| October 17, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
John Lothian News is working on a documentary video series on the history of financial futures. We are looking for people with stories to tell about the development of the early financial futures contracts in Chicago, New York, London, Frankfurt, Tokyo and elsewhere. If you see one of us at the FIA EXPO, feel free to stop us and share your stories. We need your help to tell the history of financial futures as completely, fairly and effectively as possible.~JJL
John F. Notorangelo, 52, passed away suddenly recently. He was a former futures specialist, professional and trader who worked for JP Morgan and Fimat/Soc Gen. He was an independent market marker in the T-notes at the CBOT. He is brother to Nick Notorangelo. I knew John because he had moved on to a career with Northwestern Mutual and tried to get me to buy insurance from him. My condolences to his family and friends.~JJL
Some vocal B-share members of the CME Group have sent a letter to the CME Group board of directors about the vote on November 5 for B-share members to give up voting rights in return for $10 million. The letter indicates these members want an independent third party analyst to determine the value of the B-Shares and that the CME and the B-Share holders then move forward with the vote. Until then, they say vote no to the November 5 vote. Never a dull moment with the B-Share crowd.~JJL
Here is the SEC's statement on market data fees from yesterday.~JJL
ISDA published a new white paper on their website titled "Clearing Incentives, Systemic Risk and Margin Requirements for Non-cleared Derivatives."~JJL
CME Group Executive Chairman and CEO Terry Duffy was not at the CME Group's EXPO press lunch yesterday, which is an event he recently has hosted and seemed to relish the spotlight and opportunity to share his thoughts with the assembled press corps. Duffy also missed the FIA Boca Raton conference CME Group press lunch last March, though he was working on the NEX Group deal at the time. Bryan Durkin was the senior CME Group executive at yesterday's event, which did not feature any formal presentation.~JJL
I remember when the FIA EXPO was filled with firms giving out free t-shirts. My wife still wears a shirt that is from the Board of Trading Clearing Corporation, or BOTCC. Recently, Advantage Futures had the softest t-shirts given away at EXPO.~JJL
Would your firm like to become a sponsor of the LaSalle Street Trading Tech Awards event on November 15 in support of Boy Scouts of America in the Chicago area? Or would you like to attend the event and learn more about how you and your firm can hold a Trading Tech 300 merit badge clinic? Click HERE for details.~JJL
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Why I left a quarter-century career on Wall Street to raise 'social capital' for underserved youth
Kevin Davis, Chairman and Founder of NYC nonprofit First Workings
For much of my career, certainly for the eight years I was the CEO of Man Financial and MF Global, I was in a position to hire interns. Most of the interns we hired came via the usual pathways of customers and colleagues' relatives. Since the vast majority of long-term recruits ended up coming from that pool of individuals, diversity in our management structure became structurally prohibitive.
/jlne.ws/2Ow3ah9
***** Former MF Global CEO Kevin Davis gave up Wall Street to work for good.~JJL
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YouTube went down for over an hour during an abrupt worldwide outage
David Choi - Business Insider
You were not alone  YouTube was down from approximately 6 p.m. to around 7:20 p.m on Tuesday.
"Thanks for your reports about YouTube, YouTube TV and YouTube Music access issues," a YouTube statement said. "We're working on resolving this and will let you know once fixed. We apologize for any inconvenience this may cause and will keep you updated."
/read.bi/2NLVZfs
**** I was trying to view a video on YouTube when this happened. It was such an unusual occurrence I was sure something was wrong with my computer and spent five minutes trying to troubleshoot my own PC before learning it was a widespread issue.~JB
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Tuesday's Top Three
Our top read story yesterday was Crain's Chicago financial district poised for big change as banks exit. Everyone in the industry has a story about LaSalle Street. Second went to the announcement ErisX Announces Expansion of Leadership to Pioneer Regulated Digital Asset Platform, hiring Kelly Brown as chief commercial officer among others. Third went to Bloomberg's Saudi Arabia Breaks 45-Year Taboo With Veiled Threat to Use Oil as a Weapon
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MarketsWiki Stats
133,818,283 pages viewed; 23,294 pages; 215,243 edits
MarketsWiki Statistics
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| Lead Stories | SEC Rules NYSE, Nasdaq Didn't Justify Market Data Fee Increases
Dave Michaels and Alexander Osipovich - The Wall Street Journal
The Securities and Exchange Commission on Tuesday ruled the country's biggest exchanges didn't justify increases in fees they charge for certain market-data products that brokers and traders consider essential to their business.
