First Read

Bits & Pieces From Washington
By Jim Kharouf, JLN

The farewell party for former CFTC Chairman Timothy Massad was well attended yesterday, with past commissioners, Mark Wetjen (now at DTCC) and Sharon Brown-Hruska (Trump landing team on derivatives) and former chairman Gary Gensler (still working out next move), in attendance, along with exchange executives and many others from the industry.

Massad’s wife and two children were also there for the event, which brings us to the point here. Among the sizeable accomplishments achieved during Massad’s time at CFTC – I think of the international work completed under his watch in terms of harmonization of rules with European regulators, as well as recognition of clearing equivalence rules with the European Commission – the fact is that Massad served at the US Treasury and at CFTC, “when his country called,” as Acting Chairman Chris Giancarlo noted. And that comes with sacrifice not only to his prior career in private practice, but also to his young children. This is the human side of government, and it was nice to see that yesterday. Massad said he will take some time off with his family before deciding on his next move.

One notable fact on Massad’s leadership from 2014 to 2016 was that of the more than 600 rules passed by commissioners during that time, 95 percent were approved unanimously. An interesting study in compromise, efficiency and practicality.

Outgoing NFA President and CEO Dan Roth joked that Massad was a diligent note taker, but seemed to do so only on the backs of envelopes. As a generous departing gift, he gave Massad a fresh new legal pad.

Other items picked up yesterday include that Jeff Bandman is now heading up the CFTC’s new fintech group, which will take a closer look at the new technologies that are moving and shaping the industry. He had been working on clearing and risk.

It is a time of change in Washington and at the CFTC. The agency seems to be managing that well.


CME Group CEO Terry Duffy: We Have a Moral Responsibility to Help Chicago and Other Struggling Cities
By Henry Fernandez – Fox Business
Fatal violence continues to plague Chicago, an economic hub and home to big corporations like McDonald (MCD) and Boeing (BA). But one south side native says it’s up to more than just law enforcement officials to usher in peace.

**JK: Among the many solutions is education and opportunity in our markets.


Robert Wilson Awarded the 2016 CME Group-MSRI Prize in Innovative Quantitative Applications
CME Group
Adams Distinguished Professor of Management, Emeritus, Stanford Graduate School of Business 2016 CME Group-MSRI Prize in Innovative Quantitative Applications Recipient

**JK: If you can read and understand this press release, you deserve an MSRI prize.


Trump Reforms Are Stuff of Banker Dreams; President launches regulatory overhaul that should loosen regulation, ease capital rules for banks
Aaron Back – Bloomberg
Nothing will change immediately. But the administration will lay out plans on Friday for major changes to how the regulatory Dodd-Frank law is implemented, much of which is at the discretion of regulators.

***** Thank goodness Trump is a populist.


Why Chicago trading firms have a Twitter crush
Lynne Marek – Crain’s Chicago Business
When trading firm Ronin Capital invested in Dose Media, it got more than an ownership stake in a highly trafficked digital publisher; it secured a back channel into the social media scene. In the age of a Twitter-holic new president, Chicago trading firms are eager to tap social media chatter and sentiments affecting prices across financial markets around the world. While some of the city’s biggest trading firms, with hundreds of employees, have been experimenting with social media for a few years, others are only rushing in now as industry players scavenge for new data sources.

**JK: A great look at how firms use sentiment, and how Blair Hull never stops learning.


If one Citadel is good, could two be better?
Lynne Marek – Crain’s Chicago Business
When Citadel Securities was dinged earlier this year with a $22 million regulatory penalty, the Chicago broker-dealer made sure to distinguish itself from the other Citadel in town, the one that operates the city’s largest hedge fund.

**JK: Transparent market participants make more transparent markets.


Ex-FINRA chief joins MarketAxess board; Richard Ketchum served as chief executive officer and chairman at FINRA from 2009 until last year.
Hayley McDowell – The Trade
Former chief executive officer and chairman of the Financial Industry Regulatory Authority (FINRA), Richard Ketchum, has joined the board of directors at MarketAxess.

**JK: Rick McVey lands experienced talent.


Accenture, CME and TMX Group Join Chamber of Digital Commerce
International Business Times
Accenture, CME Group and TMX Group are the latest members to join the Washington DC-based Chamber of Digital Commerce, the much-respected blockchain trade association.

