| April 09, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
JLN Staff
JLN Contributing Global Markets Editor Jim Kharouf will be in Washington, DC representing us at the IFM "Smart Financial Regulation Roundtable: Implications of Cryptocurrencies" event on April 11.
Later in the week, Kharouf and other members of the JLN team will be at the "IOMA - The WFE's Clearing & Derivatives Conference" in Chicago.~JJL
The CME Group's market cap on Friday was $53.8 billion. NEX Group's was $3.7 billion. ICE came in at $41 billion.~JK
Don't forget you have a week (well, eight days) to get in your taxes, which are due April 17, 2018. Also, for all you cryptocurrency fans out there, don't forget that Uncle Sam considers that taxable income too.~JB
Did you know there is a Bitcoin Misery Index? Neither did I.~JB
The Atlantic has a rather amusing slideshow out called Bitcoin: A Stock Photo Cryptocurrency Primer. Oddly, there seem to be quite a few pictures of people with fake bitcoin tokens in their mouths. ~SD
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When a Good Plan Comes Together - Lou Eccleston, TMX
JohnLothianNews.com
When Lou Eccleston became TMX Group CEO three and a half years ago, he needed to turn around declining organic revenue and profitability. Once that was achieved, eyes turned to growth. Eccleston and TMX were able to jumpstart that growth by acquiring the energy platform Trayport last year.
In this video from JLN's annual series with industry leaders, Eccleston talks about the changing ideology at TMX Group and how the group is positioning itself for international clientele.
Watch the video and read the rest here »
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The dawn of the superstar lawyer; As top performers are offered pay equal to bankers and hedge fund managers, is the lockstep system under threat?
James Fontanella-Khan, Sujeet Indap and Barney Thompson - FT
Scott Barshay had just closed out the finest year of his career. The acclaimed corporate lawyer had advised on roughly $300bn worth of transactions in 2015, most notably AB InBev's $103bn takeover of rival brewer SABMiller. In the process he generated about $100m in fees for his law firm, Cravath, Swaine & Moore, which ranks among the most prestigious in America.
/goo.gl/pp5nPw
**** Gary DeWaal is going to have to change his fishing vest for a spangled jumpsuit.~JJL
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Kospi 200; Irrevocability; Virtual Currencies; CFTC Jurisdiction
Gary DeWaal - Bridging the Week
A United States appeals court said that the Commodity Exchange Act's prohibition against spoofing and other conduct could potentially apply in connection with a lawsuit against a US-based trading firm brought by five Korean residents related to transactions involving the Kospi 200 futures contract on the Korean Exchange's night market. The Court held that, because KRX used CME Globex as its nighttime matching engine, Kospi 200 futures trades matched overnight could potentially be considered irrevocable in the United States, thus warranting application of the CEA. The court took this view even though such trades were KRX trades and not finalized until the following day when they were settled through the KRX Clearinghouse. Separately, most of the defendants in an anti-fraud enforcement action related to virtual currencies brought by the Commodity Futures Trading Commission objected to the Commission's jurisdiction. Within a few days, however, some of the same defendants consented to the agency's entry of a preliminary injunction without prejudice to their right to assert their jurisdictional claim in later arguments.
/jlne.ws/2qgRhgO
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The Spread - Week of 4/2 to 4/6
JohnLothianNews.com
Lawsuits and volatility and a birthday - oh my! As volatility ebbs and flows in a year proving quite different from the previous one, JLN presents another episode of The Spread, our weekly options-related news recap.
Watch the video and see the stories referenced here »
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Friday's Top Three
Friday's top read stories were led by Reuters' story on the persistent problems with block trades (not blockchain). CME Group takes heat over large, private grain trades examines whether block trades are creating two markets in certain agriculture contracts. Second went to Wired's interesting story A 200-Year-Old Idea Offers a New Way to Trace Stolen Bitcoins. And it is not often a disciplinary action on profits of $1,752 makes the top three, but CME Group's Notice of Disciplinary Action against Chao T. Ho came in at number three with a $25k fine, return of profits and a four month suspension.
