Hits & Takes
The European Energy Exchange is quietly turning into a global commodities market. Just months after buying the Nodal Exchange, the US power market, it signed a memorandum of understanding with the China Beijing Environment Exchange (CBEEX). MOUs are generally not much to talk about and this one may fall into the file with most of the others. But in the off chance it becomes a partnership, it could open the European and Chinese carbon markets to one another – creating a massive opportunity for traders looking for a burgeoning market to trade. China’s president Xi Jinping in June announced plans to start a national carbon market before year end. If it happens, and if EEX can establish a trading link or partnership with CBEEX, there is great potential there.
Combine that with EEX’s focus on taking the Nodal Exchange to the next level and you’ve got a market that is touching Europe, the United States and Asia in a very interesting way. It is well worth keeping an eye on Peter Reitz‘s team at EEX. ~JK
The 9th Annual Kent Conference on Futures and Derivatives is on November 3, 2017 in Chicago. ~JJL
Adi Agrawal is Optionus Prime
By John Lothian
Adi Agrawal is Optionus Prime, the chief transformer of the Options Clearing Corporation. More formally he is not a child’s toy or the star techno-actor of a hit movie series, but rather the Chief Transformation Officer of the OCC. He is the chief transformer in my book.
As Optionus Prime, Agrawal has a new role at an organization that is trying to reinvent itself based on the challenges of Dodd-Frank.
I had never heard of such a title before, so I sat down with Adi and asked him what it was all about. He was in human form for the interview.
Cryptocurrencies Primer; Pre-Open; EFRPs; Spoofing Again
Gary DeWaal – Bridging the Week
Last week, the Commodity Futures Trading Commission endeavored to explain virtual currencies as simply as possible, including their purpose, regulatory oversight and risks. In my view, they did a pretty good job. Additionally, CME Group issued two advisories – one on Globex pre-open orders and the second on exchange for related position transactions – warning of conduct that could constitute disruptive trading and eliminating a current obligation on future commission merchants.
Bitcoin Breaks $6,000 Barrier, Market Cap Now Exceeds $100 Billion
David Dinkins – CoinTelegraph
Bitfinex, the highest volume BTC/USD exchange, broke the $6,000 barrier earlier today and has now been joined by all other major exchanges. At press time, the price of Bitcoin had reached $6,041 according to Coinmarketcap.com, causing its market capitalization to exceed $100 bln for the first time ever.
Friday’s Top Three
Our top read stories on Friday were about people helping other people. The most read item of the day was efinancialcareers.com’s Two Sigma has taken on KCG quant head as Virtu fallout continues. Second went to fnlondon.com’s piece on the possible successor to Xavier Rolet at the LSE, in Names in the frame to lead the London Stock Exchange. The speculation has begun. Third went to the big approval for the Chicago Stock Exchange. No not THAT one. This one, from the Wall Street Journal – SEC Approves Chicago Stock Exchange’s ‘Speed Bump’ for Trading
|MarketsWiki Statistics Sponsored by Level Trading Field|
DRW leads high frequency trading charge into cryptocurrencies; DRW and others are seeking to profit from the wild price swings of bitcoin
Gregory Meyer and Joe Rennison – FT
Intense price swings in cryptocurrencies are luring the highest-volume traders on Wall Street as they search for relief from the low volatility blanketing financial markets.
EEX and CBEEX partner for carbon market development in China
The European Energy Exchange (EEX) and China Beijing Environment Exchange (CBEEX) have signed a Memorandum of Understanding (MoU) to form a strategic partnership for the joint development of the Chinese carbon market.
Former Energy Trader Goes All-In on Bitcoin
Stephanie Yang – WSJ
J. Robert Collins Jr. spent most of the past 25 years trading commodities. He nearly went broke a decade ago in one of the biggest energy hedge-fund meltdowns, before raiding his retirement savings to make some of it back.
Banks plan to shift Asian trading from London to HK; Regulator gears up to handle moves in a blow to UK capital on managing Asia risk
Laura Noonan in Hong Kong – FT
Major investment banks are talking to regulators about routing their Asia-Pacific trading activities through Hong Kong instead of London, in a move that would have limited effect on jobs but would shift global finance’s centre of gravity further away from the UK capital after Brexit.
