China launches Nasdaq-style tech board, expects challenges; Time for Reform is Now – FIA PTG

Jun 13, 2019

First Read

Hits & Takes
JLN Staff

MIAX sadly reported the death of longtime employee Steve Mercatili yesterday after a battle with cancer. He is survived by his wife Peggy and two children. MIAX held a memorial bell-ringing ceremony at 4:15 p.m. yesterday in his honor, and they will have a brief tribute to Steve during their board meeting today.~JJL

On a lighter note, Pat Kenny did not know his own strength when he was asked to pull the tickets for the IDX Gala raffle. His efforts to select a ticket caused tickets to fall out of the box, panicking Kenny and leading to a giant laugh from the audience.

CME Group reported a new open interest record yesterday with more than 150 million contracts. Open interest in its interest rate futures and options contracts was 109 million. Five years ago today, open interest in the interest rate suite was 43 million contracts.~JK

Patrick Thornton-Smith and David Setters completed the run for MND (also known as Lou Gehrig’s Disease) yesterday with more than 200 runners, 17 sponsors, about $67,000 raised to date. If you’d like to donate to Patrick and David’s fund raising efforts, you can still do so HERE. Great cause, great guys.~JK

From Chuck Mackie: Crypto pioneers Digital Asset will present the latest in DLT smart contracts and discuss their ongoing blockchain projects with ASX and HKEX in an after-work forum hosted by FinTank. The event takes place on June 27 at IIT on Adams. Get tickets here. ~SR

In the International Renewable Energy Agency’s latest report, Renewable Power Generation Costs in 2018, 77 percent of onshore wind and 83 percent of utility-scale solar projects launched in 2020 have electricity prices that are lower than the cheapest fossil fuel-fired power generation option for new generation.~JK

Quantitative Brokers has received TradingTech Insight, from A-Team Insight Insight Awards North America 2019 for Best Trading Analytics Provider and Best Transaction Cost Analysis (TCA) Tool for Best Execution.~JJL

Someone asked me the difference between an OMS and an EMS, or an Order Management System and an Execution Management System. I said an EMS is like a guillotine and an OMS is like eeny meeny miny moe. At least I try to be funny.~JJL

Tony Tse has joined TMX Group as executive managing director for Asia.~JJL


Statement on Division of Trading and Markets Staff Fee Guidance
Chairman Jay Clayton – SEC
On May 21, 2019, the Division of Trading and Markets published staff guidance (“TM Staff Guidance”) to assist the national securities exchanges and FINRA (the “SROs”) in preparing fee filings for market data and other fees.[1] Since the publication of the TM Staff Guidance, some questions have been raised about the nature of the TM Staff Guidance. On September 13, 2018, I issued a statement explaining the important distinction between staff views, like the TM Staff Guidance, and Commission rules and regulations.[2] I reiterate that distinction here.

****His first comment: As the TM Staff Guidance states, it is a staff document that reflects the views of the staff of the Division of Trading and Markets. It is not a rule, regulation, or statement of the Commission, and the Commission has neither approved nor disapproved the TM Staff Guidance. The TM Staff Guidance was published by the Division of Trading and Markets, not by or on behalf of the Commission.~JJL


35-year Industry Veteran Tony Drake Joins Phillip Capital Inc. as Vice President of Agriculture Trading
PR Newswire
Phillip Capital Inc., a self-clearing futures commission merchant, broker dealer and member of the PhillipCapital Group, announced that Tony Drake has recently joined the firm as Vice-President of Agriculture Trading. Drake has more than 35 years’ experience in the livestock industry including brokering, trading, execution, research, and working with institutional clients’ hedging and risk management needs.

