First Read

MarketsWiki Clicker Turns 70,000,000
JLN Staff
Last night, while most of us here in the U.S. were asleep, we reached the 70 million mark for page views on MarketsWiki.
Launched in 2008, MarketsWiki was designed to be a knowledge-base for the industry – a resource about people, exchanges, terms and companies that used to exist on the floors of the exchanges around the globe. Now, our industry is much larger and the floors are history almost everywhere. Marketswiki now has more than 21,000 pages of content, built largely by the John Lothian News team, one page at a time. And it has been supported by the industry, with key sponsors who believe in what we’re doing, the value of this knowledge-base for the industry and those outside it.
We average about 1 million page views per month on MarketsWiki and have had visitors from 209 different countries, a true reflection of the growth and geographic scope of our markets.
We certainly appreciate the support for MarketsWiki these past 7-plus years. And we will continue to build this knowledge-base one page at a time.


The Data Game: UnaVista’s Maryse Gordon Dissects the Data Challenges under Global Regulations

Chief among the post-financial crisis mandates is the building of a robust and standardized system of global data distribution and storage, but the task has proven to be more difficult than expected. Maryse Gordon of UnaVista, London Stock Exchange Group’s trade repository and approved reporting mechanism, outlines the challenges and solutions for data matching, validation reconciliation and reporting across multiple jurisdictions.
Watch the video »

Futures For Kids Autumn Event
Kite Consulting Group are now making final preparations for this event to raise funds for Futures for Kids. It’s our major autumn fundraising effort. Participating companies include Barclays, Contango, Cinnober, CME, Divento, Duco, FIA Europe, FOW, HSBC, ICAP, Infuse, LCH, NASDAQ,
Hosted by the hilarious Terry Alderton, with the musical talents of Sax and Honey the event includes comedy, jazz and dining.
At One Moorgate Place in the City of London, 6 PM, Thursday, November 12, 2015 Tickets – £50 per head or £450 for table of 10
Please contact Marie Fryman at Kite Consulting Group for further details


The Museum of American Finance at 48 Wall Street in New York is opening an exhibit called “Worth Its Weight” on gold on November 19, 2015.
Museum of American Finance
“Worth Its Weight” will captivate visitors with the many spectacular and unexpected ways gold has influenced our lives – from science and technology to entertainment and pop culture to finance and economics. The exhibit will feature more than 100 unique and rare objects from over a dozen public and private collections including the Smithsonian Institution, the Tiffany & Co. Archives and Tellus Science Museum, as well as the work of jewelry designer Marla Aaron and world renowned jewelry artist Sidney Mobell, who transforms everyday items into dazzling gold and jeweled artworks.

**JK – I see a new Ben Stiller movie in the making.


How the 1 Percent Says ‘Boo!’
NY Times
Last Halloween, the horror adorning the facade of the $49 million Upper East Side townhouse owned by the hedge fund billionaire Philip Falcone and his wife, Lisa Maria, was an aged crone cradling a dead baby. Inside a black hearse parked by the curb on East 67th Street, the Grim Reaper beheaded a corpse.

**JK – 1 percenters can be scary, and not just on Halloween.


McKinsey’s Trading Prophecy Is a Wall Street Ruled by Machines
Wall Street’s future will be dominated by firms that embrace technology from electronic fixed-income trading to blockchain and predictive algorithms, reducing the need for people in the front and back office, according to McKinsey & Co.
Global investment banks that successfully adopt automated trading and other measures can increase profit by 30 percent, the consulting firm said in a report released Wednesday. Smaller firms should take a more targeted approach, using technology to streamline operations and trim costs, according to the paper titled “Two Routes to Digital Success in Capital Markets.”


The trust machine
The Economist
BITCOIN has a bad reputation. The decentralised digital cryptocurrency, powered by a vast computer network, is notorious for the wild fluctuations in its value, the zeal of its supporters and its degenerate uses, such as extortion, buying drugs and hiring hitmen in the online bazaars of the “dark net”.
This is unfair. The value of a bitcoin has been pretty stable, at around $250, for most of this year. Among regulators and financial institutions, scepticism has given way to enthusiasm (the European Union recently recognised it as a currency). But most unfair of all is that bitcoin’s shady image causes people to overlook the extraordinary potential of the “blockchain”, the technology that underpins it.