/goo.gl/obLZrm
Could a ruling in CFTC v. DRW finally be in the offing?; A five-year-old market manipulation case against one of the biggest U.S. trading firms may have just gotten a new reason to move ahead.
Lynne Marek - Crain's Chicago Business
A five-year-old market manipulation case against one of the biggest U.S. trading firms may have just gotten a new reason to move ahead. U.S. District Judge Richard Sullivan in the Southern District of New York, who has been overseeing the case, was confirmed last week by the U.S. Senate for a promotion to the U.S. Court of Appeals for the 2nd Circuit. That means his long vetting process for the appellate court is over, and he'll soon decide which of his current cases to keep and which to hand off to colleagues.
/jlne.ws/2OurMGR
Money Managers Are Losing Faith in Money Managers; The value destruction being inflicted on Britain's funds industry is getting spectacular.
Mark Gilbert - Bloomberg
A bad year for Britain's fund managers has taken a turn for the worse, with lackluster asset growth prompting investors to look askance at the outlook for money management. And it's getting increasingly hard to see what, if anything, could stop the rot.
/jlne.ws/2OrOLT4
Global Fintech Warning To Traditional Banks -- The Threat Is 'Real And Growing'
Billy Bambrough - Forbes
Financial technology (often shortened to fintech) startups and other new businesses have been working to break the hold traditional banks have on the financial services industry for more than a decade  and now it appears to be finally paying off, according to a new report from consultancy Accenture.
/jlne.ws/2OvDPUC
Bond Traders Are Paid Big to Dump U.S. Treasuries and Go Abroad
Katherine Greifeld - Bloomberg
Low-yield bunds, JGBs earn higher returns on FX hedging profit; Foreigners staying home as effective U.S. yields turn negative
There's never been a more profitable time for U.S. investors to ditch Treasuries and go abroad. By now, everyone knows Treasuries have been a lousy bet. But because of a quirk in the way currency markets work, there's even less reason for investors to park their money in U.S. government bonds. Those with dollars to spare can lock in historically high returns in Europe and Japan, even though yields in the two markets are among the lowest in the developed world.
/jlne.ws/2OsyRru
Goldman Alumni Still Think They Can Fix Wall Street With Crypto
Max Abelson and Lily Katz - Bloomberg
Accrete aims to launch investment fund and issue its own coins; But the ambitious crypto plan 'isn't as simple as we thought'
Inside Manhattan's Harvard Club, across the room from a mounted elephant head, sitting beneath a chandelier, with lions on his tie, Arya Bolurfrushan was giddy about his plan for a new digital-coin fund.
/jlne.ws/2OyDDUr
Hong Kong plans to suspend trading in groups with shaky accounts; Exchange operator's move aimed at protecting investors after string of scandals
Emma Dunkley in Hong Kong - FT
The Hong Kong stock exchange plans to suspend share trading in companies with questionable financial results and accounting standards after a string of scandals, as part of a broader crackdown to protect investors.
/jlne.ws/2OrVexr
In China, Plunge Protection Goes Local in Latest Market Slump
Bloomberg News
Local authorities setting up funds to help listed companies; The move is shift from stock purchases done by 'national team'
China's efforts to arrest destabilizing declines in domestic stocks in recent years have become so well recognized that market players coined the term "the national team" to describe buying by state-owned funds. In the latest bout of turmoil, there's been a twist.
/jlne.ws/2Oy2PL3
The Student Loan Debt Crisis Is About to Get Worse; The next generation of graduates will include more borrowers who may never be able to repay.
Riley Griffin , Suborna Panja , and Kristina D'Alessio - Bloomberg
While Wall Street and U.S. President Donald Trump tout news of a booming stock market and low unemployment, college students may be quick to roll their eyes. The improved economy has yet to mean higher wages for graduates already struggling to pay down massive debt, let alone ease the minds of students staring down the barrel of six-digit loan obligations yet to come.
/jlne.ws/2Oy2rMB
Ariane de Rothschild on why she wants to shake up private banking; Head of Edmond de Rothschild on the future of wealth and the family feud
Alice Ross in Paris - FT
"It's very exhilarating!" It has just been suggested that I take a moto-taxi (a motorcycle) to catch my train after our interview  and Ariane de Rothschild is tickled at the thought. "Everybody does it. I said I'll do it too, but my girls said, 'Oh no you can't'," she says.
