gl/fKQsKc
***** We did a "BIG" video interview with Larry Tabb back in 2011.
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Hackers who stole EUR1 billion allegedly laundered the profits with crypto
John Detrixhe - Quartz
Government watchdogs are wary of bitcoin being used for illicit purposes, and now they have an example that seems ready for a Hollywood script: According to Europol, a cyber gang that stole more than EUR1 billion ($1.2 billion) from more than 100 financial institutions in 40 countries used crypto assets to cover their tracks.
/goo.gl/yV2uXZ
***** I predict this is just the tip of the iceberg for stories like this.~JJL
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Wednesday's Top Three
Our top two pieces yesterday were led by Kelly Loeffler in Marketswiki and the ICE announcement Intercontinental Exchange Announces Marketing and Communications Leadership as Kelly Loeffler Prepares to Depart at the End of 2018. Third went to the Financial Times' Chicago's CME eyes pole position in biggest bond market
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MarketsWiki Stats
122,638,929 pages viewed; 23,055 pages; 212,203 edits
MarketsWiki Statistics
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| Lead Stories | CME Group Seals Deal to Buy U.K.'s NEX for $5.4 Billion; Agreement puts Chicago exchange firm in a powerful position in the U.S. debt market
Alexander Osipovich - WSJ
CME has agreed to buy U.K. financial-technology company NEX Group NXG -0.10% PLC for about $5.4 billion, a deal that would put the Chicago futures-exchange giant in a commanding position in the vast market for U.S. government debt.
/goo.gl/v7c4Le
'Cryptodad' Regulator Catches Some Twitter Heat; CFTC chief J. Christopher Giancarlo, beloved by the crypto crowd, is learning the pitfalls of Twitter fame.
Robert Schmidt, Benjamin Bain - Bloomberg
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo has blown up on Twitter recently, gaining tens of thousands of followers almost overnight after enthusiastically testifying in February to Congress about digital currencies. The balding, bespectacled 58-year-old regulator now has 49,000 Twitter followers and is regularly lauded in memes that call him "Bitcoin Jesus" and "one of us! one of us!" He's even embraced the slightly dorky hashtag given to him by the Bitcoin masses: #cryptodad.
/goo.gl/1Z3KPJ
Amazon Loses $53 Billion in Market Value, Becoming FAANG's Biggest Loser
Elena Popina, Kamaron Leach - Bloomberg
Amazon sinks after report that Trump is 'obsessed' with firm; Facebook had underperformed the FAANG companies for weeks. Move over, Facebook. U.S. investors have a new punching bag among the FAANGs: Amazon.com, Inc.
/goo.gl/Tn1rxa
How a Billionaire Crypto King Built the No. 1 Exchange in Just 8 Months
Justina Lee, Yuji Nakamur, Benjamin Robertson - Bloomberg
Zhao Changpeng turned Binance into the largest crypto exchange; Global regulators are now cracking down on the industry. Even in a cryptocurrency industry teeming with overnight success stories, Zhao Changpeng stands out.
/goo.gl/cFRvoP
Exclusive: OPEC, Russia consider 10- to 20-year oil alliance
Richard Mably, Yara Bayoumy - Reuters
Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years.
/reut.rs/2uxJpfk
****Missed this yesterday.
Deutsche Bank CEO John Cryan Says He Is 'Absolutely Committed' to Serving Bank
Jenny Strasburg - WSJ
Deutsche Bank AG's chief executive, John Cryan, told employees Wednesday he is "absolutely committed" to serving the bank, in a memo posted to the lender's public website a day after reports that its chairman has sounded out potential CEO candidates from outside the bank.
/goo.gl/8JJmDJ
The IRS Is Auditing a Lot Fewer Americans; Percentage of individual tax audits falls to lowest level since 2002
Laura Saunders - WSJ
The percentage of individuals receiving tax audits declined for the sixth consecutive year in 2017 to reach the lowest level since 2002, further showing the effect of budget cuts at the Internal Revenue Service.