**JK: The annual dinner will be held remotely with digital hors d’oeuvres.


Thursday’s Top Three
Some days the top three most read stories are close and some days the top three just fly out ahead of the pack. Yesterday’s top three positively jumped off the page in terms of most read numbers. Out in front is the Financial Times story Derivatives ‘Big Bang’ catches market off guard (it was fun finding a picture to go along with that story too). In second was the New York Post article, Madoff: No one believed me when I tried to come clean. Uh huh…sure buddy. We believe you tried to give up billions of dollars. I do agree, though, that others should have known (and at least one did and blew the whistle but no one listened). And in a solid third is Reuters’ CME profit jumps 28 pct as trading volumes spike


MarketsWiki Stats
93,131,857 pages viewed; 22,328 pages; 203,476 edits
MarketsWiki Statistics


Lead Stories

CME Group results helped by political change and Trump; Futures bourses notch record volumes as unexpected poll victory fuels trading
Gregory Meyer – FT
CME Group, the biggest operator of financial exchanges, was the latest financial business to reveal results helped by political change and the election of Donald Trump.

Nasdaq’s New CEO Adena Friedman Has a Big Job: Reimagining the Stock Exchange
Alexander Osipovich – WSJ
When Nasdaq Inc. named Adena Friedman as its next chief executive in November, she won attention for being young, tech-savvy and the first woman to lead a major U.S. stock-exchange operator. Now, the hard part has begun.

Deutsche Bank Set to Slash Equities, Fixed-Income Jobs; CEO John Cryan has said around 9,000 employees to go in broad cost-cutting drive
Jenny Strasburg – WSJ
Deutsche Bank AG plans to cut as much as 17% of its equities staff and 6% of its fixed-income staff globally, with notices planned for many employees next week, according to people familiar with the matter.

Trump to Order Review of Dodd-Frank, Halt Obama Fiduciary Rule
Justin Sink, Elizabeth Dexheimer, and Katherine Chiglinsky – Bloomberg
Move delays April implementation of rule prohibiting conflicts; Moves emphasize removal of regulatory burdens: Official
President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010.

Why Citadel’s Ken Griffin Can’t Keep His Star Hires
Annie Massa and Matthew Leising – Bloomberg
Ken Griffin isn’t a people person. The billionaire founder of hedge fund Citadel has proved himself an adept reader of markets and a savvy investor, thriving in areas of finance where an otherworldly mastery of electronic markets takes precedence over personal relationships. Back on earth, Griffin is notoriously hard to work for.

India’s BSE Soars 38% In Debut Trading
By Shuli Ren – Barron’s Asia
India’s second largest stock exchange BSE Ltd. jumped 38% to trade at 1,166 rupees, after raising $185 million in an initial public offering.

OCC Fintech Charter May Be a Poor Fit for Fintechs
Gregory Roberts – Bloomberg BNA
Financial technology ventures would face daunting challenges in meeting the Office of the Comptroller of the Currency’s proposed requirements for a special-purpose national fintech charter, lawyers, tech consultants and entrepreneurs say.

The slow death of the investment bank analyst; To clean up a murky business, regulators have in effect killed it off
Equity analysts, it turns out, have never recovered from the days when Henry Blodget experienced his rise and fall. Among the most infamous of the late 1990s analysts, punting often worthless technology stocks in the dotcom bubble, the Merrill Lynch researcher became emblematic of the conflicts of interest riddling top Wall Street investment banks. Fast forward, and the bank research divisions are being regulated into touch. If this were indeed a tragedy, it would be a tragedy of commons, an example of how banks corrupted what was potentially a public good — ready access to information — in the pursuit of lucrative deals.

Interim SEC Boss Goes Beyond Caretaker Role to Plot Rules Revamp
Benjamin Bain – Bloomberg
Republican commissioner says he won’t be a placeholder; Piwowar considers review of stock market, disclosure rules
Republican economist Michael Piwowar plans to use his role as interim leader of Wall Street’s top regulator to lay the groundwork for revamping financial industry rules, possibly including those governing the stock market and corporate disclosures.

