First Read
Hits & Takes
JLN Staff
Two noteworthy items about the two firms bidding for Fidessa. ION and rival bidder SS&C Technologies both claim the Carlyle Group or affiliates as investors. Both companies have grown dramatically via acquisition. SS&C has made dozens of deals – the latest a $5.4 billion purchase of DST Systems. Privately-held ION has made nine acquisitions since 2008 and has a bid of $2.09 billion for Fidessa.~JK
CBOE Chairman & CEO Ed Tilly and President Chris Concannon sent a customer letter about VIX pricing and recent erroneous claims in academic paper.~JJL
Category: So I got a little carried away. Correction: JLN Readers interested in the Crypto Evolved event in New York on June 27 from Viable Markets may receive a 15% (not 20%) discount when they register using this link, limit of 50 total registrations at that price.~JJL
Leo Melamed sold 7300 shares of CME Group stock on 2/5/18 at a higher average price than the 20,000 shares Terry Duffy sold on 2/6/2018.~JJL
At the Distributed Markets event in Chicago yesterday, Bobby Cho of DRW/Cumberland said his firm makes markets in 30-35 coins.~JJL
The National Futures Association will host a free webinar on Thursday, April 26, at 11:00 a.m. CT to educate investors about how to avoid financial scams and the importance of conducting thorough due diligence as part of #MSW2018. Register here.~JJL
Eric Patnoudes was once a trader at the CME and CBOT. Now he is in education. Here is his story.~JJL
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It’s a Scary Time to Be Trading Wall Street’s Fear Index; Concerns about the soundness of the entire ecosystem of VIX-linked trading rising
Gunjan Banerji – Bloomberg
Investors are starting to wonder if Wall Street’s fear gauge is broken. The Cboe Volatility Index tracks how much investors pay for options they often use as insurance against future stock-market declines. Known as the VIX, it typically rises as stocks fall or vice versa, reflecting shifting demand for options used to hedge investments. Playing the VIX has become a cottage industry in recent years, with billions of dollars flowing into investment products aimed at hedging or exploiting volatility trends.
/jlne.ws/2HGZ6Xd
***** Quotes in story include DRW’s Don Wilson.~JJL
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Revamping Nasdaq’s Tech Approach – Lars Ottersgård, Nasdaq
JohnLothianNews.com
After Adena Friedman became Nasdaq’s CEO at the end of 2016, the exchange group’s management team evaluated where would be best to invest moving forward. One decision out of that process was to shift to becoming more of a fully integrated, cloud-enabled managed services provider. The plan came together in 2017. 2018 is the year for execution.
In this video from JLN’s annual series with industry leaders, Nasdaq’s EVP and Head of Market Technology Lars Ottersgård talks about machine learning, data governance, parimutuel technology and cloud computing.
Watch the video and read the rest here »
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Innovation in Distributed Markets Comes to Navy Pier
Chuck Mackie – JLN Contributing Editor
The Chicago Blockchain Center and BTCMedia brought Distributed Markets to Chicago’s Navy Pier on Monday, and a sizable audience was treated to myriad examples of how far cryptoassets have come and how many dynamic and potentially revolutionary efforts are happening right now. While there are still many cases of “innovation theater” and “pilot purgatory” (terms lifted from event panelists) as well as the fundamental question as to whether or not individual cryptocurrencies are worth their valuations, there are just as many serious commercial success stories, intriguing use cases, and promising paths forward to validate the hype.
To read the rest of this story, click here.
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The Leadership Roles in America Where Women Are Outnumbered By Men Named John
Claire Cain Miller, Kevin Quealy and Margot Sanger-Katz – NY Times
In the corridors of American power, it can be as easy to find a man named John as it is to find a woman.
/jlne.ws/2HKHNnS
**** For the record, my name was supposed to be Sarah if I was a girl. Both of my brothers and I were supposed to be Sarahs, but alas were all boys. I was going to be named Sarah Lee, or Cupcake for short.~JJL
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Ending men-only panels is a spur to creativity; A diverse range of speakers brings valuable new perspectives to many events
Michael Skapinker – FT
In August last year, the Financial Times’ board decreed an end to men-only conference panels. Male journalists were encouraged to say we would not appear on panels, whether organised by the FT or by others, if no women were on the stage with us.
