Notes from Consensus – Day 3 and Recap
Chuck Mackie – John Lothian News
Consensus ended with a short, half-day of sessions on Wednesday, but the energy and number of participants was not diminished in the slightest. In fact, you might have thought that they were giving jobs away for free by the number of bright, young (and some old) faces that bustled at the afternoon job fair. Unlike a run-of-the-mill industry conference, where attendees linger more as a sign of duty, those at Consensus were energetic and boldly inquisitive. If only one in a hundred does well, that will be 85 new crypto millionaires out to make the world a better place.
The day began with what I assume to be “pay-to-play” corporate announcements and concluded with two fireside chats, one featuring Fred Wilson of Union Square Ventures and concluding with Jack Dorsey of Square and Twitter. In this report, we’ll cover that as well as a wrap up on general items and impressions from Consensus 2018.
To read the rest of this report, go here.
Hits & Takes
The New York Stock Exchange’s equity exchange called NYSE National, began trading today, using a price/time allocation with a maker-taker pricing model.~JK
The annual FTSE Russell global institutional smart beta survey showed 91 percent of asset owners globally have a smart beta investment allocation, or have evaluated or are planning to evaluate smart beta in the next 18 months.~JK
At about 2.55 GW Bitcoin mining is approaching the energy consumption of Ireland, which consumes around 3.1 GW (and the energy requirements only grow with time).~JB
The world’s first floating nation is set to launch in the Pacific Ocean in 2022 and will have its own government and ‘Vayron’ cryptocurrency. It is being bankrolled to the tune of $50 million by PayPal founder Peter Thiel. Might I suggest “Libertopia” as a name? Or maybe “Aynrandia.”~JB
CNBC is reporting that Netflix has secured the rights to turn Michael Lewis’ Flashboys into a movie.~JJL
Here is a Youtube Interview with Cathryn Lyall, co-founder, Seismic Foundry @ TradeTech 2018.~JJL
It is not too late to claim your one year FREE membership to The NIBA.~JJL
NYSE’s Newest Market – NYSE National to Commence Trading on Monday, May 21
The New York Stock Exchange (NYSE), part of Intercontinental Exchange (NYSE:ICE), today announced that NYSE National, a new electronic equities exchange, will commence trading on Monday, May 21, 2018.
***** I am so old I remember when the NYSE was “The EXCHANGE.”~JJL
Bridging the Week: May 14 to 18 and May 21, 2018 (AML; Suspicious Transactions; Disgorgement; Fake ICO)
Gary DeWaal – Bridging the Week
The Securities and Exchange Commission and the Financial Industry Regulatory Authority collectively fined a broker-dealer over US $6.1 million for not having an anti-money laundering program reasonably designed to detect and report suspicious activities, and not reporting a number of questionable transactions. Separately, during a House of Representatives’ committee appearance, the co-heads of the SEC’s Division of Enforcement bemoaned recent time restrictions imposed on enforcement actions for disgorgement, while the SEC itself launched an initial coin offering that purposely was a fraud – but it was a very good fraud!
The Spread – Week of 5/14 to 5/18
Mexico, Italy, India, Ireland – we’re all over the world in today’s edition of The Spread. Also in this video, Spencer tries to speak Irish Gaelic.
Watch the video and see the stories referenced here »
Friday’s Top Three
Friday’s top three was led by a very worthy cause, Futures For Kids, and this year’s kilt wearer Mark Ibbotson. You can give a little bit HERE. Second was Bloomberg’s story on Jordan Belfort in ‘Wolf of Wall Street’ Jordan Belfort Isn’t Paying His Debts, U.S. Says. Third was a top three from Thursday, Wired’s piece on Jimmy Song, When the Blockchain Skeptic Walked Into the Lions’ Den, where he lays it on the line on blockchain.
126,365,085 pages viewed; 23,121 pages; 213,113 edits
ISDA eyes contingency plan as Libor demise looms; Global association fears derivatives market ill-prepared for end of lending benchmark
Emma Dunkley in Hong Kong – FT
The global derivatives association is devising an emergency contingency plan as companies and traders scramble to prepare for the demise of the scandal-plagued interest rate benchmark Libor, which is tracked by some $370tn of financial products worldwide.
