| June 30, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2016 Newsletter Subscriptions: | |
The Battle Rages On: Industry In The Trenches For Talent
Jim Kharouf
If you think the battle for talent is tough these days, look no further than the most recent report from Universum called "World's Most Attractive Employers 2016." This survey of 267,084 undergraduate students from the 12 largest economies at 359 universities who are in 165 different concentrations, showed that the top 5 most attractive companies were: Google, Walt Disney, Apple, Nike and EY (Ernst & Young). That's where the next generation of graduates and new young professionals want to go.
And how about the business/financial sector? Ten out of 12 most attractive companies in financial services lost ground in the rankings, with the exception of Goldman Sachs, in second place, and Morgan Stanley at 14, the report said. Goldman not only uses Snapchat in its recruiting tools, it also has been able to draw global engineering and IT talent, ranking 21st in the most attractive companies to engineering/IT students. No other banks or brokers made that list.
The top five companies in the most attractive for business students were: Google, Apple, EY, Goldman and PwC. Other names in the top 50 included: JPMorgan at 10, Deutsche Bank at 27, Citi at 30, Barclays at 31, HSBC at 35, Credit Suisse at 38 and UBS at 45. No exchanges, brokers, specialty financial firms such as investment banks, proprietary trading firms, or market makers made the list. To be fair, there are a lot of name brands listed in this survey - and hey, who wouldn't mind working for L'Oreal Group, 9, or Heineken, 37 or Adidas, 19?
But it goes to show there is much work to be done in this industry to raise its brand recognition, attract, excite and keep the best talent. The ongoing headlines about fraud, market manipulation and other unsavory behavior in the markets has very likely taken a toll on the industry's reputation. Political rancor from the likes of US and UK politicians hasn't helped either.
This industry has a story to tell and serves a much greater purpose. Trouble is, it's had a hard time telling it, or speaking up at all. John Lothian & Co. is looking to address that in various ways, particularly with the the upcoming MarketsWiki Education series in Chicago on July 12, 14 and 15 and New York on July 19, featuring top professionals in our industry, who speak to students for 10 to 12 minutes each, informing them of the trends, opportunities and future for this industry. Without these voices, and we've now posted more than 100 presentations from the past three years, we will not connect with students, nor get them excited about learning about our industry and bringing it forward to the next generation. You can register here, http://bit.ly/1XxdC46.
But beyond that, the industry is in dire need of an education and employment adjustment. We can lament about the days when a friend of your dad or uncle hired you to run tickets on the floor of the exchange, or we can reach out to those students in high school and college and bring them into our firms today. Many firms do so, but the futures industry, for its own sake, must do a better job of bringing our faces and voices to students. How about an outreach to students of any age to your local schools to have them come over for an afternoon and speak to your traders, compliance, marketing team, technology group and so forth? How about inviting business students to various FIA events - or even creating a separate track just for them. Let's not let the outreach simply begin and end over a summer. To engage early and often, is to create a bond and pipeline for the talent we need.
And from an employer point of view, the report showed that 72 percent of global CEOs cited "skills shortages" as a threat to their business. 81 percent of CEOs said they were searching for a "wider mix of skills" than before. If we don't tell and teach them the skills we will need early, just how will we fill those positions with skilled people in an increasingly competitive landscape?
There is much more to be done in this space. The financial community's future depends on it.
++++
 
++++
François Hollande rules out City's euro clearing role; French president moves to strip London of crucial stage in derivatives and equities trading
Jim Brunsden and Anne-Sylvaine Chassany in Brussels - FT
The City of London should no longer be able to clear euro-denominated trades, the French president said on Tuesday, adding to post-Brexit fears.