/jlne.ws/2qTS7jV
***** All panels should have at least one man on them.~JJL
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SGX launches Orb Awards to honour best of financial news and content
SGX
Open to all producers of content that demonstrate relevance to Singapore as an international financial hub; Six categories including awards for best commentary and top financial blogger.
Singapore Exchange (SGX) today launched the inaugural SGX Orb Awards to recognise excellence in financial journalism and content, bolstering its work to enhance financial education and empower investors.
/jlne.ws/2qVM3aA
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Monday’s Top Three
Our top read story of the day yesterday was the New York Times’ piece on Gary Gensler, A Former Top Wall Street Regulator Turns to the Blockchain. Second was Business Insider’s Jump Trading is making crypto a big focus. Third was the FT piece Fidessa dumps Temenos in favour of £1.5bn Ion offer – and that one isn’t over yet, folks. See today’s leads for more on the bids for Fidessa.
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MarketsWiki Stats
124,218,409 pages viewed; 23,082 pages; 212,853 edits
MarketsWiki Statistics
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Lead Stories
The 30 minutes that have an outsized role in US stock trading; An increasing concentration of volumes from 3.30pm to 4pm is causing concern
Robin Wigglesworth, US markets editor – FT
The increasing concentration of buying and selling of US stocks in the final 30 minutes of the day has some investors calling for a shorter trading period to help limit the market’s growing operational risk.
/jlne.ws/2HNjndF
LSE Directors Should Confront Management ‘Behavioral Issues’
Viren Vaghela – Bloomberg
Board didn’t act improperly, review by ex-KPMG partner says; Exchange hired Goldman’s Schwimmer as new CEO earlier in April
London Stock Exchange Group Plc’s directors should be prepared to confront “behavioral and performance issues” among management, according to a review that absolved its board of blame in the acrimonious departure of former Chief Executive Officer Xavier Rolet.
/jlne.ws/2HJkDON
SS&C set May 4 deadline to gatecrash 1.5 billion-pound Fidessa deal
Ben Martin – Reuters
U.S. financial software company SS&C Technologies has been given until May 4 to gategrash a 1.5 billion-pound takeover of Fidessa or walk away from the British firm, the UK’s Takeover Panel said on Monday.
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Upstart Exchange Blasts Nasdaq Plan to Boost Small-Stock Trading; Proposal would allow small-cap firms to restrict trading in their shares to the exchange where they are listed
Alexander Osipovich – WSJ
A proposal backed by the Trump administration to make the U.S. stock market more attractive for smaller companies came under criticism on Monday, as rivals called it a giveaway to Nasdaq Inc. NDAQ -0.54% and the New York Stock Exchange.
/jlne.ws/2HK6G3m
Nasdaq Supports Return of Market Monopolies to Save Small Stocks
Nick Baker, Brian Louis – Bloomberg
Plans to ask SEC to let thinly traded companies pool liquidity; SEC chairman agrees something should be done with small stocks
There’s a fresh push to give U.S. exchanges their monopolies back — at least for small stocks where many fret trading is too low, damaging the IPO business by scaring companies away from public markets.
/jlne.ws/2HLnXsF
LME to end free access for high speed traders
Neil Hume in London – FT
The London Metal Exchange has fired a broadside at high-speed traders with plans to end an incentive programme that allowed computer-driven funds free access to its market for six months.
/jlne.ws/2HKognU
Cboe: Unusual Vix moves were caused by whale, not manipulation
Alexandra Scaggs in New York – FT
Cboe Global Markets said on Tuesday that a recent unusual move in the so-called fear gauge was caused by an order imbalance, and sought to assuage concerns about claims of manipulation in the index.
/jlne.ws/2HLJxxq
Pimco’s New Bond King Could Be a Robot in Austin
Justin Baer – WSJ
Pacific Investment Management Co. used to rely heavily on one man to make many of its key investment decisions. Now it’s betting a big part of its future on millions of lines of software code.
