| May 30, 2018 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
JLN Staff
Defense Attorney Renato Mariotti has introduced a motion to dismiss the indictment of Jitesh Thakkar with prejudice, or in the alternative, for an in camera review of the grand jury transcript and to strike prejudicial language from the indictment.~JJL
For the NEXGivingDay, the NEX employees in Israel have opted to support the Atid Yohana Jabotinsky Youth Village, which helps promote high-tech projects and courses to children that come from underprivileged backgrounds, and prepares them for the 21st century.~JJL
Mark Ibbotson has raised 45 percent of his goal for the kilt challenge, or £6,398.38 so far. Please donate and help Mark make his mark for Futures for Kids
In case you missed it yesterday, we have a comprehensive recap of last month's Fintech Exchange event, with key start-up exchange speeches and keynotes as well.~JK
JLN has hired a crypto investor as a summer intern. Robby Lothian is working this summer for JLN, helping with MarketsWiki, CryptoMarketsWiki and video production. He will be in London for IDX and in New York for MarketsWiki Education.~JJL
You might have seen some version of this graphic given recent political upheaval - I love this 2012 to the present chart of the Italian/German 10yr bond spread (via Reuters).~SD
In his criticism of Deutsche Bank's former management, Deutsche Bank chief economist David Folkerts-Landau was quoted as saying "If you hire a plumber to build your house, don't be surprised if it ends up with too many bathrooms." ~SD
A recent study of Fed officials' beliefs about interest rates wasn't that surprising - they have their outlook figured out by the age of 30 for the most part. However, what was interesting was the way the researchers categorized members' views - as hawks, doves or "swingers."~SD
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MiFID II: Industrialising the response using UL BRIDGE
ITIVITI TALKS
/jlne.ws/2HvDCcf
***** ITIVITI TALKS LOUD!!!~JJL
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Traders With Pockets Full of Crypto Quit Wall Street; Millennials who made money trading digital assets in their spare time are breaking away from top firms.
By Alastair Marsh - Bloomberg
Whether cryptocurrencies and the technology that powers them will reshape the financial system remains to be seen. What's not in doubt is their ability to transform the career paths of bright young minds on Wall Street.
/jlne.ws/2H6cwru
***** Where is Steve? Where is Joe? Darn Bitcoin rally!~JJL
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Tuesday's Top Three
Our top read story of the day was the Wall Street Journal's Investors Bet $4 Billion on a Cryptocurrency Startup. Second was Crain's Chicago is shaping up to be a cryptocurrency hub. And third was the ICE announcement Intercontinental Exchange Agrees to Acquire TMC Bonds
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MarketsWiki Stats
126,866,147 pages viewed; 23,128 pages; 213,216 edits
MarketsWiki Statistics
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| Lead Stories | Swarm of bidders drove up price for Chicago Stock Exchange
Lynne Marek - Crain's Chicago Business
It turns out that Intercontinental Exchange wasn't the only outfit interested in buying the Chicago Stock Exchange earlier this year. There were four other biddersÂand that competition helped drive up the price for the eventual buyer.
/jlne.ws/2H3jIEr
Deutsche Börse Group acquires US FX ECN platform
Deutsche Börse
Deutsche Börse has reached a definitive agreement to acquire GTX's ECN business from GAIN Capital Holdings Inc. for 100 million US dollar. With this transaction Deutsche Börse Group's foreign exchange unit 360T expands its participation in the global FX market. The transaction is in line with Deutsche Börse's Roadmap 2020 to grow its business through add-on acquisitions.
/jlne.ws/2sqQ9Y9
Cryptocurrency Attacks Are Rising
Olga Kharif - Bloomberg
Control of 51% of computing power spurs double-spending threat; Bitcoin Gold, Verge, Monacoin hit, Autonomous Research says
One of the most-feared quirks of cryptocurrencies is becoming more of a headache. Over the past few weeks, rogue operators of some of the computer networks that perform the complex calculations that verify transactions for various coins are attacking their own networks again. This time it's Bitcoin Gold, an offshoot of the most widely known form of digital money, with a $729 million market capitalization.
