| November 15, 2018 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
Matthew Kelly of the CME Group is participating in Movember and growing an awesome beard and mustache. You can donate to Matthew's campaign to support men's health HERE.~JJL
BrokerTec is now available in CME DataMine, offering market data across the range of U.S. Treasury products.~JJL
CME Group announced Wednesday that Apple co-founder Steve Wozniak is the 14th recipient of the CME Group Melamed-Arditti Innovation Award. CME Group presented the award on Nov. 13 at the 11th annual Global Financial Leadership Conference in Naples, Fla.~SR
Are you a Prime member? Not that one. Eurex launched the Eurex Prime ISV program, for firms that support new products and functionality on its T7 platform. Eurex will list its Prime ISVs on its website, enable early access to the platform for new initiatives and provide quick responses on questions. No word on free shipping or movies.~JK
The Fintech Exchange is now accepting speaker submissions for its 5th annual event.~JJL
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May's Brexit Deal Is Not the Answer; The U.K. needs to admit that Brexit has failed.
Editorial Board - Bloomberg
U.K. Prime Minister Theresa May announced Wednesday that she has secured her cabinet's support for her plan to leave the European Union. The choice now, she said, is her deal, "or leave with no deal, or no Brexit at all." Put that way, the right choice  the only sane choice  is more obvious than she perhaps intended: no Brexit at all.
/bloom.bg/2Fpp3KL
****** Bloomberg goes right to the point. No Brexit.
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How to Build a Financial First-Aid Kit for Disasters
Carlo Versano - Cheddar
The wildfires in California have demonstrated, among other things, just how quickly a natural disaster can upend your life. Unlike most hurricanes, which are relatively predictable and slow-moving enough for days of preparation, wildfires can ignite out of nowhere ? and they're no longer confined to "fire season" in the parched west. Residents of Paradise, Calif., a town destroyed by the Camp Fire last week, did not even receive evacuation orders until they smelled the smoke. For dozens of them, it was too late.
bit.ly/2FlxtD3
****** Do you have a go-bag? Maybe you need one.~JJL
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Deutsche Börse Photography Foundation presents program for the 20th anniversary of Art Collection Deutsche Börse
Deutsche Börse
The Deutsche Börse Photography Foundation presented its program on the occasion of the 20th anniversary of the Art Collection Deutsche Börse on Wednesday together with the British artist Martin Parr. In the coming year, this will be honored with a series of special events and projects as well as an international exhibition program. The Art Collection Deutsche Börse is considered one of the most important collections of contemporary photography and today comprises more than 1,800 works by around 120 international artists.
bit.ly/2FnnsFf
****** No translation required to see the meaning of these pictures.~JJL
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Big Upgrades Coming to the LPGA's Race to the CME Globe in 2019; Purse will double to $5M at the season-ending CME Group Tour Championship; Elite field of 60 players to compete for $1.5 million winner's check, the largest in women's golf; Score 1 for St. Jude Children's Research Hospital® charity program to debut in 2019
CME Group
Today, LPGA Commissioner Mike Whan and CME Group Chairman and CEO Terry Duffy announced that the Race to the CME Globe is evolving in 2019 to bring an even bigger payout and purse to the Tour's season-ending CME Group Tour Championship.
