| June 20, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Chicago is Crypto-fuel For the Coinbase Rocket
Jim Kharouf - JLN
My meeting with Paul Bauerschmidt has been reset three times and he's running a few minutes late for our coffee in Chicago. It's understandable. Since taking the role as head of Coinbase's Chicago office last October, it's been non-stop for Bauerschmidt and his office of nine and soon to be more.
He is on board with one of the fastest growing crypto exchanges in the world and thrilled with the ride after helping build Eris Exchange and CME's swap business before that. In many ways, he's one of the new asset class pioneers in a city largely built by financial pioneers.
For the rest of the commentary, click HERE
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Hits & Takes
JLN Staff
LME welcomed back the first ever female LME ring trader, Geraldine Bridgewater, who gave an inspiring presentation on how she navigated this complex market, blazed a trail for women and became successful in this traditionally male-dominated industry. During her talk she commented, "A door that was always closed to women had now been opened and I wanted to do everything in my power to help other women come and trade on the LME."~Via LinkedIn.~JJL
Hedge fund assets hit an all time high of $3 trillion, according to BarclayHedge, with managed futures at $367 billion in April. Tonight, the industry will celebrate some of those CTAs at CME's Managed Futures Pinnacle Awards
In case you missed it, Clifford Histed, Vincente Martinez and Lexi Bond of K&L Gates LLP put out a great two part review of the spoofing trial of Andre Flotron. Part 1 here and Part 2 here - registration to access is free.~SD
According to Deloitte, there are more than 200 regulatory revisions PER DAY. So, yeah, it's super easy to stay on top of things (story via Tabb).~SD
QuantHouse now offers LME market data connectivity. Did you know that trading on the LME can exceed world metal production by a factor of 40? ~SD
Charles Li's re-appointment as chief executive of HKEX has been approved.~JJL
TheTRADE is launching a crypto news offering on July 2. You can follow them ahead of the launch on Twitter at @theTRADEcrypto.~JJL
Don't forget to sign up your interns for the MarketsWiki Education World of Opportunity events in Chicago and New York in July.~JJL
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FIA IDX 2018 - Brexit's Influence on Global Markets
JohnLothianNews.com
MiFID II was more than 20,000 pages with 21 million paragraphs of regulation. Considering its scope, things have gone rather smoothly since it went into effect in January. But for Simon Puleston Jones, FIA's head of Europe, there is no time to rest on the laurels of a successful implementation with Brexit looming.
Brexit cuts across all the other issues on FIA's plate in Europe. One aspect of MiFID II left unresolved is equivalence assessments, which are impacted by Brexit. The Emir review this year, with its third party clearing components, is impacted by Brexit. (It makes sense the FIA opened an office in Brussels.)
With Brexit altering Europe the most, Puleston Jones said the industry believes the United States will be the end beneficiary.
Watch the video and here »
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UCC leaders: Keep Families Together!
United Church of Christ
Condemning the unconscionable assertion that migrant children should be separated from their parents because of 'orderly and lawful processes that protect the weak and lawful,'  a Biblical statement used to justify U.S. immigration policies  United Church of Christ National Leadership has issued this pastoral letter, urging the people of the denomination's almost 5,000 congregations to take action now! First, by contacting their Congressional representatives, and then by providing funds to keep families together. Money to be used to support the people sleeping in the streets at the borders of this country, or those parents and children separated upon entry!
/jlne.ws/2tnyykl
*****"Friends, once again we stand at the brink of a moral precipice in our society and the question before us is will we choose to act in covenant with God on behalf of God's people or will we sacrifice our soul."~UCC (Note: This is John Lothian's Christian church denomination speaking out.)
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My views on U.S. immigration policy
Satya Nadella - CEO - Microsoft
Team, Like many of you, I am appalled at the abhorrent policy of separating immigrant children from their families at the southern border of the U.S. As both a parent and an immigrant, this issue touches me personally.
