| April 04, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
Yesterday I |announced some promotions for John Lothian News staff members. Managing Editor Sarah Rudolph added the title head of editorial operations, and Spencer Doar was promoted to editor from associate editor. Jeff Bergstrom was given responsibility for cryptomarkets news, Mike Forrester was promoted to producer from video editor, and Jim Kharouf was named contributing global markets editor.~JJL
While updating the titles for these JLN team members, we did a major overhaul of the MarketsWiki page for John J. Lothian & Company, Inc.~JJL
Institutional Investor has published its annual Trading Tech 40 list of the most influential folks in the trading technology sector. Chris Isaacson - Chief Information Officer, Cboe Global Markets & Raj Mahajan - Global Co-head of Securities Systematic Solutions, Goldman Sachs Group tied for first place.~JJL
ICE reported record average daily trading volume for the first quarter of 2018.~JJL
The quiet feel good story at OneChicago continues. The single stock futures exchange reported volume of 14.9 million in 2017, up 20.5 percent from a year earlier. In 2010, its annual volume was 4.9 million, according to the FIA annual volume survey.~JK
As a reminder, the STA is holding a symposium on April 10 in conjunction with the University of Chicago Booth School of Business called "Equity Market Structure: At the heart of our nation's economy." SEC Chairman Jay Clayton is the headliner. Other featured guests include Cboe's Chris Concannon, Virtu's Doug Cifu, and Robert Cook, president of FINRA. You can register for the event here.~SD
Wouldn't it be cool if the new New York Fed president was also the Oscar Winner who composed the "Star Wars" scores (and many notable others)? Then again, he's also an older white guy, so it certainly wouldn't shelve the diversity debate...~SD
You may want to watch a replay of CoinDesk's webinar on the future of Bitcoin futures, featuring CME Group and Bitstamp.~JJL
In today's "Just because you're paranoid doesn't mean they aren't after you" news, the AP reports that the US suspects listening devices in Washington.~SD
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Riding the Regtech Wave with Voice Tech - Nader Shwayhat, GreenKey Technologies
JohnLothianNews.com
There are a number of angles playing into the evolution of GreenKey Technologies' voice recognition business over the past year. The consumer sector saw the continued rise of voice assistants - who doesn't know Alexa? Advancements in machine learning allowed GreenKey to develop its technology in ways impossible four years ago. Regulatory edicts forced companies to continue to up their compliance game and the big data boom continued to push firms to unlock information already contained in-house. Moreover, Greenkey's relationships with IPC and OpenFin show the company's willingness to collaborate to expand its reach.
In this seventh video from JLN's annual series with industry leaders, Greenkey CEO Nader Shwayhat details developments in voice technology and the company's efforts moving ahead.
Watch the video and read the rest here »
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SEC Promotes Investor Awareness During National Financial Capability Month
SEC
As part of National Financial Capability Month, the Securities and Exchange Commission's Office of Investor Education and Advocacy (OIEA) is encouraging investors to go to Investor.gov to learn about the importance of saving and investing early, and to check out their investment professional before investing.Investor.gov also provides investors with free financial planning tools such as a compound interest calculator, information on investment products, risks and fees, as well as alerts on recent investment scams and bulletins on various securities topics.
/goo.gl/AuG93C
**** Now you are aware. Before I was just alert.~JJL
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Spotify Is Greeted by Wall Street With a Swiss Flag, Even Though It's From Sweden
Ben Sisario - NY Times
Wall Street was prepared for Spotify's listing on the New York Stock Exchange this morning. Analysts were ready with their reports. The tech media was closely watching Spotify's unusual direct listing. Gene Simmons of Kiss appeared on CNBC, representing the skeptical artist position on the streaming economy.
