First Read

Last Chance to Sign Up For London MarketsWiki Education World of Opportunity Event
By John J. Lothian

On Friday the registration for the MarketsWiki Education World of Opportunity event in London will close. You can still sign up your interns, newer employees or anyone interested here. The event is FREE and not to be missed.

We have a great line-up of speakers, though we have a couple of changes to announce. Paul Christensen and Jeremy Grant had to step aside as conflicts came up. The FT’s Phillip Stafford has agreed to step in for Mr. Grant. We are also adding Fleur Binyon from the CME Group to our list of speakers.

Our London events are being held at the Woolgate Exchange in the facilities of the University of Chicago Booth School of Business. We have sessions at 10 AM, 1 PM and 3 PM. We are also holding a social event at the end at a nearby pub.

Our goal here is very simple – provide short 10 to 12 minute talks that cover ideas, trends and opportunities in the financial services space. By doing so, interns and young professionals can learn more about the breadth and scope of our industry, make a connection to our space and get excited about the opportunities. In short – let’s attract the next generation of talent to our industry.

If you know someone who would be interested in learning more about our industry and the opportunities in it, please refer them to the sign-up page. If you have any questions, please contact me at johnlothian@johnlothian.com

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Downey’s Money.net Takes FIA Innovator Award
JohnLothianNews.com
The winner of the FIA’s first ever competition for Innovator of the Year at the 2016 Expo in Chicago was Money.net, chosen by a panel of industry experts from among 18 finalist companies picked from a larger group of Fintech applicants.

The company, started in 2014, aims to provide the same type of market information as Bloomberg and Reuters for 1/15 of the cost.

The company is trying to disrupt the market information space, which pulls in $26 billion in annual revenues and is dominated by the two superpowers, who together hold more than 80 percent of the market.

Watch the video »

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Burgenstock Note
By John J. Lothian

Our friends at the ICDA, formerly SFOA, are holding the Burgenstock Conference on November 14 to 16 in Geneva, Switzerland. Unfortunately, I will not be able to attend as I have a conflict back in the States.

The weekend before the conference is my Boy Scout Troop’s Turkey Feast and at the event I will be stepping down as Scoutmaster.

I do encourage industry participants to consider attending this year’s Burgenstock Conference, as the ICDA continues to work to re-invent themselves and the conference.

You can find more information about the conference here

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In Milestone Release, Chain Open-Sources its Blockchain Tech
Pete Rizzo- Coindesk
“We’re going to have to have a tremendous amount of support.”
Somewhere in the middle of a Las Vegas sports bar, Adam Ludwin finally explains why he’s been talking about spending $10,000 on a Slack channel. Two years after starting as a bitcoin API provider, pivoting to focus on enterprise blockchains and fighting for partners against the likes of R3CEV, the CEO of blockchain startup Chain is ready to make his big move.
/goo.gl/wlIzVj

**JK: Among the items in this piece: Chain tested to see if it “could process ‘the entire day’s trades for the Nasdaq’ on its ledger system in real time” and it passed.

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‘Siri, catch market cheats’: Wall Street watchdogs turn to A.I.
By John McCrank – Reuters
Artificial intelligence programs have beaten chess masters and TV quiz show champions. Next up: stock market cheats.
/goo.gl/l7XI3v

**JK: And the AI arms race continues.

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A Tangled Web: Exploring The Explosive U.S. Growth Of Options On Futures
Spencer Doar – JLN
In 1982, the CME became the first exchange to offer options on futures products. That was nine years after the Chicago Board Options Exchange standardized the equity options market and five years after the CBOE were allowed to list puts. While options on futures, also called futures options (or, even better, OOFs), have a 34-year history, the period since the financial crisis marks a new era for the market amid continually shifting currents. In 2011, 500 million contracts were traded. In 2015, industry volumes hit 756 million contracts, a 51 percent increase.
/goo.gl/9ree8Z

****SD: In case you missed it last week.

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Monday’s Top Three
Our top read story by a long-shot yesterday was all about OCC and its plans for a new office in Chicago, in Crain’s OCC expands, plans to move Chicago HQ. The second most read piece was about last Friday’s cyberattack using things like cameras and baby monitors, leading to questions of whether we should not only baby-proof items, but cyber-proof them as well. Here is CNN’s piece Massive cyberattack turned ordinary devices into weapons. Of all the stories we’ve run this year in JLN, this report from John Lothian & Co. has garnered more interest from readers than any other. Sponsored by Itiviti, Firms of the Future: Regulation, Technology and Finding Your Niche details the impact of regulation and the promise and challenges of technology. It’s candid and straightforward, and your number three piece of the day.