/jlne.ws/2qUE6lY
Companies must start preparing for transition from Libor now; Many still seem oblivious to the fact the lending benchmark is on its last legs
Toby Stevenson – FT
The death knell for Libor has sounded. It is an important key benchmark or reference rate that underpins an estimated $370tn of financial products globally — including certain types of mortgages, consumer loans and bonds.
/jlne.ws/2HNbEMy
Wall Street Gender Gap Narrows, 5,000 Miles South of Wall Street
Fabiola Moura, Felipe Marques – Bloomberg
Brazil’s female bankers make strides at international firms; ‘We’ll be ashamed’ of diversity record: Banco do Brasil CEO
It’s been a good year for female bankers with C-suite ambitions in Brazil — the ones who work for foreign companies, that is.
/jlne.ws/2HLqhzT
Supreme Court Weighs Arguments in Case Involving SEC’s In-House Judges; Several justices concerned that striking down current system could erode political independence of civil service
By Jess Bravin and Dave Michaels – WSJ
Supreme Court justices appeared wary Monday of claims that the nonpolitical process for appointing administrative-law judges to hear securities-enforcement cases is unconstitutional, with several justices concerned that striking down the system could erode the political independence of the federal civil service.
/jlne.ws/2JpCEiC
Nasdaq proposes letting companies decide where their shares trade
John McCrank – Reuters
Nasdaq Inc (NDAQ.O) on Monday said it will ask regulators to let it give thinly-traded companies that list on its main U.S. stock exchange a choice as to whether their shares can be traded on other exchanges, with the aim of making it easier for investors to buy the stocks.
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Exchanges, OTC and Clearing
NYSE challenges Nasdaq’s reign as king of the tech IPO; Having secured Snap and Spotify, Big Board readies for battle over Uber and Airbnb
Nicole Bullock in New York- FT
Ever since high-profile tech listings burst into the public imagination more than two decades ago, the Nasdaq stock exchange has been synonymous with the online giants that have helped define the modern era.
/jlne.ws/2HK8bOV
Hong Kong Adds Dual-Class Shares, Paving Way for Tech Titans
Benjamin Robertson – Bloomberg
Companies including Xiaomi and Ant Financial may choose city; Applicants can file under new rules starting April 30
Hong Kong Exchanges & Clearing Ltd. approved the biggest change to its initial public offering rules in two decades, putting it in a position to battle New York for some of the world’s hottest companies.
/jlne.ws/2qPyZDN
LSE profits rise 13% on higher financial market volatility; Most shareholders expected to back Donald Brydon for another year as chair at AGM
Philip Stafford – FT
The London Stock Exchange Group reported double digit earnings growth in the first quarter as its clearing house and information businesses benefited from sharp moves in equity and money markets.
/jlne.ws/2qSFEgq
London Stock Exchange Group reports double-digit earnings growth on back of strong information services performance
Alexandra Rogers – City AM
The group said it had posted a strong first quarter performance (Source: Getty)
Income at the London Stock Exchange (LSE) soared 13 per cent to £520m for the first quarter of the financial year, as the exchange welcomed double-digit growth for information services, LCH and capital markets.
/jlne.ws/2HNuTWg
Eurex Exchange’s Quarterly Equity Derivatives Highlights – Q1/2018
Eurex
Eurex Exchange offers the broadest range of pan-European single stock options and futures with a product offering of more than 700 equity options and 800 single stock futures from more than 10 countries. Through bundling European equity derivatives exposure at Eurex, investors are able to maximize collateral utilization and benefit from cross margining efficiencies with Eurex Clearing. This update serves you with key figures and the most important developments in our equity derivatives segment during the first quarter of 2018.
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End of Consultation on amendments to Special Provisions regarding the extension of the Individual Clearing Model for Specified Clients and the amendments of the Pledge Agreement
Eurex
As announced in Eurex Clearing circular 032/18, Eurex Clearing AG (Eurex Clearing) introduces the Individual Clearing Model for Specified Clients and thereby includes clarifications in the Pledge Agreement regarding the amendment provisions in case of a new execution of the Pledge Agreement by a Clearing Member.