CME Group and Real-Time Payment Transfer Platform, Dwolla, Sign Commercial Agreement Press Release
CME Group announced it has signed a commercial agreement with Dwolla, a modern bank transfer platform. The commercial arrangement will offer Dwolla’s real-time architecture to facilitate on demand payment capabilities for clearing and settlement, as well as streamline payment operations for CME Clearing members and clients.


Sponsored Content
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Lead Stories

CME experiments with real-time margin payments
Philip Stafford – FT
A Chicago Mercantile Exchange sign is seen outside CME Group Inc.’s headquarters in Chicago, Illinois, U.S., on Thursday, May 20, 2010. CME Group is the world’s largest futures and options exchange. Photographer: Tim Boyle/Bloomberg©Bloomberg
CME Group, the US futures exchange, is to test a new digital payment network at the heart of its trading operations that may dramatically speed up the time it takes for customers to pay for their trades.

IBM to Acquire the Weather Company
IBM hopes it has a new use for Watson, its artificial intelligence business.
The company announced on Wednesday that it had entered into a definitive agreement to acquire most of the assets of the Weather Company, including its website, a large number of weather data collection points, consumer and business applications and a staff of over 900 people.

*****The Weather Channel, a cable television outlet, was not part of the deal, but it would license weather forecast data from IBM.

Deutsche Bank to Cut 35,000 Jobs in Overhaul
Deutsche Bank AG on Thursday announced plans to cut 35,000 jobs over the next two years as part of a sweeping overhaul under new co-Chief Executive John Cryan.
The move, which came as Germany’s largest lender reported a steep third-quarter net loss, comes as Mr. Cryan attempts to reshape the bank by slashing costs, reducing risk and simplifying its business after taking over in the summer.

Banks’ Cost-Cutting Plan: ‘Wet-Wipe Wednesday’
For European banks on a quest to cut costs, no expense is too small.
Windows at 2,300 branches of Spain’s Banco de Sabadell SA are being cleaned six times a year instead of 12. Portugal’s Banco Comercial Português SA kills the lights in its executive offices at 7 p.m. to save on electricity bills. Caixabank SA has cut the number of printers and waste baskets in its Barcelona headquarters to discourage paper consumption.

Deutsche Bank Won’t Pay Dividend This Year or Next
Deutsche Bank AG said Wednesday night that it won’t pay shareholders a dividend this year or next, as part of a broad range of steps designed to help the German lender meet new financial targets tied to a sweeping restructuring.

Fed puts December rate hike firmly on the agenda
The U.S. Federal Reserve kept interest rates unchanged on Wednesday and in a direct reference to its next policy meeting put a December rate hike firmly in play.
Investors had expected the Fed to remain pat on rates, but the overt reference to December came as a surprise.

U.K. Labor Market Signals Bank of England Can Get Ahead of the Fed
The Federal Reserve’s step closer to higher interest rates on Wednesday raises the question of when the Bank of England will move — and there’s a view, not shared by U.K. policy makers, that the U.S. has to go first.

What Wall Street Is Saying About The Fed’s Hawkish Hold
On Wednesday, the Federal Reserve made it clear that liftoff before the end of the year was still on the table, causing markets to briskly re-calibrate the likelihood of a December rate hike.
The highlights of the statement included one big adjustment to forward guidance and the removal of a line that the central bank cited as reason to forego lifting rate in September, as well as noteworthy tweaks to its evaluation of the U.S. economy.

Barclays Warns on Returns as Third-Quarter Profit Disappoints
LONDON—Barclays PLC said new U.K. and U.S. regulatory requirements would drag on returns and add £1 billion ($1.53 billion) to costs over the next three years, but played down the possibility of incoming Chief Executive Jes Staley having to tap shareholders for additional capital.

Economic Growth in U.S. Cools as Companies Rein in Inventories
The economy in the U.S. expanded at a slower pace in the third quarter as companies took advantage of gains in consumer and business spending to reduce bloated stockpiles.

Cross-Border Fragmentation of Global Interest Rate Derivatives: The New Normal?
The global derivatives markets – in particular, the market for euro interest rate swaps – remains fragmented along geographic lines, according to an analysis of data to June 30, 2015. This report is the fourth in a series of research notes charting changes in global liquidity pools since US swap execution facility (SEF) rules came into force in October 2013.