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Firms of the Future: Regulation, Technology and Finding Your Niche
Jim Kharouf – JLN
In this special report on the state of the futures industry, John Lothian News spoke with several key FCM and proprietary trading firm executives to discuss today’s challenges and opportunities in their respective markets. This off-the-record meeting covers everything from the current market landscape to the challenges of regulation to technology and the future of our industry. Click here to see what executives had to say in this dynamic and shareable report.

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MWE Europe 2016

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Lead Stories

SGX brokers struggle to survive as trading volumes fall sharply
S V Krishnamachari – IB Times
SGX posted 16 percent fall in net profit to S$83 million in Q1, FY2017 while CEO Loh Boon Chye warns of low trading volumes ahead.
Brokers on Singapore Exchange (SGX) are finding it tough to survive amid falling trading volumes, reflected in the SGX’s drop in revenues and profit for the first quarter, the results of which were declared last week.
/goo.gl/gVcBfg

Renewables overtake coal as world’s largest source of power capacity; About 500,000 solar panels installed every day last year as green electricity surges
by: Pilita Clark, Environment Correspondent – FT
About 500,000 solar panels were installed every day last year as a record-shattering surge in green electricity saw renewables overtake coal as the world’s largest source of installed power capacity.
/goo.gl/8uBdRI

***JB: Another article along these same lines, Coal will not recover: Falling prices for other fuels, not regulation, is what’s killing coal

Nasdaq Names Hans-Ole Jochumsen Vice Chairman
By GlobeNewswire
Nasdaq (Nasdaq:NDAQ) today announced that Hans-Ole Jochumsen
has been named Vice Chairman, Nasdaq, effective January 1, 2017. Jochumsen currently serves as President of Nasdaq, responsible for Global Trading and Market Services, which comprises all transactions, clearing, and settlement services, including equities, equity derivatives, fixed income, currency and commodities.
/goo.gl/XXRP4r

Bundesbank suggests high-frequency trading delay; Move is aimed at ensuring market makers are not scared away from stressed markets
by: Claire Jones in Frankfurt and Philip Stafford in London
Germany’s central bank has suggested that traders’ orders be held for a fraction of a second in order not to scare away market makers from stressed markets.
/goo.gl/wL8zbL

Treasuries Need Tough Rules Similar to Stocks, SEC Head Says
Benjamin Bain, Saleha Mohsin – Bloomberg
Regulators need ‘full access’ to trading data, White says; Some firms also should have to register as dealers, she says
Wall Street’s main regulator wants rules for the $13.7 trillion U.S. Treasuries market to look more like those imposed on stocks.
/goo.gl/Sbrfdu

The future of the $13tn Treasury market: five key points; The public reporting of trading data and the role of regulators were hot topics at a major conference
by: Alexandra Scaggs and Joe Rennison in New York – FT
Regulators have historically taken a light touch with $13tn US government bond market, which many observers have put down to a fear of upending the trading of a market that sets the price for corporate borrowing.
/goo.gl/5YatLO

Hedge Funds Search for Their Real Killers
AQR
After many years (decades) of being one of the very early hedge fund critics I’ve recently (tepidly) defended hedge funds from overwrought attacks that wrongly compare them to a beta of 1.0 in a bull market and, as usual, act as if we learn more from a few years than we really do. In these tepid defenses I share my own concerns that this tepidity (if not a word it should be) is intentional and permanent. That is, mine is a defense against a near legion of badly targeted criticism, but not close to an “all clear” sign that hedge funds don’t merit any opprobrium.
/goo.gl/dTToj7

Can TD Ameritrade and Scottrade Outrun the Robos?
By Alex Eule – Barron’s
TD Ameritrade and Scottrade have gone from disrupters to disrupted. On Monday, the two firms made a wise but defensive choice to merge. TD Ameritrade and Scottrade led a wave of online trading that changed Wall Street in the 1990s. But now the two companies are the ones being hurt by a wave of new technology that is lowering the cost of trading stocks.
/goo.gl/QRa5nH