/goo.gl/if4OsZ
++++
Not so fast, François: EU clearing land grab is complex
Risk.net
In the days since the UK electorate's emotive decision on European Union membership, financial commentators have been speculating about the fate of euro-denominated clearing in the City of London. Will the major UK central counterparties (CCPs) such as LCH have to move all euro clearing into the eurozone?
goo.gl/3T0WpP
***DA: This suggestion is, in a word, preposterous. U.S. CCPs like CME Group clear in sterling, euro, yen and other pairs, and have done so for quite a while. Ditto for jurisdictions across the planet. We do not want to go there.
++++
The Most Attractive Employers For Business Students Around The World
Forbes
It's no surprise that Google tops this list (it also led the U.S. ranking). Apple AAPL +0.95%, EY, Goldman Sachs, and PwC round out the top five, underlining the continued popularity of tech companies, banks, and professional services providers among rising professionals.
goo.gl/HT82fm
****SD: Forbes is not making an aesthetic judgment here.
++++
You Gotta Have Wa: JPX Looks For Harmony And Expansion With New Trading Platform
JohnLothianNews.com
Just over three years ago, Japan's equity and financial derivatives markets made a bold move to consolidate in an effort to leverage their strengths and create a cash equity and derivatives powerhouse through the merger of the Tokyo Stock Exchange and Osaka Exchange.
As the two exchanges moved ahead, cash equities were consolidated in Tokyo, while the Osaka Exchange took on financial derivatives.
"We changed the perception of our market, as we integrated very strong cash equity market with the very agile derivatives business, and we are feeding off each other's strengths," said Hiromi Yamaji, president and CEO of the Osaka Exchange, which handles the derivatives trading for JPX."
Watch the video »
++++
Hello fellow rock and rollers, blues jammers, folk and country rockers and ALTSO musical supporters!
ALTSO
Do you ever want to jam in front of a wild, live audience? Here's your chance to do that and help raise money for kids who need limbs to live productive lives. We are reaching out to those of you who have performed in the past, or expressed interest in performing to see if you would like to help us raise money with your talent for A Leg To Stand On in 2016. Our charity event this year will take place on October 6th again at the Chicago City Winery from 6 PM to 11 PM. For details and to register your band for ALTSO, please contact Ray McKenzie at [email protected]. This industry has talent. Bring it to ALTSO this fall and help kids in need.
++++
Billionaire hedge fund manager Leon Cooperman, the founder of $5.2 Omega Advisors, said young people should perhaps look at a different industry than fund management.
Yahoo! Finance
"Maybe some of the young people should look into going into different industries...because I think our industry is in turmoil. It's very ironic because you've got [Hillary] Clinton and [Bernie] Sanders crapping all over us and they don't realize Wall Street is in the midst of a very serious downturn," Cooperman, 73, said at the Benjamin Graham Conference hosted by the New York Society of Securities Analysts (NYSSA) in Midtown Manhattan on Wednesday.
goo.gl/MKqBgx
**JK: Nobody does crap like Bernie. Well, maybe Donald, or Hillary. (See our commentary here).
++++
Wednesday's Top Three
The top clicked story in yesterday's newsletter is U.S. Questions Whether Futures Markets Can Police Themselves from Bloomberg's Matt Leising. In second place, from The Trade's Joe Parsons, citing from the FIA/ISDA letter to the CFTC in Derivatives associations urge CFTC to split RegAT. In third place was http://reut.rs/293gzEW|Top German regulator says no to London HQ for Deutsche Boerse-LSE]]. The biggest market structure stories reign supreme; no fluff or silliness. Things are serious this week.
++++
|
|  | | | |
 | |
| Lead Stories | Why the EU's euro clearing Brexit threat may never happen; Move looks like another French effort to pull business back to Paris
Philip Stafford - FT
One of the shadows hanging over the City of London is whether it will lose its highly-prized business of clearing euro-denominated derivatives.
It has around 70 per cent of the business while the nearest competitor, Paris, holds just 11 per cent, according to 2013 data from the Bank of International Settlements.
Those fears may be realised especially since François Hollande, the president of France, spelt out his view.
