| October 26, 2016 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Stepping Forward in London
By John J. Lothian
Well, it is about time. I will be delivering my first presentation as part of MarketsWiki Education World of Opportunity in London on Monday.
Due to a scheduling conflict, Jock Percy of Perseus had to withdraw from the event on October 31. Stuff happens and you roll with it.
So it will be my turn to step up and be a presenter. The question in my mind is whether I can keep my presentation in the 12 to 14 minute segments we allow the speakers.
I am going to speak on the role of disintermediation on one's career.
We still have some room in the spacious University of Chicago Booth School of Business meeting room in London, so send your newer employees or interns to our free event.
Complete details on the line-up and sign up are available at www.marketswikieducation.com
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When scandal strikes, pity the other guy named John Stumpf
Elizabeth Dilts - Reuters
It has been a rough couple of weeks to be named John Stumpf. Ever since the former Wells Fargo & Co chief executive by that name stepped down over a sales scandal at the U.S. bank, John Stumpf, a Petco worker living in Bakersfield, California, has been the butt of jokes. "It was pretty annoying," said Stumpf, 30, of the ribbing he has received from friends, including articles shared on his Facebook wall.
reut.rs/2eCqZkB
**JK: And who else is named Donald Trump these days?
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How to manage an office of delirious Cubs fans
Chicago Tribune
Delirious Cubs fans, who can't seem to stop pinching themselves, are still somehow expected to show up to work. How can Chicago employers, many of them just as delirious, respect the fandom without compromising standards at the office?
trib.in/2eCv0pd
**JK: They'll likely be a more somber and productive bunch today.
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Why A Resilient Risk Management and Internal Control Infrastructure Matters
By Adi Agrawal, Senior Vice President and Chief Audit Executive - OCC
Enhanced focus on internal controls by corporate boards and regulators sometimes appears to be a post-financial crisis phenomenon. Those tasked with designing, executing and assuring the resiliency of a corporation's internal control infrastructure sometimes struggle with articulating the business case for it as well as defining the business need for internal controls. It is, hence, important to recognize and understand what "controls" are and their value in achieving desired outcomes.
/goo.gl/E9ZCEX
**JK: If you ever wondered what it takes to be a SIFMU today, Adi outlines it for you here.
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Paul Beatty Is First American to Win Man Booker Prize; The author beat out five other shortlisted authors and made history with his scathing satire 'The Sellout'
By ANNA RUSSELL - WSJ
Paul Beatty on Tuesday became the first American to win the British Man Booker Prize, beating out five other shortlisted authors with his scathing satire "The Sellout," about one man's attempt to reinstitute slavery in modern-day Los Angeles.
/goo.gl/gAxL7v
**JK: The Sellout is about slavery? I thought it was about the presidential election.
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WFE Announces Its Forthcoming General Assembly & Annual Meeting
WFE
The World Federation of Exchanges ("WFE"), which represents more than 200 market infrastructure providers including exchanges and CCPs, is pleased to announce its 56th General Assembly & Annual Meeting. The meetings take place from 2-4 November 2016, in Cartagena, Colombia.
/goo.gl/azgIV2
**JK: JLN's Jim Kharouf will be there, moderating a panel on the topic of the industry, blockchain.
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Tuesday's Top Three
Two out of three of yesterday's top stories were bad news, led by the IB Times' piece SGX brokers struggle to survive as trading volumes fall sharply. Crain's story on the new headquarters OCC expands, plans to move Chicago HQ. The third most read piece was from AQR's Cliff Asness, who wrote about why hedge funds are doing poorly
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| Lead Stories | Schaeuble- financial transaction tax possible for 10 euro zone nations this year
Reuters
Oct 25 It is possible that 10 euro zone countries could reach a basic agreement on a financial transaction tax by the end of the year, German Finance Minister Wolfgang Schaeuble told a group of government officials on Tuesday.
reut.rs/2f755rc
Commodity traders must go digital or face extinction: report
By Julia Payne - Reuters
As commodity margins flat-line, the number of traders will shrink as existing trading firms consolidate and digital rivals emerge, U.S. consultancy Oliver Wyman said in its annual commodity trading report.
