Inside Danske’s EUR200bn ‘dirty money’ scandal

Oct 3, 2018

Inside Danske’s EUR200bn ‘dirty money’ scandal

Oct 3, 2018

First Read

Build or Buy? Exchanges Continue to Branch Out For Revenues Through Acquisition
Jim Kharouf – JLN

Exchanges are continuing to look at two areas for revenue growth – consolidation and acquisition of non-exchange service firms, according to a new report from Burton Taylor. –

The report, presented at the World Federation of Exchange’s General Assembly and Annual Meeting in Athens and authored by Andy Nybo, shows that ICE topped exchanges in revenue in 2017 with $4.6 billion, followed by CME with $3.6 million, Deutsche Boerse with $2.7 billion, LSE Group with $2.5 billion and Nasdaq with $2.4 billion. Global revenues from the 15 top exchanges totaled $30.7 billion last year, up 8.1 percent from 2016.

The sector showing the most revenue growth for exchanges was information services, which rose 9.1 percent last year to $5.9 billion and represented 19.4 percent of all exchange revenues.

To read the rest of the story click HERE

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ESMA Keeping Tight Leash On EU Trading Venues
Jim Kharouf – JLN

Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), said MiFID II rules launched in January are indeed living up to expectations of pushing more trading onto exchanges, but more work may be required.

In remarks before the World Federation of Exchanges annual meeting in Athens, Maijoor said less trading volume is flowing to dark pools and onto exchanges and so-called systematic internalisers (SIs), used by banks and algorithmic trading firms to fill customer orders. The use of ongoing periodic auctions for contracts, however, is coming under greater scrutiny, Maijoor said. These millisecond auctions may not being adhering to the rules set out in MiFID II.

To read the rest of this report, go here.

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Hits & Takes
JLN Staff

Notes from the WFE Annual Meeting in Athens:

The World Federation of Exchanges announced six new full members today: London Stock Exchange Group, Boursa Kuwait, Multi Commodity Exchange of India (MCX), Tunis Stock Exchange, China Securities Depository and Clearing Corporation (CSDC), and Nairobi Securities Exchange. That brings its full membership roster to 70.~JK

The possibility of the Basel Committee coming up with standards for crypto assets is “minimal” at this time, said William Coen, secretary general, Basel Committee on Banking Supervision, Bank for International Settlements at the WFE Annual Meeting.~JK

An update/clarification from Eurex regarding its speed bump that was discussed in the last episode of “The Spread” – the latency protection functionality will be available with the annual T7 system release but IS NOT going live in December as stated in the initial story. The exchange has built the tool and is deciding whether or not it will go live.~SD

Per a speech from CFTC Chairman Chris Giancarlo: “From 2009 to 2016, the Commission, on average, brought five [spoofing] cases per year. This year, we filed more than 25…”~SD

Have you checked out the beta version of SGX’s new site?~SD

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Cinnober

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Your Kids Are Probably Ruining Your Retirement
Reshma Kapadia – Barron’s
Raising children has never been inexpensive. But the costs go well beyond daycare and college today, extending far into young adulthood—and that could pose a problem for parents’ retirement plans.
/jlne.ws/2ybDueM

****As it happens I recently read a Wikipedia page that said, “young adults aged 18 – 34 were more likely to live with parents than with a relationship partner, an unprecedented occurrence since data collection began in 1880.”~JB

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Top 10 colleges for landing Wall Street job
Madeline Shi – Business Insider
Ever wonder what university you should attend if you want to land that plum Wall Street job?
There’s a handful of colleges that top banks heavily recruit and hire from.
/jlne.ws/2ydNN22

****The Millennials referenced in the story above should read this story.~JB

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WSJCoin: Yes, We Created Our Own Cryptocurrency; In this documentary, we experiment with a digital currency of our own to understand what drives the market
Steven Russolillo and Clément Burge – WSJ
In 2017, bitcoin was one of the greatest investment manias in recent memory. This year, that boom has turned to bust.
/goo.gl/38ZaTV

****The WSJ has some skin in the game now.~SD

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Tuesday’s Top Three
Our most read story on Tuesday was Bloomberg’s long-form piece Charles Schwab Has a $3.6 Trillion Edge on the Fintechs, which tells you everything you ever wanted to know about Charles Schwab. Second was another Bloomberg story, Institutional Investors Are Using Back Door for Crypto Buys. In third was The New York Times’ I Created ‘The Bernank’ on YouTube. And I Was Mostly Wrong.

