First Read

Bits & Pieces
By John J. Lothian

The shocking news of NSE CEO Chitra Ramkrishna stepping down right before the long anticipated IPO has implications for the World Federation of Exchanges, where she had just been named chairperson.

This type of thing is not unprecedented in the industry organization world. It has happened a couple of times I can think of to the FIA

The @JohnLothian twitter handle was knocked from the top spot of Streeteye.com’s Twitter Leaderboard yesterday by @Memorandum. The new leader says it is “the latest political news and opinion from left to right and back on a single page.”

Politics have alway been part of the markets, but this is a true indicator how important they are right now. The new leader does not claim to promote financial news, but a financial news aggregation site has anointed it the leading Twitter handle for financial news. It is a sign of the times.

John Lothian News will be temporarily moving out of our offices on December 16 for some construction work. We will be working from home during the last two weeks of December and the first week of January. We hope to be back in the offices January 9.

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The New Bond: KCG’s Dan Coleman Looks To Plug Exchange Model Into US Treasury Market, and How It Might Just Succeed
Jim Kharouf – JLN
There are few markets, if any, that garner attention like the US Treasury market. And there are few markets as ripe for disruption as the US Treasury market. Earlier this month, at the WFE Annual Meeting in Cartagena, Colombia, KCG’s CEO Daniel Coleman outlined his vision for a new US Treasury market, which would transform it into a structure similar to a traditional equities market with bank and non-bank market makers, transparent trading platforms and efficient settlement or clearing services.
/goo.gl/s8foac

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The View from Convergex: Reinvention, Options and Market Structure
Spencer Doar – JLN
It may come as a surprise that Convergex, the agency brokerage with headquarters in New York, has a hand in approximately 20 percent of all options routed through U.S. listed options exchanges and actually executes some 8 percent of daily options volume. The company has been reinventing itself over the last two-and-a-half years under the leadership of Eric Noll, who became CEO in the wake of a 2013 settlement. Convergex’s reputation took a hit when it admitted it had defrauded customers by inflating its fees. The firm settled criminal and civil charges to the tune of $151 million. Noll brought in new blood and refocused the business on its strengths — best execution and customer service.
/goo.gl/xzpzYf

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£5 animal fat bank note: British vegetarians being ‘stupid’ says inventor
The Guardian
The Australian pioneer of the polymer bank note says it’s “stupid” that vegetarian and vegans are protesting in the UK about the five pound polymer note containing animal fat. Professor David Solomon says the polymer notes contain trivial amounts of tallow, an animal fat found in candles and soap, yet pressure is being placed on the Bank of England to find an alternative.
jlne.ws/2fOgUCE

***** Now we are fat-shaming money?

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Scottish banks promise their notes are vegan-friendly
Scottish Financial News
All of Scotland’s producers of new polymer bank notes have confirmed that their cash is free of any animal products.
jlne.ws/2fOccEX

***** Scotland probably invented tallow in notes.

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Peaks, black swans and bonanzas: Market tips, bold calls and eyecatchers for 2017
By Jamie McGeever – Reuters
Politics, economics and finance have all been turned on their head in 2016, and investors are already looking ahead to 2017 with anticipation and trepidation. The consensus, broadly, is that the 35-year bull market in bonds is over, inflation is back, central banks are maxed out, and for the first time in a decade any stimulus to the global economy will now come from governments.
/goo.gl/ls3qP5

***** Long live the bond rally!!!

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SGX Titan

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Big Ben and Liberty Bell maker to close London foundry; Elizabethan manufacturer to sell East End site as business faces structural tests
by: John Murray Brown in London – FT
A centuries-old bell foundry in east London, which made Big Ben and the Liberty Bell used to summon the US’s founding legislators to the first congress in Philadelphia, is to close, with its building and the business put up for sale.
/goo.gl/yqHyGP

***** The bell tolls for thee.

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Apple Said to Fly Drones to Improve Maps Data and Catch Google
by Mark Gurman and Alan Levin – Bloomberg
Company gets FAA approval to use drones for data collection; Apple acquired startup Indoor.io for interior mapping project
Apple Inc. plans to use drones and new indoor navigation features to improve its Maps service and catch longtime leader Google, according to people familiar with the matter.
/goo.gl/L6dkLl