‘God Help Turkey,’ Says Brokerage as Lira Goes Into Meltdown
Benjamin Harvey – Bloomberg
Central bank is watching when it needs to lead, Alnus says; Lira drops to a new low on Monday, losses seen continuing. With Turkey’s central bank sitting on the sidelines observing a currency meltdown and double-digit inflation, one brokerage is looking for help from a higher power.
Brokers’ Offices Are Harassment Cases Waiting to Explode
Sabrina Willmer – Bloomberg
He was one of Morgan Stanley’s top financial advisers in Beverly Hills. She was a Brazilian waitress and bartender at an L.A. Sports Club. He asked her to fly to Brazil to work as a translator for him and one of his celebrity clients, pop star Katy Perry, she recalls. He then offered her entree into the securities industry as an administrative assistant.
IHS Markit Agrees to Buy Ipreo for $1.86 Billion; Financial service data firm employs over 1,700 people and is based in New York
Allison Prang – WSJ
IHS Markit has agreed to buy financial services data company Ipreo from Goldman Sachs and Blackstone private-equity funds for $1.86 billion.
HSBC Securities Services global head Cian Burke dies in cycling accident; Industry veteran and GC Legend who had spent almost 25 years at HSBC dies in cycling accident.
Jonathan Watkins – Global Custodian
HSBC’s Securities Services global head, Cian Burke, has died in a cycling accident, Global Custodian has learnt. A spokesperson from HSBC confirmed the news, however no further details on the incident are available at this time.
LMAX Exchange seeks to win big from trading cryptocurrencies; Forex venue to rival crypto start-ups to attract business of banks and asset managers
Philip Stafford in London – FT
LMAX Exchange, the UK foreign exchange venue has entered the cryptocurrency market and is brandishing its credentials as a reputable trading platform for banks and institutional investors looking at the sector.
Why the U.K. Is Making Bank Bosses Pay for Mistakes
John Glover – Bloomberg
The U.K.’s effort to hold top bank officials personally accountable when things go wrong on their watch is turning out to have some teeth. Just ask Barclays Plc boss Jes Staley. Regulators in mid-May ripped a chunk out of his wallet — and left his reputation in tatters — for attempting to find out the identity of a whistle-blower. Staley is the first top manager to be ensnared by new rules known as the Senior Managers and Certification Regime. They will soon be applied to the rest of the financial-services industry, putting thousands of managers on notice that they, too, could see a bite taken out of their bank accounts and their careers damaged. Lawyers say regulators in other countries are watching to see if the rules might be a template for them.
Banks Are Getting Another Volcker Rule Win
Benjamin Bain and Jesse Hamilton – Bloomberg
Rewrite is said to lower burden on trades that mitigate losses; U.S. could unveil overhaul of regulation as soon as next week. Banks have long complained that steep compliance burdens make it almost impossible to use an important break they got in the Volcker Rule to hedge against losses.
Goldman C.E.O. Blankfein Is Likely to Step Down in December
Kate Kelly – NY Times
A new era at Goldman Sachs is taking shape. The Wall Street giant’s president, David M. Solomon, is likely to be named chief executive officer by the end of this year, and he is already structuring his senior management team, according to people familiar with the firm’s plans.
Jack Bogle’s Battle
Leslie P. Norton – Barron’s
If one man can be held responsible for today’s marketófor better or worseóit’s Jack Bogle. More than 40 years ago, the founder of Vanguard Group and the inventor of the index fund forever changed the way Americans would invest and, quite possibly, forever changed how the market functions.
This is exactly the wrong time to roll back financial reform; The US is at the end of a recovery cycle, with debt loads at record levels
Rana Foroohar – FT
Financial crises always start the same way. Loose monetary policy leads to an increase in debt and a rise in risk-taking. Over-confident financiers, lax regulators and politicians desperate to please voters operate in this toxic environment until a bubble eventually bursts, taking the financial system down with it.
London Metal Exchange to launch yuan-denominated futures in sign of Chinese currency’s growing cachet
Enoch Yiu – South China Morning Post
The London Metal Exchange is planning to introduce yuan-denominated metal products, according its chief executive, a sign the currency’s status in international finance is on the rise.