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MarketsWiki Stats
123,067,686 pages viewed; 23,064 pages; 212,618 edits
MarketsWiki Statistics
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| Lead Stories | Deutsche Bank ousts John Cryan and names Christian Sewing as chief; German lender's board agrees to promote retail head to avert leadership crisis
Olaf Storbeck in Frankfurt - FT
Deutsche Bank's supervisory board has named Christian Sewing as the bank's new chief executive, ousting John Cryan two years before his contract runs out after a spat with chairman Paul Achleitner that has thrown Germany's largest lender into turmoil.
/goo.gl/ZnTLrP
****CNN here.
PayPal Makes a Move Toward Traditional Banking; Company partners with small banks to offer debit cards, direct deposit and other services
Peter Rudegeair - WSJ
PayPal Holdings Inc. is nudging its customers closer to mainstream banking services. The San Jose, Calif.-based payments company has been quietly reaching out to groups of customers in recent months with an offer to add basic banking features to their PayPal digital wallet. The features include Federal Deposit Insurance Corp. insurance for their balances, a debit card that can be used to withdraw cash at ATMs and the ability to direct-deposit their paychecks.
/goo.gl/jp9GC2
****Fortune here.
FCA to scale back non-Brexit activities; City watchdog says it faces 'particularly challenging year'
Nicholas Megaw - FT
The UK's financial regulator said it will have to cut back on some of its regular responsibilities as it prepares for a "particularly challenging year" ahead of the UK's exit from the EU in March 2019.
/goo.gl/5X4xBa
ESMA agrees position limits under MiFID II
ESMA
The European Securities and Markets Authority (ESMA) has published today three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
/goo.gl/PAKDy1
FCA targets MiFID II compliance in latest business plan; MiFID II compliance with best execution, unbundling and payment for order flow are among the rules the FCA will be looking at this year.
Hayley McDowell - The Trade
The Financial Conduct Authority (FCA) has laid out plans for increased monitoring and assessment of compliance with MiFID II rules around conflicts of interest, according to its 2018/2019 business plan.
/goo.gl/xyh9T2
The Wall of Institutional Money Waiting to Flood Cryptocurrency Trading
Monica Summerville - TABB Forum
Institutional market share in cryptocurrency trading already exceeds retail market share, according to recent research by TABB Group. But significant sums of money still are sitting on the sidelines, just waiting for the right conditions to join in. One market participant described it as a 'wall of money' waiting to flood the market. TABB's Monica Summerville examines the growing role of institutional players in the cryptocurrency trading markets, the execution platforms vying for their business, and the three key requirements to create a secure market for institutional participation.
/jlne.ws/2Eqxsru
Deutsche Bank Lifer Sewing Tapped to Steer Lender Through Chaos
Steven Arons, Nicholas Comfort - Bloomberg
Retail co-head Christian Sewing spent three decades at lender; Ascent marks return of a German national as sole CEO of bank
The era of investment bankers calling the shots at Deutsche Bank appears to be over. Christian Sewing -- a three-decade veteran of the Frankfurt-based lender and retail banking executive -- was named to succeed the Briton John Cryan after a meeting of the bank's supervisory board late Sunday. The decision ended a dramatic few weeks of turmoil at Europe's largest investment bank as Cryan fought for his position and Chairman Paul Achleitner quietly approached potential replacements.
/goo.gl/9rxU8S
First Euribor-rigging trial opens in London
Barney Thompson in London - FT
The latest instalment of the long-running investigation into the manipulation of interbank interest rates begins this week, when five people go on trial for allegedly rigging Euribor.
/goo.gl/Az5mnj
Barclays plans to split euro trading hub over Brexit; Shift highlights level of uncertainty in London's position as dominant centre
Martin Arnold and Dan McCrum - FT
Barclays is preparing to split its euro rates trading team because of Brexit and plans to move part of the unit that trades eurozone government bonds and interest rate swaps away from its main trading floor in London.
