| November 13, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
Yesterday's Cult Wines seminar in Chicago brought the business of wine investment to the city. This unregulated $5 billion market offers some interesting alternative investment tidbits, including: the wine index LIV 1000 data shared at the event showed lower volatility than benchmark indexes such as MSCI over the past 3-, 5- and 10-year periods. Burgundy was the fastest growing region from Cult Wines' investors, accounting for 22 percent of investments.~JK
At the Cult Wine seminar in Chicago, a late fact disclosed was a 15 percent upfront management fee for the services of the company to invest in a wine portfolio. That Bordeaux on excessive.~JJL
ErisX is hiring. Find out about career opportunities here.~JJL
Thursday is the LaSalle Street Trading Tech Awards event at the Chicago Board of Trade Building. Besides honoring those firms who participated in the Trading Tech 300 program during 2018, we are also looking for other firms who wish to participate in the future. If you think your firm might be interested in holding a merit badge workshop for the Scouts, which in February will include both boys and girls, then contact me and come to the event on Thursday.~JJL
Thanksgiving is next week. We will not be publishing on Thursday, but will publish JLN on Friday. However, expect a slow news day. There will be no JLN Options on the Friday after Thanksgiving.~JJL
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A Predictable Regulatory Framework
ISDA Chief Executive Officer Scott O'Malia
Over the past 10 years, a remarkable event has occurred in the world's political and financial capitals. Policy-makers embarked on a largely consistent agenda of regulatory reform to make derivatives markets more robust and resilient. That global reform initiative is now mostly in place, but there are a number of challenges on the horizon, including Brexit, which must be overcome before all the pieces fall into place.
bit.ly/2PXy2Hd
*****Are you ready for more changes?~JJL
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Brussels prepares to adopt delayed no deal Brexit contingency plan
Mehreen Khan and Alex Barker in Brussels - FT
Brussels is preparing to adopt tough no deal contingency plans for Brexit, ramping up pressure on the UK as negotiations enter a highly sensitive final phase.
/on.ft.com/2Dj1sc5
***** Too many what ifs.~JJL
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Monday's Top Three
As crazy as people are about crypto, they are equally worried about robots, AI and machines taking your jobs. The top story of the day was the Wall Street Journal's D.E. Shaw Is a Quant King. Its Humans Are Losing Money. Second was the picture of Charlotte Crosswell with the Lord Mayor of London, and his fur coat. Third was Bloomberg's Meet the Robot Who Knows How to Trade Bonds Better Than You Do
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MarketsWiki Stats
135,292,657 pages viewed; 23,312 pages; 215,466 edits
MarketsWiki Statistics
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| Lead Stories | SGX launches new securities settlement and depository system, T+2 securities settlement cycle from 10 December
SGX
Singapore Exchange (SGX) will be launching a new securities settlement and depository framework and system on 10 December 2018, enabling a shorter securities settlement cycle of two days (T+2) and simultaneous settlement of money and securities.
bit.ly/2PSeYKw
European energy groups call for post-Brexit continuity
Myles McCormick - FT
European energy industry groups have joined together to call on London and Brussels to maintain co-operation on energy and climate change after Brexit.
/on.ft.com/2PPYP8v
Poland Probes Bank Regulator After Report of a $10 Million Bribe
Konrad Krasuski and Marek Strzelecki - Bloomberg
Troubled lender Getin Noble is at center of allegations; Government and central bank both want control of the authority
Poland's prime minister ordered an investigation into the regulator of the country's financial industry after a newspaper reported that its chairman made an improper offer to the owner of a troubled bank.
/bloom.bg/2PTHM5b
Malaysia's Mahathir says US has promised to return 1MDB money; PM looks to recoup billions and warns Goldman Sachs it will be punished if found guilty
Stefania Palma in Singapore, Hudson Lockett in Hong Kong - FT
The US Department of Justice has promised to return billions of dollars that were siphoned out of Malaysia's 1MDB state investment fund, according to prime minister Mahathir Mohamad.
