First Read

Knowledge Is Power: A MarketsWiki Education Journey
Doug Ashburn, JLN
“There is a lot of competition out there, but that is what our markets are all about. It is the essence of what we do. We innovate because of competition.”

With those words, CME Group Chairman Emeritus Leo Melamed kicked off the inaugural MarketsWiki Education event in 2013. We have come a long way since then; the event has expanded its reach each year and in 2016 will visit five cities, beginning in Chicago July 12-15. For more information on the Chicago event, or to register, click HERE
The goal of the series is quite simple. We connect industry professionals with students and young professionals and give them the information that will inspire a career in this industry.

To read the rest of the story, click HERE.
***** We have added Justin Schack of Rosenblatt Securities to our lineup in New York for the series. For a full lineup of the July 19th New York event, click HERE.

MWE 2016


A Blockchain Solution to Gold Settlement Issues
Sarah Rudolph – JLN
Amid all the talk of blockchain and its applications for the financial and trading worlds, Euroclear and ItBit have gotten together to come up with what they feel is a solution to some of the problems in the gold market, in particular the settlement of unallocated gold.
The two companies are partnering to develop a blockchain-based service which lowers costs, makes delivery and payment systems more efficient, and reduces balance sheet issues. The service uses New York-based ItBit’s blockchain technology called Bankchain, which provides tracking, clearing and settlement of trades.


XR Trading Fills Up Trading Tech 300 Merit Badge Class
XR Trading’s Digital Technology Merit Badge class has sold out. Congrats and best of luck to them. Thank you for your leadership.
~John Lothian


Internships Are Not a Privilege
TALENT is equally distributed, but opportunity is not. And while many Americans believe fervently and faithfully in expanding opportunity, America’s internship-industrial complex does just the opposite. As the summer internship season gets into full swing, consider, for instance, how a plum internship may alter a young person’s career trajectory. While some students take a summer job in food service to pay the bills, others can afford to accept unpaid jobs at high-profile organizations, setting them on a more lucrative path.

***** Privilege is now a highly politicized word these days.


On Savile Row, One Suit Becomes Two as Clients Hunt for Bargains
John Ainger – Bloomberg
Tailor Henry Poole says American customers enjoying weak pound; Outlook for British clients clouded by concerns over lost jobs
Few things are as quintessentially British as a bespoke suit from London’s Savile Row, so how better to benefit from the U.K.’s economic turmoil than getting two for a bargain.

****** Now I can finally buy two of those blue London suits everyone wears.


Moore Capital’s Barna Fired Following Hamptons Party Gone Awry
Taylor Hall – Bloomberg
Moore Capital Management, the $15 billion hedge fund run by billionaire Louis Bacon, fired portfolio manager Brett Barna after reports about a party he hosted in the Hamptons in Long Island over the weekend.

***** Note to self, cancel midget prank for company party.


Why Traders Have Lost Their Touch
By Satyajit Das – Bloomberg
Today’s traders and portfolio managers — self-described Masters of the Universe — have hardly covered themselves in glory recently. Their surprise and initial panic at the Brexit result doesn’t say much for the extraordinary foresight, skill at managing risk and large pay packages many of them claim. Truth is, whatever successes they’ve notched till now probably owed more to specific economic conditions than to their talent and brains.

***** The nature of the markets is to inflict as much pain as possible. Why is this a surprise to some journalists?


Face to face with Simona Simon
Mrs. Simon, how long have you been with Eurex Exchange and what did you do before you joined our company?
I started with Eurex in December 2000, so a very long time ago. First, I was working in Market Supervision Trading and changed in 2005 to Business Development which over the years turned into Sales.

***** Eurex does a nice job of profiling their team.


“Cannot be done”: ISE’s Gary Katz Tells The Inside Story Of The Biggest Disruptor To The Options Industry
Jim Kharouf, JLN
It’s been quite a ride for almost 20 years for Gary Katz, now officially the former co-founder, president and CEO of the International Securities Exchange
Nasdaq closed the deal to buy ISE from Deutsche Boerse on June 30, ending one of the most pioneering and successful runs for an exchange in the history of financial markets. The exchange launched in 2000, but the road was bumpy, funny and frustrating, even on good days. But in five years, ISE went from being an interesting upstart to an exchange holding more than 30 percent of the US options volume. The truth is, it wasn’t an easy five years, not to mention the years it took to develop and create the exchange.


