John Sodergreen Wants enelyst to be the CNBC of Chat
John J. Lothian, Publisher, JLN
Scudder Publishing’s John Sodergreen is trying to create the CNBC of chat in order to attract chat-native energy-focused traders to his enelyst platform. “Enelyst” comes from a combination of energy and analyst.
Sodergreen claims enelyst is the “energy sector’s first and only moderated chat platform and secure communications distribution channel dedicated to three specific market sectors: oil, natural gas and power.”
The chat platform has nearly 1000 users, Sodergreen said, who regularly tune in for updates on natural gas, WTI, power and weather insights from analysts promoting their offerings by sharing their insights, just like on CNBC. Except this is chat.
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Hits & Takes
We are all horrified by the destruction produced by the fire at Notre Dame Cathedral in Paris, and our thoughts are with the French while they deal with this devastating calamity.~JJL
On Saturday JLN sent out a weekend update newsletter. This is something new we are trying. If you missed reading a weekday edition of JLN, this will catch you up on the most read stories from the week as well as the original content produced by John Lothian News. We will be looking for sponsors for the weekend update edition once we get some more metrics on how well it is being received. Open rates were below normal open rates by about 6% and of course the most clicked on story was the Ken Griffin-related one.~JJL
If you have feedback on the weekend update, please email me at firstname.lastname@example.org. Thanks.~JJL
STA Women in Finance has announced its 2019 Ken Heath Award Recipients, recognizing “those men who have made a notable and genuine contribution to the advancement of women in finance.” They are Brian Fagen, Deutsche Bank Securities; Andrew Mannarino, Citadel Securities; Brian Schell, Cboe Global Markets; and Tito Singh, CRISIL. ~SR
FTSE Russell has announced the results of first Fixed Income Country Classification Review. Market Accessibility Levels are now assigned to all fixed income markets tracked by FTSE World Government Bond Index (WGBI), FTSE Emerging Markets Government Bond Index (EMGBI) and regional government indexes.~SR
More Cloud, More Services – Lars Ottersgard, Nasdaq
Nasdaq has been in the process of migrating all of its technology into one holistic tech stack called the Nasdaq Financial Framework. In this video, Nasdaq’s Executive Vice President and Head of Market Technology Lars Ottersgard provides an update and talks about the essential role cloud computing plays in the revamp.
Watch the video »
A Millennium of Symbolism Burns Along With Notre Dame; The cathedral, imbued with millions of lifetimes’ worth of personal and cultural connections, now becomes a site of fresh political resentment.
Mohamed A. El-Erian – Bloomberg
The 850-year-old Notre Dame cathedral in Paris, which took over 200 years to complete, was such a constant in so many lives, including my own. Now the unthinkable has happened: A fire has reduced the icon to ashes and blackened walls. And with that go many of its treasures, historical firsts and deep associations.
***** The personal connection of Mohamed A. El-Erian to Notre Dame.
French Luxury Billionaires Pledge $339 Million to Restore Notre Dame
Phil Serafino – Bloomberg
Macron urges fundraising campaign for cathedral restoration; Pinault, Arnault families plan contributions after fire
France’s luxury-goods tycoons pledged 300 million euros ($339 million) to help in the reconstruction of Notre-Dame cathedral after the Paris landmark was ravaged by fire on Monday, answering a call from President Emmanuel Macron for a fund-raising campaign.
***** Opening the purse has new meaning.~JJL
Monday’s Top Three
Our top story of the day came from industry veteran Mark Rzepczynski with his essay on competition in the markets, Disciplined Systematic Global Macro Views: Declining market competition never good for futures markets. Second was FastCompany’s video interview with Brad Katsuyama and the IEX team about its groundbreaking exchange. Third was RCM’s piece Winter is Coming for Managed Futures? (aka Vanguard)
148,980,693 pages viewed; 23,689 pages; 218,516 edits
Trading Bots Running Wild on Crypto Exchanges, Report Says
Olga Kharif and Vildana Hajric – Bloomberg
Cornell Tech detects front running at decentralized exchanges; Researchers suggest impact could be in billions of dollars
“Flash Boys”-like trading manipulation is rampant on certain cryptocurrency exchanges, according to a paper from researchers at Cornell Tech and several other universities.