/goo.gl/G9i5bz
*****Oops! I can see where there is confusion, one flag is red and white and the other is blue and yellow. And both countries' people are incredibly polite.~JJL
***The error was remedied, but it went viral, prompting NYSE to tweet "We hope everyone enjoyed our momentary ode to our neutral role in the process of price discovery this morning."~SD
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Gensler Says Crypto Exchanges are a 'Mess'
Eugene Grygo - FtFNews
The former head of the CFTC suggests that regulators may have to lean in and guide the growth of the crypto currency phenomenon.
/goo.gl/syfXhy
*****Gary Gensler knows a mess when he sees one.~JJL
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Tuesday's Top Three
Tuesday's top read items were led by the FT's story SEC charges founders of $32m celebrity-backed crypto offering with fraud. Second was The Growing Influence of Asia In Derivatives Trading from the CME's Open Markets. And third was Reuters' piece on New York high-speed firm Tower must face Korean 'spoofing' claims: U.S. court
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MarketsWiki Stats
122,824,737 pages viewed; 23,054 pages; 212,384 edits
MarketsWiki Statistics
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| Lead Stories | Bidding war erupts over Fidessa acquisition; Fidessa confirms it has received interest from two separate companies with higher bids than what Temenos first offered in February.
Hayley McDowell - The Trade
Fidessa confirmed it has been approached by two separate companies looking to acquire it with a higher bid than the £1.4 billion deal first offered by software vendor Temenos in February.
/goo.gl/CygGTE
Spotify's Splashy Debut Pressures Banks; Shares of the music-streaming service start with a flourish then steadily wear down, but they still finished above their trading price in the private markets
Maureen Farrell, Alexander Osipovich and Anne Steele- WSJ
Spotify Technology roared onto the public market Tuesday, cutting a new path to public ownership that could alter the way companies think about the listing process and pose a new threat to a core business on Wall Street.
/goo.gl/26yYR4
China retaliates, slaps duties on U.S. soybeans, planes; markets skid
Michael Martina, David Lawder - Reuters
China hit back quickly on Wednesday against the Trump administration's plans to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, beef and chemicals.
/goo.gl/Go27PZ
****More angles on the spat from Reuters - China tariff on U.S. soybeans 'regrettable', says U.S. industry body; U.S.-China trade tariff tensions 'very worrisome' - OECD; Boeing, Ford lead list of casualties in China-U.S. trade spat; Currency markets keep wary eye on trade troubles and Ross says U.S., China trade actions likely to be negotiated - CNBC. A few other stories on the matter can be found in our "Politics" section.
Investors nurse $10m losses on LongFin index mistake; BlackRock among funds affected after fintech group was wrongfully added to Russell benchmarks
Peter Smith in London - FT
FTSE Russell's mistaken decision to include Nasdaq-listed trade finance company LongFin in the Russell 2000 and 3000 indices has left investors nursing losses of more than $10m, according to Financial Times calculations based on publicly available data.
/goo.gl/YzTvgg
Nasdaq Options Trading Patents Challenged by Rival MIAX Exchange
Susan Decker, Annie Massa - Bloomberg
Patents cover routing security orders, financial price quotes; Nasdaq is embroiled in patent lawsuits with MIAX and IEX
Nasdaq Inc. is trying to claim that it invented the concept of options trading, rival Miami International Holdings Inc. said in a series of petitions seeking to have seven of Nasdaq's patents canceled.
/goo.gl/V3stoC
Trading Technologies Extends TT Platform into Tokyo
Trading Technologies
Trading Technologies International, Inc. (TT), announced today the availability of execution and client connectivity services in Tokyo via its TT platform. This move strengthens TT's presence in the Asia/Pacific region, providing users there with increased accessibility to low-latency execution through TT's worldwide network of colocated data centers.
/jlne.ws/2GufaM1
The World's Most Important Number
Barry Ritholtz - Bloomberg
How is it possible that a few clerks at a handful of London banks determine what some call the world's most important number? This is the topic examined with this week's Master in Business guest, journalist David Enrich of the New York Times, and author of the new book, "The Spider Network: How a Math Genius and a Gang of Scheming Bankers Pulled Off One of the Greatest Scams in History."