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Lead Stories

Inside Danske’s EUR200bn ‘dirty money’ scandal; Denmark’s biggest lender is mired in problems after revelations its Estonian branch had become a pipeline for money-laundering on a vast scale
Richard Milne and Caroline Binham – Financial Times
The world’s biggest money-laundering scandal had yet to be uncovered in August 2015, but management at Danske Bank were trying quietly to close down the business at the heart of it. Russian entities and others from former Soviet states had moved EUR200bn through the Estonian branch of Denmark’s biggest lender since 2007, roughly 10 times the size of the Baltic state’s economy.
/goo.gl/hoUu5s

Former LSE Group chief Rolet approached about top CQS role
Mark Kleinman – Sky News
Xavier Rolet, the former chief executive of the London Stock Exchange Group (LSE), has been approached about taking on a top job at CQS, the asset manager run by one of the Conservative Party’s most generous donors.
/jlne.ws/2RjPK5F

JPMorgan’s Dimon Says Shareholder Meetings Have Become `a Farce’
Michelle Davis – Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the number of U.S. publicly traded companies is dwindling in part because of excessive litigation and “frivolous shareholder meetings.”
/jlne.ws/2yc2dzt

UBS Wealth Management bullish on Italian debt following sell-off
Kate Beioley – Financial Times
UBS Wealth Management on Wednesday took a bullish view on Italian two-year government debt, following a sharp sell-off prompted by a clash between Italy and the EU over the country’s fiscally aggressive budget.
The global wealth manager suggested clients take an overweight position versus cash, a rare vote of confidence in Italy’s debt markets.
/jlne.ws/2ybnCcb

Volatility is no sideshow for Italian bond investors
Kate Allen – Financial Times
For investors who put their clients’ money into developed nations’ sovereign bond markets, volatility has little appeal — and this is becoming a problem for Italy.
After a turbulent four months since the country’s populist government came to power, it is dawning on money managers that the sharp swings in Italian bonds are here to stay.
/jlne.ws/2IxXHQt

Coinbase wants to be “too big to fail”, lol
Jemima Kelly – Financial Times Alphaville
There is a piece in the latest edition of Fortune magazine with a strange and unfortunate title: “Coinbase wants to be too big to fail”. In it, we are told how the Andreesen Horowitz-backed crypto exchange has become a “21st-century Wells Fargo for a new digital gold rush”.
/goo.gl/aZkW8p

Here’s how Tesla’s Elon Musk got a worse deal than the SEC first offered
Mike Murphy – MarketWatch
Elon Musk tried to play hardball with the SEC, but caved and ended up with a worse deal than he was originally offered, according to a new report detailing last week’s drama that ended Saturday with the settlement of a fraud investigation.
Late Tuesday, the New York Times reported a timeline of events, starting with Thursday morning’s surprise announcement that Tesla Inc. was pulling out of a proposed fraud settlement with the Securities and Exchange Commission over Musk’s August tweet that he had “funding secured” to take the company private, which he did not.
/jlne.ws/2y9pjHa

For True TCA, Buy Siders Must Pierce the Cloak of Secrecy Around Tech Fees
Sean Sullivan, LiquidityBook – Tabb
For more than a decade, buy-side firms have been working to improve their trading efficiency and performance by analyzing their implicit and explicit trading costs. But non-disclosure agreements that some large OMS vendors subject their brokers to prevent the buy side from fully understanding opaque transaction and connectivity fees. As more clients see the egregiousness of many OMS vendors’ pricing practices, however, change in the OMS space is afoot – and the case for replacement gets stronger every day.
/goo.gl/ur9EDa

Exchanges, OTC and Clearing

The Options Clearing Corporation taps AI to stay ahead of hackers
Dan Swinhoe – CSO Online
The world of finance is under constant attack. The financial information it hosts – along with the money it holds and moves – makes the industry an incredibly attractive target for hackers. According to a report from IBM X-Force, it is one of the top five commonly targeted industries.
/jlne.ws/2IvA0bD