/goo.gl/IRb1I6
Paris, Frankfurt Are Already Jockeying for City's Brexit Spoils
John Detrixhe, Birgit Jennen, Helene Fouquet - Bloomberg
Hollande says EU financial market hubs should 'get ready'; Merkel ally says Frankfurt better destination for clearing
The British seat at the European Union summit had been empty for less than 24 hours before leaders from France and Germany were haggling over one of the U.K. economy's crown jewels: the business that facilitates trading in euro-denominated derivatives
goo.gl/A0JYZV
BSE shareholders okay IPO plan
Shrimi Choudhary - Business Standard
Shareholders of the BSE stock exchange have approved its proposed plan to sell up to 30 per cent of its equity, in a much-awaited Initial Public Offer (IPO). It is expected to hit the market this financial year. The exchange plans to file draft papers next month with the Securities and Exchange Board of India (Sebi).
goo.gl/DMzrGh
Korea Exchange launches EURO STOXX 50 Futures
Eurex
The Korean Won denominated EURO STOXX 50 Futures was listed on Korea Exchange on 27 June 2016. EURO STOXX 50 Futures is the first listed derivative product based on a foreign equity index and will build a foundation for Korea Exchange to position itself as an Asian financial hub. This creates a favorable environment for domestic investors to trade foreign derivatives by reducing transaction costs and foreign exchange risk.
goo.gl/RKDrHx
Deutsche Bank Will Weather Brexit
By Leonid Bershidsky - Bloomberg
Neither Deutsche Bank Chief Executive Officer John Cryan nor investor George Soros believed the U.K. would vote for Brexit: Cryan said so a number of times, and Soros was long the pound as the results were announced. After the vote, though, Soros shorted about $100 million worth of Deutsche Bank shares, targeting Germany's biggest lender as a potential victim of Britain's secession.
goo.gl/UfIfaS
Deutsche Bank poses greatest risk to global financial system
By Hans Bentzien, WSJ
The International Monetary Fund has said Deutsche Bank is the riskiest financial institution in the world as a potential source of external shocks to the financial system.
"Among the G-SIBs (globally systemically important banks), Deutsche Bank appears to be the most important net contributor to systemic risks, followed by HSBC and Credit Suisse," the IMF said in its Financial Sector Assessment Program.
goo.gl/AlxDM5
New options for futures traders
Futures Magazine
As of the Commodity Futures Trading Commission's March FCM Data report, there were 70 FCMs listed. That is one more than the 69 listed the last time we presented our yearly Top Brokers feature (see "Top 30 Brokers: Mean, lean and ready for what comes next," January 2016) highlighting the FCM world, but it did not include OptionsHouse, which has since expanded into futures and launched its FCM in April. We noted that the number of FCMs had shrunk from more than 180 in 2004 to its current sad state.
goo.gl/2xauHY
GE Capital Sheds 'Systemically Important' Label
WSJ
General Electric Co.'s finance arm, GE Capital, won its bid to shed the "systemically important" label that carries stricter government oversight, as regulators said it made changes that significantly reduce its threat to U.S. financial stability.
on.wsj.com/29cye1L
JP Morgan sees new Scottish currency initially backed by BoE, ECB
By Jamie McGeever - Reuters
JP Morgan said on Thursday a Scottish currency in a newly independent Scotland could initially be stabilised near parity with sterling by the Bank of England and European Central Bank, given their strong mutual interest in ensuring stability there.
/goo.gl/1W7c4P
| | | | Brexit | The Brexit Bounce That Won't Carry Investment Banks Far
WSJ
There may be a Brexit bounce for investment banks' trading businesses. Trouble is, it won't rescue what was already shaping up to be a very tough year. The industry's focus will have to remain firmly on costs.
goo.gl/myddKp
Brexit must not risk what Britain is best at; Being economically joined to Europe has been hugely helpful in bolstering the UK as a services hub
John Gapper - FT
Amid shock at the UK's unexpected referendum vote to leave the EU, various historical events have been cited as parallels, notably the fall of the Berlin Wall in 1989. It reminds me of another destructive decision with unanticipated consequences more than half a century ago.