/jlne.ws/2H0xlo4
The Bad Days Have Been Really Bad in 2018's Stock Market
Lu Wang and Elena Popina -Bloomberg
Volatility jumps the most since February as S&P sinks on Italy; Average down day is 24% bigger than the average up day in 2018
None of the narratives floating around the market make any sense. Bond yields are too high, and too low. Politics don't matter, then they do. There's excessive inflation, or not enough.
/jlne.ws/2snYmN1
SGX to delay Indian futures launch following lawsuit; Legal battle with National Stock Exchange of India forces SGX to delay launch of new Indian futures products.
Hayley McDowell - The Trade
Singapore Exchange (SGX) has been forced to delay the launch of its new Indian futures products following a legal dispute with the National Stock Exchange of India (NSE).
/jlne.ws/2H1O7mV
There Will Be Another Financial Crisis; For those who can look past the panic, it will be an opportunity to buy equities at a solid discount.
Barry Ritholtz - Bloomberg
Ed Yardeni reminds investors  and occasionally, himself  that events are either bullish or bearish. Forget the partisan politics and ideology unless you are a preacher or a moral analyst. Investors who focus instead on the duality of markets when putting capital at risk will be rewarded.
/jlne.ws/2H6f88M
IHS Markit Connects Asigna to MarkitSERV Network for Clearing Mexican Peso Swaps
Business Wire
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced that MarkitSERV has expanded its global network of derivatives clearinghouses by connecting to Asigna, the clearinghouse for Mexican listed and standardized derivatives.
/jlne.ws/2LG9NZ9
Opinion: This investor rivals Warren Buffett  and you probably haven't heard of him; The Berkshire Hathaway CEO so admired Lou Simpson that he suggested the Geico CIO could step in for him if needed
Glen Arnold - MarketWatch
Geico is probably the best investment Warren Buffett ever made. Much is due to the terrific performance of the insurer's underwriters. But what turbocharged his return is the investment record of GEICO's chief investment officer.
/jlne.ws/2skIxGK
French Banking Giant Is Looking Like 'the JPMorgan of Europe'; Low-drama BNP Paribas is making a big push abroad as its rivals struggle to rebound.
Edward Robinson, Fabio Benedetti - Bloomberg
Jean-Laurent Bonnafé has heard all the reports, all the speculation. For months now, the market has been buzzing with the possibility that his bank, BNP Paribas SA, might take a run at acquiring a beleaguered competitor,Commerzbank AG. And why not? The Frankfurt-based bank has been struggling to find its footing even as France's biggest lender, brimming with profits, has been pushing hard into Germany's industrial heartland on the hunt for corporate clients.
/jlne.ws/2snXkAD
Turkish Currency Slide Poses a Political Challenge to Erdogan; The lira's recent drop has some voters questioning the long-dominant leader's handling of the economy
Yeliz Candemir - WSJ
At a clothing shop in Turkey's megalopolis late last week, there were few customers but Esra Yildirim was still in a rush.
/jlne.ws/2H3MgOh
The Feds just charged a 'blockchain evangelist' who raised $21 million while claiming to work with Disney and Apple
Becky Peterson - Business Insider
The US Securities and Exchange Commission (SEC) has charged another blockchain startup with a fraudulent initial coin offering months after it raised $21 million from investors around the world.
/jlne.ws/2sryu2A
Fed officials are basically born with their beliefs, study finds; Study examines gender, religion and education backgrounds of Fed officials since the 1960s
Steve Goldstein - MarketWatch
A Federal Reserve official's views on interest rates is determined, for the most part, before they're 30 years old.
/jlne.ws/2H0Ap3y
Is This the Big One? Crisis Flashbacks Hit Traders Hard and Fast
Sofia Horta E Costa - Bloomberg
This year's market turbulence recalls memories of past crises; Investors are jittery after historic gains in risky assets
First came the hand-wringing over unsustainable stock valuations. Then it was fears of an emerging-market meltdown. Now Italy and the euro are in the crosshairs.
/jlne.ws/2H3zVcQ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Deutsche Börse presents strategy "Roadmap 2020" in detail
Deutsche Börse
Deutsche Börse AG presented details of its "Roadmap 2020" strategy at its annual Investor Day in London on May 30, 2018. The "Roadmap 2020" focuses on the three main thrusts of organic growth, targeted acquisitions and investments in innovative technologies. The aim is to consolidate and further expand Deutsche Börse's position as the leading European infrastructure provider for the financial markets with global growth ambitions.
