| August 23, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
From today's report The Highs and Lows of Spoofing the Market convicted market spoofer Michael Coscia's "order-to-fill ratio (the average size of his total orders divided by the average size of orders he filled) was 1.6 percent. The ratio for other traders ranged between 91 percent and 264 percent."~JK
HKEX is closed today due to a big storm, or what some call Typhoon Signal No. 10.~JJL
John J. Lothian & Company, Inc. has joined the International Commodity Derivatives Association, formerly known as the Swiss Futures & Options Association or SFOA, as a "B" member.~JJL
Pat Kenny of CQG, known widely as "The Most Interesting Man in the World," is today's speaker from the MarketsWiki Education World of Opportunity series in Chicago.
No clue what to make of this, but trader/investor/author/VIX blogger Bill Luby has a bio page with this nugget: "Useless trivia: I once broke the world pogo stick jumping record without knowing it." He beat John Lothian's world record by two jumps. ~SD
Tools of the Trade: How to Find the Best Options Series for You from OIC will be held today from 3:30 p.m. - 4:30 p.m. CT. Building upon last week's webinar, OIC will present a different approach to selecting an options series and finding the right strike, month and strategy. OIC will introduce to you three trading technology firms who will demonstrate their proprietary analytics to guide investors toward choosing the right options series.?~JK
Asia Pacific financial news from JLN is available HERE.~JJL
The MarketsWiki Upcoming Events page has quietly slipped into the Top 10 most popular pages on MarketsWiki.~JJL
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DRW's Busy August
Spencer Doar - JLN
One group not in lazy summer mode is DRW. The big news was the firm's acquisition of RGM Adivsors last week, but on August 9 the firm also made a notable move by bringing on Adam Garner in the newly created role of global head of fixed income options.
His arrival marked a reshuffling of DRW's fixed income desks under a new umbrella which no longer reports directly to Founder and CEO Don Wilson. Garner now oversees an amalgam of market making desks and principal risk taking traders. Garner said that in the current market environment DRW's diversification  in varying endeavors, asset classes and within fixed income, too  allows them to thrive regardless and that "you can see from our history we're pretty aggressive at finding opportunities."
Garner started his career at Credit Suisse in interest rate options, spending the last three of his nine years there as co-head of the unit. He transitioned to the buy-side for two-plus years at Brevan Howard while focusing on G4 rates and volatility. He then went to Citadel's fixed income division in 2014.
Garner's appointment comes on the heels of DRW's 25th anniversary last month.
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The Highs and Lows of Spoofing the Market
Crow & Cushing
This report examines the landmark conviction on August 7, 2017 of trader Michael Coscia for spoofing and commodities fraud. Coscia's scheme was carried out through a computer algorithm designed to manipulate market prices and mislead other market participants by creating the illusion of market movement.
United States v. Coscia represents the first conviction under the new anti-spoofing provision in the 2010 Dodd-Frank Act. It is not, however, the first case of market spoofing or manipulation by a long shot.
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How Many Americans Would Pass an Immigration Test Endorsed by Trump?
Quoctrung Bui - NY Times
President Trump this month endorsed legislation that would effectively cut immigration to the United States by half. The bill, known as the Raise Act, would sharply reduce the share of people admitted through family ties and create a skills-based system that scores applicants on factors including age, education, income, job prospects and proficiency in English.
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*****I would not make the cut to be allowed to enter the U.S. based on the test in this story. I scored 26 and need at least a 30 to be allowed to enter.~JJL
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50 Years Ago an Economist Worried About Unchecked Corporate Power. Here's What His Theory Got Wrong
Joshua Gans - Harvard Business Review
This summer marks 50 years since the publication of John Kenneth Galbraith's The New Industrial State and its quick rise to the top of the New York Times Best Seller list. The book was one of the rare instances where an economist was able to capture public imagination and focus debate on big-picture economic issues. We have only rarely seen its like since  although Thomas Piketty gave it a great go in 2014, with Capital in the Twenty-First Century.
