| August 22, 2017 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
People lined up on LaSalle Street at midday yesterday like there was a sports championship parade happening. Instead, it was just an eclipse.~JJL
John M. Ruth has joined Grey Street Capital as Chief Operating Officer. Ruth was formerly the CEO of ABN AMRO Clearing Chicago LLC.~JJL
Check out SGX's Bull Charge, Climb for Charity.~JJL
Cinnober has taken over the @MovetoStockholm Twitter handle for the week.~JJL
Bruce Tuckman was appointed chief economist at the CFTC yesterday. And tells us he couldn't be Chicago Mayor Rahm Emanuel's older brother. ~SD
At the NFA yesterday, I heard that some soybean farmers in Southern Illinois were taking advantage of the solar eclipse craze by tearing up plantings and selling parking spots for $40 a pop. I guess that's one way to lock in a price...~SD
Our apologies to Rich Mackey for a broken link and misplaced "a" on first mention in yesterday's newsletter. His video about what he learned from caddying can be found here. ~SD
Our top read story of the day yesterday was from and about Mark Thornberry, who is battling cancer and raising money to fight the disease as well. It is an incredible act of courage and determination.~JK
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Building a Foundation - JB Mackenzie
Education.MarketsWiki.com
"Ask yourself if you'd be interested in an operations or compliance job. Because that gives you a foundation to help you excel."
In this video from MarketsWiki Education's World of Opportunity event in Chicago, JB Mackenzie, director of futures and forex at TD Ameritrade, talks about the importance of understanding every detail about the technology influencing your industry of choice and how it can be a useful springboard for a successful career.
Mackenzie went to college in hopes of becoming a doctor, but after taking organic chemistry, he realized it wasn't for him. He went into consulting in New York City and ended up being exposed to equity markets. After working for several large banking institutions, Mackenzie quickly identified the rapid change technology was having on the market. He positioned himself accordingly and now is a managing director at one the largest retail brokerage firms in the world.
Read the rest and watch the video »
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CloudQuant Launches with Unprecedented $15 Million Allocation to Crowd Researcher
CloudQuant
CloudQuant, the trading strategy incubator, has launched its crowd research platform by licensing and allocating $15 Million (USD) to a trading algorithm. Created by a crowd researcher, the algorithm licensor will receive a direct share of the strategy's monthly net trading profits.
(NOLINK)
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CloudQuant Opens the Trading Door to a Crowd
By John J. Lothian
News broke today that CloudQuant allocated $15 million to a non-employee, crowd researcher using its platform. Thus begins what I think is one of the most interesting, innovative, disruptive and game changing market trading concepts.
Somewhere in the United Kingdom, a professor with a day job now has had his strategy tested by CloudQuant's platform and attracted a $15 million dollar allocation. That account is now traded by a professional with high frequency trading skills and a focus on best execution who is working on an agency basis to trade the algorithmic strategy for CloudQuant.
Read the rest HERE.
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Read Warren Buffett's touching tribute to NYSE's James Maguire, 'world's greatest specialist,' dead at 86
Bob Pisani - CNBC
The NYSE's James Maguire Sr. has died at age 86; Maguire was the specialist for Berkshire Hathaway at the New York Stock Exchange; In a note to CNBC, Warren Buffett wrote: "I labeled him the 'World's Greatest Specialist.' He also was the world's greatest guy."
James Maguire Sr., a titan of the Wall Street trading community, has died at age 86.
/goo.gl/jeJL29
***** A great loss for the NYSE community.
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The Principles That Divide Us Might be Greater Than Those That Bind Us Together
Ray Dalio - LinkedIn
I believe that a) most realities happen over and over again in slightly different forms, b) good principles are effective ways of dealing with one's realities, and c) politics will probably play a greater role in affecting markets than we have experienced any time before in our lifetimes but in a manner that is broadly similar to 1937.
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***** I am with you Ray.