/jlne.ws/2H1PbHr
ICE's Interest Rate Futures and Options Complex Sets Daily Volume Record of 7.8 Million Contracts; Euribor Futures Achieve New Volume Record
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that ICE's Interest Rate complex achieved record daily volume of 7.8 million futures and options contracts on May 29, 2018 surpassing the previous record of 6.2 million contracts set on May 6, 2010. Year to date volume in ICE's interest rate complex is up 13% and open interest is up 5% year over year.
/jlne.ws/2sq4Pa7
Intercontinental Exchange President Ben Jackson And Ice Data Services' President And Chief Operating Officer Lynn Martin To Speak At The Eighth Annual Deutsche Bank Global Financial Services Conference On May 30
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that Ben Jackson, Intercontinental Exchange President, and Lynn Martin, ICE Data Services' President and Chief Operating Officer will speak at the eighth annual Deutsche Bank Global Financial Services Conference. The presentation will take place on Wednesday, May 30 at 11:55 a.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com/.
/jlne.ws/2LEZc0o
Intercontinental Exchange Chairman & CEO Jeffrey C. Sprecher to Present at the Thirty-Fourth Annual Bernstein Strategic Decisions Conference on May 31
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that Jeffrey C. Sprecher, Chairman and CEO will present at the thirty-fourth annual Bernstein Strategic Decisions Conference. The presentation will take place on Thursday, May 31 at 2:00 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com/.
/jlne.ws/2spwk3v
Dalian Commodity Exchange Deals With 34 Cases Of Abnormal And Illegal Transaction In April
Mondovisione
Dalian Commodity Exchange (DCE) released a notice on May 9, showing that DCE dealt with 29 cases of abnormal transaction, including 13 cases of self-transaction violating position limits and 16 cases of frequently placing and cancelling orders.
bit.ly/2LHQgaD
Singapore Exchange postpones launch of Indian derivatives products
The Star
The Singapore Exchange (SGX) has postponed the launch of a set of India derivatives products after an Indian court on Tuesday referred a dispute around the proposed offerings to an arbitrator.
/jlne.ws/2spf6n7
SGX-NSE row: Why GIFT in PM Modi's backyard makes no sense ahead of Mumbai; SGX was asked by the Bombay HC on Tuesday to suspend the June 4 start of its new India equity derivatives and try to settle its dispute with NSE via arbitration
Andy Mukherjee - Bloomberg
A stock connect between India and Singapore, modeled on the popular Shanghai-Hong Kong link, died before it could be born. Blame a mix of chest-thumping nationalism on the Indian side and political naivete on the part of the Singaporeans.
/jlne.ws/2IVm3Hw
Nasdaq President & CEO Adena Friedman to Present at Sandler O'Neill 2018 Global Exchange and Brokerage Conference
Nasdaq
/jlne.ws/2H29Hro
GAIN Capital to Sell GTX ECN Business to Deutsche Börse Group's FX unit, 360T
GAIN Capital
GAIN Capital Holdings, Inc. announced that it reached a definitive agreement to sell the Company's GTX ECN business, an institutional platform for trading foreign exchange, to Deutsche Börse Group, via its FX unit, 360T for $100 million.
/jlne.ws/2spKtOm
Deutsche Börse expands 360T business with $100m acquisition of FX venue; Deutsche Börse will combine GTX ECN with 360T FX trading platform to form new 360TGTX business.
Hayley McDowell - The Trade
Deutsche Börse Group has agreed to acquire foreign exchange (FX) trading venue GTX ECN for $100 million as it looks to expand its FX business in the US.
/jlne.ws/2H3rcav
ICE to acquire TMC Bonds in $685 million deal; ICE buys fixed income marketplace TMC Bonds in latest strategic fixed income acquisition.
Hayley McDowell - The Trade
Intercontinental Exchange (ICE) has agreed to buy fixed income marketplace TMC Bonds for $685 million in cash.
/jlne.ws/2srrwdZ
Digital biotech Voluntis lists on Euronext
Euronext
Euronext today welcomes Voluntis, a company specialised in digital therapeutics, on its listing on Euronext's regulated market in Paris.