Fund managers leave Fidelity after harassment claims; Asset manager called emergency meeting after allegations of inappropriate behaviour
Javier Espinoza and Robin Wigglesworth – FT
Fidelity’s stock picking division has held an emergency meeting to reiterate its zero-tolerance policy on sexual harassment, after two fund managers left the giant asset manager in the past month amid accusations of inappropriate behaviour.
Exceed Investments targets Cboe Options Exchange in trade secrets case
Maria Nikolova – FinanceFeeds
Exceed accuses Cboe Options Exchange of Fraudulent Inducement, Promissory Estoppel, Breach of Contract, Misappropriation of Trade Secrets, and violations of the Federal Defend Trade Secrets Act.
TD Has Quickly Become a Top 10 U.S. Bank and It’s Not Done Yet
Doug Alexander – Bloomberg
CEO Braca says TD Bank has ‘room to grow’ in existing markets; Lender aims to expand wealth business, doesn’t fear disruption
Toronto-Dominion Bank’s new U.S. head isn’t being critical when he describes the lender as “sub-scale” in small business and corporate lending, and “underweight” in wealth management. He just thinks there’s market share to be had.
The Finger-Pointing at the Finance Firm TIAA
By GRETCHEN MORGENSON – NY Times
Credit Peter and Maria Hoey
In the treacherous world of finance, where investors confront biased advice, hidden costs and onerous fees, one investment giant seems to stand apart — the Teachers Insurance and Annuity Association, also known as TIAA. Calling itself a “mission-based organization” with a “nonprofit heritage,” TIAA has enjoyed a reputation as a selfless steward of its clients’ assets for almost a century.
Scotiabank puts gold business up for sale; Canadian bank was a big lender to a US refinery linked to a money laundering scheme
Henry Sanderson and Neil Hume in London and James Fontanella-Khan in New York – FT
Canada’s Scotiabank has put its gold business up for sale in the aftermath of a multibillion-dollar money laundering scandal centred on a US refinery that involved smuggled gold from South America.
Crime keeps pace with rise in cryptocurrency prices; Technical advances play into extortionists’ hands, warns cyber security group
Philip Stafford – FT
The rising value of cryptocurrencies is likely to push up corporate ransom and extortion demands, a UK cyber security company has warned.
When Will He Go?; New revelations this week make the departure of embattled Deutsche Börse CEO Carsten Kengeter more a question of when, not if.
Handelsblatt and WirtschaftsWoche Staff
Employees at Germany’s stock exchange operator have a nickname for their boss: “Herr Wanngehter.” The English equivalent would be Mr. Whenwillhego. These are indeed tough times for Carsten Kengeter, chief executive of Deutsche Börse, who remains embroiled in an insider trading scandal that could well cost him his job.
LSE boss Rolet to bow out with £21m share bonanza
Lucy Burton – Telegraph
The boss of the London Stock Exchange, Xavier Rolet, will be bidding adieu to the top job next year with nearly £21m worth of shares.
Exchanges, OTC and Clearing
Intercontinental Exchange Completes Acquisition of Bank of America Merrill Lynch’s Global Research Index
Intercontinental Exchange, announced it has completed its acquisition of the Bank of America Merrill Lynch Global Research division’s fixed income index platform, which will become part of ICE Data Services. Terms of the agreement were not disclosed and the financial impact of the transaction will be immaterial to ICE in 2017.
NYSE owner Intercontinental Exchange close to tying up deal for RBS’ stake in Euroclear
Rebecca Smith – City AM
Intercontinental Exchange is closing in on a deal to buy the Royal Bank of Scotland’s (RBS) four per cent stake in Euroclear.
Calcutta Stock Exchange seeks Sebi approval to set up clearing corporation; The CSE meets the criteria for the formation of the clearing corporation in terms of net worth
The Calcutta Stock Exchange (CSE), which had seen a halt in its trading activity since 2013, was striving to restore its glory by setting up a clearing corporation as a separate legal entity.
DFM And Nasdaq Dubai Sign Licence Agreement To Launch Futures On DFM General Index
Index-linked instruments will be traded on Nasdaq Dubai’s equity futures market in a first of its kind step in the region;
Initiative is milestone to broaden UAE capital markets and increase opportunities for investors
In a first of its kind step in the region, Dubai Financial Market (DFM) and Nasdaq Dubai have signed a licence agreement under which futures contracts linked with the DFM General Index (DFMGI) will be traded on Nasdaq Dubai’s equity futures market. The launch of the index futures is a core element of the exchanges’ joint strategy to offer institutional and retail investors attractive new investment opportunities and a wider range of products.