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Udderly Brilliant: Ag Students Win CME Group Scholarships at Illinois State Fair
The Brownsville Herald
Illinois students prepare all year to participate in State Fair agriculture competitions -- whether they are showing an animal or competing in academic tests. Those same students were also competing for scholarships offered by CME Group, the world's leading and most diverse derivatives marketplace. This year, CME Group granted scholarships totaling $60,000 to 4-H Livestock Skillathon winners and Grand Champion livestock exhibitors.
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***** Gives new meaning to putting the squeeze on the CME.~JJL
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Trust and Transitions - Pat Kenny
Education.MarketsWiki.com
"You never know who you might be sitting next to right now. It might be someone you run into 20 or 35 years from now and that might be the person that gives you the break you need."
In this video from MarketsWiki Education's World of Opportunity event in Chicago, Pat Kenny, senior vice president with CQG, talks about a number of key traits needed to succeed in any workforce. As a trader in the pits of the Chicago Board of Trade in the early '80s when word was the only bond, Kenny learned about the importance of honesty and good judgement. He also stresses the importance of nonverbal communication. Making solid eye contact and sitting up straight are two qualities he believes are lost on the generation coming into the workforce.
Read the rest and watch the video »
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Tuesday's Top Three
Our top three stories on Tuesday were led by the New York Times' Insider Trading Case to Be a Test of the Role of Friendship. Second went to CNBC's Read Warren Buffett's touching tribute to NYSE's James Maguire, 'world's greatest specialist,' dead at 86. Third went to the New York Post's piece No one wants to work at Oppenheimer & Co. since new exec started
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MarketsWiki Stats
106,480,262 pages viewed; 22,682 pages; 207,954 edits
MarketsWiki Statistics
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| Lead Stories | Wall Street's Cowboy Traders Find New Riches In Bitcoin And Cryptocurrencies
Nathan Vardi - Forbes
Mike Komaransky spent 16 years trading, starting out as a clerk in the pits of the Chicago Mercantile Exchange, buying and selling everything from U.S. Treasuries to European fixed income derivatives. He spent his career at DRW Holdings, becoming a partner at the proprietary trading firm that runs one of Wall Street's largest high frequency trading businesses. Since 2010 Komaransky has focused on a new asset class, trading cryptocurrencies like bitcoin, and he did so well that Komaransky retired this summerÂat the age of 38.
/goo.gl/dnMLzx
Ex-Nasdaq NLX chief steps in as interim CEO of FinTech group; Charlotte Crosswell will act as CEO for Innovate Finance as the organisation hunts for permanent successor.
Hayley McDowell - The Trade
The former chief executive officer of Nasdaq NLX has stepped in as interim CEO of FinTech trade body Innovate Finance.
/goo.gl/WiqaCh
Hong Kong Issues Highest Typhoon Warning as Trading Scrapped
By Fion Li , Dominic Lau , and Wai Yi Shawna Kwan - Bloomberg
Observatory raises No. 10 warning for first time since 2012; HKEX to scrap day's trading if signal remains in force at noon
A man tries to walk against the winds from Typhoon Hato.Photographer: Anthony Wallace/AFP via Getty Images
/goo.gl/DijNfp
Central Banks Need to End QE for the Sake of Markets; Coordination is needed to remove easy money policies, but that's hard in a world with asynchronous economic cycles.
Alberto Gallo
The annual Jackson Hole symposium on monetary policy starts this week. It will be about "Fostering a Dynamic Global Economy": In other words, central bankers will sit down to discuss long-term goals and avoid publicly communicating policy decisions, if recent news reports about the Federal Reserve and the European Central Bank prove accurate.
/goo.gl/EJpgys
Michael R. Bloomberg to Convene Heads of State and CEOs at Inaugural Global Business Forum
Bloomberg
President Clinton, Bill Gates, UN Secretary General Antonio Guterres, Christine Lagarde, Jim Kim and many others to join government and business leaders during UN General Assembly
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TD Picks Dublin for Bond Trading Hub in Brexit Shift
Gavin Finch - Bloomberg
Bank plans to have 10 people in city, start bond-trading desk; Firm already has licensed operation in Dublin with two staff
Toronto-Dominion Bank has picked Dublin for its new trading hub inside the European Union in preparation for Britain's departure from the economic bloc.