/jlne.ws/2JkUOlm
Deutsche Börse and Catalysts invite software developers to the Coding Contest
Deutsche Börse
On April 27, Deutsche Börse will host the Coding Contest organized by the Austrian IT service provider Catalysts in Frankfurt. This is a worldwide competition in which programmers compete against each other in more than 40 cities. The participants include experienced developers and young developers, students and hobby programmers. The best entrants receive an entry in the Catalysts Hall of Fame and can win prizes.
/jlne.ws/2JpxSSe
Clearstream acquires Swisscanto Funds Center Ltd. from the Zürcher Kantonalbank
Deutsche Börse
Clearstream, the post-trade service provider of Deutsche Börse Group, is expanding its fund offering by acquiring Swisscanto Funds Center Ltd., London (SFCL), from Zürcher Kantonalbank. The sales contract was signed by both parties on April 23, 2018. The transaction, which is in the high double-digit millions of euros, is expected to close in the third quarter of 2018, subject to the approval of the competent authorities. The acquisition will have an impact on the consolidated net income of Deutsche Börse Group in the first year.
/jlne.ws/2HrabYY
Hong Kong’s Listing Regime Enters New Era, Featuring Emerging and Innovative Firms
HKEX
Overwhelming stakeholder support for new listing regime proposal; Exchange to add three new chapters in the Main Board Listing Rules; Listing applications under new regime welcome when Rules take effect on 30 April 2018
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Tuesday) announced that the proposed new rules to broaden Hong Kong’s listing regime will take effect on 30 April 2018, from which date companies in emerging and innovative sectors seeking to list under the new regime may submit formal applications.
/jlne.ws/2Hoy1o5
Fintech
Goldman-backed consortium to buy CityFibre for £538m; Infrastructure funds offer 93% premium for UK telecoms group
Nic Fildes, Telecoms Correspondent – FT
CityFibre, the British telecoms company, has recommended a £538m takeover by a consortium of infrastructure funds backed by Goldman Sachs pitched at a 93 per cent premium to the share price of the company.
/jlne.ws/2qTR3wr
Citi Establishes Service to Support New SEC Regulations for Mutual Funds
Business Wire
Citi has established a service for clients facing the SEC’s Rule changes affecting the U.S. mutual fund industry later this year. The SEC’s sweeping reporting modernization and liquidity risk management rules place an added operational burden on asset managers. Compliance with the rules requires additional market data, analytics and new reporting infrastructure.
bit.ly/2Hlsxi4
Big xyt hires former Barclays Capital man Mark Montgomery
Finextra
big xyt, the independent provider of high-volume, smart data and analytics capabilities, is delighted to announce the arrival of Mark Montgomery in a key role supporting Strategy and Business Development.
/goo.gl/asiQd6
Alphabet Is Sitting on About $11 Billion in Startup Investments
Mark Bergen, Sarah McBride – Bloomberg
Google shared a result from its years of prodigious startup investing for the first time on Monday: The holdings are worth about $11 billion, based on company estimates.
/jlne.ws/2qT1aBw
Saxo Bank And Microsoft Partner To Shape The Future Of Cloud Services In The Financial Industry
MondoVisione
Today, Microsoft and Saxo Bank announced a strategic partnership with the aim of running Saxo Bank’s entire technology stack on the Microsoft Cloud.
/jlne.ws/2Hn8VWH
Colt recognised as leading provider of network connectivity for the Japan Exchange Group
Bob’s Guide
Colt Technology Services today announced that it ranks as one of the leading providers of network connectivity services for the Japan Exchange Group (JPX). Not only does Colt offer high performance hosting and connectivity, the company is also one of the highest rated solution vendors within the JPX ecosystem, which includes both the Tokyo Stock Exchange (TSE) and the Osaka Exchange (OSE).
/jlne.ws/2Jn6K6a
Colt launches low latency connectivity between ASX and CME exchanges
Julia Gabel – IT Brief
Colt Technology Services has announced the launch of a new ultra low latency service connecting the Australia Securities Exchange (ASX) and the Chicago Mercantile Exchange (CME).
/jlne.ws/2Jpzono
Cryptocurrencies
One in five financial institutions consider cryptocurrency trading, survey says
Reuters
One in five financial institutions is considering trading cryptocurrencies within the next 12 months, a survey published by Thomson Reuters on Tuesday found. Among those respondents who said they were willing to trade cryptocurrencies like bitcoin, the best known of the digital coins, 70 percent said they were planning to start trading in the next three to six months, the survey showed.