bit.ly/2Fp35aU
****** A bigger purse for the CME Group Tour Championship? I hope the purse goes with their shoes.~JJL
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Wednesday's Top Three
The loose theme of the day for Wednesday's top three was knowledge. RCM Alternative's Joe Signorelli took the industry and academics to task with his piece about the need for better financial education in An Open Letter to the Financial Industry. Second went to Wells Fargo: Shareholders can't sue us because they should have known we were lying, arguing that shareholders and analysts should have known its CEO Tim Sloan was using "puffery" when he told them he was "not aware" of any undisclosed scandals. One wonders, what does the legal team smell like? Bloomberg's piece about Arnaud Vagner stayed for a second straight day in the top three, in The Man Who Brought Down a Commodity Giant Says He Acted Alone
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MarketsWiki Stats
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| Lead Stories | Stock Traders Say Brexit Deal 'Dead in the Water' as Raab Leaves
Lisa Pham, Justina Lee, and Kit Rees - Bloomberg
Homebuilders, retailers lead decline in domestic U.K. stocks; Pound's fall helps lift multinational companies in FTSE 100
European stocks erased gains and turned negative on Thursday after a number of U.K. ministers including Brexit Secretary Dominic Raab resigned amid a growing revolt against U.K. Prime Minister Theresa May's Brexit deal. The FTSE 100 was little changed as a sharp drop in the pound lifted multinational companies while domestically focused U.K. sectors including banks, home builders and retailers tumbled.
/bloom.bg/2FxzX1o
Brexit accord leaves British finance out in the cold
Sinead Cruise, Huw Jones, Andrew MacAskill - Reuters
Britain's financial services greeted the news of a draft Brexit agreement with weariness and worry on Thursday, citing multiple hurdles the government must overcome before they can Brexit-proof their industry.
/reut.rs/2Fjjwp4
Passive boom sees number of market indices hit 3.7m; Increasing use of benchmarks in ethical and fixed-income investing drives the growth
Robin Wigglesworth, US markets editor - FT
Indices measuring markets have ballooned in number by another 438,000 to more than 3.7m in the past year, as providers produce a blizzard of bond market, environment, social and governance benchmarks.
/on.ft.com/2Fm73kD
Theresa May Is on the Brink as Tories Plot to Kill Her Brexit Deal
Tim Ross, Alex Morales, Kitty Donaldson, and Robert Hutton - Bloomberg
Tusk calls Nov. 25 EU summit for leaders to sign off accord; Junior minister Vara quits May's team in protest at her plan
Prime Minister Theresa May is fighting for her political life as a growing revolt from within her own party threatens to derail her Brexit plans and force the U.K. out of the European Union with no deal.
/bloom.bg/2FpTQqW
Four Weeks That Will Determine Fate of the ECB's Bond Buying
Piotr Skolimowski and Alessandro Speciale - Bloomberg
European Central Bank officials have four weeks left to make up their minds whether to freeze euro-area stimulus at current levels or pump yet more cash into the economy.
The Governing Council will hold its final policy meeting of the year on Dec. 13, when it will review the plan to cap its 2.6 trillion-euro ($2.9 trillion) bond-buying program. While that decision was initially taken in June, it's always been dependent on incoming economic data -- which have recently been weaker than expected
/bloom.bg/2zcKnxI
German Stock Exchange boss targets larger acquisitions; Theodor Weimer gives his first big interview as CEO of Deutsche Börse. He talks about the gap to the US competition, acquisition plans, the job cuts and Friedrich Merz.
Handelsblatt
When Theodor Weimer took over the management of the Deutsche Börse at the beginning of the year, he first had to provide stability. Because the uncertainty was great .
bit.ly/2FlgBft
Britain's Brexit secretary resigns over Theresa May's plan to exit European Union
William Booth, Karla Adam - Washington Post
The minister in charge of helping Britain leave the European Union, Brexit Secretary Dominic Raab, abruptly resigned from Prime Minister Theresa May's government on Thursday morning, saying he could not support the withdrawal agreement approved by her cabinet the night before.
/wapo.st/2Fnikkx
US natural gas price rises 18% on supply fears; Forecast of cold December raises concerns shale production can keep up with demand
Gregory Meyer in New York - FT
US natural gas prices rose 18 per cent  their biggest one-day gain in eight years  as the onset of winter tests the ability of shale production to supply the country.
/on.ft.com/2FpTYqq
Swaps data: cleared vs non-cleared margin
Amir Khwaja, Clarus Financial Technology via Risk.net
Initial margin numbers are growing for the over-the-counter derivatives market - a result of rules that require some products to be centrally cleared, as well as separate requirements compelling a growing band of firms to collect margin for non-cleared trades.