/jlne.ws/2OteKJL
Broken Pecan Trees, Ruined Cotton Harvest: Georgia Counts Michael's Cost; Amid widespread crop destruction, farmers confront potentially devastating financial rout
Cameron McWhirter - WSJ
Standing in a ruined field, Dan Simmons did some quick math as he surveyed row after row of bent stalks with lumps of white cotton scattered on the grayish-brown dirt.
/jlne.ws/2OxuThu
America Is Drowning in Milk Nobody Wants; Dairy farmers are under siege thanks to low prices and changing tastes. Even a one-week July 4 shutdown by yogurt giant Chobani inflicted pain.
Deena Shanker and Lydia Mulvany - Bloomberg
A decade ago, Greek yogurt was ascendant in America. In New York state, the hope among farmers and politicians was that their fortunes would benefit as well.
/jlne.ws/2OuE4za
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | SEC rules NYSE and Nasdaq did not justify data fee increases; Landmark decision puts pressure on exchanges over cost of trading data
Kadhim Shubber in Washington and Nicole Bullock in New York - FT
The Securities and Exchange Commission ruled on Tuesday that the New York Stock Exchange and Nasdaq did not justify previous market data fee increases, in a landmark decision that adds pressure on stock exchanges over the cost of trading data.
/jlne.ws/2OteH0x
SEC Ruling Takes Aim at Stock-Exchange Profits; The Securities and Exchange Commission decision blocking higher fees for certain stock-market data casts doubt on a crucial and growing source of revenue that has helped exchanges make up for the declining income from trading
Alexander Osipovich, Dave Michaels and Gretchen Morgenson - WSJ
In recent years, U.S. stock exchanges thought they had a guaranteed profit machine that could revive their sagging businesses: selling market data at ever-higher prices to a captive audience of Wall Street banks and traders.
/jlne.ws/2OxwlAv
LSEG's Turquoise cuts rebates as maker-taker debate in the US rages on; Turquoise will remove its negative fee structure as of 1 November, as LSEG says buy-side support of transaction fee pilot in the US influenced the move.
Hayley McDowell - The Trade
The London Stock Exchange Group's (LSEG) multilateral trading facility (MTF) Turquoise is set to cut rebates on its lit order book, while maker-taker pricing on exchanges in the US continues to be the subject of critical debate.
/jlne.ws/2OwQaaY
French renewable energy unicorn Neoen lists on Euronext; EUR628 million raised; market capitalisation EUR1.4 billion
Euronext
Euronext today welcomed Neoen, France's leading independent producer of exclusively renewable energy and one of the sector's most dynamic businesses worldwide, to Compartment A of its regulated market in Paris. This was the largest IPO in Paris in 16 months, and the largest clean-tech IPO in Europe this year.
/jlne.ws/2OrShNn
Euronext Lisbon welcomes Farminveste
Euronext
Euronext today welcomed Farminveste SGPA, SA ("Farminveste") on Euronext Access in Lisbon.
/jlne.ws/2OxBnwT
A. Equity derivatives: Introduction of one SSF, one SSDF, one equity option and eleven equity options with weekly expiration; B. Amendment of the Product Specific Supplements to the Liquidity Provider Schemes for SSDFs and equity options
Eurex
The Management Board of Eurex Deutschland took the following decisions with effect from 22 October 2018:
/jlne.ws/2OsmQT4
Introduction of equity derivatives - Liquidity Provider schemes
Eurex
Effective 22 October 2018, Eurex Clearing AG will include the following equity derivatives introduced at Eurex Deutschland into the existing Liquidity Provider schemes, respectively, with unchanged parameters:
/jlne.ws/2OwEFAe
Symposium on Responsible Business Conduct and ESG Investment
JPX
On September 4, 2018, Japan Exchange Group, Inc. and Arabesque Asset Management hosted a symposium at Tokyo Stock Exchange entitled "Responsible Business Conduct and ESG Investment through the Lens of the UN Guiding Principles on Business and Human Rights by Professor John G. Ruggie" on the occasion of his visit to Japan.
/jlne.ws/2OrLSBL
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintech making inroads, but U.S. bank revenues little changed: report
Anna Irrera - Reuters
Financial technology startups and other new entrants are making inroads in the U.S. banking market, but have yet to capture a threatening share of bank revenues, according to research published by Accenture Plc on Wednesday.
Around 19 percent of financial institutions in the U.S. are new entrants, such as challenger banks, non-bank payments institutions and big tech companies, according to the report. Yet they have amassed only 3.5 percent of the total $1.04 trillion in banking and payment revenues so-far, Accenture found.