***** If you see an iPhone flying through the air, and there is not an irate person nearby, it may be an Apple drone.

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Thursday’s Top Three
The top clicked story yesterday was a very practical one, The New York Times Magazine’s How to Hide $400 Million. Tied for second were JLN’s The New Bond: KCG’s Dan Coleman Looks To Plug Exchange Model Into US Treasury Market, and How It Might Just Succeed (unfortunately we must apologize for the broken link in yesterday’s newsletter – this time the link should work) and the Wall Street Journal’s Using the Blockchain to Trade Gold, Via a 1,000-Year-Old Institution. In third place was the Financial Times’ Humble soyabean becomes a ‘widow-maker’ for agriculture traders

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Lead Stories

Biggest Indian Exchange’s CEO Resigns Just Months Before IPO
Santanu Chakraborty and Dinesh Nair – Bloomberg
Managing Director Ravichandran named interim chief executive; National Stock Exchange plans to go public early next year
Chitra Ramkrishna has resigned as chief executive officer of the National Stock Exchange of India just months before the exchange plans to go public. Ramkrishna, 53, quit due to personal reasons, according to a statement from the bourse operator, which didn’t provide further details. Managing Director J. Ravichandran has been appointed interim CEO, it said. A search is underway for the next chief executive.
/goo.gl/Vy2M6y

DRW Judge Is Told by CFTC That Firm ‘Banged the Close’ Daily
Christian Berthelsen – Bloomberg
For the first time in a decade, U.S. Commodity Futures Trading Commission lawyers appeared in federal court to try to prove a trading firm manipulated prices to boost its profit.
jlne.ws/2gEaMtt

Deutsche Boerse offers gamers place to trade virtual goods
Reuters
Normally the place to buy or sell shares in Germany’s top companies, Deutsche Boerse is launching a new exchange for people to trade virtual goods from video games, tapping into a multi-billion U.S. dollar market. The stock exchange operator, in the process of merging with the London Stock Exchange, has formed a joint venture, dubbed Switex, with Hamburg-based fintech start-up Naga Group AG to set up the new platform, it said on Thursday
jlne.ws/2gEgdbG

TMX Insights Announces Alliance with Velocity Trade for TMX Analytics
TMX
TMX Insights today announced a strategic alliance with Velocity Trade, a global provider of Equity and Foreign Exchange (FX) trading services. Velocity Trade will provide TMX Insights with FX data, and TMX Insights will deliver TMX Analytics tools that provide in-depth market FX and Equity data analytics to Velocity Trade’s international customer base.
/goo.gl/uPqSMw

The Guys From ‘Government Sachs’
Dealbook – NY Times
During World War II, President Franklin D. Roosevelt selected Sidney J. Weinberg, the chief executive of Goldman Sachs, to serve as the assistant director of the War Production Board. Mr. Weinberg was one of the few men on Wall Street to support Roosevelt in the 1932 election, and he went on to advise Presidents Harry S. Truman, Dwight D. Eisenhower and Lyndon B. Johnson.
jlne.ws/2gEoexo

Two Sigma Unleashes 730,000 Data Scientists in Algorithm Contest
Simone Foxman and Saijel Kishan – Bloomberg
How do you tap the savvy of 730,000 data scientists for financial markets? Offer them $100,000 in prize money and a chance to impress one of the most successful hedge funds in the world.
jlne.ws/2gEhkbw

Africa’s stock exchanges meet but size holds them back
The Economist
As the trading bell rings, a handful of brokers, in crisp scarlet jackets, gather around a whiteboard at the Rwanda Stock Exchange in Kigali. There are only seven listed companies, and it takes just a couple of minutes to write up the day’s bids. But Celestin Rwabukumba, its chief executive, is excited for the future. “If it works elsewhere, then why not here?” he asks. Why not indeed? Johannesburg, with a market capitalisation of nearly $1trn, is in a league of its own. But sub-Saharan Africa has many small exchanges, lots of them created in the 1990s to help privatise state enterprises.
jlne.ws/2gEyrty

