| October 30, 2017 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
Longtime COMEX member Irving Redel died peacefully at home surrounded by family on October 27, 2017 at the age of 94, according to the New York Times.~JJL
The fall edition of Advantage Futures Inside Advantage is available HERE.~JJL
Financial News published a list of the 100 Most Influential Women in Finance across the European financial services industry. ~JJL
Notable women from the list include: Veronica Augustsson, CEO of Cinnober; Valerie Bannert-Thurner, global head of risk and surveillance solutions, Nasdaq; Diane Côté, chief risk officer, London Stock Exchange Group; Robyn Grew, chief administration officer and general counsel, Man Group; Jill Griebenow, chief financial officer, BATS Europe; Danielle Mensah, head of cash markets and deputy head of markets and global sales, Euronext; Lieve Mostrey, CEO, Euroclear; and Verena Ross, executive director, European Securities and Markets Authority.
Trading Technologies has published a case study about the University of London: King's College London and Queen Mary University of London and their TT CampusConnect program where TT donates their trading software to colleges and universities for use in classrooms, trading labs and trading competitions.~JJL
On Friday 26th October a number of hardy soccer players braved a damp evening in Shoreditch for the FFK 5-a-side competition sponsored by ION. The event raised £3,000 and the winners were: NEX Exchange (Trophy winner), Orbis Consulting (runner up), SocGen (Plate winner), ICE (runner up) and the Wooden Spoon to.....ION.~JJL
Robert Lothian is selling popcorn for Boy Scouts, but in this case he is giving the profits he would receive to the Exploring Club associated with our troop so they can buy equipment. The Exploring Club needs tents and cooking gear. If you are interested in buying popcorn from Robby, or making a donation to the Exploring Club to help them with their equipment needs, please email me at [email protected]~JJL
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Bridging the Week by Gary DeWaal: October 23 - 27 and October 30, 2017 (Trade Reporting; Front-Running; More Regulatory Improvements; DLT Space Among Enforcement Priorities)
Gary DeWaal, Katten Muchin Rosenman LLP
A UK-based subsidiary of a US bank was fined the equivalent of US $45 million by the UK Financial Conduct Authority for violating European requirements related to the mandatory reporting of exchange-traded derivatives transactions to trade repositories. Separately, a jury found the former head of global foreign exchange cash trading at a large international bank guilty of front-running a customer's US $3.5 billion foreign exchange transaction, while a co-head of the US Securities and Exchange Commission's Division of Enforcement indicated that review of the "digital ledger technology space" will be a focus within the Division's Cyber Unit. As a result, the following matters are covered in this week's edition of Bridging the Week:
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The Industry Discusses MiFID II, Part I
JohnLothianNews.com
At the 33rd Annual FIA Futures and Options Expo in mid-October, John Lothian News spoke with a variety of industry participants about upcoming milestones and trends in financial markets.
This first video in the series covers the impact of MiFID II and will be accompanied by a second part focused on MiFID II implications for U.S. markets. In part one, Andy Ross, CEO of CurveGlobal, Alex Lamb, head of business development for the Technancial Company, Massimo Giorgini, head of Borsa Italiana equities and derivatives markets business development, Adrienne Muir, COO of VoxSmart, Ian Hillier-Brook, CEO of MCO Europe, and Ciarán Kennedy, chief sales officer for Metamako, share their thoughts regarding MiFID II implementation.
Watch the video and read the rest here »
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Duco Secures Industry Veteran Cristóbal Conde as an Advisor; Mr. Conde is best known for his lengthy stint at SunGard.
Jeff Patterson - Finance Magnates
Duco has made one of its most senior appointments to date, bringing in industry veteran Cristóbal Conde as its newest advisor to the CEO and board of directors. For Duco, a global provider of self-service data normalization and reconciliation services, the appointment of Mr. Conde will help drive its expansionary strategy.
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TransRisk, DAT, and Nodal Exchange announce trucking freight futures contracts
Brian Straight - FreightWaves.com
Founded with the purpose of addressing volatility for brokers, carriers and shippers in major shipping lanes through risk-management solutions, TransRisk is one step closer to doing just that. The company, along with DAT Solutions and Nodal Exchange jointly announced an agreement to develop, market and list the first and only trucking freight futures and options on futures contracts.