****** Drake is always showing up everywhere.~JJL


Opening Remarks of FIA President and CEO Walt Lukken at the FIA Commodities Symposium
FIA President and CEO Walt Lukken today made the following opening remarks at the FIA Commodities Symposium in Houston, Texas. The following remarks are prepared for delivery:

*****Definition of “Symposium;” a drinking party or convivial discussion, especially as held in ancient Greece after a banquet (and notable as the title of a work by Plato).~JJL


FIA IDX 2019: Notes and Observations
Eventus Systems
IDX from FIA is the go-to event for listed derivatives markets in Europe and current political and regulatory developments make it a very interesting place to be these days. Here are our takeaways from our recent time in London attending IDX:

***** Takeaways are popular in London.~JJL


Wednesday’s Top Three
Our top read story of the day Wednesday was How Much Did CME Group Inc.’s CEO Pocket Last Year? from Simply Wall Street News, about Terry Duffy’s salary as CME’s executive chairman and CEO. It follows another top read piece from Tuesday about Jeff Sprecher, with Should You Worry About Intercontinental Exchange, Inc.’s CEO Pay Cheque? Second was Crain’s Chicago Business’ CFTC attacks insider trading in futures market. Third was the JLN video interview A Look Back with Steve Staszak. Did you know Steve plays guitar at the A Leg To Stand On Rocktoberfests in Chicago and New York?


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Lead Stories

China launches Nasdaq-style tech board in Shanghai, expects challenges
China on Thursday officially launched Shanghai’s Nasdaq-style tech board, with the country’s top securities regulator cautioning that the hotly-anticipated STAR Market will face various challenges initially.

The Time for Reform is Now
FIA Principal Traders Group
If not now, when?
For years, FIA PTG and others have been calling for equity market structure review and reform. Now more than ever, the time is ripe for action. Last month the Long-Term Stock Exchange became the 14th U.S. stock exchange, with several more on the near-term horizon. At the same time, there are hundreds of unique displayed and non-displayed order types, and more being added on a regular basis. We are all in favor of natural, healthy competition. We believe competition among trading venues and brokers has made the US equities market one of the most liquid and efficient markets in the world. However, the proliferation of venues and order types, artificially boosted by regulation, has resulted in an increasingly complex and unnecessarily costly market structure.

Eurasia Group launches PoliticsFAST, a new investor platform combining live market data with political risk analysis
Eurasia Group
Eurasia Group is proud to introduce PoliticsFAST, a new platform to access our proprietary political risk data together with real time market analytics. This product is the first in the marketplace to give users the ability to explore the impact of politics on asset prices by leveraging Eurasia Group’s two decades of political risk analysis and data into a live market data environment.

Swiss Central Bank Dumps Libor as It Introduces New Policy Rate
Fergal O’Brien and Catherine Bosley – Bloomberg
The Swiss National Bank is dumping Libor and using a new rate to set policy, part of a shift worldwide in the wake of a manipulation scandal that’s undermined the benchmark’s credibility.

Is bitcoin growing up? Regulated futures boom as investors seek a safer ride
Tom Wilson – Reuters
When bitcoin was born it was a symbol of counterculture, a rebel currency with near-anonymity and a lack of regulation. A decade later, there are growing signs it’s entering the establishment its creators sought to subvert.

Barclays to provide US client swaps clearing through Eurex; The move follows a rebrand of Barclays’ agency derivatives services business, and aims to ensure continued access to market in face of Brexit.
Hayley McDowell – The Trade
Barclays has confirmed that it has become the latest investment bank to provide its clients based in the US with access to Eurex for clearing of interest rate swaps.

FCA says it lacked powers to act over disgraced RBS unit; Long-awaited report by UK watchdog says commercial lending was not regulated
Caroline Binham – FT
The UK’s financial regulator declined to take action against the Royal Bank of Scotland over its disgraced restructuring unit because it concluded it lacked the relevant powers.

RBS, Executives Are Out of FCA Reach Following GRG Scandal
Franz Wild – Bloomberg
FCA publishes final report into small-business lending unit; RBS and executives escape punishment because of regulation
The U.K. financial regulator published a final report confirming that it won’t take action against Royal Bank of Scotland Group Plc over failings in its small-business lending unit because laws don’t allow the agency to act.

UBS Apologizes for ‘Chinese Pig’ Comment Amid Public Furor
Benjamin Robertson, Moxy Ying, and Carrie Hong – Bloomberg
Chief Economist Paul Donovan made reference to ‘Chinese pig’; Social media sites in China say people were ‘humiliated’
UBS Group AG and its top economist apologized for comments published on Wednesday that made reference to a “Chinese pig” and drew criticism on social media as well as from a state-run newspaper.

Reuters, Bloomberg and TradingView to Add New Cryptocurrency Index
Daniel Palmer – Coindesk
The financial terminals of Thomson Reuters and Bloomberg will soon provide cryptocurrency data from an index that takes into account social media posts and news.