/reut.rs/2NITbj7
Trading Technologies rolls out order management system; OMS will initially service FCMs and brokers, with plans to potentially roll out the service to the buy-side in the future.
Hayley McDowell - The Trade
Derivatives trading software specialist Trading Technologies (TT) has unveiled its new full-service order management system (OMS) which will be rolled out early next year.
/jlne.ws/2OwEepA
ADM Investor Services, Inc. joins oneZero Financial; Systems' EcoSystem as FX clearing and liquidity provider
ADMIS
ADM Investor Services, Inc. (ADMIS) today announced that it will be providing FX prime brokerage, execution, and settlement services through oneZero Financial Systems' EcoSystem.
/jlne.ws/2OrL4g5
Born Re-born
BornTec
In the years since our launch, we have helped our clients efficiently scale their business, quickly access markets and ensure integrity of trading. After 15 years of operational efficiencies, growth and knowledge; not only has the company evolved but our technology has too. It was time for our brand to reflect this advancement from a financial institution to a progressive fintech firm.
/jlne.ws/2OrWW1H
INTL FCStone Selects TEO Derivatives And LISA Clearing Engine From ATEO Finance As Its Future Middle-Office Platform
ATEO Finance
ATEO Finance, a leading provider of Post-Trade solutions for the Listed Derivatives space, is extremely pleased to announce that INTL FCStone Inc., one of the oldest and largest independent futures brokerage and clearing firms in the United States, has selected ATEO's suite of products, TEO Derivatives and LISA Clearing Engine, as its future middle-office platform for its U.S. and London-based FCM operations.
/jlne.ws/2Ot8ORg
Execution moving beyond compliance in post-MiFID II world; The TRADE's 2018 Execution Management Systems survey shows that for buy-side firms, trading efficiency will always come first.
John Brazier - The Trade
Buy-side firms are now looking beyond the compliance requirements of MiFID II and resuming their focus on execution quality, according to the results of The TRADE's Execution Management Systems (EMS) Survey 2018.
/jlne.ws/2OtdjLE
Global Fintech Warning To Traditional Banks -- The Threat Is 'Real And Growing'
Billy Bambrough - Forbes
Financial technology (often shortened to fintech) startups and other new businesses have been working to break the hold traditional banks have on the financial services industry for more than a decade  and now it appears to be finally paying off, according to a new report from consultancy Accenture.
New entrants to the banking market  including challenger banks, non-bank payments institutions, and big tech companies  have captured around one-third of new revenue, Accenture said.
bit.ly/2NK6PTh
LiquidityBook Taps Ryan Canfield to Lead Client-Driven Solutions Team
LiquidityBook
LiquidityBook, a leading Software-as-a-Service (SaaS)-based provider of buy- and sell-side trading solutions, today announced the addition of Ryan Canfield as Lead Product Analyst.
/jlne.ws/2OxCKf1
Fintech VCs Talk Investing - Bloomberg
Bloomberg (VIDEO)
Vanessa Colella, Citi Venture Capital chief innovation officer, Rishi Garg, partner at Mayfield Fund, and Matt Harris, managing director at Bain Capital Ventures, talk with Bloomberg's Julie Verhage about the state and future of fintech investing at the Bloomberg Sooner Than You Think technology summit in Brooklyn.
/bloom.bg/2NISmXP
BSO adds new Latin American route as traders get a taste for Mexican stocks
BSO
Global network provider BSO has announced a new direct connectivity link between the Mexican stock exchange (BMV) and some of the largest exchanges across North America.
/jlne.ws/2Oybihj
Jin Investment Management Adopts TORA Rebalancing to Reduce Risk and
Improve Workflow Efficiency; New solution offers enhanced features and tight integration with TORA's compliance, risk and trading capabilities
TORA
TORA, provider of the industry's most-advanced cloud-based order and execution management system (OEMS), today announced the launch of TORA Rebalancing. This new solution is natively integrated within the TORA platform and helps asset managers reduce risk and improve workflow efficiencies around the portfolio rebalance process.
/jlne.ws/2OrO38p
Barchart Launches cmdtyView to Revolutionize Physical Grain Trading
Barchart
Barchart, a leading provider of market data and technology, is pleased to announce the launch of cmdtyView®, a market leading research, analysis and trading platform for agricultural commodity professionals. Sitting within Barchart's cmdty product line, cmdtyView includes global exchange and reference data; and is the only platform to access streaming news from cmdtyNewswiresSM, best-in-class fundamental and economic data from cmdtyStatsSM, and Barchart's broad proprietary cash grain commodity data.