Unconscious Bias Is The Biggest Barrier To Achieving Gender Balance – Survey Reveals
Mondovisione
A survey conducted at the Thomson Reuters Change Makers Summit in London revealed that 55 percent of attendees believe unconscious bias to be the biggest barrier to achieving gender balance on senior executive teams.
jlne.ws/2gE9nDf

Exchanges, OTC and Clearing

CEO of India’s National Stock Exchange resigns ahead of IPO filing
by: Philip Stafford – FT
The head of the National Stock Exchange of India has resigned weeks before the country’s largest exchange was due to file details about a public listing.
/goo.gl/ehmPRG

OCC Cleared Contract Volume Increased 20 Percent in November
OCC
OCC, the world’s largest equity derivatives clearing organization, announced today that cleared contract volume in November was up 20 percent from November 2015 with 393,515,089 contracts, making it the highest November ever for options volume on record. Average daily volume at OCC is down one percent in 2016 with 16,582,994 contracts. OCC cleared futures volume was up 109 percent in November with 10,313,172 contracts, making it the third highest month ever for cleared futures volume at OCC. OCC’s stock loan program reported strong volume numbers up 35 percent in November and year-to-date activity up 38 percent from 2015.
jlne.ws/2gDQ8JX

ICE Brent Crude Benchmark Sets New Daily Volume Record
ICE
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listing services, today announced that ICE Brent Crude futures achieved a daily volume record of 1,963,147 contracts on November 30, 2016. The previous daily volume record was 1,526,965 contracts on July 15, 2014.
/goo.gl/ZQWmMc

Rule breakers face bigger possible fines from CME Group
Tom Polansek – Reuters
CME Group Inc (CME.O) plans to strengthen efforts to deter wrongdoing in markets by raising the maximum possible fine for rule breakers, the company said on Thursday, further raising the stakes for rogue traders following the first U.S. criminal convictions for the manipulative practice known as spoofing.
/goo.gl/3A2rrz

CME Group Energy Complex Reaches All-Time Daily High of 4.5 Million Contracts
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, experienced a record high in single-day Energy complex volume with 4,510,408 combined futures and options contracts traded on November 30, 2016, breaking the previous record of 3,932,201 contracts set on February 11, 2016.
jlne.ws/2gEf1oF

Monthly Report – Eurex boosts capital efficiencies for KOSPI 200 investors; Successful cooperation with KRX; Record volumes in KOSPI 200 Options
Eurex
Eurex – Europe’s largest derivatives exchange – has allowed investors in Korea’s equity benchmark KOSPI 200 Index to more easily hedge their options exposures, by using Eurex Mini KOSPI-200-Futures as a hedging tool via the same trading platform. “This may also result in capital efficiencies, since market investors only need one clearing house”, said Michael Peters, Deputy CEO of Eurex, when presenting the monthly derivatives trading statistics of Deutsche Börse Group (see annex).
/goo.gl/w0X7rT

Trading hours at Eurex Exchange on 23 December and 30 December 2016
Eurex
This year, Friday, 30 December 2016 will be the last exchange trading day at Eurex Exchange. This is also the last day of the year on which settlement can be done. On Xetra®, there will be shortened trading hours on the last trading day of the year 2016. At Eurex Exchange, continuous trading of derivatives on products traded on Xetra® will also end earlier than usual. This applies to all products except German index futures (e.g. the product FDAX). The reference time for the calculation of the daily settlement prices for German index products will be 14:00 CET.
/goo.gl/URkb7i

STOXX smart beta indices are based on public funds
Deutsche Boerse Group
STOXX Ltd., the operator of Deutsche Boerse Group’s index business, and a global provider of innovative and tradable index concepts, today announced that several indices of STOXX’s smart-beta index suite are licensed by Ersel Asset Management SGR (Ersel) to underlie a new Mutual fund. Ersel is an Italian based asset management firm.
/goo.gl/xTTiBC

OneChicago Announces Trading Volume For November 2016 – Year-To-Date Volume Up 8
Mondovisione
OneChicago, LLC (OCX), a securities finance exchange, today announced its November 2016 volume of 919,419, an increase of 35% year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,800 equities, including ADRs and ETFs.
/goo.gl/3OO1wE