/jlne.ws/2uIOlOV
Equity volatility: To hedge or not to hedge?
Sarfraz Thind - The Trade
After a freakishly calm year with volatility levels tethered to record depths the VIX, the de facto gauge for volatility, exploded on 2 February as the market was jolted by a surprisingly high US inflation number and investors rushed to hedge positions in the options markets as a result.
/goo.gl/K4c8At
Bet Against Volatility? You Lost. Bet On It? You Lost Too!; Crisis hedge funds' lackluster performance showcases the limits of protection against volatility
Laurence Fletcher and Jon Sindreu - WSJ
One group of hedge funds has long pitched to investors the idea they can protect investors and even prosper when markets fall sharply. But when volatility returned to markets recently, these funds failed to capitalize. Their woes showcase the pitfalls of volatility-related trading, which can simultaneously foil those betting in favor and those betting against it.
/goo.gl/CbaAo4
How to Push Back Against Fake Economics; Economists must do a better job explaining the difference between a robust theory and a stab in the dark.
Ferdinando Giugliano - Bloomberg
"Fake News" is a charge that U.S. President Donald Trump routinely levels at mainstream news outlets reporting truths he prefers not to hear. So when economists cry foul -- complaining about blasphemy and quackery among would-be practitioners -- our first instinct should be a little skepticism about the charge of Fake Economics. Isn't this just a famously insular and recently maligned profession simply closing ranks?
/goo.gl/k5XVGV
Libor Keeps Rattling U.S. Stocks Even After Debut of Its Replacement
Luke Kawa - Bloomberg
Companies with large share of floating-rate debt hit hardest; Goldman Sachs makes case for stocks with strong balance sheets
The London interbank offered rate is wreaking havoc on U.S. equity markets, refusing to go quietly into retirement.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Clearing will "mostly likely" move to US - UK government
Louisa Chender Contact Author - Global Investor Group
The UK government has said clearing activity will mostly likely go to the US if it is forced to move as a result of Brexit.
In its response to the House of Lords European Union Committee Report 'Brexit: The Future of Financial Regulation and Supervision', the UK government said that in the event of an EU location policy, it is unlikely that the UK clearing industry would move to the continent.
/jlne.ws/2uJhpph
Intercontinental Exchange Reports March and First Quarter 2018 Statistics, Including Record Futures Average Daily Volume and Open Interest
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported March and first quarter 2018 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at http://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/goo.gl/VWr9L9
The Great Fragmenter
Themis Trading Blog
When we first heard the news of the recent collapse of the acquisition of the Chicago Stock Exchange by a Chinese-led investor group, we started thinking about who might make a bid for the CHX. Our first thought was Nasdaq since they currently own "only" three stock exchanges (Nasdaq, BX and PSX) compared to the Cboe and NYSE who each own four stock exchanges. But according to the WSJ, our guess would have been incorrect. The Journal is reporting that NYSE is in talks to buy the Chicago Stock Exchange for $70 million which is $50 million more that the Chinese group was going to pay for the CHX. If they acquire CHX, NYSE will own five stock exchanges (NYSE, Arca, American, National and CHX) which means five colocation center fees, five proprietary data feeds, five sets of ports and five shares of tape revenue. Even if CHX market share flounders, NYSE still stands to collect millions in data related fees.
/jlne.ws/2uIVMp3
Launching a Futures Contract is Hard
RCM Alternatives Blog
While just about everyone was paying attention to wild up and downs of the market last week, those in the commodity world were taking note of China launching a crude oil futures contract. The contract, based in the Yuan, has the potential to shift where and when crude oil hedges and speculation are traded around the world, as well as shift the need for US dollar reserves to enter into such trades. Japan and Singapore have attempted their own crude contracts in the past with little to no success, but this feels like it may be different for China?