/on.ft.com/2PXHWJ0
Wall Street Drags Main Street Into a Fee Dispute; Its concern for retail investors is touching, but the quarrel about the cost of market data is about profit.
Nir Kaissar - Bloomberg
A battle is brewing between Wall Street and stock exchanges. Wall Street says it's fighting for ordinary investors, but don't be fooled. Like everything else on Wall Street, this dispute is about the bottom line.
/bloom.bg/2PXOGGw
Carrie Schwab-Pomerantz on Owning Your Financial Future; Financial literacy and hard work go hand-in-hand in this installment of 'The Secrets of Wealthy Women' podcast
WSJ
Carrie Schwab-Pomerantz may have a famous father but she says she wasn't born with a silver spoon in her mouth.
/on.wsj.com/2PSyR46
The world's biggest maker of Bitcoin mining hardware wants to go public, but there are doubts over its profits
Sam Jacobs - Business Insider
Bitmain Technologies, the Beijing-based company which makes machines used to mine Bitcoin, wants to go public.
bit.ly/2PUv2v5
Goldman Sachs 'cheated' Malaysia over 1MDB - PM Mahathir
Reuters
Goldman Sachs Group Inc "cheated" Malaysia over its dealings with state fund 1MDB which is the subject of corruption and money-laundering investigations, Prime Minister Mahathir Mohamad told CNBC in an interview aired on Tuesday.
/reut.rs/2PQxQcT
Bank of Japan's balance sheet now larger than country's GDP
Hideyuki Sano, Tomo Uetake - Reuters
Japan's central bank has become the first among G7 nations to own assets collectively worth more than the country's entire economy, following a half-decade spending spree designed to accelerate weak price growth.
/reut.rs/2Q2SLcV
Greece May Free Its Banks From $47 Billion of Bad Debt
Christos Ziotis, Sotiris Nikas and Nikos Chrysoloras - Bloomberg
Central bank plan sees banks' tax claim assets moving to SPV; Special vehicle will issue bonds, use proceeds to buy bad debt
Greece's central bank is working on a plan to help banks cut their bad debts in half, the latest effort to restore trust in the country's financial system, two people familiar with the matter said.
/bloom.bg/2PRHIDf
The Man Who Brought Down a Commodity Giant Says He Acted Alone
Ben Sharples - Bloomberg
Arnaud Vagner says no co-conspirators in Noble Group attacks; Judge awards Vagner HK$519,520 ($66,357) in indemnity costs
Did it take one person to bring down Noble Group Ltd., or was it a group effort? The answer could lie in the identity of three men called Steve, David and Jonas.
/bloom.bg/2PUsvkz
Why Now Is a Great Time To Launch US Environmental Contracts
Jim Kharouf - Theincubex.com
In today's markets, there may not be a better time to get into carbon and renewable energy certificate (REC) contacts. This may surprise some but there is good reason these markets are ripe for growth.
bit.ly/2DyWIzX
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euro Fixed Income Futures: Definition of reporting and position limits for December 2018
Eurex
The reporting and position limits for the December 2018 contracts in the
Euro Fixed Income Futures were set as follows:
bit.ly/2PSAIG6
EurexOTC Clear: Production launch announcement of EurexOTC Clear Release 9.0 and service introductions
Eurex
With this circular, Eurex Clearing would like to inform about the following introductions and changes:
bit.ly/2PTlFMl
Moscow Exchange expands analytics offering for algorithmic and HFT firms
MOEX
From 13 November 2018, Moscow Exchange is expanding its offering of analytics products for funds, algorithmic and high frequency traders. The products leverage MOEX's market data and have been designed to help investors make existing trading strategies more efficient and create new ones.