US currency warriors take aim at the wrong target; It is Germany’s neighbours who have the most to complain about
Alan Beattie – FT
Imagine a battlefield where, after repeated fighting over 15 years, the various sides have declared an armistice and a fragile peace reigns. Combatants are keen not to start hostilities again: indeed, one of the main actors is incurring considerable expense to avoid any appearance of belligerence. Then, out of the blue, one of the armies, led by a new and untested general, marches into the middle of the combat zone and declares war on a number of fronts.

Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule; White House adviser Gary Cohn says banks burdened by rules added after financial crisis
Michael C. Bender and Damian Paletta – WSJ
President Donald Trump on Friday plans to sign an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis.

U.S. Senate kills SEC “resource extraction” rule
Lisa Lambert and Sarah N. Lynch – Reuters
The Republican-led Congress early Friday morning killed a controversial U.S. securities rule disclosure rule aimed at curbing corruption at big oil, gas and mining companies.

MiFID II helps Virtu bag buy-side; Virtu Financial has seen its buy-side clients increase as a result of the impending MiFID II regulation.
Joe Parsons and Hayley McDowell – The Trade
Virtu Financial has European buy-side firms lining up for its market making and technology services ahead of MiFID II, according to chief executive officer Doug Cifu.


FINRA Issues Report on Distributed Ledger Technology
Kari Larsen and Michael Selig – JDSupra
The Financial Industry Regulatory Authority (“FINRA”) published a report on January 18, 2017, regarding Distributed Ledger Technology (“DLT”) (also known as blockchain technology) that provides an overview of different DLT use cases and related regulatory considerations for market participants (the “Report”). The Report provides valuable guidance to both the financial services industry and the broader technology sector as U.S. lawmakers and regulators begin to focus their attention on the development of these swiftly evolving technologies. FINRA requests public comment on its conclusions, highlighted in this article, by March 31, 2017.

Office Of Financial Research Update – Collective Action: Toward Solving A Vexing Problem To Build A Global Infrastructure For Financial
The OFR posted today a blog by Director Richard Berner, entitled, “Breaking Through Barriers Impeding Financial Data Standards.” In the blog, Director Berner says, the global Legal Entity Identifier (LEI) system is a cornerstone for financial data standards that offers great benefits to industry and government.

Colt launches Ethernet on Demand for enterprise buildings
Colt Technology Services has launched a new Ethernet on Demand service for enterprise buildings, adding it to its SDN-enabled On Demand portfolio. The service supports dynamic real-time ordering, provisioning and flexing of high bandwidth connectivity between locations connected to the Colt IQ Network, which currently includes over 5,000 enterprise buildings and 200 data centres across 11 countries in Europe.

Exchanges, OTC and Clearing

Deutsche Boerse CEO Office Raided for Trade Before LSE Deal
John Detrixhe, Karin Matussek, and Stephanie Bodoni – Bloomberg
German prosecutors investigating trade placed on Dec. 14, 2015; Company says transaction was part of approved pay program
German authorities raided Deutsche Boerse AG Chief Executive Officer Carsten Kengeter’s home and office Wednesday as they investigate his purchase of company stock just two months before the exchange disclosed negotiations to acquire London Stock Exchange Group Plc.

London Metal Exchange rapped over suspicious trade monitoring; FCA criticism a factor in ousting of chief operating officer
Financial Times Reporters
The London Metal Exchange was warned by the UK’s financial regulator of shortcomings in its surveillance systems for analysing suspicious trades months before the departure of two top executives.

CME Group Reached Average Daily Volume of 16 Million Contracts per Day in January 2017
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that January 2017 average daily volume (ADV) reached 16 million contracts per day, down 12 percent from a strong January 2016.

CBOE Holdings Reports January 2017 Trading Volume
CBOE Holdings, Inc. (NASDAQ: CBOE) today reported January monthly trading volume on its website under the Quotes & Data section.

Is the NYSE Bumping up Its Listings?
Bill Harts – Traders News
Recently, NYSE announced it was going to introduce a “speed bump” exchange called NYSE American. Critics jeered that NYSE just blatantly copied IEX’s market structure. And it is true that the bump is going to be 350 microseconds, just like IEX. It will have a complex discretionary pegged order type, just like IEX. And it will have a pricing model that charges both sides of the trade, just like IEX.

Apex Clearing Taps Veteran Exec
Apex Clearing Corp., which works with robo-advisors like Betterment, has hired industry veteran Ron Fiske to head its retail operations. Prior to joining Apex, Fiske was a managing director at Envestnet Asset Management. He has also worked in management at Fidelity Investments and Pershing.