/goo.gl/ccbBku
Panic! Don't panic! Navigating the trade talk proves dicey
Megan Davies - Reuters
"Don't overreact," President Donald Trump's chief economic adviser told investors on Wednesday, when U.S. stocks were deep in the red over worries about the administration's plan for $50 billion of import duties aimed at China.
/jlne.ws/2EpOhmJ
Eight defining moments from eight years of 3Points
3Points Communications - Medium
Yesterday marked the 8-year anniversary of 3Points Communications. I started 3Points on April 5th, 2010, working out of my apartment's second bedroom, because I had built a good reputation in the trading industry as a comms pro and had benefited from mentorship at my previous job (and I had a lot more time on my hands, since it was before I became a dad!). It's been quite the journey, from working as a team of one to today working with a team of eight dedicated and highly motivated professionals in our modern 9th floor office in the Loop.
/jlne.ws/2ErjWE6
Former Treasury Secretary Timothy Geithner Is Now a Private-Equity Firm Executive; At Warburg Pincus, Geithner works on strategy and meets with investors
Ryan Dezember - WSJ
A decade after the financial crisis, The Wall Street Journal has checked in on dozens of the bankers, government officials, chief executives, hedge-fund managers and others who left a mark on that period to find out what they are doing now. Today, we spotlight former Treasury Secretary Timothy Geithner and former Attorney General Eric Holder.
/goo.gl/x29pMR
Attorney General During Financial Crisis Is Now a Confidant to Corporations; Eric Holder works at a Washington law firm and recently took on Uber's case
Daniel Kruger - WSJ
A decade after the financial crisis, The Wall Street Journal has checked in on dozens of the bankers, government officials, chief executives, hedge-fund managers and others who left a mark on that period to find out what they are doing now. Today, we spotlight former Treasury Secretary Timothy Geithner and former Attorney General Eric Holder.
/goo.gl/KeEe7g
Chairman of Alibaba Affiliate Ant Financial Steps Down; Lucy Peng is being replaced by Eric Jing, the company's CEO
Chuin-Wei Yap and Julie Steinberg - WSJ
Lucy Peng, one of China's richest businesswomen, is leaving the helm of one of the country's most valuable private companies.
/goo.gl/mYvC4W
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Ex-LSE boss Xavier Rolet to join Russian fertilizer giant
Henry Foy in Moscow - FT
Xavier Rolet, the former chief executive of the London Stock Exchange, is set to join the board of Russian fertilizer giant Phosagro as an independent director.
/goo.gl/AKDojn
SET Market Report For March 2018
MondoVisione
The Stock Exchange of Thailand (SET) Index at the end of March rose 1.3 percent from end-2017 but fell 2.9 percent from the previous month to 1,776.26 points, same downtrend direction as the overall regional markets. The average daily trading value of SET and Market for Alternative Investment (mai) in March was up 53.8 percent year-on-year to THB 66.4 billion (USD 2.08 billion).
/goo.gl/oFRjex
Shanghai Stock Exchange Launches Entity Investor Education Base
MondoVisione
The entity investor education base of the Shanghai Stock Exchange (SSE) was officially put into operation on March 30 and received the 1st group of visitors. As a basic project of investor education and right protection, the entity base will form an effective online-offline interaction with the SSE's investor education website (edu.sse.com.cn) after its completion, thus constituting a "great platform" for investors to get "one-stop" investor education service and experience, obtain stock investment knowledge comprehensively, effectively and conveniently, and increase their rational investment concept and risk prevention awareness. And this is also another major measure of the SSE to adhere to the investor-oriented principle and increase investor's sense of gain in the capital market in 2018.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Seismic Foundry FinTech Fund Invests In Capital Markets Focused Chatbot
Mondovisione
The Seismic Foundry Capital Markets FinTech SEIS Fund 2017-18 is excited to announce its latest investment, in LodeStar Ecosystems, a state-of-the-art intelligent advisor platform for the Financial Services Industry. Lodestar's 'LodeBot' application is a personalised Intelligent-Advisor targeted at Brokers, Traders and Asset Managers. The AI platform pulls together information on financial assets from a wide range of internal and external sources and helps users identify the key signals that inform buy and sell decisions that are most relevant to them and their customers.