/jlne.ws/2OyTH8Y
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| Cryptocurrencies | | Top stories for cryptocurrencies | Will Fidelity Be The Catalyst That Brings Crypto Trading To The Masses?
Donna Fuscaldo - Forbes
Cryptocurrencies have had a rough go of it this year, with the prices of the leading digital tokens including bitcoin and ethereum plummeting. The knock on virtual currency: it has failed to take off with the masses as regulators have increased scrutiny and retailers haven't embraced it as a payment method.
Fidelity Investments, however, could play a role in changing all that.
bit.ly/2NIRoLb
DTCC Study: Tech Inspired By Bitcoin Could Work For U.S. Equity Markets
Sarah Hansen - Forbes
The Depository Trust & Clearing Corporation (DTCC), which provides infrastructure services to financial markets across the globe, has released the results of a new study indicating that the distributed ledger technology (DLT) first popularized by bitcoin is capable of supporting the average daily trading volumes in the U.S. equity market: more than 100 million trades per day.
/jlne.ws/2Or2Xf0
Bakkt and ErisX staff up as institutional crypto gets ready to hit Wall Street
Frank Chaparro - The Block Crypto
ErisX and Bakkt are both looking to get crypto marketplaces off the ground; To that end, they have made some big hires as they build out their teams; Powerful backers seem to be giving Wall Street talent confidence to move into these new ventures
Two of the hottest projects working on institutional crypto trading platforms have been building out their teams, The Block has learned.
/jlne.ws/2Or2SYK
Winklevoss-Backed Stablecoin Soars Above $1 as Tether's Market Cap Plunges
Nikhilesh De - Coindesk
A second stablecoin has broken its peg with the U.S. dollar - except this one's soaring well above a buck, not tanking below it.
/jlne.ws/2OuxKrq
AI-Driven Platform 'Outperformed Stock Markets' - And Now, It Is Focusing on Crypto
Connor Blenkinsop - Cointelegraph
What if the volatility of cryptocurrencies could be eliminated, making crypto more of a feasible, mainstream investment?
An established fintech company is working to achieve just that. Rise, which was founded in 2012, is planning to adapt its artificial intelligence (AI) trading technology to the cryptocurrency markets - enabling users to manage their investments and trade across dozens of exchanges.
bit.ly/2NLUCNQ
The Most Expensive Private Lawsuit In Crypto Is Settled
Muyao Shen - Forbes
A lawsuit over Augur, a decentralized platform for prediction markets on real-world events, has come to an end as court records show that the case was dismissed on Oct. 12.
Matthew Liston, the former CEO of Augur, filed the lawsuit back in April, alleging that three other founding members of Augur, Jack Peterson, Joseph Charles Krug, and Jeremy Gardner committed acts of fraud, oppression, and malice along with investor Joseph Ball Costello. According to Liston, the alleged "fraud" resulted in his forced removal from the project and the company in 2014.
bit.ly/2NKn96r
Crypto Stability: Institutions On the Horizon?
Joe Liebkind - Investopedia
Cryptocurrency volatility has long been one of the industry's biggest talking points, and for good reason. Since its launch and the subsequent explosion in popularity, bitcoinÂand the market it spawnedÂhas been characterized by unpredictable swings and price booms that lead to major collapses. Even so, the major price crash that started 2018 has led to a relative stabilization of the crypto sector, and with it, the potential for real growth and adoption.
bit.ly/2NMunGW
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Attacks on the Press Are Illegal. We're Suing; A coalition of free-press advocates is taking on the president.
Suzanne Noseel - Politico
President Donald J. Trump's frequent threats and hostile acts directed toward journalists and the media are not only offensive and unbecoming of a democratic leader; they are also illegal. In the Trump era, nasty rhetoric, insults and even threats of violence have become an occupational hazard for political reporters and commentators. To be sure, a good portion of President Trump's verbal attacks on journalists and news organizations might be considered fair game in this bare-knuckled political moment. The president has free-speech rights just like the rest of us, and deeming the news media "the enemy of the American people" and dismissing accurate reports as "fake news" are permissible under the First Amendment.
