Nasdaq admits closing auction blunders; Cboe telling market makers it’s close to ether futures launch

First Read

Hits & Takes
JLN Staff

The World Federation of Exchanges’ monthly publication, Focus, is out. In it are comments from the OCC’s Craig Donohue about its new initiatives, a Q&A with ASX’s Dominic Stevens, an interview with the LME’s Kate Eged and more.~SD

B3’s Mini Dollar Futures Contract hit a record volume Thursday with 1,770,971 contracts, topping the previous record of 1,673,987 on June 7, 2018.~JK

Renato Mariotti, joined by WGN Radio’s Patti Vasquez, debuted a news podcast called “On Topic” this week. He is also the featured MarketsWiki Education video today. See below. ~SD

DRW is looking for 2019 (the year, not the number) interns and has some full time positions open. They review applications on a rolling basis, so they encourage applicants to apply early.~JJL

Bart Mallon of the law firm Cole-Frieman & Mallon LLP is the co-chair of the 3rd Conference in San Francisco for the CoinAlts Fund Symposium. The conference is on September 20, 2018 at the St. Regis Hotel.~JJL

Veronica Augustsson, former CEO, Cinnober Financial Technology will be on a panel, Innovation in the digital age, at the Derivatives Forum 2018 Stockholm on September 12. The event is a partnership between Eurex, Dance Bank and SEB.~JJL

++++

The most powerful women in Chicago Business
Crain’s Chicago Business
Chicago has a pack of powerful female executives, and this Crain’s list demonstrates their achievements across a wide range of industries. To see how women are faring in the C-suite,
bit.ly/2N3ANFj

**Not a single one mentioned in financial markets – There are more than a few at CME Group, which has a market cap that dwarfs or compares to most of these firms – Kathleen Cronin, senior managing director, general counsel and corporate secretary; Julie Holzrichter, chief operating officer, or Julie Winkler, chief commercial officer. Not CEOs…yet.~JK

++++

MWE World of Opportunity – Avoiding Spoofing Shortfalls
JohnLothianNews.com

Renato Mariotti prosecuted Michael Coscia for spoofing as a federal prosecutor, ran for Illinois attorney general and can frequently be seen on cable television commenting on current events. So when he talks about spoofing and markets, as he does in this MarketsWiki Education video, take heed.

Now a partner at Thompson Coburn, Mariotti is defending Jitesh Thakkar against spoofing charges.

Watch the video here »

++++

Trump Bloomberg Interview: May Index Capital Gains to Inflation
John Micklethwait, Margaret Talev and Jennifer Jacobs – Bloomberg
President Donald Trump said he’s considering a capital gains tax break by issuing a regulation that would index gains to inflation. “I’m thinking about it,” Trump said Thursday in an Oval Office interview with Bloomberg News. In the wide-ranging interview he also expressed support for Fed Chairman Jerome Powell and said embattled Attorney General Jeff Sessions would not leave his job before the midterm elections.
/bloom.bg/2N3qQIg

****Among other things, he also threatened to pull out of the WTO “if they don’t shape up.” Here’s his quote regarding the timeline of a trade deal with Canada: “It may be by Friday or it may be within a period of time. But ultimately they have no choice.”~SD

++++

In Glenview, Macushla Brewing carries on despite a broken heart
Greg Trotter – Chicago Tribune
Megan Welch talks about keeping Macushla Brewing going with a brewmaster and the help of friends and relatives after her husband, Mike Welch, died in April 2018. This is the work that Mike loved to do. Pouring the bags of malt in the steel tank. Stirring the grain with the long mash paddle so it doesn’t clump. Brewing the beer that brought people together.
/jlne.ws/2Nc7tNj

***** The story says the late Mike Welch used to toil at the Chicago Board of Trade for years. Such a sad story.~JJL

++++

Thursday’s Top Three
Our top read stories of the day on Thursday were led by the Crain’s Chicago Business column CME finally drops Class B shares, shrinks directors board. Second went to Reuters’s piece on the antitrust case against nine banks in Big banks win dismissal in U.S. of bond rigging lawsuit. Third went to Bloomberg’s BlackRock’s Decade: How the Crash Forged a $6.3 Trillion Giant

++++

MarketsWiki Stats
131,923,231 pages viewed; 23,264 pages; 214,786 edits
MarketsWiki Statistics