/goo.gl/Vc1gtD
5 Questions with Denise Shull, MA
Brian Mehta - Trading Technologies
I had a chance to hear Denise Shull on an episode of Futures Radio Show and was fascinated by her story and her job working with traders. So we decided to get with her one-on-one.
As a decision coach and performance architect, Denise leverages her training in psychological science to solve the challenges of mental mistakes, confidence crises and slumps in Olympic athletes and Wall Street traders. Denise is known for her uncanny effectiveness in coaching, training and assessing for the X factor of human performance under pressure.
/goo.gl/X9qj6u
How to make a carbon pricing system work; Compensation for those who lose out and sanctions on non-compliance are needed
Martin Wolf - FT
Carbon pricing is a good idea whose time has not yet come. But it has to do so. The world committed itself to keeping average temperatures at less than 2°C above pre-industrial levels and ideally to less than 1.5°C at the Paris climate conference in December 2015. If it is to achieve this goal, it will find the price mechanism the most powerful weapon in its arsenal.
/goo.gl/7JJdFB
Regulators step up efforts to safeguard City of London's status; Move offers passporting rights to EU firms during Brexit transition period
Caroline Binham in London - FT
UK authorities have intensified their efforts to maintain London's status as a global financial centre by saying European investment banks can continue to operate much as they currently do until the end of the Brexit transition period.
/goo.gl/7s6qdC
Straits Financial brokers the inaugural trade in China's INE Crude Oil Futures
Straits Financial
Shanghai International Energy Exchange ("INE") today launched Crude Oil Futures contract opening up access to international participants. The INE enables Chinese buyers to lock in oil prices and to pay for it in Renminbi.
/goo.gl/YG2cGr
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Turner to replace MacGregor at LME amid more departures
Louisa Chender - Global Investor Group
Andrew Dodsworth and Helen Davies exit the exchange in the latest of LME's senior moves
bit.ly/2IYsfea
CME and NEX Group agree £3.9 billion acquisition; CME and NEX Group reach agreement on acquisition which is expected to close in the second half of this year.
Hayley McDowell - The Trade
US futures exchange operator CME and UK FinTech powerhouse NEX Group have reached an agreement which will see CME acquire NEX for £3.9 billion.
/goo.gl/pFJNTk
CME to shake up bond and forex markets after buying Nex Group; Chief executive Michael Spencer to net £670m from the sale
Philip Stafford in London - FT
CME Group, the world's largest futures exchange, has agreed to buy Michael Spencer's Nex Group for £3.9bn in a deal that heralds a shake-up in the world's bond and foreign exchange markets.
/goo.gl/Ahz4FY
CME to Buy Spencer's NEX to Create Trading Venue Behemoth
Will Hadfield, Viren Vaghela - Bloomberg
Deal values NEX at $5.5 billion with 50 percent cash component; Door still open for higher bids to come in: Liberum Capital. CME Group Inc. agreed to buy Michael Spencer's NEX Group Plc in a transatlantic deal that creates a trading venues giant spanning futures to Treasuries and foreign exchange.
/goo.gl/roNTqV
Exchange operator CME Group to buy Britain's NEX for $5.5 billion
Noor Zainab Hussain, Sinead Cruise - Reuters
U.S. exchange operator CME Group has made a $5.5 billion offer to buy NEX Group to create a cross-border powerhouse for investors trading in the multi-trillion dollar foreign exchange and government debt markets.
/goo.gl/Ysysn1
The Electronic Warehouse Receipts System for the Commodities Markets of Tomorrow
Hirander Misra, GMEX - TABB Forum
Commodities markets have always presented market operators with a unique set of challenges. One of these is how to build an effective electronic warehouse receipts system (eWRS). Many large operators have historically taken a 'top-down' approach to commodity market development, starting by implementing a state-of-the-art trading platform and then adding warehousing, eWRS and trade finance almost as an afterthought. But that's a seriously flawed approach.
/goo.gl/MDsbyD
NZX Limited Employee Share Plan - Team And Results
MondoVisione
NZX Limited (NZX) advises of the conversion and subsequent quotation of 214,625 NZX employee restricted shares into NZX fully paid ordinary shares pursuant to the terms of the NZX Limited Employee Share Plan - Team and Results.