/jlne.ws/2OyM5mU
New York Attorney General's Probe Into Fake FCC Comments Deepens; Advocacy groups subpoenaed over comments posted to FCC from people who deny they made them
James V. Grimaldi - WSJ
The New York attorney general's office has subpoenaed more than a dozen advocacy groups, lobbying firms and consultants as part of an investigation of fake comments filed with the Federal Communications Commission over its proposal to scale back its regulation of the internet.
/jlne.ws/2OuFSYX
Mueller Ready to Deliver Key Findings in His Trump Probe, Sources Say
Chris Strohm , Greg Farrell , and Shannon Pettypiece - Bloomberg
Rosenstein is pressing Mueller to wrap it up, official says; Next steps expected to occur after November midterm elections
Special Counsel Robert Mueller is expected to issue findings on core aspects of his Russia probe soon after the November midterm elections as he faces intensifying pressure to produce more indictments or shut down his investigation, according to two U.S. officials.
/jlne.ws/2OwAJ2q
Trump Complains About Rising Interest Rates, Calling the Fed 'My Biggest Threat'; The president says he is not happy with Fed Chairman Jerome Powell
Kate Davidson - WSJ
President Trump reiterated his complaints that the Federal Reserve is raising short-term interest rates too fast, calling the U.S. central bank "my biggest threat."
/jlne.ws/2OuHMZB
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Investigators contend she used voodoo spells, ran $20 million Ponzi scheme in case jury is weighing
Lynh Bui - Washington Post
In Dawn Bennett's world, the American Dream is one in which people adorn themselves in $502 fishing boots, shred the slopes in $690 ski hats and hit the back nine toting $13,500 golf bags.
/jlne.ws/2Ov4u3X
Danish regulator blocks Danske Bank's CEO pick; Rare intervention increases pressure on bank's board as it reels from money laundering scandal
Richard Milne, Nordic Correspondent - FT
Denmark's financial regulator has blocked the unanimous choice of Danske Bank's board to become chief executive in a rare and embarrassing intervention for the lender reeling from a EUR200bn money laundering scandal.
/jlne.ws/2OuyIE4
What rise and fall of the fiduciary rule means for US advisers; Retirement savers will need to educate themselves and take greater ownership of their fate
Rita Raagas De Ramos - FT
Does the demise of the US Department of Labor's fiduciary rule  expanding the requirement for retirement advisers to act in their client's best interest  mean savers are again vulnerable to deceit? The answer depends on the respondent.
/jlne.ws/2OyDT5R
SEC overturns Nasdaq and NYSE data fee hike; US regulator rules in favour of SIFMA's challenge of its support in market data fee increases at Nasdaq and NYSE.
Hayley McDowell - The Trade
The US financial regulator has overturned its decision supporting an increase in market data fees at the New York Stock Exchange (NYSE) and Nasdaq.
/jlne.ws/2OuCmOg
Notice of Election and Ballots for FINRA Small Firm NAC Member Seat
FINRA
The purpose of this Election Notice is to: (1) notify small firms of a contested election for a small firm member seat on the National Adjudicatory Council (NAC); and (2) distribute ballots to eligible FINRA small firm members.
/jlne.ws/2OvJ7PY
Notice of FINRA Regional Committee Elections and Ballots; Ballot Due Date: November 15, 2018
FINRA
The purpose of this Election Notice is to notify firms of: (1) the upcoming elections to fill vacancies on the FINRA Regional Committees (formerly known as District Committees); and (2) the distribution of ballots to eligible firms.
/jlne.ws/2Or8mmi
SEC Provides Regulatory Relief and Assistance for Hurricane Victims
SEC
The Securities and Exchange Commission today announced that it is providing regulatory relief to publicly traded companies, investment companies, accountants, transfer agents, municipal advisors, and others affected by Hurricane Michael. The loss of property, power, transportation, and mail delivery due to the hurricane poses challenges for some individuals and entities that are required to provide information to the SEC and shareholders.
/jlne.ws/2OyRudG
Statement on Market Data Fees and Market Structure; Chairman Jay Clayton
SEC
Today, the Commission took two actions with respect to the regulation of market data fees - i.e., the fees our regulated exchanges charge market participants for market data.[2] These matters involve issues of law and fact, and by their very nature - challenges to fee amounts - are contentious. Fee disputes of this type also can be complex, including because today's trading activity is itself complex and data driven.
/jlne.ws/2OwS2R2
SEC Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls
SEC
The Securities and Exchange Commission today issued an investigative report cautioning that public companies should consider cyber threats when implementing internal accounting controls. The report is based on the SEC Enforcement Division's investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process.