Third Point, Pershing Square Sell Stakes in ‘Flash Boys’ Exchange IEX; Activist hedge funds exit from startup in deal valuing firm at more than $700 million
Alexander Osipovich and Liz Hoffman – WSJ
Some of the earliest investors in IEX Group Inc. recently sold their stakes in the upstart stock exchange, including activist hedge funds Third Point LLC and Pershing Square Capital Management LP, people familiar with the matter said.
CME unveils benchmarking tool ENSDO Data Insights; Benchmarking tool for hedge funds aims to help with best execution and decision-making.
John Brazier – The Trade
CME Group has launched a new benchmarking tool designed to aid hedge funds with best execution financing through its alternatives investment data service ENSO.
Splintered Libor transition raises risks for banks; Benchmark is embedded in everything from sophisticated derivatives to mortgages
Philip Stafford – FT
Global regulators reminded the world last week that they would like to see the Libor lending benchmark all but gone by 2022, and they will be watching banks’ progress carefully. Figuring out how to replace the London interbank offered rate, however, is fast becoming one of the prickliest issues in global markets.
Association for Financial Markets in Europe chief to step down; Simon Lewis to depart role as chief executive of sell-side industry trade body in October after nearly ten years.
John Brazier – The Trade
The Association for Financial Markets in Europe (AFME) has announced that its chief executive is set to step down at the end of October. Simon Lewis, who has held the role of CEO for AFME since 2010, will relinquish the role when his current contract expires. The AFME board has confirmed it has begun the process of finding Lewis’ successor to “ensure there will be time for a smooth handover.”
Unpicking the research unbundling conundrum
Hayley McDowell – The Trade
The endeavours of European regulators to introduce greater transparency of costs and charges – to the ultimate benefit of end investors – via MiFID II has been harder to realise than policymakers may have anticipated. The unbundling of research and execution payments is a central part in this bid for transparency.
Goldman Sachs leaves Wall Street wanting more; Quarterly update fails to satisfy investors looking for signs of strategic rebirth
Laura Noonan – FT
David Solomon’s early months as chief executive of Goldman Sachs have been long on rhetoric, as he promised to take digital disruption to the next level and rigorously review the company’s existing business, all the while embracing a new era of transparency and introducing a millennial-friendly “casual every day” dress code.
LedgerX Reveals Bid to Beat Bakkt to Physical Bitcoin Futures Launch
Nikhilesh De – Coindesk
Cryptocurrency derivatives provider LedgerX plans to become the first U.S. firm to offer physically settled bitcoin futures contracts.
Hedge Funds Remain in Positive Territory in March According to Backstop BarclayHedge
Hedge funds continued their winning ways in March with a third straight month of positive returns. March’s hedge fund return was 0.67%, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions.
The World’s Worst Major Stock Market Is Really, Really Boring
Abhishek Vishnoi – Bloomberg
Malaysia stocks may ‘disappoint’ till 2020, Samsung Asset says; Construction, oil-related firms may outperform, Aberdeen says
Hopes of luring back global investors to a battered stock market are dimming by the day for Malaysia’s government.
Exchanges, OTC and Clearing
London Stock Exchange collaborates on first issue of blockchain ‘token’ shares
Matthew Field – The Telegraph
The London Stock Exchange has waved through the first issue of shares using blockchain tokens, bringing the technology known as the backbone of cryptocurrencies like Bitcoin into a regulated financial market for the first time.
CME Group Launches ENSO Data Insights to Aid Best Execution Financing for Hedge Funds
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it has launched ENSO Data Insights, a community benchmarking tool which leverages ENSO’s alternative data set to help customers make more informed investment decisions.
The president of the New York Stock Exchange explains how the 226-year-old company is merging tech with humans
Dan DeFrancesco – Business Insider Prime
Stacey Cunningham, the president of the New York Stock Exchange, spoke with Business Insider about how the world’s largest exchange keeps pace with technology while maintaining traditions.
Moex chief to step down in May
Louisa Chendeup- Global Investor Group
Alexander Afanasiev steps down after leading the Moscow Exchange for seven years
Nairobi bourse to establish derivatives exchange by end of 2019
Kenya’s Nairobi Securities Exchange (NSE) plans to establish a derivatives exchange by the end of 2019, an official said on Monday. NSE CEO Geoffrey Odundo told Xinhua in Nairobi that only one more link in the overall structure of the market is yet to be developed but the trading platform for the derivatives market has already been finalized.
Kenya’s stock exchange launches incubator scheme for start-up firms
Duncan Miriri – Reuters
Kenya’s Nairobi Securities Exchange has set up an incubator programme to prepare young companies for an eventual listing or bond issuance on the bourse, its chief executive said, in a bid to boost the number of firms it lists.