Trading Overview in November 2016
Japan Exchange Group
Japan Exchange Group released Trading Overview in November 2016.
jlne.ws/2gEgprw

EEX Posts New Record On The Power Derivatives Market – Phelix Futures Exceed 300 TWh
Mondovisione
In November 2016, the European Energy Exchange (EEX) has reached a new monthly record on its power derivatives markets: In total 423.2 TWh were traded, exceeding the previous record of 416.3 TWh in April 2016. Compared with the previous year, the total volume rose by 50% (November 2015: 281.8 TWh).
jlne.ws/2gE9RZM

MGEX Reports 7th-Best Volume Month
Mondovisione
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports its 7th-highest total volume month, coming in at 225,377 contracts traded.
jlne.ws/2gEaliH

BSE to launch commodity derivative trades at GIFT City
Business Standard News
The BSE stock exchange proposes to launch commodity derivatives trades, including in options, in non-agricultural commodities at its international bourse coming up at Ahmedabad-based GIFT City. The exchange will be inaugurated on January 9 by Prime Minister Narendra Modi. Other products would include rupee and equity derivatives, as well as derivatives in indices developed by S&P, Indian or international.
jlne.ws/2gEt0uM

Nasdaq Nordic And Baltic Markets: Trading Statistics November 2016
Press Release
Nasdaq (Nasdaq:NDAQ) today publishes monthly trade statistics for the Nordic1 and Baltic2 markets.
jlne.ws/2gEfwPG

BME: The Number Of Equity Trades On The Spanish Market In November Reached 4.9 Million, Up 13% Year-On-Year
Mondovisione
jlne.ws/2gEhK1g

SGX’s revised Minimum Trading Price rule receives strong support, will start 1 June 2017
SGX
Singapore Exchange (SGX) has received positive feedback to its proposal to add a market capitalisation test to the Minimum Trading Price (“MTP”) requirement for Mainboard.
/goo.gl/QX65jE

ASX to administer BBSW rate benchmark
ASX
ASX welcomes today’s announcement by the Australian Financial Markets Association (AFMA) that ASX has been appointed the new Bank Bill Swap (BBSW) benchmark rate administrator.
/goo.gl/4hSN6J

Politics

Gary Cohn, a Potential Successor at Goldman, Could End Up With Trump
Nathaniel Popper – NY Times
The list of candidates to take over the top job at Goldman Sachs has shrunk notably in recent weeks.
/goo.gl/ZKcmPh

Steven Mnuchin will not ‘drain the swamp’ on Wall Street
Tho Bishop – Business Insider
After weeks of speculation, Donald Trump has announced Steve Mnuchin as his nominee for Treasury Secretary. Though Mnuchin can currently be seen in movie theaters playing a banker in Warren Beatty’s new film Rules Don’t Apply, he has a lower profile than most tapped to head the Treasury department.
/goo.gl/eENiST

Sideways: Trump’s tangled ties to Wall Street
Jon Macaskill – Euromoney Magazine
Donald Trump vilified Wall Street during his presidential campaign in stump speeches and an advert that featured an image of Goldman Sachs CEO and chairman Lloyd Blankfein as a symbol of the “corrupt machine” that needed to be overthrown.
jlne.ws/2gEkdsS

Investing and Trading

OPEC Deal Upends Everything in Oil Market, Not Just Prices
Alex Longley – Bloomberg
No matter where you look in the oil market, key markers watched by traders have been going haywire since Wednesday — and they show little sign of letting up. Whether it’s a futures curve suddenly suggesting concerns that supply is shrinking or record trading of contracts designed to protect against price fluctuations, OPEC’s first output cut in eight years has sent the market into a spin.
/goo.gl/UJV4Mk

Securities lending and the Russell 2000: May I borrow your small caps?
Tom Goodwin, Senior Research Director – FTSE Russell
In a previous post, I examined the surprising historical tendency of small caps to outperform large caps in periods of slow economic growth. Given the current market climate, the small cap market segment may be worth a look. As income opportunities remain scarce, managing the costs of any investment is particularly important to optimize returns. Market participants have widely adopted securities lending strategies as a way to achieve this aim.
jlne.ws/2gEppNh

