Banks can expect a streamlined Volcker rule; Turkish lira plunge; Deutsche Bank error

May 25, 2018

Banks can expect a streamlined Volcker rule; Turkish lira plunge; Deutsche Bank error

May 25, 2018

Spencer Doar

Spencer Doar

Associate Editor

First Read

Hits & Takes
JLN Staff

In every edition of JLN, there are instructions at the bottom of the newsletter on how to update your settings or unsubscribe. You are always welcome to hit reply on your email client and send us feedback.~JJL

The fifth video in the Options Industry Leader Series, sponsored by OCC and OIC, is now posted. You can watch MIAX’s Shelly Brown below. MIAX is the next exchange to host the Options Industry Conference. In case you missed the series, the other four videos are with Nasdaq’s Kevin Kennedy, BOX’s Ed Boyle (we spoke before the BOX/tZERO deal, so that’s not mentioned in the interview), Cboe’s Andy Lowenthal and NYSE’s Ivan Brown.

Yesterday’s JLN Options newsletter covered a bit of everything – from Goldman’s February volatility windfall to swaptions compression to fee structures of the soon-to-be 16 U.S. options exchanges. Go ahead and sign up for JLN Options if it falls in your wheelhouse. It is the best price – free.~SD

ICE posted a record in Gilt Futures, hitting 1.4 million contracts on May 24, topping the prior record of 1.1 million in August 2014. ADV is 244,000 this year, up 18 percent.~JK

ICE will launch 3-month SONIA futures, cash settled short-term interest rate contracts, on June 1.~JK


The Options Industry Leader Series 2018 – MIAX’s Shelly Brown
Brought to you by the OCC

In this video from the 36th annual Options Industry Conference (OIC) in Amelia Island, Fla., Shelly Brown, MIAX executive vice president, strategic planning and operations, talks about launching MIAX Emerald, its new SPIKES volatility index, and MIAX’s equity ambitions.

Watch the video here »


U.S. Websites Go Dark in Europe as GDPR Data Rules Kick In; New European law foresees steep fines for companies that don’t comply with rules
Natalia Drozdiak and Sam Schechner – WSJ
Europe’s new privacy law took effect Friday, causing high-profile websites to suspend access across the region as data-protection regulators prepare to brandish their new enforcement powers.

**** See at the bottom of our email to update any of your settings or unsubscribe.~JJL


Thursday’s Top Three
Our top read story yesterday was Bloomberg’s Bitcoin Price Manipulation Probe Launched By Justice Department. Second was the Fox Business news story Jon Corzine’s Wall Street comeback in jeopardy so far as hedge fund attracts trickle. Third was Jessica Darmoni’s blog for Hehmeyer, Bitcoin Boom: The Executive’s Club Of Chicago Explores City’s Role In The Digital Currency Movement


MarketsWiki Stats
126,621,284 pages viewed; 23,124 pages; 213,183 edits
MarketsWiki Statistics

Lead Stories

US banks can now expect a streamlined Volcker rule 2.0
Ben McLannahan – Financial Times
You might have missed the good news for Wall Street out of Washington on Thursday. While Donald Trump was putting his seismograph signature on a bank-relief bill in the White House, flanked by chuckling politicians from both sides of the aisle, the Senate quietly waved through an immigrant from the former Yugoslavia as the next chair of the Federal Deposit Insurance Corporation.

***Good quotes in here. For example – “The rule ‘is like using an entire army to stop a neighbourhood bar fight,’ says a lawyer in New York. ‘Understanding its complexity is almost beyond the capacity of the human cortex.'” More context from the International Financial Law Review – Primer: the Volcker Rule – proprietary trading. ~SD

Lira’s plunge places Turkey on edge of financial crisis; Investors are demanding more than emergency interest rate rises to stay in the country
Roger Blitz and Jonathan Wheatley – FT
Turkey’s lira has been in near-continuous decline since Recep Tayyip Erdogan was elected president in 2014 but even emerging market veterans were taken aback by this week’s rout.

Another Deutsche Bank Error Revealed: $30 Billion 2014 Gaffe
William Canny – Bloomberg
A 28 billion-euro ($35 billion) payments error at Deutsche Bank AG in March wasn’t the first such blunder to befall the lender. In March 2014, the German bank mistakenly sent 21 billion euros to Macquarie Group Ltd. as collateral for an over-the-counter derivatives trade, according to a person familiar with the matter who declined to be identified. That incident led directly to the introduction of fail-safes, though these didn’t catch the latest gaffe, the person said.