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Startups Love This Cryptocurrency Strategy. Regulators Say Not So Fast; Securities and Exchange Commission is skeptical of companies’ argument that tokens offered to wealthy backers aren’t an investment
Dave Michaels – WSJ
Startups are raising money from venture capitalists and other wealthy investors by rewarding them with new cryptocurrencies, in a bid to avoid much of the cost and regulation of traditional stock sales. One problem: Regulators haven’t recognized the arrangement as a valid way to raise money in compliance with investor-protection laws.
/jlne.ws/2qSH4rg
Japan Finally Gets Self-Regulatory Body For Cryptocurrency Exchanges
William Suberg – CoinTelegraph
Japan is about to get the first self-regulatory body for its cryptocurrency exchange industry as reports of a formal agreement surfaced on the local news outlet Asahi Shimbun Tuesday, April 24.
According to Asahi Shimbun, the country’s sixteen licensed exchange operators have taken steps to finally launch what will become known as the Japanese Cryptocurrency Exchange Association (JCEA).
bit.ly/2vDIB9v
Chinese #MeToo Student Activists Use Blockchain to Fight Censors
Keith Zhai, Lulu Yilun Chen – Bloomberg
Rare student movement seeks to avert government curbs; Blockchain was used as an anti-censorship tool in the petition
Student activists trying to ignite the #MeToo movement in China have turned to the technology behind bitcoin to battle government censorship.
/jlne.ws/2HOgCJe
Former JPMorgan Blockchain Head Says Focus Should Be On Privacy
Camila Russo – Bloomberg
Amber Baldet, the former head of JPMorgan Chase & Co.’s blockchain program, isn’t revealing her next gig, but at a conference Monday it became clear that her focus is on privacy.
/jlne.ws/2HIckTp
Goldman Sachs Hires Crypto Trader Justin Schmidt to Lead Digital Assets
Sonali Basak, Lily Katz – Bloomberg
Goldman Sachs Group Inc. hired Justin Schmidt as head of digital asset markets to help clients gain exposure to cryptocurrencies.
/jlne.ws/2qT2sMS
Bitcoin put him on the street. Then it made him a fortune
Jon Martindale – Digital Trends
Much of the wealth created by cryptocurrency has been siphoned off by established tech entrepreneurs. The Winklevoss twins and Chris Larsen’s of the world, who saw the upswing coming and had money to invest in it, have gained the most. Ray Youssef, the co-founder of Bitcoin direct-trade platform, Paxful, is a little different. While he still exudes the self-driven, cavalier attitude of many tech entrepreneurs, he sees himself as Robin Hood, not a slick Silicon Valley yuppie.
/jlne.ws/2JnK6ue
Bitcoin Rival Accused of Trying to Artificially Boost Its Price
By Olga Kharif – Bloomberg
Antpool claims to have started burning 12 percent of fees; ‘This was purely a PR game’ in war with Bitcoin, Samani says
Bitcoin Cash is the hottest cryptocurrency around right now for more reasons than you may imagine.
/jlne.ws/2HqzudI
Politics
Rusal Nationalization Possible as Kremlin Cautious on U.S. Move
Ilya Arkhipov, Andrey Biryukov – Bloomberg
Signals from U.S. on relations ‘contradictory,’ Peskov says; No specific discussions on possible state takeover as yet
Russia’s government could take over United Co. Rusal temporarily to save the metals giant from the impact of U.S. sanctions, a senior official said as the Kremlin struck a skeptical tone about Washington’s decision to ease some limits on the company.
/jlne.ws/2HHMGyl
How Long Can Trump’s Long Con Last?; Trump has exaggerated his wealth for years. In office, he’s trying a similar scam.
Timothy L. O’Brien – Bloomberg
In 1982, when Donald Trump was 36 years old, he began an annual ritual of lobbying Forbes magazine to include him on its list of the 400 wealthiest Americans. Forbes debuted the list that year, and Trump pursued his inclusion with gusto — lying, cajoling and repeatedly jumping on the phone to make sure that a young reporter at the magazine, Jonathan Greenberg, would accept his inflated claims about how much money he had.