Reputation of hedge funds is hacked back hard; Research finds the investment vehicles underperform simple benchmarks after fees
Chris Flood – FT
Most hedge funds deliver unattractive returns that can be easily beaten, according to a new analysis that also rubbishes the claim that managers of these strategies reduce the risk of losses for investors.
Exchanges, OTC and Clearing
Singapore’s China-Backed Exchange to Start Trading on May 25
Alfred Cang and Andrea Tan – Bloomberg
Chinese-backed Asia Pacific Exchange Pte said it will start trading in Singapore on May 25, the latest foray into overseas trading venues by mainland investors.
Enhancements to CCP reporting and introduction of additional reporting run
With the introduction of the T2S processing for Clearstream (CBF) in the course of the T2S wave 3 migration, Eurex Clearing has aligned its internal processing by adapting to the T2S continuous settlement.
130 interested participants attend the Derivatives Forum in Frankfurt
Representatives from the buy- and sell-side attended the Derivatives Forum in Frankfurt, where Katja Dofel, well known German TV host, guided everybody through a series of panels and presentations.
Deutsche Boerse adopts rule changes for indices MDAX, SDAX and TecDAX
Cancellation of the classification by Tech and Classic; Increase of the MDAX to 60 and the SDAX to 70 values; New methodology effective in the indices from 24 September 2018
Deutsche Bˆrse announced on Friday, May 18, 2018, amendments regarding the inclusion of companies in the indices MDAX, SDAX and TecDAX. In future, the separation into the Tech and Classic segments will be lifted. Thus, companies in the technology segment can also be included in the MDAX or SDAX. On the other hand, DAX companies assigned to the technology sectors can also be included in the TecDAX index. Furthermore, the indices MDAX and SDAX are being enlarged: the number of MDAX stocks is going up from 50 to 60 and in the SDAX from 50 to 70. The TecDAX will continue to consist of 30 constituents.
Exchange Reviews Listed Issuers’ Implementation of ESG Reporting Guide
First review of its kind by Exchange; Disclosures by 400 randomly selected issuers examined; Overall level of compliance with ESG Guide high; quality of reporting varied
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) published the findings of its review of listed issuers’ Environmental, Social and Governance (ESG) reports.
Intercontinental Exchange Announces Results from 2018 Annual Meeting of Stockholders
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced the results of the company’s 2018 Annual Meeting of Stockholders, which was held Friday, May 18 in Atlanta. A replay of the meeting is available at http://ir.theice.com.
Banks Adopt Military-Style Tactics to Fight Cybercrime
Stacy Cowley – NY Times
In a windowless bunker here, a wall of monitors tracked incoming attacks ó 267,322 in the last 24 hours, according to one hovering dial, or about three every second ó as a dozen analysts stared at screens filled with snippets of computer code.
Cuebiq Raises $27 Million In Growth Capital New strategic investment will support growth, product innovation and advancement of data privacy initiatives
Cuebiq, a leader in offline location intelligence, today announced that is has secured $27 million in Series B financing co-led by Goldman Sachs Principal Strategic Investments (PSI), Nasdaq Ventures, DRW Venture Capital, Tribeca Venture Partners and existing investors Tribeca Angels and TLcom Capital.
Information wars: How Europe became the world’s data police; The EU’s rules for data privacy were once derided as restrictive, but after the Facebook scandal Brussels hopes they will help bring big tech to heel
Sarah Gordon and Aliya Ram In London – FT
Vera Jourova, the EU’s justice commissioner, describes it as a “loaded gun” in the hands of regulators. This week the bloc introduces the General Data Protection Regulation, which will, its advocates argue, dramatically improve the care with which organisations both within the EU and elsewhere treat our personal data.
Why are there so many Russians in crypto?
John Detrixhe – Quartz
No country can claim to be at the center of the crypto world, though many would like to. Bitcoin, after all, was designed to be a stateless digital currency. Ethereum’s deepest thinkers are a roving band of Airbnb-surfing programmers scattered around the world.
These Tech Revolutions Are Further Away Than You Think; Blockchain, AR, and the end of Comcast will remain the province of early adopters for a good long while.