The additional trading session starts later for derivatives on 2, 9, 15, 16, 23, 27 and 30 November 2017
Please note that the Derivatives Market evening trading session will begin five minutes later, i.e. at 7:05 pm MSK, on 2, 9, 15, 16, 23, 27 and 30 November 2017, as these are the last trading days for options contracts (in accordance with clause 7.2 of the Rules of organized trading for the Moscow Exchange Derivatives Market).
In Kuroda’s face – researchers find ways to predict central bank changes
Tomo Uetake – Reuters
For decades, economists have tried to guess central bank policy direction by studying subtle changes in official language — now, researchers are finding new clues on policy, not in the words of central banker but in their faces.
EquiChain To Build Ground-Breaking Cryptographic Securities Exchange
EquiChain, the London-based FinTech specialising in blockchain technology for capital markets, has been accepted into the Abu Dhabi Global Market (ADGM) Regulatory Laboratory (RegLab) programme to develop and test its latest FinTech innovation.
Guy Who Ran Really, Really Huge Scam Warns ICOs Are the “Biggest Scam Ever”
Tom McKay – Gizmodo
A hustler knows a hustle. So if you have ever considered sinking money into an initial coin offering—a complicated, barely regulated, and booming new form of financial vehicle where startups offer investors stakes in “new” cryptocurrencies rather than traditional stock—it might be a good idea to listen to what one of finance’s most notorious criminals-turned-authors has to say.
Trading app Bux launches Seedrs round to create a “millennial financial brand” complete with cryptocurrency app
Lucy White – City AM
Bux, a trading app designed for the younger generation, has today launched a crowdfunding round on Seedrs after completing a EUR10.6m (£8m) series C round from institutional investors.
JPMorgan partners with data start-up to boost fixed-income trading
Anna Irrera – Reuters
JPMorgan Chase & Co (JPM.N) has partnered with data analytics start-up Mosaic Smart Data to help its fixed-income sales and trading business become more profitable.
How Facebook’s Master Algorithm Powers the Social Network; The algorithm behind Facebook’s News Feed, a “modular layered cake,” extracts meaning from every post and photo
Christopher Mims – WSJ
Instagram engineers faced a Herculean task in early 2016. Fearing that people would miss the most important posts, Instagram’s leadership asked the engineers to transform the chronological photo feed into a curated list of posts based on users’ individual preferences.
Citi gives face to digital-security fintech iProov
iProov, a U.K.-based company specializing in mobile security and identity, has won a fintech competition organized by Citi in Singapore that its founder hopes will lead to globally scalable business.
Big money stays away from booming bitcoin
Jemima Kelly and Maiya Keidan – Reuters
Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion.
LUCERA BANKS ON BSO TO BOOST TRADING ACCESS TO LEADING FX HUBS
Leading market infrastructure provider Lucera has selected our Chicago-New York-London-Tokyo connectivity route to expand its global FX trading reach, as trading volumes start to rise.
Abu Dhabi Global Market Admits 2nd RegLab Cohort With 11 More Local & Global FinTech Firms
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to approve its second batch of Regulatory Laboratory (Reglab) participants comprising 11 local and international FinTech startups. The successful participants, which were selected from a pool of 22 applications, are now admitted within the Financial Services Regulatory Authority’s (FSRA) framework to further develop and test their FinTech innovation.
Swiss fintech company Avaloq eyes Asia, global expansion
South China Morning Post
Francisco Fernandez, founder and group chief executive of Zurich-based Avaloq, says the company has global expansion plans and hopes for a stock market listing, possibly in Hong Kong
Wall Street furious over proposal to slash 401(k) limits
Kevin Dugan – NY Post
Wall Street pushed back hard on Friday against a report that congressional Republicans are weighing a plan to severely limit the amount of money Americans can contribute to their 401(k)s.
