First Read

Hits & Takes

Leslie Rosenthal, former CBOT Chairman and co-founder of RCG, has passed away. Details are below. Our condolences to the family, friends and associates of this great man on his passing. ~JJL

If you would care to share a reflection on Les Rosenthal’s life and contributions to the futures industry, please email me at

Reflections on the life of Robert Wilmouth can be found HERE. We still welcome contributions of reflections for Mr. Wilmouth as well.~JJL

Over the last three weeks, the September-December E-mini Russell 2000 calendar spread traded 1 million times. Current open interest in the December contract is 518,205 contracts.~SD

Here is the Chicago Tribune obituary for Robert Wilmouth, former President and CEO of the NFA.~JJL

Last week, while CTA Expo was in Chicago and STA was in Washington, DC, there were two sell out great dinners in NY on Wednesday: the CME-Comex Gold Dinner and the IPMI fifth annual Platinum. At the Gold dinner, the keynote speaker was Dr. Mohamed El Erian. The IPMI dinner keynote speaker was Trish Regan of FOX TV. Both events had waiting lists and had interesting economic information and implications for traders.~JJL


Markets as Guinea Pigs (and Other Notes from STA’s 84th Annual Market Structure Conference)
Spencer Doar – JLN

The STA’s 84th Annual Market Structure Conference was held in Washington D.C. last week and its theme was “The Challenge of Change.”

SEC Commissioner Michael Piwowar was the first in the spotlight, highlighting those challenges which would be discussed over the course of the conference – the plight of ma and pa investors (now dubbed Mr. and Mrs. 401(k) courtesy of Commissioner Jay Clayton’s comments), capital formation for small and mid-cap companies and an array of regulatory qualms pertaining to the Consolidated Audit Trail (CAT), MiFID II and pilot programs.

The decrease in IPOs and inflated stock prices among some big names have been well covered, so on to the regulatory concerns.

The tick pilot program – which widened tick size to a nickel on select securities – and the proposed market access fee pilot were the subject of much loathing from market participants. Piwowar said he’s a big fan of market experimentation, but when the experiments affect live trading with unknown results, the industry shows its worry. Regarding market access fees, there is considerable debate over whether a pilot of that nature would actually address the underlying concern that brokers are conflicted in their routing due to exchange fee structures. And again, is tinkering with a car when it’s barrelling down the highway appropriate? There is a desire for data-driven regulation, but the jury is out on how best to gather the requisite data to inform said regulation.

Piwowar cracked wise when queried about MiFID II, saying “What’s MiFID?,” but the January deadline was on attendees’ minds, though at STA quite a bit of the conversation revolved around the unbundling aspect (and not the proprietary trading aspects this observer is more accustomed to hearing about).

Then there is the CAT, which will require all securities and options trades to be reported into a central depository. Its security and the aggressive deadlines in place (not to mention its fees and internal costs of implementation and retirement of legacy systems) are equally perplexing for markets. All deadlines have been met thus far by Thesys CAT LLC (the division of Thesys Technologies working on the CAT’s implementation) and there will continue to be intense debate and interaction between the SEC, SROs and Thesys CAT before SROs begin reporting into the system in November.


Rosenthal Collins Group Statement On The Passing Of Futures Industry Pioneer Les Rosenthal
Rosenthal Collins Group LLC (RCG), a leading independent futures brokerage and clearing firm, today issued the following statement on the Sept. 16 passing of its co-founder and Managing Partner Leslie Rosenthal at the age of 84 after a brief illness:

**If you haven’t read some of the key initiatives Les lead during his career, it’s worth checking out at Les Rosenthal on MarketsWiki.


Bridging the Week: September 11 to 15 and September 18, 2017 (ICOs; Digital Tokens; Spoofing; Advertising Standards)
Gary DeWaal – Bridging the Week
Another non-US financial services regulator cautioned its citizens that some digital tokens issued as part of an initial coin offering may be securities subject to local securities law requirements, while the Securities and Exchange Commission in the US convinced at least one promoter of an ICO to cancel an in-progress offering and refund amounts already paid by investors in ether (the digital coin of the Ethereum blockchain network). Separately, another criminal proceeding was filed against a trader for spoofing, based on his trading activities involving precious metals futures listed on the Commodity Exchange, Inc. from July 2008 through November 2013. However, the specific criminal charge for spoofing seems to embrace alleged conduct that occurred before the relevant provision of law was effective in July 2011.