/goo.gl/oHIbgp
Why giving notice of withdrawal from the EU requires act of parliament
David Pannick, QC - The Times
Leaving the European Union raises the most challenging questions of constitutional law in modern British legal history. The first of them is whether parliamentary approval is needed before the United Kingdom can give notification of an intention to leave. The answer is that an act of parliament is required.
goo.gl/lQ4YVB
After Brexit, Here's What's Next for Europe; Will the U.K. and the EU be able to become friends with benefits?
Peter Coy - Bloomberg
"No man is an island," the English poet and Anglican cleric John Donne wrote in 1624, presaging the Brexit vote by almost four centuries. "If a clod be washed away by the sea, Europe is the less."
goo.gl/BauVvN
City jobs market faces prolonged slowdown after Brexit vote
FT
The City's hiring market is in for a prolonged slowdown as uncertainty triggered by the Brexit vote compounds already difficult conditions for financial services. "It's been a tough hiring environment anyway and it just got tougher," says Dee Symons, a managing director at executive search group Russell Reynolds. "We're in June so the next two months over the summer would typically be quiet for City hiring, Brexit or no Brexit."
/goo.gl/qE3jVa
Soros Says Brexit Has 'Unleashed' a Financial-Markets Crisis
Neil Callanan - Bloomberg
Britain's decision to leave the European Union has "unleashed" a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Brussels on Thursday.
/goo.gl/qU8NNn
Barclays is out of crisis mode as Brexit worries subside
The Telegraph
Barclays has already scrapped its Brexit crisis plans as the situation is much less severe than bosses had previously feared. The bank, along with the rest of the sector, prepared for a leave vote in the referendum by piling up cash to supply customers who wanted to withdraw money or shift into other currencies.
goo.gl/0n1Nxw
| | | | Regulatory | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | U.S. judge dismisses SIFMA case over market data fees
Reuters
A U.S. judge dismissed a long-simmering legal battle over the cost of market data that is used by brokerages and high-speed trading firms, in a victory for the New York Stock Exchange and Nasdaq.
goo.gl/YA7gvd
Regulators use Silicon Valley's AI to catch rogue traders
Philip Stafford - FT
In Robert Harris's 2011 novel The Fear Index a secretive hedge fund builds a computer capable of making its own trading decisions. Gobbling up information, the machine starts to confuse its human creators by building huge stakes and making a handsome profit from a market panic. As they assess the outcome, one of the protagonists notes: "The beauty of it is that it was but 0.4 per cent of total market volatility. No one will ever notice, except us." As markets increasingly rely on computer algorithms, reality is imitating fiction: artificial intelligence is becoming a bigger part of investing and it is also helping regulators ensure that traders do not get away with bad behaviour
/goo.gl/RQYYbS
ESMA IDENTIFIES SCOPE FOR GREATER EU HARMONISATION IN PROSPECTUSES APPROVAL
ESMA
The European Securities and Markets Authority (ESMA) has today published a peer review on the efficiency and effectiveness of European Union (EU) national securities markets regulators' approval of prospectuses, the disclosure documents prepared by issuers when they want to market their securities to EU investors.