/jlne.ws/2H3aGaD
FX Futures, FX Rolling Spot Futures and FX Options: Fee holiday for transaction fees from 1 June 2018 until 30 June 2018
Eurex
Effective 1 June 2018, the following measure of Eurex Clearing will come into effect:
/jlne.ws/2H5xtT8
HKEX Hosts Forum on 40th Anniversary of China's Reform and Opening Up
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) will host a forum this Friday (1 June) to mark the 40th anniversary of Mainland China's opening and reform, with keynote speeches and panel discussions exploring Hong Kong's future role as Chinese markets develop further.
/jlne.ws/2skQL1A
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | 'Layer 2' Blockchain Tech Is an Even Bigger Deal Than You Think
Michael J Casey - Coindesk
Welcome to the "Layer 2" era.
We are now entering an exciting new phase of blockchain development in which the lightning network and other programming solutions that operate "on top" of existing blockchains promise big strides in scalability, interoperability and functionality.
There is still much work to be done. The early tech is buggy, and new security and trust solutions must be figured out when much of the computing activity in individual transactions or smart contracts is taken "off chain."
bit.ly/2kAKoDZ
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin is the market's new fear gauge, investor says
CNBC
The answers to which way the market will move next may lie in bitcoin, said Brian Stutland of Equity Armor Investments.
"Bitcoin is sort of becoming the new VIX, in sort of getting ahead of credit risk in the banking industry," Stutland said on "Fast Money" on Tuesday.
/cnb.cx/2kzPUGJ
London remains wary of jumping on crypto bandwagon; Banks hold the key to whether the City ultimately embraces digital currencies
Philip Stafford and Hannah Murphy - FT
For a financial centre that still dominates the $5tn-a-day global foreign exchange market, London's reluctance to embrace cryptocurrencies will ultimately prove a blessing, or a costly mistake.
/jlne.ws/2soAhFO
The Jabberwocky world of bitcoin; Clear Leisure, a minnow with a technicolour history, is digging into cryptocurrency mining
Kate Burgess - FT
Last week Small Talk followed Clear Leisure, a small Aim-listed company, into the Jabberwocky world of bitcoin where words  whether hash, sat or shilling  have entirely new meanings. In cryptocurrency land, a nonce is apparently a 32-bit field rather than a category of prisoner. Hodl is not a fatfinger typo but advice to hold on for dear life, sat is a millionth of a bitcoin and shilling is trickery.
/jlne.ws/2sqP5nl
Tradeshift Bags $250M in Goldman Co-Led Round, Plans to Invest in Blockchain
Anatol Antonovici - Cryptovest.com
Tradeshift has raised $250 in a funding round co-led by Goldman Sachs. The company plans to use some of the money to invest in innovative technologies like blockchain and AI.
bit.ly/2JdHfaX
Coinbase bought a "decentralized" crypto exchange. How does that work?
Joon Ian Wong - Quartz
Last week, the major cryptocurrency startup Coinbase acquired a company called Paradex. This company is known as a "decentralized exchange" (or a "DEx," if you want to be down with the crypto cool kids). This new type of exchange is said to be a safer way to trade crypto coinsÂwhich is pretty useful, given that over $4 billion worth of cryptocurrencies have been stolen from exchanges between 2011 and 2017, according to a Reuters estimate.
/jlne.ws/2H1DQqR
A Bitcoin Halvening Is Two Years Away -- Here's What'll Happen To The Bitcoin Price
Forbes
In around two year's time (on May 27, 2020, unless wild swings in the mining hashrate change anything) the coin reward for mining new Bitcoin blocks will drop from 12.5 Bitcoin to 6.25 Bitcoin  and people are already thinking about what this could do to the Bitcoin price. Much has changed for Bitcoin, cryptocurrency and blockchain since the last Bitcoin halving (something the community calls a halvening), which happened July 9, 2016, and each time it happens no one is entirely sure how the Bitcoin price, or the economy that has built up around it, will react. A Bitcoin halvening  there have been two since Bitcoin's creation in 2009  is a fixed event and will occur after every 210,000 blocks
/jlne.ws/2sphmL7
Cryptocurrency trading app Taylor says all funds have been stolen in cyberattack; The trading app startup's team woke up to find an alleged threat actor had rinsed the Taylor fund pool.