Publication Of JPX Working Paper, Vol.23 “Proof Of Concept On Utilization Of Blockchain Technology In KYC Processes”
Mondovisione
Japan Exchange Group, Inc. (JPX) today published JPX Working Paper, Vol.23 “Proof of Concept on Utilization of Blockchain Technology in KYC Processes”.
/goo.gl/CQpqRQ

The World Federation Of Exchanges Admits Six New Members
WFE
At the 58th General Assembly in Athens today, the World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, admitted six new members taking the total number of full members to 70, an historic high.
/goo.gl/ar36Ag

The New Guard: Ryusuke Yokoyama, JPX
WatersTechnology
Ryusuke Yokoyama sits down with Wei-Shen Wong to discuss his three-decade career at the TSE and JPX, how the exchange is looking to help the industry improve its settlement cycles and how the company is experimenting with blockchain and AI technologies.
/goo.gl/sbeZct

SIX – as solid as a rock
SIX
It is essential for SIX that it operates its systems with high levels of stability, reliability and security. Any outages or attacks would have disastrous consequences for the Swiss financial center. However, this does not mean that SIX can stand still and rest on its laurels: Innovation is required more than ever!
/goo.gl/fBECzP

As Volatility Returns, Cboe FX Volumes Rebound from Summer Lull
Aziz Abdel-Qader – Finance Magnates
After a period of low trading activity through the last two months, Cboe’s institutional spot FX platform witnessed a slight uptick in the month ending September 2018. The venue saw a ?positive performance as a rise in volatility from summer lull encouraged more buying and selling ?of currencies at major institutional marketplaces.?
/jlne.ws/2Iw2hid

ASX hires former Australian CFO at Citigroup; Gillian Larkins will join ASX as CFO later this month and served as the CFO for Citigroup in Australia and New Zealand between 2004 and 2008.
Hayley McDowell – The Trade
The Australian Securities Exchange (ASX) has hired a former chief financial officer for Citigroup’s operations in Australia and New Zealand. Gillian Larkins joins ASX as its chief financial officer and will replace the exchange operator’s current CFO, Ramy Aziz, who announced his intentions to retire earlier this year after more than 18 years with the company.
/goo.gl/oJTBTM

Fintech

The 3 Trends To Watch In Fintech, According To Top VCs
Jeff Kauflin – Forbes
Venture capital funding for fintech startups has ballooned over the past several years, rising from $1.9 billion in 2010 to $27.5 billion in 2017. While some fintech trends like lending and mobile payment wallets have fizzled out, others are on the upswing.
/jlne.ws/2ybEVKc

StratiFi and Omni Global Partner To Empower Advisors With Risk Management Technology
BusinessWire
Omni has integrated StratiFi’s PRISM Rating technology into its Omniscient CRM platform. The partnership will enable advisors to access risk-management tools that are normally the purview of sophisticated institutional investors.
/jlne.ws/2RhPiot

TradingScreen Customers to Benefit from ITG Pre-Trade Analytics
PRNewswire
TradingScreen Inc. (TS), the all-asset class order and execution management system (OEMS), today announced a strategic collaboration with ITG, a leading independent broker and financial technology provider. The collaboration will result in an integrated solution that allows TS customers to access ITG real-time analytics at the single-order and portfolio levels.
/jlne.ws/2Rjek6A

Eventus Systems Rolls Out Machine Learning for Validus Platform
Eventus
Eventus Systems, Inc., a provider of innovative regtech software solutions for the capital markets, today announced that it has integrated machine learning (ML) into its Validus surveillance and risk software platform, augmenting capabilities for identifying potential disruptive trading practices such as spoofing and layering.
/goo.gl/uh3y3h

CEO CHAT: Mark Davies, S3
John D’Antona – Traders News
One of the firms at the forefront of trading technology is S3. Founded in 2002, S3 is a financial services software company that provides customized solutions to monitor and analyze trade execution for options, equities, and fixed income securities. It offers traders a customizable software platform with the data necessary to understand those factors impacting best execution in today’s fragmented market landscape.
/jlne.ws/2Iw4V7E