UK watchdog running dozens of probes into cryptocurrency firms; Regulator also looking into seven reports by whistleblowers in 2018
Chloe Cornish and Hannah Murphy – FT
The UK’s top financial watchdog is running enquiries into 24 businesses dealing with cryptocurrencies, and has opened seven whistleblower reports related to the nascent asset class this year alone.

Trump signs bill easing U.S. bank rules into law
While the new law lessens rules on a large number of U.S. banks, it stops short of eliminating much of Dodd-Frank. Most of that law’s core provisions remain intact, and the new law’s language is primarily aimed at helping smaller community banks, while preserving stricter rules for the biggest banks on Wall Street.

****Bloomberg – 1,000 Cuts to Dodd-Frank: Tracking Trump’s Wave of Deregulation

New Singapore exchange kicks off trading with palm oil futures
Singapore’s third derivatives exchange kicked off trading on Friday with the launch of palm oil futures, as the largely China-backed bourse looks to get a foothold in the region in preparation for other contracts down the line.

Michael Spencer on the road out; Billionaire entrepreneur plans to spend more time on his ranch in Kenya after selling Nex to CME
Michael Spencer was in fine form on Tuesday as he hosted another of his famous (part-liquid) lunches at the markets business he has run, in various guises, for the past 32 years. But there was a hint of regret about the billionaire entrepreneur. After selling Nex to the Chicago Mercantile Exchange, this was his last such bash. He’ll soon have a boss to report to – CME chief Terry Duffy – and the fine wine cellar he has kept at HQ for years will have to move.

Bankers May Have Moved $13 Billion Through Baltic Laundromat
Ott Ummelas – Bloomberg
Estonian police estimate is much higher than first thought; Danske is among banks tainted by money laundering scandal
Banks operating in the Baltic nation of Estonia may have laundered considerably larger sums than first thought.

Deutsche Bank chairman survives move to force him from the board
Iain Withers, Justin Huggler and Hannah Boland – The Telegraph
Deutsche Bank chairman Paul Achleitner survived an attempt by angry shareholders to remove him from the board, seeing off a fresh crisis as the German lender announced thousands of job cuts.

Bearish Bets Against Global Marijuana Boom Increase to Record
Jen Skerritt – Bloomberg
The pool of bearish wagers on a pot bust in increasing.
The total value of short positions in global marijuana-related stocks has climbed to a record approaching $2.1 billion, according to Sam Pierson, an analyst at IHS Markit in Boston. Short sellers have increased their positions amid concern that the sector is overvalued, and it’s becoming easier to find shares available to borrow for companies with a large market capitalization, he said.

US banks can now expect a streamlined Volcker rule 2.0; Big five regulators poised to clarify prop trading and simplify rules
Ben McLannahan – FT
You might have missed the good news for Wall Street out of Washington on Thursday. While Donald Trump was putting his seismograph signature on a bank-relief bill in the White House, flanked by chuckling politicians from both sides of the aisle, the Senate quietly waved through an immigrant from the former Yugoslavia as the next chair of the Federal Deposit Insurance Corporation.

Leverage Alert Ringing While Cash Drains From Stock Broker Accounts
Lu Wang – Bloomberg
Net worth in NYSE margin accounts showing a record deficit; Sign of elevated risk of forced selling if the market tumbles
Few things evoke fear in markets like a margin call. Now there are signs that many U.S. stock investors are ill-prepared to deal with one.

Exchanges, OTC and Clearing

NYSE’s first female president brings trading nous to the job; Stacey Cunningham started on the floor and broke through the glass ceiling
Nicole Bullock and Philip Stafford – FT
When Stacey Cunningham was an intern at the New York Stock Exchange in 1994, testosterone-filled men roamed the booths and littered the floors, while the ladies’ room for exchange members was just a converted telephone booth.

****From Business Insider – ‘Thank you for inspiring the next generation of women to dream big’: Read the letter JPMorgan top female execs just sent to the new NYSE president

Equity Market Innovation Leads to Venue Proliferation
Ivy Schmerken, FlexTrade – TABB Forum
Several startups are planning to launch either new venues or new order types, and even adjust listing standards, to solve problems in US equity trading. But each of these venues faces the challenge of convincing buy-side and sell-side firms to connect to their venues to send order flow.