But the two regulatory edifices function in different ways and also interact, it is likely that, as the non-cleared rules steadily expand, they will encourage more firms to clear voluntarily and create incentives for the scope of cleared products to be widened as well.
/goo.gl/UnG3mx
Wall Street is worried that a $1 billion acquisition will allow Virtu to spy on clients, but the firm has a big plan to quell those anxieties
Frank Chaparro - Business Insider
Virtu Financial got its start in the secretive world of high-frequency trading. But in recent years it has been trying to break into a business dominated by Wall Street's bulge bracket banks: buying stock on behalf of large asset-management clients such as hedge funds and pension firms. The acquisition of New York broker dealer ITG for $1 billion, which Virtu announced last week, could position the firm for success in those businesses. It's not its first large deal. In 2017, the firm acquired KCG which opened Virtu up to global quant strategies in equities and futures.
/read.bi/2FnOSLc
HSBC joins $36 million funding round in blockchain specialist Axoni
Hayley McDowell - The Trade
Blockchain technology provider Axoni has added HSBC to its list of investors, which includes other major institutions such as JP Morgan, Goldman Sachs and Citi, after closing a $36 million Series B funding round.
bit.ly/2QH8OtL
Global regulators hold off designating 'too big to fail' insurers
Huw Jones - Reuters
Global insurance regulators will put off singling out insurers deemed so important to the financial system that they are required to hold extra capital, in a victory for companies such as American International Group (AIG.N) and Prudential (PRU.L).
/reut.rs/2Fqisjv
Sun Trading chief leaves in wake of Hudson River takeover; Kevin Cuttica helped the two groups to integrate their businesses
Samuel Agini - Financial News
The chief executive of Sun Trading has left the market-maker following its takeover by Hudson River Trading, the high-frequency trader, earlier this year.
bit.ly/2Fnpqp7
Tradeweb chief takes stock of electronic bond trading revolution
Samuel Agini - Financial News
Lee Olesky's kids wish he had picked a business more easily explained to their friends.
bit.ly/2FnOqwu
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Announces Henry Hub Natural Gas Futures All-Time Daily Volume Record, Surpassing 1.2 Million Contracts
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced it reached a daily trading volume record of 1,232,635 contracts for Henry Hub Natural Gas futures on Tuesday, Nov. 13, 2018, surpassing the previous record of 1,022,858 contracts set on Jan. 12, 2018.
/goo.gl/xYnEA2
CME Group Announces Steve Wozniak as the 2018 Melamed-Arditti Innovation Award Recipient
CME Group
CME Group's Center for Innovation today announced that Apple co-founder Steve Wozniak is the 14th recipient of the CME Group Melamed-Arditti Innovation Award. CME Group presented the award at the 11th annual Global Financial Leadership Conference in Naples, Fla., on Tuesday, Nov. 13.
bit.ly/2FxpeDM
Public Quantitative Disclosure Global Statistical Bulletin Newsletter
CCP12
The Global Association of Central Counterparties (CCP12) publishes the quarterly Public Quantitative Disclosure (PQD) Global Statistical Bulletin Newsletter to present a panorama of the CCP industry to market participants, relevant authorities and the broader public. The analysis is based on PQD reports published by central counterparties (CCPs) globally under the Principles for Financial Market Infrastructures (PFMI) requirements set by Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO).
/goo.gl/1Z8CZK
Deutsche Bank and Nomura execute first swaption trades with LCH SwapAgent; LCH SwapAgent processed the first swaption trades with Deutsche Bank and Nomura.