Bitcoin mining generates as much CO2 as a small country, but it could be remedied, study estimates
The Block Crypto
The newest study on bitcoin’s energy consumption estimates that about 22 megatons in CO2 emissions are generated per year, Wired reports; approximately equivalent to the carbon footprint of Jordan, Sri Lanka, or Kansas City.

ECB’s Villeroy: all Basel III rules should be implemented everywhere, including U.S.
European Central Bank policymaker Francois Villeroy de Galhau on Thursday raised concerns about the implementation of the latest international ‘Basel III’ bank capital rules, saying they should be written into law everywhere, including the United States.

Exchanges, OTC and Clearing

30th Anniversary of Launch of Stock Index Options
This year marks the 30th anniversary of the launch of stock index options in Japan.(*1) Over the past 30 years, as well as providing a diverse range of investment opportunities along with futures, options have provided an efficient risk avoidance tool for investors as a product with greater suitability for hedging. Osaka Exchange will continue to contribute to the development of Japan’s market through further expansion of our derivatives offering.

CME Group Reaches New Open Interest Record of 150.4 Million Contracts
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, announced total open interest (OI) reached a record 150,400,590 contracts on June 11. Since the end of 2018, overall OI has grown 30%.

Eurex expands its global footprint together with Barclays
Barclays has joined EurexOTC Clear to support Eurex in expanding its distribution network in the U.S. In so doing, Barclays is the first European bank to offer Eurex’s OTC clearing services through its U.S. registered futures commission merchant (FCM) to U.S. clients. The first transaction has been already successfully cleared.

Equity Index Highlights – June 2019 edition
May marked a retracement of broad equities, coming after a strong rally to start the year, thus confirming technical analyst calls that markets have formed a double top reversal pattern. The U.S. president has renewed his global trade war with China and more recently also Mexico, taking markets by surprise and thus triggering an acceleration of the sell-off towards the end of the month.

Fixed Income Highlights – June 2019 edition
Fixed Income markets across the globe have rallied hard over the past month as trade tensions between China and the US continue to pressure yields and keep volatility low. Any spike in volatility is sold as yields grind lower. Investors continue to favor safe haven buying and there has been heavy buying of US Treasuries. Euro swaps continue to bull flatten as there has been strong interest to receive the long end of the curve from the buy side.

Quarterly review of the BEL 20, BEL MID and BEL SMALL
Euronext today announced the results of the quarterly review for the BEL 20, BEL Mid, and BEL Small indices. The changes due to the review will be effective from Monday 24 June 2019.

Euronext announces quarterly review results for the PSI20
Euronext today announced the results of the quarterly review for the PSI20. The changes due to the review will be effective from Monday 24th June 2019.

The World Federation Of Exchanges Holds Working Committee Meeting In Z¸rich, Switzerland
Topics under discussion at today’s meeting included: market fragmentation; market microstructure; ETF data and regulatory perspectives; market structure for crypto assets; the role of regulatory cooperation in fostering cross-border investment; the WFE’s Securities Market Outlook; and an update on the current regulatory themes in the WFE’s CCP workstream.


Singaporean asset manager signs up for SS&C’s front-to-back platform; The mandate represents the successful integration of front-office technology firm Eze Software with SS&C GlobeOp.
Joe Parsons – The Trade
SS&C Technologies’ combined front-office and fund administration outsourcing platform has signed up Timefolio Asset Management Singapore.

Symphony attracts $165 million investment from Standard Chartered and MUFG; Messaging system Symphony has raised more than $460 million in capital to date since it was established in 2014.
Hayley McDowell – The Trade
Secure messaging and content sharing platform provider Symphony Communications has raised $165 million in new capital from Standard Chartered, MUFG Innovation Partners and other investors in a recent funding round.

Refinitiv adds Chinese trade data to Eikon and Elektron platforms;Refinitiv has added data from the China Foreign Exchange Trade System to its Eikon and Elektron platforms.
Hayley McDowell – The Trade
Refinitiv has made moves to bolster its Eikon and Elektron platforms with the addition of data on Chinese trade and investment opportunities to meet client demand.