/goo.gl/6Sgiwj
Seismic Foundry FinTech Fund Completes Investments For 2017-18 Tax Year
MondoVisione
Seismic Foundry Capital Markets FinTech Fund closed its final investment for the current tax year by acting as lead investor in RegTech start-up, Waymark Tech.
/goo.gl/XPL9xj
Cloud services help small Chinese banks go digital; Ping An subsidiary OneConnect supplies mobile banking and interbank trade technology
Don Weinland in Hong Kong - FT
Hundreds of small banks in China are launching mobile banking apps and blockchain-based interbank trading capabilities, with the backing of one of the country's largest insurance conglomerates.
/goo.gl/uwkPnj
HSBC brings in AI to help spot money laundering; Bank is latest to harness tech as a cheaper and better way of tackling crime
Martin Arnold, Banking Editor - FT
HSBC is bringing in robots to help it spot money laundering, fraud and terrorist funding, as the latest bank to harness artificial intelligence to tackle financial crime more quickly and cheaply than with armies of compliance staff.
/goo.gl/BbrJAd
Facebook Scandal a 'Game Changer' in Data Privacy Regulation
Stephani Bodoni - Bloomberg
U.K. privacy chief speaks about new rules coming into force; ICO is leading the European probe into Cambridge Analytica
Revelations that data belonging to as many as 87 million Facebook Inc. users and their friends may have been misused became a game changer in the world of data protection as regulators seek to raise awareness about how to secure information.
/goo.gl/UY3GTW
Facebook should pay its 2bn users for their data; The big tech companies are evolving into digital kleptocracies
Brittany Kaiser - FT
The data wars began in earnest last month, with revelations that my former company Cambridge Analytica had access to the data of 87m Facebook users without their permission. This breach was far from exceptional: the social network's policies have allowed thousands of companies, apps and data brokers to collect and use similar data for years.
/goo.gl/7Mkbpc
Listening In: cyber security in an insecure age, by Susan Landau; A definitive guide to cryptography in a world where hackers can track our every move
Kadhim Shubber - FT
In 2015, Syed Rizwan Farook and Tashfeen Malik shot 14 people in San Bernardino, California. At the time, the terrorist attack was the deadliest the US had suffered since 9/11. The tragedy was followed by a dramatic showdown between the FBI and Apple, the world's most valuable public company, that highlighted the furious debate about security and privacy in the digital age.
/goo.gl/1ge7tk
Algomi's CEO and co-founder Stu Taylor steps down; Stu Taylor leaves Algomi after founding the fixed income technology business in 2012.
Hayley McDowell - The Trade
The chief executive officer and co-founder of fixed income technology specialist Algomi has confirmed he has left the company.
/goo.gl/g9Sjjy
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| Cryptocurrencies | | Top stories for cryptocurrencies | Singapore Plans Blockchain Push to Boost ASEAN Financial Inclusion
Wolfie Zhao - Coindesk
The Singapore government is looking to boost blockchain development in an effort to improve financial inclusion for Southeast Asian countries.
In opening remarks for a meeting with finance ministers from Southeast Asian countries on Friday, Heng Swee Keat, Singapore's minister for finance, highlighted the government's plans to foster innovations such as blockchain to improve access to finance in the region.
/jlne.ws/2qiYCfO
SEC Initiates Formal Proceedings on Coveted Bitcoin ETF
Sam Bourgi - Hacked
Efforts to list the first bitcoin exchange-traded funds (ETFs) may not be dead after all. According to a recent document published by the U.S. Securities and Exchange Commission (SEC), formal proceedings on the matter are set to begin in the near future.