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Vanilla price surge hits high-end ice cream consumers; Pod supplies squeezed after cyclone affects top producer Madagascar
Emiko Terazono - FT
Is your artisanal vanilla ice cream under threat? A surge in the price of vanilla pods after a cyclone this year hit Madagascar, the world's top producer, has left ice cream makers scrambling to secure supplies of the flavouring extract.
/goo.gl/rFxXGg
***** Chocolate is the new vanilla.
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Monday's Top Three
Our top story yesterday concerned Mark Thornberry, Running the odd mile...to help beat cancer. Second on the docket was Gary DeWaal's weekly recap of industry goings-on, Bridging the Week by Gary DeWaal. In third was a timely piece regarding yesterday's eclipse and its potential impact on trading, Superstitious Stock Traders: Beware of an Eclipse Crash.
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MarketsWiki Stats
106,435,473 pages viewed; 22,681 pages; 207,936 edits
MarketsWiki Statistics
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| Lead Stories | Are Long-Term Investors the Market's True Gamblers?; New study challenges traditional thought on how value and momentum investors make money
James Mackintosh - WSJ
To politicians and voters, "investors" carry on the noble work of capitalism, while "speculators" are no better than gamblers who treat share prices the same way as racing odds. A new study suggests the caricature has it backward. The most speculative of speculators, it turns out, make their money when the companies they gamble on have good fundamentalsÂthe cornerstone of what we traditionally think of as investing. And those who think of themselves as the most fundamentalist of fundamental investors make most of their money when the luck of the markets pushes prices up, absent improving company financials.
/goo.gl/zDxno5
Insider Trading Case to Be a Test of the Role of Friendship
Peter J. Henning - NY Times
Inside information is like a child's allowance, burning a hole in the pocket of the recipient who just has to pass it along to others. But not everyone who gets a tip about an impending deal violates the law. There is a fuzzy line between innocent trades and securities violations.
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Math Geeks Behind ETFs Scramble to Defend $1 Billion Index Boon
Rachel Evans - Bloomberg
Cost-conscious issuers need cheaper benchmarks for their funds; Newcomers threaten the revenue of S&P, MSCI and FTSE Russell
Who are the biggest winners of the shift to passive investing: investors who appreciate the cheap products, asset managers who sell them in bunches -- or the index firms that create the benchmarks backstopping it all?
/goo.gl/yiGvvU
A New Entrant Into the Crowdsourced Quant Fray
Institutional Investor
Kershner Trading Group's CloudQuant is the latest firm to back qualitative investment algorithms discovered through crowdsourcing.
bit.ly/2x8Mu2Y
SEC Is Studying Spotify's Plan to Bypass IPO in NYSE Listing
Lucas Shaw - Bloomberg
Direct-listing plan is said to draw scrutiny from regulators; New York Stock Exchange rule-change proposal still pending
Spotify Ltd. executives have met with U.S. regulators scrutinizing the music company's plan to skip a traditional share sale and list directly on the New York Stock Exchange, according to people with knowledge of the matter.
/goo.gl/xHpP7R
The new dynamics of financial globalization
Susan Lund, Eckart Windhagen, James Manyika, Philipp Härle, Jonathan Woetzel, and Diana Goldshtein - McKinsey
Cross-border capital flows have fallen 65 percent since the financial crisis as global banks retrenched, but a more stable form of financial globalization is emerging.
/goo.gl/gEC7vb
Quantitative easing is like heroin, says former Treasury official; Nick Macpherson says it's 'time to move on' from QE, nearly 10 years after the financial crash, because of its unwanted side-effects
Richard Partington - The Guardian
A former senior Treasury mandarin has compared quantitative easing to heroin and called for an end to almost a decade of electronic money printing by central banks.
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Brexit  CCP Location and Legal Uncertainty
ISDA
The UK's withdrawal from the European Union (EU), set for March 2019, is now little more than 18 months away. Negotiations between the UK government and the European Commission (EC) on an exit deal are still in their early stages, and there is a very long list of details to be squared away, covering a whole range of legal and economic areas.