/goo.gl/oGlf0b
| | | | Exchanges & Trading Facilities | Brexit slows SGX plans to buy Baltic Exchange
Nikkei Asian Review
Amid uncertainty after the U.K. voted to leave the European Union, Singapore Exchange, or SGX, announced it will extend its exclusive talks to buy British shipping information provider Baltic Exchange. The new deadline for concluding the negotiations is Aug. 31, two months after the originally agreed date of June 30. The Singaporean bourse has decided to take more time to discuss the buy with Baltic stakeholders. SGX said in a press release on Tuesday evening that the two exchanges had made "good progress in consultations" through meetings with Baltic's shareholders and stakeholders.
s.nikkei.com/29cZjBS
Singapore's bid for Baltic Exchange underlines diversity concerns
The Asian bourse had just one significant IPO last year and is losing ground to regional competitors
Jeevan Vasagar in Singapore - FT
The decision by Singapore Exchange (SGX) to bid for London's Baltic Exchange seems natural given Singapore's historic roots as a trade and shipping hub. But it also highlights the pressure SGX's new chief executive, Loh Boon Chye, is under to diversify, following a woeful year for new equities listings on the bourse and competition from regional centres.
/goo.gl/4hVgsr
Report on Initial Public Offering Applications, Delisting and Suspensions
HKEx
goo.gl/5iRq7V
Euronext launches options on the PSI 20 Index; At the time of the celebration of the 20th anniversary of the PSI 20 futures contacts
Euronext
Euronext is pleased to announce the launch of options on the PSI 20® Index (trading symbol: PSX). Through today's listing on the Euronext derivatives market these options are made available for trading to the broad European derivatives community.
/goo.gl/hQYKVO
ICE targets "point and click" traders with Eurodollar
Alice Attwood - FOW
Exchange moved contract to ICE Futures Europe in 2014 from NYSE Liffe US
The Intercontinental Exchange (ICE) has made changes to its Eurodollar contract in a bid to make the struggling product more attractive to traditional "point and click" traders.
ICE changed earlier this month the matching logic on its Eurodollar ICE Futures contract to a price and time priority system, known as first-in-first-out (FIFO), which prioritises orders placed first over later trades.
goo.gl/v5w3CI
SGX reports FY2016 results on 27 July 2016
SGX
Singapore Exchange (SGX) is reporting full-year results for Financial Year 2016 (FY2016) after the market closes on 27 July 2016.
goo.gl/2eXQJj
| | | | Politics | Boris Johnson Says He Won't Run for U.K. Conservative Leadership
Eddie Buckle, Robert Hutton, Svenja O'Donnell - Bloomberg
Boris Johnson pulled out of the race to be the next British prime minister after a savaging attack from former Brexit ally Michael Gove, who will now compete for the job with Home Secretary Theresa May.
goo.gl/2HxBtP
Trump Institute Offered Get-Rich Schemes With Plagiarized Lessons
By JONATHAN MARTIN - NY Times
In 2005, as he was making a transition from developing real estate to capitalizing on his fame through ventures like a reality show and product-licensing deals, Donald J. Trump hit upon a two-pronged strategy for entering the field of for-profit education.
goo.gl/HxLhdl
Hillary Clinton has 81% chance of defeating Trump, Nate Silver predicts
Tom McCarthy - The Guardian
Hillary Clinton has an 81% chance of winning the election to Donald Trump's 19%, polling analyst Nate Silver said on Wednesday in his first model of the 2016 presidential election.
/goo.gl/JyvHdR
How Democrats Moved Left on Wall Street; Populist economic appeals are now mainstream. That doesn't mean words will translate into action.
CLARE FORAN - The Atlantic
Bernie Sanders and Elizabeth Warren may not end up in the White House, but their efforts to influence the Democratic agenda seem to be paying off. A recently approved draft of the Democratic Party platform strikes a populist tone on Wall Street reform, calling for policy prescriptions championed by the progressive wing of the party. When it comes to the way Democrats talk about Wall Street, what once was fringe has made its way into the mainstream, though that doesn't mean words will translate into action.
goo.gl/xymDlf
| | | | Hedge Funds & Managed Futures | | For more, subscribe to the JLN Managed Futures newsletter or visit the Managed Futures section on JohnLothianNews.com. | GAM buys $4bn hedge fund manager Cantab Capital; Swiss asset manager builds quantitative investing unit as profits sour
by: Mary Childs in London, FT
GAM is buying the $4bn hedge fund manager Cantab Capital, billing the deal as the "cornerstone" for a new quantitative investing unit, just weeks before the Swiss asset manager is set to report a drop in profits.