Joshua Brustein – Bloomberg
Bloomberg Businessweek’s Sooner Than You Think issue looks at a lot of AI technology that’s coming soon, but here are a few things in the broader tech world that are likely further off than the hype often suggests.
Banks Will Start Trading Crypto Sooner Than You Think – Former JP Morgan Executive
Amrit Mirchandani – Toshi Times
The Words of cryptocurrency being implemented by banks such as J.P Morgan has come out from the horse’s mouth. The former head of J.P Morgan’s Blockchain operation has stated that banks like J.P Morgan could get into utilizing cryptocurrency very soon.
Crypto Bull Tom Lee Owns Up After Bitcoin Prediction Goes Awry
Lily Katz – Bloomberg
Fundstrat had forecast Bitcoin rally during NYC conference; Instead, cryptocurrencies dropped 10 percent in the past week
It’s pretty difficult to accurately predict what the price of just about anything is going to do in a week’s time, let alone a in month or a year. It’s also tough to admit you’re wrong. One researcher may deserve some credit for owning up after his latest Bitcoin forecast failed to pan out.
Novogratz’s Plan for a Crypto Merchant Bank Gets a Break — And a Delay
Doug Alexander – Bloomberg
Launch pushed back to end of July from late first quarter; Transaction, listing planned through a reverse takeover
Mike Novogratz’s plan for a publicly traded crypto merchant bank is taking a little longer than expected.
LMAX enters crypto world with institutional digital asset exchange; LMAX Digital offers trading in cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.
Hayley McDowell – The Trade
Foreign exchange (FX) trading business LMAX Exchange Group has launched a cryptocurrency exchange for institutional investors.
China ranked cryptocurrencies and Ethereum came out on top ó but bitcoin was only 13th
Gertrude Chavez-Dreyfuss – Reuters
Ethereum is the top public blockchain in the cryptocurrency space, while bitcoin, the original virtual currency, is ranked 13th, according to the Chinese government’s first monthly Global Public Chain Assessment Index released on Thursday.
Why Coinbase’s Cryptocurrency Business Could Jump 50%
Jen Wieczner – Fortune
Today, the more than $365 billion invested in Bitcoin and other cryptocurrencies is owned almost entirely by individual investorsónot by Wall Street institutions.
GOP Senate Aide Considered for SEC Post; Elad Roisman would succeed Michael Piwowar in Republican slot on the commission
Andrew Ackerman – WSJ
The White House is considering nominating a top aide to the Senate Banking Committee chairman for a GOP opening on the Securities and Exchange Commission, according to people familiar with the matter.
Michael Cohen Investigation Trips Up Bridgewater, World’s Biggest Hedge Fund; Former Novartis CEO Joseph Jimenez, a candidate for Bridgewater’s board, helped direct $1.2 million to President Trump’s personal attorney
Rob Copeland – WSJ
Bridgewater Associates was close to bringing on Joseph Jimenez, the former chief executive of Novartis AG, but may back off in the wake of public revelations about his role in payments to President Donald Trump’s personal attorney, people familiar with the matter said.
Invite from Chinese bank offers chance to meet Trump for $150,000; China Construction Bank seeks money to attend Republican fundraiser
Gabriel Wildau – FT
Invitations from one of China’s biggest state-owned banks asked wealthy clients to pay $150,000 for a ticket to attend a Republican party fundraiser in the US and meet President Donald Trump, according to an invitation seen by the Financial Times.
Trump May Be The Most Fiscally Reckless President In American History
Stan Collender – Forbes
I have no doubt that your first response to the headline above is some combination of “Duh!,” “You just realizing this now?” and “This is what we get from someone whose Twitter handle is @thebudgetguy?”
Italy illustrates the way to liberal democracy’s demise; Complacency about the rise of populists is typical of failing political systems
Wolfgang Munchau – FT
Comparing today’s populists and nationalists to the Nazis and fascists of 80 or 90 years ago is pointless. But I see much clearer parallels between the fall of Germany’s Weimar Republic and the vulnerability of Europe’s liberal elites. Some of the current defenders of the liberal order are making the same mistake as, for example, the German Centre party of the early 1930s, by underestimating the scale of the threat that they face.