NSE, MCX in merger talks, could submit proposal to Sebi this month
Business Standard
The merger will help NSE and MCX cement their leadership position both in the equities and commodity derivatives space

Introduction of T7 Release 7.0 on 3 December 2018
T7 Release 7.0 is planned to be launched on 3 December 2018. The simulation period for T7 Release 7.0 is planned to start on 24 September 2018.

Privacy notice to customers and suppliers
With this privacy notice (hereinafter the “Notice”), Eurex Frankfurt AG (hereinafter “We” or “Us”) informs you how We process your personal data. Your personal data means any information relating to your employees or any other individual concerned (hereafter the “Personal Data”).

TMX Group Prices Private Placement Offering of C$200 Million 3.779% Senior Unsecured Debentures Due 2028
TMX Group Limited (“TMX Group”) today announced that it has priced a Canadian private placement offering (“the Offering”) of C$200 million aggregate principal amount of 3.779% Series E Senior Unsecured Debentures due June 5, 2028 (the “Debentures”) to accredited investors in Canada. The Debentures will be direct senior unsecured and unsubordinated obligations of TMX Group and will rank pari passu with all other senior unsecured and unsubordinated indebtedness of TMX Group.

ASX CEO Presentation Slides Stockbrokers and Financial Advisers Conference

Exchange Publishes Conclusions from its Consultation on Delisting and Other Rule Amendments
Exchange to amend Listing Rules to make delisting framework more effective to address concerns about prolonged trading suspensions; Rule changes to take effect on 1 August this year

ICE Gilt Futures Set Daily Volume Record of 1.4 Million Contracts
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 Gilt futures achieved a record daily volume of 1.4 million contracts on May 24, 2018, an increase of 30% on the previous volume record of 1.1 million contracts set in August 2014. Open interest for ICE Gilt futures also continues to rise and is 945,870 contracts as at May 25, 2018.

SGX RegCo updates on engagement with China Embassy on Midas Holdings Limited
SGX RegCo has been in engagement with the Chinese Embassy in Singapore in relation to communications with the relevant authorities in China on developments at Midas Holdings Limited

SGX’s flagship retail education event to target new investors; “My First Stock Carnival” will be held at VivoCity on 26-27 May
Singapore Exchange (SGX) will be holding its flagship retail education event, My First Stock Carnival, this weekend at VivoCity’s Outdoor Plaza Atrium. This is part of SGX’s ongoing efforts to engage, educate and encourage new investors to embark on their financial literacy journey.

NSE Earns Over A Third Of Revenue From HFT Service Amid Probe
Sajeet Manghat – Bloomberg
National Stock Exchange Ltd. earned more than a third of its revenue from its co-location service even as the regulator probes alleged preferential access to high-frequency traders granted by India’s largest bourse.


RSM corners NetSuite market with Explore Consulting acquisition
The US arm of global consultancy RSM has strengthened its technology consulting practice with the acquisition of Seattle-based Explore Consulting. Both firms are ranked among the top NetSuite providers in the US and expect their merger to consolidate their share of a competitive software services market.

BTS Partners with Actant to Provide Enhanced Options Capabilities
Business Wire
Driven by changes in regulatory requirements at Cboe Global Markets, Blue Trading Systems and Actant have joined forces to offer a compelling new solution for floor and screen traders. Participants leveraging BTS’ flagship options product, BTS Edge, will continue to have modeling, risk, analytics and floor capabilities but will now benefit from additional quoting capabilities including RFQ response functionality via Actant.

Technology and global ties: turning the tide on financial crime
Speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered at the Anti-Money Laundering TechSprint, London.

Limited Registration For Elite Trading Leaders, Waiting List Explodes With Interest
Ticker Tocker
Ticker Tocker, a new integrated trading productivity platform to support both leader and novice traders to quickly find, test, learn, share, and/or execute trades, announced its exclusive pilot program launch today. The innovative platform is the brainchild of industry veterans, Stephen Kalayjian and Joseph Murphy, who collectively have spent more than a decade developing it.


About $1.2 billion in cryptocurrency stolen since 2017: cybercrime group
Gertrude Chavez-Dreyfuss – Reuters
Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, according to estimates from the Anti-Phishing Working Group released on Thursday.