Hayley McDowell - The Trade
UK clearinghouse LCH has processed its first swaption trades executed by Deutsche Bank and Nomura via its non-cleared derivatives clearing service SwapAgent.
bit.ly/2FxnA54
LCH SwapAgent completes its first swaption trade
LCH
Deutsche Bank and Nomura are counterparties to the first swaptions trades processed through LCH SwapAgent; Trades were brokered by ICAP as interdealer broker; LCH SwapAgent offers standardised infrastructure and efficiencies to the non-cleared derivatives market
LCH SwapAgent, a service for the non-cleared derivatives market, today announced that it has processed its first swaption trade. Two swaptions trades were completed between Nomura and Deutsche Bank, one denominated in Euro and the other in US Dollars. The trades were brokered by ICAP, part of TP ICAP group, and processed by MarkitSERV.
bit.ly/2FlkNMA
This week's topic: Prime time for Eurex ISVs
Eurex
Eurex has just recently started a new annual initiative to recognize Independent Software Vendors (ISVs) that support non-mandatory release items, e.g. new products or new functionality. We spoke to Randolf Roth, Member of the Executive Board of Eurex, about the background of the Eurex PRIME ISV Program and the benefits for the participants.
bit.ly/2FrlqnF
First TSE Listing of ETF Focused on UK-listed ETF
JPX
Japan Exchange Group, Inc. (JPX) and London Stock Exchange Group plc (LSEG) agreed in July 2018 to collaborate on financial market infrastructure initiatives designed to promote global sustainable investment and on product marketing initiatives. Today, an ETF that invests mainly in an ETF listed on London Stock Exchange (LSE) was listed on Tokyo Stock Exchange (TSE) for the first time.
bit.ly/2FAHU5Z
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | DriveWealth and Trading Central Announce Strategic Partnership
NBC - KNDO
DriveWealth, LLC, a leader in global digital trading technology, today announced a strategic partnership with Trading Central, a global leader of financial market research and investment analytics. The new relationship will allow the two companies to leverage the complementary elements of their businesses: seamless, digital, mobile-first transaction capabilities and sophisticated, accessible and actionable financial content.
bit.ly/2PXSDer
HPR Launches Omnibot - the Capital Markets' First Application-Aware Network Switch - Setting a New Standard in High Performance Electronic Trading
Globenewswire
HPR (Hyannis Port Research), provider of advanced capital markets infrastructure (CMI) technologies, today announced the launch of Omnibot, a first-of-its-kind networking device that integrates market access, risk management, data and latency capture functionality into a multi-application switch. Through the combination of FPGA-based risk hardware and a network switch within a single device, HPR has introduced a "net-zero" latency solution by performing risk checks in parallel with switching.
/goo.gl/r1qZY1
****I was unaware that the Kennedy Compound was stocked with computer engineers.~SD
Singapore, China to collaborate on fintech initiatives
Eileen Yu - ZDNet
The central banks of Singapore and China have inked an agreement to work on fintech initiatives as well as research, whilst two other organisations from both countries will collaborate on cross-border services.
The Monetary Authority of Singapore (MAS) and People's Bank of China would work on joint innovation projects that focused on key technologies, such as digital and mobile payments, blockchain and distributed ledgers, big data, and application programming interface (API) platforms.
/zd.net/2zdwuza
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin futures tumble 13%, trigger trading limit
Aaron Hankin - MarketWatch
Bitcoin futures on the CME Group exchange reached the 13% limit down level on Wednesday after the price of the world's largest digital currency tumbled to a fresh 2018 low. According to a spokesperson from the CME, the pause came just before 2 p.m. Eastern Time where a two-minute observation was initiated. Should futures BTCX8, +0.09% fall 20%, a hard limit is enforced, meaning contracts cannot trade below this level. After a subdued two months of trading, spot bitcoin BTCUSD, -2.84% prices fell as much as 15% on Wednesday as traders bailed on their long bets once a key psychological level was breached. "From a technical analysis standpoint, as bitcoin's price falls below $6,000 we're seeing liquidation: stop-loss orders automatically going into effect and/or people trying to play the breakout," wrote Mati Greenspan, senior market analyst at eToro.
