July 06, 2018 | "Irreverent, but never irrelevant" | | | John Lothian Publisher John Lothian News | |
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Hits & Takes JLN Staff Darin Diller, a former futures operations industry veteran (J.P. Morgan, Geneva Trading USA, Newedge and First Capitol Group), passed away from natural causes as a result of advanced diabetes on July 1, 2018. He was 50.~JJL The latest Financial Data for FCMs report is out from the CFTC.~JJL At 12:16 AM I tweeted this story because I could not sleep: "Sleep deprivation is part of our productivity problem"~JJL The Boy Scouts of America closed the backcountry season for the Philmont Scout Reservation due to extreme wildfire conditions.~JJL I am signed up for a Meetup on July 19, "https://jlne.ws/2KOYu33|A Chicago Insight to Cryptoeconomics]]" by Disruption Joe from Chicago Blockchain Project.~JJL Bo Collins had to drop out as a speaker at our MarketsWiki Education World of Opportunity event on Wednesday due to a scheduling conflict. We are adding Gary DeWaal as a speaker at the last session to replace Collins.~JJL There is still time to sign up for the New York MarketsWiki Education World of Opportunity events. Go to www.marketswikieducation.com to see the complete lineup of speakers.~JJL ++++
++++ Why sitting down all day is bad for your brain World Economic Forum In many aspects of life where we need to use our brain power, we also tend to sit down: at school, at work, sitting exams or concentrating on a crossword. In a new paper, we explore how prolonged sitting may affect the brain's fuel supply and have a negative impact on brain health. /jlne.ws/2MSnPa3 **Hold on, I gotta sit down and think about this for a while.~JK ++++
FIA IDX 2018 - Making Time for Readiness JohnLothianNews.com According to FIS' 2018 Readiness Report, industry leaders in fund administration, banking, broking and asset management are modernizing their operating models twice as fast as the rest of their peers. In this video from FIA IDX, FIS' John Omahen, SVP product management, post trade derivatives, talks about not only putting out the fires that be, but making the time to improve operations. FIS has modernized its back and middle office technology offerings and is in the somewhat unusual position of baking their cake and eating it too, as they deploy their own services internally. How ready is your company to revamp and grow? Watch the video here » ++++ Nasdaq CIO Puts AI to Work; Nasdaq's AI systems can write certain financial reports and help detect potential fraud Sara Castellanos - WSJ Nasdaq Inc. has developed early-stage artificial intelligence systems that can write certain financial reports and help detect fraudulent activity, and is considering other ways AI could collaborate with human analysts to enhance services for corporate clients. /jlne.ws/2KScKrS ****Can you make an ETF out of it somehow? Oh, wait, there's already a long/short forensic accounting fund...~SD ++++ Thursday's Top Three Our top story of the day was the FT's Binary options trading is dead - though few will mourn it. Second was the Meanderful blog post on the latest CME patent, CME patent identifies speculative systems used by speculators. Third was the Reformed Broker's piece on Haym Solomon in The Broker Who Saved America ++++ MarketsWiki Stats 129,165,166 pages viewed; 23,175 pages; 213,882 edits MarketsWiki Statistics
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Lead Stories | Swiss bourse launches cryptocurrency platform; Six digital exchange to offer deal settlement and asset custody services Ralph Atkins and Philip Stafford - FT Switzerland's stock exchange is seeking a global lead in the trading of digital assets, announcing plans for new market infrastructure which will boost the country's credentials as a "crypto nation". /jlne.ws/2KNXNaq ****Business Insider here Trump's Trade War Has Officially Started; Hostilities need to cease immediately. Editors - Bloomberg After months of feint, bluster and desultory attempts at compromise, the phony trade war between the U.S. and China has given way to the real thing. For the sake of both countries, these self-defeating hostilities need to cease  and the principal responsibility for this rests with the U.S., which has fired the first shot. /jlne.ws/2KCIMc3 Credit Suisse