MarketsWiki Page of the Day: Les Rosenthal
Leslie (Les) Rosenthal, a founder and managing member of Rosenthal Collins and a pioneer in the futures industry, died on Saturday at the age of 84.


Friday’s Top Three
The top story from Friday’s newsletter was CME Group to Exit OTC Credit Clearing Business, Return $650M in Capital to Clearing Members. Second was Reflections on the Life and Contributions of Robert K. Wilmouth. In third was a reminder that technology still can’t replace everything – Robots Are No Match for the Human Bond Trader.


MarketsWiki Stats
107,778,771 pages viewed; 22,784 pages; 209,273 edits
MarketsWiki Statistics


Lead Stories

BIS discovers $14 trillion of dollar debt offshore, hidden in ‘footnotes’
Ambrose Evans-Pritchard – Telegraph
The world’s top financial watchdog has uncovered $14 trillion of global dollar debt hidden in derivatives and swap contracts, a startling sum that doubles the underlying levels of offshore dollar credit in the international system.

Global debt may be understated by $13 trillion: BIS
Saikat Chatterjee – Reuters
Global debt may be under-reported by around $13 trillion because traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds, the BIS said on Sunday.

Exchanges Cite Hacking Risk of SEC’s Planned Market Data Repository; Stock-exchange executives worry the Consolidated Audit Trail will be a juicy target for hackers
Dave Michaels – WSJ
Stock-exchange executives are warning a planned comprehensive data repository designed to help regulators detect market manipulation faces hacking risks, one week after Equifax Inc. disclosed one of the biggest data breaches in U.S. history.

Top dealers post $1.4 trillion of collateral for derivatives trades; Margin analysis by ISDA reflects changes to collateral practices over recent years.
Hayley McDowell – The Trade
The 20 largest derivatives dealers posted $1.41 trillion of collateral for cleared and non-cleared derivatives trades, according to research.

Deutsche Bˆrse combines selected Eurex products in a cost-effective data package for private investors; Data from Mini-DAX futures, STOXX Europe 600 derivatives and major stock options by the end of the year free of charge
Deutsche Bˆrse
Effective immediately, Deutsche Bˆrse Market Data + Services will provide the market data for selected Eurex products to private investors free of charge in the new information product “Eurex Retail Europe”. After the free introductory phase, the data will be available from 1 January 2018 for 1 euro per month. The data package is tailored to private investors in Europe and includes Mini-DAX futures, STOXX Europe 600 derivatives and important options on European equities.

Global Central Banks Can’t Ignore the Bitcoin Boom, BIS Says
Catherine Bosley – Bloomberg
Report looks at central banks issuing cryptocurrencies; Says institutions would need to examine benefits and risks
The world’s central banks can’t ignore the growth in cryptocurrencies and may at some point have to consider whether it makes sense for them to issue their own digital currencies, according to the Bank for International Settlements.

US oil futures market overtakes London; Open interest in WTI eclipses Brent for first time since 2014 as shale rebounds
Gregory Meyer – Financial Times
The US oil futures market has reclaimed its status as the world’s largest, reflecting how shale energy producers have staggered back to life after an epic price collapse. Open interest in West Texas Intermediate crude oil futures totals 2.4m contracts, eclipsing the Brent crude market in London for the first time since late 2014. The measure of total WTI bets outstanding broke repeated records last week after climbing 16 per cent this year.

NYSE Corporate Actions Monopoly Broken by EDI; Big changes in Corporate Actions market with EDI’s elimination of NYSE’s June 2017 redistribution rules, as it launches like-for like service at under 50% of NYSE cost
PR Newswire
Exchange Data International (EDI) today announced the launch of a complete replacement service for NYSE Corporate Actions at less than 50% of the redistribution costs charged by NYSE.

CEOs and investors should beware the curse of authorship; Books by the chief are often an indicator of over-confidence
Peter Atwater – Financial Times
Ray Dalio has a book coming out this week. Investors in the firm he founded, Bridgewater ó and investors more broadly ó would be wise to take note. Chief executives’ books can be powerful contrarian indicators.

Is There a Cryptocurrency Bubble? Just Ask Doge.
Kevin Roose – NY Times
Jackson Palmer no longer thinks it’s funny to imitate Doge, the internet meme about a Shiba Inu dog whose awe-struck expressions and garbled syntax (e.g. “Wow. So pizza. Much delicious.”) made him a viral sensation several years ago.
But if he did, he might channel Doge to offer a few cautionary words for investors who are falling for cryptocurrency start-ups, Silicon Valley’s latest moneymaking craze:
Very bubble. Much scam. So avoid.