/jlne.ws/2Er8hVT
George Soros Prepares to Trade Cryptocurrencies
Alastair Marsh, Saijel Kishan and Katherine Burton - Bloomberg
George Soros called cryptocurrencies a bubble in January. Now his $26 billion family office is planning to trade digital assets.
/jlne.ws/2Er7PH6
Celebrities warned over risk of cryptocurrency endorsements; Possible legal trouble for famous names who have backed initial coin offerings
Joshua Oliver and Hannah Murphy - FT
Celebrity endorsers of cryptocurrency fundraisers are at risk of legal action from regulators and investors, legal experts have warned, following a US case that highlighted the involvement of famous promoters in a so-called initial coin offering that collapsed.
/goo.gl/ryGQj5
'Cryptojackers' steal computer power to mine digital coins; Boom in mass leaching of processing capacity prompts clampdown from big tech
Chloe Cornish and Hannah Kuchler - FT
Early this year a piece of malicious computer code burrowed its way into the website of Britain's National Health Service. The script acted as a parasite, harnessing the computing power of unsuspecting visitors and using it to generate digital currency, in a practice known as "cryptojacking".
/goo.gl/4tBeAX
Blockchain is not only crappy technology but a bad vision for the future
Kai Stinchcombe via Medium
Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That's permanent: no matter how much blockchain improves it is still headed in the wrong direction.
/goo.gl/56BHMu
Cryptomania: How the Changing IPO Market May Have Fueled ICOs
Richard Johnson - via LinkedIn
Last month retail investors jumped at the opportunity to own a piece of the hottest new tech stock, sending shares of Dropbox 35% higher from its IPO price. This kind of one-day price move is rarely seen in the stock market these days but has been fairly commonplace in the wild west of cryptocurrency markets. These two markets may seem unrelated, but in fact, there may be more of a link between IPOs and ICOs than you think.
/goo.gl/hXb723
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| Politics | | An overview of politics as it relates to the financial markets | Donald Trump trade threats lack credibility; US bluster has caused most of the world to rally to China's side
Lawrence Summers - FT
As the possibility of a trade war between the US and China looms, threats and counterthreats are hurled back and forth and markets gyrate, economic logic and truth appear to be an early casualty. There are certain points of fact on which there should be no disagreement.
/goo.gl/ZZFnZX
Mnuchin Says There's 'Level of Risk' of U.S.-China Trade War
Justin Sink - Bloomberg
Treasury Secretary Steven Mnuchin said there is "a level of risk" that the tariff dispute between the U.S. and China will erupt into a full-scale trade war, though he's "cautiously optimistic" that the world's two largest economies will resolve differences through negotiations.
/jlne.ws/2EqAjB2
U.S. lawmakers skeptical of promises to shield farmers from trade dispute
Tom Polansek - Reuters
U.S. lawmakers and the farm industry were skeptical of the Trump administration's promise to shield farmers from the rapidly escalating trade dispute between the United States and China, concerned about the lack of details in protecting the U.S. agricultural export sector now embroiled in the back-and-forth.
/jlne.ws/2EqPk5N
Soyabean wars: China tries to hit Donald Trump where it hurts; As the US and China threaten a trade war, the widely used crop has become one of the main areas of dispute
Patti Waldmeir and Tom Hancock - FT
"I look out across my bean field, and I know that every third row goes to China," says Bill Wykes, who farms in a slim slice of the Illinois soyabean belt an hour and a half from Chicago, the city that grain built.
/goo.gl/Mq4zSi
NAFTA ministers meet again, no major breakthroughs made
David Lawder, David Ljunggren - Reuters
Top U.S., Mexican and Canadian trade officials need more time to work out how to update the North American Free Trade Agreement, Canadian Foreign Minister Chrystia Freeland said on Friday after a top-level meeting in Washington.