pays U.S. $77 million to settle Asia hiring corruption probes Jonathan Stempel - Reuters Credit Suisse Group AG (CSGN.S) agreed to pay about $77 million to settle U.S. bribery probes into its awarding of jobs to family and friends of Chinese and other government officials in the Asia-Pacific region, to win lucrative investment banking business. /goo.gl/oxzWwn ****Financial Times here. Trump Twitter Risk Adds a New Wild Card to Friday's Jobs Report Sarah Ponczek and Jeanna Smialek - Bloomberg Traders on heightened alert after president's June 1 preview; June nonfarm payrolls data to be released at 8:30 a.m. Friday Kenneth Broux, a currency and rates strategist at Societe Generale SA in London, typically arrives at work around 7 a.m., grabs a coffee and settles into his sunlit desk. And on Friday, fixating on Twitter will play an outsize role in his morning routine. /jlne.ws/2KKtQIr ****SD: It's looking like we will be tweet-less today - by this time on the day of the last jobs report he'd already alluded to the positive results. Libor switch calls for modelling overhaul, quants warn; All pricing, risk and valuation models will need to be changed to reflect the new rate Nazneen Sherif - Risk.net Members of the financial community tasked with finding an alternative to the discredited Libor benchmark have worked long hours developing a set of replacement rates. For another constituency - the quants responsible for using these new rates to reprice and revalue thousands of derivatives trades - the work is only just beginning. /jlne.ws/2KDOWZs The AI arms race: the tech fear behind Donald Trump's trade war with China; America's anxiety about Chinese technological prowess is reflected in Washington where politicians are rethinking their attitudes to foreign investment Shawn Donnan - FT The ZGC Innovation Center bills itself as a one-stop incubator for the tech start-ups of the American future. Its main facility is in Santa Clara, California, just down the road from the Google and Apple campuses. Its new Boston location is squeezed between two of the world's most prestigious educational institutions  Harvard University and the Massachusetts Institute of Technology. /jlne.ws/2KKplxx A once timeless skill in commodities investing is under threat; Examining data on futures positions may no longer yield trading gold Gregory Meyer - FT One of commodities markets' more time-honoured tasks involves scanning weekly data on fund managers' futures positions. Analysts calculate the funds' net bullish or bearishness and try to guess where prices might go next. /jlne.ws/2KOOLKq There Are Fears About an Oil Spike Above $150 Ben Sharples - Bloomberg Shareholders will come to lament underinvestment: Bernstein; Prices could surge past 2008 highs if new reserves not found Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein & Co. /jlne.ws/2KMjlnJ ****SD: See our Regions and Politics sections for more on oil and Iran's Strait of Hormuz threat. China market turmoil revives memories of previous carnage; Dual weakness in stocks and currency spark comparisons with 2015 rout Gabriel Wildau - FT Turmoil has returned to Chinese financial markets after more than two years of relative calm, reviving memories of 2015-16, when an equity market rout combined with currency depreciation captured the attention of global investors and sparked worries about systemic risk. /jlne.ws/2KD40qx ****Related content from the WSJ - This Year's Selloff in Chinese Markets Isn't Like 2015. It Looks Worse Nasdaq's Adena Friedman on the Power of Going Public Office Hours Adena Friedman is president and chief executive officer of Nasdaq, which operates the second-largest stock exchange in the world by market cap. Named one of Forbes most powerful women, Adena built her career at Nasdaq, starting as an intern straight out of an MBA program. Outside of a three-year stint as chief financial officer at The Carlyle Group, sheÂs been with Nasdaq ever since. In this episode, Spencer joins Adena in New York City to discuss the power of mentorship, the future of the U.S. capital markets and why going public can spark innovation. https://jlne.ws/2KU34tZ Cybercrime Meets Insider Trading in Sports Craig A. Newman - NY Times Sport's best-kept secrets  confidential information about game-day strategies and player performance and critical insights into competitors  are closely guarded for good reason. The information could help teams as well as those betting on the games gain an edge. /jlne.ws/2KTrzY6