/on.mktw.net/2Fm1SRC
Cryptocurrency miner Canaan lets Hong Kong IPO application lapse
Julia Fioretti, Julie Zhu - Reuters
Canaan Inc, one of the world's leading cryptocurrency mining equipment makers, has let its application for a Hong Kong IPO of at least $400 million lapse, casting doubt on the prospects for other Chinese makers of bitcoin mining gear.
/reut.rs/2FqhEet
'Crypto civil war' slams bitcoin, but it won't last, says BKCM's Brian Kelly
Tyler Clifford - CNBC
Bitcoin had been coasting in recent months on fairly low volatility until "things exploded" Wednesday and prices tanked more than 10 percent, BKCM founder and CEO Brian Kelly told CNBC. Kelly, a cryptocurrency fund manager, said the sharp downturn had to do with bitcoin cash, which splintered off in August 2017 from regular bitcoin with the goal of being able to process more transactions.
/cnb.cx/2za5EI6
New York Regulators Have Granted Their 14th Crypto License
Nikhilesh De - Coindesk
The New York State Department of Financial Services (DFS) has just issued a new BitLicense to the New York Digital Investment Group (NYDIG), allowing it to offer crypto-related services in the Empire State. According to a press release Wednesday, DFS has granted its virtual currency license to the company, allowing NYDIG to offer liquidity and asset management services to New York residents.
bit.ly/2DETWsW
No More Hype: Time To Separate Crypto From Blockchain Technology
Yoav Vilner - Forbes
Many people argue that cryptocurrencies are the revolution, not to mention, the technology. How can you blame them? They have only started hearing about Blockchain and crypto during the bitcoin boom last year. I say, it's time we know how to separate the technology from its application.
bit.ly/2DFhq18
How to Watch the Bitcoin Cash Fork As It Happens
Christine Kim - Coindesk
The most contentious hard fork in bitcoin cash's one-year history is happening Thursday. So contentious, in fact, that this one holds the potential to split the blockchain into two separate iterations of the bitcoin cash protocol - one led by developer group Bitcoin ABC and the other, Bitcoin SV, led by blockchain research company nChain.
bit.ly/2FoGOKp
Why -- And How -- To Accept Bitcoin At Your Business With Minimal Risk
Joel Comm - Forbes Coaches Council
(Disclaimer: Author owns bitcoin and shares of Overstock.) "I'll pay 10,000 bitcoins for a couple of pizzas." That was the request made by Laszlo Hanyecz on the Bitcointalk forum back in 2010. He wasn't too particular about what kind of pizza he wanted. For those 10,000 bitcoins, he expected two large ones so that he would have leftovers and he didn't want any "weird" toppings, like fish. But apart from those requests, anything would do.
bit.ly/2zk58HZ
Ripple (XRP) Overtakes Ethereum As Bitcoin's $15 Billion Bloodbath Continues
Billy Bambrough - Forbes
Bitcoin, ripple (XRP), and ethereum continued to fall today following yesterday's bloodbath, with bitcoin down almost 3% on the last 12 hours, adding to the 12% rout yesterday that wiped more than $15 billion from bitcoin's market capitalization in a matter of minutes.
bit.ly/2QL3Qw0
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| Politics | | An overview of politics as it relates to the financial markets | White House limits Peter Navarro's role amid China trade clash with Larry Kudlow
Jacob Pramuk and Eamon Javers - CNBC
The Trump administration has deliberately curtailed trade advisor Peter Navarro's public role amid tensions with top economic advisor Larry Kudlow, a source said.
Kudlow criticized Navarro's comments on ongoing trade negotiations with China.
President Donald Trump plans to meet with Chinese President Xi Jinping this month amid a trade war.