Charlie Osborne for Zero Day
A nightmare for promising startups but a common problem in the cryptocurrency industry is theft -- and the attacker which allegedly targeted Taylor did not hold back.
/jlne.ws/2spQAlM
Bitcoin is definitely a bubble, says Wikipedia founder; Jimmy Wales, outspoken ICO critic, questions entire 'crypto world'
Aaron Hankin - MarketWatch
The co-founder of the largest free-content reference website has slammed bitcoin and the digital currency industry, saying that it is in a bubble that will eventually pop.
/jlne.ws/2H1Dfp5
The Challenges of Crypto Trade Surveillance
Trillium
Bloomberg reported this week that the U.S. Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, specifically by spoofing - entering fake orders to trick other traders into buying or selling.
/jlne.ws/2slJiPG
Crypto's most devout believers are suffering a crisis of faith
Jemima Kelly - FT
Read more articles in SOMEONE IS WRONG ON THE INTERNET SERIES
Last week, we received a press release about a luxury townhouse currently for sale in Manhattan's swanky Upper East Side for just shy of $30m. As you might expect for that kind of price tag, it's a pretty fancy place, featuring 13-foot "majestic ceilings", original mosaic tiled floors and a white marbled staircase:
/jlne.ws/2sqfHES
Why A.I. and Cryptocurrency Are Making One Type of Computer Chip Scarce
Cade Metz - NY Times
Two technology booms  some people might call them frenzies  are combining to turn a once-obscure type of microprocessor into a must-have but scarce commodity.
/jlne.ws/2soxNqQ
Bank Robber No Longer Needs Banks: Turns to Stacking Bitcoin and Other Cryptocurrency
Richard Stanley
The "Skinny Bandit" brazenly robbed banks on the mean streets of San Diego, but he no longer needs banks because of his steady success in trading Bitcoin and other cryptocurrencies.
/jlne.ws/2sqll9Z
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| Politics | | An overview of politics as it relates to the financial markets | China Slams Trump's 'Flip-Flop' on Tariffs as Trade Spat Worsens
Bloomberg News
Duties on $50 billion of Chinese goods to take effect in June; Move comes 10 days after Mnuchin said trade war 'on hold'
China hit back at U.S. President Donald Trump's plan to push ahead with tariffs on $50 billion of Chinese imports despite a recent truce in the trade fight, saying it damages America's standing.
/jlne.ws/2spWGm3
China vows to protect its interests from 'reckless' U.S. trade threats
Michael Martina and Ben Blanchard - Reuters
China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.
/jlne.ws/2specad
The Profound Social Cost of American Exceptionalism
Eduardo Porter - NY Times
When I wrote my first Economic Scene column six years ago, the unemployment rate languished at 8.2 percent as the job market painfully recovered from the jolt of the Great Recession. By last month, only 3.9 percent of working-age Americans who sought a job didn't have one.
/jlne.ws/2H02kk9
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FX Abuses Persist Even After $10 Billion in Fines, Traders Say
Lananh Nguyen - Bloomberg
Add Andy Maack of Vanguard Group Inc. to the list of a dozen or so executives who say that routine misbehavior in the $5.1 trillion-a-day FX market persists even after banks paid $10 billion in penalties and a trader was sent to prison.
/bloom.bg/2LHUnn5
Mexico Foiled a $110 Million Bank Heist, Then Kept It a Secret
Michelle Davis - Bloomberg
On a Tuesday morning in early January, the computer system at Mexico's state-owned trade bank went haywire. Some of Bancomext's workers couldn't get their PCs to turn on. The internet was slow. Routine operations were taking longer than normal.
/bloom.bg/2LEwCwo
SEC Obtains Emergency Order Halting Fraudulent Coin Offering Scheme
SEC
The Securities and Exchange Commission today announced it has obtained a court order halting an ongoing fraud involving an initial coin offering (ICO) that raised as much as $21 million from investors in and outside the U.S. The court also approved an emergency asset freeze and the appointment of a receiver for Titanium Blockchain Infrastructure Services Inc., the firm behind the alleged scheme.
bit.ly/2LB98Ix
Canadian who helped Yahoo email hackers gets five years in prison
David Shepardson - Reuters
(Reuters) - A Canadian accused of helping Russian intelligence agents break into email accounts as part of a massive 2014 data breach at Yahoo was sentenced to five years in prison on Tuesday and ordered to pay a $250,000 fine.
