| August 13, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Tech firms looking to change the technology stack
Jim Kharouf, JLN
The question for the industry today is whether firms have hit the technology breaking point. In other words, can firms continue to maintain and sustain the technology they've built over the past 20-plus years? A new breed of tech firms is emerging to help address this challenge.
There are increasing signs that the so-called "technology stack" at various firms is not economically sustainable, nor is it necessarily more efficient. For years, various technology vendors have been expanding their product mixes to handle front, middle and back office responsibilities for firms. The industry is seeing a mix of established tech vendors expand offerings via acquisition and then a number of startups offering new ways to tackle problems with a whole new business model and set-up.
To read the rest of this story, go HERE.
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Hits & Takes
JLN Staff
On Friday August 17, the 2nd International Blockchain Congress in Chicago takes place at the Aon Center at 200 E. Randolph. Billed as "The Most Comprehensive Blockchain Smart Contracts Event to Date," it features experts in blockchain technology and smart contracts from all around the world - Western Europe, Eastern Europe, Southeast Asia, Western Asia and North America - who will take part in keynotes, panel discussions, case studies, interactive Q&A, fireside chats, lightning talks, and ICO workshop and an ICO pitch competition.
The event is co-hosted by Microsoft. Here is the link for the agenda and to register for the conference. ~SR
Brad Rosen, former CME member and current writer/analyst at Wolters Kluwer, is a contributor to the new publication "Blockchain, Virtual Currencies and ICOs - Navigating the Legal Landscape". The book is designed to "assist practitioners that seek to navigate the perplexing terrain of virtual currencies and cut through the fog to gain a measure of clarity" and is available for order online.~SR
TMX's second quarter earnings showed its highest revenue division of the firm was its Global Solutions, Insights and Analytics (GSIA), which posted $70.7 million, and included $27.9 million related to Trayport, which it acquired from ICE.~JK
As Millennials continue to kill things, Philadelphia Magazine has a story, How Millennials Killed Mayonnaise. Thank you, Millennials. I hate mayonnaise.~SR
You might find yourself hearing about "glyphosate" more than usual. That is because glyphosate-based weedkillers made by Monsanto are at the center of a recent court ruling. Bayer, which bought Monsanto this year, has taken a tumble as a result of the verdict against Monsanto. This court case is just the first of thousands brought against the company for not disclosing cancer risks posed by the chemical. ~SD
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MWE World of Opportunity - How to Survive the Financial Media Markets for 30+ Years
JohnLothianNews.com
"I met this guy on a job interview - he wanted to sell ads for us. I said, 'Show me what magazine you're with.' He said, 'Well it's not a magazine, it's a website." It's November of 1994... I said, 'What's a website?" and he showed me the future."
What do retail sports, art and finance have in common? Bruce Morris, CEO of Tabb Group, for one. In this video from MarketsWiki Education's New York event, Morris talks about bad bosses, fax machines, his first Blackberry and the connections he made along the way.
Watch the video here »
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Dr Patrick Strange Retires From NZX Board
Mondovisione
NZX announces Dr Patrick Strange's intention to retire from the board. Dr Strange will step down by the exchange's 2019 annual meeting.
/jlne.ws/2AZt9ak
****All the best comments I can think of involve spoilers from the new "Avengers" movie...~SD
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Facebook's Marcus Steps Down From Coinbase Board
Nikhilesh De - CoinDesk
David Marcus is stepping down from the board of directors at cryptocurrency exchange Coinbase, citing his new assignment at Facebook leading the social media giant's blockchain strategy.
Marcus, a vice president at Facebook since 2014, joined the board at Coinbase, now valued at $8 billion, in December of last year. At the time, CEO Brian Armstrong said Marcus, who was once president of PayPal, would apply his expertise in the "payments and mobile space" to guide Coinbase in its overall mission.
/goo.gl/nrMgGH
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The Spread - 8/10 - Pump up the Vol(ume)
JohnLothianNews.com
In this week's recap of happenings in the options world we delve into some confusing terms, Spinal Tap and Recep Erdogan's plight.