FX swaps and forwards: missing global debt?
Claudio Borio, Robert Neil McCauley and Patrick McGuire – BIS
What would balance sheets look like if the borrowing through FX swaps and forwards were recorded on-balance sheet, as the functionally equivalent repo debt is? We combine various data sources to estimate the size, distribution and use of this “missing” debt and to begin to assess its implications for financial stability. A key finding is that non-banks outside the United States owe large sums of dollars off-balance sheet through these instruments. The total is of a size similar to, and probably exceeding, the $10.7 trillion of on-balance sheet dollar debt. Even when this debt is used to hedge FX risk, it can still involve significant maturity mismatches.1

Forget Default: Deutsche Reckons Debt Market Risk Lies Elsewhere
Tracy Alloway – Bloomberg
Focus on liquidity has transformed principles of bond market; Deutsche estimates $2 trillion of duration in mutual funds
What’s in a word? A lot when it comes to the term “liquidity.” For years, academics, investors and regulators have sparred over the meaning of liquidity, and the degree to which it’s said to have deteriorated in the marketplace. For many, it’s simply the ability to sell an asset without significantly affecting its price. To others it’s the hallmark of a healthy market, or the symptom of a disease brought on by “easy money” provided by central banks in the years since the financial crisis.

Hedge Fund Tried to Resurrect Crisis-Era Tool: the ‘Side Pocket’; After wave of withdrawal requests from its flagship fund, Pine River Capital asked investors to vote on whether it could segregate about $90 million in illiquid assets
Juliet Chung – WSJ
Pine River Capital Management has asked investors if its flagship hedge fund can resort to a controversial tactic popular during the financial crisis: the “side pocket.”

Exchanges, OTC and Clearing

CME to exit CDS clearing business, cedes ground to ICE
Gregory Meyer – FT
CME Group will no longer clear credit default swaps, ceding ground to rival Intercontinental Exchange in a business established after the financial crisis.

Exchange Invest Launches World’s First Index Measuring The Most Influential Individuals In Exchanges And Market Structure
Exchange Invest has today launched “The World’s Most Influential People in Market Structure”, the first index of the top 1000 most influential people in financial market infrastructure.

SGX broadening its LNG trading offerings with Middle East-India futures
Bloomberg via Gulf Times
Singapore Exchange Ltd is adding to its catalogue of liquefied natural gas derivatives with a new futures contract targeting India and the Middle East that begins trading on Monday.

Stiftung Lesen and Deutsche Bˆrse Group present a joint lecture book “Marktplatz der Tiere”
500 kitas in Hesse receive material packages
Deutsche Bˆrse
The Deutsche Bˆrse Group and the Stiftung Lesen group are giving away the book “Marktplatz der Tiere”, which includes a material package, to 500 hessian kindergartens. The project aims to promote the language and personality development of children by educating Kitafachkr‰fte and parents to share stories with their children, to watch picture books and to read them.

Strategic Alliance With DTCC-EUROCLEAR Global Collateral
Lombard Risk
Lombard Risk Management plc, the leading dedicated global provider of collateral management and regulatory reporting solutions, announces a strategic alliance with DTCC-Euroclear Global Collateral Ltd. to drive further improvements in collateral management operations. DTCC-Euroclear Global Collateral Ltd. (“GlobalCollateral”) is the joint venture between The Depository Trust & Clearing Corporation (DTCC) and Euroclear.

NEW STATION OF THE STOXX GLOBAL ESG LEADERS INDEX FAMILY; Amendments made after the regular annual review since 18 September 2017
Deutsche Bˆrse
STOXX Ltd., the operator of Deutsche Bˆrse Group’s index business and global provider of innovative tradable index concepts, has announced the results of its annual review of the STOXX Global ESG Leaders indices. In addition to the main index, the STOXX Global ESG Leaders, the three sub-indices were also reviewed: STOXX Global ESG Environmental Leaders, STOXX Global ESG Social Leaders and STOXX Global ESG Governance Leaders. All changes have been valid since today, 18 September 2017.

Indian stock exchange seeks to draw line under scandal; Chief admits there were shortcomings and says NSE must rebuild market’s trust
Simon Mundy in Mumbai – Financial Times
A failure to deal transparently with a scandal around high-frequency trading has left India’s National Stock Exchange facing an uncertain timeline for its long awaited flotation, its chief executive said.
The NSE, India’s biggest bourse by trading volumes, has been dogged for the past two years by allegations that some high-frequency traders were given preferential access to its trading systems.