Exotix rebrands as ‘Netflix-style’ data supplier
Philip Stafford and Cat Rutter Pooley – Financial Times
Exotix Capital, the London broker that is majority-owned by City entrepreneur Michael Spencer, will on Monday rebrand as Tellimer, as it recasts itself as a specialist information and trading technology provider to developing economies. The UK group, which focuses on emerging markets, is making the radical shift as commercial pressures and tough European rules upend the City’s broking industry.
BNY Mellon’s head of fintech partnerships explains how working to secure crypto isn’t much different from holding gold bars
Meghan Morris – Business Insider
The future of a major custody bank looks nothing like its past. Gone are gold bars and paper stock certificates, stored in soaring, high-security vaults. In are technology platforms that track forms of currency still in nascent stages.
9 in 10 endowment funds have made crypto-related investments, study finds
Ninety-four per cent of endowment funds have stated they’ve invested in crypto assets, either directly or through a fund last year, according to a survey conducted by Global Custodian, The TRADE Crypto and BitGo. The study was conducted in the fourth quarter of 2018, and 150 fundsómostly U.S.-basedótook part. More than half of the endowment funds stated they had invested directly in individual crypto-assets.
Bitcoin Offshoot Slumps After Crypto Exchange Delisting
Olga Kharif and Alastair Marsh – Bloomberg
Bitcoin SV dropped by Binance platform after growing tensions; Controversial entrepreneur Craig Wright backs Bitcoin SV
Binance, the world’s largest digital-asset exchange, is delisting the token known as Bitcoin SV amid a dispute with one of the creators of the offshoot of the original digital currency.
****Finance Magnates – Binance Delists BCHSV, CEO Calls Craig Wright “a Fraud.”
How To Run A Successful Security Token Offering In Compliance With New SEC Guidance
Jonathan Chester – Forbes
The world of initial coin offerings have raised over $22Bn in just 2 years. After 2 years, the SEC has finally put forth a framework for determining whether or not a token sold in an ICO is under their regulatory purview. Anticipating this long-time coming guidance, the industry has already began to move towards compliant security token offerings. With a current rising cryptocurrency market reminiscent of 2016, the year before the meteoric rise of Bitcoin and ICOs, it’s important to start preparing for the next big fundraising opportunity.
The quality of chart needed to raise $2m in an ICO
Jemima Kelly – FT
Crime is an inevitable part of any kind of mania, and, as we know, crypto mania is no exception. Especially when it comes to chart crime.
Crypto Seen as Key to Revival for This Japanese Online Brokerage
Takashi Nakamichi and Takako Taniguchi – Bloomberg
Monex weighs adding digital currencies to its products; Crypto exchange unit Coincheck won a license in January
Japanese online brokerage Monex Group Inc. is counting on its recently acquired cryptocurrency exchange to help its securities arm recover ground lost to bigger rivals.
‘Satoshi’s Treasure’ Is a Global Puzzle With a $1 Million Bitcoin Prize
Leigh Cuen – Coindesk
A new alternate reality game called Satoshi’s Treasure has hidden the keys to $1 million worth of bitcoin across the globe, forcing players to collaborate and improvise.
TradeStation Taps Deltix for Crypto Trading
TradeStation Group, Inc. and Deltix, Inc. have made an agreement through which TradeStation Group’s subsidiary, TradeStation Crypto, Inc., will utilize the institutional crypto-trading platform CryptoCortex, provided by Deltix, for the launch of the TradeStation Crypto offering.
Deutsche Bank Is Subpoenaed for Trump Records by House Democrats
Emily Flitter and David Enrich – NY Times
Congressional investigators on Monday intensified their pursuit of President Trump’s personal and business financial records by issuing a subpoena to his longtime lender, Deutsche Bank.
Microsoft Joins Republican-Backed Climate Leadership Council to Push for U.S. Carbon Tax; The software maker also boosts targets for green energy in its cloud data centers
Dina Bass – Bloomberg
Microsoft Corp. is joining a climate advocacy group backed by big energy corporations and high-profile Republicans, an effort by the software giant to find middle ground on environmental issues that have polarized U.S. politics.
UniCredit Group to pay $1.3 billion, German unit to plead guilty in U.S. sanctions resolution
Karen Freifeld – Reuters
UniCredit Group, Italy’s biggest bank by assets, has agreed to pay $1.3 billion to U.S. authorities to settle probes of violations of U.S. sanctions on Iran and other countries, U.S. authorities said on Monday.