Watch the video and see the stories referenced here »
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Spoofing; Post-Trade Allocations; Wash Trades; Supervision; Cryptocurrency Activities
Gary DeWaal - Bridging the Week
A trader who was summarily banned in August 2016 from all CME Group exchanges for 60 days on an emergency basis agreed to pay a fine and be banned for an additional 45 days to resolve disciplinary charges that he purportedly designed and used an algorithmic trading system for spoofing. Separately, one CME Group exchange settled with a non-US trading firm for wash trades and, in the process, further articulated some minimum standards of supervision it expects. In addition, NFA formally issued its Interpretive Notice on certain members' enhanced disclosure obligations regarding their cryptocurrency activities, including important compliance dates.
/jlne.ws/2w212Sj
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Friday's Top Three
Our top read story from Friday by a long shot was eFinancial Careers' piece Ex-Goldman Sachs MD alleges bizarre goings-on and sues for $50m about an odd case of "he did it, no he did it!" And my lawyer is asking for $50 million. Second was kind of fruity, as Deutsche Bank heads toward using storage units for offices, in Bloomberg's https://jlne.ws/2MyFcg8Deutsche Bank Cuts Again. Not Even Fruit Bowls Are Safe. Third was Institutional Investor's Big Data: Too Popular for its Own Good? on the value of big data.
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MarketsWiki Stats
130,926,855 pages viewed; 23,234 pages; 214,520 edits
MarketsWiki Statistics
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| Lead Stories | Online Stock Trading Has Serious Security Holes
Brian Barrett - WIRED
It's never been easier to trade stocks; just a few taps or clicks will do the trick. But most of the platforms that millions of market participants rely on to move their money suffer from cybersecurity shortcomings, new research warns. As if stocks weren't risky enough already.
A new report from Alejandro Hernández, a security consultant at IOActive, found that nearly all of the 40 major online trading platforms he investigated had at least some form of vulnerability. While they range widely in severity and scope, the overall picture is of an industry that has not taken security measures proportional to the sensitive information involved. Hernández will present his research at the Black Hat security conference in Las Vegas on Thursday.
/jlne.ws/2P06qhl
CTAs Are Losing Money and Investors Are Fleeing
Stephen Taub - Institutional Investor
Trend followers and similar funds extended their losses in July, with many down by double-digits.
Investors may be losing their patience with CTAs and other trend-following strategies.Commodity trading advisors, also called managed futures, continued to struggle in July, failing to provide a safe alternative to the increasingly volatile equity markets. All five indexes tracked by Societe Generale Prime Services suffered losses last month.
/goo.gl/TW2qqC
The Mystery Behind Tether, the Crypto World's Digital Dollar
Paul Vigna and Steven Russolillo - WSJ
A fast-growing digital currency that claims to be backed by U.S. dollars has become a cornerstone of the volatile cryptocurrency market. The problem: There isn't hard evidence the cash supporting it exists.
/jlne.ws/2vZ2vZi
Eurex's Asia head says 'most prop trading firms are already trading digital currencies'
Tom Watkins - The Trade
The regional head of Asia for one of the world's largest futures exchanges has said most of its proprietary trading firm clients are already trading digital currencies, or are at least observing.
/jlne.ws/2AZEhUE
Citadel converts $10,000 investment in 1990 into $1.3m; Hedge fund's annualised 19.1% return since inception outstrips Buffett's Berkshire Hathaway
Chris Flood - Financial Times
An investor with the foresight to have staked $10,000 in Citadel's first fund when the Chicago-based hedge fund manager was launched by Ken Griffin in 1990 would now be sitting on a pot worth more than $1.3m. A $10,000 stake in shares in Berkshire Hathaway, Warren Buffett's company, would have grown to $315,000 over the same period, while an S&P 500 tracker fund would have increased to $131,000 (including dividends but excluding fees).
/goo.gl/mGTSnL
Michael Spencer invests $40m in Europe-focused hedge fund; Nex Group chief and ICAP founder sees 'real opportunity' in start-up Viewforth Partners
Lindsay Fortado in New York - The Financial Times
Michael Spencer, chief executive of Nex Group, is backing a hedge fund start-up in London with an investment of about $40m made through his private investment group, according to a person familiar with his plans.
/goo.gl/qqWsTm
Alt-Right Against Fintech: One Year Of Technology Against Hate
Madhvi Mavadiya - Forbes
One year on from Charlottesville, technology companies are still ensuring that they are working against, not promoting, those individuals or organizations who are aligned with white supremacists or conspiracy theorists, but what about fintechs?