Fed’s Disaster Plan Is Bitter Pill for Debt-Averse Wells Fargo
Wells Fargo & Co. Chief Executive Officer John Stumpf is about to get what he doesn’t want.
The Federal Reserve plans to propose a rule Friday that would force the largest U.S. banks to hold enough long-term debt that could be converted into stock in case of disaster. Most of them have little cause to worry because they’ve been building up piles of debt for years. But Wells Fargo is bracing to take the biggest hit since it has funded itself mainly through deposits.

European stocks slip as earnings weigh
Jamie Chisholm, Global Markets Commentator, Financial Times
Equity gauges are soft, core government bond yields are adding to recent gains, while many emerging market assets are under pressure as investors continue to price in fresh expectations for US monetary policy.

Is HSBC too big to stay in the UK
By Max Colchester and Margot Patrick – WSJ
As HSBC’s board weighs whether to quit London, it faces one key question: Is the bank too big to stay?
HSBC’s board threw down the gauntlet to the UK government this spring, saying it would decide whether to move its headquarters out of London by the end of December. Hong Kong, Shanghai, Paris and cities in the US are potential alternatives, according to people familiar with the board’s discussions.

US Fintech Firm Hanweck Associates to Establish its European HQ in Belfast
Invest Northern Ireland
New York based financial services technology company, Hanweck Associates, LLC (Hanweck), is establishing its European HQ in Belfast, with support from Invest Northern Ireland, creating 19 new jobs. Hanweck delivers high performance risk analytics services for the financial markets and plans to recruit a range of technology and business analyst roles at its Belfast centre to further grow and support its business across Europe and the USA.


Exchanges band together to seek softer bank capital rules
Financial Times
A group that includes some of the world’s largest exchanges has written to the head of a leading international regulator in an attempt to soften bank capital rules that they claim could destabilise exchange traded derivatives markets.

Massad backs larger CFTC role in SEF product determinations
Neil Roland, MLex (Subscription Required)
The US Commodity Futures Trading Commission should play a bigger role in determining which derivatives products must trade on swap execution facilities, Chairman Timothy Massad said.

?Derivatives capital charges should be computed from internal models alone, global banks say
Neil Roland, MLex (Subscription Required)
International banks said they should be allowed to rely exclusively on internal models to calculate derivatives capital charges rather than having to use a standardized formula as well.

Esma on track with centralized data repository for MiFIR
The Instrument Reference Data Project is intended to make regulatory reporting easier for market participants and NCAs Progress is being made on the central repository of reference data initiated by the European Securities and Markets Authority (ESMA) earlier this year, according to ESMA’s Kostantinos Botopoulos.

Exchanges & Trading Facilities

CME Group and Real-Time Payment Transfer Platform, Dwolla, Sign Commercial Agreement to Provide Payment Efficiencies to Clearing Members
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced it has signed a commercial agreement with Dwolla, a modern bank transfer platform. The commercial arrangement will offer Dwolla’s real-time architecture to facilitate on demand payment capabilities for clearing and settlement, as well as streamline payment operations for CME Clearing members and clients.

Exchanges band together to seek softer bank capital rules
Joe Rennison – The Financial Times
A group that includes some of the world’s largest exchanges has written to the head of a leading international regulator in an attempt to soften bank capital rules that they claim could destabilise exchange traded derivatives markets.

MGEX Board Appoints Public Directors, Officers, Committee Assignments
At its October 27, 2015, Organizational Meeting, the MGEX Board of Directors named 2015-2016 public directors, named Board officers and approved committee
assignments. Two public directors were appointed by the Board: Steve Fanady and Bradley R. Griffith will
each serve two year terms. They join previously appointed public directors Michael V. Dunn
and Alan J. Swimmer who are each starting the second year of two year terms.

CME Group Inc. Reports Strong Third-Quarter 2015 Financial Results
Press Release
CME Group Inc. (NASDAQ: CME) today reported revenues of $850 million and operating income of $516 million for the third quarter of 2015. Net income was $360 million and diluted earnings per share were $1.06. Excluding the items noted in the reconciliation, adjusted net income would have been $344 million and adjusted diluted earnings per share would have been $1.021.