Trump Says ‘No Change’ to 401(k) Plans Under Forthcoming Tax Proposal; Congressional Republicans said to be weighing limits in pretax contributions for retirement savings
By Richard Rubin and Anne Tergesen – WSJ
President Donald Trump on Monday morning vowed a popular retirement savings program would remain untouched in the forthcoming Republican tax overhaul proposal.
Fintech boom drives record number of trade mark applications by UK finance firms; Use of trade marks in financial services is popular because it is relatively easy for competitors to copy financial products
Ben Chapman – Independent
Companies in the sector registered 4,228 trade marks last year, up from 3,141 in 2011 Hermione Hodgson
A boom in new fintech innovations saw UK financial services firms register a record number of trade marks in 2016, according to research.
How the Tax Plan Would Impact Financial Markets
By Chelsey Dulaney – WSJ
Analysts have a warning for investors betting a tax overhaul will boost financial markets: don’t get your hopes up.
Wells Fargo fires FX trading executives amid report of probe
Evelyn Cheng – CNBC
Wells Fargo fired four foreign-exchange executives amid an investigation into that business both internally and from regulators, The Wall Street Journal reported Friday, citing sources familiar with the matter.
Police conduct inquiries into Royal Bank of Scotland unit
Police are looking into the treatment of customers by a division of RBS which was set up to help companies in trouble, the BBC has learnt.
Florida programmer sentenced to 16 months for bitcoin exchange scheme
Brendan Pierson – Reuters
A Florida software engineer was sentenced to 16 months in prison on Friday after being found guilty of scheming to help an illegal bitcoin exchange avoid having banks and regulators look into its activities.
NFA’s Executive Committee recommends increase to NFA’s assessment fee effective January 1, 2018
On October 19, NFA’s Executive Committee voted to recommend to NFA’s Board of Directors (Board) an increase in NFA’s assessment fee from $0.01 per side to $0.02 per side for futures and options contracts. The decision to recommend an assessment fee increase was made after a thorough review of all relevant issues by NFA’s Executive Committee and Finance Committee. Pending approval by both NFA’s Board and the CFTC, the increase would become effective on January 1, 2018.
FCA fines Merrill Lynch £34.5 million for transaction reporting failures; Fine is the first enforcement action against a firm for failing to report exchange traded derivatives under EMIR.
Hayley McDowell – The Trade
Merrill Lynch has become the first firm to be slapped with a £34.5 million fine for failing to report transactions of change traded derivatives under European Markets Infrastructure Regulation (EMIR).
Christmas Plans Face Ruin for Finance Industry as MiFID II Looms
Stefania Spezzati and Sarah Ponczek – Bloomberg
Buyside and sellside still awaiting details of some rules; U.S. finance firms in particular seem ‘ill-prepared’: UBS note
The head of currency trading at Deutsche Asset Management AG warns it could ruin some people’s Christmas. Lawyer Neil Robson says he’s working as many as 16 hours a day to help get clients up to speed.
Merrill Lynch Fined $45 Million by U.K. for Failing to Report Transactions
Kaye Wiggins – Bloomberg
Bank didn’t report 68.5 million transactions in 2-year period; Fine is the first of its kind under EU transparency rules
Bank of America Corp.’s Merrill Lynch was fined 34.5 million pounds ($45.5 million) for failing to report two years’ worth of exchange traded derivatives transactions, making the bank the first in the U.K. to pay a penalty on that type of trades under the European Markets Infrastructure Regulation.
Treasury forms top team to keep watch over Royal Bank of Scotland’s £775m cash handout scheme
Oliver Gill – City AM
The Treasury is assembling a top team of lawyers and accountants to supervise an intricate Royal Bank of Scotland scheme to give away £775m in cash to its rivals.
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
Investing and Trading
The (non) disappearing Phillips Curve: why it matters
Gavyn Davies – Financial Times
The existence, and recent disappearance, of the Phillips Curve is the hottest topic among macro investors and policy makers at the moment. In the latest Peterson Institute conference in Washington, a stellar cast of macro-economists debated a central question: has the relationship between inflation and unemployment broken down, and if so what does this mean for interest rate policy? Recent experience of lowflation in the US is central to this question, but it has also reared its head in the Eurozone, Japan and many other countries.