++++

Lead Stories

Nasdaq admits closing auction blunders; Exchange says it mistakenly executed more than a thousand trades
Nicole Bullock in New York – FT
Nasdaq has mistakenly allowed more than a thousand trades to be executed around the market open and close, an error that it said prevented other investors from getting their orders filled at a crucial time of the trading day. In an alert to the market, Nasdaq said certain orders, called minimum quality orders, were mistakenly included in the opening and closing “cross” where outstanding orders are executed. The exchange said the error dates back to November 2011. Closing prices are widely used to set the valuations of mutual funds and other investment instruments.
/jlne.ws/2onfxfM

****For a non-paywalled take, see The Desk’s Nasdaq reports seven-year error in closing auction

Cboe is telling market makers that it’s getting close to launching ether futures
Frank Chaparro – Business Insider Prime
Cboe Global Markets, the exchange behind the first market for bitcoin futures, is telling market makers that it is getting close to launching futures for ether, the second-largest cryptocurrency by market capitalization, people familiar with the situation told Business Insider. The product may launch by the end of 2018, one of the people said.
/goo.gl/f5sWsT

****No surprise here – the price of ETH popped ~3.5 percent after this article came out though has now given back some of those gains. ~SD

Germany aligns with the UK against Brussels on £100 trillion derivatives danger
Telegraph.co.uk
The German regulator BaFin has read the riot act to complacent EU officials in Brussels, demanding urgent action by the EU side to avert mayhem in the vast derivatives market after Brexit.
bit.ly/2LI2xec

Ad Man Inspired by Goldman Becomes a Billionaire
Tom Metcalf – Bloomberg
Revenue surged 52% last year at Jeff Green’s advertising firm; He sold his previous company to Microsoft for undisclosed sum
Making the ad world work more like financial markets has made Jeff Green a billionaire. Green, 41, co-founded Trade Desk Inc. in 2009, seeing it as the Goldman Sachs of online advertising. The platform offers a marketplace that lets buyers place specific ads in front of a precisely targeted audience.
/jlne.ws/2N2H4RO

US Futures Markets Remain on Track for a Strong 2018
Russell Rhoads – TABB Forum
Market volatility was lower in the second quarter versus the first, but US futures volumes remained strong, and TABB Group expects both the US futures and options-on-futures markets to set volume records in 2018. In addition, the number of FCMs remained steady at 62, bucking what has been a long-term downtrend in the number of firms. TABB Group’s head of derivatives research Russell Rhoads examines trends in the futures and options-on-futures markets in the US.
/goo.gl/1TncEn

****Rhoads also mentions that OOFs volume – I’m still trying to make that the go-to TLA when referencing options on futures – is set to top 1 billion contracts for the first time. Also, the top 10 FCMs “continue to hold about 73 percent of market share, with the top 5 retaining more than 35 percent of customer assets.”~SD

Reducing the human touch; Buy-side priorities have been historically dominated by regulatory concerns, but a survey of senior FX buy-siders carried out by Worldwide Business Research suggests that automation is now taking over. Hayley McDowell examines the benefits, challenges and progress as asset managers look to reduce the human touch on trading desks.
Hayley McDowell – The Trade
It’s no secret that inadequate technology will be costly to the buy-side. Now, more than ever, the buy-side is embracing the use of new technologies on trading desks as a matter of urgency, where, in some instances, it is taking priority over human traders.
/jlne.ws/2orLILq

Investment Association appoints European affairs head for Brussels move; Johannes Woelfing will be responsible for setting up the Investment Association’s new office in Brussels as it looks to have an increased presence in the city
Hayley McDowell – The Trade
The Investment Association has promoted one its senior regulatory specialists to head of European affairs as the body prepares to establish a new office in Brussels.
/jlne.ws/2orHvY6

Newton Crypto Raises Up To $15 Million Through Partnership with DV Trading
Markets Insider
Newton Crypto Ltd. (“Newton”) announced today that it has entered into a partnership with DVX Capital Markets, an affiliate of DV Trading and DV Chain, and the parent company of Independent Trading Group (“ITG”), a Canadian broker dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC). DV will invest up to $15 million in debt and equity, dependent upon Newton reaching specified performance targets.
/read.bi/2MX2YGf

SEC Chairman Wants to Let More Main Street Investors In on Private Deals
Dave Michaels – WSJ
The Securities and Exchange Commission wants to make it easier for individuals to invest in private companies, including some of the world’s hottest investments, which have been out of reach for many people, the agency’s chairman said in an interview.
/on.wsj.com/2MI7Kbn