/jlne.ws/2totv3l
***** Business leaders and church members and officials feel compelled to address this moral issue confronting the citizens of the U.S.~JJL
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Tuesday's Top Three
Our top read story of the day was Yahoo Finance's Paul Tudor Jones on the next recession. Second went to Bloomberg's story on microwave technology in HFT Traders Dust Off Century-Old Tool in Search of Market Edge. Third went to Computerworld's list Best Places to Work in IT 2018. But I had to wonder - are AARP and Blue Cross Blue Shield of North Carolina really better than CME Group for IT?
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MarketsWiki Stats
128,225,754 pages viewed; 23,164 pages; 213,556 edits
MarketsWiki Statistics
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| Lead Stories | US businesses speak out against Trump border policy; White House relations with corporate America worsened by separation of migrant families
Andrew Edgecliffe-Johnson - FT
US business leaders condemned the Trump administration's policy of forcibly separating children from migrants crossing America's southern border illegally, in the latest test of corporate America's increasingly strained relationship with the White House.
/jlne.ws/2tjN24I
In a Year Marked by Controversy, Cboe Seeks to Improve the VIX; Exchange is making changes to a monthly auction that determines final prices of futures tied to the index
Gunjan Banerji - WSJ
Cboe Global Markets Inc. is revamping a controversial feature of one of its most-lucrative products: the Cboe Volatility Index, or VIXÂalso known on Wall Street as the "fear gauge." Cboe is making changes to a monthly auction that determines final prices of futures tied to the VIX. While the changes amount to tweaks to its architecture, they also mark a step by the exchange operator to improve a product that has come under intense scrutiny due to manipulation allegations.
/jlne.ws/2tpaf5C
ECB Poised for Power Over Euro-Derivatives Clearing Post-Brexit
Silla Brush and Alexander Weber - Bloomberg
European Parliament lawmakers advance ECB plan for oversight; Clearing of euro financial contracts is dominated by London
The European Central Bank edged closer to gaining power over financial clearing, a lucrative business dominated by London and a flash point in the Brexit negotiations.
/jlne.ws/2yqcWK1
Merrill Lynch Admits to Misleading Customers about Trading Venues
SEC
The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty.
bit.ly/2I73Cuk
****Reuters here
Markets Begin to Take Threat of Trade War Seriously; Global markets are sliding as trade tensions intensify beyond expectations
Akane Otani, Mike Bird and Shen Hong -WSJ
Global stocks, commodities and bond yields tumbled Tuesday, the starkest sign yet of investors betting tensions between the U.S. and China could escalate into a trade war.
/jlne.ws/2tu9ubN
From the Aussie to soybeans and cars: what's at risk in a trade war?
Reuters
The Aussie dollar takes a thumping, soybean prices swing and German carmaker shares are stuck in reverse.
/reut.rs/2K3VNr6
U.S. Securities and Exchange Commission Strategic Plan - Fiscal Years 2018-2022
SEC
...The Plan provides a forward-looking framework for making the SEC even more effective, focusing on the most important goals and initiatives that will best position the SEC to fulfill our mission. These goals and initiatives span our 5 divisions and 25 offices and incorporate the key values that have benefited the agency for its 84 years.
/goo.gl/wBNYKA
Hedge funds lose USD1.9bn in April, says BarclayHedge
Hedgeweek
Hedge fund investors turned cautious in April 2018, according to the Barclay Fund Flow Indicator, even as the equities markets rebounded and volatility began to calm down. Industry assets levelled off at an all-time high of USD3.0 trillion.
bit.ly/2I1CH2U
Robinhood in Talks With Regulators to Offer Bank Products
Julie Verhage and Olivia Zaleski - Bloomberg
Robinhood Markets Inc. has more than 4 million U.S. consumers using its free stock-trading platform. Now, it's in talks to offer them other banking services like savings accounts, according to people familiar with the matter.