/jlne.ws/2sqbiBN
NFA orders Chicago, Ill. introducing broker X-Change Financial Access LLC to pay a $100,000 fine
NFA
NFA has ordered Chicago, Ill. introducing broker X-Change Financial Access LLC (XFA) to pay a $100,000 fine.
/jlne.ws/2xkEcsO
CFTC Orders X-Change Financial Access LLC to Pay a $150,000 Civil Monetary Penalty for Supervisory and Recordkeeping Failures
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against X-Change Financial Access LLC (XFA) of Chicago, Illinois, for failure to diligently supervise its employees' handling of its customer accounts and failure to preserve complete records. At the time of the conduct charged, XFA was registered with the CFTC as a Futures Commission Merchant and is now registered as an Introducing Broker.
/jlne.ws/2LFBL7n
ESMA updates the CSDR Q&As
ESMA
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).
/jlne.ws/2H2FcBr
ESMA and EBA: institutions and authorities must consider retail holders of debt financial instruments in resolutions
ESMA
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have today published a joint statement encouraging institutions, market and resolution authorities to properly consider retail holders of debt financial instruments subject to the Bank Recovery and Resolution Directive (BRRD) when carrying out their respective tasks. The distribution of debt instruments issued by financial institutions to retail clients may raise significant consumer protection issues and affect the practical application of the resolution framework under the BRRD.
/jlne.ws/2H2bkoZ
ESMA updates its EMIR Q&As
ESMA
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the European Market Infrastructure Regulation (EMIR).
/jlne.ws/2H2FLLz
ORF and ADF Testing for FIX Trade Reporting Tag Changes and Equity Short Sale Validations
FINRA
On Monday, August 20, 2018, FINRA will require a change to all FIX trade reporting related to the processing of execution time during Daylight Savings Time (DST) changes. FIX Tag 60 (TransactTime) will be used to indicate the Execution Time for all products and Tag 22007 (ExecutionTime) will be retired from processing use.
/jlne.ws/2H3bAEb
TRACE Testing for FIX Trade Reporting Tag Changes
FINRA
On Monday, August 20, 2018, FINRA will require a change to all FIX trade reporting related to the processing of execution time during Daylight Savings Time (DST) changes. FIX Tag 60 (TransactTime) will be used to indicate the Execution Time for all products and Tag 22007 (ExecutionTime) will be retired from processing use. Additionally, beginning on August 20, 2018, FIX Tag 455 (Instrument/Security AltId) will be required on TRACE Corporate and Agency (CA) and TRACE Securitized Products (SP) FIX protocols.
/jlne.ws/2soGRfu
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Risky part of market above financial-crisis levels, may worsen meltdown
Joe Ciolli - Business Insider Prime
For companies, the allure of cheap financing can trump common sense.
At least that's what seems to be happening in the speculative-grade bond market, where the debt burden for nonfinancial firms is now above its previous peak seen before the 2008-2009 financial crisis.
/read.bi/2GYmECt
Bond Traders' Confidence in Fed Rate Path Crumbles
Alex Harris and Edward Bolingbroke - Bloomberg
Eurodollar activity shows dwindling bets on four 2018 hikes; For futures traders, hikes past June now also in question
The latest bout of market turmoil is denting investor confidence in how aggressively the Federal Reserve will tighten policy this year.
/jlne.ws/2H476wO
Melinda Gates: You're Missing Out by Not Investing in Women, Minorities
Bloomberg
Melinda Gates, co-chair of the Bill & Melinda Gates Foundation, joins Emily Chang on "Bloomberg Studio 1.0" to discuss investing in women and minority-owned businesses.
/jlne.ws/2spMudk
Nintendo rises on announcement of new Pokémon games
Hudson Lockett in Hong Kong - FT
Nintendo climbed as much as 3.1 per cent on Wednesday as the Japanese group announced new Pokémon titles for its Switch console and smartphones.