A crypto stunt gone tragically wrong
Jemima Kelly and Alexandra Scaggs – FT
The human toll of cryptocurrency scams are all too easily overshadowed by the industry’s excesses. But a line was crossed this month, when a self-described “publicity stunt” apparently led to a man’s death.

Commerzbank Succeeds in Processing Corporate Forex Deal on Blockchain
Anatol Antonovici – Cryptovest
Commerzbank and steel producer ThyssenKrupp replicated on Wednesday a foreign exchange (forex) transaction with the help of blockchain technology, making this the first deal of its kind for a German company.
The parties concluded that blockchain could be used to speed up processing and cut costs. On Thursday, Frankfurt-based Commerzbank said the technology did a great job at reducing errors and delays.

Wall Street crypto firm joins FIX Trading Community; will work with FIX Trading Community to bring institutional money to crypto markets.
Hayley McDowell – The Trade
A Wall Street cryptocurrency trading company has joined the FIX Trading Community, signalling continued interest in digital assets from institutional investors.

A leading monetary historian says he’s bombarded with “phony” crypto pitches
John Detrixhe – Quartz
Niall Ferguson, who wrote a seminal book on the history of money, has been getting a bunch of pitches for dodgy crypto schemes lately. At a recent seminar hosted by the Bank of England, Ferguson affirmed that he’s open to the concept of bitcoin, but initial coin offerings (ICOs)óa kind of unregulated crowdfunding laced with crypto speculationóare a step too far.

Bangkok Bank Joins R3’s Trade Finance Blockchain Initiative
Sujha Sundararajan – Coindesk
Bangkok Bank has joined the Marco Polo trade finance initiative developed by blockchain software startup R3 and trade finance technology firm TradeIX.
The Marco Polo platform is aimed to make trade finance simpler and more risk-free using blockchain technology instead of manual, paper-based processes, and already boasts major financial institutions including BNP, Commerzbank and ING as participants. The project was launched in September 2017 and moved to the pilot stage earlier this year.

Will Big Banks Make Or Break Bitcoin?
Panos Mourdoukoutas – Forbes
For years, big banks played an important role in global capitalism. They have been the gatekeepers of national currencies flowing between central banks and the general public. And they have been collecting hefty fees for this role – fees that pay the salaries and bonuses of their employees and the dividends of their stockholders.

Probe into Bitcoin Price Manipulation Probably ‘A Good Thing’, Novogratz Says
Camila Russo – Bloomberg
Gemini’s Winklevoss wants DOJ to help eliminate ‘bad actors’; Saluzzi calls for uniform regulatory oversight of crypto
Major cryptocurrency proponents seemed unfazed by news the Department of Justice has started a criminal probe into potential trading manipulation.


Trump’s Head-Snapping Reversals Shake Allies at Home and Abroad
Toluse Olorunnipa and Justin Sink – Bloomberg
President canceled on Kim without first consulting allies; Recent decisions suggest White House winging it on many issues
Donald Trump slapped tariffs on China, then reconsidered. He yanked the U.S. from the Iran nuclear deal without a plan B. He ordered U.S. penalties on ZTE Corp. reversed to save Chinese jobs.

Trump Signs Banking Bill, Adding to Regulators’ To-Do List; The bill, which eases rules on smaller lenders, includes provisions that agencies are now tasked with translating into regulation
By Ryan Tracy and Andrew Ackerman – WSJ
Sixteen months after Donald Trump took office, financial regulators have a crowded to-do list. It grew even longer Thursday, as the president signed into law a bipartisan bill enacting some long-sought changes to the industry rule book.

Russian banker linked to Jared Kushner ousted from VEB
Max Seddon in St Petersburg 3 hours ago – Financial Times
The Russian banker who has come under scrutiny for his ties to Jared Kushner, a close adviser to US president Donald Trump, is being pushed out by Vladimir Putin and will be replaced by a former deputy prime minister to the Russian president.


Court Extends Stay in India-Singapore Dispute Over Stock Futures
Santanu Chakraborty, Andrea Tan, and Upmanyu Trivedi – Bloomberg (SUBSCRIPTION)
The Bombay High Court extended an injunction against Singapore Exchange Ltd. as it deferred hearing a dispute over plans for new offshore Indian derivatives contracts.
National Stock Exchange of India Ltd. obtained an interim order on May 21 that restrains SGX from launching the products in June. The stay will remain until at least the next hearing in the case between the bourses, set for May 26, the NSE said in a statement late Wednesday. SGX officials declined to comment.