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Exchanges, OTC & Clearing | Top news from exchanges, clearing, settlement and trade execution facilities | TMX Group Consolidated Trading Statistics - June 2018 TMX TMX Group Limited today announced June 2018 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha) and Montréal Exchange (MX). /jlne.ws/2KUSZ3e Ice Clear Europe had a top margin breach of $91 million in Q1 Alessandro Aimone - Risk.net Ice Clear Europe reported nine margin breaches averaging $14.6 million for the first quarter, the biggest of them $90.8 million in size. The breaches at Ice were the largest average and top shortfalls in its futures and options business segment since public disclosure began in the third quarter of 2015. /jlne.ws/2KAmXtQ "It's important to offer accessibility during the original Asian trading hours" Eurex MarketVoice, FIA's Magazine of the Global Futures, Options and Cleared Swaps Markets, has looked into our plans to extend Eurex' trading hours. Our deputy CEO Michael Peters shared the reasoning behind the project with the association. /jlne.ws/2KU8p4r End of Consultation on the proposed amendments to the Clearing Conditions regarding the topic "Removal of redundancies in respect to the EMIR Risk Committee" Eurex As announced in Eurex Clearing circular 054/18, Eurex Clearing proposed to amend the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) to implement the following: /jlne.ws/2KTZ7Wb ASX Monthly Activity Report - June 2018 ASX /jlne.ws/2KX5Q1h Exchange Publishes Guidance Letter for Internet-related Listing Applicants HKEX Exchange publishes Guidance Letter to further facilitate listings of companies from emerging and innovative sectors; Guidance addresses characteristics of internet-related companies The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), published today (Friday) a Guidance Letter for applicants in the internet technology sector or that have internet-based business models (collectively, Relevant Sectors). /jlne.ws/2IZzEc9 Exchange Adds New Member to its Biotech Advisory Panel HKEX One new Panel member, 16 members on Panel in total;Exchange will continue to look to add Panel members as appropriate The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) announced that it has added Vanessa Huang, a General Partner at BVCF Management, to its Biotech Advisory Panel (the Panel) to further enhance its pool of expertise. /jlne.ws/2J0bCh0 SGX reports market statistics for June 2018 SGX Positive performance in the equity markets, with SDAV up 14% y-o-y and growth in market turnover value of ETFs, structured warrants and DLCs. SGX USD/CNH Futures volume from January to June 2018 reached US$194 billion, surpassing 2017 full-year volume of US$190 billion. Securities - Total Securities market turnover value was at S$24.3 billion, down 14% month-on-month (m-o-m) and up 9% year-on-year (y-o-y), over 20 trading days. There were 21 trading days in May 2018 and 21 in June 2017. Derivatives - Total Derivatives volume was 17.82 million, up 7% month-on-month (m-o-m) and up 14% year-on-year (y-o-y). /jlne.ws/2IZgVxk
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Fintech | A roundup of today's market tech news and a look at tomorrow's disruptors | JUMP and Itiviti partner to optimize investment & trading management workflows Bob's Guide JUMP, a French leading provider of investment management software solutions, has partnered with Itiviti, the leading global provider of multi-asset trading technology and financial infrastructure /jlne.ws/2KLQwI6 First Derivatives to buy out Kx Systems shareholders for $54m Marta Subat - Infosurhoy.com First Derivatives is to buy the remaining shares in Kx Systems for $53.8m (EUR46m). Kx Systems is a subsidiary of First Derivatives. /jlne.ws/2KPiqD6 Financial crime AI firm raises $30mn+ for global expansion MarketBrains ThetaRay raised over $30 million from investors such as Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, and SVB Investments in an oversubscribed round. This latest round brings the total raised by the company to $60+ million. /jlne.ws/2KDbEB1 Payments processor Square