U.S., China putting trade war on hold, Treasury’s Mnuchin says
Lindsay Dunsmuir, Howard Schneider – Reuters
The U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
Rapprochement With Russia Is Now a Core Policy Objective for Germany
Patrick Donahue and Ilya Arkhipov – Bloomberg
Russian and German leaders hold inconclusive meeting in Sochi; Putin sees ‘new opportunities,’ Merkel stops short of embrace
As Donald Trump shakes up the global order, German Chancellor Angela Merkel is being pushed closer toward a more predictable partner in Moscow.
UK turns blind eye to dirty Russian money, say MPs
MPs want to see further sanctions against ‘Kremlin-connected individuals’
The UK has been accused of turning a “blind eye” to Russia’s “dirty money”, putting national security at risk.
US states move to close carried interest loophole; Private equity group Blackstone says it faces higher tax bills if proposals become law
Mark Vandevelde and Lindsay Fortado – FT
Private equity group Blackstone has warned investors that it faces a growing risk of significantly higher tax bills because of efforts by US states to end a lucrative tax break that Washington lobbyists have fought hard to preserve.
Scammers turn up the heat on Australian investors
During National Scams Awareness Week (21 – 25 May), ASIC is warning investors to be on high alert to investment scams. Figures released today from the ACCC’s Targeting Scams Report show that investment scams have replaced romance and dating scams as the most lucrative method of fraud.
ASIC and RBA welcome the new BBSW calculation methodology
ASIC and the Reserve Bank of Australia (RBA) have welcomed the new BBSW calculation methodology, which commenced today.
ESMA closed for public holiday on 21 May
The European Securities and Markets Authority (ESMA) is closed for a public holiday on Monday 21 May and will reopen on Tuesday 22 May.
ESAs’ Joint Board of Appeal Decides on an Individual’s Appeal Against ESMA
The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its decision in an appeal brought by “A” against the European Securities and Markets Authority (ESMA).
Proposed Rule Change Relating to District Committee Structure and Governance
Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend the By-Laws of FINRA Regulation, Inc. (“FINRA Regulation By-Laws” or “By-Laws”), FINRA’s regulatory subsidiary, with regard to the District Committee structure and governance by, among other things, reorganizing the District Committees into Regional Committees that mirror the regions in which FINRA’s districts are administratively grouped and managed by FINRA and revising candidate and member voting eligibility standards in a manner designed to result in committees that better reflect the industry and members within each region.
FINRA Foundation Honors Outstanding Research on Financial Capability in the United States; Awards Recognize Research by Undergraduate and Graduate Students in Economics, Psychology, Consumer Sciences and Social Work
The FINRA Investor Education Foundation (FINRA Foundation) today announced the recipients of two higher-education awards created to recognize outstanding analysis by researchers-in-training using data from the FINRA Foundation’s National Financial Capability Study (NFCS).
Brussels to unveil ‘safe-asset’ plan for pooled bonds; Plan faces resistance from rich states wary of underwriting weaker countries’ debt
Mehreen Khan – FT
Brussels is to unveil plans this week for a eurozone debt instrument that it hopes will make banks and governments safer in financial crises, despite resistance from richer states that fear having to underwrite weaker countries’ borrowing.
Investing and Trading
Cambridge’s $8.5-Billion Endowment to Respond to Divestment Push
Anna Hirtenstein – Bloomberg
Endowment fund under pressure to divest oil and gas assets; Council to respond to report commissioned to examine issue
Cambridge University’s 6.3 billion-pound ($8.5 billion) endowment fund may make a decision on whether it will divest from fossil fuels.
Block trades peak making up over half of dark trading volumes; Block trades accounted for a record 51.9% of dark trading last week, according to statistics from Fidessa.
Hayley McDowell – The Trade
Block trades accounted for more than half of dark trading last week as the industry continues to adopt block trading in the wake of MiFID II.
This is the optimum age to be a successful entrepreneur
Benjamin F. Jones and J. Daniel Kim – MarketWatch
The romanticized image of entrepreneurs is a picture of youth: a 20-something individual with disruptive ideas, boundless energy and a still-sharp mind. Silicon Valley has bet on this image for years.