/goo.gl/PBv1aU
HKFE Announces Revised Margins For Futures Contracts
Mondovisione
Please be advised that pursuant to Exchange Rule 617(d) and HKCC Rule 402, the Exchange and the Clearing House have determined that with effect from the commencement of trading on Tuesday, 3 April 2018, the margin levels of the following Futures Contracts shall be as follows
/goo.gl/qLtHxH
Talks on trading link with Singapore Exchange focusing on infrastructure : Bursa Malaysia
The Sun Daily
Talks are ongoing for the establishment of a trading link between Bursa Malaysia Bhd and Singapore Exchange (SGX), with a focus on infrastructure.
/goo.gl/8uven4
European Commodity Clearing Granted Recognised Clearing House Status By Monetary Authority Of Singapore
MondoVisione
The European Commodity Clearing (ECC) has been given Recognised Clearing House (RCH) status by the Monetary Authority of Singapore (MAS). This will be ECC's first regulatory license outside of Europe, representing a key milestone for ECC and CLTX, as part of EEX Group, in their shared global growth ambitions.
/goo.gl/bhDfFE
Shanghai Stock Exchange's 1st Social Responsibility Report Released Today
Mondovisione
The Shanghai Stock Exchange (SSE) releases its 1st social responsibility report today to make public its social responsibility strategy and practice. It is a positive practice of corresponding to the green finance action plan of the UN Sustainable Stock Exchange Initiative.
/goo.gl/YeKJyU
OTC Markets Group Launches New Stock Promotion Flag; Latest Data Points Provide Increased Market Transparency and Disclosure
OTC Markets Group Inc.
OTC Markets Group Inc., operator of financial markets for 10,000 U.S. and global securities, today released a new stock promotion flag that will enable investors to easily identify securities that are the subject of current promotional activity. This new flag, which is shaped like a megaphone, will appear on the promoted company's quote page on otcmarkets.com.
/goo.gl/D4Qgur
Argentine stock exchange and S&P sign deal to launch local indices
Daniela Sirtori-Cortina - CityWireAmercas.com
S&P Dow Jones Indices has partnered with the Argentine Stock Exchange to launch new co-branded indices for the local market, a move in line with the country's effort to open up and deepen its financial industry.
/goo.gl/J2yJjs
Intercontinental Exchange Releases 2018 Corporate Responsibility Report
ICE
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today released its annual Corporate Responsibility Report. The report is a comprehensive, 59-page overview of the company's efforts to support the communities in which it operates, invest in its people, promote principles of good governance, and uphold its commitment to environmental sustainability.
/goo.gl/2tkyWH
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FXCM Joins FastMatch's Consolidated Central Tape for Forex Market
Finance Magnates
FXCM Group on Tuesday joined the FX Tape streaming service operated by FastMatch, the Euronext-owned foreign exchange trading venue, which offers a market data product that aims to increase transparency and help traders evaluate best execution performance.
/goo.gl/xDHMmN
Kx technology helps support research infrastructure at Citadel
Bob's Guide
Kx Systems, a subsidiary of First Derivatives plc (FD), announces that Citadel, a global investment firm, has expanded its use of Kx technology to help support its investment research process.
/goo.gl/gBW9s7
INDATA to Offer Post-trade Capabilities with ULLINK; Embedded ULLINK technology will optimise post-trade workflows for INDATA iPM OMS clients.
Itiviti
ULLINK, a global provider of electronic trading and connectivity solutions to the financial community, and INDATA, a leading provider software technology and services for buy-side firms including trade order management, compliance and portfolio accounting software and front-to-back office services, today announced the extension of their partnership to cover post-trade services for INDATA's clients.
/goo.gl/Ecd7GR
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| Cryptocurrencies | | Top stories for cryptocurrencies | The Good and Bad of Blockchain
Rose Jacobs, Chicago Booth Review - TABB Forum
The digital ledger behind Bitcoin may be more sustainable than the cryptocurrency. But blockchains have the potential to increase collusion, according to researchers.
bit.ly/2J22hXl
Reddit Disables Bitcoin Payments
Camila Russo - Bloomberg
Early Bitcoin adopter Reddit stopped accepting payments with the largest digital currency.