/jlne.ws/2yqGmrn
Goldman Sachs Is Considering Crypto Trades Beyond Futures, Solomon Says
Donal Griffin - Bloomberg
Securities firm must evolve business and adapt to environment; Solomon has been seen as frontrunner to replace CEO Blankfein
Goldman Sachs Group Inc., one of the biggest U.S. investment banks, is exploring cryptocurrency trades beyond the publicly-traded derivatives that it already handles, according to Chief Operating Officer David Solomon.
/jlne.ws/2yr12zH
Cryptocurrencies Fall as Korean Exchange Says $32 Million of Coins Stolen
Eric Lam - Bloomberg
Bithumb is second exchange in as many weeks to report a theft; Security fears have contributed to a crypto selloff in 2018
Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was hacked, renewing concerns about the safety of digital-asset trading venues.
/jlne.ws/2toxvke
SoftBank: inside the 'Wild West' $100bn fund shaking up the tech world; The Vision Fund is changing the rules for investing but will its whirlwind decision-making lead to bad bets?
Arash Massoudi, Kana Inagaki and Leo Lewis - FT
In the summer of 2014, SoftBank founder Masayoshi Son attended a wedding on the coast of southern Italy that would change his company forever. But not in the way it seemed at the time.
/jlne.ws/2tldHOT
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | tZERO and BOX Digital Markets Sign Deal to Create Joint Venture; Expected to Become the World's First Security Token Exchange
Business Wire
tZERO and BOX Digital Markets LLC announced they have entered into a joint venture, which is expected to become the world's first regulated exchange for trading security tokens. Security tokens are electronic tokens defined as "securities" under U.S. law. The joint venture will seek approval from the U.S. Securities and Exchange Commission (SEC) prior to beginning operations.
/jlne.ws/2tbvLM5
ELITE and Sage join forces to support UK high-growth companies
London Stock Exchange Group
ELITE and Sage join forces to support UK high-growth companies; MTS BondsPro partners with BondCliQ to improve data access in US corporate bond market; ELITE and Sage partner to launch programme to support the UK's Small & Medium Businesses
ELITE, London Stock Exchange Group's business support and capital raising programme, today announces it has signed a Memorandum of Understanding (MoU) with Sage, the market leader in cloud business management solutions. The organisations will work together to launch ELITE Sage, a programme for Sage's current and future customers in the UK.
/jlne.ws/2MGjQOn
First-ever international Uzbek Soum-denominated bonds listed in London
London Stock Exchange Group
London Stock Exchange today welcomes the listing of the world's first ever international Uzbek Soum- denominated bonds to its Main Market. The landmark bond issuance from IFC, a member of the World Bank Group, paves the way for the opening of the global Samarkand bond market to support financing of companies from Uzbekistan while raising the profile of the Uzbek Soum internationally.
/jlne.ws/2MDM9gh
The 17th Annual General Shareholders Meeting; Notice of the 17th Annual General Shareholders Meeting
JPX
The Notice of the 17th Annual General Shareholders Meeting above is scheduled to be sent to shareholders on May 25, 2018.
The same notice was disclosed on the Internet on May 18, 2018 to provide shareholders with information early after the completion of the legal procedure.
/jlne.ws/2MHp7W6
JPML Bundles CBOE Index Manipulation Suits In Chicago
Lauraann Wood - Law360
The Judicial Panel on Multidistrict Litigation on Thursday sent several suits alleging an unlawful manipulation of the Chicago Board Options Exchange's volatility index to Chicago federal court, saying the move will ensure efficiency and consistency while litigating the case's complex issues.
/jlne.ws/2MGBx0i
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Colt Technology Launches North American Network
David Kimberley - Finance Magnates
Data centre operator Colt announced this Tuesday that it is launching a network in the US. The company will be providing financial firms with self-service and on-demand bandwidth solutions that should speed up their connectivity to financial hubs in Europe and Asia.