Algo Trading


Thursday’s Top Three
In 1785, Edmund Cartwright hooked up one of Savery and Watt’s steam engines to a manual loom, ushering in a wave of progress that displaced a number of workers, but the resulting productivity created tremendous opportunity. Yesterday’s top clicked story was the latest in a long line of lamentations of the end of open outcry, by Gregory Meyer of the FT. Speaking of revolutionary disruption, the second slot was Jim Kharouf’s retrospective on ISE after its acquisition by Nasdaq. See Gary Katz story above or click here. In our third place story, Larry Summers says interest rates are at “inconceivable” levels. We are only beginning to understand what negative interest rates will mean.

Lead Stories

BM&FBovespa Buys Top Colombia Exchange Stake in Integration Push
Christine Jenkins, Denyse Godoy – Bloomberg
Operator has already purchased stakes in Chile, Mexico bourses; BM&FBovespa has said it wants to help regional integration. BM&FBovespa SA, the operator of Latin America’s biggest securities exchange, became the top shareholder of the Bolsa de Valores de Colombia as it expands its relationship with regional bourses.

How Wall Street Bro Talk Keeps Women Down
By SAM POLK – NY Times
WHEN I was a 27-year-old bond trader at Bank of America, I went to dinner with a managing director and a high-profile client, both men, at a Brazilian all-you-can-eat meat restaurant in Manhattan. The waitress came by to see if we wanted another round of drinks. When she was out of earshot, the client said, “I’d like to bend her over the table, give her some meat.” They laughed. I forced a smile. On the way home, I fumed. I was troubled by the comment, and disgusted by the man who said it. But I was angry with myself. Why hadn’t I said anything?

***DA: The good news is this culture is changing. The bad news is it is not changing quickly enough.

***** JJL: This is an excellent look at this issue from someone who experienced it first hand.

Legendary Hedge Fund Wants to Use Atomic Clocks to Beat High-Speed Traders
Miles Weiss Zachary Mider – Bloomberg
Renaissance Technologies seeks a patent for anti-HFT invention; High-speed traders seen as threat, even to biggest hedge funds
Patent application no. 14/451,356 has one goal: to outrun the speed demons of Wall Street.

***DA: Reports surrounding the death of the speed race are greatly exaggerated.

Deutsche Boerse Said to Push Frankfurt Clearing in LSE Pitch
John Detrixhe, Aaron Kirchfeld – Bloomberg
Deutsche Boerse AG’s chief executive officer plans to pitch the takeover of London Stock Exchange Group Plc as Frankfurt’s only chance to win a key euro-denominated business, according to people familiar with his discussions.

Pound Overtakes Argentine Peso to Become 2016’s Worst Performer
Marianna Duarte De Aragao – Bloomberg
Sterling heads for third week of declines on Brexit vote; Currency to fall ‘considerably further,’ SocGen’s Juckes says
The pound headed for a third week of declines spurred by the Brexit vote, winning itself the title of 2016’s worst performer among major currencies.

Former Barclays Traders Sentenced in Libor-Rigging Case
Chad Bray – NY Times
Four former Barclays employees were sentenced to prison terms on Thursday – the longest of which was six and a half years – after three of the traders were convicted last week of plotting to manipulate the benchmark interest rate known as Libor. The convictions came in the third trial to focus on a scandal involving Libor, the London interbank offered rate.

U.S. Drops Libor Charges Against ICAP Trio After U.K. Acquittals
Suzi Ring – Bloomberg
Read, Goodman and Wilkinson had faced charges in U.S. case; Men were acquitted in London trial this year with three others
U.S. prosecutors dropped a criminal complaint over Libor against three former ICAP Plc brokers after the men were acquitted by a U.K. court earlier this year

Australian ex-Rabobank trader admits in U.S. to Libor scheme
Nate Raymond – Reuters
A former Rabobank trader pleaded guilty on Thursday to conspiring to manipulate benchmark interest rates, as U.S. prosecutors dropped separate charges against three ex-ICAP Plc (IAP.L) brokers acquitted in a related British trial.