Behind a Hedge Fund’s Billion-Dollar Bet On Busted Oil Companies; Fir Tree is ahead on its overall wager, but lack of investor appetite for weaker players complicates its ability to cash out of some investments
Ryan Dezember – Bloomberg
With oil prices at their highest level in three years, it would seem a good time to cash out of energy investments purchased cheaply during the oil rout. Hedge-fund manager Fir Tree is finding it isn’t.
Why Blankfein should not stay on as Goldman chairman; Bank succession under way as rival Citi carries out similar debate over top jobs
Patrick Jenkins – FT
Lloyd Blankfein seems reluctant to surrender the reins of Goldman Sachs. After 12 years as chairman and chief executive of the sharpest-clawed of Wall Street’s financial beasts, that is not surprising. The job gives him huge influence politically and across the business world. He basks in the glow of a share price that is 50 per cent higher than when he took over. And he earns an annual $24m for his trouble.
Deutsche Bank’s Problems Threaten a Star Banker
Jack Ewing – NY Times
Ever since he was a 38-year-old Goldman Sachs executive helping to auction off bankrupt East German factories, Paul Achleitner has been known as a relentless modernizer shaking up Germany’s sleepy corporate world.
Barclays Qatari loan fraud charges thrown out by Crown Court
Oliver Gill – City AM
The Crown Court today dismissed all charges brought by the Serious Fraud Office against Barclays in relation to its capital raising in 2008.
City of London establishes ‘Anti-Presidents Club’ fundraisers; Events will raise funds for some of the charities affected by Presidents Club scandal
Madison Marriage in London – FT
The City of London is launching a new series of fundraising dinners to restore its image in the wake of the Presidents Club scandal.
Ant Financial valued at $150bn in offering; Financial arm of Alibaba to raise $10bn in fundraising amid strong demand
Henny Sender and Louise Lucas – FT
A $10bn fundraising by Ant Financial has confirmed a valuation on the dominant provider of online finance in China of more than $150bn, according to people involved in the transaction, making it one of the world’s most highly valued unlisted technology groups.
Default Jitters in China’s Bond Market Are Crimping Note Sales
Investors in China’s yuan-denominated corporate bonds are getting pickier in the wake of a recent slew of payment failures.
China Considers Ending Birth Limits as Soon as This Year
Plans to scrap controversial policy after about four decades; Births fall despite 2015 decision to let parents have two kids
China is planning to scrap all limits on the number of children a family can have, according to people familiar with the matter, in what would be a historic end to a policy that spurred countless human-rights abuses and left the world’s second-largest economy short of workers.
U.K. Finance Industry Pushes for Immigration Overhaul After Brexit; A banking and finance trade body said the City’s ability to attract talent was at risk from proposed tougher entry rules after Brexit
Philip Georgiadis – WSJ
The U.K. finance industry has called for wide-ranging reforms of the British immigration system to maintain the pipeline of global talent into the sector, in one of the City of London’s biggest interventions into the Brexit debate so far.
Big banks boost Brexit budgets; Spending spirals as uncertainty persists over how Britain’s EU departure will pan out
Laura Noonan – FT
Big banks are increasing their budgets for dealing with Brexit, as they stick to a March 2019 deadline to transfer parts of their businesses from London despite the 21-month transition deal struck between the UK and EU earlier this year.
San Francisco now has the third-most billionaires of any city in the world
Ted Andersen – SFGate
The global billionaire population soared to record levels in 2017, and more of them are living in the Bay Area than ever before.
The Last Days of Time Inc.; An oral history of how the pre-eminent media organization of the 20th century ended up on the scrap heap.
Sridhar Pappu and Jay Stowe – NY Times
It was once an empire. Now it is being sold for parts.
Time Inc. began, in 1922, with a simple but revolutionary idea hatched by Henry R. Luce and Briton Hadden. The two men, graduates of Yale University, were rookie reporters at The Baltimore News when they drew up a prospectus for something called a “news magazine.” After raising $86,000, Mr. Hadden and Mr. Luce quit their jobs. On March 3, 1923, they published the first issue of Time: The Weekly News-Magazine.