/goo.gl/Xx3O75
Wall Street's Speed Demons Are Heroes
Camila Russo, John Detrixhe - Bloomberg
Academic research favors automated trading firms by 2-1 margin; Contrary to 'Flash Boys' image, HFTs improve market quality
Across the wider world, Wall Street's speed demons are all too often cast as the villains of the stock market.
/goo.gl/mfJqid
FCA chief pledges to clean up scandal-prone City; Andrew Bailey vows a radical departure from the past as he launches consultation for Financial Conduct Authority's mission
Jill Treanor City editor - The Guardian
The City's most senior regulator has pledged to clean up the behaviour of major financial firms after a "very sorry" history of scandals.
/goo.gl/CUNINs
GMEX rebrands as London Derivatives Exchange
Finextra
London Derivatives Exchange (LDX) Group today announced its rebranding, following separation from GMEX Technologies.
Incorporating London Derivatives Exchange Limited and Global Derivatives Indices Limited (GDI), the new structure will enable the company to deliver an expanding range of products responding to changing market dynamics.
bit.ly/2f74vKb
Goldman Hopes You Won't Notice How Many People It's Laying Off
Dakin Campbell - Bloomberg
43 here, 109 there and pretty soon 443 employees are dismissed; Bank has to file 'WARN notices' with New York state agency
The first "plant layoff" notice came in February: 43 people would lose their jobs.
/goo.gl/lnYJ2I
Brady Fletcher Named To Lead TSX Venture Exchange
TSX
TSX Venture Exchange (TSXV), Canada's premier public venture market, today announced the appointment of Brady Fletcher as Managing Director, effective October 31, 2016.
/goo.gl/EyW8RN
Ethical investing's rebranding is actually one of substance; Investors' willingness to engage on ethical questions may actually improve returns
by: John Authers - FT
Investment, like many other products that need to be sold to customers, is about marketing and branding. Find the right catchword or slogan and the brand might catch on. And this is not just about appearance  find the right way to rebrand, and you might well also find the critical change to your product that will give it appeal, and deliver value to customers.
/goo.gl/5cq5sB
How Real is Real-Time Analytics?
Terry Flanagan - MarketsMedia
Market participants across the institutional buy side and sell side are pulling forward their analysis of trading, risk and compliance, to appease ever-more-demanding regulators and clients and to keep up with the competition. In other words, first thing in the morning is no longer good enough as an analytics delivery timeframe.
/goo.gl/jos55H
Millennials Are Coming and They Want Sustainable Investments
MaryAnn Busso - Bloomberg
Morgan Stanley's Audrey Choi says demographic trends are creating huge opportunities for smart, long-term investors.
"Everyone is always so curious about millennials," says Audrey Choi, chief executive officer of Morgan Stanley's Institute for Sustainable Investing. "Especially in this space."
James Clapper: Non-state actor likely to blame for massive cyberattack
AP via CBS News
National Intelligence Director James Clapper says it appears that a "non-state actor" was behind a massive cyberattack last week that briefly blocked access to websites including Twitter and Netflix.
cbsn.ws/2eP3TVo
**JK: You mean, like, someone from Puerto Rico?
SIZING THE MARGIN BUFFER FOR CLEARED SWAPS
Amir Khwaja - Clarus
Daily Variation Margin flows between Clearing Houses and Clearing Members and between Clearing Members and their Clients are sizeable e.g. we know from LCH SwapClear's CPMI-IOSCO Disclosures that the highest VM paid on a single day by all members to the CCP was $16 billion!
/goo.gl/IkrDGC
Deutsche Bank's ETF unit bleeds $8bn this year; Outflows mount ahead of potential part sale of asset management division
by: Chris Flood - FT
Deutsche Bank's exchange traded fund unit is haemorrhaging cash as Germany's biggest lender considers whether to sell parts of its asset management business.
/goo.gl/mn0hXX
Wells Fargo CEO apologizes to employees, promises to restore trust
Hilary Burns - Charlotte Business Journal
In an effort to restore trust among employees, customers and other stakeholders, Tim Sloan, the new chief executive officer of Wells Fargo & Co. (NYSE:WFC), addressed 700 employees in Charlotte, North Carolina on Tuesday.
/goo.gl/zd3UpO
This Is No Way to Mend Europe's Banks
Bloomberg
Europe urgently needs to repair a banking system that's weighing on the region's economy. Governments say they understand, but they still aren't taking the task seriously.