June Was Warmest Since 1895 in U.S. Topping Record Set in 1933
Brian K Sullivan – Bloomberg
Eight weather disasters in 2016 cost more than $1 billion each; Alaska had its hottest six months on record through June
June was the warmest since 1895 in the U.S., surpassing the 1933 record and capping a six-month period which saw eight weather-related disasters that each caused $1 billion in damage or more.

How to Fix Wall Street’s Flawed System of Compensation
William Cohan – NY Times
When a professor emeritus at the London School of Economics, who also spent many years as an adviser at the Bank of England, publicly endorses a much-needed – but generally overlooked – overhaul of Wall Street, that is an occasion for celebration. The distinguished economist in question is Charles Goodhart, who, speaking with considerable gravitas and wit last week at a European Central Bank forum in Sintra, Portugal, wondered aloud why prudential regulators of the world’s financial system had spent so much time in recent years worrying about capital ratios and liquidity and so little time worrying about Wall Street governance and pay practices.

***DA: If given the choice between addressing systemic failure and compensation imbalances, I choose the former.

The unusual appeal of ‘unsafe havens’; Rush into overpriced government bonds knocks risk-reward balance
by: Neil Collins – FT
Suppose you have money that you do not need for several years (just imagine). You could lend it to the British government, and after a decade, £1000 will have turned into, well, £1000 or thereabouts. If you want to be sure of getting your capital back in 2026, then your grand will make about £9 a year.

Dare to Dream: The Bank Mergers That Could Help Fix the Industry
Ambereen Choudhury, Aaron Kirchfeld – Bloomberg
Deutsche Bank, Standard Chartered seen as prime candidates; Bankers offer deals that would make sense if regulators allow
Eight years after the financial crisis, bank bailouts are being discussed once again in Europe. Low and even negative interest rates, the weight of soured assets, high legal bills and new digital competitors are all depressing shares and executives. Britain’s decision to leave the European Union has further undermined confidence in the banking sector.

Swiss bankers propose alliance with London to negotiate EU terms; Role for Hong Kong and Singapore envisaged in push for access to trading bloc
by: Ralph Atkins in Zürich – FT
The Swiss bankers’ association has proposed an alliance with London and leading non-European international financial centres to help thrash out deals on access to EU markets.


Dimon Says Brexit Could Be Reversed as Europe Fixes Region
John Follain – Bloomberg
EU leaders should address rational objections behind vote
JPMorgan CEO says the market correction may become worse
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said Brexit is unchartered territory and there would be nothing wrong in changing course.

Osborne And The Big Banks – UK Financial Markets, The City, Will Thrive After Brexit
Tim Worstall – Forbes
One things people worry about is how well will The City, the wholesale financial markets in London, do after Britain leaves the European Union. The dire warnings are that by being outside the European system of financial regulation then the markets will be disadvantaged. The more cheerful view is that by being outside the European system of regulation then they will thrive. It has to be said that I take that second view: the idea of being free of those idiot regulations from Brussels should be making market participants ecstatically happy.

German investment in UK at risk, survey finds; Groups plan to reduce investment and cut jobs amid uncertainty over Britain’s access to signal market
by: Guy Chazan in Berlin – FT
More than a third of German businesses plan to reduce investment and one in four to cut jobs in the UK in response to the vote to leave the EU, a survey has found.

Bank Strains Emerge as Brexit Collides With Money-Fund Overhaul
Liz McCormick – Bloomberg
Dollar Libor-OIS spread, a sign of funding cost, widens; Cash exits U.S. prime funds, limiting demand for banks’ debt
For U.S. banks, Brexit couldn’t have come at a worse time, raising funding costs just as changes to the $2.7 trillion money-fund industry threaten to sap demand for the lenders’ short-term debt.

Deutsche Bank Sees Brexit Hit Amid Investment Bank Rebuild
Nicholas Comfort – Bloomberg
Bank says U.K. decision will weigh on investment bank fees; Deutsche Bank expects to increase its share of ‘fee pie’
Britain’s decision to leave the European Union will probably curtail finance industry revenue, including in investment banking, as companies worried about the economic aftermath are likely to hold off takeovers and share sales, according to Deutsche Bank AG.

Why Brexit is already pushing up the cost of a cup of coffee
Tara Evans – The Telegraph
Coffee drinkers will soon have to pay more for their flat white or latte as the impact of the EU referendum pushes up the cost of imported goods, experts have warned.