/jlne.ws/2HNwaww
Regulation
Ether, Ripple May Be Securities, Former CFTC Head Says
Camila Russo – Bloomberg
Gary Gensler, the former chairman of the Commodity Futures Trading Commission, said that the cryptocurrencies Ether and Ripple could probably be classified as securities, subjecting them to greater regulatory scrutiny.
/jlne.ws/2HKUaAs
Brexit mutual regulatory recognition is “eminently achievable” says Financial Conduct Authority boss Andrew Bailey
Jasper Jolly – City AM
A mutual recognition regime for financial regulation after Brexit is “eminently achievable”, the City watchdog’s boss today said, rejecting calls for a less integrated relationship based on equivalence.
/jlne.ws/2HopUb3
Brexit: what does it mean for financial markets to be open?
Andrew Bailey, Chief Executive FCA UK
I want to take this opportunity to talk about Brexit, where things stand from a financial services perspective. In doing so, I will focus on what it means to have open markets, and how we can preserve them for the benefit of all.
/jlne.ws/2JiyUz2
Sebi’s circular naming defaulters draws flak; companies approach FinMin; The list featured some prominent names like SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance, Saradha Realty, United Bank of India &Trident India
Shrimi Choudhary – Business Standard
Market regulator Securities and Exchange Board of India (Sebi) is once again caught on the wrong foot, and this time for one of its recent circulars that made public names of over 2,000 entities, which have defaulted on its dues.
/jlne.ws/2HqOcBi
Sebi proposes biometric check for stock trade via mobile app; The development comes against the backdrop of instances of cyber attacks on systems in different parts of the world including India.
Press Trust of India
Markets regulator Securities and Exchange Board of India (Sebi) has proposed a new set of guidelines wherein biometric authentication will be required for stock trading through mobile applications.
/jlne.ws/2HqwgH8
What will be the impact of physical delivery of stock derivatives?; By forcing physical settlement, the distinctions between cash segment and F&O are being reduced
Devangshu Datta – Business Standard
The Sebi’s decision to make physical delivery of stock derivatives mandatory will have multiple knock-on effects across cash and derivatives segments. Many of those consequences would be negative.
/jlne.ws/2JniBBf
Sebi proposed as regulator for spot commodity exchanges for gold, metals; Govt agreeable in principle to this suggestion, though Sebi itself is not
Rajesh Bhayani – Business Standard
Spot commodity exchanges for gold, metals and even energy products like natural gas could see the light of day under the Securities and Exchange Board of India (Sebi) as the regulator.
/jlne.ws/2JlqgQp
ESMA Chair Maijoor speech at ILF Conference 2018 on CCP resolution
ESMA
The Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, has today delivered a keynote speech at the Institute for Law and Finance (ILF) at the Goethe University Frankfurt.
/jlne.ws/2HqfS9E
FCA warns public of increased threat of loan scams, as borrowers lose over £3.5 million a year
UK FCA
The Financial Conduct Authority (FCA) is today urging the public to be alert to the growing threat of loan fee scams targeting borrowers. This plea comes as last year over £3.5 million* was lost to loan fee fraud and reports to the FCA consumer helpline increased by 44%**.
/jlne.ws/2HttZuA
IOSCO Seeks Feedback On Good Practices To Assist Audit Committees In Supporting Audit Quality
MondoVisione
The Board of the International Organization of Securities Commissions (IOSCO) is requesting feedback on its proposed good practices for audit committees to support audit quality.
/jlne.ws/2Ho36IC
Investing and Trading
The Next Threat Stalking American Farmers Is the End of Cheap Money
Alan Bjerga – Bloomberg
Highest interest rates in five years signal more spending cuts; Fed moves are new blow to agriculture after years of crop glut
American farmers have managed to stay afloat despite years of shrinking crop values, the lowest incomes since the recession and a budding trade war with China. Now, they’re feeling a new squeeze — borrowing money is getting more expensive as interest rates rise. For some, it may be fatal.