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***** If they cleared OCC they could use the Transformers theme.~JJL
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America Has a Monopoly ProblemÂand It's Huge; The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few.
Joseph E. Stiglitz - The Nation
There is much to be concerned about in America today: a growing political and economic divide, slowing growth, decreasing life expectancy, an epidemic of diseases of despair. The unhappiness that is apparent has taken an ugly turn, with an increase in protectionism and nativism. Trump's diagnosis, which blames outsiders, is wrong, as are the prescriptions that follow.
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***** Big is not always better, I know from experience.~JJL
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Friday's Top Three
Last Friday's top read stories were led by the FT's piece on the sale of Trayport to TMX, in ICE to sell commodities trading platform Trayport for £550m. Second went to Reuters' story on the resignation of Carsten Kengeter in Deutsche Boerse CEO to step down amid insider trading probe. Third went to the rebuttal piece by Morningstar, in The Wall Street Journal's Statistical Fog
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MarketsWiki Page of the Day: London Metal Exchange
MarketsWiki
The London Metal Exchange will start a trial next year to set closing prices for its metals electronically, instead of on its trading floor, an indication that the last open outcry venue in Europe could face pressure to close.
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| MarketsWiki Statistics Sponsored by Level Trading Field | 110,359,792 pages viewed 22,880 pages 210,202 edits
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| Lead Stories | A long overdue futures market could decrease rate volatility in trucking
FreightWaves staff
If a product is going somewhere in the U.S., 7 out of 10 times it is getting there on a truck. Further, according to the American Trucking Association, over 80% of the nation's nearly $900-billion freight bill became revenue for the trucking industry. That means the trucking industry has a market size of $726B, making it one of the larger industries in the US.
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LME electronic trial may spell end of open outcry; Future of red sofa 'Ring' in doubt as exchange considers new ways to set prices
Henry Sanderson in London - FT
The London Metal Exchange will start a trial next year to set closing prices for its metals electronically, rather than on its open outcry trading floor, a signal the last venue of its kind in Europe could face pressure to close.
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Nasdaq Claims It Is the Victim of an ETF Heist; Exchange sues New Jersey firm that helps bring exchange-traded-fund ideas to market
Asjylyn Loder - WSJ
Exchange-traded funds are an unlikely venue for a $1 billion heist, but that is what Nasdaq Inc. says happened.
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Two shareholders call for resignation of Deutsche Börse chairman; Investor anger mounts after profit warning and continuation of insider-trading probe
Olaf Storbeck in Frankfurt and Philip Stafford in London - FT
Some of the largest shareholders of Deutsche Börse are calling for its chairman to follow its chief executive in stepping down as the German exchange struggles to contain the fallout from the criminal investigation into insider trading allegations.
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Clearstream launches Bond Connect service
Deutsche Börse
Clearstream is working with Citi to provide international investors access to the Chinese bond market through Bond Connect; From 20 November 2017, market participants will benefit from easy access to the Chinese interbank bond market, with no quota arrangements
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The Biggest Stock Collapse in World History Has No End in Sight
Kana Nishizawa and Aibing Guo - Bloomberg
PetroChina, the first $1 trillion company, has sunk since 2007; The oil producer will report third-quarter earnings on Monday. It's going to take more than the biggest stock slump in world history to convince analysts that PetroChina Co. has finally hit bottom.
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Why Are Markets Rising Everywhere? Investors Can't Stop Buying Every Dip
Chris Dieterich, Ben Eisen and Akane Otani - WSJ
Markets around the globe are surging to records, reflecting growing optimism about the world economy and fueling an increasing eagerness by investors to step in and buy assets whenever prices dip.
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Why an ailing eurozone still requires extreme treatment; Even after a decade-long recovery, the ECB may never be able to halt asset purchases
Wolfgang Münchau - FT
Cyclical economic recoveries happen even in the worst economies. Gross domestic product in the eurozone has been rising at robust levels over the past few quarters, but rumours of a return to economic health are vastly exaggerated. They are based on an intellectually lazy habit of ignoring past history and noticing only the most recent economic data.