The shape of any final Brexit deal will have far-reaching consequences for ISDA's members and the broader derivatives market. This is the opening whitepaper in a series that will examine Brexit-related issues, and highlight the need for a smooth transition.
/goo.gl/nEBFYD
CloudMargin Connects To The DTCC-Euroclear Global Collateral Margin Transit Utility
CloudMargin
Enables users to take advantage of straight-through-processing from call calculation to settlement of collateral in order to streamline and optimize collateral management procedures
CloudMargin, the multi-award winning creator of the world's first web-based collateral and margin management solution, and DTCC-Euroclear Global Collateral Ltd. (GlobalCollateral), a joint venture of Euroclear and The Depository Trust & Clearing Corporation (DTCC), today announced that they have entered into an agreement to connect CloudMargin with GlobalCollateral's Margin Transit Utility (MTU). The agreement expands CloudMargin's settlement capability and enables users to access MTU from the cloud, fully automating the entire collateral lifecycle.
/goo.gl/DHwY9k
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | MIFID II: The Final Countdown
LME
With the final quarter of 2017 almost at hand, the MiFID II implementation date of 3 January 2018 is fast approaching. The first MiFID II related proposals were published in 2011, meaning the evolution of this legislation has been long and fairly protracted - particularly in view of the 12-month delay pushing the implementation date from 2017 to 2018. Whilst at times it may have felt like implementation would never arrive, that day is now just around the corner and if you aren't already eating, drinking and dreaming MiFID II, then rest assured you will be very soon.
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EEX: Dairy Derivatives Market Volume Exceeds 2016 Level
Mondovisione
In August the volume traded on the dairy derivatives market of European Energy Exchange (EEX) already surpassed the total volume traded in 2016. From 1st January until 16th August 2017 a total of 82,065 tonnes of goods equivalent was traded (equals 16,413 contracts). The total trading volume reached in 2016 (Jan.-Dec.) amounted to 82,050 tonnes and represented the highest annual volume in dairy futures on an exchange in Europe so far.
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Extraordinary adjustment in MDAX; Free Float Adjustment of STADA Arzneimittel AG / Changes will take effect as of 24 August 2017
Deutsche Börse
On Monday, Deutsche Börse AG announced an extraordinary adjustment to the free float of STADA Arzneimittel AG in MDAX. As a result of a takeover by Nidda Healthcare Holding AG, the free float of STADA Arzneimittel AG changed by more than 10 percentage points.
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Forfeiture of Unclaimed Interim Dividend for 2011
HKEX
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BSE to 'compulsorily' delist 200 firms, bar promoters, from 23 August; BSE will delist 200 firms this week and bar their promoters from the markets for 10 years as trading in these shares have remained suspended for over a decade
PTI viant
New Delhi: Leading stock exchange BSE will 'compulsorily' delist 200 firms this week and bar their promoters from the markets for 10 years as trading in these shares have remained suspended for over a decade.
/goo.gl/VRBocA
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Identity Thieves Hijack Cellphone Accounts to Go After Virtual Currency
Nathaniel Popper - NY Times
Hackers have discovered that one of the most central elements of online security  the mobile phone number  is also one of the easiest to steal. Credit Kevin Hagen for The New York Times Hackers have discovered that one of the most central elements of online security  the mobile phone number  is also one of the easiest to steal. In a growing number of online attacks, hackers have been calling up Verizon, T-Mobile U.S., Sprint and AT&T and asking them to transfer control of a victim's phone number to a device under the control of the hackers.