/goo.gl/B9QZQt
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | DGCX eyes geographical growth, not look-alike products
Louisa Chender - Global Investor Group
The Dubai Gold and Commodities Exchange (DGCX) is targeting geographical growth and a diversified membership based, while avoiding look-alike products. "I want the DGCX to grow geographically and I partly measure our success in the new members and new clients we bring to the exchange," Les Male, chief executive officer at DGCX, told FOW. Male, who replaced Gaurang Desai as CEO in February, said he would now like to see further diversification of the membership base at DGCX.
/goo.gl/sdBQqy
TMX Group Limited Reports Another Record Quarter in Q2/18
PR Newswire
Quarterly diluted earnings per share of $1.71, up 44%, or 55% before discontinued operations, from Q2/17
Record quarterly adjusted diluted earnings per share of $1.34, net of a 6 cent lease termination charge, up 6%, or 16% before discontinued operations over Q2/17
Record quarterly revenue of $209.5 million, up 20% compared with Q2/17
Cash flows from operating activities of $119.7 million, up 38% over Q2/17
/goo.gl/qGKg3a
OCC's move to 'Cover 2' won't cost members more, CRO says; New clearing fund methodology will shift cost burden to firms that take more tail risk; Some clearing members may see a cut in clearing fund contributions
Dan DeFrancesco - Risk.net
The Options Clearing Corporation may have found a way to cover two defaults for the price of one. The Chicago-based clearing house announced in July that the Securities and Exchange Commission had approved a new clearing fund methodology. The new format switches to stress-testing from treble-margin variance; it will flip the OCC's current contribution requirements to focus on risk; and lastly, it will move the clearing fund to Cover 2 from Cover 1.
/goo.gl/RwNkHM
Shanghai Stock Exchange Adjusted Market-Closing Trading Mechanism To Come Into Effect On Aug. 20 Date
Mondovisione
To further maintain the price stability at the market closing stage, the Shanghai Stock Exchange (SSE) has adjusted the market-closing trading mechanism to adopt the call auction for the 3-minute market closing as approved by the China Securities Regulatory Commission and has revised the "SSE Trading Rules" accordingly.
/goo.gl/S3ZkwK
Nasdaq Dubai to allow individuals to invest in sukuk market by 2019
Reuters
The Nasdaq Dubai exchange plans to allow individuals to invest in sukuk (Islamic bonds) by 2019, the chief executive officer said in remarks published on Monday. Over the past few years, the exchange has been looking at ways to sell sukuk directly to retail investors, expanding the primary market beyond institutional buyers.
/goo.gl/UZHU66
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UBS trials Netflix-style algorithms for trading suggestions; 'If you liked that junk bond, you might like this'
Joe Rennison - FT
Picking an investment may soon start to be more like choosing a TV show on Netflix or finding new music on Spotify. UBS is looking at applying recommendation algorithms to suggest trades to its asset management and hedge fund clients, similar to those used by a host of consumer technology companies.
/goo.gl/xL8yNA
London's insurance market turns to electronic trading; Rise in use of policywriting system comes after pressure from Lloyd's
Oliver Ralph - FT
Use of a new electronic trading system for London's specialist insurance market has jumped after Lloyd's said it would force brokers and underwriters to use it. The London Market Group, which represents both Lloyd's and the insurers and brokers who work nearby, said that almost 3,000 policies were written on the electronic system in June, about double the amount in the same month last year.
/goo.gl/1JGxiq
Fintech startup in 'global talent war' for AI engineers
Tech In Asia
Like most startups and their founders, Chun Dong Chau began with a problem.
When he and his co-founders looked at China's financial tech industry, they saw a relatively mature market that was helping Chinese consumers and financial institutions alike. When they looked at Southeast Asia, they saw something else. They saw big problems.
/jlne.ws/2w3vewc
Is Southeast Asia ready to go cashless?
Tom O'Connell - Southeast Asia Globe
As investments in fintech continue to surge globally and throughout Southeast Asia, the region may be on its way to solving the divide between mobile connectivity and financial inclusion.