Exchanges, OTC and Clearing

LSE gets U.S., Russia nod for Brexit-clouded Deutsche Boerse merger
London Stock Exchange Group (LSE.L) said on Thursday that U.S. and Russian authorities had approved its $27 billion merger with Deutsche Boerse (DB1Gn.DE), giving it the first set of regulatory clearances needed to create a European exchange giant.

British Land invests in start-up property exchange
Judith Evans – Financial Times
FTSE 100 property company British Land has taken a stake in a new commercial real estate exchange that aims to make it possible for investors to buy shares in buildings on a regulated market. London-based IPSX is preparing to apply for fully regulated exchange status and hopes to open its doors for trading early next year. It will list single-asset companies holding buildings worth about £30m or more as “a proxy for direct investment in property”, IPSX said.

Osaka Exchange: Important Matters Concerning The Launch Of The Next J-GATE And The Introduction Of New Products
Press Release
In relation to the OSE launch of the Next J-GATE trading platform and the introduction of new products on Tuesday, July 19, 2016, we have outlined important matters as follows.

World Federation of Exchanges responds to revised Basel III Leverage Ratio Framework consultation
World Exchange News
The World Federation of Exchanges (“WFE”), which represents more than 200 market infrastructure providers including exchanges and CCPs, today published its response to the Basel Committee on Banking Standards (“BCBS”) Consultative Document: Revisions to the Basel III Leverage Ratio Framework.

BRIEF-Deutsche Boerse says passive stake of 10.2 pct in BATS Global


Election 2016 Is Propelled by the American Economy’s Failed Promises
Jon Hilsenrath and Bob Davis – WSJ
When U.S. economic leaders in April 2000 gathered in the White House to mark a decadelong expansion, the consensus was clear. Trade, technology and a wise central bank had helped fuel an era of rising prosperity. Stick to that model, Alan Greenspan, then Federal Reserve Chairman, told the assembly, and “I do not believe we can go wrong.” Much did go wrong. The economic stability and robust growth the U.S. enjoyed in the previous decade proved to be in its final throes. After 2000, the economy would experience two recessions, a technology-bubble collapse followed by a housing boom, then the largest financial crisis in 75 years and a prolonged period of weak growth.

Obama Tells EU to Fight for Unity in ‘Critical Time’ Post-Brexit
Ian Wishart – Bloomberg
EU one of the greatest achievements of modern time, Obama says; U.S. president speaks in Warsaw ahead of NATO leaders summit
President Barack Obama called on the U.K. and European Union to find a way to work with each other after Britain’s vote to quit the bloc, as he urged EU leaders not to throw away the unity they’ve forged since the end of World War II.

Investing and Trading

Bridgewater Associates hedge fund performance
Rachael Levy – Business Insider
Bridgewater Associates, the world’s largest hedge fund firm, is seeing multibillion-dollar swings in performance. The firm’s flagship Pure Alpha fund fell about 12% this year through June, The Wall Street Journal and Institutional Investor’s Alpha reported Wednesday.

Responsible investment group may toss firms for lack of effort
A United Nations-supported group that works to advance principles of responsible investing will create a process to remove members after complaints that some large asset managers do little to press for reforms in areas such as climate change, its top official said. Fiona Reynolds, managing director of Principles for Responsible Investment, said she expects the London-based organization to adopt rules by early next year that allow the delisting of companies that fail to put its principles into practice.

Dividend-focused fund managers find more appeal in U.S. consumer stocks
Fund managers on the hunt for dividends find themselves wading into the shares of consumer companies that typically attract investors looking for growth instead.

Your 401(k) Fees Are Attracting More Attention—From Lawyers; Class actions over high costs, bad investments, and “revenue sharing” aren’t just filed against big retirement plans any more.
Suzanne Woolley – Bloomberg
Here’s a term you really don’t want used to describe your 401(k): “One of the most expensive plans in America.”

What’s Good for Workers Is Terrible for Investors
By Conor Sen
Last week the Washington Center for Equitable Growth reported that 2015 was the best year for real income growth for the bottom 99 percent of income earners since 1998, as the impact of a tightening labor market and deflationary forces from abroad flowed through to workers. Wage data from the first-quarter GDP report suggests that 2016 will continue this trend: Wages and salary accruals as a percentage of GDP reached a seven-year high, and stands higher than at any point during the credit boom years of 2005-6.