ESMA sets aside EUR1.1m for monitoring fintech and crypto-assets
Maria Nikolova – FinanceFeeds
The European Securities and Markets Authority (ESMA) has earlier today published its 2019 Work Programme (WP), which outlines its priorities and areas of focus for 2019.
Fintech forms part of the plan. ESMA notes that it monitors financial activities and retail investor trends, with a particular focus on financial innovation including Fintech and crypto-assets. It identifies issues and/or risks connected to such activities and trends, and helps to co-ordinate NCAs initiatives on market monitoring and facilitating exchanges of best practices, including providing advice or making proposals of relevant actions where needed.
/jlne.ws/2ydSokO

Cryptocurrencies

A Bitcoin Crime Fighter Becomes a Crypto Investor
Robert Hackett – Fortune
“Let’s settle this!” an announcer rumbles over loudspeakers.
The “this” in question is one of the more important business disputes of the moment: Are alternative currencies like Bitcoin the future of financial services or a 21st-century Ponzi scheme? To get resolution, a Mexican data center company called KIO Networks is hosting a debate in a smoke-filled arena in the graffiti-coated Hipódromo Condesa neighborhood of Mexico City. The atmosphere screams lucha libre, the stylized form of Mexican wrestling that features acrobatic moves and dramatic masks.
/jlne.ws/2ydqvZS

Coinbase has poached Instinet CEO to lead institutional sales
Frank Chaparro – The Block Crypto
Instinet CEO Jonathan Kellner is set to join cryptocurrency exchange Coinbase next year, according to people familiar with the situation.
/goo.gl/GgKLbb

Bitcoin Investment Trust Loses Luster
Vildana Hajric – Bloomberg
Trust bears “insane” expense ratio, TF Global Markets says; The cryptocurrency has lost two-thirds of its value since high
Bitcoin’s lone U.S. investment trust is feeling the burn as investors reconsider hefty fund fees and its underlying cryptocurrency fails to buck this year’s downward trend.
/jlne.ws/2Rhmw7o

This company will enable you to earn interest on your cryptocurrency
Aaron Hankin – MarketWatch
A San Francisco – based company has developed a platform to create an interest-rate market for cryptocurrencies.
Compound, a money-market protocol that runs on the ethereum blockchain—the distributed-ledger technology that underpins all cryptocurrencies—will enable crypto owners to lend out coins they are not using to suitors who have a need for crypto, creating a market for unutilized virtual currency.
/jlne.ws/2Rh3hLn

Blow To Bitcoin As U.S. Investment Trust Tanks
Billy Bambrough – Forbes
Bitcoin has been struggling in 2018, losing more than 60% of its value so far this year after 2017’s massive bull run, and the only bitcoin investment trust in the U.S. is doing even worse.
Grayscale Bitcoin Investment Trust’s (GBTC) shares are down around 80% since December last year — wiping billions of dollars from its market capitalisation.
/jlne.ws/2ybmBkn

Coinbase valuation shows cryptocurrency legitimacy: Michael Novogratz
Kate Rooney – CNBC
The biggest U.S. cryptocurrency company has reportedly been valued at billions of dollars and that’s a bullish sign for the industry’s legitimacy, according to former Fortress hedge fund manager Michael Novogratz.
/jlne.ws/2y8SUjZ

Politics

Goldman Sachs slants research to help Democrats, White House adviser says
Matt Egan – CNN Money
Kevin Hassett, one of President Donald Trump’s top economic advisers, suggested that Goldman Sachs may be slanting its economic research to help Democrats ahead of the midterm elections.
/jlne.ws/2RmZpZl

11 Takeaways From The Times’s Investigation Into Trump’s Wealth
Russ Buettner, Susanne Craig and David Barstow – NY Times
Donald J. Trump built a business empire and won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help. “I built what I built myself,” the president has repeatedly said.
But an investigation by The New York Times has revealed that Donald Trump received the equivalent today of at least $413 million from his father’s real estate empire. What’s more, much of this money came to Mr. Trump through dubious tax schemes he participated in during the 1990s, including instances of outright fraud, The Times found.
/jlne.ws/2ybBbZa

White House Economist Turns to Alternative Data to Boost Trump
Toluse Olorunnipa – Bloomberg
A sunny economist with optimistic streak enters message wars Hassett promotes measures at odds with government statistics
The Labor Department’s data showed U.S. wages barely budged more than a year into Donald Trump’s presidency, but Kevin Hassett had a ready response. Alternative statistics.
/goo.gl/Nu1K1c

Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father
David Barstow, Susanne Craig and Russ Buettner – The New York Times
President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found.
Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.
/goo.gl/FWrkgo

NY Opens Probe Into Trump Tax Allegations in New York Times Story
Henry Goldman – Bloomberg
New York state tax authorities have opened an investigation into allegations reported in the New York Times that President Donald Trump and his family created their real estate empire through “instances of outright fraud,” evading taxes on hundreds of millions of dollars.
“The Tax Department is reviewing the allegations in the New York Times article and is vigorously pursuing all appropriate avenues of investigation,” said James Gazzale, spokesman for Department of Taxation and Finance.
/jlne.ws/2y9ohuM

Regulation

Fed plans to ease rules for big US banks
Robert Armstrong – Financial Times
The Federal Reserve plans to lighten the regulatory burden on large US banks, according to Senate testimony from the bank’s chief bank supervisor — but big foreign banks operating in the US, which had also been hoping for relief, will not see changes any time soon.
/jlne.ws/2RjNjzW

A Tale of Four Cryptocurrency Enforcement Actions
Stradley Ronon
On September 11, 2018, four new and important regulatory actions and rulings were announced against cryptocurrency firms. A federal district court denied a motion to dismiss, finding that the cryptocurrency tokens offered as part of an initial coin offering (ICO) may be deemed “securities” and therefore subject to U.S. federal securities laws. The Securities and Exchange Commission (SEC) issued two settled orders, one against a hedge fund manager and the other against a cryptocurrency trading platform. Finally, the Financial Industry Regulatory Authority (FINRA) filed a complaint involving a broker who sold unregistered securities called HempCoins. Each matter is individually summarized below.
/jlne.ws/2Riggw9

Wells Fargo has not done enough to refund cheated drivers: regulator
Patrick Rucker, Pete Schroeder – Reuters
Wells Fargo & Co has not convinced U.S. regulators it is doing enough to repay 600,000 drivers who were wrongly pushed into buying auto insurance, a leading bank regulator said on Tuesday.
/jlne.ws/2RjKE9m

Elon Musk’s Ultimatum to Tesla: Fight the S.E.C., or I Quit
James B. Stewart – NYT
Securities and Exchange Commission officials were understandably taken aback on Thursday morning when Tesla’s board – and its chairman, Elon Musk – abruptly pulled out of a carefully crafted settlement. After the S.E.C. responded by accusing Mr. Musk, but not the company that he had co-founded, of securities fraud, the board further defied regulators, issuing a provocative statement saying that the directors were “fully confident in Elon, his integrity, and his leadership of the company.”
/goo.gl/RuWvb6

ESMA Will Focus On Supervisory Convergence And Supervision
Mondovisione
The European Securities and Markets Authority (ESMA) has published its 2019 Work Programme (WP), which sets out its priorities and areas of focus for 2019 in support of ESMA’s mission to enhance investor protection and promote stable and orderly financial markets.
/goo.gl/cXUVEa

Report: Seahawks’ Kendricks suspended for insider trading
Mike Alessandrini – theScore.com
Seattle Seahawks linebacker Mychal Kendricks has been suspended indefinitely by the NFL for insider trading, a source told ESPN’s Adam Schefter, who added that Kendricks will be unable to play for the Seahawks until further notice.
/jlne.ws/2y9Y9je

Investing and Trading

Nonprofits like the NAACP are sidelining banks to launch ETFs
Eshe Nelson – Quartz
Larry Fink, CEO of BlackRock, which manages more than $6 trillion of assets, said last week that “how to invest in environmental, governance, and social issues is becoming the number one conversation we’re having with clients.”
Environmental, social, and governance (ESG) investing is indeed the new hot topic in finance circles. By 2016, a quarter of the world’s professionally managed assets, such as stocks and bonds, were considered sustainable investment assets, according to the Global Sustainable Investment Alliance (pdf), and the share is expected to keep growing.
/jlne.ws/2y6sK18