/goo.gl/MjGT5W
****Colt's press release here.
Itiviti Partners With Syspower of Taiwan to Expand NYFIX Global Connectivity Footprint in Asia
PRNewswire
Itiviti, the leading global provider of multi-asset trading technology and financial infrastructure, today announced a new alliance with Syspower, a leading Taiwanese provider of trading solutions. The partnership will allow Syspower to scale up its existing network with the 700+ brokers accessible through Itiviti's NYFIX network, paving the way for international outreach.
/prn.to/2JR3xAz
Options Reaches 25 Colocation Venues with New Facilities at JSE and SGX
Business Wire
Options, the leading provider of global market data and colocation services for trading firms, today welcomed the addition of Johannesburg Stock Exchange (JSE) and Singapore Exchange (SGX) to its high performant managed colocation platform. Options' clients colocated at the facilities will benefit from low latent managed connectivity to exchange feeds, order entry access and managed hosting directly at source.
/goo.gl/1mSAmQ
Born Free: The Time for Wholesale Data Sharing in Fixed Income Is Now
Sean Burton - TABB Forum
Confined data will never reach its full potential. The true proprietary value of data does not originate in privately held pools, but rather in extrapolation of value from universal data sets. By openly sharing data, we open up new markets and avenues rather than restrict our output to limited data sets. Banks need only look to Beyoncé for a successful business model.
/goo.gl/rDSZwk
CubeLogic signs four major new clients in three months
CubeLogic
CubeLogic, the market leading provider of business intelligence enabled risk management solutions for the energy, commodities and financial markets is pleased to announce that they have signed four major new clients in the past three months. Each deal is with a significant player in the energy, commodity, minerals and mining and finance sectors.
/goo.gl/Kax2NC
Roboadviser Startup Finds Way to Live in Harmony With Big Banks
Julie Verhage - Bloomberg
Most roboadviser startups threaten to steal away customers from banks. SigFig Wealth Management LLC, one of the oldest digital wealth managers, has survived by convincing some of the world's biggest names in finance to use its software instead of building their own.
/jlne.ws/2tcityW
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| Cryptocurrencies | | Top stories for cryptocurrencies | Quebec Hikes Power Prices for Crypto Miners
Sandrine Rastello - Bloomberg
Prices for new comers rise threefold in temporary move; Existing clients left untouched until later this year
Quebec will make electricity prohibitively expensive for cryptocurrency miners until it figures out how to deal with a surge in demand from the energy-hungry industry.
/jlne.ws/2tnWTqu
South Korea's Bithumb loses $32 million in digital money heist
Cynthia Kim, Joyce Lee - Reuters
South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset.
/goo.gl/pNcqjW
****As a result, via CCN, Korea to Hasten Crypto Regulation After Country's Biggest Exchange Hack. This super timely piece from Bloomberg is a great companion - Cryptocurrency Markets Are Juicy Targets for Hackers: Timeline
LIMEYARD launches crypto asset index
Hedgeweek
New Switzerland-based index provider LIMEYARD has launched its Crypto Asset Index, together with Decentriq, a FinTech enabling financial institution, to benefit from distributed ledger technology based in the Swiss crypto valley.
bit.ly/2JQNWkr
Crypto-courting in Kaliningrad
Jemima Kelly - FT
There's evidence of the Alphaville team in several places today -- not just here on the blog, but also in the Palace of Westminster where Izabella Kaminska will give evidence on digital currencies to the Treasury Select Committee (we'll be live-blogging). Over at the FT Magazine, meanwhile, you can read a piece from Kaliningrad on how the Russian exclave encourages crypto miners to set up shop there. (Yes, it's an exclave not an enclave. More on that at a later date.)
/jlne.ws/2tkLmYV
****From the FT
[[https://jlne.ws/2tmlXhy|Mining for Bitcoin in a remote Russian outpost]]
Pantera Says Crypto Hedge Fund Underperformed Bitcoin Last Month
Lily Katz - Bloomberg
Fund fell 26 percent in May versus a 46 percent gain in April; Founder Dan Morehead critiques Warren Buffett's crypto view
The digital-currency market has had a tumultuous year, and crypto hedge funds are feeling the pain.