bit.ly/2PSFeVc
New Deal Between CISI And Nigerian Stock Exchange Heralds Boost For Africa Based Finance Professionals
Mondovisione
The Chartered Institute for Securities & Investment (CISI) is delighted to announce a new partnership with The Nigerian Stock Exchange (NSE) to provide trainings for CISI's qualifications in Nigeria, under the auspices of X-Academy, the knowledge platform of NSE.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | A Whirlwind Fintech Romance Heads for Divorce
Lionel Laurent - Bloomberg
BPCE's purchase of mobile bank Fidor in 2016 seemed like a 21st-century fintech love story. Two years later, the relationship is on the rocks. It's a cautionary tale for banks looking to tap startups' digital expertise and a warning for other fintech firms hoping to achieve stellar valuations. The risk of culture clash when banks assimilate tech startups is all too easily overlooked.
/bloom.bg/2z7lP9b
Ripple Is Aiming to Overtake Swift Banking Network, CEO Says
Eric Lam and Haslinda Amin - Bloomberg
Ripple Labs Inc., the blockchain startup whose digital money is often used as a proxy for other cryptocurrency payments, is gaining new customers because financial firms are seeking faster, more up-to-date technology than the Swift banking network, Chief Executive Officer Brad Garlinghouse said.
/bloom.bg/2PZcMRi
Google Internet Traffic Is Briefly Misdirected Through Russia, China; Internet giant says issue has been resolved and it will conduct an investigation
Drew FitzGerald and Robert McMillan - WSJ
Google services were temporarily unreachable for some users after some traffic intended to reach the web giant was rerouted through other networks.
/on.wsj.com/2PTHkUx
Itiviti Receives Global Information Security Certification
PRNewswire
Itiviti, the leading global provider of multi-asset trading technology and financial infrastructure, today announced that it has received the ISO 27001 certification mark for its information security program. Itiviti has been certified for the provisioning of products and services related to its UL Platform, Xilix Execution Management System, NYFIX Marketplace, and corporate information systems.
bit.ly/2PU9qip
CQG And Matador Prime Team Up To Provide FX Liquidity On CQG Products
PR Newswire
CQG, a leading global provider of high-performance trading, market data, and technical analysis tools, announced today that the firm has collaborated with Matador Prime, a market-leading, global institutional broker. Matador's unique liquidity offering includes pricing and execution services for spot foreign exchange (FX) and contracts for difference (CFD) indices. Through the partnership, CQG's customers can access Matador's liquidity and trade directly with Matador Prime.
/prn.to/2PQD4p1
The Death of Exchange 1.0 and advent of Digital Exchange 2.0: more than just the matching engine
Hirander Misra, Chairman and CEO of GMEX Group and MINDEX
In order to generate development and innovative change, we must question and challenge what is already before us. It is not as simple as taking the next step up the ladder or adding to what you already have, it is about stripping a business model back to the basics, clarifying what you want to achieve and doing so by taking a completely different path.
bit.ly/2PRMVuN
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| Cryptocurrencies | | Top stories for cryptocurrencies | WSJCoin: The Cryptocurrency That Never Was
Steven Russolillo and Clément Bürge - The Wall Street Journal
Earlier this year we had a brilliant ideaÂOK, maybe just an idea. We cornered a pack of Wall Street Journal editors in a room and pitched an editorial project that could help our readers understand how the crypto industry is reshaping modern finance: We wanted to create The Wall Street Journal's very own cryptocurrency, and document the endeavor.
/on.wsj.com/2OCxB0k
Combined Class-Action Lawsuit Against Ripple Moves to Federal Court
Nikhilesh De - Coindesk
An ongoing legal battle between XRP investors and payments startup Ripple is entering its next phase.
