| June 09, 2017 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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U.S. business schools embrace 'fintech' as students clamor for courses
Anna Irrera - Reuters
Leading U.S. business schools are trying to teach students how to become masters of financial technology, a subsector of Wall Street that has grown in size and prominence, but because the area is still ill-defined and relatively new it is hard to develop courses.
Stanford University and Georgetown University business schools are planning to offer "fintech" courses for MBA students for the first time this fall. New York University is planning a new course for undergraduates after launching a fintech specialization in its business school last year.
jlne.ws/2sZglIi
****SD: Higher education seems unfashionably late to the fintech party.
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MiFID II - The Best Thing That Ever Happened?
Steve Grob, Fidessa - Mondovisione
So, if you're planning to attend any kind seminar on what you need to do for MiFID II over the next few months, forget it and go to the movies instead. You're simply too late and whatever plans you have (or have not) put in place will just have to do as there are only 6 months left to go. The more important questions concern how regulators will interpret and enforce the new rules and, crucially, which business models will thrive in the new environment? As to the first, I think there may be a glimmer of hope and we can expect to see more carrot than stick. The thinking behind this is that ESMA wants to change behaviour and market structure rather than put everyone in jail. Having said that, there is nothing like a screechy headline trumpeting a compliance failure to hold the industry's feet to the fire.
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****SD: Grob on a key developments in this, the year of the Fire Rooster.
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The Bounty Hunter of Wall Street
Jesse Barron - NY Times
A month after the 2016 election, the stock trader Andrew Left went out to the Madison Club in La Quinta, Calif., to lick his wounds and play golf. The way Left invests, he can make a killing in a bear market while everyone else on Wall Street suffers. But in December, even dubious stocks were rising, lifted by the promise of incipient deregulation. Reading the news on his phone between holes, Left happened upon an interview with President-elect Donald Trump, the purveyor of all this optimism, in Time magazine. "I'm going to bring down drug prices," Trump said. "I don't like what's happened with drug prices." Left hurried back to the clubhouse and gave his ticket to the valet.
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****JB: Competition for A&E's "Dog the Bounty Hunter."
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Bilderberg: the world's most secretive conference is as out of touch as ever
Charlie Skelton - The Guardian
The secretive group will discuss the 'war on information' and ponder whether globalisation can be slowed - but they may want to take a look in the mirror
Say what you like about Bilderberg, but they've got a sense of humour. The agenda for this year's secretive summit of the global elite is full of in-jokes. They get big laughs straight off the bat by describing themselves as "a diverse group of political leaders and experts".
They're trumpeting the diversity of a conference where less than 25% of the participants are female. Which would be a huge step forward, if it were currently 1963.
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****SD: Do they get $100k gift bags at Bilderberg like folks do at the Oscars?
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Mexico sugar deal hard to swallow for last U.S. candy cane maker
Chris Prentice - Reuters
For the last U.S.-based manufacturer of the red and white striped candy cane that is a ubiquitous North American holiday season treat, the sugar supply deal struck between Mexico and Washington is anything but sweet.
The competitors of Ohio-based Spangler Candy Co have, over the years, moved their plants south to Mexico and beyond to gain unfettered access to the cheaper sugar supplies there. That was part of a shift in manufacturing out of the United States that President Donald Trump has vowed to reverse.
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****JB: I prefer Mexican Coca-Cola over US Coca-Cola (real sugar instead of high fructose corn syrup). Just saying...
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Thursday's Top Three
Our top read story Thursday, by a long way, was Exchanges stranglehold on data costs stifling market activity, from The Trade News. Next was Institutional Investor's The Last Hedge Fund Pit Bull, about Paul Singer. In third was The Wall Street Journal's Elon Musk: The Man, the Myth, the Risk
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MarketsWiki Stats
102,222,005 pages viewed; 22,541 pages; 206,413 edits
MarketsWiki Statistics
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| Lead Stories | Election results 2017: UK wakes up to hung Parliament
BBC
Election ends in hung Parliament: Conservatives set for 319 seats, Labour 261; Tories to form government with DUP to 'provide certainty' and keep country 'safe'; Theresa May's government 'will carry on Brexit negotiations to existing timetable'
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****SD: The Guardian's live portal for the UK election can be found here and The Telegraph's here.
U.S. derivatives regulator concerned about swaps clearing worldwide post-Brexit
Reuters
The acting chair of the U.S. derivatives regulator said on Thursday he is concerned about how swaps will be cleared after "Brexit" is complete because of the possibility of the European Union deciding to prohibit off-shore clearing of swaps denominated in euros could hurt global financial markets.