/jlne.ws/2tmbRgx
CEO of UBS: Blockchain Will Transform Cost Base of Financial Services Industry
Aaron Wood - Cointelegraph
The CEO of Swiss financial services provider UBS Group Sergio Ermotti said that blockchain will be essential for the financial services industry in an interview with CNBC June 18.
/jlne.ws/2tc6Urs
A UK Exchange Is Launching Litecoin Futures Trading
Wolfie Zhao - Coindesk
U.K.-based cryptocurrency futures trading platform Crypto Facilities is launching a litecoin (LTC) derivative product. According to an announcement on Wednesday, the new U.S. dollar-denominated service will go live on Friday, June 22, and will allow investors to long or short futures contracts that have litecoin as the underlying collateral, with weekly, monthly and quarterly maturities.
/jlne.ws/2MFDF8t
Here's the pep talk the CEO of bitcoin exchange Coinbase gave to new hires about the price dip: 'People are irrationally pessimistic'
Becky Peterson - Business Insider
Just six months after bitcoin mania sent prices soaring up toward $20,000, the popular cryptocurrency is now worth about $6,700 Â just a third of its all time high.
/jlne.ws/2MBpaCJ
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| Politics | | An overview of politics as it relates to the financial markets | Mnuchin's Silence Signals His Displeasure With Trump's Trade War
Saleha Mohsin - Bloomberg
Treasury chief has faced criticism over softer China stance; Voice absent as investors unload assets as dispute widens
Treasury Secretary Steven Mnuchin is signaling his displeasure with President Donald Trump's trade war with China by saying nothing at all.
/goo.gl/2PKGS3
Administration Working on Measures to Protect Farmers in Trade Fight With China
Vivian Salama - WSJ
The Trump administration is working on measures that protect agriculture and other critical industries from retaliatory tariffs being threatened by China amid an escalating trade dispute between the two countries, a top adviser to President Donald Trump said.
/on.wsj.com/2I5nFJl
More than 600 members of Jeff Sessions' church just charged him with violating church rules
Daniel Burke - CNN Religion Editor
More than 600 members of the United Methodist Church have issued a formal complaint against Attorney General Jeff Sessions, a fellow church member, charging that his "zero tolerance" policy on immigration violates church rules and may constitute child abuse.
/jlne.ws/2tliuQn
Trump's Tariffs Are Hurting U.S. Competitiveness
Benn Steil and Benjamin Della Rocca - Council on Foreign Relations
President Trump says that America running a trade deficit means that "jobs and wealth are being given to other countries." As we explained in Business Insider earlier this month, this statement is logically and historically false. The left-hand figure above shows that the relationship between trade deficits and growth in the United States, going back nearly 30 years, is the opposite. Rising growth tends to increase imports through higher consumption. The imports have not meant that "jobs and wealth are being given to other countries": they have been a sign of a strong U.S. economy.
/on.cfr.org/2I2ArZg
Why Markets and Political Scientists Disagree on the G7
Mohamed A. El-Erian - Project Syndicate
Contrary to the warnings of some political analysts, even after the recent debacle in Canada, the G7 can and will play a role - albeit a less important one - on the global stage. But that does not mean that the summit's failure was cost-free.
/goo.gl/rpdjjs
The Macron-Merkel Euro Plan Is Released. Here's How It Stacks Up
Viktoria Dendrinou - Bloomberg
Joint position sees ESM with bigger role, acting as backstop; Two sides agree to set up eurozone budget, no details on size
A long-anticipated meeting between the leaders of France and Germany yielded important progress on the issue of reforming the euro area, with concessions made by both Paris and Berlin. But it also pushed some of the trickiest decisions to later in the year, underscoring the difficulty in bridging fundamental differences over how best to shore up the currency bloc.
/jlne.ws/2tp6zkk
The GOP's Trade Abdication; Trump escalates his tariff war as Senators shrink from a debate.