The $217m acquisition is GAM's second in as many months as it aims to build its active offerings, attract new client money, and offset a projected 98 per cent decline in performance fees. Assets at the investment house shrank by 4 per cent last quarter to about $120bn.
/goo.gl/wE8SiF
Hedge Fund Industry AUM Regains $3T in May; Brexit Impact Looms
eVestment
The hedge fund industry's assets climbed back above the psychologically-important $3 trillion hurdle for the first time this year in May as investor allocations were positive for the third month in the last four, according to new research from eVestment.
goo.gl/7akSxW
| | | | Banks & Brokers | US banks to dish out $96bn after 31 pass stress tests
FT
Shareholders in US banks are in line for their biggest payouts since the global financial crisis after regulators gave executives the green light to dish out an estimated $96bn worth of funds. The industry is set to distribute about 16 per cent more capital than a year ago after 31 of 33 banks passed the Federal Reserve's latest stress tests, according to estimates from RBC Capital Markets.
/goo.gl/2gDf7F
IMF: Deutsche the Greatest Risk
WSJ City
Shares in Deutsche Bank fell to a 30-year low on Thursday after the International Monetary Fund said it is the riskiest financial institution in the world as a potential source of external shocks to the financial system.
/goo.gl/sNPyey
Trading Tech Talk 55: Moving Futures to the Cloud
The Options Insider
Do you trade? Innovate? Then you Tradovate!
CTO Interview: Today Mark and Henry are joined by Ryan Hansen, President of the new futures brokerage, Tradovate.
bit.ly/294XshC
Too Big to Fail But Bulking Up to Test
By Michael P Regan - Bloomberg
The nation's largest banks can finally exhale for the most part.
goo.gl/hwwFYn
| | | | Clearing & Settlement | DTCC's Wetjen Named to Chamber of Digital Commerce's Advisory Board
The company also joins the chamber's executive committee.
Mark Wetjen, head of global policy for the Depository Trust & Clearing Corp. (DTCC), was named to the advisory board of the Chamber of Digital Commerce, of which the company is also a member.
With Wetjen joining the advisory board, DTCC has also joined the chamber's executive committee.
goo.gl/re0bfr
Will The EU Cut Off Its Nose To Spite Its Face On Clearing, Banking And Finance?
Craig Pirrong - Seeking Alpha
French President Francois Hollande is demanding that clearing of Euro derivatives take place in the Eurozone. Last year the European Central Bank had attempted to require this, claiming that it could not be expected to provide liquidity to a non-Eurozone CCP like London-based LCH.
goo.gl/TpXyAt
Clearing houses must be able to recover from hacking in 2 hours
Reuters
Clearing houses and payment systems must show by June 2017 how their core operations would recover within two hours from a cyber attack, regulators said Wednesday in their first global financial sector guidelines for tackling hackers.
goo.gl/m5aE9n
| | | | Indexes & Products | Providers eye fractional ETF dealing services to meet pension and robo-advice demand
Investment Week
Investment services providers are beginning to offer fractional share dealing on exchange-traded funds to meet investor demand for lower entry levels on the vehicles. Currently, most platforms only allow ETFs to be traded in whole shares, which can often be £100 per share or more, making it harder for retail investors to utilise these vehicles if they are looking to invest smaller amounts on a regular basis.
goo.gl/Kiskhc
Fidelity Just Made Buying an Index Fund Vanguard-Cheap; Money manager to slash prices on more than two dozen funds, putting fees below or on par with Vanguard and Charles Schwab
By SARAH KROUSE - WSJ
Money manager Fidelity Investments plans to slash prices on more than two dozen funds that track stock and bond indexes, a big concession to an industry shift toward cheap products.
goo.gl/IwFizS
FTSE Russell Develops New Index Series With Namibian Stock Exchange
Mondovisione
FTSE Russell, the global index and data provider, today announces it will launch its new FTSE NSX Index Series on 1 July. FTSE Russell has calculated Namibian-focused indexes since 2002 but these were previously included in the broader FTSE JSE Index Series.