Hemp may be next gold mine for Native American tribes
Natalie Grover – Reuters
Casinos on Native American land have poured billions into tribal economies since the late 1980s, lifting many people from poverty. Now, some hope, cultivating industrial hemp could do the same. Under U.S. law, hemp – which comes from the same family of plants that produce marijuana – can be grown only for research, with a permit from the U.S. Drug Enforcement Administration.
reut.rs/2e4UfwV

Brexit

Four reasons why banks won’t leave the City of London after Brexit
James Quinn – The Telegraph
As the revolving doors on 25 Bank Street swung open, there was an eery silence – apart from the noise from one of the packs of wild dogs who now inhabit Canary Wharf barking in the distance.
/goo.gl/VJJnvR

At odds over Brexit, UK nations hold ‘frustrating’ talks on common stance
Kylie MacLellan – Reuters
British Prime Minister Theresa May tried to persuade the leaders of Scotland, Wales and Northern Ireland on Monday to work with her government on a common Brexit negotiating position, but the Scottish leader dismissed the meeting as “deeply frustrating”.
reut.rs/2e4RNXn

The Brexit Paradox
Ana Palacio – Project Syndicate
This is the Brexit paradox: the longer it takes for pragmatism to re-enter the debate, the higher the chance that the chilling effect of the unknown will cause permanent damage to both the United Kingdom and the European Union. This was supposed to be the month when the world would gain more clarity on what is in store for the UK and the EU, as the UK prepares to withdraw. But the October European Council did not formally address the Brexit negotiations at all, reinforcing the lack of direction of September’s informal Council meeting in Bratislava, which resulted in only vague promises for unity.
/goo.gl/HDZ0Cd

Exchanges, OTC and Clearing

NASDAQ promotes Jochumsen to deepen relationships in Europe; NASDAQ has promoted Hans-Olve Jochumsen to vice-chairman to work with the exchange’s European team.
By Hayley McDowell – The Trade
NASDAQ has announced it has promoted Hans-Olve Jochumsen to vice chairman, shifting his responsibilities to deepening the exchange’s relationships across Europe.
/goo.gl/dYcjgZ

Open interest in SGX offshore renminbi futures soars to record high
FTSE Global Markets
Open interest in SGX USD/CNH futures soared to a new high of 16,297 contracts ($1.63bn in notional value outstanding) as of last Friday (Otober 21st), spurred on by increased hedging demand amid concern that depreciation of the Chinese renminbi (RMB) may accelerate.
/goo.gl/t97MC3

HKEX to Roll Out Volatility Control Mechanism for its Derivatives Market
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) plans to roll out its Volatility Control Mechanism (VCM) – a measure designed to protect market integrity by preventing extreme price volatility arising from major trading errors and other unusual incidents – for its derivatives market on Monday, 14 November 2016.
/goo.gl/ohZcmh

Barclays first to utilise DTCC’s liquidity coverage ratio data; DTCC launches liquidity coverage ratio data service as Barclays becomes its first client.
By Hayley McDowell – The Trade
The Depository Trust and Clearing Corporation (DTCC) has announced a growth in its data business, as Barclays bank becomes the first to go-live with its newly launched liquidity coverage ratio (LCR) data service.
/goo.gl/j1QGRx

MCX to set up disaster recovery site at GIFT
Business Standard News
Multi Commodity Exchange of India Ltd (MCX) has acquired office space in Gujarat International Finance Tec-City (GIFT) to expand the exchange’s operations and set up a disaster recovery site.
/goo.gl/bL7HBh

BSE launches ‘paperless SIP’ facility for mutual fund investors
Business Standard News
The BSE on Monday said it has introduced a paperless SIP or Systematic Investment Plan facility for mutual fund (MF) investors, a move that will drastically cut the registration time and also allow subscribers to transact through different payment modes including net banking. As there will be no requirement of filling physical forms under the new facility, the chances of errors that presently result in rejection of many applications will also not exist.
/goo.gl/fl4cAe

Eurex Exchange’s Equity Index Derivatives newsletter – Q3/2016
Eurex
The trading volumes in Q3/2016 show very robust demand for Eurex Equity Index Derivatives. Futures and options on European broadbased indexes continue to be very popular, as are derivatives stocks from the European financial sector. Driven by client interest, Eurex expanded the MSCI product offering and introduced SMI® Weekly Options.
/goo.gl/z5fBRJ