The Editorial Board - WSJ
Would Republicans in Congress stay mute if a President imposed income or sales taxes on U.S. industries on an arbitrary whim? We doubt it, so it's dispiriting to see Senate Republicans let Donald Trump impose tens of billions of dollars in border taxes without so much as a vote of protest.
/jlne.ws/2yr0k5v
Lloyd Blankfein Wades Into Immigration Debate
Ben Walsh - Barron's
When President Donald Trump barred refugees and travelers from seven majority-Muslim countries from entering the U.S. in on Jan. 27, 2017, Goldman Sachs Group chairman and CEO Lloyd Blankfein reacted with a clear condemnation of the policy.
/jlne.ws/2tmvMMk
American Families Shouldn't Be Separated, Either; What if more parents, when convicted of crimes, were sentenced to house arrest for the benefit of their children?
Tyler Cowen - Bloomberg
One of the worst American policies today is the decision of President Donald Trump's administration to separate many immigrant parents from their children after they illegally cross the U.S. border. Obviously, a case can be made for enforcing the border, but deliberate cruelty is never a good idea. Those children  innocent victims all of them  will likely be traumatized for life. I am uncomfortably reminded of the U.S.'s long history of separating parents and children from the days of slavery and during Native American removal and extermination.
/jlne.ws/2yrBtOP
Buyers tied to Russia, former Soviet republics paid $109 million cash for Trump properties
Anita Kumar - McClatchy
Aleksandr Burman, a Ukrainian who engaged in a health care scheme that cost the federal government $26 million and was sentenced to a decade in prison, paid $725,000 cash for a condo at a Trump Tower I in Sunny Isles Beach, Fla. in 2009.
/jlne.ws/2touDDU
Commerce Secretary Shorted Stock as Negative Coverage Loomed
Mike McIntire - NY Times
Commerce Secretary Wilbur L. Ross Jr. shorted stock in a shipping firm  an investment tactic for profiting if share prices fall  days after learning that reporters were preparing a potentially negative story about his dealings with the Kremlin-linked company.
/jlne.ws/2yq8U4l
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Shuts Down $102 Million Ponzi Scheme
SEC
The Securities and Exchange Commission today filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S
/goo.gl/GZFNk4
Supreme Court to Hear Case Challenging Government's Ability to Charge Securities Fraud; Former broker Francis Lorenzo argues he can't be punished for misleading statements he disseminated, but didn't write
Dave Michaels - WSJ
The U.S. Supreme Court will hear a former investment banker's appeal arguing that the government overreached in suing and expelling him from the business, in a case that could narrow regulators' ability to charge defendants with securities fraud.
/jlne.ws/2MJJQbM
Investors, Innovation, and Performance Top SEC's Draft Strategic Plan
SEC
The Securities and Exchange Commission today published a draft strategic plan that focuses on investors, innovation, and performance as the top strategic goals in coming years.
/jlne.ws/2MBj4Cl
Pastor Accused of Insider Trading Passed FINRA Tests, U.S. Says
Sydney Maki - Bloomberg
Prosecutors present credentials to show crime knowledge; Pair charged with turning hacked press release into profits
Trading stocks on information stolen by hackers probably seems wrong to most people, especially to those who have passed the tests required for a securities license.
/bloom.bg/2JZGY8C
Italian prosecutor appeals against Morgan Stanley case ruling
Reuters
Italian prosecutors said on Tuesday they would appeal against a decision by an administrative court not to hear a case over derivatives that targeted Morgan Stanley (MS.N).
/reut.rs/2I4pnL2
The End of IBOR - The Asia Take
Matthieu Sachot - Regulation Asia
As in the case of MiFID II, all will not be known when LIBOR migration is really going to be due. But lessons should have been learnt by now that the earlier the banks set this in motion, the lower the execution risk, and therefore the cost, over the longer run.
bit.ly/2I2WrDr
ASIC releases guidance for its oversight of the Australian Financial Complaints Authority (AFCA)
ASIC
Ahead of the commencement of the Australian Financial Complaints Authority (AFCA) on 1 November 2018, ASIC has released new Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267).