Intercontinental Exchange – Intercontinental Exchange Reports Third Quarter 2015 Results
Press Release
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported financial results for the third quarter of 2015. For the quarter ended September 30, 2015, consolidated net income attributable to ICE was $306 million on $816 million of consolidated revenues less transaction-based expenses. On a GAAP basis, diluted earnings per share (EPS) in the third quarter were $2.76.

CBOE Holdings Declares Fourth-Quarter 2015 Dividend
Press Release
CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that its Board of Directors has declared a quarterly cash dividend of $0.23 per share of common stock payable on December 18, 2015, to the unrestricted common stockholders of record on December 4, 2015.

Intercontinental Exchange – NYSE Appoints Doug Yones Head of Exchange-Traded Products; NYSE on Track for Record ETF Listings in 2015
NEW YORK–(BUSINESS WIRE)– The New York Stock Exchange, part of the Intercontinental Exchange (NYSE: ICE) global network of exchanges, announced today it has named Doug Yones Head of Exchange-Traded Products. Yones will join the NYSE on Nov. 3 from Vanguard where he has worked for 17 years, most recently as head of domestic equity indexing and ETF product management.

Hedge Funds & Managed Futures

Pimco Loss Is Prudential Fund’s Gain as Investors Add $7 Billion
The Prudential Total Return Bond Fund has outperformed most of its peers, including the flagship fund at Pimco, over three, five and 10 years. Investors have finally noticed.

Banks & Brokers

Advantage Futures supports CityTrader platform
Automated Trader
OptionsCity Software, a provider of futures and options trading and analytics solutions, has announced that Advantage Futures’ clients now have access to CityTrader, OptionsCity’s cloud-based futures trading platform.

Deutsche Bank Won’t Pay Dividend This Year or Next; Move is tied to German lender’s bid to meet new financial targets
Deutsche Bank AG said Wednesday night that it won’t pay shareholders a dividend this year or next, as part of a broad range of steps designed to help the German lender meet new financial targets tied to a sweeping restructuring.

Goldman Revises Bylaws to Grant Shareholders Proxy Access; Citigroup, Bank of America have adopted similar plans
Goldman Sachs Group Inc. added its name to the list of large U.S. companies making it easier for shareholders to propose their own candidates for corporate boards.

Goldman in Settlement Over Document Leak
When a former federal regulator applied to Goldman Sachs last year, the bank did what it could to woo him.

Clearing & Settlement

No need for repo CCP in Australia, RBA says
Central bank decides not to actively encourage the (re)creation of a repo-focused central counterparty, but says it will work with the industry if it wants to take the project further

Robeco and Citi Complete Centrally-Cleared Inflation Swap
Citi has supported asset manager Robeco in completing the first centrally cleared inflation swap ever processed on behalf of a continental European buy-side client. The swap was cleared through LCH.Clearnet’s SwapClear which, in April of this year, was the first CCP to launch clearing for inflation-linked swaps.

Nasdaq Clearing Responds To Debate On CCP Concentration And Systemic Risk
Press Release
On Wednesday 21 October, the World Federation of Exchanges (WFE) published a paper on CCP risk management, recovery and resolution. It highlighted:
CCPs have a strong track record of managing market events – and noted they are best placed to manage distinct risks within specific markets
The benefits of aligning incentives and interests of CCPs and clearing members
CCPs shouldn’t be subject to standardised “skin in the game” requirements
It is vital that CCPs have flexibility in use of tools as they manage risk in dynamic markets

Swift reaches $100 billion milestone with Chile’s first ever central clearing counterparty
IBS Intelligence
Swift’s messaging platform has cleared 50% of Chile’s non-deliverable forwards (NDF) market, using the country’s first ever central clearing counterparty (CCP), ComDer.ComDer is the result of a three-year project and a voluntary agreement between 17 banks and the country’s regulators who wanted to lay a foundation that could meet Dodd-Frank and EMIR requirements, and thus attract foreign investment.

Nasdaq Clearing Responds To Debate On CCP Concentration And Systemic Risk
Press Release

Indexes & Products

Is There A Bubble In Leveraged ETFs?
Leveraged exchange-traded fund providers have been historically aggressive about launching new products this year. Head for the hills.