April 2019 Disciplinary Actions
FINRA has taken disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).
Office of the Ombudsman
FINRA’s Office of the Ombudsman is an impartial, confidential and independent resource that works informally to assist in finding solutions to issues, or concerns you may have with FINRA. You should contact the Ombudsman’s Office if you believe you cannot resolve the concern through normal channels, cannot determine the proper avenue for handling your concern, or if you require anonymity. As a neutral party, the ombudsman considers the interests and concerns of all parties in the situation, with the objective of achieving a fair outcome.
FINRA Termination of Support of CTCI Protocol for Reporting Trades to TRACE AND ORF
FINRA currently supports three methods for the reporting of transactions to its TRACE and Over-The -Counter Reporting (ORF) products – FIX, Computer-to-Computer Interface (CTCI) and TRAQS. As announced in August 2018, beginning in early first quarter 2020 FINRA will no longer support the CTCI protocol (CTCI/TCP; CTCI/MQ) for both TRACE and ORF transaction reporting. Any client, including Service Bureaus, that currently utilize CTCI and wishes to continue to deliver electronic transactions (i.e. not via TRAQS) needs to migrate to the FIX protocol by Monday, February 3, 2020.
Opening Statement of CFTC Chairman J. Christopher Giancarlo Before the Global Markets Advisory Committee Meeting
Thank you, Commissioner Stump. Good morning, everyone. A warm welcome to all of the Global Markets Advisory Committee (GMAC) Committee members, presenters and participants, both here and on the telephone. It is good to have you all with us.
Opening Statement of CFTC Commissioner Dawn D. Stump before the Global Markets Advisory Committee Meeting
Good morning and welcome to the first Global Markets Advisory Committee meeting of 2019.
AAT increases banning period for architect of the ‘Diamond Model’ payday lending sham
The Administrative Appeals Tribunal (AAT) has confirmed that Mr Robert Legat, a solicitor on the Gold Coast, should be banned from engaging in credit activities. ASIC originally banned Mr Legat for a period of three years and Mr Legat appealed the ban. On 9 April 2019, the AAT ruled the banning period should be extended to five years.
Investing and Trading
U.S. Risks Roiling Oil Markets in Trying to Tighten Sanctions
Edward Wong and Clifford Krauss – NY Times
The Trump administration has reached a critical juncture in its efforts to tighten United States oil sanctions against Iran and Venezuela.
Calm currencies pose problem for FX investors; Markets are poised for more inactivity as Fed and ECB unlikely to raise rates
Eva Szalay – FT
Leading currencies have been so steady for the past six months that traders have begun to wonder whether their pricing screens are broken.
In defence of dual-class shares with different rights; Creating this non-voting class means we could issue more equity without losing vital control
Henry Angest – FT
Shareholder rights are top of the agenda again now that online scrapbooking site Pinterest plans to follow ride-sharing company Lyft’s example and issue two classes of shares with different voting power. At both companies, ordinary shareholders will have one vote per share, the founders and, in Pinterest’s case, early backers will have 20.
How to Prepare for Inevitable Moment When Volatility Explodes
Joanna Ossinger – Bloomberg
Price swings tend to spike quickly, not increase gradually; SocGen seeks relative value trades; straddles for Schaeffer’s
Low volatility sounds like a good thing in markets. And it can be, unless it’s masking or ignoring problems. The real trick is preparing for an end that can be quick and unpleasant.
Quiet Quarter on Wall Street Hurts Goldman’s Results; Trading revenue dropped 18% in latest quarter; bank still reliant on its securities operation for profits.
Liz Hoffman – WSJ
Goldman Sachs Group Inc.’s GS -3.82% first-quarter profit fell sharply as trading and underwriting slowed, showing the urgency of the firm’s pivot away from those unpredictable Wall Street businesses.
Goldman delays strategic update as core businesses struggle; Shares slip as earnings fall 21% and chief waits until 2020 to reveal details on transformation plans
Laura Noonan – FT
Goldman Sachs has delayed an eagerly anticipated strategic update, dashing hopes that the powerhouse investment bank would lay out new plans as some of its core businesses struggle with difficult trading conditions.