Attorneys for Ripple Labs and its affiliated defendants filed to move a consolidated class-action lawsuit from its previous venue at the San Mateo Superior Court to the U.S. District Court, Northern District of California, according to court documents published Wednesday.
bit.ly/2PTBQcp
Three Minutes With Andrew Steinwold, Managing Partner At Polynexus Capital; The Financial Industry's 'Internet Moment'
Jessica Darmoni - Hehmeyer
"If one's able to see beyond the speculative mania, the underlying technology here is groundbreaking. Distributed ledger technology (DLT) enables 'cheap' trust," said Andrew Steinwold, Managing Partner at Polynexus Capital. "In traditional finance, every action incurs cascading costs in the forms of internal frictions, human effort and technological capacity. Blockchain has leveraged the power of software to codify many of these processes and judgement decisions, streamlining and lowering the cost of certain functions. The financial industry may finally have its 'internet moment.'"
bit.ly/2PPZarN
Questions raised over Bitmain profits after IPO filing; Discrepancies in profit figures cited by world's largest crypto mining hardware maker
Louise Lucas, Hudson Lockett and Henny Sender in Hong Kong - FT
Bitmain Technologies, the world's largest maker of cryptocurrency mining hardware, has stated significantly smaller profits in its initial public offering prospectus than in documents related to earlier funding rounds.
/on.ft.com/2PXP6wA
IMF Vows to Continue 'Devoting Attention' to Blockchain, Cryptocurrency in Fintech Drive
William Suberg - Cointelegraph
The International Monetary Fund (IMF) said it plans to use its ongoing research and experimentation with blockchain as an "anchor" for its future policy on the technology in comments Nov. 12.
Speaking on a panel with Ripple CEO Brad Garlinghouse during the Singapore Fintech Festival 2018, IMF Deputy General Counsel Ross Leckow highlighted three areas the organization has been "active" in regarding blockchain, cryptocurrency and more.
bit.ly/2z71YXY
5 cryptocurrency attacks that investors have no control over
Jason Glassberg - Yahoo Finance
It's no secret that cryptocurrency investing comes with a lot of risks. After all, price swings can be wild in the crypto markets. In the stock market, a 1.5-2% swing in the Dow leaves investors freaking out. In the crypto markets, this doesn't even count as volatility. When price swings happen here, they tend to be in the double digits, with dramatic ups or downs in specific coin prices seen as normal.
/yhoo.it/2JYS2nl
To Blockchain Or Not To Blockchain
Dante Disparte - Forbes
Many would argue that the enthusiasm for blockchain and cryptocurrency is waning. Indeed, according to Gartner's hype cycle, blockchain is tumbling into the trough of disillusionment where the fleet of Lamborghini's belonging to early crypto speculators have all but run out of fuel as cryptocurrency prices stabilize and regulators tighten their scrutiny of security-issues masking as initial coin offerings (ICOs) or newfangled ways of getting rich quick.
bit.ly/2PSGNSV
Banks find a use for blockchain: cross border payments
Laura Noonan - Financial Times
Finally banks may have found a problem that blockchain is able to solve now and at scale: cross border currency transfers. The banking sector has seen years of overhype and experimentation surrounding distributed ledger technology, but one project led by JPMorgan Chase, the Interbank Information Network (IIN), is quietly producing results at scale.
/on.ft.com/2qHoWAb
Japanese Insurance Giant Looks Toward Blockchain Technology To Revolutionize Cross-Border Payments
Rachel Wolfson - Forbes
One of the top three insurers in Japan, Sompo Holdings, Inc. has announced a business alliance with the leading digital foreign exchange platform and treasury solution based in Africa, BitPesa.
bit.ly/2JZh31E
B2BX Exchange Gets Licence Approval from Estonian Regulator
Celeste Skinner - Finance Magnates
B2BX Exchange, a professional digital asset trading platform, has received approval for a regulatory license from the Estonian Financial Intelligence Unit (FIU), the company announced on Monday. B2BX Exchange, part of the B2Broker Group, provides access to institutional level liquidity. It is a spot trading platform that gives its customers the ability to trade major cryptocurrencies such as Bitcoin, Ethereum, NEM, Litecoin, Ripple, NEO, Monero and Dash.
bit.ly/2ODRgNv
Can blockchain help soccer fan Jason Sze democratise 'the beautiful game'?