The Index Series will be launched in cooperation with the Namibian Stock Exchange (NSX) and includes a new capped index, the FTSE NSX Capped Overall Index. The existing Namibian-focused indexes have been separated from the FTSE JSE Index Series and incorporated in the new series, which includes more than 20 indexes in total. The Index Series will have its own Ground Rules, which describe the underlying universe from which constituents are drawn, the eligibility criteria and the frequency at which the composition of the indexes are reviewed.
goo.gl/lWGXGh
| | | | Technology | | For more, visit the Tech/HFT section on JohnLothianNews.com. | Bloomberg admits data has been missing from e-mails for years
By Kevin Dugan - NY Post
Bank of America set to cash in on expiring Bloomberg terminal deal
Bloomberg LP quietly started notifying its Wall Street clients on Wednesday that crucial data about who has received e-mails have been missing for more than nine years, The Post has learned.
goo.gl/UpQM5W
Brexit Just Made Dublin Look Even More Attractive for Tech
Aoife White, Dara Doyle, Jeremy Kahn - Bloomberg
Dublin's commissioner for startups, Niamh Bushnell, reacted to the U.K.'s shock decision to exit the European Union by issuing a press release with "Thanks to Brexit" as a headline. Her point was that after last week's vote, question marks hang over almost all the key ingredients that make London so attractive for technology companies.
goo.gl/ILGiho
Markit Launches Real-Time Bond Pricing - Markit Expands Its Bond Pricing Offering With Live Prices
Markit (Nasdaq: MRKT), a leading global provider of financial information services, today announced the launch of live pricing for bonds, a streaming pricing service for investment grade and high yield corporate, sovereign and agency bonds. This dynamic new offering broadly expands Markit's reach in the intraday bond pricing market.
Markit's new live bond pricing service covers over 35,000 bonds across 40 currencies and delivers more than 250,000 pricing updates per minute. Customers will benefit from improved pre-trade price transparency, timely intraday asset valuation calculations and superior best execution analysis.
goo.gl/kxkdKH
| | | | Enforcement | FINRA Fines Deutsche Bank Securities Inc. $6 Million for Submitting Inaccurate and Late Blue Sheet Data
FINRA
The Financial Industry Regulatory Authority (FINRA) today announced it has fined Deutsche Bank Securities Inc. $6 million for failing to provide complete and accurate trade data in an automated format in a timely manner when requested by FINRA and the Securities and Exchange Commission (SEC). As part of the settlement, Deutsche Bank has agreed to retain an independent consultant to improve its policies, systems and procedures related to blue sheet submissions.
goo.gl/KHMBnA
SEC fines WFG Advisors $100,000 for overcharging clients in alternative investments
Investment News
WFG Advisors, the registered investment advisory arm of Williams Finance Group, will pay a $100,000 penalty for overcharging clients, according to the Securities and Exchange Commission.
goo.gl/H8BruA
| | | | Environmental & Energy | | For more, subscribe to the JLN Environmental/Energy newsletter or visit the blog. | Options Show Just How Badly Brexit May Hurt EU Carbon Market
Bloomberg
Premium to buy put options advances faster than calls
U.K. seen 'left out in the cold' should trade talks fail
Brexit is sending prices in the European Union carbon market lower, and options traders expect it to get worse.
bloom.bg/29psRIg
Google buys 12-year output from Norwegian wind power farm
Reuters
Google has bought the entire 12-year power production from a yet-to-be-built Norwegian wind power farm to supply its European data centers with renewable energy, its developers said on Thursday.