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Carbon Pollution Touched 800,000 Year Record in 2016, WMO Says
Jess Shankleman - Bloomberg
El Nino and energy consumption pushed up concentrations in air; Report will feed debate at annual UN global warming talks
Carbon dioxide levels surged to their highest level in at least 800,000 years because of pollution caused by humans and a strong El Nino event, according to the World Meteorological Organization.
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IHS Markit and KRX Launch Two Korean Stock Indices Based on Dividend Forecasting Metrics
BUSINESS WIRE
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced the launch of two new stock indices - KRX-IHS Markit KOSPI 200 Dividend Forecast Yield Top 30 and KRX-IHS Markit KOSPI 200 Dividend Forecast Growth Top 30 - in alliance with Korea Exchange (KRX), a leading cash and derivatives exchange based in Seoul, South Korea.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Singapore Exchange Chief Hopes to Win World's Biggest IPO
Andrea Tan and Tracy Alloway - Bloomberg
Having more than one venue allows for wider investor base: Loh; Saudi bourse said it's aiming for exclusive rights to IPO
Singapore Exchange Ltd.'s chief executive officer said his company is still in the running to win a listing of the shares of oil giant Aramco, in what could be the world's biggest initial public offering.
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Metro Atlanta Chamber Chair Jeff Sprecher says we have 'a really good chance' to win Amazon
Maria Saporta - Atlanta Business Chronicle
Atlanta's chances of getting Amazon's second headquarters is looking pretty good, according to Jeffrey Sprecher, CEO of InterContinental Exchange Inc. (NYSE: ICE) who is this year's chairman of the Metro Atlanta Chamber.
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A Classy Compromise for Hong Kong
Nisha Gopalan - Bloomberg
Hong Kong's markets are closing the week on a dramatic note. As the stock exchange shut its iconic trading floor Friday, it appeared the government was preparing to leave the past behind in a more significant way by abandoning the principle of one share, one vote.
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LME Announces Strategic Pathway Delivery Programme
LME
2017: carry fee reductions; financial OTC booking fee consultation; tick size review; H1 2018: introducing broker membership; B share initiatives; optional T2 booking model; H2 2018: new product launches; implied pricing; TAS functionality; 2019 onwards: enhancements to clearing services and electronic trading platform
The London Metal Exchange and LME Clear (together, the LME) today announce the delivery programme for their strategic pathway, including product launches, membership enhancements and new trading efficiencies.
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Mynaric AG has been listed in the Scale segment of the Frankfurt Stock Exchange since today; First price: 53.75 Euro / investor used subscription opportunity on the stock exchange
Deutsche Börse
The Scale segment is recording further growth. As of today, Mynaric AG is listed in the SME segment of the Frankfurt Stock Exchange. In total, around 500,000 shares were admitted to trading, the first stock exchange price was 53.75 euros. The issue price was 54 euros, so the issue volume is around 27 million euros.
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Pioneering CCP transparency to maintain safer markets (part 3)
Eurex
The Public Quantitative Disclosure (PQD) is an internationally agreed format defined by CPMI-IOSCO with the intention of enhancing CCP market transparency. Eurex Clearing has been publishing its PQD since 2015 and continues to strongly support CCP transparency and market stability.
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Further MSCI index futures contracts: Tradability for U.S. Participants
Eurex
As of 2 November 2017, Eurex Participants and investors domiciled in the U.S. will have ten additional MSCI index futures contracts available for trading.
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Japan Exchange Group, Inc. and Consolidated Subsidiaries Consolidated financial results for the six months ended September 30, 2017 (Based on IFRS), unaudited
JPX
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Overview of Earnings for Q2 FY2017
Japan Exchange Group, Inc.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | This Company Added the Word 'Blockchain' to Its Name and Saw Its Shares Surge 394%
Lisa Pham - Bloomberg
A British company that has been investing in internet and information businesses is having its best day on record.
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Blockchain Man and Woman will have to wait; Companies are not ready for them
Andrew Hill - FT
Walmart is using it to track Chinese pork. AP Moller-Maersk is applying it to marine insurance. Banks hope it will simplify cross-border trade finance. BP is experimenting with it to streamline oil and gas trading.