/jlne.ws/2Gw1n7R
Japanese online brokerage Monex mulls takeover of crypto exchange Coincheck
Minami Funakoshi, Thomas Wilson- Reuters
Japanese online brokerage firm Monex Group Inc said on Tuesday it was considering buying Coincheck Inc, the cryptocurrency exchange hit by a high-profile $530 million theft of digital money earlier this year.
/jlne.ws/2GQuwtC
Boerse Stuttgart Records Turnover In Excess Of EUR 6.4 Billion In March trading; Volume Of Leverage Products Up Year On Year
MondoVisione
According to its order book statistics, Boerse Stuttgart generated turnover in excess of EUR 6.4 billion in March 2018.
/goo.gl/KTk7KQ
Vienna Stock Exchange: Rally In Equity Turnover Continued In Q1 2018 With Volumes Shooting Up 15%
MondoVisione
Vienna Stock Exchange recorded an equity trading volume of EUR 19.13 billion in the first quarter of 2018, up by 15% yoy (Q1 2017: EUR 16.62 billion). The average monthly trading volume was around EUR 6.38 billion. Apart from continuous trading, auction trading was also dynamic in the first quarter with more than every third order executed in auction trading. The expansion of the global market segment has created the largest selection of stocks ever for domestic investors on the Vienna Stock Exchange. With more than 570 tradable equities, more shares (and equity-linked certificates) are tradable in Vienna than ever before.
/goo.gl/4jCGNh
LME Asia Week is May 17, 2018 in Hong Kong
HKEX
Every year industry leaders and key market players from the metals and financial communities attend LME Asia Week in Hong Kong to discuss the Asian commodities industry and network with peers and clients.
/goo.gl/NcuGch
SGX enhances its Fixed Income business with new leadership and post trade role
SGX
Singapore Exchange (SGX) today announced the appointment of Mark Leahy as Head of Fixed Income. In this role, Mark will be responsible for executing the strategy for SGX's bond trading business, SGX Bond Pro, including driving institutional participation. He will also continue to strengthen SGX's Asia leadership in bond listings, maintaining the growth momentum with SGX on track to exceed its FY2017 listings record.
/goo.gl/fNWkvE
SGX RegCo launches SGX Fast Track programme for companies with good corporate governance standing
SGX
Singapore Exchange Regulation (SGX RegCo) today launched the SGX Fast Track programme to recognise listed companies that have a good corporate governance standing and compliance track record.
/goo.gl/MU4xAu
Cash markets will turnover 165.1 billion euros in March; Trading volume in the first quarter 33 percent higher than in the previous year
Deutsche Boerse
Deutsche Boerse's cash markets generated sales of EUR 165.1 billion in March (previous year: EUR 135.7 billion). In the first quarter of 2018, the trading volume was thus 480.1 billion euros - an increase of around 33 percent over the previous year. In 2017, EUR 361.5 billion was still transacted in the first three months.
/goo.gl/h1epXV
SGX appoints bond veteran as head of fixed income; Mark Leahy has held senior roles in fixed income at major institutions including Deutsche Bank, UBS and Nomura.
Hayley McDowell - The Trade
Singapore Exchange (SGX) has hired industry veteran Mark Leahy as head of fixed income to oversee the exchange operator's bond trading business SGX Bond Pro.
/goo.gl/rZkcH
HKEX clears path for China biotech challenge to New York; Rules allowing pre-revenue companies to list seen to boost fledgling sector
Emma Dunkley and Tom Hancock - FT
As major tech stocks come under fire, there is growing excitement about a sector that also makes grand promises about changing the world: Chinese biotech.
/goo.gl/e7t3mb
Nasdaq Hosted 2nd Nasdaq International Designation Virtual Investor Conference
Mondovisione
Nasdaq, Inc. (Nasdaq:NDAQ) announced the conclusion of its Nasdaq International Designation Virtual Investor Conference on March 21, 2018. In collaboration with BNY Mellon Depositary Receipts, Nasdaq welcomed select BNY Mellon Level I ADR Issuers from Australia and New Zealand to present their current state of business to a broad audience, including potential investors. The Conference also provided individual and institutional investors an opportunity to engage with CEOs, CFOs, and IROs from a wide range of sectors globally.