/jlne.ws/2EpVovp
Food-Stamp Fight Imperils Farm Bill; GOP seeks to nudge people away from receiving federal benefits and incentivize them to work
Kristina Peterson - WSJ
House Speaker Paul Ryan's long-sought goal of overhauling welfare programs will get a kick-start when Congress returns to Washington this week, as Republicans prepare to release a new, five-year farm bill that would impose tougher work requirements to get food stamps.
/goo.gl/3eXjDK
Wall St star approached to be Trump budget chief a year before loan to Kushner firm; Private equity executive Joshua Harris began financial disclosure process with support of Trump son-in-law before backing out, sources say. In 2017 his company loaned $184m to Kushner family business
Stephanie Kirchgaessner - The Guardian
A senior private equity executive was approached about taking the job of US budget director a year before his company agreed to loan Jared Kushner's private family business tens of millions of dollars, according to two sources who spoke to the Guardian.
/goo.gl/D8A4hC
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Obtains Emergency Freeze of $27 Million in Stock Sales of Purported Cryptocurrency Company Longfin
SEC
The Securities and Exchange Commission has obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin Corp. stock involving the company, its CEO, and three other affiliated individuals.
/jlne.ws/2EnxtN7
Rival banks applauded U.S. watchdog on 2016 Wells Fargo settlement: emails
Michelle Price and Elizabeth Dilts - Reuters
Rival lenders privately congratulated the top U.S. consumer watchdog on its $100 million settlement with Wells Fargo over the bank's phony accounts scandal, according to internal documents published by the Consumer Financial Protection Bureau this week.
/jlne.ws/2EnA6hX
FCA publishes its Business Plan for 2018/19
UK FCA
The Financial Conduct Authority (FCA) has today published its Business Plan for 2018/19 which sets out the key priorities for the coming year.
/goo.gl/rwbyra
Picasso money laundering suspects still at large
Harry Wilson, Alex Ralph - The Times
A month after a London stockbroker was closed and several British nationals were charged over an alleged share fraud and money laundering scheme, the UK authorities have yet to make any arrests.
/goo.gl/Z4zczG
UK banks and brokers face Mifid II reckoning; Grace period over Europe's new rules on investment research is coming to a close
Hannah Murphy and Laura Noonan - FT
UK banks and brokers are readying themselves for a second round of tense negotiations with fund managers over the cost of investment research, as a grace period following new European legislation comes to a close.
/goo.gl/43gFsi
Closet tracker funds face tougher regulatory scrutiny; Thirteen US managers to disclose how far their active funds deviate from benchmark
Owen Walker - FT
The global drive to weed out closet trackers entered a new phase this week as initiatives on both sides of the Atlantic promised more transparency over fund management charges and value for money.
/goo.gl/MCZzuq
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How to Reduce Your Carbon Footprint
Livia Albeck-Ripka - WSJ
Climate change can be overwhelming. The science is complex, and when it comes to future impacts, there are still a lot of unknowns. While real solutions will require action on a global scale, there are choices you can make in your day-to-day life to lessen your personal impact on the environment. This guide will walk you through some of them.
/goo.gl/AWkcZv
Winning Trade Turns Money Loser; Corporate bonds were money makers when rates were low, but widening spreads and rising yields have caused losses and investors to flee
Richard Barley - WSJ
Corporate bonds have been the easiest way to eke out a higher gain in a yield-starved world. This year, though, they are doing the opposite. The corporate bond moneymaker has gone into reverse.
/goo.gl/uoqY4r
Asset managers face battle to regain investor trust; Sector plagued by fears over transparency, performance and conflicts of interest
Chris Flood - FT
Trust among investors in the financial services industry remains woefully low, even after a decade of strong gains for equity and bond markets following the 2007-08 financial crisis.
/goo.gl/VTpyJf
Cyberattack 'Wake-Up Call' Puts Pipeline Industry in Hot Seat
Naureen S Malik - Bloomberg
Companies weren't required to report attack to regulator TSA; Congressman Latta sees 'bad actors' looking to weaken U.S.