Indian stock exchange seeks to draw line under scandal; Chief admits there were shortcomings and says NSE must rebuild market’s trust
Simon Mundy in Mumbai – FT
A failure to deal transparently with a scandal around high-frequency trading has left India’s National Stock Exchange facing an uncertain timeline for its long awaited flotation, its chief executive said.

$1.41 Trillion in Collateral Posted for Cleared and Non-cleared Derivatives, ISDA Margin Survey Finds
The International Swaps and Derivatives Association, Inc. (ISDA) has published a new survey on margin payments in the over-the-counter derivatives market, which shows that approximately $1.41 trillion of collateral was posted for cleared and non-cleared trades by the end of the first quarter of 2017.

FX market Trading and Clearing systems update on test environment (INETCUR_GATEWAY) and Game Server
The updated versions of FX market trading and clearing systems are available on the test environment for developers (INETCUR_GATEWAY) and the Game Server. This version provides support for Unified Pool functionality and the new version of bridge interface IFCBroker_28 (

Euroclear Names Eliet as New Regulatory Head; Guillaume Eliet was previously deputy general secretary at the French Stock Market Authority.
Wei-Shen Wong – Waters Technology
Eliet will report to Lieve Mostrey, chief executive officer of the Euroclear group, and Inge Boets, chair of the audit committee.

Iberclear Successfully Completes Migration To T2S
Spain joins the Eurosystem’s settlement platform, thus aligning the Spanish stock market’s post-trade system with the European; All the changes will contribute to greater competitiveness and efficiency as well as optimising settlement, registration and custody costs; In addition, it brings together the settlement of Equity and Fixed Income under a single system, ARCO
The Spanish Central Securities Depository and BME subsidiary, Iberclear, successfully completed its migration to the Eurosystem’s Target2 Securities (T2S) settlement platform last weekend, following a successful testing period carried out in the previous months with financial institutions.


Boat adds catastrophe risk modelling platform
Boat Oasis Multi-Peril Catastrophe (Cat) Risk Modelling Platform for the (re)insurance industry has added new risk models
Boat Oasis, a Multi-Peril Catastrophe (Cat) Risk Modelling Platform for the (re)insurance industry, brought to market by Boat Services in January 2017 has added new risk models.

Chips Off the Old Block: Computers Are Taking Design Cues From Human Brains
Cade Metz – NY Times
New technologies are testing the limits of computer semiconductors. To deal with that, researchers have gone looking for ideas from nature.

China Scrambles to Catch Up With Runaway Boom in Fintech Investment; Beijing tightens oversight of investing platforms after a surge of money flows sparks concern over financial stability
Chuin-Wei Yap – WSJ
China’s regulators are ratcheting up pressure on the country’s financial sector to slow the spread of investment products targeting small investors, aiming to curb risk from a new wave of technology-driven finance.

Scandal costs Sofi chance to become a bank, says ex-SEC head; Chief executive’s exit puts hopes of special charter out of reach, says Arthur Levitt
Ben McLannahan in New York – FT
SoFi’s application to become a bank has almost no chance of approval in the wake of a sex scandal that forced out its chief executive, says a close adviser and former chairman of the Securities and Exchange Commission.

Brussels losing patience with US over data-sharing agreement; Privacy Shield review hindered by Trump delays in appointing key officials
Mehreen Khan in Brussels and Barney Thompson in London – FT
Brussels has fired a warning shot at Donald Trump over delays in appointing crucial officials to oversee the EU’s landmark data-sharing agreement with the US, which ensures the vital flow of personal information across the Atlantic.


Investors left in the dark over the shape of a ‘Trumpian’ Fed; Job openings at US central bank give president the option to reshape it
Robin Wigglesworth – FT
When it emerged that Ivanka Trump had enjoyed breakfast with Federal Reserve chair Janet Yellen this summer, some wags were quick to joke that the president’s daughter might be the next head of the US central bank.

Obama Goes From White House to Wall Street in Less Than One Year
Max Abelson – Bloomberg
Ex-president speaks to Carlyle, Cantor, Northern Trust; ‘If someone is willing to pay him to give a speech, God bless’
Hillary Clinton says she made a mistake when she gave speeches on Wall Street after leaving government. Taking money from banks, she writes in her new memoir, created the impression she was in their pocket.