/jlne.ws/2OrTBjj
Keynote Remarks of CFTC Commissioner Rostin Behnam at the Federal Reserve Bank of Chicago's Fifth Annual Conference on CCP Risk Management, Chicago, Illinois; A Decade After The Financial Crisis: Remaining Challenges and New Approaches for the Next Ten Years and Beyond
October 16, 2018
CFTC
Thank you for the kind introduction President Evans; it is a pleasure to be here with all of you today, and an honor to kick off day two of this great conference. I wish to thank the Federal Reserve Bank of Chicago, particularly Bob Cox and Robert Steigerwald, for the invitation to speak with you and for organizing this event. Before I begin my remarks, please allow me to remind you that the views I express today are my own and do not represent the views of the Commodity Futures Trading Commission (the CFTC or Commission) or my fellow Commissioners.
/jlne.ws/2OtcodX
Remarks of Commissioner Brian Quintenz at the 38th Annual GITEX Technology Week Conference
CFTC
Good morning. Thank you very much Matteo for that kind introduction. Before I begin, let me quickly say that the views I express today are my own and do not represent the views of the Commission. For those of you not familiar with the Commission's mission, the CFTC is responsible for regulating the derivatives markets in the United States. As such, we have oversight authority over the futures and swaps market, including derivatives on commodity cryptocurrencies.
/jlne.ws/2OyHgd1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Webinar: Managing Risk With Listed Options; Thursday, October 18, 2018; 3:30 - 4:30 PM CST
OIC
The versatility of listed options is well-documented. While they can be used for generating income or as a way to acquire stock, there's another important role options can perform for investors - risk management. On Oct. 18, join OIC for an engaging webinar focusing on risk management techniques that can only be found with listed options. Register now, and get ready to learn about strategies, time frames, volatility and much more.
/jlne.ws/2OqwYM5
Why Hedge Funds Will Stick With Ever-Risky Short Volatility Trades
Yakob Peterseil - Bloomberg
Assets in short VIX exchange-traded products lowest since 2013; Technicals, monetary forces anchor bets against price swings
It's a familiar spectacle on Wall Street: the short-volatility complex takes a beating -- and prophets of doom warn money managers the strategy is running out of steam.
/jlne.ws/2OvEaqm
Momentum Investors Need to Experience Some Pain; Betting on stocks that are leading the market higher is a winning strategy that feels like it has gotten ahead of itself.
John Authers - Bloomberg
The Reflex, as 1980s new wave and synth-pop band Duran Duran sang, is a door to finding treasure in the dark. Anyone who was long the market, or particularly momentum stocks, would have profited hugely from this dictum on Tuesday.
/jlne.ws/2OrP1S2
Hedge Funds at the 'Core' of Stock Slump May Be Done Offloading
Dani Burger - Bloomberg
JPMorgan reckons hedge-fund deleveraging helped fuel selloff; U.S. bank also singles out risk parity, balanced mutual funds
One quantum of solace for bruised stock bulls: Some of the usual suspects behind last week's rout may be done frightening markets.
/jlne.ws/2OwgwK4
Investors Look Toward Diversification During Volatility; Many investors say market turbulence reflects the early stages of a rotation
Akane Otani and Michael Wursthorn - WSJ
The volatility racking markets this month is the latest chapter in investors' struggle to adapt to a world of reduced central-bank stimulus.
/jlne.ws/2OrQNTc
Private-Equity Firm Abraaj Raised Billions Pledging to Do GoodÂThen It Fell Apart; Western investors poured money into the Dubai-based group, now the world's largest insolvent private-equity firm
Simon Clark, Nicolas Parasie and William Louch - WSJ
In January, the Abraaj Group had $14 billion of assets under management and was trying to raise $6 billion for what would be the world's largest emerging-markets private-equity fund.
/jlne.ws/2OwPsKQ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | HSBC UK hit with another IT glitch
Reuters
HSBC UK (HSBA.L) said on Tuesday some of its customers were struggling to access online banking, the second outage of the lender's digital services in weeks.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russia's Treasury Holdings Continue to Drop; It's curious why the country would reduce its exposure to the world's biggest and most-liquid bond market.
Brian Chappatta - Bloomberg
Russia's U.S. Treasuries holdings have found a new bottom. That's one of the more interesting revelations from the Treasury Department's monthly report on foreign holders of U.S. government securities. It's not so much that it's surprising  after all, Russia slashed its American debt pile by $81.2 billion in the two months through May 31, one of the most aggressive cutbacks from any country in recent memory.