Moscow Exchange Trading Volumes in January 2017
In January 2017, total trading volumes increased by 4.0% YoY to RUB 63.3 trln.

Nasdaq January 2017 Volumes
By GlobeNewswire
Nasdaq (Nasdaq:NDAQ) today reported monthly volumes for January 2017, on its investor relations website.


Navarro’s snipe over euro manipulation is an accusation too far
Clemens Fuest – Financial Times
In 1971, European finance ministers told John Connally, then US Treasury secretary, that American monetary policy was creating problems for Europe because it was exporting inflation. Connally replied: “The dollar is our currency, but it’s your problem.”

Fed’s Influence Wanes as Markets Take a Cue From Policies
Mohamed A. El-Erian – Bloomberg
Welcome to a world in which the Federal Reserve and economic data no longer have much influence on the value and fluctuations of U.S. stocks, bonds and the dollar. It is President Donald Trump’s economic policies that are now in control of asset markets, through both the measures that are implemented domestically and the U.S.’s relationships with other countries.

40 per cent of American voters want to impeach President Donald Trump; The public is also yearning for former President Barack Obama, pollsters discover
Jon Sharman – Independent
Two-fifths of American voters want to impeach President Donald Trump, a poll has claimed.

Trump Treasury nominee Mnuchin sued in renewed fraud case
Kevin McCoy – USA TODAY
President Trump’s treasury secretary nominee Steven Mnuchin was accused in a renewed Hollywood movie industry-related fraud case late Thursday, even as the multi-millionaire businessman appeared poised to become the nation’s top economic official.

Trump’s Bluntness Unsettles World Leaders; Exchanges with Australia, Mexico show allies and foes that new president ‘doesn’t feel confined by what he inherited’
Carol E. Lee – WSJ
President Donald Trump’s blunt, win-the-deal approach to diplomacy has U.S. adversaries and some allies struggling to assess its impact for their countries and puzzling over how to react if they land in the new American leader’s crosshairs next.

Investing and Trading

Concern over copy trading grows at social FX platforms
Paul Golden – Euromoney Magazine
The growing popularity of social FX trading has some platform providers worried that inexperienced traders are taking excessive risks through strategies they don’t fully understand.

Six Trends for Currency Markets
Ivy Schmerken – Traders News
Political shocks such as Brexit and the U.S. election of Donald Trump jolted the foreign exchange markets in 2016, fueling more trading activity for hedge funds and bank trading rooms. Uncertainty around a stronger U.S. dollar and higher interest rates could drive more volatility into 2017.

Wall St valuation souffle continues to rise
Robin Wigglesworth – Financial Times
For money managers who cut their teeth in the planet’s murkiest markets, the US is beginning to look like familiar terrain. That should have implications for frothy stock market prices, which by one measure are approaching the highs of 1929.

Millennials Weren’t the Only Ones Making Bad Trades Last Year
Julie Verhage – Bloomberg
Take that, baby boomers. For all the talk about the risky investing habits of the millennial generation, it turns out young and old had a tough year in the stock market in 2016, according to a new report from TD Ameritrade Holding Corp.

Trump Leads to Record Trading of Leveraged VIX Securities: Chart
Cecile Vannucci – Bloomberg
With the CBOE Volatility Index heading for its biggest weekly gain of the year, securities tracking its futures are seeing record trading. More than 20 million shares of the ProShares Ultra VIX Short-Term Futures and VelocityShares Daily 2x VIX Short Term ETN changed hands each day on average in the past four days, set to lead to the busiest week ever for the products. After pushing U.S. stocks to records, investor skepticism grew as President Donald Trump began implementing policies, including an executive order on immigration that may hurt American companies operating around the world.

UBS Says Swiss Property Market Remains at Risk of Bubble: Chart
Catherine Bosley – Bloomberg
Risks to the Swiss property market remained elevated in the three months through December, according to UBS Group AG’s quarterly index. “The further increase in the ratio of purchase prices to rents and income reflects increasing interest rate risks,” it said, adding that the stabilization of index “in the last few quarters is due to the sharp slowdown in household debt growth.”