BlackRock moves to hire GF Securities boss for China operations; US group approaches veteran investor Tang Xiaodong to beef up mainland business
Henny Sender – FT
BlackRock is moving to beef up its understrength Chinese operations by approaching Tang Xiaodong, a veteran investor with experience on both sides of the Pacific, to run its operations on the mainland, according to people briefed on the move.
The utility of vulture funds
Colby Smith – FT
At a conference on sovereign debt in Washington last week, Daniel Osorio, the chief executive of Andean Capital Management, delivered a warning: if Venezuela’s opposition government seeks an Iraqi-style debt restructuring ó meaning investors end up with a 90 per cent haircut ó all bondholders will sell their Venezuelan debt once the sanctions are lifted, and prices will fall to the high teens.
BlackRock roars back with best first quarter in four years; The results give an early indication that the asset management industry has turned a corner after a brutal 2018
Owen Walker – FT
BlackRock entrenched its position as the world’s biggest fund manager as assets at the New York-listed group hit $6.5tn on the back of strong market returns and modest investor inflows in the first three months of the year.
Citi calls for cost of managing risky trades to be shared more widely; US bank wants executing brokers to pay bigger chunk of bill for prime brokerage services
Eva Szalay and Philip Stafford – FT
Citigroup, one of the biggest middlemen facilitating currencies trading, is trying to engineer a radical shift in the $5.1tn-a-day market by asking trading platforms and rival dealers to share the costs of managing risky derivatives trades for its clients
Credit Suisse Seeks to Seize Oil Trader’s Three London Homes
Thomas Beardsworth – Bloomberg
Bank has taken Sanomi’s private jet in earlier court case; Nigerian owes bank about $3 million, according to filings
Credit Suisse Group AG has already taken Nigerian oil trader Igho Sanomi’s private jet. Now it’s coming for his London apartments.
Goldman Sachs to layoff 98 bank employees in New York
Elizabeth Dilts, John McCrank – Reuters
Goldman Sachs Group Inc plans to lay off nearly 100 employees in New York in the coming months, according to a filing the bank made with New York state that was made public on Monday.
Deutsche Bank Could Lose $1.7 Billion in Revenue If Deal Happens
By Steven Arons – Bloomberg
Revenue attrition is key factor as deal talks enter fifth week; Focus of the talks is said to now shift to investment bank
Deutsche Bank AG estimates it could lose the equivalent of almost a fifth of Commerzbank AG’s annual revenue should it go ahead with a takeover of the lender, another potential sticking point for a deal that’s run into hurdles of late.
OPEC Has a New Best Friend: Russia; Putin has helped resolve conflicts within the cartel, giving the country considerable influence over oil markets
Benoit Faucon, Summer Said and Timothy Puko – WSJ
When the Organization of the Petroleum Exporting Countries met in Vienna in December, it was in danger of imploding.
Why the EU carbon market is being roiled by Brexit; Traders push prices to 10-year high as fears of no-deal exit recede
David Sheppard – FT
It seems that nothing can escape the claw-like grasp of Brexit: it is now the turn of the European carbon market to be roiled by Britain’s stuttering attempts to leave the EU.
UBS Tops Asia Private Banking League for Sixth Straight Year
Chanyaporn Chanjaroen – Bloomberg
Swiss bank maintains first place even after assets decline; Total assets of top 20 firms fall 3.6% to $1.63 trillion
UBS Group AG topped the list of the 20 largest wealth firms in Asia for the sixth consecutive year even as assets under management declined in the region, Asian Private Banker said.
KKR Strikes Hedge Fund Gold With British Billionaire Managers
Tom Metcalf and Heather Perlberg – Bloomberg
Private equity giant owns 35% stake in U.K.’s Marshall Wace; Marshall Wace assets have doubled in four years to $39 billion
A pair of 200-year-old wooden elephants adorn the London lobby of one of the financial world’s biggest beasts. The carvings guard the Chelsea office of fast-growing $39 billion hedge fund Marshall Wace.
Exploding ATMs: Brazil banks wrestle with dynamite heists
Carolina Mandl – Reuters
More than two dozen heavily-armed men stormed into the center of Guararema early on a recent morning, rousing the Brazilian town’s residents with the sound of broken glass, explosions – and then gunshots.
SoftBank Sold All $4.5 Billion in Bonds on First Day
Takahiko Hyuga – Bloomberg
SoftBank Group Corp.’s 500 billion yen ($4.5 billion) bond issuance was fully subscribed on the first day of a planned two-week sales period as the pricing attracted strong demand from Japanese individuals, said people familiar with the matter.