/goo.gl/4pzAEa
MOEX confirms its compliance with IOSCO Principles for Financial Benchmarks
MOEX
Moscow Exchange announces that it has successfully completed an annual assurance review of MOEX indices' compliance with the Principles for Financial Benchmarks published by the International Organization of Securities Commissions ("IOSCO").
/goo.gl/1PCdMQ
Article: The Electronic Warehouse Receipts System for the Commodities Markets of Tomorrow (part 4 of 4)
Hirander Misra, Chairman and CEO of GMEX Group
Commodities markets have always presented market operators with a unique set of challenges. One of these is how to build an effective electronic warehouse receipts system (eWRS) for physical commodities linked to trusted warehousing and financing for trade finance. Many large operators have historically taken a "top-down" approach to commodity market development, starting by implementing a state-of-the-art trading platform and then adding warehousing, eWRS and trade finance almost as an afterthought. In our experience, that's a seriously flawed approach.
/goo.gl/DmpSc9
****ICYMI.
Intercontinental Exchange Sets May 3rd for First Quarter 2018 Earnings Announcement
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, will announce first quarter 2018 financial results on Thursday, May 3, 2018. An earnings press release will be issued prior to the earnings conference call, which will begin at 8:30 a.m. ET.
/goo.gl/MVtZ3d
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | MarketAxess CEO Rick McVey: Building an $8.5bn fintech juggernaut; The former JPMorgan bond guru evangelises for technology's ability to head off the next market crisis
Samuel Agini - Financial News
MarketAxess chairman and chief executive Rick McVey appears to have it too good. Volatility is back, the electronic bond trading venue he founded 18 years ago is valued at $8.5bn, and he recently became engaged to Lara Spencer, the American co-anchor of the national breakfast television program Good Morning America. Everything would be going swimmingly, if it were not for things like Brexit.
/goo.gl/Vg78DN
TradingScreen links up to Liquidnet's liquidity pool; TradingScreen's OEMS users will gain access to Liquidnet's global liquidity and trading services.
Hayley McDowell - The Trade
TradingScreen has connected its order and execution management system (OEMS) to Liquidnet's institutional liquidity and trading strategies under a new agreement.
/goo.gl/Aeudiz
Temenos takeover target Fidessa gets two new potential offers
Reuters Staff
British software firm Fidessa, which has been in takeover talks with Swiss banking software supplier Temenos, said on Tuesday it was approached by two separate undisclosed buyers.
/goo.gl/1wGyT8
Small firms could thrive if big brother was made to pay his debts quickly
James Ashton - The Times
The turn of the financial year is supposed to signal a new beginning for businesses of all sizes. Yet small firms spend as much time looking back on work done as looking at future opportunities. That is because chasing late payment is a job in itself for entrepreneurs.
/goo.gl/v6S28u
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| Cryptocurrencies | | Top stories for cryptocurrencies | Cryptocurrency Hedge Funds Witness Poor Performance and Shutterings
Bitcoin.com
The violent crypto bear trend of 2018 has proved too much for many cryptocurrency hedge funds. The average performance of crypto funds has been a loss of over 20% so far this year, with at least nine crypto hedge funds having been reported to have ceased operations.
/jlne.ws/2GQ5pr1
Two Japanese Cryptocurrency Exchanges to Shut down Amid Coincheck Hack Fallout: Report
CCN
The increased scrutiny by Japan's financial regulator following Coincheck's infamous $530 million NEM theft will reportedly see two cryptocurrency exchange operators shutter and exit the industry.