Three Crude Oil Events to Watch Before End of Year
Bob Iaccino – CME Group
For at least the last 20 years, there have been two consistent periods of “seasonality” in which crude oil market trends could be somewhat predictable. The periods of February, March and April would have a bullish undercurrent as we entered the summer driving season, and the periods of October through November would have a bearish undercurrent as we exited the summer driving season.
/jlne.ws/2RkV1tx

Exxon explores sale of U.S. Gulf of Mexico assets – sources
David French and Jessica Resnick-Ault – Reuters
Exxon Mobil Corp (XOM.N) is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher prices prompt the world’s largest publicly traded oil company to review its portfolio, people familiar with the matter said on Tuesday.
/jlne.ws/2y8QDFt

The Super-Rich Are Stockpiling Wealth in Black-Box Charities
Suzanne Woolley – Bloomberg
DAFs provide tax benefits and a bigger pool of money to donate; Critics say these funds can create “warehouses of wealth”
It’s all the rage in charitable giving — and it’s actually got some charities worried. Donor-advised funds — money that grows tax-free in individual accounts — are reshaping the landscape of U.S. philanthropy. After creating their account, donors choose how it’s invested, and the money compounds until they decide where to dole it out. DAF assets mushroomed to more than $85 billion at the end of 2016 from $30 billion in 2010.
/goo.gl/ADSMYo

Institutions

Schroders emerges as frontrunner in battle for Lloyds £109bn mandate
Natalie Kenway
Schroders is set to land the Lloyds £109bn mandate that has been cancelled with current manager Standard Life Aberdeen, as it offers a stake in its wealth arm Cazenove Capital as part of the negotiations, according to reports.
/goo.gl/na4Wc7

Regions

How China’s Peer-to-Peer Lending Crash Is Destroying Lives
Bloomberg News
“I am too small to fight them,” a 31-year-old woman from Zhejiang province, China, wrote in a note to her parents in early September after losing almost $40,000 when an online peer-to-peer lending firm went bust. “A state-backed P2P just ran away, its shareholder unwilling to take any responsibility, investigators are dragging their feet. I am too tired and cannot see any hope.” The woman then hanged herself. Her death and her letter were chronicled in chat group posts on the social media site Weibo.
/goo.gl/ybtv4H

Hong Kong’s smart city ambitions must be powered by tech-savvy people
Yam Ki Chan – South China Morning Post
The annual tradition of the Hong Kong chief executive’s policy address is almost here. In her maiden address last October, Carrie Lam Cheng Yuet-ngor announced an ambitious plan to diversify Hong Kong’s economy by promoting innovation and technology. The government then released the Smart City Blueprint for Hong Kong and allocated HK$50 billion towards technology-related initiatives.
/goo.gl/qAbzgk

Extent of Indonesia Devastation Surprised Earthquake Watchers
James Hookway – WSJ
Seismologists were initially surprised by the scale of the destruction inflicted on Indonesia’s Sulawesi island, struggling to understand how an earthquake that doesn’t typically produce 20-foot waves unleashed such devastating force.
/jlne.ws/2RmI2rc

Lira Develops an Immunity to Turkish Inflation; A moderate reaction to soaring price gains reflects serious concern about economic growth.
Marcus Ashworth – Bloomberg
Turkey’s inflation rate has hit an unprecedented level, but you’d never know it from looking at the lira. That’s because currency traders are focusing on the economic pain to come. Consumer price gains accelerated to 24.5 percent in September, but what was really worrying was the 46.2 percent increase in producer prices. That’s a signal that CPI is headed higher.
/goo.gl/SmP9e5

Brexit

Rules ‘should not be torn up after Brexit’
Katherine Griffiths – The Times
Britain must not engage in a “race to the bottom” on regulation after Brexit in a bid to win new business, according to the chairman of the Financial Conduct Authority. High standards should be kept and regulators must be concerned with the soundness of markets over a desire to make the UK competitive on the world stage, Charles Randell said.
/goo.gl/1e9cCc

Theresa May: PM’s conference speech (Live Updates)
BBC
Theresa May is addressing the Conservative party conference; The PM’s speech pledges to freeze fuel duty; Mrs May says Britain’s post-Brexit future is “full of promise”; PM promises party remains “on the side” of hard-pressed families
/goo.gl/n5wnG8

John Lothian Newsletter

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Past Newsletters

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John Lothian Newsletter

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

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

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