Eurex Exchange’s Fixed Income Derivatives – Facts & Stats of Q3/2016
Eurex
104 million Fixed Income Futures were traded in Q3/2016, which translates into a 4% YTY increase.
/goo.gl/jyICVt

Bursa Malaysia Registers Profit After Tax And Minority Interest Of Rm143.5 Million For Nine Months Ended 30 September
Mondovisione
/goo.gl/kmZ0sO

Thomson Reuters/SGX SFI Series Selected As UOB’s Recommended Fixed Income Benchmark
Mondovisione
Thomson Reuters and Singapore Exchange (SGX) today announced that the TR/SGX Singapore Fixed Income Indices (TR/SGX SFI) have been selected as the recommended fixed income benchmark by United Overseas Bank (UOB) following the discontinuation of the UOB SGS Index.
/goo.gl/AbMX6k

Final testing of MOEX migration to new data center
MOEX
We would like to invite you to participate in the final testing of the MOEX infrastructure migration to the new data center DataSpace1 that will take place on Saturday 5 November 2016.
/goo.gl/jq42Br

Politics

S&P 500 Skew Unwind Shows Complacency Over Clinton Win: Analysis
Tanvir Sandhu – Bloomberg
The U.S. election premium is evaporating from S&P 500 options. Even as the shock Brexit result stays fresh in investors’ minds, SPX term structure is turning relatively smoother with skews declining as opinion polls show Clinton may triumph over Trump, Bloomberg strategist Tanvir Sandhu writes.
bloom.bg/2e47ON6

Warren Campaigns With Clinton With Eye on Curbing Wall Street
Margaret Talev, Jennifer Epstein – Bloomberg
Elizabeth Warren’s vigorous campaigning on behalf of Hillary Clinton in the closing weeks of the presidential race is feeding expectations that the Massachusetts senator and progressive leader is looking beyond Election Day, laying the groundwork to blunt Wall Street’s influence in a Clinton administration.
/goo.gl/YeGbve

Investing and Trading

Meet the New Corporate Power Brokers: Passive Investors; Index-fund managers such as Vanguard often cast deciding shareholder votes on issues such as mergers and leadership changes
WSJ
Investor Jeffrey Osher and his advisers arrived at the May annual meeting of Green Dot Corp., a prepaid-card company, ?thinking they had enough votes to remove its chief executive from the board.
/goo.gl/iG2yjE

The Return of Dollar Shortages
Carmen Reinhart – Project Syndicate
Immediately after World War II ended, a new phrase entered the economic lexicon: “dollar shortage.” European economies were coping with extensive war-related damage and a broad array of impediments to their efforts to rebuild their industrial base. At the time, the United States was the only provider of capital equipment for reconstruction. So, without access to US dollars, Europe’s economies could not obtain the inputs needed to increase their exports.
/goo.gl/zJMVGI

Don’t Blame U.S. or Asian Traders for the Pound’s Collapse
Mike Bird – WSJ
The plunge in the pound since the U.K’s June 23 EU referendum, like any major market move, sent traders and analysts searching for patterns in trading. As it turns out, one resilient pattern depends on the clock. On Oct. 7, when sterling suddenly crashed by 6% in the space of minutes, scant liquidity in foreign exchange markets took some of the blame, with U.S. markets closed and much of Asia still yet to open.
on.wsj.com/2e4Ivum

Europe’s Ultra-Long Debt List Grows as Austria Eyes 70-Year Bond
Bloomberg
The exclusive club of European countries who have sold debt due in more than 50 years may be about to be expanded.
bloom.bg/2e4Yjx0

Millennials and the Investment Shift
Emily Ulrich – S&P Dow Jones Indices
Lately, it seems like millennials have been everywhere: in the news, peppered throughout pop culture, and a serious topic of debate among the investment and financial landscape. So—who are the millennials and why do they matter? What impact will their wealth and world views have on sustainable investing?
/goo.gl/kEdzJN

Jeremy Grantham says ‘presidential cycle’ investing is dead; Fed has curtailed market gains once typical of presidency’s third year, says investor
by: John Authers – FT
Jeremy Grantham, the revered investor who popularised the “presidential cycle” of stock market investing — in which gains during the third year of a president’s term were greater than the other three combined — now believes that the Federal Reserve has killed off the cycle.
/goo.gl/uTbnjK