The Non-Cleared Margin Rules Implementation at Its Midpoint: A Glass Half Full
Mark Demo, AcadiaSoft – TABB Forum
The non-cleared initial margin rules have accomplished their objective to reduce the size of the non-cleared derivatives market by creating an incentive to centrally clear more trades as opposed to margining them bi-laterally. At the half-way point into the implementation of the rules, it seems like a good time to reflect on what went right, what went wrong, and whether regulatory policy has been effective.

Glencore Trader Held by China Amid Lead Probe
By Alfred Cang and Andy Hoffman – Bloomberg
Lead concentrate trader detained in customs probe, people say; Customs this week was said to seize material at Chinese port
A Glencore Plc trader is one of a group of people detained by Chinese authorities this week as part of an investigation into shipments of lead into the country, according to people with knowledge of the matter.

G.D.P.R., a New Privacy Law, Makes Europe World’s Leading Tech Watchdog
By Adam Satariano – NY Times
The notices are flooding people’s inboxes en masse, from large technology companies, including Facebook and Uber, and even from parent teacher associations, children’s soccer clubs and yoga instructors. “Here is an update to our privacy policy,” they say.

ESMA publishes latest data on credit rating agencies performance
The European Securities and Markets Authority (ESMA) has published its latest set of semi-annual statistical data on the performance of credit ratings, including transition matrices and default rates. This latest dataset covers the period from 1 January 2016 to 31 December 2017 and is available in the Central Rating Repository (CEREP).

ESMA updates UCITS Q&A
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).

ESMA publishes update to MiFID II Q&As on investor protection and intermediaries topics
The European Securities and Markets Authority (ESMA) has added 9 new or updated Q&As to its Questions and Answers (Q&A) on MiFID II/MiFIR investor protection topics. The new or updated Q&As cover the topics of best execution, client categorisation, provision of investment services and activities by third country firms, and other issues.

CFTC Charges Los Angeles, California Resident Jin Choi and His Companies, Apuro Holdings Ltd. and JCI Holdings USA with Forex Fraud and Registration Violations
The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Central District of California, Western Division, charging Defendants Jin Choi of Los Angeles, California, and his companies, Apuro Holdings Ltd. (Apuro) d/b/a ApuroFX and JCI Holdings USA (JCI) d/b/a JCI Trading Group, LLC, with off-exchange retail foreign currency (forex) fraud and failure to register with the CFTC as a Commodity Trading Advisor and Associated Person of a Commodity Trading Advisor, as required.

Japanese Authorities Clamp Down on Unregulated FX Brokers; The Kanto Local Finance Bureau warned traders against using FX Mate and SimpleFX
David Kimberley – Financial Magnates
As the UK’s Financial Conduct Authority continues to issue warnings against unregulated brokers, across the globe in Japan, the Kanto Local Finance Bureau (KLFB), an offshoot of the Ministry of Finance, is doing the same. The local regulator issued a series of cautionary notices today, notably warning against trading with two FX brokers.

Investing and Trading

Reflections on money, trust and the pursuit of self-interest; The extensive division of labour presents a practical problem: we depend on the assistance and cooperation of a multitude of strangers, writes Philip Goodchild
London School of Economics and Political Science
‘People are naturally selfish’. The contemporary evidence seems overwhelming. And yet, even today, most people devote some of their lives to others as parents and carers, and many also as volunteers. Prior to the modern world, people frequently led lives governed by custom, duty, compassion, or faith, in societies where there was limited scope for the pursuit of self-interest. So is the overriding pursuit of self-interest a modern phenomenon, or is it rooted in human nature?

Bond Trader of the Year Reaps 2,000% Profit Just by Trusting Fed
Edward Bolingbroke – Bloomberg
Eurodollar options bet pays off as more rate hikes priced in; Timing was prescient, leaving strategy with near-maximum gains
The bond market has an early candidate for trade of the year: a 2,000 percent gain on a eurodollar options position held for just four months.

The Success of Quantamental Investing Is Rooted in Process
Bloomberg Professional Services via Tabb Forum
The evolution of Big Data and onset of alternative data has prompted many Wall Street investment firms, including traditional fundamentals-centered discretionary funds, to integrate more data-driven tools in day-to-day decision-making, forming a hybrid branch of investing called ‘quantamental.’ And many expect this hybrid trend to become a standard.