UK banks spared downgrades by S&P in mass outlook cull
Standard & Poor’s carried out a mass-cull of British bank rating outlooks on Thursday in the wake of the country’s vote to end its membership of the European Union, but stopped short of downgrading them despite its brutal cut of Britain’s sovereign rating.

European Banking Authority Updated Risk Dashboard Shows Stable Capital Levels Amidst Efforts To Further Improve Asset Quality
Press Release
The European Banking Authority (EBA) published today the periodical update of its Risk Dashboard summarising the main risks and vulnerabilities in the EU banking sector on the basis of a set of Risk Indicators in Q1 2016. Together with the Risk Dashboard, the EBA published, for the first time, the results of a Risk Assessment Questionnaire, which it conducted with banks and market analysts in April and May this year.

HSBC Securities Services names head of EMEA cross-border sales
HSBC Securities Services, part of HSBC Holdings Plc, has appointed Paul Heffernan as head of cross-border sales for securities services in EMEA.

Goldman Sachs, Barclays top Canadian M&A rankings in first half
Canadian mergers and acquisitions slipped in the first half of 2016, with sluggish activity in natural resource sectors offsetting some large infrastructure deals, according to Thomson Reuters data released on Thursday.

Ex-Lehman Trader Seeks Fix to Capitalism in Crowdfunded Airline
Anurag Kotoky – Bloomberg
Briton to raise 8.5 million pounds; pledges profit to charity; ‘People Over Profit’ airline to link London with Indian cities
As a bond trader at Lehman Brothers Holdings Inc. and JPMorgan Chase & Co., Navdip Singh Judge worked for spreads and bonuses at temples of modern-day capitalism. Now, he says the global capitalist system is broken and he’s looking to mend it.

Baseball Bats, Lies and Libor: The Fall of a Career Barclays Man
Suzi Ring – Bloomberg
Peter Johnson sentenced to 4 years in prison by London court; Three ex-colleagues also imprisoned for as long as 6 1/2 years
Peter Johnson wasn’t in court during the trial of Barclays Plc traders accused of fixing Libor, yet the 61-year-old was always in the frame.


July 2016: In Fintech, God Is in the Details
Waters Technology
Paula Walter, CIO of London-based Newton Asset Management, sums up the challenge succinctly when it comes to partnering with the firm’s business users. “If you ask them to tell you what they need, often they aren’t able to articulate exactly what that is because it’s not their day job to know about tech solutions—they should be able to articulate the business problem they’re trying to solve, and we should be there partnering with them and looking at a number of ways we can solve it.”
They say that the devil’s in the details. But if you look closely, you’ll find God there, too.

Fintech Ecosystem – Financial Technology Data & Business Opportunities
Business Insider
The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes

Berlin Eyes London’s FinTech Capital Crown
As the Brexit fallout continues, it looks as though Berlin may be stepping up to replace London as Europe’s top FinTech capital. With the U.K. making its monumental decision to exit the European Union last week, The Financial Times reported today (July 7) that Germany is hoping to bring England’s startups and entrepreneurs into the fold.


Ex-Barclays traders sentenced to up to six-and-a-half years for Libor rigging
Four former Barclays (BARC.L) bankers were sentenced to between 33 months and six-and-a-half years in jail by a London judge on Thursday for conspiring to rig global benchmark interest rates.

GFMA, IIF, ISDA, JFMC And TCH Respond To The Basel Consultation On Leverage Ratio
Press Release
The Global Financial Markets Association (GFMA), the Institute of International Finance (IIF), the International Swaps and Derivatives Association (ISDA), the Japan Financial Markets Council (JFMC) and The Clearing House (TCH) today responded to the Basel Committee on Banking Supervision’s (BCBS) consultation on Revisions to the Basel III leverage ratio framework (Proposed Framework). The full response is available here.

CFTC proposal would unleash flood of lawsuits, firms say; Industry blasts proposal to allow private manipulation suits in US electricity markets
Elizabeth Blosfield –
Electricity companies are alarmed about a proposal by the US Commodity Futures Trading Commission (CFTC) to allow private parties to file lawsuits alleging manipulation in power markets, saying the move would set off a torrent of litigation. The proposal, released in May, would amend a 2013 order that exempted energy transactions executed in US wholesale electricity markets from many provisions of the Commodity Exchange Act (CEA), the law that underpins the CFTC’s authority.