PanXchange Frac Sand Market Data Now Available on Quandl
PanXchange, an OTC exchange and price discovery platform for physical commodities, today announced that it will distribute its proprietary pricing data for hydraulic fracturing proppants, better known as frac sand, through Quandl, a leading provider of financial and alternative data for financial professionals.


Napster Creator’s Blockchain Firm Helium Releases IoT Hotspots
Max Boddy – Cointelegraph
Napster creator Shawn Fanning’s new company Helium has released its internet of things (IoT) wireless hotspot devices with a blockchain-based incentives program, according to an official blog post by Helium on June 12. According to the post, a Helium Hotspot provides wireless connectivity to the Internet; one node on its own will cover about 1/50 to 1/150 of a city, according to the company’s research.

Tezos Foundation Snags Former PwC Blockchain Expert As CFO
Daniel Kuhn – Coindesk
Tezos Foundation, a non-profit, educational wing of the smart contract and Dapp platform, announced Roman Schnider, co-creator of PricewaterhouseCoopers Switzerland’s blockchain initiative, to supercede Eelco Fiole as Chief Financial Officer. Schnider’s appointment to the Zug based firm will begin summer 2019, about six months after investment executive and adjunct professor of financial ethics Fiole filled the position. Fiole was hired during a period of executive expansion, which Tezos President Ryan Jesperson called at the time, “an important step forward by strengthening its internal expertise and capabilities.”

Wheaton Precious Metals leverages blockchain to streamline accounting
Wheaton Precious Metals, one of the world’s largest precious metals streaming companies, has hired Blockhead Technologies, a software company that creates blockchain-enabled solutions for the global mining sector.

Square Hires Ex-Google Director as First Member of New Crypto Team
Zack Seward – Coindesk
Payments company Square has hired former Google director Steve Lee as the first member of its new crypto team. A Square Twitter account teased the news Wednesday afternoon without specifying what Lee’s role at the company would be. A spokesperson for Square declined to comment.

SegWit and the bitcoin transaction fee conspiracy theory
Izabella Kaminska – FT
Bitcoin was supposed to make finance cheap and accessible. But then in 2015 the network got jammed (mostly with spam, not real-world transactions) and transaction fees began to spike.

Here’s how much Izzy paid to move $19.1 worth of Bitcoin
Izabella Kaminska – FT
Something cryptocurrency supporters don’t admit to enough ó mostly to their own detriment ó is just how user unfriendly most of their services are. This is a major error. It’s this issue, along with price volatility, users’ exposure to scams and the system’s affiliation with the black market, that is really holding back mass adoption.

Gary Cohn-Backed Blockchain Startup Raises $23 Million in Project Funds
Vildana Hajric – Bloomberg
Spring Labs gets money from Beyond Meat investor GreatPoint;
A blockchain startup backed by former White House adviser Gary Cohn raised $23 million in its first round of financing to help it work on anti-fraud projects.

Will Bitcoin Crash Again? Next Price Cycle Could Be Tamer Ride; The digital currency market is much different from the last two boom-and-bust streaks.
Aaron Brown – Bloomberg
The cryptocurrency market is one of booms and busts. Bitcoin went from essentially zero in 2009 to almost $150 by 2013. It then fell 60% and rebounded to $1,150. By 2015, it was down 85% to $175 (although still above the high in 2013). It then skyrocketed, peaking at more than $20,000 by the end of 2017. In 2018, it again lost 85% of its value to $3,200 (but still above the 2015 high). This year, Bitcoin rose to more than $9,000 and now hovers around $8,100.

‘Monopoly’-Style Blockchain Property Trading Game Raises $2 Million
Daniel Kuhn – Coindesk
FinLab EOS VC Fund and several angel investors have invested a combined $2 million in Uplandme, maker of a digital property-trading game running on top of the EOS blockchain.

John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live
Daniel Palmer – Coindesk
Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform. Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.”

Few Women Are Contributing Code to Major Crypto Projects, Report Finds
Diana Aguilar – Coindesk
Using data collected from Github, a study found the top 100 blockchain projects in the cryptocurrency ecosystem showed deep lack of gender diversification, with women committing only about five percent of code.