/jlne.ws/2stTlma
What to Make of Italy's Astonishing Bond Selloff; Perhaps investors are complacent about the dangers Italy poses
James Mackintosh - WSJ
Market reporting is prone to hyperbole, but Tuesday's Italian bond selloff was truly astonishing. Short-dated bonds that can usually be treated as a close proxy for cash turned toxic, and bondholders showed serious panic. Prices fell and yields on short-dated bonds rose as much or more than when the euro was fighting for survival in 2011 and 2012.
/jlne.ws/2sqMh9N
Wall Street Has a Hot Options Trade to Profit From Sideways S&P
Yakob Peterseil - Bloomberg
Buy-write index beating S&P 500 after trailing since 2016; Strategy works best in flat markets while guarding against vol
There's an options trade that promises stellar returns if U.S. stocks continue to tread water. The catch: it's only managed to deliver that a handful of times over the past decade.
/jlne.ws/2H3n8qL
Gold's Age-Old Haven Reputation Takes a Beating
Ranjeetha Pakiam
While global equities tumble, bullion hasn't yet pushed higher; Stronger dollar is a significant headwind, Oanda's Innes says
Gold's age-old reputation as a haven is taking a beating. Although bullion's had everything going for it this week -- from turmoil in Italy and sliding equity markets to a renewal of trade tensions and rethink of the outlook for U.S. rate hikes -- prices are still languishing near the lowest this year. Even a warning of peril from investor George Soros didn't lend a hand.
/jlne.ws/2H2cHnE
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs is quietly moving into a new business  and it's a direct challenge to all the firm's biggest rivals
Dakin Campbell - Business Insider Prime
Goldman Sachs is quietly building out a business in a humdrum area of the market that helps big corporations manage and move their money. It's a far cry from the Wall Street bank's traditional business of advising companies on mergers and acquisitions and helping them raise capital.
/goo.gl/mvhBUc
Man Group hires PM to develop multi-asset capabilities
Terri-Ann Williams - City Wire
Man Group has hired a new portfolio manager to develop its multi-asset team, the company has announced.
/jlne.ws/2slGDWc
Four hedge fund managers top $1 billion in pay as the industry rebounds; The top 25 hedge fund managers made an average of $615 million last year, according to Institutional Investor.
Liz Moyer - CNBC
Four hedge fund managers joined the 10-figure club last year, making more than $1 billion as the industry showed signs of a rebound.
/jlne.ws/2skHvum
How to Invest in Hedge Funds and Pay No Taxes
Heather Perlberg and Ben Steverman - Bloomberg
Lombard driving increase in private placement life insurance; Investor interest rising as tax overhaul limits deductions
Blackstone Group LP has an enticing pitch for the ultra wealthy: Invest in hedge funds and avoid paying taxes forever.
/jlne.ws/2siCL8o
RenTec Vet Who Mastered Venture Talks Wealth and Why Quants Rule
Simone Foxman - Bloomberg
Howard Morgan is betting on genomics, personalized medicine; Has warned First Round partners about Silicon Valley money
Howard Morgan got a doctorate from Cornell, taught at Wharton, helped lead Renaissance Technologies, pocketed a bunch of money -- and that was just Act 1. Morgan made another splash co-founding First Round Capital. The venture firm was one of the earliest investors in Uber and has nurtured Square and Warby Parker, burnishing Morgan's reputation.
/jlne.ws/2sqh3Qc
Scaramucci's fund nears $30M South Korean investment
Carleton English - NY Post
Anthony Scaramucci, back at his SkyBridge Capital hedge fund for just a month, is already drumming up new business.
/jlne.ws/2spkern
RBS chief financial officer resigns ahead of AGM
Sophie Christie, Iain Withers - Telegraph
Royal Bank of Scotland's chief financial officer has resigned ahead of the bank's annual general meeting on Wednesday, in which executives are expected to be grilled by investors over dividends, branch closures and re-privatisation.
/jlne.ws/2srF49i
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Ethiopia Already Is the 'China of Africa'; They share fast growth, a strong national history and a sense that the future will be great.
Tyler Cowen - Bloomberg
Will Ethiopia become "the China of Africa"? The question often comes up in an economic context: Ethiopia's growth rate is expected to be 8.5 percent this year, topping China's projected 6.5 percent. Over the past decade, Ethiopia has averaged about 10 percent growth. Behind those flashy numbers, however, is an undervalued common feature: Both countries feel secure about their pasts and have a definite vision for their futures. Both countries believe that they are destined to be great.