/goo.gl/jizCMr
Mark Cuban backs new $20 million cryptocurrency venture fund
Evelyn Chang - CNBC
The billionaire is backing a new venture capital fund for cryptocurrency-related investments called 1confirmation. Founded by Nick Tomaino, former business development manager at Coinbase, the fund plans to raise $20 million, according to a Monday filing with the Securities and Exchange Commission.
cnb.cx/2xpCyRK
More than 70,000 City managers could be held personally responsible for misconduct under the FCA's new accountability rules
Lucy White
The number of senior managers in financial services firms who could be held personally responsible for misconduct has increased to 72,000, according to new research from law firm Cleveland & Co.
/goo.gl/YiXBCe
Nasdaq expands US equity data feeds into UK; Nasdaq will offer its US equity data feeds to UK clients through new Equinix data centre in London.
Hayley McDowell - The Trade
Nasdaq has made its US equity data feeds available to buy- and sell-side clients in the UK by linking up to a data centre based in London.
/goo.gl/gNo5Xy
Bloomberg expands into consulting in search for new media model; Financial information provider looks to leverage its data with advisory services
Hannah Murphy, Andrew Hill and Shannon Bond - FT
The lines between media consultants, advertising agencies and content providers are blurring, as pressure on ad revenues drives media businesses to seek new sources of growth, including events, e-commerce  and now, giving advice to the corporate world.
/goo.gl/vMbxHA
Will AI Replace the Traditional Trader by 2020?
Stephane Leroy - QuantHouse
Trading desks across the sell side, hedge funds, prop and quant shops, and prime brokers need to get ready for the future reality of a machine-driven trading environment. Just as we have seen algos and smart order routers replace humans in the early 2000s, 2020 will see human ideas coded into trading strategies and executed not by humans, but by APIs. But robots will not completely replace traders; rather, the technology will require new skillsets. Technologists, data scientists and analysts will be key (and king) in helping financial market participants transition to this machine learning and AI-driven future.
/goo.gl/d1Kt4T
Why Energy Traders Got the Eclipse So Wrong
Naureen S Malik - Bloomberg
So many Americans were outside that electricity demand fell; 'The people who tended to be short tended to make money'
Grid operators and traders thought they were totally prepped for the historic U.S. solar eclipse. There was just this one thing they didn't completely factor in: "irregular human-behavior patterns."
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FX Broker Wins $460,000 Fight With Retired Bulgarian Teacher
By Jeremy Hodges - Bloomberg
Forex Capital Markets Ltd. won a London lawsuit over its right to revoke $460,000 worth of "abusive" currency and commodities trades placed by a retired Bulgarian teacher.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Offers Proprietary U.S. Equity Data Feeds from Equinix Data Center in London
By GlobeNewswire
Nasdaq, Inc. (Nasdaq:NDAQ) has announced the availability of proprietary U.S. equity feeds from Equinix's London International Business Exchange(TM) (IBX) data center - LD4 - located in Slough, U.K. As part of Nasdaq's efforts to bring U.S proprietary equities data to a larger audience, Nasdaq now offers Nasdaq TotalView and Nasdaq Basic from LD4. Nasdaq Basic combines Nasdaq Best Bid and Offer (QBBO), with either Nasdaq Last Sale (NLS), or Nasdaq Last Sale Plus (NLS Plus).
/goo.gl/5BExc7
Liquidnet promotes Australian leader, names successor
BY DARREN SNYDER - Financial Standard
Liquidnet's former head of Australia, Tristan Baldwin, recently relocated to Hong Kong following his promotion as regional head of sales for Asia-Pacific.
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Daily Publication, etc., Concerning Margin Trading
JPX
Issues are subject to daily publication of outstanding margin transactions to alert investors on the use of margin trading. They do not implement regulatory measures on margin trading.