While the region has a 133% mobile connectivity rate (meaning some users own more than one SIM card or mobile phone), only 27% of Southeast Asians have a bank account. Cambodia enjoys the highest mobile connectivity in Southeast Asia, at 173% - but only a 13% banked population, according to a 2017 Asian Development Bank report.
/jlne.ws/2w66ALh
HKMA guidelines on smart banking to help Hong Kong bridge the gap on innovative services with other markets
Enoch Yiu - South China Morning Post
Hong Kong lags behind other developed markets in allowing banks to work with third party service providers to deliver a "smart banking experience" but the Hong Kong Monetary Authority's latest guidelines may help the city to catch up, according to Citibank.
/jlne.ws/2wc4LwL
Manchester bids for fintech status
Clarke Willmott - Finextra
Manchester is positioned to take a major role in the fintech revolution, which has seen the UK outstrip the US in investment in the last six months, says one of the city's top lawyers.
/jlne.ws/2w3UK4p
AI tech boosting smart agriculture
The Star Online
AS AN old saying goes, agriculture is a trade "that solely depends on the sky".
Most livestock and field crops rely heavily on the weather for their comfort, and providing water and energy. But China's more than 1.3 billion residents, a growing number of whom are becoming mid-income earners, are building up such an appetite that farmers are having to change the way they grow and sell food.
/goo.gl/d9xjzY
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| Cryptocurrencies | | Top stories for cryptocurrencies | Gambling Apps Surpass CryptoKitties as Blockchain Money Makers
Olga Kharif - Bloomberg
Most blockchain gambling sites aren't licensed or even legal; Sites can make it easier for participants to remain anonymous
/goo.gl/M3Y8Me
Finn falls for 797m baht BTC scam
Bangkok Post
Police arrested actor Jiratpisit "Boom" Jaravijit, 27, in Chatuchak district on Wednesday for alleged money-laundering following a complaint that he fraudulently lured a foreigner into investing 797 million baht in digital currency.
/jlne.ws/2vAoBCl
****797 million baht = $24 million
$43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds
CCN
Over the past 24 hours, Bitcoin, Ethereum, and Bitcoin Cash recovered by around four percent, as the crypto market added $8 billion to its valuation.
/goo.gl/iJG4jC
How Crypto Reacted to This Week's SEC Bitcoin ETF Delay
Muyao Shen - Coindesk
It was an expected result at an unexpected time. The news broke on August 7 that the U.S. Securities and Exchange Commission (SEC) is kicking the can on its decision to approve or disapprove a proposed rule change that would let the Cboe BZX Exchange list a bitcoin exchange-traded fund (ETF). Now, the next deadline for something is September 30, though ultimately, the U.S. securities market regulator could push it forward again into 2019.
/goo.gl/MHqLKL
Decentralized Crypto Exchanges Can Solve Fake Volumes And Malpractices
Joseph Young - Forbes
In an interview with Forbes, Sasha Ivanov, the CEO at $200 million smart contracts blockchain Waves and blockchain infrastructure development firm Vostok, said that decentralized crypto exchanges are capable of competing against centralized trading platforms and eliminate fake volumes from the global market.
/goo.gl/8AzjNa
Gujarat's Bitcoin Scam Raises Questions on Fraud, Demonetisation and Cryptocurrency
The Wire
The unearthing of an alleged scam involving senior BJP leaders in the state, cryptocurrencies and an abduction has caught the party on the wrong foot.
/goo.gl/3hdD6F
The Ledger: Blockchain for Identity, Bitcoin vs Turkey, NYSE and Crypto
Robert Hackett, Jeff John Roberts, and Jen Wieczner - Fortune
I went to the DMV last week and the visit unfolded as you'd expect: A lot of filling out paper forms and waiting on wooden benches. The place is a technology time warp and perhaps that's not a big dealÂafter all, you only have to go there every 5 years if you want to drive a car. The trouble is we use our drivers license for many other things, from boarding a plane to entering a bar. Our license is a powerful document that tells the world who we are.
/goo.gl/PpYhNr
The new miners: Wave of cryptocurrency mining at colleges, businesses raise hacking concerns
Jennifer Schlesigner, Andrea Day
It was the first day of freshmen year at Penn State's State College campus, and along with bed sheets, clothing and books, Patrick Cines had an unusual looking computer. He did not plan to write term papers or do research on it. Instead, Cines planned on using it to make money while he was out experiencing campus life
/goo.gl/CgsjDr
IBM Is Still A Believer In Blockchain...And Other Small Business Tech News This Week
Gene Marks - Forbes
Here are five things in technology that happened this past week and how they affect your business. Did you miss them?