A cyberattack that U.S. natural gas pipeline owners weren't required to report has lawmakers taking a closer look at how the industry is handling such threats, raising the prospect of tighter regulation.
/goo.gl/FpXFPa
Bad Omen for Markets From First Signs of Yield Curve Inversion
Adam Haigh - Bloomberg
Forward curve for 1 month overnight indexed swap rate inverts; Fed policy mistake possibly being priced into market: JPMorgan
The forward curve of a closely watched proxy for the Federal Reserve's policy rate has slightly inverted, signaling investors are either pricing in a mistake from central bankers or end-of-cycle dynamics, according to JPMorgan Chase & Co.
/goo.gl/B9oTGM
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank replaces chief John Cryan; Long serving Deutsche Bank veteran Christian Sewing will replace John Cryan as chief executive officer.
Hayley McDowell - The Trade
Deutsche Bank has confirmed the impending departure of its chief executive officer, John Cryan, after less than three years in the role.
/goo.gl/7vHVBX
Compliance Costs Soaring for Financial Institutions; Condusiv Reports
John D'Antona - Traders News
Nine out of 10 financial services industry executives expect continued cost increases in their compliance departments over the next two years, according to a global survey by Accenture of 150 compliance officers at banking, insurance, and capital markets firms across 13 countries in the Americas, Europe, and Asia-Pacific.1
/jlne.ws/2EqHzN6
Morgan Stanley CEO James Gorman pay up 20 percent in 2017
Reuters
Morgan Stanley Chief Executive James Gorman's overall pay rose 20 percent to $27 million in 2017, according to bank filings released on Friday.
/jlne.ws/2EraGjn
Deutsche Bank, With New CEO, Signals a Humbler Future; Christian Sewing succeeds John Cryan atop German bank; Marcus Schenck to leave lender
Jenny Strasburg - WSJ
Deutsche Bank AG DB -3.14% replaced its British chief executive, John Cryan, with the senior German head of its retail bank, a switch that signals a less ambitious future after years of grim financial results and sputtering attempts to regain a spot among global investment-banking powerhouses.
/goo.gl/5HfuyV
Deutsche Bank Solves One Crisis With New CEO. Now Onto the Next
Steven Arons, Nicholas Comfort - Bloomberg
Fate of board chairman Achleitner still up in the air; Investment bank strategy is most pressing issue for Sewing
The appointment of Christian Sewing as Deutsche Bank AG's chief executive officer to replace an embattled John Cryan after less than three years -- and three turnaround plans -- answered just one of the questions hanging over the struggling institution.
/goo.gl/vZcrUW
Last commodities hedge funds go off beaten track; As profiting from fuels, crops and metals becomes harder, funds look to broader trends
Gregory Meyer in New York- FT
Being a commodities hedge fund manager is an increasingly lonely pursuit. Specialists in fuels, crops and metals have been exiting and few new arrivals are taking their place.
/goo.gl/drJWyk
Perella Weinberg brings in UK dealmakers; New hirings are an attempt to lift advisory firm's British M&A performance
Arash Massoudi in London - FT
Perella Weinberg Partners is bringing in a trio of seasoned UK dealmakers to help lift the US corporate advisory group's performance in Europe's largest market for mergers and acquisitions.
/goo.gl/hppDPt
Goldman Leads Banks With Stock Auctions as a MiFID II Workaround
Will Hadfield, Viren Vaghela - Bloomberg
Regulators to ban more stocks from dark-pool trading on Monday; Auctions are now bigger than dark trading at Cboe Europe
Goldman Sachs Group Inc. is taking on the exchanges to win the business of fund managers eager to keep their stock trades hidden in the era of MiFID II price transparency.
/goo.gl/gDGMzN
Lazy fund managers lead to lousy returns; Too many have a short-term outlook and fail to properly understand investments
Tom Brown - FT
Much has been said and written about the poor returns achieved by many active fund managers for their clients. Some critics focus on high expense ratios, but my experiences over the past 30 years as a director of seven quoted British companies suggest there is a deeper problem.