/jlne.ws/2Ov4SPX
Danske Bank ditches CEO candidate after regulator rejection
Stine Jacobsen - Reuters
Danske Bank (DANSKE.CO), reeling from a money laundering scandal, suffered another setback on Wednesday when the Danish financial regulator rejected its candidate for chief executive on the grounds that he lacked sufficient experience.
/jlne.ws/2OrFHxz
Vedanta's London exit fails to stem scrutiny of Indian miner; The group has quit the LSE but faces growing domestic pressure over its environmental record
Simon Mundy in Mumbai - FT
When Anil Agarwal listed his Vedanta Resources group on the London Stock Exchange, it was a crowning moment in one of modern India's most astonishing personal success stories.
/jlne.ws/2OwAyUO
Currency sting sparks Taiwanese bond clampdown; Booming 'Formosa bonds' head for tough restrictions
Edward White in Taipei and Christian Pfrang in Hong Kong - FT
In July 2017 an analyst at Wells Fargo described Taiwan's booming foreign currency bonds as a "match made in heaven", representing a "meeting of the minds for issuers, investors and regulators".
/jlne.ws/2OsQtDV
China Cuts U.S. Treasury Holdings for Third Straight Month
Randy Woods and Katherine Greifeld - Bloomberg
The Asian nation reduced ownership by $5.9 bln to $1.165 tln; Saudi Arabia increased its holdings to a record $170 bln
China's holdings of U.S. Treasuries fell for a third consecutive month in August as the Asian nation struggles to prevent the yuan from weakening amid trade tensions with America.
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | The Sticking Points to a Brexit Deal; As the clock ticks toward the deadline, here's what is dividing the two sides
Stephen Fidler and Mark Kelly - WSJ
The U.K. is set to leave the European Union in March 2019. But as the clock ticks down to that deadline, the two sides still can't agree on the terms of their separation.
/jlne.ws/2Ot722l
Brexit Provides Early Proof of Deglobalization's Costs; A study comparing Britain to peer economies finds its output is 2.1% below what it would be without Brexit
Greg Ip - WSJ
For outsiders, Brexit has the feel of a long-running soap opera: a mash-up of plot twists and tragic characters loaded with entertainment value but not much significance if you're not British.
/jlne.ws/2Oy3L21
Citi Says Good News Is That U.K. Banks Priced In No-Deal Brexit
Ksenia Galouchko - Bloomberg
While the world watches Brussels tonight to see if there will be a deal or no-deal in Brexit talks, investors in U.K. bank stocks aren't waiting around. They're already hedging their bets by partially pricing in a worst-case scenario, according to Citigroup Inc.
/bloom.bg/2NIU4Zf
Former U.K. Prime Minister John Major Rips Into Brexit Hardliners
Robert Hutton - Bloomberg
Former prime minister aims his attack at Boris Johnson; He says those who campaigned to leave EU won't be forgiven
Former U.K. Prime Minister John Major is back on the warpath, laying into Brexiters in his own Conservative Party and warning them that voters won't forgive them for making promises "that will never be delivered" about life outside the European Union.
/jlne.ws/2OyDzEb
Barnier open to extending Brexit transition by one year to 2021; In return, Theresa May must accept 'two-tier' backstop to avoid a hard Irish border
Mehreen Khan in Brussels, Arthur Beesley in Dublin and George Parker in London - FT
Michel Barnier has said he is open to a one-year extension to Britain's Brexit transition if UK prime minister Theresa May accepts a "two-tier" backstop to avoid a hard border in Northern Ireland, in a move welcomed by Dublin.
/jlne.ws/2OuBnO4
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| Miscellaneous | | Stories that don't quite fit under the other sections | Wall Street research firm Autonomous is embroiled in a lawsuit over claims of gender-pay discrimination and retaliation  and it's getting uglier
Alex Morrell - Business Insider
Another Wall Street firm has found itself in a heated court battle over allegations of sexism.
/jlne.ws/2OvKvlE
The Titanic's Legacy Is Likely to Belong to Hedge Funds Soon; Salvaged artifacts have been the focus of a tussle over who gets to own a part of the ocean liner's history. They're worth $19.5 million, at least.
By Amie Tsang - NY Times
Some of the richest people in the world lost everything when the Titanic sank. Now a consortium of new-money risk takers is poised to profit from turn-of-the-20th-century artifacts that curators had hoped to claim.
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