Inc. withdraws banking license application - statement Michelle Price - Reuters San Francisco-based payments processor Square Inc. (SQ.N) said on Thursday it had withdrawn its regulatory application to open a deposit-taking bank, but that the company plans to refile its paperwork at a later date. /goo.gl/NX3sgG JP Morgan Data Scientist Eyes Insights from Internal Data Faye Kilburn - Waterstechnology.com The firm's three flagship real estate fundsÂwhich buy individual properties rather than portfoliosÂmanage roughly $50 billion in assets globally. Over the years, the funds have naturally amassed research on the US real estate market that could now bear fruit for the rest of the business, says Ravit Mandell, chief data scientist for JPMAM's intelligent digital solutions division. /jlne.ws/2KOVWlO Want a job in data science? You might have to take a standardized test when applying Ally Marotti - Chicago Tribune Data analytics is becoming more vital for businesses, and data scientists are in high demand. But the emerging field is broad, and some companies say they have struggled to find job candidates whose skills fit their needs. /jlne.ws/2KBueK3
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Cryptocurrencies | Top stories for cryptocurrencies | World's Largest Crypto Exchange Eyes $1 Billion Profit Amid Rout Cindy Wang - Bloomberg This year's cryptocurrency crash has saddled bulls with billions of dollars in losses, but the world's largest virtual currency exchange is still making money hand over fist. /jlne.ws/2KyHoqW Crypto Thefts Triple, Driving Growth in Coin Money-Laundering Olga Kharif - Bloomberg 'Whole new generation of cyber criminals' is emerging; Regulators are likely to crack down, CipherTrace CEO says Criminals are stealing more cryptocurrency from exchanges, and that's driving growth in a cottage industry of services that allows for money laundering of coins, according to a new report. Bitcoin's Lightning Network Could Play Havoc With The Bitcoin Price Billy Bambrough - Forbes Bitcoin's Lightning Network has been hailed as the saviour of bitcoin transactions  the thing that will allow the clunky and encumbered original blockchain-based cryptocurrency to compete with the likes of more nimble bitcoin cash, dash coin, lite coin and ripple. /jlne.ws/2KEMdyU Bitcoin billionaire's foul-mouthed tirade puts spotlight on China's cryptocurrency scene; Recording leaked to social media exposes rifts within China's crypto space Zheping Huang - South China Morning Post China's most high profile bitcoin tycoon called out many big names in the country's cryptocurrency space as "cheaters" in a foul-mouthed tirade that has reignited a debate in the country over whether digital money is the future of finance or just speculative hype. /jlne.ws/2KEvmMU How Indian cryptocurrency exchanges are trying to survive Nupur Anand - Quartz India In April, the Reserve Bank of India (RBI) cracked the whip on cryptocurrency exchanges in the country. It sent a missive to all Indian lenders, asking them to terminate all banking relationships with these bourses by July 05. /jlne.ws/2KBtKnd BIS Chief to Crypto Coders: 'Stop Trying to Create Money' Wolfie Zhao - Coindesk The head of the Bank of International Settlements has predicted a bad ending for cryptocurrencies, calling for an end to their production in a recent interview. /jlne.ws/2KM14qB Speed Trader Jumps Into Crypto Bets Opposed by Watchdog Will Hadfield and Edward Robinson - Bloomberg Flow Traders is first to say it's trading ETNs, not futures; Dutch market regulator 'discourages' anyone from using crypto Europe's largest trader of exchange-traded funds is moving into crypto, even though its regulator urges consumers and institutions not to buy and sell digital currencies. /jlne.ws/2KOdIpe A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help; A new crop of digital sleuths is working with investors and law enforcement to find misplaced or inaccessible cryptocurrency Elliott Krause - WSJ Think of them as the metal detectors of the digital age. Instead of combing beaches for gold, these experts use everything from supercomputers to hypnotherapy to reunite people with their lost cryptocurrency. /jlne.ws/2KLYXmF