****Reuters here.

Special Report: In Venezuela, new cryptocurrency is nowhere to be found
Brian Ellsworth – Reuters
To hear Venezuela’s leftist President Nicolas Maduro tell it, this remote hamlet of 1,300 souls is perched on the cutting edge of an innovation in cryptocurrency.
Located in an isolated savanna in the center of the country, Atapirire is the only town in an area the government says is brimming with 5 billion barrels of petroleum. Venezuela has pledged those reserves as backing for a digital currency dubbed the “petro,” which Maduro launched in February. This month he vowed it would be the cornerstone of a recovery plan for the crisis-stricken nation.
/reut.rs/2N5FpLc

****However, Dash cryptocurrency surges in Venezuela as hyperinflation explodes. (via Business Insider)~SD

Exchanges, OTC and Clearing

Temporary fee waiver for on-behalf services to support Brexit preparations
Eurex
Brexit will likely affect the business relationship between the EU and the UK. Market participants are actively preparing for scenarios which elimi≠nate passporting or even prevent access in general.
/jlne.ws/2osce7g

Eurex Strengthens Asset Class Focus
MondoVisione
In an update to its organisational set-up, Eurex, one of the world’s leading derivatives markets and part of Deutsche Bˆrse Group, enhances its asset class focus by combining the sales and product design functions for equity index and for fixed income derivatives, respectively.
/jlne.ws/2LI6sHK

TMX Group CEO Lou Eccleston to Present at the 2018 Scotiabank Financials Summit
TMX
TMX Group CEO Lou Eccleston will present at the 19th annual Scotiabank Financials Summit at the Fairmont Royal York Hotel in Toronto.
/jlne.ws/2onSSjA

Report on Initial Public Offering Applications, Delisting and Suspensions (As at 31 August 2018)
HKEX
/jlne.ws/2oqsq8X

JPX Report 2018
JPX
We are glad to inform you of the publication of the JPX Report 2018. Prepared as part of our efforts toward integrated reporting, the report offers stakeholders and the general public a deeper insight into our corporate philosophy, social raison d’Ítre, and our initiatives toward sustainable corporate development.
/jlne.ws/2N54W7b

30th Anniversary of Launch of Equity Index Futures
JPX
This year marks the 30th anniversary of the equity index futures market in Japan. On September 3, 1988, Osaka Securities Exchange and Tokyo Stock Exchange launched Nikkei 225 Futures and TOPIX Futures, respectively.
/jlne.ws/2N1P71i

Another trading participant joins SIX.
SIX
Kemp Trading B.V. is the second new trading participant to join the Swiss stock exchange in August and the fifth overall in 2018.
/jlne.ws/2oq8rY1

Fintech

China’s Fintech Giants Have The Money And Means To Dominate Despite The Wider Slowdown
Sara Hsu – Forbes
China has experienced a fintech explosion in recent years, with top companies dominating the industry. It’s not an accident that Alibaba spinoff Ant Financial and Tencent rule the digital payments industry, or that Creditease’s Yirendai and Lufax are major players in the online lending sector. All of these companies have garnered large amounts of investment, expanded into areas with high levels of demand and have successfully diversified out of their core business into other areas.
bit.ly/2CfOXiP

Python is becoming the world’s most popular coding language; But its rivals are unlikely to disappear
The Economist
“I certainly didn’t set out to create a language that was intended for mass consumption,” says Guido van Rossum, a Dutch computer scientist who devised Python, a programming language, in 1989. But nearly three decades on, his invention has overtaken almost all of its rivals and brought coding to the fingertips of people who were once baffled by it. In the past 12 months Americans have searched for Python on Google more often than for Kim Kardashian, a reality-TV star. The number of queries has trebled since 2010, while those for other major programming languages have been flat or declining.
/jlne.ws/2N1jBk5

OCC Accepting Charter Applications from Fintech Companies
Davis Wright Tremaine – Lexology
Earlier this summer the Office of the Comptroller of the Currency issued the anticipated announcement that fintech companies engaged in the business of banking may apply for special purpose national bank charters. In conjunction with its announcement, the Comptroller of the Currency, Joseph Otting, adopted a Policy Statement describing how the agency will consider applications by financial technology companies ó the “new entrants to the national banking system” ó under the agency’s existing chartering authority. The OCC also issued a Supplement to the Comptroller’s Licensing Manual, entitled, “Considering Charter Applications from Financial Technology Companies” (Supplement). The OCC’s actions this summer are the most concrete steps in a 19-month-plus process to promote “responsible innovation” in banking, particularly through the special purpose national bank charter tailored for fintech companies.
bit.ly/2CcVpXQ