/cnb.cx/2QHacMZ
Mueller Working on 'Several' Probes, McConnell Denies Him Cover
David Voreacos and Steven T. Dennis - Bloomberg
Senators fail to get traction on bill to protect Mueller; Special Counsel defers Gates sentencing, citing 'ongoing' work
Senate Majority Leader Mitch McConnell blocked two senators from bringing up legislation to protect Special Counsel Robert Mueller's investigation from any interference by President Donald Trump, as Mueller provided a rare look into work that he said is continuing on several fronts.
/bloom.bg/2FoDTBr
Trump's Confusion Is a Threat to Europe; Where were the "adults in the room" who could have reined in the U.S. president before he assailed Macron over a misunderstanding?
Leonid Bershidsky - Bloomberg
President Donald Trump's continued misguided tweets on the subject of a pan-European army suggest Europe really does face a threat from the U.S.: in particular, the ignorance at the very top of America's political and military hierarchy.
/bloom.bg/2FpCF94
Trump Administration Claims Wide Leeway to Control Media Access; Judge hears two hours of arguments on an emergency motion to restore the press credential of CNN reporter Jim Acosta
Byron Tau - WSJ
Attorneys representing the Trump administration laid out an expansive view of a president's power to control media access, saying in a court hearing that the president has the right to exclude reporters from government property for the content or tenor of their reporting.
/on.wsj.com/2Fm1G4Q
Greenspan Calls Trump Tariff Policies 'Insane'
Ivan Levingston - Bloomberg
Former Federal Reserve Chairman Alan Greenspan called President Donald Trump's tariff policies "insane" and said "why we're doing it probably is very deep in the psyche of somebody."
/bloom.bg/2FpBWom
Senator Warren presses regulators on leveraged lending
Kristen Haunss - Reuters
US Senator Elizabeth Warren sent a letter to regulators Wednesday expressing concerns about underwriting standards in the leveraged loan market, which she says could pose serious risks to the economy.
/reut.rs/2FoCrPv
Facebook accused of smearing George Soros; Social media group also rebuked for allegedly adopting underhanded tactics against rivals
Hannah Kuchler in New York - FT
Facebook has been accused by the Open Society Foundations of threatening the values of democracy, after a report said the social media company was involved in a smear campaign against the non-profit group's founder George Soros.
/on.ft.com/2Fm3xqk
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Canadian Stock Market Could Get Its Own 'Top Cop'
John D'Antona Jr. - Traders News
The Supreme Court of Canada last week gave its consent to the creation of a single and top Canadian Securities market regulator - its own version of the U.S.' Securities and Exchange Commission.
/goo.gl/usQkSn
Technology investors fear regulators' net
Trevor Hunnicutt - Reuters
Increased regulation of U.S. technology companies is one of the biggest risks to a sector that has led stocks higher, potentially derailing the market's near-decade-long bull run if it suffers a sustained selloff.
/reut.rs/2FlxmY9
Speech of Enforcement Director James M. McDonald Regarding Enforcement trends at the CFTC, NYU School of Law: Program on Corporate Compliance & Enforcement
CFTC
Thank you for that introduction. I'm happy to be back here at NYU as part of the Program on Corporate Compliance & Enforcement (PCCE). Over the years, the PCCE has brought together some of the best thinking in the enforcement, business, and academic community to develop a richer and deeper understanding of the causes of corporate misconduct, and how enforcement and compliance programs can most effectively deter it. The result is that the work here at the PCCE has been a driver of some of the most significant developments in Enforcement and Compliance.
bit.ly/2Fm6NCb
EU watchdog says shortcomings in bank stress test need fixing
Huw Jones - Reuters
Shortcomings in the European Union's stress test for banks could be fixed by including elements from the Federal Reserve's health check of lenders' resilience to shocks, a top EU regulator said on Thursday.