Euro Trading Calm Belies Risk of Lehman-Like Volatility Spikes
Vassilis Karamanis – Bloomberg
While average swings decline, sudden spikes are more frequent; Euro-area political uncertainty may fuel market instability
A look at the euro’s intraday swings suggests traders are having it easy. Well, look again.

Vanguard Warns of Trump ‘Sugar High’ as Investors Ignore Risks
Lukanyo Mnyanda – Bloomberg
Stock markets are risking an unsustainable “sugar high” as investors price in a pro-growth agenda from Donald Trump’s administration that may not be supported by an improvement in the economy, according to the world’s largest mutual-fund company.


MetLife to review hedging strategy after $2.1bn loss
Alistair Gray – Financial Times
MetLife posted its biggest quarterly loss in at least a decade after shifts in financial markets fuelled by Donald Trump’s election victory triggered a $3.2bn hit to its derivatives portfolio. Steven Kandarian, chairman and chief executive, said the biggest US insurer by assets was reviewing protection it had taken out against low interest rates after the company appeared to be taken off guard by rising bond yields.

Deutsche Bank Chief Apologizes for Lender’s Past Misconduct
Jack Ewing – NY Times
The chief executive of Deutsche Bank apologized in especially contrite terms on Thursday for the long list of misdeeds that tarnished the German lender’s reputation and cost it billions of euros in fines and settlements, adding that bonuses of top managers would be cut.

How Ebrokers Fared Amid January’s Muted Volatility – Focus on Funds
Teresa Rivas –
Sandler O’Neil’s Richard Repetto and Collin Cook take a look at equity volumes to start the year, writing that January was mixed on generally lower volatility.

Discount broker shares tumble on price war fears
By Sinead Carew and Trevor Hunnicutt – Reuters
Shares in discount brokerages TD Ameritrade (AMTD.O), E*Trade (ETFC.O) and Charles Schwab (SCHW.N) fell as investors bet Schwab’s slashing of trading commissions would be the start of a price war.

Can the Fed stay independent?
The Reformed Broker
It’s not a secret that Janet Yellen hails from the left-leaning San Francisco Federal Reserve Bank originally. It’s also not a secret that the Fed takes global matters into consideration when setting policy. This might present a problem in a new “America First” environment in Washington.

Deutsche Bank to cut as much as 17 percent of equities staff: WSJ
Deutsche Bank (DBKGn.DE) plans to cut as much as 17 percent of its equities staff and 6 percent of its fixed-income staff around the world, the Wall Street Journal reported on Friday, citing people familiar with the matter.


Dodd-Frank’s Bankruptcy Provision Could Be a Trump Target
Stephen J. Lubben – NY Times
This week, President Trump, in signing another in a seemingly endless parade of executive orders, vowed to “do a big number” on Dodd-Frank, the 2010 law enacted in response to the financial crisis.

Rogue HBOS banker sentenced to 11 years in prison
Jane Croft – Financial Times
A former HBOS banker who “sold his soul” to a corrupt business consultant in return for sex, luxury trips and “bling and swank” has been jailed for 11 years, with his associate jailed for 15 years. Lynden Scourfield, 54, lead director of HBOS’s impaired-assets division, formed a “corrupt relationship” with David Mills, 60, a business consultant, between 2003 and 2007. Both men were sentenced on Thursday after a trial at Southwark Crown Court that the judge called one of the worst cases he had ever come across.

Madoff victims’ recovery tops $9.7 billion with new payout
Jonathan Stempel – Reuters
Bernard Madoff’s victims will soon recoup another $252 million from the trustee unwinding the swindler’s firm, boosting their total recovery to $9.72 billion.

FINRA Expels Lawson Financial and Bars CEO Robert Lawson for Fraudulent Municipal Bond Sales
The Financial Industry Regulatory Authority (FINRA) announced today that it has expelled Phoenix-based Lawson Financial Corporation, Inc. (LFC) from FINRA membership, and has barred LFC’s CEO and President Robert Lawson from the securities industry for committing securities fraud when they sold millions of dollars of municipal revenue bonds to LFC customers.

SEC Charges Investment Adviser With Stealing Investor Funds
The Securities and Exchange Commission today charged a Connecticut-based investment advisory business and its owner with stealing money from investors to settle a private lawsuit among other misuses.