Cryptocurrencies

Why Bitcoin Arbitrage Happens, and Where You Can Find It
Aaron Suduiko – SFOX Blog (Medium)
If you want to get past a first-round interview for a finance job, you need to be ready to answer this question: “Is arbitrage possible?”
Why is this question so common? The standard economic theories taught in schools start out with the assumption that markets are efficient?ó?and, in an efficient market, arbitrage opportunities don’t arise.
/goo.gl/oNt4xG

CryptoKitties Fad Is a Flop as Decentralized Apps Stall
Jeff John Roberts – Fortune
Wasn’t it just last December when people were buying digital cats for over $100,000? That time feels like eons ago today as CryptoKitties, a collectibles site that was supposed to be the vanguard of a new type of app, watches its user base shrivel to almost nothing.
/for.tn/2MBTwbI

India’s central bank is worried that its crypto crackdown may backfire
Nupur Anand – Quartz
The Reserve bank of India (RBI) fears it may be pushing cryptocurrencies into the shadows.
/jlne.ws/2N6LfMv

Japanese Police to Fund Crypto Criminal Tracking Tool
Wolfie Zhao – Coindesk
Japan’s National Police Agency (NPA) is to fund development of new software to help track individuals behind illicit crypto transactions.
According to a news report from NHK on Thursday, the NPA will budget 35 million yen ($315,000) for 2019 to fund creation of the product – outsourcing technological development of the software to the private sector.
bit.ly/2wxaHAt

$2.4 Million: Japanese Giant Rakuten is Acquiring a Bitcoin Exchange
Samburaj Das – CCN
Japanese e-commerce retail giant Rakuten has announced its foray into the cryptocurrency sector with its acquisition of crypto exchange ‘Everybody’s Bitcoin’ in a $2.4 million deal.
In an announcement on Friday, the company revealed details of its 100% share acquisition of Tokyo-based crypto exchange Everybody’s Bitcoin through its subsidiary Rakuten Card. The share transfer agreement was concluded today, ahead of the stock acquisition that concludes the deal on October 1.
bit.ly/2wyHBki

Isn’t It Time Banks And Crypto-Exchanges Made Friends?
Pawel Kuskowski – Forbes
By 2022, the UK will be a global hub for blockchain technologies and the crypto economy. That is the claim of a new report from the Big Innovation Centre, DAG Global and Deep Knowledge Analytics, released last month. It’s good news, but why the four-year wait? Why is the UK, the global financial heavyweight, with a liberal market economy, smart regulatory environment and excitement for innovation, not a leader now?
/jlne.ws/2LHVnXb

Politics

Carl Bernstein: Trump attacks ‘degenerate’ Watergate reporter
BBC
US President Donald Trump is waging a war of words with legendary Watergate reporter Carl Bernstein over a story about his ex-lawyer Michael Cohen.
/bbc.in/2N5GWRE

Man ‘threatened to shoot’ reporters who criticised Trump
BBC
The FBI has arrested a man accused of making threatening calls to a newspaper that criticised President Donald Trump’s attacks on the media.
The FBI says Robert Chain, 68, called the Boston Globe about a dozen times and threatened to shoot reporters.
/bbc.in/2MI34Cf

Trump Says Democrats Can’t Impeach Him Because He’s Doing a ‘Great Job’
John Micklethwait, Jennifer Jacobs and Margaret Talev – Bloomberg
President Donald Trump said that Democrats shouldn’t try to impeach him, citing a strong economy, his performance on foreign policy and the danger of setting a precedent making it too easy to remove future presidents.
/jlne.ws/2N7xkpi

‘Totally dishonest’: Trump asserts only he can be trusted over opponents and ‘fake news’; Trump calls the media ‘horrible, horrendous people’
Ashley Parker – Washington Post
Over roughly the past day, President Trump has decried the “totally dishonest” media, with its “fake news” and “fake books.” He has argued that Google is biased against conservatives. And he has accused NBC News of “fudging” the tape of an interview with him that has been available online for more than a year.
/jlne.ws/2N3jgx5