Norway's Zephyr and Norsk Vind Energi said the 160-megawatt capacity onshore Tellenes wind power farm south of Stavanger is expected to be fully operational in late 2017, and when built it would become the largest wind power farm in the Nordic country.
goo.gl/UNyGPv
US, Canada, Mexico detail continent-wide clean energy plan
By Devin Henry - The Hill
Leaders of the United States, Canada and Mexico on Wednesday added new details to their new clean energy effort, a push to generate 50 percent of their electricity from renewable sources by 2025.
goo.gl/JZRYBi
5 reasons there's more to climate policy than a price on carbon
By David Roberts - Vox
In early June, the Canadian province of Ontario released its five-year climate plan, covering 2016 to 2020.
goo.gl/mVX4Dm
Coal's clout in Congress to take a hit
By Timothy Cama - The Hill
The coal industry is slated to lose clout in the next Congress, with term limits set to force out a chairman who has frequently battled with the Obama administration on behalf of mining companies.
goo.gl/ikZyXQ
| | | | Asia-Pacific | Why There Is a Sudden Outflow of Chinese Investors
WSJ
Where are all the buyers of bank stocks? China has no shortage of them. Investors have widely shunned financials after the U.K. voted last week to leave the EU. China is an exception. Shares of the country's four biggest state-owned banks are actually higher in Shanghai since Friday, including dividends paid in between. Their Hong Kong-listed shares have done even betterÂand part of that is due to buying from the north, too.
goo.gl/6m03Or
Hong Kong's Stocks Eke Out Quarterly Gain as Brexit Angst Eases
Bloomberg
Hong Kong stocks jumped the most in a month, erasing a quarterly loss, as they extended a recovery from the selloff following the U.K.'s vote to leave the European Union.
goo.gl/zVQhHz
Hong Kong's shares watchdog growls at Bank of America  FT.com
Financial Times
Hong Kong's securities regulator has publicly censured Bank of America Merrill Lynch for failing to disclose its trading in two companies for which it was also acting as an adviser.
/goo.gl/3AzkRA
Wider access to China's markets 'not a matter of if but when' Â FT.com
Financial Times
Index provider MSCI's decision this month not to include mainland Chinese A-shares in its global indices was widely unexpected by analysts. Yet investors largely consider greater access to China merely a matter of time given the country's growing economic clout and the size of its market.
/goo.gl/pPKAGx
How China Took Center Stage in Bitcoin's Civil War
Dealbook - NY Times
A delegation of American executives flew to Beijing in April for a secret meeting at the Grand Hyatt hotel, just blocks from Tiananmen Square.
They went to meet with the new kingmakers in what has become one of the grandest and strangest experiments in money the world has seen: the virtual currency known as Bitcoin.
goo.gl/kYFzTT
| | | | Frontier Markets | Problems mount up for emerging market companies
Steve Johnson - FT
Emerging market companies are suffering from sharper falls in productivity and profit margins than those in advanced economies, underlining the malaise gripping the developing world. Across emerging markets, productivity, defined as output per worker, fell 1 per cent in the 12 months to the end of the first quarter of 2016. This is the sharpest slide since the tail-end of the global financial crisis in 2009, according to analysis by JPMorgan.
/goo.gl/dCDGef
Why politics matters to ESG regarding emerging markets debt
Pensions & Investments
With investors' interest in emerging markets asset classes growing as valuations start to recover, there is more attention being paid to understanding the impact of environmental, social, governance and political factors, or ESGP. These are increasingly being reflected in investment mandates as part both of the portfolio design and in ongoing risk management.
goo.gl/Mnv1ck
NSEL scam: ED to widen probe, fresh attachments
Business Standard
The Enforcement Directorate (ED) is set to widen its probe and initiate fresh round of attachment proceedings in connection with its money laundering probe into the Rs 5,600-crore alleged payment crisis scam at National Spot Exchange Limited (NSEL).
goo.gl/YDJx30
| 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.
© 2016 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