/goo.gl/92KjlF
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| EXPO | | FIA EXPO 2016 | CFTC Commissioner Christopher Giancarlo on CFTC's Proposed Reg AT
FIA Via Youtube
/goo.gl/s59mWz
Highlights from CFTC Chairman Tim Massad's Keynote address at FIA EXPO
FIA Via Youtube
/goo.gl/T3V3Ej
FIA President and CEO Walt Lukken Opening Remarks at EXPO 2016
FIA Via Youtube
/goo.gl/pOlRnN
The Evolving Equity Options Market
FIA via Youtube
Equity options exchange leaders discuss recent mergers and other key trends during a panel discussion at FIA Expo 2016. This video is part of our Expo Video Shorts series, sponsored by CBOE. To learn more about CBOE.
/goo.gl/vDV7q6
EXPO Shorts: LSEG
The Trade
London Stock Exchange's Nicolas Bertrand speaks about the changing landscape for equity derivatives trading and his expectations for 2017.
/goo.gl/dhIfks
EXPO Shorts: Eris Exchange
The Trade
Geoff Sharp from Eris Exchange explains the factors that will increase the adoption and trading of swaps futures.
/goo.gl/pQvrmY
EXPO Shorts: Corvil
The Trade
Corvil's Scott Peerbolte speaks about the impact MiFID II will have in the US and how it can help meet the regulatory challenge.
/goo.gl/aDKeXa
EXPO Shorts: ULLINK
The Trade
Nicolas Gallet and Chris DeMaso from ULLINK explain their plans to rollout services to US participants at FIA Expo.
/goo.gl/WeVRIf
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| Brexit | | Financials stories regarding the recent decision of the United Kingdom to leave the European Union | City of London calls for post-Brexit banking rules that aid competitiveness
By Huw Jones - Reuters
London's financial district has called for a UK regulatory regime that does not harm competitiveness, responding to bankers' fears that being outside the European Union will reduce the capital's clout in global markets.
/goo.gl/faV7Sv
Morgan Stanley CEO James Gorman Sees 'Nothing Good About Brexit'
Hugh Son, Jordyn Holman - Bloomberg
Firm will have to move workers, strand more capital abroad; CEO calls quarterly financial-reporting requirement 'asinine'
Morgan Stanley will be forced to move some employees and their families out of London as a result of the U.K. vote to leave the European Union, and resulting disruptions will be a headache for the firm, Chief Executive Officer James Gorman said.
/goo.gl/OfJr7F
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Reports Third Quarter 2016 Earnings; Delivers Record Subscription and Recurring Revenues(1)
By GlobeNewswire
Nasdaq, Inc. (Nasdaq:NDAQ) today reported strong financial results for the third quarter of 2016. Third quarter net revenues were $585 million, up $56 million or 11% from $529 million in the prior year period, driven primarily by a $58 million positive impact from acquisitions. Organic revenue growth in the non-trading segments4 in the third quarter of 2016 was offset by a contraction in trading revenues when compared to an especially volatile trading environment in the prior-year period.
/goo.gl/mSHc9f
Mini-DAX® Futures - The easiest way to trade the DAX®
Eurex
This month, our Mini-DAX® Futures celebrate their 1st birthday and we are really proud of how they turned out.
/goo.gl/upsi2L
Eurex Exchange's Fixed Income Highlights - Q3/2016
Eurex
Generally fixed income markets have proven resilient over the course of the summer months, which are characteristically quieter periods. The fallout from the decision by the UK to exit the European Union helped support volumes in our core products as we witnessed more volatility in the underlying rates markets.
/goo.gl/133lWM
MCX to appoint new chairman; net up 23% in Q2
Business Standard News
The Multi Commodity Exchange of India (MCX) board has decided to co-opt Prithvi Haldea as public interest director in the vacancy arising out of the completion of tenure of G Anantharaman. This is with effect from Tuesday. The board has also co-opted Arun Kumar Bhargava as public interest director effective November 19. On that day, MCX chairman Satyananda Mishra will complete his term. Usually, public interest directors take over as chairman of MCX. A decision on the next chairman will be decided in the next board meeting.