/goo.gl/dFvAQV
Lack of consumer trust is more than a fintech-nicality; New fintech applications still fail to instil confidence among users
Matthew Vincent - Financial Times
What is fintech? "Fintech is seen to be a means of encouraging economic activity, improving industry efficiency and providing better services to consumers." "Fintech is a vibrant ecosystem in which all the participants have a vital role to play." "Fintech is gaining traction."
on.ft.com/2xlVC3v
Tech giants Amazon, Google and Facebook could be the next threat facing banks and financial services firms
William Turvill - City AM
Forget fintech startups. Amazon, Google and Facebook could be the next big competitors for big banks.
/goo.gl/MBfnKJ
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| Politics | | An overview of politics as it relates to the financial markets | McConnell: 'America is not going to default'
Associated Press via The Washington Post
Senate Majority Leader Mitch McConnell says there is "zero chance" Congress will allow the country to default on its debts by voting to not increase the borrowing limit.
wapo.st/2xm0s0D
Mnuchin Hints at Keeping Carried Interest Tax Break for Some
Sahil Kapur - Bloomberg
U.S. Treasury Secretary Steven Mnuchin said Monday that President Donald Trump may keep the carried interest tax break for firms that create jobs, while eliminating it for hedge fund managers.
/bloom.bg/2xm0NjZ
Goldman's Lloyd Blankfein seems to be making a habit out of trolling Trump
Evelyn Chang - CNBC
Goldman Sachs CEO Lloyd Blankfein tweeted Monday with the hashtag #SolarEclipse2017 that he wished "the moon wasn't the only thing casting a shadow across the country."
cnb.cx/2xmdefz
Markets Are Losing Their Patience With Trump; Last week brought "good" news, at least as far as markets are concerned, and poor performance. This is telling.
By David Ader - Bloomberg
Markets are starting to crack. Photographer: Drew Angerer/Getty Images
I have been recommending a defensive stance in equities since at least February, and truth be told, that hasn't worked out so well. The S&P 500 Index has returned 4.3 percent since then, including reinvested dividends. I'm not ready to throw in the towel.
/goo.gl/Z7URvM
Ray Dalio turns cautious amid Washington conflict; Former Trump bull wary as S&P 500 sets course for worst month since before election
Robin Wigglesworth, US Markets Editor - FT
The world's biggest hedge fund manager is turning more defensive on concerns the political drama in Washington will impair the US government's ability to function and weigh on already wobbly financial markets.
/goo.gl/42n6td
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Chairman Giancarlo Appoints Bruce Tuckman CFTC's Chief Economist
CFTC
U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo today appointed Bruce Tuckman, an internationally-recognized economist and expert in modern derivatives markets, as the agency's Chief Economist. In addition, Chairman Giancarlo also appointed former Chief Economist Sayee Srinivasan as Special Advisor in the Chairman's Office.
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CFTC's Office of International Affairs to Host Its 25th Annual Symposium on October 23 - 27, 2017
CFTC
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Hedge Fund Adviser Charged For Inadequate Controls To Prevent Insider Trading
SEC
The Securities and Exchange Commission today announced that hedge fund advisory firm Deerfield Management Company L.P. has agreed to pay more than $4.6 million to settle charges that it failed to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of inside information, including information about confidential government decisions.
/goo.gl/Yu2JMj
ASIC permanently bans jailed company director from credit and financial services industries
ASIC
Mr Gavin Keith Hyland has been permanently banned from engaging in credit activities or providing financial services.
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Latest enforcement report outlines ASIC's enforcement outcomes from the first half of 2017
ASIC
ASIC has today released its enforcement report for the period 1 January 2017 to 30 June 2017.
/goo.gl/ayt1nw
ASIC announces regtech showcase event
ASIC
ASIC has announced that it will hold a showcase event on regulatory technology (regtech) on 18 September 2017 in Sydney. With regtech at the top of the minds of both regulators and industry, ASIC believes that this event will stimulate engagement, explore the opportunities and barriers to regtech deployment and identify potential areas for collaboration.