/goo.gl/hrJXyB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russian stocks tumble 9% on US sanctions worries; Rouble drops 2.5% to 59.63 to the US dollar
Adam Samson - FT
Russia's equities benchmark tumbled almost 9 per cent on Monday amid renewed worries over US sanctions against its business sector and after Donald Trump criticised the country's support for the Syrian government.
/goo.gl/sXPYaa
Russia's Rusal plunges 50% on US sanctions
Adam Samson and Henry Foy - FT
Rusal shed half of its value on Monday, with US sanctions against the Russian aluminium producer and its owner still reverberating.
/goo.gl/qQhU9Y
California proves to be hub for legal action over failed IPOs; A US Supreme Court ruling could open the door to more shareholders suing
Sujeet Indap - FT
Silicon Valley is the pre-eminent location for start-ups. But to the lament of the tech entrepreneurs there, Northern California is also a hub for another type of innovation: litigation against companies that have disappointing IPOs.
/goo.gl/SHqYUu
Indonesia Seeks to Regulate More Fuel Prices as Elections Loom
Eko Listiyorini - Bloomberg
Retailers to require government permit before raising rates; Government wants to guard consumers' purchasing power: Tahar
Motor fuel retailers including PT Pertamina and Indonesian units of Royal Dutch Shell Plc and Total SA will soon need government approval before raising prices as Southeast Asia's largest economy seeks to cap inflation ahead of elections.
/goo.gl/Cwzy58
China Is Studying Yuan Devaluation as a Tool in Trade Spat
Bloomberg News
Chinese leaders are weighing options as trade tensions rise; Trump bashed China's currency policy on the campaign trail
China is evaluating the potential impact of a gradual yuan depreciation, people familiar with the matter said, as the country's leaders weigh their options in a trade spat with U.S. President Donald Trump that has roiled financial markets worldwide.
/goo.gl/xrxtUV
Larry Fink identifies China as critical BlackRock priority; CEO outlines opportunities created by Beijing's reforms in annual shareholder letter
Robin Wigglesworth- FT
Larry Fink said China was a top BlackRock priority after Beijing last year granted foreign asset management companies greater access to the world's second-biggest economy, even as trade tension between China and the US are ratcheting up.
/goo.gl/e6Ajfx
AllianceBernstein to revamp European fund management fees; US manager plans performance-linked structure after moves by Fidelity and Allianz
Attracta Mooney - FT
AllianceBernstein, the $550bn fund manager, plans to roll out a new performance-linked fee structure in Europe in a sign of the pressure asset managers are coming under to justify their charges.
/goo.gl/pyi1Yx
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Britons Back Holding a Vote on May's Brexit Deal
Alex Morales - Bloomberg
U.K.'s EU departure 'not a done deal,' says Labour peer Adonis; May heads to Sweden, Denmark; Corbyn starts election campaign
A majority of Britons support holding a vote on the final Brexit deal secured by Prime Minister Theresa May, according to a YouGov poll conducted for the pro-remain group Best for Britain.
/goo.gl/xDTBFa
Elected representatives will do the right thing on Brexit; MPs and MEPs should follow their conscience about whether to vote for any exit deal
Nick Clegg - FT
Like the suspense in an old-fashioned cowboy film before the final gunfight, tension in Westminster is already rising as MPs prepare for the "meaningful" vote on Brexit towards the end of this year. The upcoming debates in the House of Commons will be the political equivalent of scuffles in a saloon, harbingers of the real showdown to come.
/goo.gl/vM9B9Q
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| Miscellaneous | | Stories that don't quite fit under the other sections | Goldman CEO's deputy can't stop, won't stop spinning records
Jennifer Ablan - Reuters
David Solomon, soon to be the sole No. 2 to Goldman Sachs Group Inc's Chief Executive Officer Lloyd Blankfein, still finds time to pursue a beloved hobby: spinning records at big-city nightclubs under the handle DJ D-Sol.
/goo.gl/fcxAbW
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