/reut.rs/2qMkP5Z
SEC on the lookout for a new home near Wall Street
Steve Cuozzo - NY Post
The Securities and Exchange Commission is on the prowl  not for inside traders, but for a new home near Wall Street. The SEC's regional-headquarters lease at 200 Vesey St. in Brookfield Place  the former 3 World Financial Center  is up at the end of March 2021. The fraud-busters are aggressively kicking the tires nearby to find a location in which to downsize from its current 250,000 square feet into a more efficient, 175,000 square-foot space, sources said.
/nyp.st/2FljZr2
An ASIC update by John Price, Commissioner
ASIC
A speech by John Price, Commissioner, Australian Securities and Investments Commission at the FINSIA 'the Regulators' panel event, (Melbourne, Australia) 15 November 2018
bit.ly/2FoIq6V
ESMA reports on NCAs' use of sanctions and administrative measures under MAR
ESMA
The European Securities and Markets Authority (ESMA) has published today its first annual report concerning administrative and criminal sanctions as well as other administrative measures issued by National Competent Authorities (NCAs) under the Market Abuse Regulation (MAR).
bit.ly/2FnbV95
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Mark Cuban Exits the High-Frequency Trading Game He Hated Anyway
Nick Baker - Bloomberg
Mark Cuban has gotten out of high-frequency trading. The Dallas Mavericks owner recently sold his stake in Virtu Financial Inc., he wrote in an email to Bloomberg News.
/bloom.bg/2Fm6mrx
Big-name investors favor U.S. equities over rest of world
David Randall, Lewis Krauskopf - Reuters
U.S. equities will outshine their international counterparts over the coming year, despite slowing corporate profit growth and increased stock market volatility, several big-name investors said.
/reut.rs/2FlwRNL
Global food prices face triple threat, warns Rabobank
Extreme weather, trade war and virulent pig disease risk disrupting markets
Emiko Terazono - FT
Extreme weather, the US-China trade war, and livestock disease are threats to global food prices next year, according to a leading lender to agribusinesses.
/on.ft.com/2FxmlTs
Oil Giants Start to Dominate U.S. Shale Boom; Chevron, Exxon and other big firms, once slow to see fracking's potential, now outpace smaller drillers
Bradley Olson and Rebecca Elliott - WSJ
Smaller, nimbler companies pioneered the U.S. shale boom. But as American production scales up, those frackers are losing ground to Big Oil.
/on.wsj.com/2Fm4Mpu
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | E*TRADE Financial Corporation Reports Monthly Activity for October 2018
MarketWatch
E*TRADE Financial Corporation ETFC, -2.67% today released its Monthly Activity Report for October 2018.
/on.mktw.net/2DEfDJU
Warren Buffett Is Betting Big on JPMorgan and Other Banks
Ben Walsh - Barron's
Warren Buffett's Berkshire Hathaway ( BRKb ) added a new $4 billion position in JPMorgan Chase (JPM) stock, according to a Securities and Exchange Commission filing. News of the more than 35 million share position pushed the bank's stock up about 1.5% in after hour trading.
bit.ly/2FnIKCG
Major Discount Broker Stocks Could Be Worth a Look
David Marino-Nachison - Barron's
It's time to look at shares of discount brokers.That's the take from the analysts at Morgan Stanley, who on Wednesday upgraded TD Ameritrade (AMTD) while calling itÂalong with E*Trade Financial (ETFC) and Charles Schwab (SCHW)Âa "top pick" among asset managers and brokers. (Meanwhile, they downgraded Apollo Global Management (APO) and Carlyle Group (CG).)
bit.ly/2FoCyup
Credit Suisse Weighs Hundreds of Job Cuts to Reduce Costs
Jan-Henrik Foerster , Patrick Winters , and Matthew Martin - Bloomberg
Swiss bank is said to be considering cuts as soon as this year; CEO Tidjane Thiam has pledged to further drive down expenses
Credit Suisse Group AG is considering hundreds of job cuts as Chief Executive Officer Tidjane Thiam's drive to reduce expenses extends into a fourth year, according to people with knowledge of the matter.