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No Trading Today in Securities and Derivatives Markets due to Issuance of Typhoon Signal No. 10
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) announced that today's trading sessions in the securities and derivatives markets, including After-Hours Futures Trading, have been cancelled due to the issuance of Typhoon Signal No. 10.
/goo.gl/FA2bdU
TMX Clearing Shift Would Undermine System, Canada Pot Firm Says
By Jen Skerritt - Bloomberg
CannaRoyalty, iAnthus weigh settlement options in the U.S.; Shares tumble as TMX Group considers new clearing policy
Any move by the Toronto Stock Exchange owner to stop settling trades for marijuana companies with U.S. operations would undermine the market's regulatory system, according to one Canadian pot company.
/goo.gl/THHh6w
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintech trade body chief steps down
Vivek Ahuja - Financial News
The chief executive of the UK's fintech trade body is stepping down next week after two and a half years in the role, with a former senior Nasdaq executive standing in until a permanent successor is found.
/goo.gl/pscrzi
3 Steps to Successful Trading Performance Analysis
Rival Systems
While a trader will spend countless hours studying markets, developing trading strategies, and successfully deploying those same strategies into production, little or no time is spent in examining the factors that contribute to an underperforming strategy or, worse, a once winning strategy that fails to be profitable at all. Based on our experience we believe a thorough and robust performance measurement program that includes a comprehensive set of inputs can have profound results for professional traders.
/goo.gl/Pi2mES
Why Blockchain Needs Design
Katharine Schwab - Co.Design
The global supply chain is incredibly complicated, with millions of ships and airplanes and trucks bringing goods thousands of miles across the world, crossing national boundaries, and changing hands along the way. If that's totally overwhelming to imagine, that's nothing compared to keeping the pieces of this system moving efficiently. The most baffling thing? Much of this unthinkably complex global system still runs on old-school forms of record keeping: namely, paperwork.
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****SD: Love this.
TD Ameritrade launches Facebook chatbot
Anna Irrera - Reuters
TD Ameritrade has launched a "chatbot", an automated program that can communicate with the brokerage's customers on Facebook Inc's messaging application, to give them information about markets and their accounts.
reut.rs/2wvm920
****SD: Reuters' Anna Irrera spoke at our MarketsWiki Education series in New York  that video will be coming down the pipeline soon.
Google touts Titan security chip to market cloud services
Salvador Rodriguez- Reuters
Alphabet Inc's (GOOGL.O) Google this week will disclose technical details of its new Titan computer chip, an elaborate security feature for its cloud computing network that the company hopes will enable it to steal a march on Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O).
/goo.gl/YDD6D2
China's Fosun invests in local version of bitcoin tech blockchain
Reuters
Chinese conglomerate Fosun Group has made a foray into blockchain with an investment in the Shanghai startup behind Onchain, a local version of the much-hyped technology that underpins virtual currencies such as bitcoin.
/goo.gl/F3Hc5J
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| Politics | | An overview of politics as it relates to the financial markets | Exxon Duped Public Over Climate Concerns, Harvard Research Says
Jess Shankleman - Bloomberg
Oil major accepted man-made climate change while casting doubt; Science historians analyse 187 documents dating back 40 years
Exxon Mobil Corp. spent the last 40 years undermining public concern over climate change, even as its own scientists determined man-made global warming was real and a serious threat, according to Harvard University researchers writing in a peer-reviewed journal.
/goo.gl/Pykazm
As tax debate heats up, Republicans tweak business interest plan
David Morgan - Reuters
Congressional Republicans, seeking to address the complaints of small businesses, are floating changes to their controversial proposal to eliminate business tax deductions for debt interest payments, business lobbyists said on Tuesday.
/goo.gl/82ar4J
Donald Trump threatens US government shutdown; President renews attacks on media in Phoenix as police confront demonstrators outside
Courtney Weaver in Washington - FT
A bombastic Donald Trump returned to the campaign trail on Tuesday, vowing to shut down the government if Congress did not pay for his proposed border wall and accusing his critics of trying to erase history.