/goo.gl/dg27cQ
Cryptocurrencies are getting smoked as investors move to 'risk off'
Oscar Williams-Grut - Business Insider
Cryptocurrencies are falling just before lunchtime on Wednesday. Major digital currencies began the day in London on the back-foot, with cryptos down between 1% and 3%. The slump has worsened as the morning has progressed.
/goo.gl/nHE62Z
Stablecoins: Scam or Cryptocurrency Volatility Safehaven?
Nick Chong - Bitcoinist
Stablecoins, cryptocurrencies pegged to external values outside of the cryptocurrency market, have been all the talk lately, especially in the recent market pullback. Tether, the biggest stablecoin pegged to the US dollar, has recently come under fire due to a lack of transparency.
/jlne.ws/2GYpD1A
Google will no longer accept Chrome extensions that mine cryptocurrency; Putting a stop to cryptojacking
Thuy Ong - The Verge
Starting today, Google's Chrome Web Store will no longer accept extensions that mine cryptocurrency. The company says there had been a rise in "malicious extensions" over the past few months which appear to be useful, but are actually embedding hidden cryptocurrency mining scripts that run in the background without consent, consuming valuable computing resources. Google says existing extensions will be delisted from the Chrome Web Store in late June, though extensions with blockchain-related purposes "other than mining" will still be permitted.
/goo.gl/SLWqLp
Coinbase snags a former New York Stock Exchange exec to push crypto to Wall Street
Frank Chaparro - Business Insider
Coinbase, the cryptocurrency trading platform, has snagged another former New York Stock Exchange executive as it tries to lure more business from Wall Street.
/goo.gl/3oRSH3
Crypto Rating Sites Are Already Calling Venezuela's Petro a Scam
Patricia Laya - Bloomberg
Nicolas Maduro, Venezuela's president, center, speaks during the Petro cryptocurrency launch event in Caracas on Feb. 20, 2018. Photographer: Wil Riera/Bloomberg
Two weeks after Venezuela's cryptocurrency scheduled sale date, many aspects of the Petro remain a mystery and initial coin offering rating sites are already calling it a fraud.
/goo.gl/bmvcsD
John McAfee Charges $105,000 Per Tweet For Promoting Cryptocurrency Projects
Ana Alexandre - Cointelegraph
John McAfee, computer programmer and founder of the eponymous antivirus software, who drew his focus toward digital currency over recent years, disclosed that he charges $105,000 per tweet to promote cryptocurrency projects and products.
/jlne.ws/2GV7H8g
Other News Sources
*Report: Cryptocurrency Trading Platforms Charge 10x More to List Tokens Compared to Traditional Exchanges - via LiveBitcoinNews.com
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| Politics | | An overview of politics as it relates to the financial markets | Why Elizabeth Warren's Effort to Hold Bank Executives Accountable May Fall Short
Peter J. Henning - NY Times
A persistent complaint about the government's response to the financial crisis has been that the executives who helped push the economy to the brink were not charged with crimes.
/goo.gl/xW2BaL
Trump, Xi Wait to See Who Blinks First as Trade Fight Heats Up
Bloomberg News
Both sides look to impose political costs with tariff threats; Each leader thinks he can win 'game of chicken': analyst
The leaders of the world's two biggest economies are waiting to see who backs down after firing the opening shots in a trade war.
/goo.gl/Kpwgcg
Donald Trump's grudge against Amazon and Jeff Bezos; The US needs antitrust enforcement, it is getting a political vendetta
FT
Even Donald Trump's worst excesses contain a spark of political insight; if this were not true he would not be president. So it is with his attack on Amazon and its boss, Jeff Bezos.
/goo.gl/NFjuf3
Donald Trump lays out tariff plans for Chinese industrial goods; Duties of 25% planned for products ranging from robots and trains to snowblowers
Shawn Donnan - FT
The Trump administration revealed plans for a 25 per cent tariff on 1,333 Chinese products ranging from industrial robots to locomotives in retaliation for what it said had been decades of state-backed intellectual property theft by Beijing.