Too soon to determine risks of central bank-issued cryptocurrencies: BIS
Jemima Kelly – Reuters
It is too soon to determine whether central banks should issue their own cryptocurrencies, the Bank for International Settlements said on Sunday, as the risks could not yet be fully assessed and the technology underpinning them is still unproven.

U.S. trial set to begin for ex-HSBC executive in foreign exchange scheme
Brendan Pierson- Reuters
A former high-ranking HSBC Holdings Plc (HSBA.L) executive from Britain on Monday will become the first person to go to trial on charges stemming from a U.S. probe into foreign exchange rate manipulation.

To strengthen research capabilities, Sebi to hire chief economist
PTI via Business Standard
To strengthen its research capabilities, regulator Sebi is planning to hire a chief economist, whose position will be equivalent to that of an executive director in terms of pay and benefits.

Hong Kong Regulator’s IPO Setback Doesn’t Mean It’s Backing Down
Benjamin Robertson – Bloomberg
Business opposition led regulator to scrap listings proposal; The SFC is still expected to take a more assertive role
Hong Kong’s securities regulator may have failed to win public support for a larger oversight role in the city’s stock listings, but that doesn’t mean it’s backing down.

ASIC issues stop order on Theta product disclosure statements
The Australian Securities and Investments Commission (ASIC) has issued a stop order on Product Disclosure Statements issued by Theta Asset Management Ltd (Theta). The stop order was due to concerns about Product Disclosure Statements for Sterling Income Trust (SIT), including inadequate disclosure of risks and conflicts of interests, omission of material information about the investment, presentation of prospective information about target returns, and outdated and incorrect references.

ISDA Proposes Risk-based Framework for Cross-border Comparability Determinations
The International Swaps and Derivatives Association, Inc. (ISDA) has published a new paper that sets out a risk-based framework for cross-border comparability assessments, based on a set of risk-based principles.

ISDA Publishes Recommendations for CCP Recovery and Resolution Framework
The International Swaps and Derivatives Association, Inc. (ISDA) has published recommendations for a comprehensive recovery and resolution framework for central counterparties (CCPs).

U.S. trial set to begin for ex-HSBC executive in foreign exchange scheme
Brendan Pierson – Reuters
A former high-ranking HSBC Holdings Plc (HSBA.L) executive from Britain on Monday will become the first person to go to trial on charges stemming from a U.S. probe into foreign exchange rate manipulation.

Sebi meet today: Board may ease InvITs norms, take stock of shell crackdown; In last three years, only two trusts got listed on stock exchanges
Business Standard
Capital markets regulator Securities and Exchange Board of India (Sebi) is likely to ease norms on InvITs (Infrastructure Investment Trusts) in its board meeting on Monday. Sources say it may allow the trust to issue debt securities to attract more investors.

Investing and Trading

Mass Psychology Supports the Pricey Stock Market Economic View
Robert J. Shiller – NY Times
Canny stock investors are like judges in a quirky beauty contest. They aren’t looking for real beauty but for qualities that other people believe still other people will find beautiful.
That was the observation of John Maynard Keynes, who suggested that investors do not actually make money by picking the best companies, but by picking stocks that waves of other traders will want to buy.
Investing, in other words, is an exercise in mass psychology.

Investors focus on growing global bond market weakness; Dramatic slide in bitcoin also in focus FT reporters
Here are the big questions facing markets and investors this week.
Will the Federal Reserve provide a further jolt for bond markets?
Top tier benchmark bond yields ó US, Germany and UK ó have turned higher this month, as haven buying over North Korea fades and investors focus on data and tougher talk from central banks

Brash Investor Tries To Blow Up The IPO As His Partners Quit
Erin Griffith – Wired
Chamath Palihapitiya, an early Facebook executive and outspoken presence in Silicon Valley, is unapologetic about his frustrations with the venture-capital industry. There’s too much money chasing deals, making it harder to generate strong returns. Too many VCs conflate luck with talent. And everyone who benefits from the current system is resistant to change. Technically, Palihapitiya is a venture capitalist himself. But he aspires to be a master of the universe, as his firm, Social Capital, expands with separate funds for late-stage investing, debt, and public equities.

S&P Dow Jones Indices: ‘Those pennies from ETF fees add up’; Index provider dismisses self-indexing and is staying in London despite Brexit
Chris Flood – FT
Tad Hunter topped the US music charts with “Young Love” when the S&P 500 index was launched on March 4 1957. That tune faded into obscurity over the following six decades while the S&P 500 developed into the primary US stock market index and the world’s most widely followed financial benchmark.