Regulation

Fed gives Deutsche Bank, others extension on ‘living will’ submissions
Pete Schroeder – Reuters
The Federal Reserve said on Thursday that it was giving Deutsche Bank AG (DBKGn.DE) and four other financial institutions an additional year to submit “living wills” detailing how they could be safely dissolved in a crisis.
/reut.rs/2MZOcOZ

****The press release regarding the extension can be found here.

Wells Fargo Fires Bankers Amid Probe of Dinner Receipts That Were Allegedly Doctored
Peter Rudegeair, Emily Glazer and Coulter Jones – WSJ
Wells Fargo & Co. has fired or suspended more than a dozen employees in its investment bank and is investigating dozens of others over alleged violations of the company’s expense policy regarding after-hours meals, according to people familiar with the matter.
/on.wsj.com/2MHT0sX

Silicon Valley exec pays SEC insider trading fine for tip-off to brothers
Jonathan Stempel – Reuters
The U.S. Securities and Exchange Commission said a former senior executive at Qualys Inc will pay a $581,170 insider trading penalty for helping his brothers sell their shares in the Silicon Valley company after learning it would report disappointing revenue.
/reut.rs/2N5uBNh

SEC Charges Buffalo Advisory Firm And Principal With Fraud Relating To Association With Barred Adviser
SEC
The Securities and Exchange Commission today filed charges against a Buffalo, New York, investment advisory firm and its owner for misleading firm clients about its association with a barred investment adviser, who is also being charged for violating the bar.
/goo.gl/54TLKp

Investing and Trading

As August Winds Down, Investor Unease Winds Up: Robert Burgess; Cracks in confidence lead market commentary.
Robert Burgess – Bloomberg
Barring a major disaster, the global stock market will end August in the black, marking a second straight month of gains. As of late Thursday, the MSCI All-Country World Index was up 0.86 percent, led higher by the biggest gain in U.S. equities since January. That said, there’s a growing sense of unease that may prevent the rally from extending much further.
/jlne.ws/2orFDP6

No One Loves Irrelevant, Tiring, Dull European Stocks These Days
Justina Lee – Bloomberg
European stocks have seen 25 straight weeks of outflows; “Europe is not relevant or particularly interesting”: analyst
Spare a thought for the globe-trotting European stock salesman. Europe’s equities have seen 25 straight weeks of fund outflows, according to Bank of America-Merrill Lynch, wiping out all of 2017’s inflows. It’s the only region recording meaningful outflows this year — even emerging markets, performing far worse, can’t make that claim.
/jlne.ws/2opwOFi

Institutions

Merrill Lynch does about face on fiduciary-era policy
Imani Moise – Reuters
Bank of America Corp’s wealth management arm Merrill Lynch is reintroducing brokerage capabilities to its retirement accounts, reversing a policy put in place to comply with Obama-era regulation.
/reut.rs/2MBTCA6

BofA’s Merrill Lifts Ban on Commissions for Retirement Accounts
Katherine Chiglinsky – Bloomberg
Death of U.S. fiduciary rule precedes bank’s decision; Benefits are flexibility, ‘best-interest standard,’ BofA says
Bank of America Corp.’s Merrill Lynch will allow commissions on retirement accounts, reversing an earlier ban that had been spurred by the U.S. Department of Labor’s now-defunct fiduciary rule.
/jlne.ws/2opvG4p

JPMorgan Is Liquidating $1 Billion Credit Hedge Fund Led by Fahad Roumani
Nishant Kumar – Bloomberg
JPMorgan Asset Management is liquidating a $1 billion credit hedge fund led by Fahad Roumani after abandoning a plan to spin it off, according to a letter to investors seen by Bloomberg News.
/jlne.ws/2N7yxgk

Lloyd’s to offer cannabis insurance in Canada; London market has high hopes after recreational use was legalised
Oliver Ralph, insurance correspondent – FT
Lloyd’s of London is to enter the cannabis insurance market, offering cover in Canada to people who produce, distribute and sell it.
/jlne.ws/2opxDhl

At Wells Fargo, Discontent Simmers Among Female Executives; Women at bank convene, allege gender bias in wealth division
Emily Glazer – WSJ
About a dozen female executives in Wells Fargo WFC -0.85% & Co.’s wealth-management division gathered in Scottsdale, Ariz., in June after an internal conference. They’d had enough.
/jlne.ws/2N7cRku