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Lawsuit in U.S. accuses 12 big banks of credit default swap collusion
Jonathan Stempel - Reuters
A small trading exchange on Thursday filed an antitrust lawsuit accusing Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and nine other banks of conspiring to shut it out of the $9.9 trillion credit default swap market.
Tera Group Inc accused the banks of coordinating a boycott of its seven-year-old TeraExchange platform by refusing both to send it any CDS transactions, and to clear and settle any CDS trades that customers wanted to handle there.
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MiFID II Won't Just Impact Research Providers, But Also Brokers
Mark Melin - ValueWalk
Much MiFID II conversation has centered around the unbundling of research from trading and how this will impact both buy side and sell side trading operations. Greenwich Associates Vice President of Market Structure and Technology, in a report out Thursday, takes a slightly different angle, looking at the impact on sell-side brokerage and how the related execution changes might impact the market.
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Bitcoin Drives to a New High, but Is It Headed for a Crash?
Paul Vigna - WSJ
Bitcoin, the digital currency, hit a record of $2,967 early Tuesday after having roughly tripled this year.
Given bitcoin's history of volatility, a tumble at some point seems inevitable.
The currency's backers don't necessarily disagree. They just don't care.
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Breaking the Mold
Galen Stops - Profit & Loss
Noble Bank International recently launched with a new business model aimed at alleviating the current credit constraints in the FX market. Will it be a "game changer" for the industry? Galen Stops takes a look.
If every new product or service launch that claimed to be "game changing" actually was, the FX industry would be a dizzying place to work in, such is the popularity of this phrase and its variant forms. As a result, it was hardly surprising to see Noble Bank International (Noble) hail its new real-time, post-trade FX service as "industry changing", when its official launch was announced last month. And yet, if the Noble model manages to gain significant traction within the FX industry, it could have a significant impact on how the market operates.
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Virtu: More Market-Making M&A Ahead
Terry Flanagan - MarketsMedia
Persistently low trading volume and volatility provide fertile ground for mergers and acquisitions in the electronic market-making space. That's according to Doug Cifu, chief executive officer of Virtu Financial, which in April said it would buy speed-trading rival KCG for $1.4 billion.
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New rule could create a $10 trillion ETF juggernaut by 2020
Ryan Vlastelica - MarketWatch
The Labor Department's "fiduciary rule" was designed to help retirement savers, but one of the biggest beneficiaries might be exchange-traded products, including ETFs and ETNs. Parts of the new rule take effect June 10 and, according to one estimate, the market could more than double within a few years as a result of its implementation.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq joins investment round in French blockchain startup Stratumn
Anna Irrera - Reuters
U.S. exchange group Nasdaq Inc has joined a 7 million-euro ($7.9 million) investment round in Stratumn, which helps companies develop applications using blockchain technology, the Paris-based startup said on Thursday.
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HOTTER ON METALS: Focus on the fees. Please!
Andrea Hotter - Metal Bulletin.com
Focus on the fees. Please! That was the message to the London Metal Exchange from several of its largest and most active members during a panel discussion in New York this week.
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Nasdaq CEO Friedman on the Future of Financial Technology (VIDEO)
Bloomberg
Nasdaq President and CEO Adena Friedman speaks with Bloomberg Markets Magazine Editor Joel Weber at Bloomberg Invest New York about the importance of diversification in keeping Nasdaq growing.
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Nasdaq Launches Auction On Demand in the Nordics Stockholm Stock Exchange:OMX
Globe Newswire
Nasdaq is today launching an innovative new market feature, Auction on Demand - designed to fulfill MiFID II transparency requirements. Since the announcement in December 2016, several Independent Software Vendors (ISV's) have signed up for the service and are ready to support trading from start. These include FIS Front Arena, Itiviti, Fidessa and Vitec Aloc.
jlne.ws/2s17Qzf
NSE accepts Ravi Narain's resignation, may settle probe with Sebi
Business Standard
Leading exchange NSE's board has accepted its vice-chairman Ravi Narain's resignation and is looking to settle the co-location probe with markets regulator Sebi through consent mechanism.
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MGEX Reports 3rd Top 10 Volume Day In The Last Week
Mondovisione
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports a total volume of 22,447 from Wednesday, making it the 8th-best volume day.
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FX Futures: How Currency Trading Revolutionized Finance
Debbie Carlson - CME Group Openmarkets
Financial futures today represent 90 percent of global futures trade, with currency futures being the first financial futures product to trade 45 years ago
Today's financial world would look vastly different without the creation of currency futures in the early 1970s. Launched in 1972, they ushered in a new era of free-market ideas and activity.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FX's OTC nature will limit machine learning
Paul Golden - Euromoney Magazine
A machine's capacity to analyze market data in a quantity and speed that no human trader could hope to match is undeniable.