Ray Dalio Says He’s Ready to Give Away Bridgewater’s Secrets
Erik Schatzker – Bloomberg
Bridgewater founder to share internal algos with America Inc.; Firm’s practices are realistic not utopian, Dalio says
Of all the hedge fund world’s secrets, few are more closely guarded than the inner workings of Bridgewater Associates Inc. Now, founder Ray Dalio plans to share his management system and corporate culture with the world.


How Bank of America Ditched 1,597 Branches Across the U.S.; The bank that once proclaimed “bigger is indeed better” is now downsizing, especially in rural America
Rachel Louise Ensign and Coulter Jones – WSJ
Bank of America Corp. pulled all of its branches out of Indiana four years ago when it sold off a group of antiquated storefronts in Rust Belt towns. Later this year, the lender is returning but this time is targeting affluent customers in the state’s largest city, Indianapolis. The Charlotte, N.C., bank, the nation’s second largest lender, has gotten rid of around 1,600 branches since the financial crisis as it seeks to rekindle sagging profits and focus on major metropolitan areas.

Portfolio trading head departs Macquarie
John Bakie – The Trade
Richard Bateson departs firm after seven years in charge of global portfolio trading.

Barclays whistleblowing head to leave; Terms and reason for departure of Jonathan Cox, head of the bank’s whistleblower programme, are unclear
Max Colchester – Financial News
The senior compliance official responsible for Barclays whistleblower programme, Jonathan Cox, is set to depart after settling an employment dispute with the bank, according to a person familiar with the matter.

What Jamie Dimon Is Missing About Bitcoin
Jeremy Philips – NY Times
JPMorgan Chase’s chief executive, Jamie Dimon, is the most successful banker of his generation. He has successfully navigated a challenging environment over more than a decade, and his firm is stronger than ever.

Pine River Capital Shutting $1 Billion Flagship Hedge Fund; Clients asked to withdraw more money than the firm was expecting
Juliet Chung – WSJ
Pine River Capital Management is closing its $1 billion flagship hedge fund after clients asked to withdraw more money than the firm was expecting, according to a person familiar with the matter.

The definitive list of asset managers that will pay for research; Schroders, Janus Henderson and Union backtrack on charging clients under Mifid II
Attracta Mooney – FT

Central bank cryptocurrencies
Morten Linnemann Bech and Rodney Garratt – BIS
New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful? This feature provides a taxonomy of money that identifies two types of CBCC – retail and wholesale – and differentiates them from other forms of central bank money such as cash and reserves. It discusses the different characteristics of CBCCs and compares them with existing payment options.1

Credit Suisse looks to make an impact with new investment wing
Joshua Franklin – Reuters
Credit Suisse has set up a new department to nurture socially conscious investing, the latest effort by a major bank to cater for growing demand for so-called impact investing.

Credit Suisse shakes up top executives at European investment bank
Arash Massoudi
Credit Suisse has made a sweeping set of personnel changes at the top of its European investment bank in a bid to promote a younger generation of bankers and to challenge the US banks which have solidified their place as the most dominant forces in the region.


China Widens Bitcoin Crackdown Beyond Commercial Trading; The plan represents some of the most draconian measures any government has taken to control bitcoin
Chao Deng – WSJ
Chinese authorities are moving toward a broad clampdown on bitcoin trading, testing the resilience of the virtual currency as well as the idea its decentralized nature protects it from government interference.

Abe set to call October election; Prime minister informs ruling coalition of his plans as public support recovers
Prime Minister Shinzo Abe has decided to dissolve the lower house for a snap election next month, hoping to capitalize on an uptick in public support before the opposition has a chance to regroup and mount a formidable challenge.


Boris Johnson hits back at criticism over renewed £350m post-Brexit claim
Anushka Asthana – The Telegraph
Boris Johnson faced growing pressure over his intervention on Brexit as Cabinet colleagues lined up to question his actions and he was accused of a “clear misuse of official statistics”.
Sir David Norgrove, the head of the UK Statistics Authority, said he was “surprised and disappointed” to see the foreign secretary restate the controversial claim that Britain will claw back £350m a week, triggering a war of words between the pair.


M.B.A. Applications Decline for Third Year in a Row; Business schools across the U.S. are struggling to lure young professionals out of a strengthening job market
Kelsey Gee – WSJ
Applications to full-time M.B.A. programs in the U.S. fell for a third straight year, the latest signal that business schools are struggling to entice young professionals out of a strengthening job market.

Pin It on Pinterest

Share This Story