Peter Sabine - South China Morning Post
The world of blockchain throws up some interesting life journeys. For Jason Sze, co-founder and CEO of 433 Token - an initiative to democratise soccer - a promising career began as an inspector with the Hong Kong Police Force.
bit.ly/2PpPODx
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| Politics | | An overview of politics as it relates to the financial markets | Tech Firms Should Face 'Thoughtful' Regulation, Lawmakers Say; Rep. Khanna says one area where rules are needed is window of time companies can wait to disclose a breach
Greg Bensinger and Douglas MacMillan
While Silicon Valley companies face increased scrutiny over the role they play in elections and the propagation of false or biased news, politicians and industry insiders at a Wall Street Journal conference said there should be limited regulation of the industry.
/on.wsj.com/2PVzx8V
America's Struggle for Moral Coherence; The problem of how to reconcile irreconcilable values is what led to the Civil War. It hasn't gone away.
Andrew Delbanco - The Atlantic
With the united states starkly divided and with many Americans asking what kind of nation we are, it seems a good moment to look back to November 1863 in Gettysburg, Pennsylvania, when Abraham Lincoln tried to answer the same question. Consecrating a Civil War battlefield where thousands of young men and boys had died four months before, he spoke of a nation "conceived in liberty, and dedicated to the proposition that all men are created equal." For most Americans since, and for much of the world, those words have atÂtained the status of scripture. We draw our sense of collective identity from them. They were, however, not strictly true, and Lincoln knew it.
bit.ly/2PRJmVr
Don't Put Trump's Fox Into Financial Regulation Henhouse; The U.S. choice to head the Financial Stability Board wouldn't have the independence needed to press banks on reforms.
Melvyn Krauss - Bloomberg
It seemed like good news for the global economy when Randall Quarles, the Federal Reserve's vice chair for supervision, was put up by the U.S. to chair the Financial Stability Board, the watchdog that insures that international financial institutions keep to the reforms they promised after the 2008 financial crisis.
/bloom.bg/2Q0WqIc
In 'Ironic' Twist, Trump Rethinks Duty That Angry Soy Farmers Liked
Mario Parker - Bloomberg
Commerce Department will review duties on Argentine biodiesel; If fees are repealed, U.S. domestic soy demand could wane
The Trump administration, which has already caught the backlash of farmers suffering through the U.S.-China trade war, just made another move that could be seen as the latest hit against soybeans.
/bloom.bg/2PSxbaO
Frozen Out of China, American Farmers Refuse to Sell Their Soy
Shruti Singh , Isis Almeida , and Mario Parker - Bloomberg
Growers are storing the crop in hopes prices will increase; Oilseeds are typically sold at harvest to pay bills, avoid rot
Caught smack in the middle of the U.S.-China trade war, America's soybean farmers are taking a huge gamble.
/bloom.bg/2PSbk3i
U.S. on a Course to Spend More on Debt Than Defense; Rising interest costs could crowd out other government spending priorities and rattle markets
Kate Davidson and Daniel Kruger - WSJ
In the past decade, U.S. debt held by the public has risen to $15.9 trillion from $5.1 trillion, but financing all of that debt hasn't been a problem. Low inflation and strong global demand for safe U.S. Treasury bonds held the government's interest costs down.