U.S. attorney seeks 5-7 years for ‘spoofing’ trader Michael Coscia
Corilyn Shropshire – Chicago Tribune
The U.S. attorney’s office is recommending futures trader Michael Coscia be sentenced to five to seven years in prison. In November, Coscia, 54, was convicted on all 12 counts, six for fraud and six for “spoofing,” or the use of computer algorithms to rig markets in fractions of a second.

Brokers’ plea to tweak supervision norms doesn’t cut ice with regulator
Business Standard News
The Securities and Exchange Board of India (Sebi) has given a cold shoulder to brokers’ requests to modify proposals for enhanced supervision of the latter. The regulator will now engage with stock exchanges to discuss the proposals, issued last year, to tighten compliance and prevent broker-related fraud.

Ex-Barclays traders receive sentences totalling 17 years
Hayley McDowell – The Trade
Judge Anthony Leonard has sentenced four ex-Barclays traders jail time totalling more than 17 years, following their conviction for conspiring to rig Libor rates.

Canadian Securities Regulators Propose Changes to Custody and Other Requirements for for Dealers, Advisers and Investment Fund Managers
The Canadian Securities Administrators (CSA) today published proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and National Instrument 33-109 Registration Information.

Canadian Securities Regulators Release Latest Three-Year Business Plan
The Canadian Securities Administrators (CSA) today released its Three-Year Business Plan for the period from April 1, 2016 to March 31, 2019.

Financial tonic
The Economist
THERE was a time when a mention of MiFID 2, a complex European regulation, elicited groans from financial types in the City of London. Since Britain voted to leave the European Union, however, it has become a source of hope. That is because a clause in the second iteration of the Markets in Financial Instruments Directive, to give it its full name, seems to provide financial firms outside the EU, as those in the City may soon be, with a means to provide services to customers inside it.


Frontier Markets: Asian Countries Are on the Move
Alice Gomstyn – The Financialist
By one measure of economic success, Asia’s largest frontier markets rank below most of their global peers. Pakistan, beset by social welfare challenges such as illiteracy, has a per-capita GDP of $1,300. Vietnam, which didn’t begin to transition to a market economy until the late 1980s, does better at $2,100. By comparison, Africa’s largest frontier markets, Nigeria and Morocco, each have per-capita GDPs of $3,300, while those in Europe and the Middle East range between $7,800 (Bulgaria) and $43,200 (Kuwait.)

Exclusive: Russia to empty one of its sovereign funds next year – ministry proposal
Russia will exhaust one of its two sovereign funds next year, according to a finance ministry proposal seen by Reuters, having by that point run through $87 billion since the beginning of 2014 to fill holes in the budget left by a slump in oil prices.

World faces deflation shock as China devalues yuan at accelerating pace
Ambrose Evans-Pritchard – The Telegraph
China has abandoned a solemn pledge to keep its exchange rate stable and is carrying out a systematic devaluation of the yuan, sending a powerful deflationary impulse through a global economy already caught in a 1930s trap.

CME Group opens technology centre in Bengaluru
Business Standard
Global derivatives marketplace CME Group today announced the opening of its new technology centre in Bengaluru that will expand international network, enabling it to serve a broader range of clients worldwide

68 NSEL scam accused to appear before PMLA court on 18 July
Jignesh Shah, who is one of the accused in the scam, was supposed to appear before the court on Thursday but got exemption on medical grounds

Putin grants foreign firms direct access to commodities trading on Russian exchanges
Russian President Vladimir Putin has amended the law to grant foreign firms direct access to commodities trading on Russian exchanges, the St Petersburg International Mercantile Exchange said in a statement.


Hedge funder fired over wild Hamptons party
Robert Frank – CNBC
Moore Capital Management said it has fired a portfolio manager who threw a wild party in the Hamptons over the July Fourth weekend, which has since become famous on the internet. “Mr. [Brett] Barna’s personal judgment was inconsistent with the firm’s values,” the company told CNBC in a statement. “He is no longer employed by Moore Capital Management.”

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