Rising Rates and Inflation: Implications for Equities
Hamish Preston – S&P Dow Jones Indices
Even a cursory glance at financial markets indicates that market participants are expecting some form of interest rate increase in the near future—there has been a sell-off in the 10-Year U.S. Treasury Bond market, and certain sectors that are expected to benefit from such a rate increase have gained. For instance, the S&P 500 Financials increased over 13% for the month as of Nov. 30, 2016, compared with a total return of 1.8% for the preceding 10-month period.
jlne.ws/2gEtaSG

Traders Are Betting that Volatility Is About to Spread
Luke Kawa – Bloomberg
A measure of volatility for longer-term U.S. Treasuries recently hit its highest level since July 2015 as traders begin to price how President-elect Donald Trump’s potential fiscal policies could prove game-changing for inflation and growth.
/goo.gl/4DgZLg

Shenzhen-HK stock link lets foreigners access China’s booming tech firms
Saikat Chatterjee – Reuters
A long-awaited link between China’s booming Shenzhen stock market and neighboring Honk Kong goes live on Monday, allowing foreign investors first-time access to some of the fastest growing technology companies in the world’s second biggest economy.
/goo.gl/PZtyDH

Markets swing violently against Italy without clear idea of outcome
John Geddie – Reuters
Speculators convinced the euro zone faces fresh instability have zeroed in on Italy’s constitutional reform referendum on Sunday, amassing huge bets on a slump in Italian banks and bonds should Prime Minister Matteo Renzi lose the vote. Blindsided by skewed bookmakers’ odds and equivocal opinion polls, financial markets ended up on the wrong side of Britain’s vote to leave the European Union in June and Donald Trump’s surprise U.S. election win last month.
jlne.ws/2gEEqi8

How to be your own investment manager; Build your own portfolio with as little as £10,000
by: John Kay – FT
A wise man once said: “The man who is his own lawyer has a fool for a client.” So is it advisable, or even possible, to be your own investment manager?
/goo.gl/tskPrU

Wall Street breaks from groupthink on Treasuries
Financial Times
Like Christmas ornaments on Main Streets across America, Wall Street banks’ forecasts for the year ahead keep coming out earlier every year. At least this year analysts have something substantive to sink their intellectual teeth into: the impact of incoming president Donald Trump. The results are fascinating — especially for bonds.
/goo.gl/JvUTrf

Mnuchin Has Traders Dreaming of 100-Year Treasurys
Ben Eisen – WSJ
Investors can’t stop talking about Steven Mnuchin’s ultra-long bonds. Researchers at Morgan Stanley, J.P. Morgan and Citigroup, among other market players, all considered the possibility of new super-long-term Treasurys after Donald Trump’s pick for U.S. Treasury secretary made a passing reference to the possibility of issuing debt that goes out as far as 50 or 100 years. If he wanted to move forward with such a plan, he could do so next year, some said.
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Bond participants say stress event could have dire consequences
The Trade
Fixed income participants are wary the bond market has not improved significantly since the financial crisis, as future stress events could have far-reaching consequences.
/goo.gl/prPGYD

Institutions

Questions resurface about who would succeed longtime Goldman CEO
Olivia Oran – Reuters
Goldman Sachs Group Inc (GS.N) is again facing questions about who would succeed longtime Chief Executive Officer Lloyd Blankfein when he eventually steps down. The Wall Street investment bank’s president and chief operating officer, Gary Cohn, was widely considered Blankfein’s heir apparent but is now a candidate to lead the White House budget office
jlne.ws/2gEdWxl

Barclays to wind down energy trading business
Martin Arnold – Financial Times
Barclays is winding down its energy trading business, shedding about 40 jobs and close to EU 100m of revenues, as it removes some of the last traces of its once powerful commodities trading unit.
jlne.ws/2gElJLA

Russia Says Foreign Spy Agencies Preparing Cyberattacks on Banks
by Anthony Halpin and Volodymyr Verbyany – Bloomberg
Attacks may start Dec. 5, seek to destabilize banks, FSB says; Ukrainian-owned servers in Netherlands involved, agency says
Russia accused foreign spy agencies of preparing cyberattacks in dozens of cities to try to undermine its banking system.
/goo.gl/XWH37b