/goo.gl/VtkBqT
Opinion: Is Trump killing the dollar?
By Benjamin J. Cohen - MarketWatch
Fear of crisis could lead to capital flight out of the U.S.
For nearly a century, the U.S. dollar has been viewed as the financial world's ultimate safe haven. No other currency has promised the same degree of security and liquidity for accumulated wealth. In past times of trouble, skittish investors and prudent central banks have all piled into dollar-denominated assets, not least U.S. Treasury bonds. This may no longer be the case.
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Donald Trump's 'fitness' to be president openly questioned
Barney Henderson - Telegraph
James Clapper, the former US director of national intelligence and retired lieutenant general, has openly questioned Donald Trump's fitness to be president.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Pay MiFID Research Costs Yourselves, Wealth Managers Tell Funds
By Julie Edde and Suzy Waite - Bloomberg
Asset owners say fund managers should absorb research costs;mMiFID II brings in research payment costs for asset overseers
As fund managers and research providers tussle over the cost of research under new European rules, some wealth managers are resisting the idea of paying anything at all.
/goo.gl/gU3ajo
Twice-convicted ex-Jefferies trader faces prison after losing bail request
Jonathan Stempel - Reuters
A federal appeals court on Tuesday rejected former Jefferies Group mortgage bond trader Jesse Litvak's request to stay out of prison while he appeals his second conviction and two-year sentence for defrauding customers on bond prices.
/goo.gl/ohqYct
SEC Charges Investment Adviser With Defrauding Professional Athlete and His Wife
SEC
The Securities and Exchange Commission today charged investment adviser Jeremy Drake with defrauding two clients, a high profile professional athlete and the athlete's wife, by deceiving them about the investment advisory fees they were paying. The SEC alleges that Drake went to elaborate lengths to conceal his fraud, including creating and sending false documents and masquerading as another person to corroborate his lies.
/goo.gl/56UBqU
6 Tips for Parents Looking To Improve Financial Literacy in Kids
KAITLYN KIERNAN - FINRA
Some students heading back to school this fall will see at least a bit of their classroom time devoted to personal finance, but that doesn't mean the lessons should stop there.
/goo.gl/BccCFm
ASIC announces regtech showcase event
ASiC
ASIC has announced that it will hold a showcase event on regulatory technology (regtech) on 18 September 2017 in Sydney. With regtech at the top of the minds of both regulators and industry, ASIC believes that this event will stimulate engagement, explore the opportunities and barriers to regtech deployment and identify potential areas for collaboration.
/goo.gl/tHptyA
ASIC permanently bans former Queensland financial adviser
ASIC
ASIC has permanently banned former financial adviser Neil Bruce Trower from providing any financial services.
/goo.gl/85cXEr
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How a lawn mower inspired one respected manager to create this ETF
Ryan Vlastelica - MarketWatch
Three securities and one measurement of valuation. Are these the ingredients for an unbeatable portfolio?
on.mktw.net/2wvijFT
What's All the Fuss About Bitcoin Anyway?
RCM Alternatives Blog
It's hard not to have heard of Bitcoin at this point. The cryptocurrency is up 650% over the past year, hitting new all-time highs last week at $4,300.00, from $0.05 in July 2010. And we're not messing up our decimal places here; that's 4 thousand three hundred dollars per Bitcoin today, up from five cents per Bitcoin a few years ago. It's no wonder names like Fidelity and Goldman Sachs now accept Bitcoin as a viable currency. Put that all together and Wall Street has changed their tune when it comes to gains like this.
/goo.gl/A8BExH
Toronto-Based Wealthsimple Launches Shariah-Compliant Portfolio; Firm broadens its product offerings in the crowded robo-adviser market
By David George-Cosh - WSJ
Toronto-based automated investment provider Wealthsimple Financial Inc. is launching a new shariah-compliant portfolio targeting U.S. and Canadian investors on Wednesday in a move to expand its product offerings in an increasingly crowded robo-adviser market.