/goo.gl/LzTFDo
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| Politics | | An overview of politics as it relates to the financial markets | Lobbyists, letters and money: How banks are taking aim at a post-financial crisis regulation with help from Congress
Lydia Moynihan, Charles Gasparino - Fox Business
Wall Street spent millions of dollars in campaign cash while enlisting some of the most powerful Republican congressmen and women in the banking industry's latest effort to neuter a key post-financial crisis regulation, FOX Business has learned.
/jlne.ws/2OZEJFu
A U.S.-China Divorce Would Be Ugly
Michael Schuman - Bloomberg
A financial adviser I know, Frank Astorino, says nothing destroys wealth like divorce. That's a warning China and the U.S. should keep in mind as they intensify their trade war. If they continue down the road they're on, an economic separation between the world's two largest economies is a very real possibility. And the costs would likely exceed any marital spat in history.
/goo.gl/zhak3h
Charges against US Congressman reignite stock ownership debate
Kadhim Shubber and Courtney Weaver - Financial Times
Chris Collins at times seemed more excited about private business than public service.
The Republican representative for New York's 27th congressional district once declared that his epitaph would carry the name of the little-known biotech company where he held a board seat. "It is not going to be 'member of Congress'," he told the local Democrat & Chronicle newspaper.
His prediction may yet come true after prosecutors brought insider trading charges connected to dealings in the company, Innate Immunotherapeutics, against Mr Collins, his son Cameron, and Cameron's fiancée's father.
/jlne.ws/2P1vaWG
Why Wall Street might cheer a blue wave
Ben White - Politico
Wall Street is only just now starting to take seriously the idea that Republicans could lose at least some of their grip on Washington in November. Most investors assume the GOP holds the Senate. But the House is increasingly viewed as likely to flip. Democrats winning one chamber would certainly not be a nightmare scenario for banks or markets. On some fronts, it might turn out to be a positive.
/jlne.ws/2vB8DHV
Trump backs boycott of Harley Davidson in steel tariff dispute
Ginger Gibson - Reuters
President Donald Trump backed boycotting American motorcycle manufacturer Harley Davidson Inc (HOG.N) on Sunday, the latest salvo in a dispute between the company and Trump over tariffs on steel.
/goo.gl/4wgVyd
Analysis: Trump still flirts with racially tinged rhetoric
Julie Pace, Steve Peoples and Zeke Miller - Associated Press
There has been no reset, no moment of national healing. One year after blaming "both sides" for violent clashes between white supremacists and counterprotesters, President Donald Trump still flirts with racially tinged rhetoric  and feels little blowback from Republican leaders or GOP voters when he does. Black leaders and Democrats argue Trump's tone and actions on race have gotten even worse in the months since the clashes in Charlottesville, Virginia.
/goo.gl/qBo6uH
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Charges Futures Broker With Engaging In Fraudulent Trade Allocation Scheme
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Christian Robert Mayer of Eden Prairie, Minnesota, for engaging in a fraudulent trading scheme involving unauthorized trades in cattle, crude oil and wheat futures contracts. The CFTC Order requires Mayer to pay a $100,000 civil monetary penalty and imposes permanent trading and registration bans on him. The Order also requires Mayer to cease and desist from further violations of the Commodity Exchange Act, as charged.
/goo.gl/vwzjg3
National Futures Association (NFA) Members Must Disclose Crypto Holdings Per New Requirements
Bitcoin Exchange Guide
The National Futures Association (NFA) has just announced that, from October 31 onwards, all members of this regulator will have to disclose certain information about the risks of investing in cryptocurrencies and outline them for the customer.
/goo.gl/WpMwzG
Lawsuits accuse Tesla's Musk of fraud over tweets, going-private proposal
Jonathan Stempel - Reuters
Tesla Inc and Chief Executive Elon Musk were sued twice on Friday by investors who said they fraudulently engineered a scheme to squeeze short-sellers, including through Musk's proposal to take the electric car company private.