/goo.gl/tHptyA
Bank crash boss sues for Lloyds bonus Claim against bailed-out lender risks sparking anger Harry Wilson - The Times
The former chief executive of Lloyds Banking Group and one of his top lieutenants are suing the bailed-out lender for hundreds of thousands of pounds in unpaid bonuses in a move that risks sparking public outrage. Eric Daniels and Truett Tate, former head of the wholesale banking division, this month filed legal claims with the High Court against the bank.
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Around 100 brokers under lens for helping shell companies; Sebi, tax department investigation brokers who may have helped shell companies launder Rs16,000 crore by compromising KYC norms
Jayshree P. Upadhyay - Livemint
The Securities and Exchange Board of India (Sebi) and the income-tax department are investigating the role of about 100 brokerages which they believe may have helped shell companies launder as much as Rs16,000 crore by compromising so-called know-your-customer (KYC) norms, said two people with direct knowledge of the matter.
/goo.gl/9mH6a9
US claims currency conspiracy in HSBC may involve up to 11 bank employees
Bloomberg
A foreign exchange front-running scheme at HSBC Holdings Plc may have involved at least 11 bank employees beyond the two executives who have been charged with crimes, a prosecutor said on Monday.
/goo.gl/bozNxx
FINRA Announces Nomination Process to Fill Upcoming Vacancies on the National Adjudicatory Council; Petitions for Candidacy Due: October 5, 2017
FINRA
The purpose of this Election Notice is to announce the nomination process to fill one large firm vacancy and one small firm vacancy on the National Adjudicatory Council (NAC).
/goo.gl/hNzS2f
Hedge Fund Adviser Charged for Inadequate Controls to Prevent Insider Trading
SEC
The Securities and Exchange Commission today announced that hedge fund advisory firm Deerfield Management Company L.P. has agreed to pay more than $4.6 million to settle charges that it failed to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of inside information, including information about confidential government decisions.
/goo.gl/Yu2JMj
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Fed's Big Bond Unwind May Clobber U.S. Stocks, Corporate Debt
Rich Miller and Sally Bakewell - Bloomberg
Stocks and corporate bonds may be the surprise big losers once the Federal Reserve starts reducing its $4.5 trillion balance sheet.
/bloom.bg/2xmdniW
U.S. funds get tougher on climate and diversity, but not CEO pay
Ross Kerber - Reuters
Even as top U.S. asset managers BlackRock Inc and State Street Corp pressed companies on climate and diversity issues this year, they made few waves on another area of corporate governance: CEO pay.
reut.rs/2xlNdgj
World's Biggest Piggy Bank Grows by $285 Million a Day
By Sveinung Sleire and Mikael Holter - Bloomberg
Fund has been ordered to boost stock holdings to 70%; Fund returned $26 billion in second quarter on stocks rally
As many investors question a global stock-market rally that's now in its eighth year, the world's biggest wealth fund is prepared to splurge.
/goo.gl/vs6S86
Earnings may be about to do something they've never done before
Jeffrey Kleintop - Charles Schwab
Ever get the feeling that we've been here before? For investors, the sense of déjà vu may be coming from corporate earnings. The analyst consensus estimate for earnings per share over the next twelve months for the world's companies (measured by the MSCI All Country World Index) has risen back to $30 again for the fourth time in 10 years, as you can see in the chart below.
/goo.gl/2YMBDo
Bitcoin Analysts Compete for the Highest Price Forecast
Camila Russo - Bloomberg
Bank of America, Goldman, Morgan Stanley paying more attention; Cryptocurrency has surged since development hurdle overcome
/goo.gl/SCrhWD
Rieger Report: Munis with Equity Like Returns!
S&P Dow Jones Indices
Sectors of the boring municipal bond market have seen equity like returns in 2017. However, it is the downtrodden segments of the muni market in the last several months of 2016 that have created the opportunities to generate these "equity like returns."
bit.ly/2xm0Coy
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Said to Name AlDossari Saudi Investment Banking Head
Matthew Martin - Bloomberg
AlDossari was previously associate director for HSBC Saudi; Banks are expanding in Saudi amid economic diversification
Goldman Sachs Group Inc. has hired Eyas AlDossari as head of investment banking for Saudi Arabia as the U.S. bank looks to expand in the kingdom, according to people familiar with the matter, who asked not to be identified because the appointment isn't yet public.