/jlne.ws/2MICvZN
MiFID II temporary period for LEIs to end in July 2018, ESMA says ESMA
The temporary period allowing for a smooth introduction of the use of Legal Identity Identifiers (LEIs), originally brought-in in December 2017, will not be further extended and cease in July 2018, the European Securities and Markets Authority (ESMA) confirmed today.
/jlne.ws/2tief95
What is FINRA's Dispute Resolution forum?
FINRA
FINRA operates the largest securities dispute resolution forum in the United States, with disputes resolved through arbitration and mediation. But for those unfamiliar with arbitration or mediation, it can be a confusing process.
/jlne.ws/2MGv05C
FCA reveals urban-rural differences in how consumers experience financial services
UK FCA
The Financial Conduct Authority (FCA) has today published the latest analysis from its Financial Lives survey. Today's report puts the spotlight on the financial situation of people across the UK and highlights where in the UK people may be more vulnerable.
/jlne.ws/2tigObd
The eighth meeting of the Working Group on Corporate Disclosure of the Financial System Council
Japan FSA
The Working Group on Corporate Disclosure of the Financial System Council will hold its eighth meeting on June 22, 2018 as follows.
/jlne.ws/2MFY7pP
Brussels agrees rules to enable free flow of non-personal data
Rochelle Toplensky - FT
EU member states and parliament have agreed new rules that will enable non-personal data to flow freely around the bloc, an important step towards creating Europe's digital single market.
/jlne.ws/2t9S0SG
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Oil traders ready for musical chairs as China tariffs loom
Devika Krishna Kumar, Ayenat Mersie - Reuters
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.
/goo.gl/gqtrNT
General Electric loses place in elite Dow Jones Industrial Average
Noel Randewich, Alwyn Scott - Reuters
General Electric Co has lost its spot in the Dow Jones Industrial Average after over a century in the blue chip stock index, a new blow to a company that once towered over the American business landscape but is now struggling to retain its standing as an industrial powerhouse.
/goo.gl/G1NcLh
****FT has What GE's ousting from the Dow reveals
Bond investors fail to blink as megadeals fan leverage; Bayer benefits as investors buy into deals from weaker investment grade borrowers
Alexandra Scaggs - FT
Bayer had to offer US competition regulators large concessions to secure approval for its $63bn takeover of Monsanto. Bond investors have been less demanding.
/jlne.ws/2yxOneq
Sotheby's Fails to Reach Low Estimate at Modern Art Auction
Katya Kazakina - Bloomberg
Sotheby's sale of Impressionist and modern art Tuesday in London reaped a tepid 87.5 million pounds ($115.7 million), down 32 percent from a year ago and below its low presale estimate.
/jlne.ws/2tmv29V
Howard Marks: 'I Doubt Computers Can Do What the Very Best Investors Do'
Steven Russolillo - WSJ
Billionaire investor Howard Marks expects passive investing will become even more popular in the future, but not without at least some active managers continuing to thrive.
/jlne.ws/2tmBLAJ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Noble Group wins over key shareholder in major step to survival
Reuters
Embattled commodities trader Noble Group is set to embark on a $3.4 billion debt restructure that it sees as crucial to its survival after winning over a key shareholder with a sweetened equity offer.
/goo.gl/mWevGz
Wells Fargo Is Weighing Changes to Wealth Unit While it Cuts Costs
Hannah Levitt - Bloomberg
Wells Fargo & Co. is considering restructuring its wealth-management business as the bank pushes for $4 billion in cost-cuts by the end of next year.
/jlne.ws/2tkdo6Q
Saxo Bank Adds China A-Shares To Its Multi-Asset Offering
Mondovisione
Saxo Bank, the leading fintech specialist focused on multi-asset trading and investing, today announces that it has added China A-shares to its global multi-asset offering.