/goo.gl/ieGFLJ
Federal Reserve fines Citigroup $8.6 million for faulty mortgage document practices
Reuters
The Federal Reserve said Friday it had fined Citigroup (C.N) $8.6 million over shoddy mortgage documentation practices at a subsidiary.
/jlne.ws/2vAnS45
UK financial watchdog opens record number of cases
Caroline Binham - The Financial Times
FCA workload focuses on financial crime, governance and culture problems
The UK's financial watchdog is opening more cases than ever before, with a particular focus on financial crime. According to the Financial Conduct Authority's own statistics, it has a record 504 investigations open as of 1 April, compared with 410 a year previously. Just two years ago, the number hovered at around 100 cases.
/goo.gl/u3Rmzv
Regulators splash out on staff - with few results
The Times
Spending and staffing at the City's main regulators have soared by more than a third in four years, an investigation by this newspaper has found. The Financial Conduct Authority, the Bank of England and seven other watchdogs have hired hundreds more staff and increased annual spending to £1.4bn since 2014.
/goo.gl/YH4RH6
New Tax-Credit Investigation May Trip Up Wells Fargo; Add low-income housing to the list of legal woes.
Stephen Gandel - Bloomberg
As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn't have a handle on its own questionable behavior.
/goo.gl/d6gawn
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | This Year's Big Disrupter: The Dollar
Richard Barley - WSJ
Much of the disruption to global financial markets this year has come from a source close to home: the U.S. dollar.
/jlne.ws/2OZyp0t
The Battle of the Bond Forecasters
Randall W. Forsyth - Barron's
Never say never. That's the one lesson I take away from the past four decades, which have seen both record-high stocks and a 22% one-day drop in the Dow, both 20% and 0% U.S. interest rates, and both "Morning in America" and a depressing "New Normal."
So when JPMorgan Chase Chief Executive Jamie Dimon contends that long-term U.S. interest rates ought to be 4%Âand, indeed, that 5% has a higher probability than the conventional wisdom holdsÂthat mantra bears repeating.
/jlne.ws/2OXOzHV
Companies with strong ESG scores outperform, study finds; Portfolios in large and medium-sized groups in developed markets, excluding the US, record best results
Jennifer Thompson - Financial Times
Companies with better environmental, social and governance standards typically record stronger financial performance and beat their benchmarks, according to research from Axioma.
/goo.gl/JPWwGM
Soaring US profit margins pose challenge for investors After strong second-quarter results, questions surround whether a peak has been reached
Nicole Bullock - The Financial Times
Profit margins at US companies have jumped to their highest level in at least a decade, raising questions about whether the most recent quarterly results are a peak. With 90 per cent of companies in the S&P 500 having reported their results for the second quarter, net profit margins hit 11.8 per cent, the highest level since financial information provider FactSet began recording the data in 2008.
/goo.gl/ZQF9e9
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Investment banks in 2Q18, part 3: FICC and equities
Mark Baker - Euromoney Magazine
What an odd quarter for fixed income businesses. It was one where the divergence in US and European conditions came to the fore, with the ability to make money in parts of European FICC severely constrained by continued quantitative easing. Commodities businesses generally rose but some firms have exited the business after past problems. Credit was often weak.
/jlne.ws/2AZzG4W
Barclays shifting ownership of European branches to Irish unit ahead of Brexit: sources
Abhinav Ramnarayan, Lawrence White - Reuters
Barclays has begun shifting direct ownership of its French, German and Spanish branches from a British-based entity to its Irish bank, according to sources with direct knowledge of the plans, ahead of Britain's exit from the European Union.
/goo.gl/vDCHj8
Franklin Templeton drops out of European top 20; Investors flee New York-listed group over performance concerns
Attracta Mooney - Financial Times
Franklin Templeton has fallen out of a list of the 20 biggest mutual fund managers in Europe in a huge blow for the $734bn investor that once ranked among the continent's most popular investment houses. The New York-listed group, which has had operations in Europe since just after the second world war, has slipped from its position as Europe's fifth-largest mutual fund manager in 2013 to outside the top 20 five years later as investors fled over performance concerns.