Hunt for Yield Fuels Boom in Another Complex, Risky Security; Volumes of collateralized loan obligations, which slice and dice risky, leveraged bank loans, hit a record so far this year
Christopher Whittall – WSJ
Investors hungry for returns are piling back into securities once tarnished by the financial crisis. Complex structured investments developed a bad reputation during the credit crunch. Ten years later, investors seeking yield are overcoming their skepticism and buying into securities that rely on financial engineering to juice returns.
Hunt for Yield Fuels Boom in Another Complex, Risky Security; Volumes of collateralized loan obligations, which slice and dice risky, leveraged bank loans, hit a record so far this year
Christopher Whittall – WSJ
Investors hungry for returns are piling back into securities once tarnished by the financial crisis.
At Fidelity, New Fallout From Claims of Sexual Harassment, Bullying; Employee complaints about abusive workplace conduct prompted an emergency meeting at the stock-picking unit
Sarah Krouse and Kirsten Grind – WSJ
Fidelity Investments is moving to address long-simmering problems with workplace conduct following allegations of sexual harassment and bullying that led to the ouster of some high-profile employees at the mutual-fund giant. The latest known fallout: Fidelity pushed longtime employee C. Robert Chow, 56 years old, to resign earlier this month, amid allegations that he made inappropriate sexual comments to colleagues, according to people familiar with the matter.
US investment banks charge up to $15k for analyst calls; New report says analyst research from investment banks is priced unrealistically high
Jennifer Thompson – Financial Times
Analyst research provided by US investment banks is being priced at unrealistically high levels and can cost more than seven times the global average, according to a new report.
JP Morgan bolsters bond trading desk with AI technology; JP Morgan signs multi-year deal with AI company Mosaic in a bid to improve analytics across fixed income.
Hayley McDowell – The Trade
JP Morgan has teamed up with an artificial intelligence (AI) start-up company to deploy its technology across the fixed income sales and trading business.
Barclays Sued by Fund for $850 Million in Metal Market Abuse
Jack Farchy and Mark Burton – Bloomberg
Red Kite claims Barclays manipulated copper prices on LME; Barclays denies allegations in case filed in London courts
Red Kite Management Ltd., the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850 million between 2010 and 2013.
Lloyd Blankfein Better Get His Skates On in Frankfurt
Elaine He – Bloomberg
Frankfurt might not want London’s Brexit-fleeing bankers, as my colleagues on Bloomberg Businessweek reported this week. But senior financiers suddenly seem pretty keen on a place that’s always been an assignment to avoid.
Central Bank Independence Requires Accountability; A power struggle at the Bank of Italy shows the importance of transparency.
Ferdinando Giugliano – Bloomberg
The appointment of Italy’s new central bank governor has turned into a depressing power struggle. But for all the elements that make this a uniquely Italian affair, it also raises broader questions about how a country should balance independence and accountability in the event of a possible central bank failure.
European Banks Will Have to Share Data With Their Rivals; The new rule will force lenders to share their coveted customer data with fintech challengers.
Edward Robinson and Eyk Henning – Bloomberg
The castle walls are about to come down. For years, European banks have been self-contained fortresses that plied their customers with everything from checking accounts to credit cards to mortgages, while stockpiling terabytes of data on their spending habits. Now these institutions are about to open up like never before as lawmakers seek to foster competition.
Noble Group Warns of Loss Topping $1 Billion
Jack Farchy , Jasmine Ng , and Lianting Tu – Bloomberg
Deal follows sale of smaller gas-and-power unit to Mercuria
Shares resume trading in Singapore and decline as much as 12%
Noble Group Ltd. warned of a more than $1 billion third-quarter net loss as it agreed to sell most of its oil business to Vitol Group, prolonging the embattled commodity trader’s survival while highlighting the challenges ahead.
Tillerson Warns Europe Against Iran Investments
Gardiner Harris – NY Times
Secretary of State Rex W. Tillerson warned Europeans on Sunday not to invest in certain Iranian businesses as the Trump administration considers walking away from the Iran nuclear deal and reimposing sanctions against Iran.
China’s New Antipollution Push Could Cool Its Growth Engine
Keith Bradsher – NY Times
Through the past four decades, China has achieved breathtaking economic growth at the cost of smoggy skies, fetid streams and lakes of dying fish.