OPEC Risks Gambling Away Success Again as $80 Oil Looms
Grant Smith – Bloomberg
Inventories are headed for their steepest drop since 2017; Supply disruptions in Libya, Venezuela risk runaway price rise
After managing to revive oil prices through production cutbacks, OPEC now risks squandering its victory again by letting crude surge too high.
Japanification Is Looming for Europe. What Should Investors Do?
Justina Lee – Bloomberg
Europe’s economic and market trends converging with Japan’s; Stick to stable growth stocks, be careful of banks: Berenberg
If Japan is the path Europe is headed toward, a few words of advice for equity investors: stay away from banking stocks, stick to your consumer darlings, and keep your expectations low.
Swiss Probe Billionaire’s Ski Resort After Hedge Fund Sues
Hugo Miller – Bloomberg
Crans-Montana site of repeated clashes between Vitek and town; Details of alleged fraud outlined in New York complaint
Swiss prosecutors are investigating a series of financing deals at a ski resort owned by Czech property billionaire Radovan Vitek that were raised in a U.S. lawsuit over allegations that he defrauded a New York hedge fund and a Czech investment firm of more than $1 billion.
BOJ Must Couple Easing With Unwinding Vision, Says Ex-Official
Chikako Mogi and Masahiro Hidaka – Bloomberg
More people see difficulty in BOJ expanding asset purchases; Need flexible thinking to get ETFs off BOJ’s balance sheet
The Bank of Japan needs a vision for eventually unwinding its massive asset purchases if it eases policy further, according to a former BOJ official.
China’s Not Doing Global Markets Any Favors; A pullback by the People’s Bank of China leads financial commentary.
Robert Burgess – Bloomberg
An economic slowdown in China is the biggest risk facing markets, according to Bank of America’s monthly investor survey. So it should be good news that the most recent data indicate the Asian nation’s economy is perking up. The problem, as seen in the performance of global stocks Monday, is that the economy may be rebounding a bit too strongly, leading the People’s Bank of China to pull back on its latest stimulus measures.
Want to Find an Independent Central Bank? Try China; Everyone knows who holds the power in Beijing. But, for now, the People’s Bank is wisely fending off pressure to open up the taps.=
Shuli Ren – Bloomberg
Truly independent central banks are beginning to look like an endangered species. Donald Trump continued to hammer his Federal Reserve chairman over the weekend, even as European Central Bank President Mario Draghi worried aloud about the U.S. president’s Twitter assaults. National leaders from India to Turkey have exerted immense pressure to bend monetary policy more to their liking. One of the central banks resisting most fiercely is also one of the most unlikely: the People’s Bank of China.
Tusk ‘dreams’ of Brexit reversal; President of the European Council said he would not ‘give into fatalism’ about the Brexit process
Mehreen Khan – FT
Donald Tusk has said he still “dreams” of the UK reversing Brexit after EU27 leaders gave Britain an extra six months to agree its divorce deal.
Brexit has broken UK politics, not the constitution; Local and European Parliament elections in May will be key for the Tories and Labour
Bronwen Maddox – FT
Britain’s Parliament Square has returned to a kind of peace. MPs are off on their Easter break, thanks to the latest Brexit deadline extension. Most of the protesters are taking an Easter break too, it seems, and have suspended their pageantry of 12-foot banners and elaborate costumes, competing for the world’s attention.
Everyone `Exhausted’ by Brexit as Talks Drag, EU’s Tusk Says
Ian Wishart and Jonathan Stearns – Bloomberg
That’s not an excuse to give in, he tells European Parliament; EU will never kick out a member, Jean-Claude Juncker says
European Council President Donald Tusk warned politicians in the bloc and the U.K. not to give up on efforts to break the Brexit deadlock, even though they’re all tired of the protracted divorce.
Corbyn Government as Bad for Banks as a Hard Brexit, Citi Says
Joe Easton – Bloomberg
Election of Labour would spur capital outflows, analysts say; Domestic lenders to fall most as global banks hold firm: Citi
Jeremy Corbyn being elected U.K. prime minister would be just as damaging to British banks’ profits as the country crashing out of the European Union without a withdrawal agreement, according to Citigroup Inc.
U.K. Must Prepare for ‘More Complicated’ Next Step of Brexit Talks, Says Report
Theresa May must use the delay to Brexit to prepare for the next stage of negotiations with the European Union and avoid repeating the blunders made during the divorce process, a respected think tank has said.