However, that machine also has to deal with data characteristics that are constantly moving, autocorrelation - where today's price depends heavily on yesterday's price - and low signal to noise ratios, which require it to sift through large volumes of meaningless data to find a meaningful result.
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Hong Kong, Singapore rivalry hobbling Asia in $100 billion fintech race: lobby group
Michelle Price - Reuters
Asia's competitiveness in fintech is being undermined by the rivalry among the region's financial centers that has created regulatory complexity and uncertainty, a financial lobby group has warned.
Governments across Asia - most notably Hong Kong and Singapore - have launched a raft of initiatives to grab a slice of the $100 billion invested in fintech globally but the regulatory hotch-potch is making it tough for firms to scale up, the Asia Securities Industry and Financial Markets Association (ASIFMA) said in a report on Friday.
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Amazon Uses Its Machine Learning Tools for Lending
Diana Asatryan - Bank Innovation
When talking about machine learning algorithms, Amazon definitely comes to mind. The e-commerce giant has (arguably) the most sophisticated ML toolset around that is uses for drone deliveries, online tailors, or its AWS offering. Turns out, Amazon's lesser known operation - small business lending - is also powered by machine learning, Bank Innovation has learned.
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| Politics | | An overview of politics as it relates to the financial markets | Trump Team's Bond-Trade Worries Are Too Late
Lisa Abramowicz - Bloomberg
It's almost antiquated that newly minted regulators are ramping up their bond-market liquidity worries now.
Traders already spent years fretting about a logjam in debt markets, back in 2013, 2014 and 2015. But many people have tired of thinking about it, especially because trading volumes have generally been increasing and Wall Street firms are profiting.
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Wilbur Ross sees 'genuine' national security concern on steel
David Lawder - Reuters
U.S. Commerce Secretary Wilbur Ross said on Thursday that a national security review of the U.S. steel industry will be completed "very shortly" and will seek to protect the interests of both domestic steel producers and consumers.
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Exclusive: Deutsche Bank says privacy laws prevent Trump financial disclosures
Karen Freifeld and Patrick Rucker - Reuters
Deutsche Bank AG is not allowed to share information it may have about President Donald Trump's finances and his possible ties to Russia despite a request from U.S. lawmakers, the German lender told Congress on Thursday. In a letter to five House Democrats, Germany's largest bank said it was barred from sharing information about Trump's finances due to U.S. privacy laws.
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Trump Picks Scaramucci to Be Ambassador to OECD, Sources Say
Jennifer Jacobs - Bloomberg
President Donald Trump will appoint SkyBridge Capital founder Anthony Scaramucci ambassador to the Paris-based Organisation for Economic Co-operation and Development, said two people familiar with the plan.
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Futures Trader Banned After Pleading Guilty to 'Spoofing'
Dave Michaels and Alexander Osipovich - WSJ
A former futures trader at Deutsche Bank AG was permanently barred from the industry after admitting he conspired to manipulate the price of gold and silver futures contracts.
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Exclusive: New SEC enforcement chiefs see cyber crime as biggest market threat
Sarah N. Lynch - Reuters
Hackers are increasingly breaking into brokerage accounts to steal assets or make illegal trades, prompting U.S. securities regulators to start tracking cyber crimes more closely, two newly appointed enforcement officials said in an interview on Thursday.
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House Republicans Pass Bill That Rips Up Post-Crisis Bank Rules
Elizabeth Dexheimer - Bloomberg Politics
House Republicans made headway on President Donald Trump's pledge to dismantle post-crisis financial rules by approving a sweeping bill Thursday that rips up major aspects of the Dodd-Frank Act.
House lawmakers approved the legislation in a 233-to-186 vote. But the bill -- called the Financial Choice Act -- has little chance of passing the Senate in its current form.
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U.S. loan market prepares for mutual fund liquidity rule
Kristen Haunss - Reuters
US investment firms are assessing whether their mutual funds, which help investors to save for college and retirement, are meeting regulations designed to curb risk in the asset management industry.
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Second ex-State Street exec to plead guilty in U.S. fraud probe
Nate Raymond - Reuters
A second former State Street Corp executive is expected to plead guilty in connection with what U.S. prosecutors say was a scheme to defraud six clients through secret illicit commissions on billions of dollars of trades.
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Notice of Disciplinary Action
CME Group
Pursuant to an offer of settlement in which Carter Ohrt neither admitted nor denied the rule violations upon which the penalty is based, on June 6, 2017, a Panel of the Chicago Board of Trade Business Conduct Committee found that on certain days between March and October 2014, Ohrt entered orders in the Wheat, Corn, Soybean, KC Wheat, and E-mini Dow futures contract markets without the intent to trade those orders.