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The ICO Rollercoaster - The Securities Question as Seen from Europe
Monique Bachner - Independent Consultant via TABB Forum
It is difficult to know for sure where the ICO ride will stop, but Initial Coin Offerings are an important development on the global start-up and fundraising landscape. Ignore the ICO trend at your peril. But participate with caution. Not all of these rollercoasters have been built with the same standards or safety checks, or within the bounds of relevant regulations. But amid the wild ride, regulators have shown tolerance and an interest in encouraging innovation.
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Will the cautious Swiss embrace an e-franc?; The SNB is not (yet) rushing to offer an official crypto version of the currency
Ralph Atkins in Zurich - Financial Times
At 8am one day earlier this month, a queue had formed outside the Swiss National Bank's imposing Zurich offices. Thankfully, there was no run on the country's banks. Instead, the interest was in a new series of Swiss 10 franc notes.
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Big Tech and Amazon: too powerful to break up?; While Google, Facebook and Twitter are set for a grilling in Congress over Russia, it is the online retailer that is drawing intense scrutiny
David J Lynch in Washington - Financial Times
Amazon executives will not be present on Tuesday when three other major internet companies endure a grilling before Congress. But it may just be a matter of time before Washington's new appetite for regulating the digital economy reaches the e-commerce giant.
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Financial pros flock to online fintech courses
Seamus Conwell - CNBC.com
Financial professionals are taking online financial technology (fintech) courses to fend off competition and stay ahead of disruption.
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Ex-Campaign Chairman Manafort Told to Surrender to U.S.
Bloomberg News
Paul Manafort, a former campaign manager for President Donald Trump, and Manafort's business partner, are expected to become the first people charged in the broad investigation into Russian meddling with the U.S. election, according to the New York Times.
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How a $2,400 Cap on 401(k) Deductions Would Affect Your Savings; Millions of workers of all ages and income levels stand to be impacted if the tax deduction on 401(k) savings is reduced
Anne Tergesen - WSJ
Some opponents to reducing the tax deduction on 401(k) savings as part of a broad tax overhaul say this move could lead workers to save less when some researchers say Americans need to be saving more for retirement.
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Trump drives wedge between gas and coal industries; Tentative realignment of fossil fuel groups may lead to open conflict
Ed Crooks - FT
René Renoult, a senator for the French Radical Party between the wars, is credited with coining the expression "pas d'ennemis à gauche," meaning that he saw everyone on the left of the political spectrum as an ally. The US oil and gas industry has generally adhered to a similar principle of solidarity. When the coal industry has been threatened, oil and gas producers have been supportive or at least sympathetic. Until now.
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Mark Warner: Tech Millionaire Who Became Tech's Critic in Congress; The Democratic senator from Virginia is emblematic of the shifting politics for big technology companies, which face congressional hearings this week.
Cecilia Kang - New York Times
Senator Mark Warner was fired up. Sitting in his basement office at the Capitol last week, he leaned forward in his chair, waved his hands in the air and pounded his fingers on the coffee table.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FCA looks at 'new golf days' in platform market study; Interim report to be published summer 2018
Tom Ellis - InvestmentWeek
The Financial Conduct Authority (FCA) is looking at whether platforms should be able to offer advisers free training services and events as part of its platform market study, Professional Adviser understands.
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In Choice of Fed Chairman, Trump Downgrades Deregulation
Binyamin Appelbaum - NY Times
President Trump's short list of candidates for Federal Reserve chairman all have this much in common: They do not share his frequently professed passion for financial deregulation.
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A Leading U.S. Regulator Wants to Loosen the Leash on Wells Fargo
Spencer Platt - Fortune
A leading U.S. regulator wants to make it easier for Wells Fargo (WFC, +0.49%) to pay employees when they leave, loosening a restriction in place since a phony accounts scandal hit the bank last year, according to people familiar with the matter.
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Major institutions adopt Trax reporting services ahead of MiFID II; Goldman Sachs, Investec Asset Management and Janus Henderson are among several institutions using Trax for reporting under MiFID II.
Hayley McDowell - The Trade
A handful of major buy- and sell-side firms have opted for MarketAxess's post-trade reporting service developed by Trax, ahead of tougher rules on trade and transaction reporting
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UnaVista develops service for CAT reporting in the US; UnaVista launches CAT Accelerator tool ahead of reporting requirements next month.