/on.wsj.com/2PSwHl0
Stung by trade wars, U.S. farmers hope for quick progress on Farm Bill
Humeyra Pamuk - Reuters
Iowa soybean farmer Mike Schlosser does not expect President Donald Trump's trade war with China, the single biggest headwind to his business, to end any time soon. But he is among many in farm country who expect at least some good news this year - in the form of a new Farm Bill.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud
Yogita Khatri - Coindesk
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.
bit.ly/2PTrfOM
ESMA consults on future guidelines for money market funds' disclosure
ESMA
Starting from the end of the first quarter of 2020, European money market funds will have to disclose certain information under the Money Market Fund Regulation (MMFR) to their National Competent Authorities (NCAs).
bit.ly/2PSBF18
SEBI tightens disclosure, review norms for credit rating agencies; SEBI ordered CRAs to analyse deterioration in the liquidity conditions of an issuer, while monitoring its repayment schedules and taking into account any asset-liability mismatches
Reuters
The Securities and Exchange Board of India (SEBI) tightened disclosure and review norms for credit rating agencies (CRAs) on Tuesday, following concerns this year after firms failed to raise timely red flags ahead of the collapse of one of India's top shadow banks.
bit.ly/2PTtodi
CQG And Matador Prime Team Up To Provide FX Liquidity On CQG Products
MondoVisione
CQG, a leading global provider of high-performance trading, market data, and technical analysis tools, announced today that the firm has collaborated with Matador Prime, a market-leading, global institutional broker. Matador's unique liquidity offering includes pricing and execution services for spot foreign exchange (FX) and contracts for difference (CFD) indices. Through the partnership, CQG's customers can access Matador's liquidity and trade directly with Matador Prime.
bit.ly/2PZUmzQ
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How accurate are sell-side analysts?
Colby Smith - Bloomberg
With more than 90 per cent of S&P 500 companies having reported their financial results for the third quarter, earnings season is finally drawing to a close.
/on.ft.com/2Q2U8Z7
Commodity trader Noble reports another loss
Neil Hume - FT
Commodity trader Noble Group reported another loss on Tuesday as it prepared to push through a $3.5bn debt-for-equity swap.
/on.ft.com/2PTrBoA
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Dash Financial hires former Credit Suisse algo trading executive;James Doherty, who co-founded the Advanced Execution Services business at Credit Suisse, joins Dash as head of equity product.
Hayley McDowell - The Trade
Dash Financial Technologies has expanded its team with the addition of a twenty-year Credit Suisse veteran to lead its equity products.
bit.ly/2PRKd8B
Jefferies links up to oneZero's liquidity network; oneZero adds Jefferies to network of brokers, prime brokers and hedge funds providing liquidity through its EcoSystem.
Hayley McDowell - The Trade
Broker-dealer trading technology provider oneZero Financial has partnered with the FX team at Jefferies to expand its liquidity EcoSystem network.
bit.ly/2PTSsRl
Goldman must stiffen its response to bad conduct; After recent banking scandals, a box-ticking approach is not enough
The editorial board - FT
Goldman Sachs last week unveiled its biennial list of the senior staff it is promoting to the rank of partner. Chief executive David Solomon was applauded for elevating more women (26 per cent of the total) and securing the loyalty of the trading side of the business, as well as his own tribe of advisory bankers, by granting them more partnership roles.
/on.ft.com/2PQA5wP
Sushil Wadhwani hedge fund sold to Prudential Financial; Acquisition comes amid a land grab to acquire quantitative investment managers
Laurence Fletcher - FT
US insurer Prudential Financial's funds arm is to buy former Bank of England policymaker Sushil Wadhwani's computer-driven hedge fund, the latest move in a land grab within so-called quantitative investing in recent years.
/on.ft.com/2Q10dVW
Why Goldman Sachs Stock Is Tanking
Fortune
Goldman Sachs Group Inc.'s reputation is facing one of its biggest crises of the decadeÂand now its shares are, too. Since prosecutors implicated a trio of Goldman Sachs bankers in a multibillion-dollar Malaysian fraud early this month, investors have endured an almost daily drip of news on the firm's ties to the scandal. The barrage culminated Monday as the country's finance minister demanded a "full refund," tipping Goldman's shares into their biggest drop since 2011.