/goo.gl/rY1FTM
Think Rates Are Going Up? Banks Don't; The percentage of bank assets that won't mature or change rates for more than five years reached a new high in the second quarter
By Rachel Louise Ensign - WSJ
After years of waiting for interest rates to rise, some banks are lending as if that day will never come, loading up on a record amount of loans and securities that carry low rates for long periods.
/goo.gl/Ky33hc
Chinese Investors Face New Roadblocks Investing Abroad; New Chinese regulations and wary foreign governments hamper M&A investors
By Emma Johanningsmeier - WSJ
After a record-breaking year for Chinese outbound M&A, Chinese investors are facing increasingly wary regulators in foreign governmentsÂand a Chinese government determined to control where they put their money.
/goo.gl/gExXaC
15M Capital Allocation at CloudQuant
Youtube
CloudQuant, the trading strategy incubator, has launched its crowd research platform by licensing and allocating $15 Million (USD) to a trading algorithm. The algorithm licensor will receive a direct share of the strategy's monthly net trading profits.
/goo.gl/U5UzKE
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | With alumni in the White House, Goldman sees an opening; Investment bank now targeting Volcker rule in DC lobbying after Obama-era battering
Barney Jopson in Washington - FT
When Lloyd Blankfein, Goldman Sachs' chairman and chief executive, arrived at the Rayburn building on Capitol Hill in late 2010, he was battered and bruised. At the time his bank was viewed as a vivid example of Wall Street misbehaviour. In the previous months it had been sued by regulators, flayed by lawmakers then damaged by the passage of Dodd-Frank, a law that would curtail its freedom in the name of preventing another financial crisis.
/goo.gl/TMWeSa
Former Lloyds boss Eric Daniels sues bank for withheld bonuses; Chief executive during £20bn taxpayer bailout is believed to be seeking up to £500,000 in performance-related pay
Rupert Neate - The Guardian
Eric Daniels, the chief executive of Lloyds Bank when it was bailed out with £20bn of taxpayer money during the 2008 financial crisis, is suing the bank for hundreds of thousands of pounds in disputed bonuses.
/goo.gl/6UtZSS
Wall Street Banks Warn Winter Is Coming as Business Cycle Peaks
By Sid Verma and Cecile Gutscher - Bloomberg
HSBC, Citigroup, Morgan Stanley say end of market boom is nigh
Breakdown in trading patterns is signal to get out soon
HSBC Holdings Plc, Citigroup Inc. and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle.
/goo.gl/HNzGwC
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bumpy Times in Brazil, but Hedge Funds Boom
Vinod Sreeharsha - NY Times
After more than a decade as an asset manager for large multinational banks, a Brazilian, Márcio Appel, wanted to make it on his own. The political and economic upheaval in his country was not going to deter him.
/goo.gl/WDomh2
Hong Kong's Index King Gets Squeezed
By Shuli Ren - Bloomberg
Hong Kong's benchmark index provider is at a turning point. European regulations that take effect in January will test its ability to remain relevant.
/goo.gl/wtrrJg
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Theresa May contradicted by her own officials as they say European Court could still rule supreme during transition period
Gordon Rayner, Steven Swinford - Telegraph
Theresa May faced embarrassment over her Brexit policy today when her own officials contradicted her stance over the European Court of Justice's future role.
/goo.gl/GMzk6D
Britain 'could remain under direct control of European court for years'; Scale of Theresa May's climbdown revealed as UK faces having to implement ECJ rulings on key issues such as immigration
Dan Roberts
Britain could remain under the direct control of the European court of justice for years after Brexit, it has emerged, and still be forced to implement the court's rulings on vexed issues such as immigration.
/goo.gl/tkQuqi
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| Miscellaneous | | Stories that don't quite fit under the other sections | Fake Polls Are A Real Problem
Harry Enten - FiveThirtyEight
Is Kid Rock leading the U.S. Senate race in Michigan? A story like that is essentially designed to go viral, and that's exactly what happened when Delphi Analytica released a poll fielded from July 14 to July 18. Republican Kid Rock earned 30 percent to Sen. Debbie Stabenow's 26 percent.
/goo.gl/EV9ywH
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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