By Hayley McDowell - The Trade
The London Stock Exchange Group's (LSEG) UnaVista has developed a new service to help US firms meet the upcoming consolidated audit trail (CAT) transaction reporting requirements.
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Financial advice firm to pay $1 million penalty for breach of best interests duty
ASIC
The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.
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ESMA updates its Q&A under the Alternative Performance Measures guidelines
ESMA
The European Securities and Markets Authority (ESMA) has published six new questions in its Questions and Answers (Q&A) document, on the implementation of its Guidelines on the Alternative Performance Measures (APMs) for listed issuers.
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SwapsInfo Third Quarter 2017 Review
ISDA
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Why Bonds Aren't Boring Right Now
Jeff Sommer - NY Times
The stock market's relentless gains have been getting the big headlines but the bond market's performance has been startling, too  and in ways that are troubling for many investors.
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Vanguard's Jack Bogle predicts passive investing takeover; Passive ETFs and mutual funds could account for 90% of equity market, says former chief
Eric Platt, US capital markets correspondent - FT
Passive investing could eventually account for 90 per cent of the equity market, according to Jack Bogle, founder of Vanguard and pioneer of the index-based investing that has upended the asset management industry.
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Amex chief Chenault earns rewards worth $370m over 17-year tenure; Credit card company's returns fare worse than S&P 500 over period
Alistair Gray in New York - FT
Kenneth Chenault will walk away from American Express having pocketed more than $370m during his 17-year tenure, a period in which the shares have returned more than the financial sector but less than the wider stock market.
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Fees and charges decimate returns for European investors; Gross returns of 15.5% for active equity funds reduced to just 3.27%
Chris Flood - FT
Investors across Europe saw annual fund returns reduced by 29 per cent or 252 basis points on average, as a result of fees, one-off charges and inflation between 2013 and 2015, according to the European Securities and Markets Authority.
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Bond Traders Face Their Fears in Week That May Change Everything
By Brian Chappatta - Bloomberg
U.S. 10-year yield remains above 2.4% after doomsday warnings; Hurdles ahead: Fed chair pick, FOMC, refunding, jobs data
This week is fraught with peril for Treasuries traders, no matter if they're bulls or bears.
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Glencore to cancel Hong Kong secondary listing
Neil Hume, David Sheppard - FT
Glencore, the Swiss mining and trading giant, is set to cancel its secondary listing in Hong Kong amid a lack of interest from investors, according to people familiar with its plans.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Disappearing Bank Jobs Won't Be Coming Back, Nordea CEO Says
Silla Brush and Kati Pohjanpalo - Bloomberg
The CEO predicts there'll be half as many bankers in 10 years; Nordea says it's leading a mass industry metamorphosis
The 6,000 job cuts announced last week at Nordea Bank AB are just a down payment for an industry facing radical overhaul, says Chief Executive Officer Casper von Koskull.
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Wall Street banks rake in bumper fees from leveraged loans; BofA and JPMorgan tussle for top spot as Goldman gains market share
Joe Rennison and Eric Platt in New York - FT
Wall Street banks are having a strong year underwriting and selling riskier loans, with the volume so far this year already surpassing the whole of 2016.
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Nomura's Overseas Blip
Nisha Gopalan - Bloomberg
Nomura Holdings Inc. may be ruing its international presence right now. It shouldn't.
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City brokers turn to private company deals to boost revenues; Groups diversify as traditional business model is squeezed from all directions
Hannah Murphy in London - FT
City broking houses that have long made their money helping small companies navigate public markets are increasingly tapping a new  perhaps unlikely  revenue source: private company deals.
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Deutsche Bank CEO Laments Bonus Rule as European Banks Trail
Steven Arons and Nicholas Comfort - Bloomberg
Says rule requiring deferral of some bonuses a 'disadvantage'; CEO John Cryan previously criticized bankers' compensation
Need another reason why European banks can't compete with their U.S. peers? Just ask John Cryan.
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Citi partners with Clearstream for Bond Connect service; Partnership will expand access to the China Interbank Bond Market through the Bond Connect scheme.