/goo.gl/8uKd3G
Bats Welcomes Two Further Deutsche Bank ETFs To The Bats ETF Marketplace
Press Release
Bats Global Markets, Inc. (Bats: BATS), the #1 U.S. market for exchange-traded fund (ETF) trading, today welcomed two Deutsche Asset Management ETFs to the Bats ETF Marketplace, bringing the total number of funds listed by the issuer to five.
/goo.gl/Nb8ihL
EEX New Participant: E6 SA
Mondovisione
E6 SA has been admitted to exchange trading for Phelix Futures/Options, Nordic Financial Power Futures/Options, French Financial Power Futures/Options, Italian Financial Power Futures/Options, Spanish Financial Power Futures/Options, Swiss Financial Power Futures, Belgian Financial Power Futures, Dutch Financial Power Futures, Greek Financial Power Futures, Romanian Financial Power Futures, German Intraday Cap Futures und Guarantees of Origin Futures.
/goo.gl/zL5lZf
The Casablanca Stock Exchange And Maroc PME Sign A Partnership Agreement
MondoVisione
On the 6th of October 2016, the Casablanca Stock Exchange and Maroc PME®, the National Agency for the Promotion of Small and Medium-sized Enterprises, signed a partnership agreement targeted at Small and Medium-sized Enterprises (SMEs). This partnership aims to define a framework for joint action by the Casablanca Stock Exchange and Maroc PME to develop SME access to financing through the capital market.
/goo.gl/Qjgswr
NSE cautions investors against stock tips via SMS, WhatsApp; The exchange also asked brokers to advise their clients not to blindly follow unfounded rumours and tips and invest in securities
Press Trust of India
Leading bourse NSE on Tuesday cautioned investors against falling prey to stock tips circulated through SMSes and social media platforms like WhatsApp.
/goo.gl/T5Ttz5
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| Politics | | An overview of politics during an election year as it relates to the financial markets | The Election Ate My Revenue
Shelly Banjo - Bloomberg Gadfly
When the U.S. presidential election is finally over, what will companies use to justify weak business results? Whether they're making steel rods or TV shows or selling mattresses or chicken dinners, companies have lately been blaming poor results on the election. Over the past 90 days, the "E" word or some variation of it (i.e. "political uncertainty") was mentioned in more than 500 earnings calls, according to a Bloomberg transcript search. It has even turned up more often than the weather, that perennial corporate excuse for poor performance.
bloom.bg/2ePbgw3
Trump's Family Fortune Originated in a Canadian Gold-Rush Brothel; Donald Trump's grandfather Friedrich Trump ran a restaurant, bar, and brothel in British Columbia.
By Natalie Obiko Pearson - Bloomberg
Buried in a ghost town in Canada's subarctic are the roots of the family fortune that paved Donald Trump's path to prominence.
/goo.gl/2z6xHA
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | How to Use Options to Beat the Market; A well-placed put or call option can make all the difference in an uncertain market. Here's how they work.
By STEVEN M. SEARS - Barrons
Sooner or later, most investors realize that the stock market is not all it's cracked up to be. Good stocks don't always advance. Bad stocks don't always fall. Reality is rarely ever as bullish, or as bearish, as forecasted by Wall Street's analysts and strategists
/goo.gl/OkoSXG
UBS on bond market ownership concentration
Matt Turner - Business Insider
The fate of the bond market lies with a handful of giant investors. The top five investment companies hold $264 billion in US high-yield bonds, according to a big report from Stephen Caprio and Matthew Mish at UBS. That's equivalent to 20% of the market. The top 20 hold $605 billion, equivalent to 46% of the US high-yield market, and mutual funds and separately managed accounts hold 70% of the market.
read.bi/2eOYFJj
Start Now
Reformed Broker
If you're a millennial holding 70% of your investable assets in cash - and you're not on the verge of buying a home or paying off the entirety of your student debt - you are squandering the most precious resource known to investorkind: Time.
/goo.gl/7NUv9u
The TRADE's Buy-side Awards shortlist revealed; There is less than one week left to vote in our buy-side choice awards for the Leaders in Trading event on 16 November at The Savoy.
By Editors - The Trade
The TRADE is pleased to announce the shortlist for the Buy-Side Awards 2016 ahead of the Leaders in Trading ceremony at The Savoy on 16 November.