ESMA publishes 2017 supervision plan for CRAs, trade repositories and 3rd country CCPs
The European Securities and Markets Authority (ESMA) has today published its Annual Report and Supervision Work Programmes (Report) setting out its main areas of supervisory focus for credit rating agencies (CRAs), trade repositories (TRs), and third country central counterparties (CCPs) in the European Union (EU). The Report also details the actions ESMA has taken in 2016 in carrying out its supervisory role.

Trump to issue orders targeting Dodd-Frank, retirement advice rule
Ayesha Rascoe and Sarah N. Lynch – Reuters
U.S. President Donald Trump will sign executive orders on Friday to review the Dodd-Frank Wall Street reforms and halt a Labor Department rule designed to curb potential conflicts among brokers who give retirement advice, according to a senior White House official.

Trump to take steps rolling back financial regulations
Kevin Liptak, CNN White House Producer
President Donald Trump will begin work Friday dismantling the financial regulations enacted after the 2008 economic crisis, hours after the first major economic report of his administration is released.


How Did Indian Equities and Fixed Income Fare in 2016?
Mahavir Kaswa – S&P Dow Jones Indices Indexology Blog
What a year 2016 was—from concerns about slowing down of the Chinese economy and a surprise vote by the UK to exit the EU to a continued trend of low-to-negative interest rates among major economies globally, demonetization in India, the shocking victory of Donald Trump in the U.S. presidential election, and finally, the U.S. Federal Reserve ending the year with a hike of 25 bps in short-term interest rates. Throughout the year, market participants kept asking “what next?”

Nickel prices surge after Philippines shuts down mines
Neil Hume – Financial Times
Nickel rose on Thursday, outpacing other industrial metals, as speculators rushed to close bearish bets after the Philippines pressed ahead with an environmental crackdown on domestic producers.

Cocoa Rout Raises Concern Some Farmers Will Return to Cocaine
Marvin G Perez – Bloomberg
Cocoa futures fell for five months, longest slide since 1999; In Peru, concern some growers may consider cocaine crops
The worst cocoa price rout in more than 17 years is raising concern that farmers in South America may quit growing the raw material used in chocolate, and shift to alternative crops such as cocaine, industry groups said.

India Considering Easing Foreign Investment Limits, Das Says
Shruti Srivastava and Unni Krishnan – Bloomberg
Ministries may approve proposals after FIPB’s scrapping; Government banking on foreign investments to boost growth
India is planning to allow more foreign investment by relaxing limits in various industries in the year starting April 1 to help regain its lost position as the world’s fastest growing major economy.


U.K. Judges Throw Out Brexit Lawsuit Seeking Single-Market Vote
Patrick Gower – Bloomberg
Two U.K. judges threw out a lawsuit seeking to force a parliamentary vote on whether Britain should remain in the European Union’s single trading market.

Frankfurt Lobby Group Sees 10,000 U.K. Bankers Moving on Brexit
by Gavin Finch and Simon Kennedy – Bloomberg
Brexit exodus will start within weeks, lobby group says; BaFin recently hosted meeting with 50 bankers in Frankfurt
Frankfurt expects as many 10,000 workers from Britain’s financial services industry to relocate to Germany’s banking capital because of Brexit, with the exodus likely to start within weeks, according to lobby group Frankfurt Main Finance.

Brexit Bulletin: In Case of Emergency; David Cameron had no contingency plan prepared for his Brexit loss. Theresa May wants to avoid that mistake.
by Simon Kennedy and Tim Ross – Bloomberg
Prime Minister Theresa May has a plan in case of failure.


Finance Makes America Great, Say Larry Summers, Joe Ricketts
Amanda L Gordon – Bloomberg
Different takes on how finance makes America great had about 450 guests perking up their ears Wednesday evening.

5 Things to Look for in Snap’s IPO Filing – Briefly
Georgia Wells – WSJ
The expected filing of Snap Inc.’s listing plan could lift the veil on the most secretive of the big startups. The planned IPO of the parent company of Snapchat is the most anticipated tech offering in years. The rapid rise of the messaging app has made competitors such as Facebook and Twitter quake – but Snap has put few numbers to its popularity so far.

Britain: Putin Is Trying to Undermine the West By ‘Weaponizing Misinformation’
Reuters via Fortune
Russian President Vladimir Putin is trying to undermine the West by spreading lies and attacking critical infrastructure with hackers, Britain’s defense minister said.

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