Trump Tries to Follow the Rules to Win on Deregulation; Attempts to loosen climate standards have been stymied on procedural grounds, until now.
Kartikay Mehrotra – Bloomberg
Phase 1 of President Donald Trump’s environmental deregulation agenda lasted two largely unsuccessful years. One by one, his climate proposals were crushed by legal challengers who convinced judges that the administration had failed to abide by established policymaking procedures.

China linked to cyber attack on Telegram during Hong Kong protests; Encrypted messaging app used by demonstrators to disseminate tactics
Louise Lucas and Nicolle Liu and Sue-Lin Wong – FT
The founder of Telegram has claimed that China was behind a massive hacking attack on the encrypted messaging app being used by Hong Kong demonstrators to organise protests against the territory’s planned extradition bill.


SEC Issues $3 Million Award to Two Former Merrill Lynch Whistleblowers; Former Merrill Lynch advisers alleged the company made misleading statements related to a struggling investment product
Mengqi Sun – WSJ
Two former Merrill Lynch financial advisers who alleged the company made misleading statements related to a struggling investment product were the whistleblowers who received a $3 million payout by the Securities and Exchange Commission.

Opening Statement of Commissioner Rostin Behnam before the Market Risk Advisory Committee
Good morning and welcome to the CFTC’s Market Risk Advisory Committee (“MRAC” or “Committee”). Since our last meeting in December, we have designated a new MRAC chair, Nadia Zakir. The MRAC will benefit greatly from Nadia’s experience and knowledge of financial markets and regulatory policy. I want to thank Chairman Giancarlo and Commissioners Quintenz, Stump, and Berkovitz for being here today. I also want to thank and acknowledge the MRAC members and invited speakers who will participate on the panels today.

Opening Statement of Commissioner Brian Quintenz before the CFTC Market Risk Advisory Committee
Thank you Commissioner Behnam for convening today’s meeting of the Market Risk Advisory Committee (MRAC). Today’s meeting has a robust agenda, including exploring climate-related financial market risks and discussing the implementation of EMIR 2.2. I would like to thank all the presenters and Committee members for their participation and engagement.

SEC Announces 2019 Government-Business Forum to Be Held in Omaha
The Securities and Exchange Commission today announced that it will host the 38th annual Government-Business Forum on August 14, 2019, in Omaha, Nebraska. The Forum provides a platform to highlight perceived impediments to capital formation, culminating in recommendations for government and private action to improve the environment for small businesses. The Forum will be hosted in partnership with the Heider College of Business at Creighton University.

FCA publishes final report in relation to RBS GRG
The Financial Conduct Authority (FCA) has today published the final report on its investigation in to Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). This follows the update provided in July 2018 on the investigation.

Trader in insider case says he copied millionaire’s positions; Walid Choucair’s barrister said new allegations are a ‘torpedo’ to prosecution
Caroline Binham – FT
A day trader on trial for insider trading maintains he merely followed much larger positions placed by a multimillionaire former associate, a jury was told in closing arguments to a two-month trial.

FINRA Fines Ex-Merrill Lynch Investment Adviser Over Crypto Mining Sideline
Daniel Palmer – Coindesk
U.S. self-regulatory organization, the Financial Industry Regulatory Authority (FINRA), has fined and suspended an investment adviser over undeclared cryptocurrency mining activities.

Investing and Trading

Retirees Might Run Out of Money 10 Years Before They Die
Ben Steverman – Bloomberg
A 20-year savings gap for Japanese women is world’s biggest; Global retirement shortfall could top $400 trillion by 2050
One of the toughest problems retirees face is making sure their money lasts as long as they do. From the U.S. to Europe, Australia and Japan, retirement account balances aren’t increasing fast enough to cover rising life expectancy, the World Economic Forum warns in a report published Thursday. The result could be workers outliving their savings by as much as a decade or more.

Euro’s Global Use Increases as Geopolitics Stoke Dollar Nerves
Piotr Skolimowski – Bloomberg
Single currency deployed more in reserves and debt issuance; Dollar remains by far the biggest currency internationally
The euro stemmed a decade-long slide in its international usage to see a pickup last year as geopolitical tensions damped demand for the dollar, according to the European Central Bank.