/goo.gl/J8x6et
UpToken Now Available on Bittrex; Largest cryptocurrency exchange in the U.S. adds new crypto asset to its offerings
Globe Newswire
Coinme, a venture-backed crypto financial services and blockchain technology company, today announced that UpToken is available for purchase on Bittrex, the world's leading cryptocurrency exchange for traders who demand lightning fast trade execution, stable wallets and industry-best security practices. UpToken is a crypto asset that is offered as a reward to users of the Coinme crypto ATM network.
/goo.gl/KK71mh
Startup Ripple donated $29 million of its own digital currency XRP to fund public schools.
Kate Rooney - CNBC
Cryptocurrency startup Ripple donated $29 million of its own digital currency XRP to support U.S. public schools, the company announced Wednesday.
/goo.gl/d6WpwZ
Canadian Pot and Crypto Stocks Are Among Promoters Flagged by OTC
Danielle Bochove - Bloomberg
A blockchain company, a battery-metal explorer and a pot grower are among 13 Canadian companies being flagged by OTC Markets Group under a new system to warn investors about stock promotions.
/goo.gl/px15yF
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| Politics | | An overview of politics as it relates to the financial markets | Robert Mercer's Secret Adventure as a New Mexico Cop; Why was the fabulously wealthy Trump donor wearing a badge and a gun in a tiny desert town? To obtain something that's impossible to buy.
Zachary Mider - Bloomberg
Robert Mercer probably would have flown into Roswell. From thereÂ1,800 miles from homeÂhe would've traveled south through the high desert plains of southeast New Mexico, flat as a tortilla, past abandoned homesteads and irrigation machines moving in slow circles.
/goo.gl/SNxxJX
A Math Whiz Has Become a Crucial Political Figure in France
Helene Fouquet, Marie Mawad - Bloomberg
Villani set to unveil France's AI strategy on Thursday; Fields Medal winner is charged with pushing math education
To hear Cedric Villani tell it, the French are better than everyone else at love, wine -- and math.
/goo.gl/K2AR4Z
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FRTB - Revisions to market risk capital requirements
Amir Khwaja - Clarus FT Blog
The BCBS published a Consultative document in March 2018 with the title 'Revisions to the minimum capital requirements for market risk" and in this article I look at the details.
/goo.gl/da63w3
FCA shuns Brussels rules in tackling money launderers; Regulator achieves bigger fines by bringing civil cases rather than criminal prosecutions
Caroline Binham in London - FT
The UK financial regulator has yet to press criminal charges against a bank for breaches of EU anti-money laundering rules that took effect 11 years ago, statistics show.
/goo.gl/o3KdxM
Broker-Dealer Admits It Failed to File SARs
SEC
Aegis Capital Corporation, a New York-based brokerage firm, has admitted that it failed to file Suspicious Activity Reports (SARs) on numerous suspicious transactions.
/goo.gl/YGedst
FINRA Cautions Members Regarding Recommending and Entering Unpriced Customer Orders at and Around the Opening on the First Day of Trading of a Direct Listing
FINRA
FINRA advises firms to exercise caution in recommending and entering unpriced customer orders at and around the opening on the first day of trading of a direct listing of a security. FINRA is concerned that, without the use of a limit price, customers may receive executions at prices that are not in line with their expectations and ultimate investment decision. FINRA encourages firms to consider the appropriateness of using and recommending (and discussing with customers the benefits of using) priced, limit orders at and around the opening on the first day of trading of a direct listing.
/goo.gl/eC5tXU
FINRA Fines Aegis Capital Corp. $550,000 for Anti-Money Laundering and Supervision Rule Violations
FINRA
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Aegis Capital Corp. $550,000 for failing to have adequate supervisory and anti-money laundering (AML) programs tailored to detect "red flags" or suspicious activity connected to its sale of low-priced securities.
/goo.gl/Brn8jZ
EU withdrawal: transition and financial regulation
UK FCA
Speech by Andrew Bailey, Chief Executive of the FCA, at the All Party Parliamentary Group on Wholesale Financial Services Annual Dinner.