Rising Rates’ Silver Linings
S&P Dow Jones Indices
Bond values will, definitionally, fall when interest rates rise. However, different types of bonds have differing characteristics.
The chart below shows the annual performance of the S&P 500 Bond Index and the S&P/BG Cantor 7-10 US Treasury Bond Index. (The S&P/BG Cantor 7-10 US Treasury Bond Index is the treasury index most similar to the S&P 500 Bond Index in duration and yield.) Notably, the performance of corporate debt and Treasuries diverged in the 2008 financial crisis and the recovery thereafter.

A Lesson in Correlation
Adam Warner – Schaeffer’s Research
One important thing to remember about the CBOE Volatility Index (VIX) is that all VIXes are not created equal. By that I mean today’s 15 VIX isn’t necessarily the same as yesterday’s 15 VIX.

Leveraged Funds Leading the Way in Record Year for ETF Creation
Exchange-traded funds are more popular than ever in the stock market. Even more popular are those using leverage.
In a year where ETF launches are running toward an annual record, funds that employ leverage have almost quadrupled. They’re the ones designed to pay owners some multiple of the gauges they track, usually two or three times the daily return. U.S. regulators have urged caution in the past because of the products’ complexity, warning that amplifying gains and losses can work against investors during extreme swings.


Gravitas Named ‘Best Middle Office Solution’ in the 2015 HFM US Hedge Fund Services Awards
Press Release
Gravitas was named ‘Best Middle Office Solution’ at the 2015 HFM US Hedge Fund Services Awards, October 22. The awards recognize hedge fund service providers for their exceptional customer service and innovative product development over the past 12 months.

Colt PrizmNet Accelerates Market Connectivity For US Capital Markets Participants – Financial Extranet Allows Capital Markets Firms To Rapidly Connect To Content Providers – Launch Partners Include IEX, Moscow Exchange And Nasdaq
Colt today announced the launch of Colt PrizmNet in the US, connecting providers of financial content – including market data, research and trading services – to capital markets firms, improving trade execution and accelerating global market connectivity. This financial extranet addresses increased client demand for greater transparency and reliable access to new and existing markets, as well as the move to fully electronic traded asset classes including swaps, FX and fixed income.


SEC Bars Brokers Who Played Favorites to Double Their Commissions
The SEC’s Enforcement Division alleges that the former co-head of equities trading at Rochdale Securities, Hal Tunick, and his subordinate, Patrick Burke, defrauded customers by using their order information to advise two longtime customers to trade ahead of these orders. Once those favored customers purchased or sold short the shares, Tunick and Burke arranged for them to unload their positions to the customers who had placed the original orders. The favored customers profited from these trades while the defrauded customers generally received worse prices than they would have if their orders had been routed directly to the market.

Goldman fined over employee’s theft of intelligence from NY Fed
Ben McLannahan in New York – Ft
A Goldman Sachs logo. Photographer: Daniel Acker/Bloomberg©Bloomberg
New York’s state banking regulator has slapped a $50m fine on Goldman Sachs and ordered it to suspend consulting activities for three years after an employee stole secret supervisory information from the Federal Reserve Bank of New York.

Deutsche Bank Is Expected to Settle Sanctions Violation Case for at Least $200 Million
By BEN PROTESS and PETER EAVIS – Dealbook – NY Times
In a deal that is expected to be announced as soon as next week, Deutsche Bank would pay at least $200 million to resolve investigations into its dealings with countries like Iran and Syria, according to officials briefed on the matter.

Lead Defendant in U.S. Libor Trial Challenged Over Inaction
Dealbook – NY Times
A federal prosecutor confronted the lead defendant in the first criminal trial in the United States in the Libor interest rate scandal over his failure to intervene in more than a dozen instances in which traders at his bank improperly sought to influence the critical rates.

Deutsche Bank Russian Equity Probe Unearths Policy ‘Violations’
Deutsche Bank AG said its probe into allegations of wrongdoing at its Russian equity unit has unearthed violations of internal policies and identified weaknesses in its oversight regime.

Environmental & Energy

A Gas Discovery in Egypt Threatens to Upend Mideast Energy Diplomacy
The Italian energy company Eni knew it was taking a big risk this summer when it spent $60 million on an exploratory rig and began drilling more than 100 miles off the coast of Egypt.