PwC’s $5.8 Million Fine Gives Fresh Ammunition to Audit Critics
Hugo Miller – Bloomberg
Fines reflect seriousness and extent of the breach, says FRC; Competition watchdog has called for split of big audit firms
PricewaterhouseCoopers was fined 4.55 million pounds ($5.8 million) by the U.K.’s accounting watchdog over failings in its handling of technology firm Redcentric Plc, giving fresh ammunition to critics calling for a breakup of the so-called Big Four auditing firms.


We need more black people in fund management; ‘Unconscious bias’ training is important: employers must be aware of their assumptions
Chris Cummings- Ft
Football player Raheem Sterling is lauded as much for his inspiring work off the field as on it. The England and Manchester City forward ó born in Kingston, Jamaica ó has become a powerful voice who highlights and combats the racist abuse endured by black players at home and away.

Lloyd’s of London Brokerage Suspends Two Over Harassing Email
Gavin Finch – Bloomberg
Sexually suggestive message sent to employees at Guy Carpenter; Company says it won’t tolerate breaches of its code of conduct
A Lloyd’s of London insurance broker, Guy Carpenter & Co., suspended an executive for sending a sexually suggestive email about a female colleague. A second employee was suspended for forwarding the message outside the firm.


Swiss National Bank unveils its own policy rate to replace Libor; Central bank tweaks inflation forecasts for the year as it keeps borrowing costs on hold
Sarah Provan and Adam Samson – FT
Switzerland’s central bank plans to introduce a new policy rate to replace one that is based on Libor amid a global shift away from the scandal-hit benchmark.

Hong Kong’s interbank lending rate soars to over 10-year high; Analysts point to seasonal demand and upcoming IPOs
Daniel Shane – FT
The cost of interbank lending in Hong Kong surged to its highest level in more than a decade, but analysts downplayed any strong link with political protests that paralysed the Asian financial hub this week.

SNB Keeps Ultra-Loose Policy With a New Rate to Tame Currency
Catherine Bosley – Bloomberg
Reiterates pledge to intervene to halt franc appreciation; SNB policy rate is introduced as Libor is set to be replaced
The Swiss National Bank stuck with ultra-loose monetary policy and a pledge to battle currency strength amid a deteriorating backdrop that’s tying its hands.

Alibaba Files for a Hong Kong Mega-Listing
Lulu Yilun Chen – Bloomberg
E-commerce giant is said to have put in a confidential filing; Alibaba picked CICC, Credit Suisse to lead its share sale
Alibaba Group Holding Ltd. has filed confidentially for a Hong Kong listing, people familiar with the matter said, moving closer to what is potentially the city’s biggest share sale since 2010.

Greece, World’s Best Stock Market, Touts Turnaround From Crisis
Ben Bartenstein and Lananh Nguyen – Bloomberg
The world’s top stock returns this year come from Greece, the very nation that not long ago got history’s biggest sovereign bailout.


Labour Commons defeat helps clear way to no-deal Brexit; Grieve says vote may have been MPs’ last chance to block leaving EU without agreement
Jim Pickard – FT
Parliament lost what a senior MP described as its last chance to prevent a no-deal Brexit on Wednesday when Theresa May’s government defeated a Labour party bid to prevent the UK from leaving the EU without an agreement.

UK not ready for a no-deal Brexit, confidential cabinet note warns; Document says it will take months to prepare pharma sector and for border checks
George Parker – FT
Boris Johnson’s promise to take Britain out of the EU with or without a deal on the scheduled Brexit date of October 31 has been undermined by a confidential cabinet note warning that the country is still far from prepared for the disruption of a disorderly exit.

Pound trading volumes shrink as Brexit delay sends investors to sidelines
Tommy Wilkes – Reuters
Trading in the British pound has fallen sharply since March when Britain delayed its exit from the European Union, with turnover in May down almost a tenth versus a year earlier and activity in the futures market at its lowest since 2016.


Wall Street Dads Find Parental Leave Easier to Get Than to Take
Max Abelson and Rebecca Greenfield – Bloomberg
Bankers say corporate culture undermines generous policies; Only one of the big six banks gives 16 weeks to both parents
When JPMorgan Chase & Co. agreed to pay a landmark $5 million to settle a discrimination claim from a new dad, it looked like a turning point for Wall Street parents. Men who work for the biggest U.S. bank can take up to 16 weeks of parental leave, the bank emphasized, and said it would do better at making sure they know it.

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