HSBC Can Feast on Deutsche Bank’s Pain; Easy pickings in the market for talent will help the U.K. lender build a stronger equities franchise.
Nisha Gophalan, Andy Mukherjee – Bloomberg
Say “equities trading,” and HSBC Holdings Plc won’t be the first bank to come to mind. Or the second or third. It doesn’t even reach the top 10. Yet its recent efforts to bulk up in this area make a lot of sense. Never mind that investment banks globally are struggling in equities as automation and regulation eat into wafer-thin margins.

CLO Machine Is Approaching Full-Tilt, and Credit Quality Suffers
Sally Bakewell – Bloomberg
Wells Fargo is forecasting record U.S. issuance this year; Strong demand allowing money managers to sell retained pieces
Wall Street’s hottest debt market is approaching hyperdrive. Investors haven’t been able to get enough of the repackaged corporate loans known as collateralized loan obligations. That intense demand is allowing the money managers that put these securities together to sell off pieces of CLOs that by law they previously had to hang on to. These sales are the crest of what could be a $7 billion wave of such deals.

Goldman off the hook for losses in controversial derivatives deal; Agreement with Blackstone-owned GSO comes after Hovnanian refinancing provoked furore
Joe Rennison – FT
Goldman Sachs has been spared potential losses of tens of millions of dollars after resolving a dispute with Blackstone-owned hedge fund GSO over the US housebuilder Hovnanian.

Best-Paying Industry? It’s Not Banking; Biotech and energy firms stand out among more than 100 companies in the S&P 500 that had a median pay of $100,000 or more in 2017
Kelsey Gee and Theo Francis – WSJ
Most companies that pay six figures to the majority of their workers aren’t big banks or money managers, but biotech firms that rely on medical researchers, and energy and technology companies with a large number of engineers and technical staff.

Goldman, Blackstone Make Peace in Credit-Derivative Standoff; Wall Street giants reach cease-fire over controversial Hovnanian bond default
Blackstone has said it would support ‘appropriate changes’ to credit-default swap contracts.
Liz Hoffman and Andrew Scurria -WSJ
Goldman Sachs Group Inc. GS -0.72% and Blackstone Group BX 0.03% LP recently resolved a monthslong standoff over a controversial derivatives trade that had alarmed regulators and investors in the $11 trillion credit-default swaps market.

Merrill Lynch Brokers Face Pay Clawbacks; New plan’s emphasis on cross-selling retail products for Bank of America spurs unease among some brokers
Lisa Beilfuss – WSJ
Some Merrill Lynch brokers are bracing for a pay cut this summer as the firm’s parent, Bank of America Corp. BAC -0.76% , rolls out a new compensation program that punishes advisers who don’t meet certain sales targets.


Exclusive: China Inc tightens reins on debt, raises specter of slowdown
Adam Jourdan, Gaurav Dogra – Reuters
Debt growth for Chinese companies has slowed to the lowest rate in more than a decade, according to Reuters analysis, which could provide relief for policymakers worried about the fallout from years of loose lending practices across the economy.

Saudi minister Falih says Aramco IPO likely in 2019
Reuters Staff
Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.


Author of Article 50 warns Brexit agreement not certain
Mure Dickie – Financial Times
Lord John Kerr, former UK permanent representative to the EU, has said it is far from certain that there will be agreement on the terms of Brexit between London and Brussels.

Why a French philosopher wants to stop Brexit; But is Bernard-Henri LÈvy at odds with a France that sees opportunity in the UK’s departure?
Simon Kuper – FT
BHL holding forth is a familiar sight in France. Bernard-Henri LÈvy ó the plutocrat philosopher always known here by his initials ó has practically lived on stage for 40 years, generally on French TV. His immaculate white shirt open almost to the navel, a stream of quotes from dead philosophers dropping from his tongue, he opines with unshakeable confidence on any topic, ones he knows a lot about and ones he doesn’t. Today, over tea in a patrician Parisian hotel library, he’s talking about Brexit.

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John Lothian Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

The City of London’s Supremacy Goes Very Deep

The City of London’s Supremacy Goes Very Deep

First Read $16,711/$300,000 (5.6%) ++++ FIA Asia-V: Asia-Pacific Exchanges Look Back and Ahead Sarah Rudolph and Suzanne Cosgrove - John Lothian News In the first panel at FIA's Asia-V 2020 Expo, exchanges in the Asia-Pacific looked back at their successes during a...

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