/goo.gl/5TjMyg
FCA statement on EU withdrawal following the March European Council
UK FCA
The Financial Conduct Authority (FCA) welcomes the agreement reached on the terms of an implementation period that will apply following the UK's withdrawal from the European Union.
/goo.gl/Td8zJU
German tax office examining ADM over legacy trading earnings
Hugh Bronstein, Jonathan Saul - Reuters
Hamburg's tax office is examining the German activities of U.S. agricultural merchant Archer Daniels Midland over a five-year period in what the company called a routine audit, although sources said ADM could face unforeseen liabilities.
/reut.rs/2J0p71u
Across Generations, Women Trail Men in Financial Knowledge - but the Gap May Be Closing
FINRA
Women consistently lag behind men on financial and investor literacy scores across generations of boomers, gen Xers and millennials, according to a multi-year study by the FINRA Investor Education Foundation.
/goo.gl/u7pez7
European Union bans binary options, strictly regulates CFDs
Times of Israel
Vise tightens around Israeli online scammers; Israeli banks close forex companies' accounts, and Twitter follows Google and Facebook in banning cryptocurrency ads
/goo.gl/EsL7Lh
Regulator says Facebook breached New Zealand privacy act; Privacy commissioner deletes own account in protest and suggests others follow suit
Jamie Smyth in Sydney - FT
New Zealand's privacy commissioner says Facebook breached the country's privacy laws by refusing to release personal information upon a complainant's request, the latest blow to the social media giant that is facing global inquiries over the alleged improper handling of user data.
/goo.gl/5e7yh7
SEC Charges Wedbush in 'Pump-and-Dump' Scheme; Regulator says firm failed to properly supervise an employee allegedly involved in scheme aimed at retail investors
Austen Hufford - WSJ
The Securities and Exchange Commission on Tuesday said broker-dealer Wedbush Securities Inc. failed to properly supervise an employee who was allegedly involved in a long-running "pump-and-dump" scheme aimed at retail investors.
/goo.gl/qBJLxe
MiFID II: Impact of the New Tick Size Regime
AMF
The AMF publishes an initial analysis of the impact of the new tick size regime on the French market. Market depth, transaction cost, order lifespan, order-to-trade ratio: the Autorité des marchés financiers has reviewed the initial effects of the European harmonised tick size regime, resulting from the new MiFID II framework for markets in financial instruments. This very first set of readings indicates an overall improvement in market quality.
/goo.gl/keEJNY
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Will a Sino-U.S. Trade War Impact Grain, Meat Markets?
Erik Norland - CME Group
With China threatening to retaliate against U.S. agricultural producers after the White House announced $50 billion in tariffs, it's a good time to evaluate how China influences agricultural prices - both directly and vicariously. In a direct sense, China is primarily a buyer of U.S. soybeans - imports it could replace with supplies from Argentina and Brazil. It is also an importer of U.S. wheat, which it could find in Russia and Ukraine. The U.S. in no longer a big exporter of corn to China but it does export a great deal of pork and, increasingly, beef.
/goo.gl/3GSc3S
Robo-Adviser Startups Are Now Going After Wealthy Clientele
Julie Verhage - Bloomberg
Robo-advisers were built on the promise of offering wealth management expertise to the masses. Now those startups are turning their attention to a different -- and much wealthier -- customer.
/bloom.bg/2IYOUH8
Exotic ETF Trading Is Surging Once Again
Dani Burger - Bloomberg
Exchange-traded products see volume surge amid choppy trading; High turnover concentrated among inverse leveraged tech funds
The prime suspects in last month's global rout may be at it again.
/goo.gl/WP8yiA
Quant Style Slump That Strategists Foretold Finally Arrives
Dani Burger - Bloomberg
Momentum sees biggest two-day loss since November 2016; From technology stocks to drugmakers, market leaders slump
If you've been cursing at technology stocks for the past two days, there's another corner of the market that's perhaps just as deserving of your anger.