/jlne.ws/2H4928x
Crisis-Weary Central Banks Brace for Turmoil as Italy Slips
Lucy Meakin , Rich Miller , and Catherine Bosley - Bloomberg
ECB facing another possible debt crisis of a major economy; In the U.S., the Fed's rate hike plans stand in contrast
Just when central bankers thought they were about to get out of the business of emergency economic stimulus, jittery financial markets are threatening to pull some of them back in.
/jlne.ws/2sozPr6
Trudeau Says U.S. Borrowing Is Unsustainable
Josh Wingrove and Stephanie Flanders - Bloomberg
Canadian prime minister warns of danger of societal tensions; He says successful firms don't only focus on short-term profit
U.S. government borrowing is not sustainable and divisive social policies will ultimately exacerbate tensions that will disrupt American business profitability, Canadian Prime Minister Justin Trudeau said.
/jlne.ws/2GZXB1T
Chinese courts curb IP theft as US sees bigger threat; Trump administration focuses on Chinese innovation-led growth strategy
Charles Clover in Beijing - FT
Intellectual property theft by China became one of the world's most pressing trade concerns this year, after US President Donald Trump said he would level tariffs on Chinese high tech industries, which he accused of being built on the back of stolen US technology.
/jlne.ws/2H3tzdu
China's return to US soyabean market trumped by trade war reboot
Peter Wells - FT
Soyabean prices eased on Tuesday as the Trump administration's decision to proceed with tariffs on $50bn in Chinese imports overshadowed data showing the Asian nation's purchases of US soyabeans for the first time in over a month.
/jlne.ws/2H5olhk
Japan drops plans to lower max leverage on margin FX trades
Reuters
Japan's Financial Services Agency (FSA) is scrapping a plan to reduce the maximum leverage allowed for margin currency trading, a source with direct knowledge of the matter said on Tuesday.
/jlne.ws/2H45G5s
Italy's President Just Undermined the Euro; Blocking populists will serve only to strengthen them.
Ashoka Mody - Bloomberg
Italian President Sergio Mattarella might think he has taken a principled stand in vetoing euroskeptic Paolo Savona as finance minister, effectively disallowing a government led by the Five Star Movement and the League. But in rejecting the choice of a popularly elected coalition, he may well have set in motion a financial crisis from which it will be hard to pull back, and which could imperil the entire European project.
/jlne.ws/2H3za3u
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Leading UK hedge fund says City will shrink 30% after Brexit; Davide Serra of Algebris believes that people will follow money out of the City in the coming years
Chris Newlands - Financial News
The founder of one of Britain's largest hedge funds believes the City will shrink by a third over the next three years as London's financial centre is "ripped apart" by the UK's departure from the European Union.
/jlne.ws/2soxzQE
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| Miscellaneous | | Stories that don't quite fit under the other sections | Bayer wins U.S. nod for Monsanto deal to create agriculture giant
Diane Bartz and Ludwig Burger - Reuters
Bayer (BAYGn.DE) won U.S. approval for its planned takeover of Monsanto (MON.N) after agreeing to sell about $9 billion in assets, clearing a major hurdle for the $62.5 billion deal that will create by far the largest seeds and pesticides maker.
/reut.rs/2LB4hqN
This Media Startup Is Beating the Competition With a Newsroom Run by Robots
Shoko Oda - Bloomberg
Japan millennial made newsroom using artificial intelligence; NewsDigest is one of most popular news apps in Japan
On Feb. 13 last year, the half-brother of North Korean dictator Kim Jong-Un was killed in an airport in Malaysia, in what the U.S. Department of State concluded was an assassination using a nerve agent. As North Korea and Malaysia were roiled in a diplomatic dispute, one entrepreneur in Japan and his budding news service were about to reap some attention.
/jlne.ws/2H2J7yi
Digital Advertising Firm Didit Close to Acquiring Gawker.com; $1 million lead offer for dormant blog is subject to higher bids at a potential bankruptcy auction
Jonathan Randles - WSJ
Marketing firm Didit is close to acquiring Gawker.com and if successful intends to relaunch the blog, known for publishing irreverent articles that were sometimes controversial, with a new editorial policy to only post content it considers to be positive.
/jlne.ws/2spdY2R
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