Oil lobby launches new campaign against ethanol mandate
Devin Henry – TheHill
The top oil and gas lobby group is launching a new advertising campaign against the federal ethanol mandate.
The American Petroleum Institute (API) will run a “multifaceted advocacy campaign” against the Renewable Fuel Standard (RFS) for the next month ahead of a deadline for the Obama administration to finalize three years of standards under the mandate.

Five states sue over EPA’s ozone rule
By Devin Henry – The Hill
Five states, led by Arizona Attorney General Mark Brnovich, have sued the Environmental Protection Agency (EPA) over its new limits on ozone.

Governments to raise $22 billion from carbon pricing in 2015: report
Governments around the world will this year raise around $22 billion from schemes putting a price on carbon dioxide (CO2) emissions such as taxes or emissions trading systems, a report on Wednesday showed.

Brazil Deals Blow to Schwarzenegger-Championed Carbon Trade
By Mathew Carr – Bloomberg News
Brazil damped hopes that an international carbon trade supported by Arnold Schwarzenegger five years ago will go ahead as South America’s biggest economy has no intention of exporting credits.

(UK’s) Government to cut tax relief for community green energy schemes
By Aisha Gani – The Guardian
The government plans to cut tax reliefs for community energy schemes to build new renewable power capacity such as solar and wind in a move that will deal a further blow to the UK’s embattled renewables sector, green campaigners have warned.

How Indonesia’s Fires Made it the Biggest Climate Polluter
By Alex Morales – Bloomberg News
Indonesia’s forest fires have catapulted the southeast Asian nation to the top of the rankings of the world’s worst global warming offenders, with daily emissions exceeding those of China on at least 14 days in the past two months.


China scraps one-child policy
Patti Waldmeir – Financial Times
China has decided to scrap its one-child policy, one of the most draconian social experiments in modern history and one which has caused criticism overseas and resentment at home for decades.
Xinhua, the state news agency, sent a one-line tweet on Thursday night saying that all couples would be allowed to have two children, more than three decades after Beijing adopted a policy limiting most of the country to only one child.

China premier suggests China needs minimum economic growth of 6.5 percent next five years: Bloomberg
China’s Premier Li Keqiang said China requires annual growth of at least 6.53 percent over the next five years, Bloomberg reported, citing unidentified sources.

New Silk Road Could See China Gain Control Of The Copper Markets
By Dave Forest –
A few offhand comments last week may show a massive new plan underway in global copper investment; one that could see major consumer China take the metals world by surprise.

China markets likely capped in tight range until year end, analysts say
Xie Yu – South China Morning Post
China’s latest round of policy easing isn’t likely going to be enough to push stocks higher before year end, according to analysts who cited structural economic headwinds along with signs that the US Fed may be prepared to tighten policy at its December meeting.

Singapore companies are No 1 in talent poaching , survey finds
Straits Times
Poaching talent from other companies is more likely to happen in Singapore than in any other country, according to a survey by recruitment firm Robert Half.

Shanghai Stock Exchange, Deutsche Börse and China Financial Futures Exchange jointly establish CEINEX
Deutsche Börse Group
Deutsche Börse: Shanghai Stock Exchange (SSE), Deutsche Börse Group and China Financial Futures Exchange (CFFEX) today officially founded their joint venture “China Europe International Exchange”. This new marketplace for the trading of RMB-denominated offshore products will be launched on 18 November 2015 under the new brand CEINEX.

Frontier Markets

Ben Bernanke Cautions on Emerging Markets
LONDON — Ben S. Bernanke, former chairman of the Federal Reserve, told an audience at the London School of Economics on Wednesday evening that emerging markets represented the one risk to financial stability today.

Saudi Stock Exchange CEO Adel Al-Ghamdi Named MENA CEO Of The Year At Global Investor/ISF MENA Awards 2015
After serving only two years with the Saudi Stock Exchange in his very first appointment as Chief Executive Officer, Adel Al-Ghamdi was named CEO of the Year Middle East and North Africa at the Global Investor/ISF MENA Awards 2015 in a ceremony held this morning at the Atlantis Hotel in Dubai. The annual awards ceremony honours achievers from the financial services and asset management industry in the MENA region.


“The Jackal of Wall Street”
by Joshua M Brown
Before there was the Wolf and a century before Bernie, there was “the Jackal of Wall Street.”

The Case for Juiced-Up Cows in the Organic Age
Big Beef pushes back as consumers demand more natural food.

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