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Politics | An overview of politics as it relates to the financial markets | Chinese Tariffs Hit Trump Counties Harder; Beijing's retaliation would be felt by U.S. soybean farmers, auto makers and oil producers Maureen Linke and Josh Zumbrun - WSJ The fallout from President Donald Trump's tariffs and China's countertariffsÂwhich formally went into effect on FridayÂwill have the greatest impact on the U.S. counties that voted Mr. Trump into office. /goo.gl/74aCaj Oil's Twitter War May End Badly for Trump; President's use of Twitter to jawbone the price of oil is in danger of backfiring Spencer Jakab - WSJ Too bad cars don't run on light tweet crude. Since the 1970s oil prices have, in at least the short run, been susceptible to jawboning from producers and, to a lesser extent, the White House. The Organization of the Petroleum Exporting Countries controls a third of production while the world's biggest consumer can, at the order of the president, release part of the 660 million barrels of crude held as a strategic reserve. /jlne.ws/2KOb8iZ Saudis Lower Most Oil Pricing as Iran Taunts Trump on Tweets Anthony Dipaola - Bloomberg Aramco cuts Asia light pricing for 1st time in four months; 'REDUCE PRICING NOW!,' U.S. President Trump tweeted this week Saudi Arabia cut pricing for most of its oil grades as the world's biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. President Donald Trump's demands that OPEC do more to stabilize oil markets. /jlne.ws/2KV7pAp Trump to blame for higher oil prices - Iran official; Opec governor blames US decision to withdraw from nuclear deal for crude higher Anjli Raval - FT Donald Trump is to blame for rising oil prices and any attempt at urging big producer countries to ramp up output to thwart a spike in crude will be futile, Iran's Opec governor told the Financial Times. /jlne.ws/2KA63vf Trump says U.S. tariffs could be applied to Chinese goods worth $500 billion David Lawder, Elias Glenn - Reuters President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars' worth of Chinese goods as the world's two largest economies hurtled toward the start of a trade war. /jlne.ws/2KD6Uvh How to Make Trump's Tax Returns Public David Cay Johnston - NY Times On June 14, the New York State attorney general, Barbara Underwood, filed a civil complaint against President Trump and his three oldest children, accusing them of "persistently illegal conduct" in using the Donald J. Trump Foundation as "little more than a checkbook for payments from Mr. Trump or his businesses to nonprofits, regardless of their purpose or legality." /jlne.ws/2KFdj9d
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Regulation & Enforcement | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Steven Cohen blocked by UK regulator from reopening fund; US hedge fund manager whose ban has expired was hoping to move back into Europe Martin Arnold, John Gapper and Lindsay Fortado - FT US hedge fund manager Steven Cohen has been blocked by the UK regulator from reopening his multibillion-dollar fund to investors in Britain, after a two-year ban over insider trading at his previous firm expired at the start of this year. /jlne.ws/2KSUte7 Regulators order banks to raise game on IT issues Katherine Griffiths, Banking Editor - The Times British banks have been given three months to come up with details of how they plan to tackle internal IT glitches and cyber attacks. /jlne.ws/2KLxrG7 Bank outages should be limited to two days, say regulators; Guidance comes after IT glitches at TSB and Visa caused chaos for millions of customers Patrick Collinson - The Guardian City regulators have told banks and financial firms they may have to set an acceptable "maximum outage time" after an IT meltdown, after the TSB failure that led to some customers losing access to accounts for more than a month. /jlne.ws/2KRNjH8 Ontario Securities Commission Publishes 2018-2019 Statement Of Priorities Mondovisione The Ontario Securities Commission (OSC) today published its 2018-2019 Statement of Priorities, which sets out the 15 priority areas where the OSC intends to focus resources and actions over the coming fiscal year, as well as the expected outcomes. /jlne.ws/2KLHLhn The SEC takes executive compensation seriously Dan McCrum - FT In case it slipped past, the Securities and Exchange Commission took Dow Chemical to task this week, fining