Bond Market Shows Traders Aren’t Ready for Evans’s Three Hikes
Kevin Buckland, Wes Goodman – Bloomberg
Traders split on odds of more than one increase by end of 2017; Treasury 10-year yield may rise past 2.5% on three hikes: Kim
Federal Reserve official Charles Evans has added his voice to forecasts for up to three interest-rate increases by the end of 2017. The bond market shows traders aren’t ready for that many.
/goo.gl/izeRjK

Evans Pushes Fed to Explain How Data Will Guide Rate-Hike Pace
Matthew Boesler – Bloomberg
Chicago Fed chief projects three rate hikes before end of 2017; Fed needs to be more clear about terms of moves, he says
When the Federal Reserve next raises interest rates it should be more explicit about how policy makers will respond to new information about the economy going forward, said Federal Reserve Bank of Chicago President Charles Evans.
/goo.gl/h4k6WJ

Institutions

TD Ameritrade’s Deal With Scottrade Is a Temporary Fix
Antony Currie – NY Times
TD Ameritrade’s $4 billion takeover of Scottrade merely delays the inevitable. Uniting the two American online stockbrokers stacks up financially, because of cost cuts, a tax break and a sale of a banking unit. Income and margins should rise, too. But it still leaves TD Ameritrade and rivals like Charles Schwab facing the longer-term competition of index investing and robo advice.
nyti.ms/2e4U1po

Online Brokers Can’t Catch Up by Teaming Up
Aaron Back – WSJ
TD Ameritrade ‘s $4 billion acquisition of rival Scottrade Financial makes sense as a bet on higher interest rates. But as a response to other forces buffeting the industry, it falls short. Ameritrade and its peers are being hurt by persistent, ultralow interest rates. One way they make money is by putting idle client cash into money markets and other income-yielding investments. Privately owned Scottrade’s numbers aren’t public, but in Ameritrade’s fiscal year through September, its net interest revenue fell by 4.3% from a year earlier, to $595 million. The company has some $119 billion of interest-rate sensitive assets.
on.wsj.com/2e4Y8lf

JPMorgan may need to revise timeline for settlement business exit: Fed’s Powell
Reuters
JPMorgan Chase & Co (JPM.N) may need to change its timeline for an exit from the business of settling trades of U.S. government securities, Federal Reserve Governor Jerome Powell said on Monday. Powell said JPMorgan had publicly recognized the importance of not disrupting financial markets when it leaves the business.
reut.rs/2e4XrIE

Sellside brokers wake up to the HFT threat
Tim Cave – Financial News
It was less than a year ago that high frequency trading executives began rubbing shoulders with the usual crowd of sellside brokers, buyside dealers and exchanges at European equity trading conferences. Already those efforts are paying off. Financial News revealed on October 17 that German asset manager Union Investment was in talks to appoint electronic market-maker Virtu as an agency broker in Europe. “I think it raised an eyebrow or two because of the nature of the firm Union are partnering with,” said Rob Boardman, the European CEO of agency broker ITG.
/goo.gl/9Vk1vZ

Fed’s Evans says wants rates higher so will have room to cut
Reuters
The U.S. Chicago Federal Reserve Bank President Charles Evans on Monday said he would like interest rates to eventually rise from where they are now so the Fed will have the room to cut rates to stimulate the economy if hit by a shock.
reut.rs/2e4RZWB

****SD: I said something along these lines as a joke last week… Guess it isn’t a joke. Also regarding Evans — Fed’s Evans sees three rate hikes by end of 2017 and Fed’s Evans says U.S. economy doing ‘quite well’ but constrained

U.S. banking group forms unit aimed at reducing cyber risk
Reuters
The Financial Services Information Sharing and Analysis Center (FS-ISAC), an influential U.S. financial industry group, said on Monday it had formed a unit to enhance collaboration among its members and the U.S. government as a way to help reduce cyber security threats to the financial system.
reut.rs/2e4Sa4c

Wells Fargo Steps Up Scandal Damage Control With TV Ad Push
Laura J Keller – Bloomberg
Ad features a stagecoach in slow motion and piano music; Poll shows 14% of customers intend to leave the bank
Wells Fargo & Co., trying to quell a scandal that has engulfed its consumer bank, will start broadcasting nationwide television commercials Monday night, outlining steps it has taken to halt abuses.
/goo.gl/zCbbzd