Hayley McDowell - The Trade
Citi has teamed up with Clearstream to provide international market participants with access to China's fixed income market through the Bond Connect scheme.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Bond Selloff Spreads to Stocks as Deleveraging Risks Mount
Bloomberg News
ChiNext leads fall as bond yields rise near a three-year high; There's concern economic data in October will weaken: KGI
Chinese stocks fell the most since early August, breaking the calm that persisted through the recent Communist Party Congress, as sovereign bonds extended a monthly rout amid concern the government will step up efforts to reduce leverage in the financial sector.
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France Is Running Out of Butter for Its Croissants
Geraldine Amiel - Bloomberg
Biggest per-capita butter consumer struggles with shortages; As butter prices soar, producers are chasing better markets
France's much-loved croissant au beurre has run up against the forces of global markets.
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China is shifting the green bond market with "green financing"
Ken Hu - South China Morning Post
Going green has emerged as a key component of China's future growth plans, and recent developments show the push for sustainable development is only increasing.
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Party's Over? Chinese Markets Battered After Bout of Artificial Calm; Beijing stage-managed artificial calm in the country's stock markets during last week's Communist Party congress
Shen Hong - WSJ
Chinese markets suffered a broad selloff Monday, losing some of the shine they maintained during last week's major congress of the Communist Party.
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Chinese capital makes rapid ascent in global aircraft leasing; Banks and lessors on path to claim a third of world market by 2022
Peggy Hollinger, Industry Editor - FT
Chinese capital is expected to claim more than a third of the $261bn aircraft leasing market by 2022, a seven-fold rise in just 14 years, according to a leading aviation data provider.
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Croatia wants to adopt euro within 7-8 years: prime minister
Igor Ilic - Reuters
Croatia aims to become a euro zone member within the next seven to eight years, Prime Minister Andrej Plenkovic said on Monday.
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Euro-Area Economic Confidence Surges to Highest in 17 Years
Catherine Bosley - Bloomberg
Sentiment improved in industry, retail, construction, services; Draghi says bloc doing quite well but prudence still warranted
Euro-area economic confidence surged to its highest in almost 17 years, reflecting an improved outlook for a region that not long ago was blighted by record joblessness and a double-dip recession.
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China's New, Severe Curbs on the Internet Leave Little Left to Censor; Google and Facebook now face an even tougher time nosing their way into the world's biggest market.
Bloomberg News
In late October, as he pushed to cement his grip on China's ruling Communist Party for another five years, President Xi Jinping made it clear that with him in charge, the country's internet wouldn't be getting more liberal.
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Last Year's Big Bond Winners Aren't Looking So Fantastic Now
Ben Bartenstein and Justin Villamil - Bloomberg
Debt from Venezuela, Ecuador and Gabon now underperforming; Mozambique and Suriname have biggest turnaround stories
Developing-nation debt traders who stuck with 2016's top securities took a hit this year.
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Singapore Unveils Plan to Create 4,000 Finance Sector Jobs
Chanyaporn Chanjaroen - Bloomberg
Aims to offset bank jobs lost due to financial technology; Plans to develop wealth management, foreign-exchange trading
Singapore wants to bolster its status as a wealth management and foreign-exchange center as part of plans to create more financial-sector jobs and mitigate the effect of rapid changes in technology.
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | UBS to move 250 London staff because of Brexit; Number expected to be lower than 1,000 initially feared
Laura Noonan in London and Ralph Atkins in Zurich - FT
UBS could move as few as 250 people from London as a consequence of Brexit, lower than the 1,000 it initially feared, because it thinks it will be able to keep many of its back and middle office functions in the City, according to people familiar with the situation.
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German regulator seeks Brexit plans from UK-based insurers; BaFin warns loss of passporting rights would mean an end to their business in Germany
Oliver Ralph in London - FT
BaFin, the German financial regulator, has written to UK-based insurers to demand details of how they plan to deal with a hard Brexit.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Bloomberg can well afford grand displays of virtue; The company's new £1bn HQ is an important contribution to the annals of sustainability
Pilita Clark - FT
Michael Bloomberg is my sort of billionaire. He put himself through university, built a media empire from scratch, made the city of New York more liveable and has an age-appropriate girlfriend.
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