Deutsche Bank veteran appointed CEO of Japan at Credit Suisse; Makoto Kuwahara has been with Deutsche Bank for the past 21 years but will join Credit Suisse in mid-November.
Hayley McDowell- The Trade
Credit Suisse has hired a senior banker and veteran from Deutsche Bank as its new chief executive officer for the business in Japan.
/jlne.ws/2oq4SB7

Regions

Savvy European utilities shield themselves from higher carbon costs
Vera Eckert, Nina Chestney – Reuters
The surging costs of carbon permits have caused some of Europe’s biggest utilities to lock in purchases in advance, while nuclear and hydro firms are benefiting from the knock-on effect on power prices.
/reut.rs/2MD7qKX

Argentina Peso Rout Worsens as Record Rate Hike Brings No Relief
Carolina Millan, Patrick Gillespie and Ignacio Olivera Doll – Bloomberg
Currency extends losses to 12% after central bank increase; Move comes a day after Macri asked IMF for faster payouts
Argentina’s currency crisis deepened on Thursday as an emergency interest-rate increase to 60 percent failed to stop jittery investors from pulling their money out of the country.
/bloom.bg/2MEVb0p

****FT has Argentina is stricken by a crisis of confidence; Markets fear the Macri government has no answers to the peso’s rout

Demonetisation comes to haunt govt as RBI says 99.3% notes back
LiveMint
The central bank’s post-mortem of the invalidation of high-value currencies in November 2016 is in: All but 10,720 crore of the 15.4 trillion is back in the banking system, indicating that the government’s shock move to deal a body blow to black money hasn’t worked as desired.
/goo.gl/vwATKk

The Myth of Erdogan’s Power
Halil Karaveli – Foreign Policy
This month, Turkish President Recep Tayyip Erdogan intimated that his country might consider leaving NATO. Meanwhile, on a visit to Moscow last week, Turkey’s foreign minister, Mevlut Cavusoglu referred to Russia as a “strategic partner”óa first. This talk is empty. Erdogan may well be angry at Washington, but ultimately, Ankara is going to have to do whatever it takes to restore its ties with the West. Doing so might not be enough to pull the country out of its economic crisis, but Erdogan has few other options if he wants to avoid a potentially worse political meltdown: He depends too deeply on forces in the Turkish state that will have difficulty stomaching a permanent shift away from the United States and toward Russia.
/goo.gl/LjCk4k

Drought-hit Australian farmers rethink climate change; Canberra provides A$2bn relief package but little action to curb greenhouse emissions
Jamie Smyth in Coonabarabran – FT
A cloud of flies buzzes noisily around the carcass of a cow that is decomposing in a barren, grassless paddock.
/jlne.ws/2opxXfV

Brexit

U.K. Call for Brexit Contract Fix Wins German Support
Silla Brush and Alexander Weber – Bloomberg
BaFin’s Hufeld says political solution needed for continuity; EU previously said industry should be responsible for a fix
European Union and U.K. authorities must agree on a political solution to the threat Brexit poses to trillions of dollars in derivatives and insurance contracts, according to Germany’s top financial regulator.
/bloom.bg/2MGjPxm

Brexit `Domino’ Fears Resurface, Just When U.K. Needs It Least
Ian Wishart – Bloomberg
Italian government and Swedish election bringing back jitters; Reminder of risk to EU comes as Britain’s deal deadline nears
Just as Brexit negotiations enter their critical final phase, the European Union is being reminded why it wanted to play hardball with the U.K. fro
/bloom.bg/2N1MJaW

Brexit worries fuel outflow from European equity funds; Latest weekly data extend third-longest streak of net redemptions for the continent
Nicole Bullock in New York – FT
European equities extended their third-longest streak of net redemptions in the latest week, driven by outflows from UK equity funds on concerns about Brexit.
/jlne.ws/2orIZBG

Miscellaneous

John Law, the gambler who revolutionised French finance
Felix Martin – Financial Times
Anyone who feels gloomy about the current state of the world’s advanced economies ó with their public finances groaning and their policymaking paralysed by vested interests ó should spare a thought for France in September 1715.
/on.ft.com/2N1aeAM

The post Nasdaq admits closing auction blunders; Cboe telling market makers it’s close to ether futures launch appeared first on John Lothian News (JLN).