/goo.gl/6yhDxB
Jefferies' leap in profits signals solid quarter for Wall Street; Chief Rich Handler hails 'excellent' environment for investment banking
Ben McLannahan - FT
Jefferies on Tuesday flagged a solid second quarter for the big investment banks on Wall Street, reporting a 41 per cent jump in profits for the three months to the end of May.
/jlne.ws/2ytIOxq
Blankfein Sees U.S. Avoiding 'Suicide Pact' on China Trade Feud
Sridhar Natarajan - Bloomberg
Goldman CEO sees escalating threats as 'negotiating position'; Laments 'horrible, tragic situation' on U.S. southern border
The Trump administration's tariff threats against China make sense as a bargaining strategy and probably won't bring about a devastating trade war, Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said.
/jlne.ws/2yrKxDt
As C.E.O.s Condemn Splitting Up Migrant Families, Goldman Chief Defends Trump
Kate Kelly - WSJ
As a chorus of corporate leaders condemned the Trump administration for separating migrant children from their parents, the White House on Tuesday got some surprising sympathy from a past critic: the chief executive of Goldman Sachs, Lloyd C. Blankfein.
/jlne.ws/2tnLPcZ
Big Banks Are Once Again Taking Risks With Complex Financial Trades, Report Says
Jim Zarroli - NPR
Big banks are skirting the rules on the sale of the complex financial instruments that helped bring about the 2008 financial crisis, by exploiting a loophole in federal banking regulations, a new report says.
/jlne.ws/2t7CFlt
Coquest hires SocGen vet to lead strategic relations; Marc Lorin joins Dallas firm to focus on business development
CTA Intelligence
Coquest Advisors has hired former Newedge and Société Générale pro Marc Lorin as director of strategic relations. Lorin has joined the Dallas-based firm to focus on developing new business, work with existing clients and identify new managers for Conquest to work with. Between 2014 and 2016, he was co-portfolio manager
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | What Xiaomi's Dropped Listing Says About Chinese Markets; Beijing seems unable to marry its desire both to attract tech companies home and to control domestic markets
Jacky Wong - WSJ
The saga to do with Xiaomi's IPO homecoming has highlighted one peculiar, but rather crucial, feature of the Chinese stock market: It isn't really a market.
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Why Turkey's election matters for its democracy and for investors; The president will assume sweeping powers if he wins as the economy continues to suffer
Laura Pitel - FT
Turkey will go to the polls on June 24 for snap elections that could radically alter the nation's future direction. President Recep Tayyip Erdogan brought polling day forward by almost 18 months in the hope of securing an easy victory in both parliamentary and presidential contests that will take place on the same day. But a flagging economy and an energised opposition have shaken up the campaign, with polls suggesting a close finish.
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Time is ripe for Japan to cull its listed companies; Reducing market population by the end of the year would be strong evidence of change
Leo Lewis - FT
At some point over the past few months, the Japanese and the US stock markets quietly entered a moment of symmetry: both countries now have roughly 3,600 listed companies. An eye-catching snapshot, but what happens next?
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Britons Are Still Earning Less Than Before the Financial Crash
Andrew Atkinson - Bloomberg
IFS report shows real employee earnings 3% below 2008 level; Think tank says weak income growth appears set to continue
British workers remained worse off last year than before the financial crisis and there is little hope of a decent pickup in living standards, according to a think tank.
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Group Suggests an Easy Way to Save Trillions at Risk From Brexit
John Glover - Bloomberg
TheCityUK issues warning ahead of EU meeting next week; Trillions of dollars of derivative deals affected, group says
Millions of people and trillions of dollars of derivative deals could be affected if the U.K. and Europe don't come up with a way to ensure contracts stay in force after Brexit, according to a bank lobby group.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Deere Legal Battle Highlights Race for $240 Billion Farm Tech Market
Lydia Mulvany, Susan Decker and Christopher Yasiejko - Bloomberg
High-speed planting is a 'game changer' for crop growers; Precision farming also includes drones, autonomous tractors
An obscure-sounding legal battle between two of the biggest farm-machinery makers is highlighting a race to automate farm work.
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