/goo.gl/73WpfP
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS begins global wealth management shift by merging teams
Brenna Hughes Neghaiwi - Reuters
UBS has begun adopting a unified global wealth management structure by merging teams responsible for its private banking products.
/reut.rs/2up4Lfa
FANG stocks' bite has U.S. fund managers looking for alternatives
David Randall - Reuters
Fund managers have begun to ditch so-called FANG stocks that powered the U.S. stock market to record highs in January and are slowly rotating into commodity-related shares and other value stocks which typically outperform in late-cycle recoveries.
/goo.gl/68qayt
Deutsche Bank Is Considering More Cuts at Investment Bank
Steven Arons, Stephon Morris, Elisa Martinuzzi - Bloomberg
'Project Colombo' is looking at lender's underperforming units; CEO Cryan says he's "absolutely committed" to serving bank
Deutsche Bank AG is conducting a fresh review of its trading businesses, according to people familiar with the discussions, an overhaul that Chief Executive Officer John Cryan is pursuing to help restore profitability amid reports that the bank is seeking to replace him.
/goo.gl/uwunc2
Morgan Stanley Knew of a Star's Alleged Abuse. He Still Works There; A top Morgan Stanley broker was repeatedly accused of violence against
ex-wives and girlfriends. Bank managers were told. But he kept his job.
Emily Flitter - NY Times
Over 15 years, four women in Lake Oswego, Ore., a wealthy Portland suburb, sought police protection against the same man, court filings show.
/goo.gl/7i1pdR
Saxo Bank Welcomes ESMA's Measures In Relation To Margin Trading
MondoVisione
Saxo Bank, the leading fintech specialist focused on multi-asset trading and investing, strongly welcomes ESMA's recently announced measures in relation to the provision of CFDs to retail clients. The measures include caps on leverage which Saxo Bank considers fair and proportionate. Saxo Bank expects these measures to be positive for clients and result in a more level playing field among EU providers offering margin trading, which will in turn move the competitive focus away from leverage and towards the quality of platform, price, product and service.
/goo.gl/y1NFrj
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Malaysia's central bank says foiled attempts at unauthorized fund transfers
Reuters Staff
Malaysia's central bank said on Thursday it had detected and foiled an attempted cyber attack and efforts to transfer funds without authorization using falsified SWIFT messages.
/goo.gl/74skqY
Bank Negara says it foiled cyber heist attempt
The Star
Bank Negara said on Thursday that it had detected and foiled a cybersecurity incident involving attempted unauthorised fund transfers using falsified SWIFT messages.
/goo.gl/rCJXVb
Moscow: 'Difficult to judge' whether UK will restrict Russian bonds
Adam Samson in London and Kathrin Hille in Moscow - FT
Moscow says it is unclear whether the UK is considering a clampdown on the issuance of Russian government debt from London.
/goo.gl/iFw2SP
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Brexit and the City - Tracking the fortunes of London's financial districts
Andrew MacAskill - Reuters
Is London's position as the largest international centre of finance slipping as a result of Brexit?
/reut.rs/2J4kkw4
There's Much to Fear As Brexit Nears; With one year left until the U.K. exits the European Union, unease about what a final deal will look like is still reflected in markets
Richard Barley - WSJ
There is one year left until Brexit. Investors seem to have adjusted to the reality of the U.K. leaving the European Union. But a key barometer used to measure the stress of Brexit isn't telling the whole story.
/goo.gl/XiV8CJ
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| Miscellaneous | | Stories that don't quite fit under the other sections | Reflections on money, trust and the pursuit of self-interest; The extensive division of labour presents a practical problem: we depend on the assistance and cooperation of a multitude of strangers, writes Philip Goodchild
London School of Economics and Political Science
'People are naturally selfish'. The contemporary evidence seems overwhelming. And yet, even today, most people devote some of their lives to others as parents and carers, and many also as volunteers. Prior to the modern world, people frequently led lives governed by custom, duty, compassion, or faith, in societies where there was limited scope for the pursuit of self-interest. So is the overriding pursuit of self-interest a modern phenomenon, or is it rooted in human nature?
/goo.gl/iuTfNm
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