/goo.gl/pwhvmJ
The Fuel Powering Corporate America: $2.4 Trillion in Private Fundraising; The boom is transforming how companies grow, concentrating investing in fewer hands and raising concerns about oversight
Jean Eaglesham and Coulter Jones - WSJ
When the messaging app Telegram set out to raise billions of dollars this year for a project to launch a cryptocurrency, it shunned the stock market and instead invited a select group of firms to invest in its virtual coins.
/goo.gl/d1mCGx
Iowa's Hog Farmers Are Facing Losses Thanks to Trump's Trade War
Shruti Singh - Bloomberg
China's retaliatory tariffs on U.S. pork pressure prices; Iowa is largest U.S. producer, serves as industry barometer
The U.S.-China trade war President Donald Trump unleashed may punish the Midwest heartland that helped put him in office.
/goo.gl/8qomei
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | New York Fed Names John Williams President, Bucking Calls for Diversity
Ben Casselman - NY Times
John C. Williams, president of the Federal Reserve Bank of San Francisco, has been chosen to lead the New York Fed. He will bring academic expertise, which is in short supply among the Fed's senior leaders. Credit Andrew Mangum for The New York Times
The Federal Reserve Bank of New York on Tuesday named John C. Williams as its next president, choosing a longtime insider for what is widely regarded as one of the Fed's most influential positions.
/goo.gl/4bj5kD
The Fourth Meeting Of The Working Group On Corporate Disclosure Of The Financial System Council
FSA Japan
The Working Group on Corporate Disclosure of the Financial System Council will hold its fourth meeting on April 9, 2018 as follows.
/goo.gl/LV5p2B
Exchange of Letters for Cooperation Framework on FinTech with the Swiss Financial Market Supervisory Authority(FINMA)
FSA Japan
The Financial Services Agency (FSA) exchanged the Letters for Cooperation Framework on FinTech with the Swiss Financial Market Supervisory Authority (FINMA) on April 4, 2018.
/goo.gl/CEnbjh
ESMA finds high degree of asset concentration in EU alternative fund industry
ESMA
The EU Alternative Investment Fund (AIF) industry is highly concentrated around a few large participants and asset classes, a recent report by the European Securities and Markets Authority (ESMA) shows.
/goo.gl/4dWwEM
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Risk Contribution of Stocks: Parts One & Two Part One
Ajay Dravid - Equinox
Most investors tend to believe that stocks are a goodÂperhaps even the bestÂinvestment in the long run. However, the reason for expecting good performance from stocks is perhaps not always clearly articulated: Quite simply, it is because they are risky.
/goo.gl/Ai3oJA
Stunned Investors Reap 95% Gains on Defaulted Puerto Rico Bonds
Michelle Kaske - Bloomberg
Debt once worth 21 cents on the dollar now trades for 41 cents; Some have doubts: 'The numbers are still pretty ugly.'
Of all the wild, head-scratching moves in financial markets this year, there are few that have surprised investors quite as much as the rally in defaulted Puerto Rico bonds. "It just blows my mind," says Matt Dalton, chief executive officer of Belle Haven Investments.
/goo.gl/KN8mhm
Market Paradigms Have Quickly Shifted on Investors; There has been a strong expectation that the extremely low level of volatility experienced last year would persist.
Dean Curnutt - Bloomberg
Two months after the melt down of poorly designed exchange-traded volatility products became front page news, the broader environment for market risk is in transition. Corporate profits and economic growth are strong, but there is unease about the future path of Federal Reserve interest-rate increases, the impact of rising fiscal debt and deficits and the potential for trade wars. Realized volatility in the S&P 500 Index was 20 percent last quarter, up from just 6 percent in the fourth quarter. That is a tremendous increase.
/goo.gl/g2JzNZ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Two major investors criticize Deutsche Bank chairman over CEO search
Oliver Hirt, Tom Sims - Reuters
Two major Deutsche Bank (DBKGn.DE) investors on Tuesday criticized Chairman Paul Achleitner over the bank's performance and his handling of a search for a new chief executive.