Wells Fargo customers are switching banks after scandal, poll finds
Alistair Gray – Financial Times
One in seven customers of Wells Fargo have decided to switch banks, according to a survey of consumers that points to continued commercial risks that the US group faces from the scandal over faked accounts at the bank.
on.ft.com/2e4Wwbd

Banks Challenge Venmo With New Payments Network Dubbed Zelle
Bloomberg
Nineteen U.S. financial firms — including titans such as JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. as well as regional lenders and credit unions — have signed up for a new real-time payments network dubbed Zelle.
bloom.bg/2eyTeCc

Fintech

Head of Consumer Finance Agency Speaks Out on Fintech; Richard Cordray addressed large payments conference
By RACHEL WITKOWSKI and PETER RUDEGEAIR – WSJ
The U.S.’s lead federal consumer finance regulator issued a warning Sunday to banks that consumers should be able to determine for themselves what to do with the financial data that underlies their accounts.
/goo.gl/uBba7F

‘Smarter than a robot,’ Bank of America’s Erica will coach customers
David Henry – Reuters
Bank of America Corp plans to provide customers with a chatty “virtual assistant” named Erica that will use artificial intelligence to make suggestions over mobile phones for improving their financial affairs. Michelle Moore, head of digital banking for Bank of America, said in an interview on Monday that Erica will be smarter than a robot because she will bring up topics on her own, using predictive analytics as opposed to only answering questions customers ask.
reut.rs/2eyZA4N

Chinese Firm Says Its Cameras Were Used to Take Down Internet
Bloomberg
A Chinese security camera maker said its products were used to launch a cyber-attack that severed internet access for millions of users, highlighting the threat posed by the global proliferation of connected devices. The attackers hijacked CCTV cameras made by Hangzhou Xiongmai Technology Co. using malware known as Mirai, the company said in an e-mailed statement. While Xiongmai didn’t say how many of its products had been infiltrated, all cameras made before September 2015 were potentially vulnerable.
bloom.bg/2e4wGo2

Colt To Revamp Japanese Network Infrastructure – New Revolutionary Network Aims To Spearhead The Next Era Of High Bandwidth And Contribute To The Advancement Of Digital Society
Mondovisione
Colt, a leading international network and ICT provider, today announced a major revamp of their advanced fibre-optic network, as well as extensive Layer 2 network expansion in Japan. This will enable high-bandwidth services with speeds ranging from 10Gbps up to 100Gbps on mass scale, with greater routes and diversity. The phased expansion of both available services and coverage areas is slated to begin in January 2017.
/goo.gl/98I2qv

Regulation

CFTC regulator says open to narrowing automatic trading rule
Reuters
Timothy Massad, the chair of the Commodities and Futures Trading Commission, on Monday said he was willing to narrow a proposal that would govern automated trading. Massad said he stands behind the idea of adding regulations on automated trading but that some industry concerns about the scope were valid.
reut.rs/2e4Sqjt

U.S. regulators, wary of risks, want more bond market data
Jonathan Spicer and Richard Leong – Reuters
Two years after the most abrupt bond-trading disruption in recent memory, U.S. regulators appealed on Monday for a clearer view of trading in the vast Treasury market so to better understand what causes such shocks and to understand looming risks.
reut.rs/2e4TP9V

Speech: Improving Disclosure With Smart Data, Rick A. Fleming, SEC Investor Advocate
Mondovisione
For more than 80 years, our securities laws have required sellers of securities to disclose all material facts to prospective investors, and this disclosure requirement is a cornerstone of fair and efficient markets. However, our disclosure delivery methods have not kept pace with changes in technology, and there is much that can be done to improve the delivery of information into the modern marketplace. This forum brings together many thought leaders to continue that conversation, and I look forward to hearing your ideas.
/goo.gl/N0uJLT

Lynn Tilton heads to trial against SEC over alleged fraud
By Carleton English – NY Post
Lynn Tilton’s lawyer, Randy Mastro, knows how to get attention with an opening argument, stating, “She’s a character, she’s larger than life and she’s all woman.”
/goo.gl/J7cVmG