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SEC Names Stephanie Avakian and Steven Peikin as Co-Directors of Enforcement
SEC.gov
The Securities and Exchange Commission today announced that Acting Director of the Division of Enforcement Stephanie Avakian and former federal prosecutor Steven Peikin have been named Co-Directors of the Division of Enforcement. The Division of Enforcement is the agency's largest unit with more than 1,200 investigators, accountants, trial attorneys, and other professionals.
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Testimony of J. Christopher Giancarlo Acting-Chairman, Commodity Futures Trading Commission before the U.S. House of Representatives Committee on Appropriations Subcommittee on Agriculture, Rural Development and Related Agencies
CFTC
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Goldman Sachs Mulls the Death of Value Investing
Luke Kawa - Bloomberg
There isn't much value in value investing these days.
The value-factor strategy of buying stocks with the lowest valuations and selling those with the highest, pioneered by Eugene Fama and Kenneth French and espoused by none other than Warren Buffett, isn't working. Sticking to that approach has resulted in a cumulative loss of 15 percent over the past decade, according to a Goldman Sachs Group Inc. report.
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Crude: Crazy contradictions
Phil Flynn - Futures Magazine
We live in a world of crazy contradictions, and no I am not talking about the James Comey testimony. I am talking about the stark differences we saw in the weekly storage data from the American Petroleum Institute (API) and the Energy Information Administration (EIA). The EIA, instead of reporting what was expected to be the ninth straight drop in U.S. crude oil inventory, reported a 3.3-million-barrel increase in supply. Yet, what was more disturbing perhaps, to the market, was a drop in implied demand for U.S. petroleum products across the board, raising concerns about the momentum of the U.S. economy.
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Global agricultural imports bill set to rise more than a tenth
Emiko Terazono - Financial Times
The cost of global imports of agricultural products is set to rise more than a tenth this year, driven by increasing freight rates and trade volumes.
The global imports bill is expected to total $1.3tn in 2017, up 10.6 per cent from the previous year, according to the twice-yearly food outlook report from the UN Food and Agriculture Organisation.
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The Rise And Fall Of Commodity ETFs
Ron Rowland - Seeking Alpha
Purveyors of commodity investing vehicles have long touted the diversification benefits of adding commodity exposure to a portfolio. Indeed, the relatively low correlation of commodities to both stocks and bonds does provide diversification. However, to be truly beneficial to a portfolio, the "diversifiers" should also add to portfolio returns over the long run. For commodities, the long run is often longer than most investors can stomach.
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These Companies Stand to Gain the Most From the Cryptocurrency Rush
Camila Russo - Bloomberg
Hardware makers may be best bet during cryptocurrencies boom; Nvidia, AMD, Intel, Micron are among favorites of analysts
Mining references generally evoke images of picks and shovels.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan operating chief to go, Dimon successor pool shrinks
Dan Freed - Reuters
JPMorgan Chase Chief Operating Officer Matt Zames, once seen as a likely successor to Chief Executive Jamie Dimon, will leave the bank in the coming weeks, and his duties are being split among other senior executives, the bank said on Thursday.
In an internal memo announcing Zames' departure, Dimon thanked him for his 13 years of service but did not say why he was going.
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MOVES-Wells Fargo Advisors names head of digital, automated investing
Reuters
Wells Fargo Advisors named Eddie Queen as head of digital and automated investing.
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CMC needs experienced traders not shocked by risk exposure
Matthew Vincent - Financial Times
Banning something can sometimes make it more popular. Just ask the pop group Frankie Goes to Hollywood, the publishers of Lady Chatterley's Lover, or the importers of formerly legal high mephedrone, better known as "meow meow". Their illicit, if dubious, pleasures were all in greater demand after they were ruled too thrilling.
This phenomenon might also explain why more people placed high-stakes financial bets with CMC Markets after news of a regulatory crackdown.
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After Shift to Passive Investing, Endowments Now Are Staying Put
Kate Smith - Bloomberg
Endowments and foundations have turned to passive investments after hedge funds disappointed with high fees and poor performance. Now, the plan is to stay put for the next 12 months, according to a survey.
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How to Fix Failed Banks, and How Not To
Leonid Bershidsky - Bloomberg
Three recent bank rescues in Europe could form the backbone of a textbook on how to deal with large, failing banks -- and how not to.
These are the uncompromising bail-in of Banco Popular in Spain, the controversial rescue of Monte dei Paschi di Siena in Italy and the much-praised but in fact horribly botched nationalization of Ukraine's largest bank, Privatbank.