the company $1.75m after alleging "Dow did not ensure that approximately $3 million in executive perquisites were adequately evaluated and disclosed" between 2011 and 2015 /jlne.ws/2KATose FCA backs new cost disclosure rules for fund managers Owen Walker - FT The UK's financial services watchdog has backed a series of measures to standardise how costs and charges are disclosed to institutional investors. /jlne.ws/2KErPyb FCA challenged to do more to support professionalism in UK financial services VAalentina Kirilova - Leaprate A financial services Alliance with a combined global membership of 200,000 has announced that it is challenging UK's Financial Conduct Authority (FCA) to do more to support professionalism in UK financial services. /jlne.ws/2KBo7VU SEC Charges Credit Suisse With FCPA Violations SEC The Securities and Exchange Commission today announced that Credit Suisse Group AG will pay approximately $30 million to resolve SEC charges that it obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of Foreign Corrupt Practices Act (FCPA). Credit Suisse also agreed to pay a $47 million criminal penalty to the U.S. Department of Justice. /jlne.ws/2KV59sV FINRA Launches Enhanced Public Records Review; New FINRA360 Initiative Improves Data Quality for Regulators and Investors, and Lowers Firm Compliance Risks and Costs FINRA FINRA is launching an enhanced disclosure review process for public financial records of individuals seeking registration with a brokerage firm. Beginning on July 9, FINRA will perform a public records review within 15 calendar days after a firm applies to register an individual with FINRA. The review will enhance the quality of information about individual brokers available to investors and reduce costs for the industry, particularly small firms. It is the latest in a series of actions under FINRA360, FINRA's comprehensive organizational improvement initiative. /jlne.ws/2KASoEu New prices for ASIC regulatory services ASIC The fees ASIC charges for specific regulatory activities have changed to reflect the actual cost to ASIC associated with the work. In most cases this has resulted in a fee increase. /jlne.ws/2IZtys0 Podcast: CFTC Talks EP050: Benn Steil, Council on Foreign Relations CFTC This week on CFTC Talks, we speak with Benn Steil, senior fellow and director of international economics for the Council on Foreign Relations (CFR). We cover the risks to the global financial system, interest rates, emerging markets and his new book, "The Marshall Plan: Dawn of the Cold War". /jlne.ws/2KU1vMD
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Investing & Trading | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors shun Europe and emerging market funds; Latest withdrawals mark longest losing streak since 2016 Alexandra Scaggs - FT Investors pulled cash from funds investing in European and emerging market equities for another consecutive week, the longest streak of withdrawals from both markets since 2016. /jlne.ws/2KOadix Mega IPOs Are Spawning Asian Billionaires at a Torrid Pace Venus Feng - Bloomberg Meituan Dianping, the Yelp of China, burns cash to fuel growth; Company co-founder Wang Xing worth an estimated $6.2 billion Another day. Another IPO. Another Chinese billionaire magically appears. /jlne.ws/2KBphAK Replace Yield Curve as a Recession Predictor? The Fed Considers an Alternative Peter Eavis - NY Times Get the DealBook newsletter to make sense of major business and policy headlines  and the power-brokers who shape them. /jlne.ws/2KSeLEs Summer bond markets low on liquidity could trigger volatility; Debt funds have loaded up on risky assets and could struggle to meet crisis demands Gillian Tett - FT In times of summer, the thoughts of young (and oldish) financiers often turn to liquidity; and not just because they are dreaming about sangria or beer on a sunny beach. Instead the big issue in summer is that the ability to buy and sell assets  or the level of "liquidity"  typically declines during the holiday lull. That can cause asset prices to go haywire if a nasty surprise hits. Just think of what happened in August 2007 or August 1997. /jlne.ws/2KCKDOk It's Better to Be Rich Than Right; Also robot economists, M&A fees, jobs leaks and heat delays. Matt Levine - Bloomberg How's David Einhorn doing? One apparently out-of-consensus view that I have is that, while most people seem to think that the essential skill of a hedge fund manager is identifying investments that will have high returns, I think that the essential skill of a hedge fund manager is continuing to run a large hedge fund that pays you a lot of money. Obviously those skills overlap, and the most straightforward way to keep your clients is to keep making money for them. But they are conceptually distinct. For instance here is a sequence that you sometimes see hedge fund managers go through: /jlne.ws/2KD6bKz