Societe Generale offers innovative investment research solution with Smartkarma’s award winning equity research platform
Smartkarma Press
Societe Generale today announces a new agreement with Smartkarma, a curated online platform for investment insight focused on the Asian markets. Under this global agreement, Societe Generale will provide its institutional clients access to a new form of equity research based on demand driven and customised content provided by the industry’s highly ranked analysts, academics, data scientists and strategists.
jlne.ws/2gZAnjI

Wedbush Securities’ Sean Scanlon Is Promoted to Senior Vice President, Head of Operations
Marketwired
Wedbush Securities is pleased to announce the promotion of Sean Scanlon to Senior Vice President, Head of Operations
jlne.ws/2gEBKkB

Hedge fund returns mixed for November after market rally
Reuters
Some big hedge funds got a bump in November after Donald Trump’s surprise U.S. presidential election victory sent stocks higher, but lagged behind the broader market’s gains, according to some early returns.
/goo.gl/eEG4yo

Wells Fargo to keep brokerage retirement plans under fiduciary rule
Reuters
Wells Fargo & Co (WFC.N) said it will continue to offer individual retirement accounts that pay brokers commissions and will adjust procedures to comply with a new U.S. financial regulation that requires companies to put clients’ interests first, according to a memo sent to staff on Thursday.
/goo.gl/cxGNJZ

A hedge fund seeded by investing legend Julian Robertson is shutting down
Business Insider
A New York hedge fund seeded by investing legend Julian Robertson is shutting down. Orlando Muyshondt’s Tyrian Investments is closing, the fund has told investors. The fund was facing redemption pressures, according to people familiar with the matter.
/goo.gl/K3uiyS

Fintech

The Next-Generation FinTech Economy
Terry Roche – Tabb Group
The rise of FinTech will result in an entire restructuring of the global economy. Through the combination of cloud, blockchain and the Internet of Things, all of the workflows that run our lives will be connected. The capital markets will be connected to the real-world markets like never before, in real time. And the economy will become virtual, digital and automated.
/goo.gl/1rXrA7

Trading tech firms partner for voice data tool
The Trade
Insightful Technology and enepath have teamed up to launch a tool which allows voice trading to be integrated with other trading data.
/goo.gl/U2Tg1K

Amazon Promotes New Tool to Protect Cloud Customers From Attacks
by Spencer Soper – Bloomberg
Amazon.com Inc. unveiled a new security tool for cloud customers, part of a slew of product announcements this week designed to fend off competition from Microsoft Corp., Alphabet Inc.’s Google and others in the fast-growing cloud computing market.
/goo.gl/ZSyn2s

Regulation

Bourses must allow co-location connectivity between exchanges – SEBI
Reuters
India’s capital markets regulator on Thursday said bourses must allow connectivity between co-location servers of brokers housed in different exchanges.
jlne.ws/2gEChTE

Ex-Goldman Banker Leissner Faces Singapore Ban After 1MDB Probe
Chanyaporn Chanjaroen – Bloomberg
Singapore plans to bar former Goldman Sachs Group Inc. banker Tim Leissner from its securities industry for 10 years and fined Standard Chartered Plc and Coutts & Co. over breaches related to a scandal-plagued Malaysian sovereign fund.
/goo.gl/yaACJ9

PIMCO Settles Charges of Misleading Investors About ETF Performance
SEC
The Securities and Exchange Commission today announced that investment management firm Pacific Investment Management Company (PIMCO) agreed to retain an independent compliance consultant and pay nearly $20 million to settle charges that it misled investors about the performance of one its first actively managed exchange-traded funds (ETFs) and failed to accurately value certain fund securities.
/goo.gl/H1Vnso

SEC Charges Asset Management Fund and Manager
SEC
The Securities and Exchange Commission today announced fraud charges and an asset freeze against Miami Beach-based asset management company Onix Capital LLC and owner Alberto Chang-Rajii, a Chilean national who fled the U.S. earlier this year.
jlne.ws/2gEeT8R