/goo.gl/4LEFU1
Marijuana stocks are going crazy ahead of elections that could transform their industry
Akin Oyedele - Business Insider
Nine states will vote in November on whether to legalize medical or recreational marijuana, or both. Leading up to the elections, the industry's penny stocks are trading like most states will say "yes." Shares of marijuana firms that trade over-the-counter  not via central exchanges like Nasdaq  are rallying in the run up to the votes.
read.bi/2eP28HO
How a blogger started his own ETF
By Simon Constable - MarketWatch
Crossing Wall Street: Blogger Eddie Elfenbein started his own exchange-traded fund.
Like a Broadway critic deciding to write a play, a blogger who complained about fund fees decided to start an exchange-traded fund. He discovered that keeping expenses low isn't as easy as it seems.
/goo.gl/VO5ZxB
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | GOLDMAN SACHS CEO: 'The world wants me to be scared to death'
Portia Crowe - Business Insider
Goldman Sachs CEO Lloyd Blankfein may seem at ease in front of cameras or when speaking at conferences  but he says he's on edge all the time. "I live in fear that one of my tens of thousands of employees ... will do something wrong, and their bad behavior will be ascribed to me  not simply because I failed to supervise, but in this current milieu, it will be ascribed to me as if I intended that bad act," the chief executive said in a recent interview with CNN's Fareed Zakaria.
read.bi/2eP0ZA6
Wall Street Banks to Face On-Site Reviews of Sales Practices
Jesse Hamilton - Bloomberg
Regulators want to ensure Wells Fargo scandal isn't repeated; Agencies said to start bank exams within the coming days
To ensure Wells Fargo & Co.'s scandal over unauthorized customer accounts isn't being repeated at other lenders, regulators are poised to start reviewing data and talking to employees inside the biggest U.S. banks, according to a person familiar with the matter.
/goo.gl/dErsBR
Clydesdale in last-ditch attempt to buy Williams & Glyn from RBS
Emma Dunkley - Financial Times
Clydesdale and Yorkshire Banking Group has submitted a formal bid to buy Williams & Glyn from Royal Bank of Scotland only weeks before the sale deadline. Its approach is the latest twist in a seven-year sale process that has suffered multiple delays and setbacks and has cost RBS at least £1.5bn.
on.ft.com/2eCqdnQ
****SD: Not the horse.
Takeover Doesn't Dull Janus Obsession With Pimco
Aaron Back - WSJ
More than two years after bond fund manager Bill Gross skipped off from Pimco to join Janus, his new bosses are still stoking the rivalry. Janus Capital chief executive Dick Weil spiced up Janus's inconsequential third quarter earnings - the firm has agreed to be sold to Henderson Group - by talking up Mr. Gross. Henderson, Mr. Weil said, is, "excited to have access to Bill Gross."
on.wsj.com/2dGbfby
Russell Investments bolsters fiduciary management team
Sophie Baker - Pensions & Investments
Paul Wharton joined Russell Investments as a director on the fiduciary management team, a spokeswoman said.
bit.ly/2eCwdN9
JPMorgan Blocks FT Website Over 'Potential Copyright Concern'
Rebecca Penty
U.S. bank began preventing access to website last week; Employees can still visit site through personal devices
JPMorgan Chase & Co., the biggest U.S. bank, blocked computer access by its employees to the website of the Financial Times, citing "a potential copyright concern."
/goo.gl/5BYWvz
Post office banking: an old idea getting new life
By Amber Murakami-Fester - MarketWatch
In big cities and affluent areas, banks can seem as ubiquitous as coffee chains. Making a deposit or stopping in to talk about a loan can be about as simple as grabbing a nonfat vanilla latte with an extra shot, no foam.
/goo.gl/ycT23B
Morgan Stanley CEO Gorman takes aim at quarterly reporting
Reuters
Morgan Stanley CEO James Gorman questioned the need for companies to report earnings every quarter, calling the practice "asinine."
reut.rs/2eCu845
Lloyd Blankfein on Moving From Law to Finance
Bloomberg
Goldman Sachs Chairman and Chief Executive Officer Lloyd Blankfein discusses getting turned down at several financial firms, including Goldman Sachs, and how he eventually broke into the industry. Blankfein speaks to David Rubenstein in the second episode of "The David Rubenstein Show: Peer-to-Peer Conversations.