/for.tn/2PTQ119
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Californian power companies under scrutiny as wildfires spread; Electrical equipment among possible causes of blazes that have killed at least 31
Matthew Rocco in New York and Oliver Ralph in London - FT
Shares in California utilities PG&E and Edison International plunged on Monday as concerns rose that deadly wildfires ravaging the state could cost them billions of dollars.
/on.ft.com/2PXPj2W
Bundesbanker not worried by German banks' low stress test scores: paper
Reuters
A top Bundesbank official said he is not worried by poor results in the latest round of European Union stress tests and said tough reforms instituted after the global financial crisis have made German banks more resilient.
/reut.rs/2PXOyXy
India's market regulator tightens disclosure, review norms for rating agencies
Reuters
India's market regulator tightened disclosure and review norms for credit rating agencies (CRAs) on Tuesday, following concerns this year after the firms after they failed to raise timely red flags ahead of the collapse of one of India's top shadow banks.
/reut.rs/2PTr46c
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | How Much Might Irish Passport Be Worth After Brexit? $80,000
Dara Doyle and Rodney Edwards - Bloomberg
EU citizens can access lower university fees, healthcare; Northern Irish fret as fight goes on over rights after Brexit
With Brexit drawing closer, Noeleen Hayes decided it was time to get her two sons Irish passports.
/bloom.bg/2PW8wSL
A bad Brexit will not be as terrible as the Suez crisis. It will be far worse
Andrew Rawnsley - The Guardian
In the statement that accompanied his resignation as transport minister, Jo Johnson accused his own government of a "failure of British statecraft on a scale unseen since the Suez crisis". He is wrong. Brexit is many multiples more serious than the Suez debacle of 1956 and the consequences of a bad Brexit will be felt for far longer than was Sir Anthony Eden's misadventure in the Middle East. That cost him the premiership, but the humbling retreat from the desert taught his country and his successors at Number 10 a valuable and necessarily brutal lesson about the limits of Britain's post-imperial power. Suez did no lasting damage to Britain; arguably, that fiasco did this country a favour by burning away illusions about its place in the world. Nor was there enduring harm to the Conservative party. The Tories quickly ditched Eden and went on, under Harold Macmillan, to win a landslide election victory less than three years later.
bit.ly/2PQyas7
Boris Johnson says Brexit deal will make Britain an EU colony
Reuters
Britain's Prime Minister Theresa May and the European Union are stage managing a Brexit deal that will doom the United Kingdom to the status of a colony, former British Foreign Secretary Boris Johnson said on Tuesday.
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U.K. Says Deal 'Almost Within Touching Distance': Brexit Update
Robert Hutton , Peter Flanagan , Nikos Chrysoloras , and Tim Ross - Bloomberg
Prime Minister Theresa May says talks are in the "endgame," but she's not yet ready to force her Cabinet to get behind her.
/bloom.bg/2PZbvK0
EU executive to recommend exempting Britons from visas after Brexit - sources
Reuters
The European Union's executive is due to propose on Tuesday that Britons be allowed to visit the bloc without visas after Brexit, diplomatic sources and officials in Brussels said.
/reut.rs/2PRGWpP
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| Miscellaneous | | Stories that don't quite fit under the other sections | David Smith: We won the Great War but lost the economy
David Smith - The Times
This is a moment of history. The Great War itself went slowly, painfully so, but the time since we marked the centenary of the start of hostilities to today's 100th anniversary of the armistice seems to have flashed by. Those four years, of course, have included events that will also change the course of history.
bit.ly/2PsiBHP
Fewer foreign students coming to United States for second year in row: survey
Yeganeh Torbati - Reuters
he number of international students entering U.S. colleges and universities has fallen for the second year in a row, a nonprofit group said on Tuesday, amid efforts by the Trump administration to tighten restrictions on foreigners studying in the United States.
/reut.rs/2PTQnVx
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