Report calls UK financial watchdogs cowed and secretive
By Huw Jones – Reuters
Two British watchdogs set up to apply lessons from the financial crisis will sleepwalk into the next banking meltdown if they don’t make big changes, a report said on Tuesday.
/goo.gl/HfMUyU

AMF announces members of Derivatives Advisory Committee
AMF
The Autorité des marchés financiers (“AMF”) has announced the members of its Derivatives Advisory Committee. The specific mandate of the Committee is to examine and discuss statutory and regulatory proposals pertaining to derivatives oversight as well as provide information and suggestions for enhancing the development and implementation of the regulatory framework.
/goo.gl/c33GCo

We’re Ready to Help
ISDA
The initiative to develop a globally consistent standard for a derivatives product identifier has been rumbling on for a while now. This is something in which both the regulatory community and the industry have a big stake. Regulators want to be able to aggregate data in order to fulfill their mandate to monitor and assess risk – a uniform product identifier makes that a lot easier. The industry wants consistency in order to avoid a situation where multiple identifiers emerge for different purposes – a nightmare scenario where complexity would go through the roof and costs would rise.
/goo.gl/hk8Zi

Prioritizing Regulatory Enhancements for the U.S. Treasury Market
Chair Mary Jo White – SEC
Keynote Address: The Evolving Structure of the U.S. Treasury Market Second Annual Conference
Thank you, Bill [Dudley], for that kind introduction. It is a privilege to join you again this year to focus on the U.S. Treasury market, which is so vitally important for both the U.S. and the broader global economy. Thank you to the Department of the Treasury and the Federal Reserve Bank of New York for their leadership in our ongoing effort, including organizing this second annual conference on the evolving structure of the U.S. Treasury market.
/goo.gl/su5Zf6

Improving Disclosure with Smart Data
Rick A. Fleming, Investor Advocate – SEC
XBRL US Investor Forum 2016: Finding Value with Smart Data
Thank you, Campbell [Pryde], for that kind introduction and for inviting me to participate in this forum today.
/goo.gl/Ib7NSW

Regions

The World Economy Without China
Stephen S. Roach – Project Syndicate
Is the Chinese economy about to implode? With its debt overhangs and property bubbles, its zombie state-owned enterprises and struggling banks, China is increasingly portrayed as the next disaster in a crisis-prone world. I remain convinced that such fears are overblown, and that China has the strategy, wherewithal, and commitment to achieve a dramatic structural transformation into a services-based consumer society while successfully dodging daunting cyclical headwinds. But I certainly recognize that this is now a minority opinion.
/goo.gl/vky8Zl

Fed up with volatile prices, Turkish government steps in to help central bank
Nevzat Devranoglu and Orhan Coskun – Reuters
The Turkish government plans to take a more active role in fighting inflation and will attempt to tame volatile food prices, senior economic officials said, moves designed to give the central bank more leeway for monetary easing.
reut.rs/2e4PuU5

Vietnam seeks emerging market edge with new index
Wataru Suzuki – Financial Times
Vietnam’s new benchmark stock index made its debut on Monday as the Southeast Asian country tries to outshine its emerging market rivals in the hunt for foreign capital. The VNX Allshare index, which comprises of most of the stocks listed in the Ho Chi Minh and Hanoi stock exchanges, was developed to give investors a better overview of the overall economy. It had a bumpy first day, ending at 988.55, or 1.1 per cent lower than its base value of 1,000.
on.ft.com/2eyZb29

When your Uber driver starts discussing stocks
Business Standard News
On Friday, market expert Ambareesh Baliga, a regular on business television, tweeted: “My Uber cabby recognised me & started discussing stocks. Signs of extended bull run due 2 wider participation or that of an impending crack?”The tweet generated extraordinary interest, with some ruling party bhakts also getting into action, trying comically to allay fears of a crack. Let us get to those tweets in a bit.
/goo.gl/W5j8Rl

Sebi’s proposed algo trading rules could cast shadow over bourse IPOs; Some market participants contend the regulations would hit market liquidity, which could hurt exchange operators’ earnings and valuations, particularly those of NSE.
Reuters
A proposed crackdown on algorithmic trading in India could hurt the earnings of the country’s two main stock exchanges just as both bourses prepare to make their much-awaited stock market debuts.
/goo.gl/2rkB5O

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