/goo.gl/FF56GP
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | IHS Markit Launches Innovative Digital Solution for Traders and Manufacturers Tracking Metals Inventory
Business Wire via Yahoo
IHS Markit (INFO), a world leader in critical information, analytics and solutions, today announced that it has launched a new service which digitizes the tracking of base metals inventory, such as aluminum, for trading firms and manufacturers.
yhoo.it/2eCs3oz
Top FX institutions sign up for SETL and Cobalt's blockchain post-trade tool; SETL and Cobalt DL's FX post-trade tool has 15 FX institutions already committed to using the service, which is due to launch in January 2017.
By Hayley McDowell - The Trade
Blockchain specialists SETL and Cobalt DL have teamed up to produce a post-trade tool for foreign exchange, with 15 leading institutional FX participants already signed up.
/goo.gl/IjHc1L
IBM Teams Up With Slack to Build Smarter Data-Crunching Chatbots
Jing Cao - Bloomberg
IBM is teaming up with Slack Technologies Inc. to make it easier for companies to build custom chatbots into the startup's workplace-messaging systems, the latest move by Big Blue to add more diverse business cases for its Watson artificial-intelligence technology.
/goo.gl/m9sEQ4
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC to weigh 'universal' proxies sought by investors
By Ross Kerber - The Trade
U.S. securities regulators on Wednesday will consider allowing investors to pick directors from a single ballot, in what would be the latest move to open up the governance process of large corporations.
/goo.gl/yz6IXj
U.K. FCA Consults on Agency's 'Mission' as It Embarks on New Era
Suzi Ring - Bloomberg
Financial Conduct Authority opens consultation on strategy; New chief executive officer, Andrew Bailey, appointed in July
The U.K. Financial Conduct Authority opened a review of its "mission" as a regulator in an attempt to more clearly outline its objectives as it looks to redefine itself under a new chief executive officer following a turbulent year.
/goo.gl/B3yIks
The SEC's Beef With Shadow Banks Could Be Bad for Some Businesses
Sridhar Natarajan - Bloomberg
Capital directive would crimp business loans, they say; Firms like Apollo, Ares, THL lobbying SEC to reverse course
Apollo Global Management has a reputation for buying wounded companies, not lending to them.
/goo.gl/BwpE65
Proposed Rule Change to Amend FINRA Rule 7730 to Establish a Fee for the Academic Corporate Bond TRACE Data Product
FINRA
Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend FINRA Rule 7730 to establish a fee for the new Academic Corporate Bond TRACE Data product.
/goo.gl/MQ5Lxw
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The Galaxy Note 7 fiasco isn't just bad for Samsung (SSNLF)Âit could be bad for Korea's stock market
Eshe Nelson - Quartz
The fallout from Samsung's exploding Galaxy Note 7 smartphones could go well beyond Samsung. The fiasco of the Korean company's recall, replacement, and then recall again of the fire-prone phones could affect the entire country's stock market.
/goo.gl/aMTGCs
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| Miscellaneous | | Stories that don't quite fit under the other sections | At 'Conscious Capitalism' Gathering, CEOs Say Business Isn't Bad
Rachel Emma Silverman - WSJ
At a time when big business and trade are getting a bad rap, a group of 220 chief executives gathered at a luxury resort here last week to assure one another that capitalism is "awesome." Part pep rally, part group-therapy session, the 10th annual Conscious Capitalism CEO Summit brought together the leaders to exchange ideas and rev each other upÂeven if few could agree on, exactly, what conscious capitalism means.
on.wsj.com/2eCo4Ix
Cubs World Series makes team's stars a hit with marketers
Robert Channick - Chicago Tribune
Winning the World Series could do more than end a centurylong drought for the Chicago Cubs and their long-suffering fans. A victory on baseball's ultimate stage could launch the team's charismatic young stars, and its grizzled manager, into the sports marketing elite.
trib.in/2eCocb3
Billionaire Margarita Louis-Dreyfus Pledged Shares to Back Loans
Andy Hoffman, Javier Blas - Bloomberg
Akira BV made pledge for $475 million of Credit Suisse loans; Commodities trading house faces lower dividends and cash flow
Billionaire Margarita Louis-Dreyfus has pledged some of her family's shares in the eponymous commodities trading house to back $475 million of loans with Credit Suisse Group AG.
/goo.gl/gKcsDS
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