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Banks, Brokers & Managed Funds | The latest from banks, brokers, hedge funds and managed futures | Exclusive: JPMorgan triggers EU talent transfer as 'dozens' prepare for Brexit move Sinead Cruise - Reuters JPMorgan (JPM.N) has asked "several dozen" employees to lead a first wave of relocations from Britain to continental Europe by early 2019, kicking off plans to protect its business post-Brexit, a memo to staff shows. /goo.gl/1tKcnp JPMorgan denies report of interest in Deutsche Bank Reuters Staff U.S. investment bank JPMorgan (JPM.N) denied a report on Friday in Germany's WirtschaftsWoche business weekly that it was interested in acquiring a stake in Deutsche Bank (DBKGn.DE). /jlne.ws/2KBttRd Exclusive: Credit Suisse creates new anti-sexual harassment role Brenna Hughes Neghaiwi - Reuters Credit Suisse has carved out a new role to lead its handling of sexual harassment claims and examine group-wide policies, as Switzerland's second-biggest bank seeks to boost equal opportunities and create a fair treatment environment. /jlne.ws/2KM1M7f
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Regions | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Iran is threatening to close the world's most important transit lane for crude oil Tom DiChristopher - CNBC Iranian officials are threatening to shut down the Strait of Hormuz, the world's most important sea lane for crude oil shipments. The strait handles about two-thirds of the world's seaborne cargoes of crude oil and other petroleum liquids. The Iranian threats are in response to President Donald Trump's attempts to swiftly wipe out much of Iran's crude oil exports through sanctions. /goo.gl/fjTmXD Doubts Grow Aramco IPO Will Ever Happen Summer Said, Maureen Farrell and Sarah McFarlane - WSJ Preparations for the public listing of Saudi Arabia's state oil company, a centerpiece of the government's plan to open its economy, have stalled, leaving government officials and people close to the process doubting that it will go forward at all. The initial public offering of Saudi Arabian Oil Co., better known as Aramco, was meant to be the cornerstone of the kingdom's plan to be less reliant on oil. It would create the largest public company in the history of capital markets, an opportunity coveted by Wall Street's biggest names. /jlne.ws/2KQSOT2 As inflation soars, Facebook drives trading in Argentina's barter clubs Nicolás Misculin - Reuters At an abandoned train station in Buenos Aires' working-class suburb of San Miguel, hundreds of Argentines gather with bags of clothes, rice, flour and sugar to trade. /goo.gl/Pt65TH Mexico imposes retaliatory tariffs on dozens of U.S. goods Sabrina Rodriguez - Politico Mexico on Thursday began imposing its second stage of retaliatory tariffs on dozens of U.S. goods in response to President Donald Trump's duties on Mexican steel and aluminum exports to the United States. /jlne.ws/2KO6kdv Senior Chinese financial regulator warns against shorting the renminbi Lucy Hornby - FT A senior Chinese financial regulator has waded in to calm forex markets, after a week in which the renminbi hit its lowest level in nearly eleven months. /jlne.ws/2KSfNQQ Xiaomi IPO a cautionary tale for other Chinese companies; Smartphone maker hit by bad timing and a pitch that failed to gel with investors Louise Lucas and Henny Sender - FT It started with great fanfare but when Xiaomi strikes the gong on the Hong Kong stock exchange on Monday, it will begin trading with a valuation of $54bn, barely half the $100bn target just six months ago. /jlne.ws/2KBoqQy RBI favouring currency futures market to prop up rupee from record low Subhadip Sircar - Bloomberg via Business Standard India's central