/goo.gl/mZUoGo
British lawmakers 'disappointed' over regulator's inaction on RBS
The Business Times
[LONDON] A group of British lawmakers has criticised the Financial Conduct Authority (FCA) for not taking further action against Royal Bank of Scotland Group Plc after an investigation into the bank's treatment of business customers.
/goo.gl/52EaFR
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russia says will ditch U.S. securities amid sanctions: RIA
Andrey Ostroukh - Reuters
Russia will further decrease its holdings of U.S. securities in response to new sanctions against Moscow but has no plans to shut down U.S. companies in Russia, Finance Minister Anton Siluanov said on state TV on Sunday, RIA news agency reported.
/goo.gl/3A4fY4
Donald Trump has thrown the Turkish lira under the bus; But the argument with America is not the only cause of Turkey's economic turmoil
The Economist (Opinion)
It had been touted as a speech that would save Turkey's beleaguered currency, the lira, from falling off a cliffÂor at least soften the landing. But just as Turkey's finance minister, Berat Albayrak, unveiled a new plan for the economy on August 10th, America's president, Donald Trump, tweeted that he would double tariffs on Turkish steel and aluminium products. The lira plummeted further. In the course of an hour, it reached a new low of 6.80 to the dollar, marking its worst daily performance in over a decade.
/goo.gl/ghR2rZ
Losing Faith Fast, Istanbul Merchants Throw in Towel on the Lira
Firat Kozok - Bloomberg
Currency lost about half its value since Erdogan's first plea; Shopkeepers in Istanbul bazaar say situation becoming dire
/goo.gl/8xRL6J
Turkish Isbank CEO says Turkey facing serious speculative attack
Reuters Staff
Turkey is under a speculative attack as the recent developments in the lira cannot be explained by the country's economic fundamentals, Isbank chief executive Adnan Bali said on Monday.
/goo.gl/VhqJ94
Sebi mulls steps to prevent misuse of clients' securities by stock brokers
The last year has also seen cases of shell accounts being used to carry out fraudulent or non-genuine trades
Press Trust of India
To strengthen the supervision of stock brokers, markets regulator Sebi is mulling additional measures to prevent misuse of client's securities.
/goo.gl/KETg1b
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Disorder, deal or dead-end: How will Brexit play out?
Guy Faulconbridge - Reuters
The United Kingdom is due to leave the European Union on March 29, yet little is clear: There is, so far, no divorce deal, rivals to Prime Minister Theresa May are circling and some lawmakers are pushing for a rerun of the 2016 referendum.
/goo.gl/c32MWj
Companies in Brexit 'supply shock' as fewer EU citizens come to UK
The Guardian
Companies are suffering from a "supply shock" as fewer EU citizens come to the UK, and companies struggle to fill vacancies, according to a survey of 2,000 employers.
The Chartered Institute of Personnel and Development (CIPD) said the number of applicants per vacancy had fallen since last summer across all levels of skilled jobs, and said shortages were forcing many companies to raise wages.
/jlne.ws/2w4GsAI
May Weighs Brexit Fix that Keeps EU Rules for Longer
Tim Ross - Bloomberg
U.K. Prime Minister Theresa May is drawing up a plan to keep key European Union rules for longer after Brexit in order to break the deadlock in negotiations, a move that risks angering euroskeptics in her party.
According to people familiar with the situation, the U.K. is working on options to avoid a hard border with Ireland, the issue that's become the biggest obstacle to an orderly divorce. One idea would effectively prolong large parts of the so-called transition phase -- the two-year grace period that's due to run from exit day on March 29 to the end of 2020 -- according to one official.
/jlne.ws/2w4SCJI
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| Miscellaneous | | Stories that don't quite fit under the other sections | Platforms Are Not Publishers
Jeff Jarvis - The Atlantic
The essential value of the internet is conversation, not contentÂand journalists need to embrace it.
/goo.gl/AgDDGr
At NYC's Iconic '21' Club, Deal Talks Are as Chilled as the Martinis
Patrick Clark - Bloomberg
It's here, in the movie, that Gordon Gekko schools Bud Fox: "Buy a decent suit. You can't come in here looking like this."
And here, in real life, that presidents, socialites, stars and deal-makers have been rubbing elbows for nearly a century.
The place is the "21" Club, New York's iconic power restaurant and former speakeasy -- and soon, perhaps, a trophy for some 0.01 percenter.
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