/jlne.ws/2uM6yec
Senior equity trading veteran at Candriam retires; Christian Somers contributed to major transformation initiatives during his time at Candriam Investors Group.
Hayley McDowell - The Trade
A senior equity trader at Candriam Investors Group has retired as the asset manager continues to renew its trading desk workflow for MiFID II.
/goo.gl/w29c1V
Morgan Stanley Fires Broker With History of Abuse Claims
Emily Flitter - NY Times
Morgan Stanley said Tuesday that it had fired a star financial adviser who has been accused by multiple former wives and girlfriends of physical abuse and stalking.
/goo.gl/jRTemy
Goldman's Latest Push: Managing Cash for Big Companies; Firm hires JPMorgan managing director in bid for corporate deposits
Liz Hoffman - WSJ
Goldman Sachs Group Inc. GS 1.31% is quietly plotting a move into commercial banking, hiring a senior JPMorgan Chase & Co. engineer to build a suite of cash management tools, deposit accounts and other products for big companies, according to people familiar with the plans.
/goo.gl/G4Uusg
For Deutsche Bank, Two Johns Could Be Better Than One; The board sorely needs an outsider, even one with a mixed track record.
Lionel Laurent - Bloomberg
Are two Johns better than one? Yes, according to Deutsche Bank AG. According to Bloomberg News, the firm is poised to add John Thain, famous for selling Merrill Lynch to Bank of America at the height of the financial crisis, to its supervisory board.
/goo.gl/o8giAY
Steven Cohen wins dismissal of $8 billion Fairfax short-selling lawsuit
Jonathan Stempel - Reuters
The billionaire Steven A. Cohen has won the dismissal of an $8 billion lawsuit accusing him and his former firm SAC Capital Advisors LP of conspiring with other hedge funds to spread false rumors about Fairfax Financial Holdings Ltd, hoping to "crush" or "kill" the insurer.
/goo.gl/h219Py
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Hits Soybeans, Aircraft in Counter-Punch to Trump Tariffs
Bloomberg News
Beijing responds to U.S. tariffs aimed at recouping IP losses; Two sides can still avoid applying tariffs, minister says
China said it would levy an additional 25 percent tariff on imports of 106 U.S. products including soybeans, automobiles, chemicals and aircraft, in response to proposed American duties on its high-tech goods
/goo.gl/245e2Z
Building an entrepreneurial Europe and creating jobs; Europe should support the creation of new start-ups, which need to hire in order to grow
Terence Tse, Mark Esposito and Danny Goh - London School of Economics
An important question that a few people want to ask: what kind of future will the next generations face? According to a recent study, for the first time in human history, younger people are now enjoying a lower standard of living than their parents in advanced economies. On top of that, their job prospects are changing dramatically.
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Threat to fintech industry as young coders shun London over Brexit; Sector to open new offices in the EU to help pursue and keep talent
Martin Arnold - Financial Times
British financial technology companies are worried that Brexit is causing a shortage of software engineers and pushing up salaries in the sector, prompting some of them to open offices elsewhere in the EU.
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Brexit: UK should not rule out free trade deal with Europe, say MPs Cross-party committee divided over recommendation to remain in EEA or join Efta
The Guardian
The influential Commons Brexit committee has urged the government to consider negotiating continued membership of the European Economic Area (EEA) or joining the European Free Trade Association (Efta) after the UK leaves the European Union.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Stephen Schwarzman blocked from renaming his old high school
Carleton English - NY Post
Billionaire Stephen Schwarzman can buy just about anything he wants  except the right to rename his old high school.
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Column: Loop's Citadel Center getting $100 million-plus upgrade
Ryan Ori - Chicago Tribune
The Citadel Center in the Loop is getting a $100 million-plus upgrade, a sign that even Chicago's most prestigious office buildings must adapt to the fast-changing preferences of tenants
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