bank may increasingly be turning to the currency futures market to stem a slide that sent the rupee to a record low last month, according to analysts and traders. /jlne.ws/2KC71Y0 Germany denies Merkel discussed health of Deutsche with UBS boss Reuters Staff The German government denied on Friday that Chancellor Angela Merkel had asked a top banking executive about his views on troubled lender Deutsche Bank. /jlne.ws/2KLNm7c No one gains in a trade war, China's premier says Reuters Staff No one will gain from a trade war, Chinese Premier Li Keqiang said on Friday, speaking hours after the United States and China slapped tit-for-tat duties on $34 billion worth of the other's imports. /jlne.ws/2KSQiPt Why Soybeans Are at the Heart of the U.S.-China Trade War Megan Durisin and Sam Dodge - Bloomberg China's newly imposed tariffs against U.S. soybeans herald a major trade shift for a crop that's soared to prominence in recent decades. /jlne.ws/2KzMoeU China's Tariff Response Takes Effect After Trump Ignites Trade War Bloomberg News U.S. government imposes levies on $34 billion of imports; China to levy stiff duties on U.S. cars, soybeans, other items U.S. President Donald Trump fired the biggest shot yet in the global trade war by imposing tariffs on $34 billion of Chinese imports. China retaliated. /jlne.ws/2KFcDRd Beijing hits back as Trump imposes tariffs on $34bn of imports; US president threatens to target all $500bn of Chinese goods as trade war escalates Shawn Donnan and Lucy Hornby - FT Beijing began levying retaliatory tariffs after Donald Trump's administration on Friday imposed new tariffs on $34bn of annual imports from China, as a trade war between the world's two largest economies kicked off in earnest. /jlne.ws/2KO3a9z
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Brexit | Financials stories regarding the decision of the United Kingdom to leave the European Union | EU rigidity on Brexit putting lives at risk, says German minister; CSU's Seehofer delivers boost for May with call for security co-operation Guy Chazan in Berlin and Alex Barker - FT Germany's interior minister has warned Brussels it risks putting lives at risk with a dogmatic approach to Brexit that would hamper reaching an "unlimited" security deal with Britain. /jlne.ws/2KC4qgI
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Miscellaneous | Stories that don't quite fit under the other sections | Global temperature rises could be double those predicted by climate modelling; Researchers say sea levels could also rise by six metres or more even if 2 degree target of Paris accord met Lisa Cox - The Guardian Temperature rises as a result of global warming could eventually be double what has been projected by climate models, according to an international team of researchers from 17 countries. Sea levels could also rise by six metres or more even if the world does meet the 2 degree target of the Paris accord. /jlne.ws/2KE1pMX Measuring Financial Literacy Outreach Efforts and Why It Matters Gene Natali, Greg Filbeck and Jason Pettner - CFA Institute Blog Efforts to improve financial literacy are critical. But how do we know if these efforts work? How can we gauge their effectiveness? /jlne.ws/2IXCG0a What the Most Hyped Financial Thriller of the Summer Gets Right; The Banker's Wife, a new novel from Cristina Alger, tracks a group of globe-trotting financial criminals and the women who love them. Amanda Gordon - Bloomberg Money is haircuts whenever you want. Money, also, is the ability to have people killed. In Cristina Alger's new novel, The Banker's Wife (G.P. Putnam's Sons, $27), a world of wealth is one of both heady excess and rotting corruption. /jlne.ws/2KQJyS9 Tech Giants Win a Battle Over Copyright Rules in Europe Adam Satariano - NY Times It's a fight nearly as old as the internet. On one side are news organizations, broadcasters and music companies that want to control how their content spreads across the web, and to be paid more for it. On the other are tech companies such as Facebook and Google, which argue that they funnel viewers and advertising revenue to media outlets, and free-speech advocates, who say that regulating the internet would set a dangerous precedent and limit access to information. /jlne.ws/2KO2jFU
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