/bloom.bg/2FnlyV7
Ex-Frankfurt Bankers Build $1.7 Billion Portfolio for 30 Clients
Stephan Kahl - Bloomberg
Sometimes it pays off handsomely to become self-employed. Around two and a half years after its start, Frankfurt-based family office Segura & Jesberger -- which was founded by two ex-bankers -- looks after assets worth 1.5 billion euros ($1.7 billion) belonging to 30 clients, CEO Thomas Segura told Bloomberg in an interview
/bloom.bg/2FqjbkJ
Greg Coffey hedge fund heads to NY as London fades; Trader looks to move closer to trading flows in larger financial market
Laurence Fletcher - FT
Greg Coffey, one of London's best-known hedge fund traders, is planning to relocate his company to New York next year citing concerns about London's role as a global financial centre.
/on.ft.com/2FnKsnA
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | UBS rogue trader Kweku Adoboli deported from UK; The 38-year-old had fought to avoid being sent to Ghana after serving sentence
Lindsay Fortado in New York - FT
Kweku Adoboli, the former UBS trader convicted of fraud over a £1.4bn unauthorised trading loss, has been deported from the UK to his native Ghana after losing a legal fight with the Home Office.
/on.ft.com/2Fm3DOI
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | City of London Is Far From Finishing Brexit Obstacle Course
Edward Robinson , Gavin Finch , and Silla Brush - Bloomberg
Defining 'equivalence' is the next hurdle for finance pros; Banks likely to keep working on worst-case contingency plans
The City of London averted one disaster with the draft Brexit deal announced Wednesday. But the resignation of Brexit Minister Dominic Raab showed the obstacle course is far from over.
/bloom.bg/2Fqi7xf
Draft Brexit deal ends Britain's easy access to EU financial markets
Andrew MacAskill, Huw Jones - Reuters
The United Kingdom and the European Union have agreed a deal that will give London's vast financial centre only a basic level of access to the bloc's markets after Brexit.
/reut.rs/2FqReJn
UK regulators call banks after Brexit woes hammer pound, financial stocks
Reuters
British financial regulators held a conference call with major banks on Thursday asking for feedback on market conditions after the pound and financial stocks sank following the resignation of Britain's chief Brexit negotiator, sources said.
/reut.rs/2FjjL3s
Amazon Is Bigger Problem Than Brexit for U.K. Property; Shops are in turmoil, but London offices have proved surprisingly resilient in the wake of the U.K.'s Brexit vote
Stephen Wilmot - WSJ
When the British people voted for Brexit, investors worried about London skyscrapers. With a draft Brexit deal finally on the table, it is regional shops that are actually taking the strain.
/on.wsj.com/2FlalV1
Explainer: What is equivalence? Britain's banks face patchy EU access
Huw Jones - Reuters
Britain and the European Union have agreed a deal that will give London's financial center the same basic level of access to the bloc's markets after Brexit that is already offered to countries including the United States, Japan and Singapore.
/reut.rs/2Fn7pYb
French bank SocGen ready in case of a hard Brexit scenario
Reuters
Societe Generale, one of Europe's biggest banks, is ready in case of a hard Brexit scenario, said SocGen chief executive Frederic Oudea on Thursday.
/reut.rs/2FoCpqR
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| Miscellaneous | | Stories that don't quite fit under the other sections | We've known for 85 years that forecasters can't forecast
Robin Powell - The Evidence-Based Investor
I've noticed a tendency in the financial media to talk about the failure of active funds to outperform the market net of costs as if it's something we've only recently discovered. In fact, for those who were prepared to look for it, the evidence behind evidence-baed investing has been around for a very long time.
You could argue that it was the French mathematician Louis Bachelier who started it. In his 1900 PHD thesis, The Theory of Speculation, Bachelier demonstrated that security prices move in such a random fashion that "the mathematical expectation of a speculator is zero".
bit.ly/2QGARJV
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