SEC orders former oil executive to pay $8 million in securities case
Tom Howard – Billings Gazette
A former oil company executive with Billings roots has been ordered to repay $6.5 million in “ill-gotten gains,” plus a fine and accrued interest, in the wake of a business deal in which he and associates reaped an estimated $32 million.
jlne.ws/2gEB5Qi

SEC Approves Amendments to the Customer Code of Arbitration Procedure Regarding Panel Selection in Cases with Three Arbitrators
FINRA
The Securities and Exchange Commission (SEC) approved amendments to FINRA Rule 12403 (Cases with Three Arbitrators) of the Code of Arbitration Procedure for Customer Disputes (Customer Code) to increase the number of arbitrators on the public arbitrator list that FINRA sends to parties during the arbitration panel selection process from 10 to 15. The amendments also increase the number of strikes to the public arbitrator list from four to six, so that the proportion of strikes is the same under the amended rule as it is under the current rule.
/goo.gl/vQNG2c

Regions

Want Groceries in Venezuela? First Stop at Six ATMs
Bloomberg
Domingris Montano did the calculations as she stood in the rain at the midpoint of a queue outside a bank in Caracas. She needed to buy groceries. A package of rice would cost 3,500 bolivars, more than half the daily withdrawal limit, and the automated teller machine might be empty by the time her turn came. Maybe she could hit a few more before dark?
jlne.ws/2fOv1ro

Share Splits Raise Stock Market Suspicions
Caixin
Many investors find stock splits appealing, but China’s stock exchanges apparently fear major shareholders and fund management firms may be taking advantage of that appeal for illicit gains.
jlne.ws/2gEEUVl

China Escalates Efforts to Cool Down Financial System
WSJ
China’s central bank has stepped up efforts to drain cash from the country’s financial system in the past week, as it seeks to curb excessive borrowing and tame frothy markets. The cost for banks to borrow from each other, measured by the so-called seven-day repo rate, rose to 3.49% this week—a 19-month high—from 2.92% on Monday. The surge followed the People’s Bank of China’s withdrawal of a net 130 billion yuan ($18.85 billion) from China’s money markets over the four trading days until Tuesday this week, which has been partially reversed.
/goo.gl/icr8Qr

Goldman Is Bullish On Shenzhen Trading Link
Barron’s
Next week’s launch of a trading link between the Shenzhen and Hong Kong stock exchanges marks another big step in China’s path to open up its financial markets. The addition of Shenzhen to an existing Shanghai-Hong Kong link gives international investors close to full direct access to the domestic stock market, including exposure to fast-growing sectors that benefit from China’s economic transition.
/goo.gl/iNBNeY

Ireland reports rise in relocation inquiries from UK-based finance firms
The Guardian
Ireland’s central bank has reported a substantial increase in the number of inquiries from UK-based financial services companies to operate from Dublin in the wake of the Brexit referendum.
/goo.gl/mHNUWD

Credit Suisse likes emerging markets for 2017 investment opportunities. Here’s why
CNBC
Relative political stability, economic resurgence in some of the larger nations and the emergence of reform-oriented governments make emerging economies an attractive investment target for next year, according to Swiss investment bank Credit Suisse.
/goo.gl/EyDSDv

Miscellaneous

Archer Daniels Midland sells 19.9% stake in Australia’s GrainCorp; US commodities merchant abandons Australian group it once sought to own outright
by: Jamie Smyth in Sydney and Gregory Meyer in New York – FT
Archer Daniels Midland, the US-based agricultural commodities merchant, has sold its 19.9 per cent stake in Australian counterpart GrainCorp, abandoning a company it once sought to own in full.
/goo.gl/k9ZJLx

Reuters built an algorithm to flag and verify breaking news on Twitter
Amar Toor – The Verge
Reuters has developed a tool capable of automatically detecting and verifying breaking news on Twitter, in an attempt to report on events more rapidly and accurately. The tool, known as Reuters News Tracer, has been developed over the past two years, but Reuters only made it public this week, in interviews with the Columbia Journalism Review and Nieman Lab.
/goo.gl/VhsSQc

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