China’s Pursuit of Fugitive Businessman Guo Wengui Kicks Off Manhattan Caper Worthy of Spy Thriller; Pressure from Beijing officials seeking Mr. Guo’s return sparks frantic response from Trump administration—and Pennsylvania Station, JFK airport standoffs
Kate O’Keeffe, Aruna Viswanatha and Cezary Podkul – WSJ
Guo Wengui, a wealthy Chinese businessman, sat in the sun room of his apartment on the 18th-floor of the Sherry-Netherland Hotel on New York’s Fifth Avenue. With him were four officials from China’s Ministry of State Security, whom Mr. Guo had agreed to meet.
Malaysia Asks Interpol to Trace 1MDB-Linked Financier Jho Low
Anisah Shukry – Bloomberg
Fund at heart of probes into embezzlement, money laundering; Low has denied wrongdoing as U.S. targets his assets
Malaysia said it’s seeking Interpol’s assistance in locating financier Low Taek Jho, a central figure in global investigations linked to a troubled state investment fund.
Singapore to Stop Adding Cars to City From February 2018
Sebastian Tong – Bloomberg
Singapore, among the world’s most expensive places to own a vehicle, will stop increasing the total number of cars on its roads next year.
Mutual funds may get nod for trading in commodity derivatives in 6 months
India’s capital markets regulator is likely to allow mutual funds to trade in commodity derivatives and a decision is expected within six months, a senior official said on Tuesday.
Saudi Prince Alwaleed bin Talal: very happy with Citi investment – CNBC
Saudi Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, said he was very happy with his company’s investment in Citigroup.
Chinese Banks in Need of a Stiff Quality Check; China’s biggest banks have been faithful executors of Beijing’s will.
By Anjani Trivedi – WSJ
Chinese bank stocks have been on a tear this year, with many now trading close to their book values—a sign that investors trust their financial reports more than they have in some time. With leading Chinese banks due to start reporting their latest earnings this week, it’s time for a more realistic assessment.
U.K. Trade Secretary Dismisses ‘Nightmare’ of No-Deal Brexit
David Goodman – Bloomberg
Fox says without an accord, Britain can rely on WTO rules; British business groups demand deal ‘as soon as possible’
U.K. International Trade Secretary Liam Fox said leaving the European Union without a deal for future business isn’t a “nightmare scenario” for Britain.
How I Learned to Stay Quiet and Become a Brexit Negotiator
Dara Doyle – Bloomberg
Top tips include keeping the big boss out of the room; Beware of red herrings and understand your emotional state
After five minutes in negotiation boot camp, one thing is clear — I’m probably not the man Theresa May is looking for.
Tony Blair calls for second Brexit referendum; The former Prime Minister said voters should have their say on the Brexit deal, either via referendum or election
Tom Peck – Independent
Tony Blair has said there must be a second referendum on the terms of the UK’s future relationship with the European Union, once those terms are known.
Brexit: blame it on the loss of industrial jobs, not on globalisation; It’s an error to conflate the two: deindustrialisation began long before current globalisation, writes Jim Tomlinson
Jim Tomlinson – The London School of Economics and Political Science
Larry Elliott’s claim about the causes of Brexit is stark, but one echoed, if usually in slightly more qualified fashion, by many other commentators. For example, in her Sylvia Ostry lecture in September 2016, Christine Lagarde, Managing Director of the IMF, put forward similar ideas, with the theme of ‘Making Globalization Work for All’. In this view, globalisation has brought economic advantage to many, but equally left behind many others. Leave voting is explained as an expression of the anger of the ‘left behind’.
U.S. warns public about attacks on energy, industrial firms
Jim Finkle – Reuters
The U.S government issued a rare public warning that sophisticated hackers are targeting energy and industrial firms, the latest sign that cyber attacks present an increasing threat to the power industry and other public infrastructure.
Why nobody will thank you for soldiering on at work; Presenteeism and gym vouchers will not fix our flagging productivity
Pilita Clark – FT
I woke up one morning last week with all the usual signs of a nasty cold: thumping headache, blocked nose, spousal accusations that I had spent the night snoring like a pregnant hippo.
Google plans to share revenues with news publishers; Search giant’s finder’s fee for new subscribers will be smaller than AdSense split
Madhumita Murgia, European Technology Correspondent – FT
Google plans to share revenues with publishers which benefit from the company’s new digital subscription tools, in a scheme comparable to its successful advertising revenue model.