/goo.gl/aqSGLP
No one wants to work at Oppenheimer & Co. since new exec started
Kevin Dugan - NY Post
Wall Street's newest recruits at Oppenheimer & Co. are "running for the doors," as the son of the bank's boss has laid off analysts and delayed promotions, The Post has learned.
/goo.gl/eLdaRf
JPMorgan hires again from Goldman to fill key trading post; US bank moves to replace its head of central risk book trading in Europe
Samuel Agini - Financial News
JPMorgan has made another hire from the trading ranks of its big rival Goldman Sachs to fill a senior equities role in Europe.
/goo.gl/j42wiK
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India's financial sector grapples with effects of demonetisation; Private lenders step in as high-value note ban sucks more money into system
Simon Mundy - FT
Nine months after India's radical demonetisation exercise, the financial sector is still grappling with its complex implications.
/goo.gl/Ew8jAG
Lack of literacy promotes unrealistic goals; A large proportion of Australians have unrealistic retirement goals
By Sarah Kendell - Financial Observer
Australians' lack of financial literacy is contributing to unrealistic expectations about their retirement, with more than half of consumers saying they want to travel regularly in their retirement despite the fact 63 per cent say they do not have a financial plan to guide their savings.
/goo.gl/LBcjQH
Metals Frenzy Has China Bond Buyers Flocking to Smokestack Debt
Bloomberg News
Coal company notes provide highest returns after electronics; Old economy firms tend to be more indebted than wider market
China's so-called old-economy companies are enjoying a renaissance in the debt market, bouncing back from a beating on Beijing's quest to modernize growth.
/goo.gl/NDqk5g
With Attacks Soaring, India Races to Regulate Cryptocurrencies
By Archana Chaudhary and Santosh Kumar - Bloomberg
Focus on banks, companies as ransomware, malware strikes rise; Banning trade in virtual currencies won't improve security
A giant cyberattack that crippled India's largest container port in June provided a costly wake up call for a country determined to digitize its mostly-informal $2 trillion economy.
/goo.gl/DV8H8h
A Second Korean War Could Quickly Spread Across All of Asia
By Brendan Scott and Adrian Leung - Bloomberg
Northeast Asia's geography reveals the peril of any strike; Great powers risk being drawn into escalating conflict
A recent survey commissioned by the New York Times found that people who could find North Korea on a map were more likely to favor talks over military action. A glance at North Asia's geography explains why.
/goo.gl/K2jCMK
Global funds expanding into massive Chinese investment market
Evelyn Cheng - CNBC
UBS Wealth Management and Fidelity International are some of the major foreign firms launching private funds in China; The expansion comes as China loosens regulation and global fund managers look for opportunities outside of Western markets; Analysts expect China to be an increasing area of growth for the asset management industry, while Chinese companies are also expanding into the U.S. financial services industry.
As China's financial markets mature, major non-Chinese financial firms increasingly want to open funds in the country and tap the multitrillion-dollar institutional investor market there.
/goo.gl/BYDRcF
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Britain to keep all of Europe's business standards post-Brexit, says BSI chief
Peter Foster - Telegraph
Asa Bennett, Brexit Commissioning Editor, will be answering your questions and responding to readers' queries in the comments section under this article from 11am. It's free and easy to register to take part.
/goo.gl/XiKyfb
U.K. Asks EU to Leave Legal Relationships Untouched by Brexit
Robert Hutton - Bloomberg
Position paper argues that current arrangements work for all
Britain plans to sign up to the Hague and Lugano conventions
The U.K. wants to keep London at the center of European commercial legal disputes after Brexit. Except, without the European Court of Justice.
/goo.gl/L2Zauh
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