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Santander and RBS haunted by ghost of financial crisis
Jill Treanor - The Guardian
The shadow of the 2008 financial crisis loomed over the banking sector again on Wednesday when a Spanish lender was rescued from collapse by Santander and Royal Bank of Scotland racked up a £1bn bill to end a legal battle sparked by the bailouts by UK taxpayers nearly a decade ago.
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Credit Suisse Raises $4.3 Billion to Support Thiam's Plans
Nasdaq
Shareholders of Credit Suisse Group AG CS agreed to buy about 99.2% shares offered in its second rights issue since Tidjane Thiam took over the bank in mid-2015.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Qatar Gulf row roils LNG market, Shell tanker diverted
Oleg Vukmanovic - Reuters
The escalating diplomatic conflict between Qatar and several of its Middle East neighbours has roiled the liquefied natural gas trade, causing at least one tanker to change course and UK gas prices to spike.
jlne.ws/2s0KTvM
Goldman Less Upbeat on MSCI Adding China A-Shares Than Last Year
Eric Lam - Bloomberg
Will Chinese A shares finally be included in MSCI Inc.'s global equity indexes on June 20? Goldman Sachs Group Inc. thinks there's a decent chance, though it is less certain than it was a year ago.
jlne.ws/2s0ZaIQ
ISDA asked to consider alleged Venezuela Russian loan default
Robin Wigglesworth - Financial Times
Someone has asked the global derivatives trade body whether Venezuela's reported default on a Russian loan constitutes a broader default on its debts.
The International Swaps and Derivatives Association is the powerful umbrella organisation set up by the finance industry to make the vast derivatives markets "safer and more efficient".
jlne.ws/2s1g0r1
Cargill to invest up to $500 million in Colombia food production
Reuters
Food producer Cargill Inc [CARG.UL] will invest between $300 million and $500 million in Colombia during the next five years, a company executive said on Thursday.
jlne.ws/2sZ2EsT
Brazil's Argentina Moment
Filipe Campante and Dani Rodrik - Project Syndicate
Brazil's economy has been in free fall, a casualty of years of economic mismanagement and the vast corruption scandal that has engulfed the country's political and business establishment - and which now threatens to bring down the second president in as many years. It may seem hard to focus on policy developments amid the political and economic turmoil, but the fact remains that Brazil must overcome fundamental challenges if it is to lay the groundwork for sustainable growth. Few loom as large as the country's fiscal woes.
jlne.ws/2s1eMMO
Spain's Wounds Run Deep as Economy Retraces Crisis Losses
Maria Tadeo and Ainhoa Goyeneche - Bloomberg
It has taken the Spanish economy a decade to claw back lost output after its worst crisis in modern history, but the wounds are far from healed.
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | EU Unveils Steps to Bolster Capital Markets and Investment After Brexit
Julia-Ambra Verlaine - WSJ
The European Union on Thursday unveiled further measures to bolster capital markets and support investment on the continent as it prepares to lose its financial capital because of Brexit.
LondonÂEurope's financial hubÂhas been the heart of funding for businesses seeking alternatives to bank lending through capital markets.
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Goldman Sachs and Morgan Stanley scout Frankfurt offices for potential post-Brexit trading hub
Gavin Finch, Angela Cullen and Steven Arons - The Independent
Goldman Sachs is scouting for office space in Frankfurt that could serve as its new trading hub inside the European Union after Brexit, according to people with knowledge of the matter.
jlne.ws/2s0QX7Q
Ireland Complains of 'Black Propaganda' in Brexit Bank Fight
Peter Flanagan - Bloomberg
Countries competing to win financial firms from the U.K. after it exits the European Union are spreading "black propaganda" against Ireland to dim its allure, a government official said.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Wealth Advisor, Heal Thyself: 5 Symptoms Causing Advisors Pain
ThinkAdvisor
"Physician, heal thyself."
This revered proverb often comes to mind when I'm speaking to wealth advisors. They're working so hard to help their clients achieve their financial objectives, but often don't focus enough time and energy on ensuring the long-term health and wellness of their business.
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Without El Nino, There May Be More Atlantic Hurricanes This Year
Brian K Sullivan - Bloomberg
Forecasters again lowered the odds of El Nino forming by year's end, a scenario that may mean more Atlantic hurricanes at a time when federal agencies charged with predicting and responding to natural disasters lack top administrators.
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20-somethings say the scariest parts of adulthood are financial  and inevitable
Tanza Loudenback - Business Insider
You'd be hard-pressed to find a college senior who's not worried about what challenges their first year in the "real world" will bring.
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