/jlne.ws/2qUCrwK
Big Oil Still Unloved by Investors Despite Better Fortunes
Kevin Crowley, Kelly Gilblom – Bloomberg
Energy weighting in S&P 500 index is lowest in 14 years; Long-term oil pricing weak on plentiful supply, peak demand
For generations of investors, Exxon Mobil Corp. has been a cornerstone of fund managers’ portfolios alongside the biggest names in corporate America. Not so much any more.
/jlne.ws/2qSFe9Q
Institutions
Top SocGen trader exits after less than 6 months on job
Kevin Dugan – NY Post
Well, that didn’t take long. Mark Bamber, a top options trader at Société Générale, left his job earlier this month after less than six months at the French bank — part of a larger exodus at the company’s Manhattan office, The Post has learned.
/jlne.ws/2HFxQsb
Deutsche Bank Names Frank Kuhnke as Operations Chief; Mr. Kuhnke has been working in the retail, private and commercial banking division under new CEO Christian Sewing
Jenny Strasburg – WSJ
Deutsche Bank AG named longtime operations executive Frank Kuhnke as chief operating officer under new Chief Executive Christian Sewing, replacing Kim Hammonds, whose departure comes amid a high-level reshuffling at the German lender.
/jlne.ws/2HKWzuY
WorldQuant to launch its first fund open to outside investors; Quantitative investment firm seeks to raise more than $1bn to invest in global equities
Robin Wigglesworth – FT
WorldQuant, the computer-powered hedge fund that manages about $5bn on behalf of Izzy Englander’s Millennium Management, is launching its first fund open to outside investors.
/jlne.ws/2HJlkrn
KPMG faces shareholder protests over GE and Wells Fargo audits; Investor advisory groups call for US titans of banking and industry to end historic audit relationships
Alistair Gray and Ed Crooks in New York – FT
KPMG is this week facing the prospect of a rebellion from shareholders in two of its oldest and highest profile clients, Wells Fargo and General Electric, over its role auditing the beleaguered companies.
/jlne.ws/2qTPrCZ
Deutsche Bank Says Split of Investment, Retail Bad for Company
Steven Arons – Bloomberg
Deutsche Bank AG’s management opposed an investor’s proposal to split the investment bank from the retail unit, saying it would destroy value for shareholders.
/jlne.ws/2HKrQ11
Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud; The personal payment platform Zelle is flourishing. But so are fraudsters, who are exploiting weaknesses in the banks’ security.
Stacy Cowley – NY Times
Big banks are making it easy to zap money to your friends. Maybe too easy. Zelle, a service that allows bank customers to instantly send money to their acquaintances, is booming. Thousands of new users sign up every day. Some $75 billion zoomed through Zelle’s network last year. That’s more than twice the amount of money that customers transferred with Venmo, a rival money-transfer app.
/jlne.ws/2qScIFw
Regions
Banker Finds He Has ‘Even More Enemies Than I Thought’
Andrew Higgins – NY Times
The governor of Latvia’s central bank, a pillar of Europe’s financial system for years and a zealous champion of austerity, has long been lambasted by his critics as a heartless enforcer of economic dogma. In a play that recently ended a long run at the National Theater, his character is stabbed to death onstage.
/jlne.ws/2HN10pg
Brexit
Banks Told by EU to Solve Their $134 Trillion Brexit Headache
Silla Brush – Bloomberg
EU’s Dombrovskis pours cold water on U.K. call for legislation; Britain says derivatives, insurance are at risk after EU exit
The European Union spurned U.K. calls for a legislative fix to the threat posed by Brexit to trillions of dollars of financial contracts, telling banks and insurers to solve the problem themselves.
/jlne.ws/2HFsVYf
Europe ‘will have final say on City’s access to financial markets’ after Brexit
The Times
The City will only maintain its access to European markets after Brexit if the EU agrees that British regulations are sufficiently similar to its own, the vice-president of the European Commission has said.
bit.ly/2vHa8GT
Miscellaneous
Markets Media Acquires GlobalTrading, FIXGlobal.com Operator
Markets Media Group
Markets Media Group is pleased to announce the acquisition of GlobalTrading, a leading publication and forum for the electronic trading industry.
/jlne.ws/2JnLZai
The post The 30 minutes that have an outsized role in US stock trading appeared first on John Lothian News (JLN).